COMPANY REGISTRATION NUMBER: 00880620 CHARITY REGISTRATION NUMBER: 251044
BETH SHMUEL SYNAGOGUE LIMITED COMPANY LIMITED BY GUARANTEE UNAUDITED FINANCIAL STATEMENTS
31 MARCH 2021
COHEN ARNOLD Chartered accountants New Burlington House 1075 Finchley Road LONDON NW11 0PU
BETH SHMUEL SYNAGOGUE LIMITED
COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2021
| PAGES | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 to 4 |
| Independent examiner's report to the trustees | 5 |
| Statement of financial activities (including income and expenditure | |
| account) | 6 |
| Statement of financial position | 7 |
| Notes to the financial statements | 8 to 16 |
BETH SHMUEL SYNAGOGUE LIMITED
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT)
YEAR ENDED 31 MARCH 2021
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2021.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name Beth Shmuel Synagogue Limited Charity registration number 251044 Company registration number 00880620 Principal office and registered 169 - 171 Golders Green Road office London NW11 9BY The trustees Mr S Klein Mr S Stimler Mr S Mozes Company secretary Mr S Klein Independent examiner David Goldberg, FCA DChA New Burlington House 1075 Finchley Road LONDON NW11 0PU
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BETH SHMUEL SYNAGOGUE LIMITED
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)
YEAR ENDED 31 MARCH 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Charity is constituted as a Company Limited by guarantee, and is therefore governed by its Memorandum and Articles of Association.
It is registered as a charity with the Charity Commission and its charity number is 251044. The company registration number is 00880620.
Appointment, training and recruitment of trustees
The trustees have no beneficial interest in the company as it is a company limited by guarantee and are chosen by agreement of trustees at an annual meeting. The choice is based on applicants' business and community knowledge.
It is not currently the intention of the Trustees of the Charity to appoint new Trustees. Should the situation change in the future, the Trustees will apply suitable recruitment and new trustees are subject to trustee induction training which includes an understanding of the content of the Memorandum and Articles of Association, their legal obligations under Charity Act and Company Law, the organisational structure of charity and the recent financial performance of the charity. Trustees are encouraged to attend appropriate external training events which enhance their knowledge and skill thereby improving the performance of their role.
Management of the charity
The day-to-day affairs of the Charity are administered by a committee of volunteers which were elected by the synagogue membership. The council of Trustees manage and supervise the activities of the committee.
Related parties and co-operations with other organisations
None of our trustees receive remuneration or other benefit from their work with the charity. Any connection between a trustee of the charity with a supplier company must be disclosed to the full board of trustees in the same way as any other contractual relationship with a related party. In the current year no such related party transactions were reported.
OBJECTIVES AND ACTIVITIES
The Charity's object and its principal activity is to advance and promote the practice and teaching of traditional Judaism.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities and setting the grant making policy for the year.
The Charity receives income mainly from private donations which it utilises to operate and maintain the Beth Shmuel Synagogue and its allied charitable activities.
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BETH SHMUEL SYNAGOGUE LIMITED COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)
YEAR ENDED 31 MARCH 2021
ACHIEVEMENTS AND PERFORMANCE
The trustees consider that the performance of the charity has been satisfactory this year as the Statement of Financial Activities shows a net surplus of £81,967 (2020: £15,673).
Total income in the year was £386,878 (2020: £635,174) a decrease of over 39% on the previous year. The income decrease is due to a fundraising effort in the previous year, which assisted the charity to purchase the adjoining property to the synagogue in the current period.
Total expenditure in the year was £304,911 (2020: £1,319,501). The cost decrease in the current period, is due to additional expenditure in the previous period relating to the part sale and part donation of the mikvah to The Woodstock Mikvah Limited, a charity connect by a common trustee.
FINANCIAL REVIEW
Risk Management
The trustees have a risk management strategy which comprises:
-
an annual review of the principal risks and uncertainties that the charity face;
-
the establishment of policies, systems and procedures to mitigate those risks identified in the annual review;
-
the implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise.
