2022-03-31-accounts

COMPANY REGISTRATION NUMBER: 00880620 CHARITY REGISTRATION NUMBER: 251044

BETH SHMUEL SYNAGOGUE LIMITED COMPANY LIMITED BY GUARANTEE UNAUDITED FINANCIAL STATEMENTS

31 MARCH 2022

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 2022

	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 to 8
Statement of cash flows	9
Notes to the financial statements	10 to 19

BETH SHMUEL SYNAGOGUE LIMITED

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT)

YEAR ENDED 31 MARCH 2022

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 2022.

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 2022

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 2022

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 £171,316 (2021: £81,967).

Total income in the year was £503,771 (2021: £386,878) an increase of over 37% on the previous year.

Total expenditure in the year was £332,455 (2021: £304,911) an increase of over 9% on the previous year.

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 2022, the charity had £1,760,323 (2021: £1,699,566) unrestricted funds and £110,559 (2021: £Nil) restricted 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 2022

The trustees' annual report was approved on 8 November 2022 and signed on behalf of the board of trustees by:

Mr S Klein Trustee

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BETH SHMUEL SYNAGOGUE LIMITED

COMPANY LIMITED BY GUARANTEE

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BETH SHMUEL SYNAGOGUE LIMITED

YEAR ENDED 31 MARCH 2022

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 2022.

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:

1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

2. the financial statements do not accord with those records; or

3. 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

4. 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 November 2022

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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 2022

			2022		2021
		Unrestricted	Restricted
		funds	funds	Total funds	Total funds
	Note	£	£	£	£
Income and endowments
Donations and legacies	5	271,424	120,476	391,900	267,065
Investment income	6	111,544	–	111,544	115,541
Other income	7	327	–	327	4,272
		──────────	──────────	──────────	──────────
Total income		383,295	120,476	503,771	386,878
		══════════	══════════	══════════	══════════
Expenditure
Expenditure on raising funds:
Investment management costs	8	(38,679)	–	(38,679)	(36,296)
Expenditure on charitable activities	9,10	(293,354)	(422)	(293,776)	(268,615)
		──────────	──────────	──────────	──────────
Total expenditure		(332,033)	(422)	(332,455)	(304,911)
		══════════	══════════	══════════	══════════
		──────────	──────────	──────────	──────────
Net income		51,262	120,054	171,316	81,967
		══════════	══════════	══════════	══════════
Transfers between funds		9,495	(9,495)	–	–
		──────────	──────────	──────────	──────────
Net movement in funds		60,757	110,559	171,316	81,967
Reconciliation of funds
Total funds brought forward		1,699,566	–	1,699,566	1,617,599
		─────────────	──────────	─────────────	─────────────
Total funds carried forward		1,760,323	110,559	1,870,882	1,699,566
		═════════════	══════════	═════════════	═════════════

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 10 to 19 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	2022
			2022		2021
	Note	£		£	£	£
FIXED ASSETS
Intangible assets	17			1,428		–
Tangible fixed assets	18			2,821,137		2,820,778
				─────────────		─────────────
				2,822,565		2,820,778
CURRENT ASSETS
Debtors	19	175,906			153,342
Cash at bank and in hand		224,245			82,284
		──────────			──────────
		400,151			235,626
CREDITORS: amounts falling due
within one year	20	(101,834)			(106,838)
		──────────			──────────
NET CURRENT ASSETS				298,317		128,788
				─────────────		─────────────
TOTAL ASSETS LESS CURRENT
LIABILITIES				3,120,882		2,949,566
CREDITORS: amounts falling due
after more than one year	21			(1,250,000)		(1,250,000)
				─────────────		─────────────
NET ASSETS				1,870,882		1,699,566
				═════════════		═════════════
FUNDS OF THE CHARITY
Restricted funds				110,559		–
Unrestricted funds				1,760,323		1,699,566
				─────────────		─────────────
Total charity funds	23			1,870,882		1,699,566
				═════════════		═════════════

For the year ending 31 March 2022 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.

The statement of financial position continues on the following page.

The notes on pages 10 to 19 form part of these financial statements.

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BETH SHMUEL SYNAGOGUE LIMITED

COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL POSITION (continued)

31 MARCH 2022

These financial statements were approved by the board of trustees and authorised for issue on 8 November 2022, and are signed on behalf of the board by:

Mr S Klein Trustee

Mr S Mozes Trustee

The notes on pages 10 to 19 form part of these financial statements.

