REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
CHABAD LUBAVITCH (LEEDS) LIMITED |
(A COMPANY LIMITED BY GUARANTEE) |
REPORT OF THE TRUSTEES AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
CHABAD LUBAVITCH (LEEDS) LIMITED |
(A COMPANY LIMITED BY GUARANTEE) |
REPORT OF THE TRUSTEES AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
CHABAD LUBAVITCH (LEEDS) LIMITED |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
Page |
Reference and Administrative Details | 1 |
Report of the Trustees | 2 |
Statement of Financial Activities | 3 |
Balance Sheet | 4 | to | 5 |
Notes to the Financial Statements | 6 | to | 11 |
CHABAD LUBAVITCH (LEEDS) LIMITED |
REFERENCE AND ADMINISTRATIVE DETAILS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
TRUSTEES |
COMPANY SECRETARY | Rabbi Y A J Angyalfi |
REGISTERED OFFICE |
REGISTERED COMPANY NUMBER |
REGISTERED CHARITY NUMBER |
BANKERS |
Leeds LS16 6QY |
CHABAD LUBAVITCH (LEEDS) LIMITED (REGISTERED NUMBER: 06494965) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
REFERENCE AND ADMINISTRATIVE INFORMATION |
The information is shown on page 1 of the financial statements and forms part of this report. |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The objects of the charity are to advance and promote and provide facilities for the practice of the Jewish Religion in accordance with Orthodox Jewish tenants and the relief of poverty. |
The trustees confirm that they have given due regard the Charity Commission's guidance on public benefit. |
ACHIEVEMENT AND PERFORMANCE |
Review of activities |
The trustees are satisfied with the results of the year. |
FINANCIAL REVIEW |
Reserves policy |
The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities |
of the charity. Reserves at the year end were £394,968 (2021 - £402,422), |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Charity constitution |
The charity is constituted as a company limited by guarantee and is governed by its Memorandum and Articles of Association dated 6 February 2008. |
Recruitment and appointment of new trustees |
The power to appoint new trustees is vested in the board. It is not the intention of the trustees to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures. |
Risk management |
The trustees have reviewed the major risks to which the charity is exposed and confirm that they have established systems to mitigate them. |
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
Approved by order of the board of trustees on |
CHABAD LUBAVITCH (LEEDS) LIMITED |
STATEMENT OF FINANCIAL ACTIVITIES |
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
2023 | 2022 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Investment income | 3 |
Total |
EXPENDITURE ON |
Charitable activities | 4 |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 402,422 |
CHABAD LUBAVITCH (LEEDS) LIMITED (REGISTERED NUMBER: 06494965) |
BALANCE SHEET |
28 FEBRUARY 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 | ( |
) | ( |
) |
NET CURRENT ASSETS | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 13 | ( |
) | ( |
) |
NET ASSETS |
FUNDS | 17 |
Unrestricted funds: |
General fund | 394,968 | 402,422 |
TOTAL FUNDS | 402,422 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each 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 charitable company. |
CHABAD LUBAVITCH (LEEDS) LIMITED (REGISTERED NUMBER: 06494965) |
BALANCE SHEET - continued |
28 FEBRUARY 2023 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
CHABAD LUBAVITCH (LEEDS) LIMITED |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets. |
Income |
Income received by way of donations is accounted for when received. |
Grants, including grants for the purchase of fixed assets, are recognised in full in the statement of financial activities in the year in which they are receivable. |
Expenditure |
Liabilities are recognised in the year in which they are incurred and includes irrecoverable VAT which is reported as part of the expenditure to which it relates. |
Grants are only recognised in the accounts when paid. |
Support costs are those incurred to assist the work of the charity but are not direct charitable activities. |
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. |
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Fixtures and fittings | - |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Going concern |