This work has identified that financial sustainability is the major financial risk for the charity. A key element in the management of financial risk is a regular review of available liquid funds to settle debts as they fall due to ensure sufficient working capital by the charity. Attention has also been focused on non-financial risks arising from fire, health and safety of the service users. These risks are managed by having robust policies and procedures in place, and annual checks and tests by third party companies to ensure a safe environment. The trustees are satisfied that these systems and procedures manage any perceived risks.
Reserve Policy
The Charity has a reserve policy to ensure that it is in a position to continue its charitable activities at a level consistent to those which have been maintained in recent years or above that level and to cover contingencies.
As at 31 March 2021 the charity had £1,699,566 (2020: £1,617,599) unrestricted funds.
PLANS FOR FUTURE PERIODS
The charity plans continuing the activities outlined above in the forthcoming years subject to satisfactory incoming resources.
SMALL COMPANY PROVISIONS
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
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BETH SHMUEL SYNAGOGUE LIMITED
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)
YEAR ENDED 31 MARCH 2021
The trustees' annual report was approved on 8 December 2021 and signed on behalf of the board of trustees by:
Mr S Klein Trustee
Mr S Mozes Trustee
- 4 -
BETH SHMUEL SYNAGOGUE LIMITED
COMPANY LIMITED BY GUARANTEE
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BETH SHMUEL SYNAGOGUE LIMITED
YEAR ENDED 31 MARCH 2021
I report to the trustees on my examination of the financial statements of Beth Shmuel Synagogue Limited ('the charity') for the year ended 31 March 2021.
RESPONSIBILITIES AND BASIS OF REPORT
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
INDEPENDENT EXAMINER'S STATEMENT
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
-
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
David Goldberg, FCA DChA Independent Examiner
New Burlington House 1075 Finchley Road LONDON NW11 0PU
8 December 2021
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BETH SHMUEL SYNAGOGUE LIMITED
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)
YEAR ENDED 31 MARCH 2021
| 2021 | 2021 | 2020 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 5 | 267,065 | 267,065 | 585,912 |
| Investment income | 6 | 115,541 | 115,541 | 49,262 |
| Other income | 7 | 4,272 | 4,272 | – |
────────── |
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||
| Total income | 386,878 | 386,878 | 635,174 | |
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||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Costs of raising donations and legacies | 8 | – | – | (4,443) |
| Investment management costs | 9 | (36,296) | (36,296) | – |
| Expenditure on charitable activities | 10,11 | (268,615) | (268,615) | (1,315,058) |
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||
| Total expenditure | (304,911) | (304,911) | (1,319,501) | |
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||
| Net gains on investments | 14 | – | – | 700,000 |
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||
| Net income and net movement in funds | 81,967 | 81,967 | 15,673 | |
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||
| Reconciliation of funds | ||||
| Total funds brought forward | 1,617,599 | 1,617,599 | 1,601,926 | |
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||
| Total funds carried forward | 1,699,566 | 1,699,566 | 1,617,599 | |
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The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 8 to 16 form part of these financial statements.
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BETH SHMUEL SYNAGOGUE LIMITED
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
| 31 MARCH | 31 MARCH | 2021 | ||||
|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||
| Note | £ | £ | £ | £ | ||
| FIXED ASSETS | ||||||
| Tangible fixed assets | 19 | 2,820,778 | 1,349,043 | |||
| CURRENT ASSETS | ||||||
| Debtors | 20 | 153,342 | 113,086 | |||
| Cash at bank and in hand | 82,284 | 164,859 | ||||
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|||||
| 235,626 | 277,945 | |||||
| CREDITORS: amounts falling due | ||||||
| within one year | 21 | (106,838) | (9,389) | |||
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────────── |
|||||
| NET CURRENT ASSETS | 128,788 | 268,556 | ||||
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|||||
| TOTAL ASSETS LESS CURRENT | ||||||
| LIABILITIES | 2,949,566 | 1,617,599 | ||||
| CREDITORS: amounts falling due | ||||||
| after more than one year | 22 | (1,250,000) | – | |||
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|||||
| NET ASSETS | 1,699,566 | 1,617,599 | ||||
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|||||
| FUNDS OF THE CHARITY | ||||||
| Unrestricted funds | 1,699,566 | 1,617,599 | ||||
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|||||
| Total charity funds | 24 | 1,699,566 | 1,617,599 | |||
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For the year ending 31 March 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 8 December 2021, and are signed on behalf of the board by:
Mr S Klein Trustee
Mr S Mozes Trustee
The notes on pages 8 to 16 form part of these financial statements.