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BETH SHMUEL SYNAGOGUE LIMITED

COMPANY LIMITED BY GUARANTEE

STATEMENT OF CASH FLOWS

YEAR ENDED 31 MARCH 2022

YEAR ENDED 31 MARCH 2022
	2022	2021
	£	£
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	171,316	81,967
Adjustments for:
Depreciation of tangible fixed assets	23,593	23,872
Dividends, interest and rents from investments	(111,544)	(115,540)
Other interest receivable and similar income	–	(1)
Interest payable and similar charges	4,685	587
Accrued (income)/expenses	(3,290)	2,400
Changes in:
Trade and other debtors	(21,374)	(40,256)
Trade and other creditors	(2,904)	95,049
	──────────	──────────
Cash generated from operations	60,482	48,078
Interest paid	(4,685)	(587)
Interest received	–	1
	─────────	─────────
Net cash from operating activities	55,797	47,492
	═════════	═════════
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends, interest and rents from investments	111,544	115,540
Purchase of tangible assets	(23,952)	(1,495,607)
Purchase of intangible assets	(1,428)	–
	──────────	─────────────
Net cash from/(used in) investing activities	86,164	(1,380,067)
	══════════	═════════════
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings	–	1,250,000
	──────────	─────────────
Net cash from financing activities	–	1,250,000
	══════════	═════════════
NET INCREASE/(DECREASE) IN CASH AND CASH
EQUIVALENTS	141,961	(82,575)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	82,284	164,859
	──────────	──────────
CASH AND CASH EQUIVALENTS AT END OF YEAR	224,245	82,284
	══════════	══════════

The notes on pages 10 to 19 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 2022

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

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 26.

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.

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BETH SHMUEL SYNAGOGUE LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2022

3. ACCOUNTING POLICIES (continued)

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.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

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 2022

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 2022

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	Restricted	Total Funds
		Funds	Funds	2022
		£	£	£
DONATIONS
Donations received		271,424	120,476	391,900
		══════════	══════════	══════════
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2021
		£	£	£
DONATIONS
Donations received		267,065	–	267,065
		══════════	════	══════════
INVESTMENT INCOME
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2022	Funds	2021
	£	£	£	£
Income from investment properties	111,544	111,544	115,540	115,540
Bank interest receivable	–	–	1	1
	──────────	──────────	──────────	──────────
	111,544	111,544	115,541	115,541
	══════════	══════════	══════════	══════════
OTHER INCOME
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2022	Funds	2021
	£	£	£	£
Coronavirus Job Retention Scheme
grant	327	327	4,272	4,272
	════	════	═══════	═══════

6. INVESTMENT INCOME

7. OTHER INCOME

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BETH SHMUEL SYNAGOGUE LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2022

8. INVESTMENT MANAGEMENT COSTS

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2022	Funds	2021
	£	£	£	£
Investment management costs	38,679	38,679	36,296	36,296
	═════════	═════════	═════════	═════════

9. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2022
	£	£	£
Operating costs of synagogue	287,107	422	287,529
Support costs	6,247	–	6,247
	──────────	────	──────────
	293,354	422	293,776
	══════════	════	══════════
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2021
	£	£	£
Operating costs of synagogue	264,416	–	264,416
Support costs	4,199	–	4,199
	──────────	────	──────────
	268,615	–	268,615
	══════════	════	══════════

10. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE

Activities

	Activities
	undertaken	Grant funding		Total funds	Total fund
	directly	of activities	Support costs	2022	2021
	£	£	£	£	£
Operating costs of
synagogue	249,879	37,650	–	287,529	264,416
Governance costs	–	–	6,247	6,247	4,199
	──────────	─────────	───────	──────────	──────────
	249,879	37,650	6,247	293,776	268,615
	══════════	═════════	═══════	══════════	══════════
ANALYSIS OF SUPPORT COSTS
			Governance
			costs	Total 2022	Total 2021
			£	£	£
Finance costs			4,050	4,050	–
Legal and professional fees			97	97	2,099
Accountancy fees			2,100	2,100	2,100
			───────	───────	───────
			6,247	6,247	4,199
			═══════	═══════	═══════

11. ANALYSIS OF SUPPORT COSTS

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BETH SHMUEL SYNAGOGUE LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2022

12. ANALYSIS OF GRANTS

12.	ANALYSIS OF GRANTS
		2022	2021
		£	£
	GRANTS TO INSTITUTIONS
	Advancement of the Jewish religion	5,150	5,780
	Prevention or relief of poverty	21,000	22,950
	Advancement of education	11,500	9,056
		─────────	─────────
	Total grants	37,650	37,786
		═════════	═════════
13.	NET INCOME
	Net income is stated after charging/(crediting):
		2022	2021
		£	£
	Depreciation of tangible fixed assets	23,593	23,872
		═════════	═════════
14.	INDEPENDENT EXAMINATION FEES
		2022	2021
		£	£
	Fees payable to the independent examiner for:
	Independent examination of the financial statements	2,100	2,100
		═══════	═══════
15.	STAFF COSTS
	The total staff costs and employee benefits for the reporting period are analysed as follows:
		2022	2021
		£	£
	Wages and salaries	21,937	20,000
	Employer contributions to pension plans	413	494
		─────────	─────────
		22,350	20,494
		═════════	═════════
	The average head count of employees during the year was 1 (2021: 1). The average number of
	full-time equivalent employees during the year is analysed as follows:
		2022	2021
		No.	No.
	Number of staff	1	1
		════	════

No employee received employee benefits of more than £60,000 during the year (2021: Nil).

