WILBRAHAM_ROAD_(MANCHESTE - Accounts

The trustees present their report and financial statements for the year ended 5 April 2019.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charities Act 2011, the charity's Articles of Association, the Companies Act 2006 and the Statement of Recommended Practice to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities.

The Charity’s purposes as set out in the company’s Memorandum of Association are to benefit the public by the establishment and maintenance of Synagogues for the educational and religious activities relating to the Orthodox Jewish faith.

The Trustees do not intend to make any specific grants. Funds generated will be used for the improvement of the premises, as and when required.

The Company’s principal activity is the provision of premises for charitable purposes.

The total of incoming resources of £12,000 of which the full £12,000 was from rental income which, after charitable activity costs of maintaining the properties of £80,422, governance costs of £114, sundry expenses of £13 and depreciation of tangible assets of £1,991 during the year, left a net deficit of income of £70,540 for the year to be deducted from the income fund balances brought forward and leave funds carried forward at the year end of £1,770,814 for the future development and maintenance of the property and land used for the charity’s purpose. No charitable distributions were made during the year.

The Trustees' reserves policy is to use funds for the repair and renovation of the premises, as and when circumstances arise. At the balance sheet date the reserves (all unrestricted) amounted to £1,770,814 (2018 - £1,841,354 ).

The the charity is a company limited by guarantee and has no share capital.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Appointment of other Trustees is at the discretion of the existing Trustees.

Trustee S E Elias has been delegated the day to day management of the company.

The organisation is a charitable company limited by guarantee, incorporated on 6 September 2002 and registered as a charity on 21 October 2002. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association as amended by a Special Resolution dated 4 February 2005.

The company achieves its objectives of providing educational and religious activities relating to the Orthodox Jewish faith in conjunction with the South Manchester Jewish Student Trust Limited, which is a charitable company that is connected to the trustees and is responsible for the provision of Kosher food facilities at the Synagogue maintained by the Wilbraham Road (Manchester) Trust Limited.

The trustees report was approved by the Board of Trustees.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wilbraham Road (Manchester) Trust Limited for the year ended 5 April 2019, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/

This report is made to the charity's trustees, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Wilbraham Road (Manchester) Trust Limited and state those matters that we have agreed to state to the charity's trustees, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wilbraham Road (Manchester) Trust Limited and the charity's trustees as a body, for our work or for this report.

It is your duty to ensure that Wilbraham Road (Manchester) Trust Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of Wilbraham Road (Manchester) Trust Limited. You consider that Wilbraham Road (Manchester) Trust Limited is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.

We have not been instructed to carry out an audit or a review of the financial statements of Wilbraham Road (Manchester) Trust Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Donations recieved

Investment income - Rental income

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

All income and expenditure derive from continuing activities.

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 5 April 2019.

The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Wilbraham Road (Manchester) Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 2nd Floor, 1 Ashley Road, ALTRINCHAM, WA14 2DT.

The financial statements have been prepared in accordance with the the charity's [governing document], the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The the charity is a Public Benefit Entity as defined by FRS 102.

The the charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

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

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

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

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

Expenditure is recognised on an accruals basis as a liability is incurred.    

Charitable activity expenditure is those costs incurred by the charity and in the delivery of its activities and services for its beneficiaries.

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.

Charitable distributions represent donations paid to religious, educational and similar charities. There were no distributions during the year as further expenditure is to be incurred on the property.

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

The property is stated at cost. At the balance sheet date phase I of the development had been completed with Phase II to follow. The property has not been depreciated on the grounds that the asset has a very long useful life and the estimated residual value is similar to the value stated on the balance sheet.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

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

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

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

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

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

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

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

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

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

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

Reserves

The total reserves included in the accounts are all unrestricted.

Taxation

The activities of Wilbraham Road (Manchester) Trust Limited are exempt from taxation under Part 11 of the Corporation Tax Act 2010 definition of a charity for tax purposes.

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

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

Donations recieved

Investment income - Rental income

Maintenance of properties

Property running expenses

Sundry expenses

Governance costs

Bank charges

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

None of the trustees (or any persons connected with them) received any reimbursement of expenses from the charity during the year.

There were no disclosable related party transactions during the year (2018- none).

No remuneration was paid to key management personnel in the year.