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BETH SHMUEL SYNAGOGUE LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2021
1. GENERAL INFORMATION
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 169 - 171 Golders Green Road, London, NW11 9BY.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
Beth Shmuel Synagogue Limited meets the definition of a public benefit entity under FRS 102. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The outbreak of Covid-19 during 2020 has presented the charity with some challenges with regards to periods of time the Synagogue was closed and the extra costs involved in ensuring that the Synagogue was a safe and secure environment. These risks are beyond the control of the charity and represents uncertainty to the income of the charity.
Notwithstanding the uncertainty, these financial statements have been prepared in accordance with accounting principles appropriate to a going concern, as the trustees have a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future by meeting its obligations as they fall due, based on the current net asset position of the company and available sources of finance.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 27.
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BETH SHMUEL SYNAGOGUE LIMITED COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2021
3. ACCOUNTING POLICIES (continued)
Fund accounting
General unrestricted funds comprise the accumulated surplus or deficit on income and expenditure account. They are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity.
Restricted funds are funds subject to specific restricted conditions imposed by donors.
Designated funds are funds which have been set aside at the discretion of the Trustees for specific purposes. There are no Designated Funds as at Balance Sheet date.
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably;
-
interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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BETH SHMUEL SYNAGOGUE LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2021
3. ACCOUNTING POLICIES (continued)
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2% straight line Fixtures & Fittings - 10% reducing balance Torah scroll - 5% straight line
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Debtors
Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.
Cash at bank and in hand
Cash at bank and cash 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.
Creditors and provisions
Creditors and provisions are recognised when the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discount due.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Trade and other debtors
Trade and other debtors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition, trade and other debtors that are classified as receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be received net of impairment.
Trade and other creditors
Trade and other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition trade and other creditors that are classified as payable within one year are measured at the discounted amount of the cash or other consideration expected to be paid.
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BETH SHMUEL SYNAGOGUE LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2021
3. ACCOUNTING POLICIES (continued)
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. LIMITED BY GUARANTEE
The company is limited by guarantee and does not have a share capital. The liability of every member is limited to £10 in the event of winding up.
5. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||||
|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| DONATIONS | ||||
| Donations received | 267,065 | 267,065 | 585,912 | 585,912 |
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|
| INVESTMENT INCOME | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Income from investment properties | 115,540 | 115,540 | 49,250 | 49,250 |
| Bank interest receivable | 1 | 1 | 12 | 12 |
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|
| 115,541 | 115,541 | 49,262 | 49,262 | |
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|
| OTHER INCOME | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Coronavirus Job Retention Scheme | ||||
| grant | 4,272 | 4,272 | – | – |
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|
| COSTS OF RAISING DONATIONS | AND LEGACIES | |||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Costs of raising donations and legacies | ||||
| - Donations | – | – | 4,443 | 4,443 |
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6. INVESTMENT INCOME
7. OTHER INCOME
8. COSTS OF RAISING DONATIONS AND LEGACIES
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BETH SHMUEL SYNAGOGUE LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2021
9. INVESTMENT MANAGEMENT COSTS
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Investment management costs | 36,296 | 36,296 | – | – |
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|
| EXPENDITURE ON CHARITABLE | ACTIVITIES BY FUND TYPE | |||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Operating costs of synagogue | 264,416 | 264,416 | 1,312,691 | 1,312,691 |
| Support costs | 4,199 | 4,199 | 2,367 | 2,367 |
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|
| 268,615 | 268,615 | 1,315,058 | 1,315,058 | |
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10. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE
11. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE Activities
| Activities | ||||||
|---|---|---|---|---|---|---|
| undertaken | Grant funding |
Total funds | Total fund | |||
| directly | of activities |
Support costs | 2021 | 2020 | ||
| £ | £ | £ | £ | £ | ||
| Operating costs of | ||||||
| synagogue | 226,630 | 37,786 |
– |
264,416 | 1,312,691 | |
| Governance costs | – | – |
4,199 |
4,199 | 2,367 | |
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||
| 226,630 | 37,786 |
4,199 |
268,615 | 1,315,058 | ||
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||
| 12. | ANALYSIS OF SUPPORT COSTS | |||||
| Governance | ||||||
| costs | Total 2021 | Total 2020 | ||||
| £ | £ | £ | ||||
| Legal and professional fees | 2,099 | 2,099 | 567 | |||
| Accountancy fees | 2,100 | 2,100 | 1,800 | |||
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| 4,199 | 4,199 | 2,367 | ||||
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||||
| 13. | ANALYSIS OF GRANTS | |||||
| 2021 | 2020 | |||||
| £ | £ | |||||
| GRANTS TO INSTITUTIONS | ||||||
| Advancement of the Jewish | religion | 5,780 | 1,057,550 | |||
| Prevention or relief of poverty | 22,950 | 32,000 | ||||
| Advancement of education | 9,056 | 7,980 | ||||
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| 37,786 | 1,097,530 | |||||
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| Total grants | 37,786 | 1,097,530 | ||||
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- 12 -
BETH SHMUEL SYNAGOGUE LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2021
14. NET GAINS ON INVESTMENTS
| 14. | NET GAINS ON INVESTMENTS | ||||
|---|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Gains/(losses) on investment property | – |
– | 700,000 | 700,000 | |
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||
| 15. | NET INCOME | ||||
| Net income is stated after charging/(crediting): | |||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Depreciation of tangible fixed assets | 23,872 | 18,395 | |||
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| 16. | INDEPENDENT EXAMINATION | FEES | |||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial statements | 2,100 | 1,800 | |||
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17. STAFF COSTS
The average head count of employees during the year was 1 (2020: 1). The average number of fulltime equivalent employees during the year is analysed as follows:
| 2021 | 2020 | |
|---|---|---|
| No. | No. | |
| Number of staff | 1 | 1 |
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No employee received employee benefits of more than £60,000 during the year (2020: Nil).
18. TRUSTEE REMUNERATION AND EXPENSES
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
- 13 -
BETH SHMUEL SYNAGOGUE LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2021
19. TANGIBLE FIXED ASSETS
| Land and | Fixtures and | |||
|---|---|---|---|---|
| buildings | fittings | Torah scroll | Total | |
| £ | £ | £ | £ | |
| Cost | ||||
| At 1 April 2020 | 1,370,803 | 149,141 | 47,726 | 1,567,670 |
| Additions | 1,493,822 | 1,785 | – | 1,495,607 |
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|
| At 31 March 2021 | 2,864,625 | 150,926 | 47,726 | 3,063,277 |
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|
| Depreciation | ||||
| At 1 April 2020 | 121,419 | 86,008 | 11,200 | 218,627 |
| Charge for the year | 15,000 | 6,492 | 2,380 | 23,872 |
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|
| At 31 March 2021 | 136,419 | 92,500 | 13,580 | 242,499 |
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|
| Carrying amount | ||||
| At 31 March 2021 | 2,728,206 | 58,426 | 34,146 | 2,820,778 |
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|
| At 31 March 2020 | 1,249,384 | 63,133 | 36,526 | 1,349,043 |
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The historical cost of the land and building is £2,164,625 (2020: £670,803).