16. TRUSTEE REMUNERATION AND EXPENSES

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

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BETH SHMUEL SYNAGOGUE LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2022

17. INTANGIBLE ASSETS

INTANGIBLE ASSETS
	Development
	costs
	£
Cost
Additions	1,428
	───────
At 31 March 2022	1,428
	═══════
Amortisation
At 1 April 2021 and 31 March 2022	–
	═══════
Carrying amount
At 31 March 2022	1,428
	═══════
At 31 March 2021	–
	═══════

18. TANGIBLE FIXED ASSETS

	Land and	Fixtures and
	buildings	fittings	Torah scroll	Total
	£	£	£	£
Cost
At 1 April 2021	2,864,625	150,926	47,726	3,063,277
Additions	20,251	3,701	–	23,952
	─────────────	──────────	─────────	─────────────
At 31 March 2022	2,884,876	154,627	47,726	3,087,229
	═════════════	══════════	═════════	═════════════
Depreciation
At 1 April 2021	136,419	92,500	13,580	242,499
Charge for the year	15,000	6,213	2,380	23,593
	─────────────	──────────	─────────	─────────────
At 31 March 2022	151,419	98,713	15,960	266,092
	═════════════	══════════	═════════	═════════════
Carrying amount
At 31 March 2022	2,733,457	55,914	31,766	2,821,137
	═════════════	══════════	═════════	═════════════
At 31 March 2021	2,728,206	58,426	34,146	2,820,778
	═════════════	══════════	═════════	═════════════

The historical cost of the land and building is £2,184,876 (2021: £2,164,625).

19. DEBTORS

	2022	2021
	£	£
Trade debtors	33,584	9,616
Prepayments and accrued income	19,154	28,703
Other debtors	123,168	115,023
	──────────	──────────
	175,906	153,342
	══════════	══════════

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BETH SHMUEL SYNAGOGUE LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2022

20. CREDITORS: amounts falling due within one year

	2022	2021
	£	£
Accruals and deferred income	2,100	4,200
Other creditors	99,734	102,638
	──────────	──────────
	101,834	106,838
	══════════	══════════

21. CREDITORS: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	1,250,000	1,250,000
	═════════════	═════════════

National Westminster Bank Plc, the company's lenders have a fixed charge over two of the assets of the company.

22. 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 £413 (2021: £494).

23. ANALYSIS OF CHARITABLE FUNDS

Unrestricted funds

Unrestricted funds
		At				At 31 March
	1	April 2021	Income	Expenditure	Transfers	2022
		£	£	£	£	£
General funds		1,699,566	383,295	(332,033)	9,495	1,760,323
		═════════════	══════════	══════════	═══════	═════════════
		At				At 31 March
	1	April 2020	Income	Expenditure	Transfers	2021
		£	£	£	£	£
General funds		1,617,599	386,878	(304,911)	–	1,699,566
		═════════════	══════════	══════════	════	═════════════

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BETH SHMUEL SYNAGOGUE LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2022

23. ANALYSIS OF CHARITABLE FUNDS (continued)

Restricted funds

Restricted funds
	At			At 31 March
	1 April 2021	Income	Expenditure	Transfers	2022
	£	£	£	£	£
Restricted Fund	–	120,476	(422)	(9,495)	110,559
	════	══════════	════	═══════	══════════
	At				At 31 March
	1 April 2020	Income	Expenditure	Transfers	2021
	£	£	£	£	£
Restricted Fund	–	–	–	–	–
	════	════	════	════	════
ANALYSIS OF NET ASSETS BETWEEN FUNDS
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2022
			£	£	£
Intangible assets			1,428	–	1,428
Tangible fixed assets			2,821,137	–	2,821,137
Current assets			289,592	110,559	400,151
Creditors less than 1 year			(101,834)	–	(101,834)
Creditors greater than 1 year			(1,250,000)	–	(1,250,000)
			─────────────	──────────	─────────────
Net assets			1,760,323	110,559	1,870,882
			═════════════	══════════	═════════════
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2021
			£	£	£
Intangible assets			–	–	–
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
			═════════════	════	═════════════
ANALYSIS OF CHANGES IN NET		DEBT
					At
		At 1 Apr 2021		Cash flows	31 Mar 2022
			£	£	£
Cash at bank and in hand			82,284	141,961	224,245
Debt due after one year			(1,250,000)	–	(1,250,000)
			─────────────	──────────	─────────────
			(1,167,716)	141,961	(1,025,755)
			═════════════	══════════	═════════════

24. ANALYSIS OF NET ASSETS BETWEEN FUNDS

25. ANALYSIS OF CHANGES IN NET DEBT

- 18 -

BETH SHMUEL SYNAGOGUE LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 MARCH 2022

26. 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.

27. CONTROLLING PARTY

The charity was under the control of the Trustees throughout the current and previous year.

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