There are no material uncertainties about the charity's ability to continue. |
CHABAD LUBAVITCH (LEEDS) LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
2. | DONATIONS AND LEGACIES |
2023 | 2022 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
£ | £ | £ | £ |
Donations | 631 | - |
Grants | 17,264 | - |
17,895 | - |
Grants received, included in the above, are as follows: |
2023 | 2022 |
£ | £ |
Other grants | 17,264 | 11,570 |
3. | INVESTMENT INCOME |
2023 | 2022 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
£ | £ | £ | £ |
Deposit account interest | 11 | - |
4. | CHARITABLE ACTIVITIES COSTS |
Grant |
funding of |
Direct | activities | Support |
Costs (see | (see note | costs (see |
note 5) | 6) | note 7) | Totals |
£ | £ | £ | £ |
Charitable activities | 19,886 | 5,000 | 474 | 25,360 |
5. | DIRECT COSTS OF CHARITABLE ACTIVITIES |
2023 | 2022 |
£ | £ |
Religious & social programmes | 10,839 | 11,341 |
Property running costs | 3,865 | 8,350 |
Support costs | 5,182 | 4,430 |
19,886 | 24,121 |
CHABAD LUBAVITCH (LEEDS) LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
6. | GRANTS PAYABLE |
2023 | 2022 |
£ | £ |
Charitable activities | 5,000 | - |
The total grants paid to institutions during the year was as follows: |
2023 | 2022 |
£ | £ |
Advancement of education | 5,000 | - |
The grant was made to Chabad Lubavitch (UK). |
7. | SUPPORT COSTS |
Governance |
costs |
£ |
Charitable activities | 474 |
8. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
9. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 28 February 2023 nor for the year ended 28 February 2022. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 28 February 2023 nor for the year ended 28 February 2022. |
10. | AVERAGE STAFF NUMBERS |
The average number of staff in the year was Nil (2022 - Nil) |
CHABAD LUBAVITCH (LEEDS) LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
11. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
COST |
At 1 March 2022 and 28 February 2023 |
DEPRECIATION |
At 1 March 2022 |
Charge for year |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
The Charity's property was valued in February 2021 by WSB Property Consultants LLP prepared in accordance with the RICS Valuation - Global Standards 31January 2020 (the "Red Book"). |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Accruals and deferred income |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 14) |
14. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year on demand: |
Bank overdrafts |
Amounts falling between one and two years: |
Bank loans - 1-2 years |
Amounts falling due in more than five years: |
Repayable by instalments: |
Bank loans more 5 yr by instal | 50,000 | 50,000 |
CHABAD LUBAVITCH (LEEDS) LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
15. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank overdrafts |
Bank loans |
312,666 | 298,476 |
The bank overdraft and loans are secured by legal charges over the charity's freehold property. |
16. | ANALYSIS OF NET ASSETS BETWEEN FUNDS |
2023 | 2022 |
Unrestricted | Restricted | Total | Total |
fund | fund | funds | funds |
£ | £ | £ | £ |
Fixed assets | 700,543 | - | 700,543 | 700,723 |
Current assets |
Current liabilities | ( |
) | ( |
) | ( |
) |
Long term liabilities | (175,000 | ) | - | (175,000 | ) | (175,000 | ) |
394,968 | - | 394,968 | 402,422 |
17. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.3.22 | in funds | 28.2.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 402,422 | (7,454 | ) | 394,968 |
TOTAL FUNDS | (7,454 | ) | 394,968 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 17,906 | (25,360 | ) | (7,454 | ) |
TOTAL FUNDS | ( |
) | (7,454 | ) |
CHABAD LUBAVITCH (LEEDS) LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2023 |
17. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net | Transfers |
movement | between | At |
At 1.3.21 | in funds | funds | 28.2.22 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | (55,836 | ) | (11,475 | ) | 469,733 | 402,422 |
Restricted funds |
Restricted fund | 469,733 | - | (469,733 | ) | - |
TOTAL FUNDS | 413,897 | (11,475 | ) | - | 402,422 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 13,606 | (25,081 | ) | (11,475 | ) |
TOTAL FUNDS | 13,606 | (25,081 | ) | (11,475 | ) |
18. | RELATED PARTY DISCLOSURES |
The charity made a donation of £5,000 to another charity with a trustee in common. |