20. DEBTORS
| DEBTORS | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Trade debtors | 9,616 | – |
| Prepayments and accrued income | 28,703 | 8,000 |
| Other debtors | 115,023 | 105,086 |
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|
| 153,342 | 113,086 | |
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|
| CREDITORS: amounts falling due within one year | ||
| 2021 | 2020 | |
| £ | £ | |
| Accruals and deferred income | 4,200 | 1,800 |
| Other creditors | 102,638 | 7,589 |
────────── |
─────── |
|
| 106,838 | 9,389 | |
══════════ |
═══════ |
|
| CREDITORS: amounts falling due after more than one year | ||
| 2021 | 2020 | |
| £ | £ | |
| Bank loans and overdrafts | 1,250,000 | – |
═════════════ |
════ |
21. CREDITORS: amounts falling due within one year
22. CREDITORS: amounts falling due after more than one year
National Westminster Bank Plc, the company's lenders have a fixed charge over two of the assets of the company.
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BETH SHMUEL SYNAGOGUE LIMITED COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2021
23. PENSIONS AND OTHER POST RETIREMENT BENEFITS
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £494 (2020: £416).
24. ANALYSIS OF CHARITABLE FUNDS
Unrestricted funds
| At | Gains and | At 31 March |
At 31 March |
|||
|---|---|---|---|---|---|---|
| 1 April 2020 | Income | Expenditure | losses | 2021 | ||
| £ | £ | £ | £ | £ | ||
| General funds | 1,617,599 | 386,878 | (304,911) | – | 1,699,566 | |
═════════════ |
══════════ |
══════════ |
════ |
═════════════ |
||
| At | Gains and | At 31 March | ||||
| 1 April 2019 | Income | Expenditure | losses | 2020 | ||
| £ | £ | £ | £ | £ | ||
| General funds | 1,601,926 | 635,174 | (1,319,501) | 700,000 | 1,617,599 | |
═════════════ |
══════════ |
═════════════ |
══════════ |
═════════════ |
||
| ANALYSIS OF NET ASSETS BETWEEN FUNDS | ||||||
| Unrestricted | Total Funds | |||||
| Funds | 2021 | |||||
| £ | £ | |||||
| Tangible fixed assets | 2,820,778 | 2,820,778 | ||||
| Current assets | 235,626 | 235,626 | ||||
| Creditors less than 1 year | (106,838) | (106,838) |
||||
| Creditors greater than 1 year | (1,250,000) | (1,250,000) |
||||
───────────── |
───────────── |
|||||
| Net assets | 1,699,566 | 1,699,566 | ||||
═════════════ |
═════════════ |
|||||
| Unrestricted | Total Funds | |||||
| Funds | 2020 | |||||
| £ | £ | |||||
| Tangible fixed assets | 1,349,043 | 1,349,043 | ||||
| Current assets | 277,945 | 277,945 | ||||
| Creditors less than 1 year | (9,389) | (9,389) |
||||
| Creditors greater than 1 year | – | – | ||||
───────────── |
───────────── |
|||||
| Net assets | 1,617,599 | 1,617,599 | ||||
═════════════ |
═════════════ |
25. ANALYSIS OF NET ASSETS BETWEEN FUNDS
- 15 -
BETH SHMUEL SYNAGOGUE LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 31 MARCH 2021
26. RELATED PARTIES
During the previous year, the charity transferred ownership of the mikvah, a fixed asset held at cost less depreciation amounting to £2,257,550 to The Woodstock Mikvah Limited, a charity with a common trustee. The consideration of this transfer was £1.2 million and the balance was treated as a donation.
27. ACCOUNTING ESTIMATES AND JUDGEMENTS
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation and the physical condition of the assets.
28. CONTROLLING PARTY
The charity was under the control of the Trustees throughout the current and previous year.
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