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REGISTERED COMPANY NUMBER: 06494965 (England and Wales)
REGISTERED CHARITY NUMBER: 1123578



















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 Rabbi Y A J Angyalfi
Mrs S J G Angyalfi
Rabbi R Z Cohen
Mr H A Bell
Rabbi M Danow


COMPANY SECRETARY Rabbi Y A J Angyalfi


REGISTERED OFFICE 168 Shadwell Lane
Leeds
West Yorkshire
LS17 8AD


REGISTERED COMPANY
NUMBER
06494965 (England and Wales)


REGISTERED CHARITY
NUMBER
1123578


BANKERS Handelsbanken
Lawnswood Business Park
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 21 November 2023 and signed on its behalf by:





Rabbi Y A J Angyalfi - Trustee

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 17,895 - 17,895 13,606

Investment income 3 11 - 11 -
Total 17,906 - 17,906 13,606

EXPENDITURE ON
Charitable activities 4
Charitable activities 25,360 - 25,360 25,081

NET INCOME/(EXPENDITURE) (7,454 ) - (7,454 ) (11,475 )


RECONCILIATION OF FUNDS
Total funds brought forward 402,422 - 402,422 413,897

TOTAL FUNDS CARRIED FORWARD 394,968 - 394,968 402,422

CHABAD LUBAVITCH (LEEDS) LIMITED (REGISTERED NUMBER: 06494965)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 11 700,543 700,723

CURRENT ASSETS
Cash at bank 7,211 872

CREDITORS
Amounts falling due within one year 12 (137,786 ) (124,173 )

NET CURRENT ASSETS (130,575 ) (123,301 )

TOTAL ASSETS LESS CURRENT
LIABILITIES

569,968

577,422

CREDITORS
Amounts falling due after more than one year 13 (175,000 ) (175,000 )

NET ASSETS 394,968 402,422
FUNDS 17
Unrestricted funds:
General fund 394,968 402,422
TOTAL FUNDS 394,968 402,422

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 21 November 2023 and were signed on its behalf by:





Rabbi Y A J Angyalfi - Trustee

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 - 25% on reducing balance

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 - 631 2,036
Grants 17,264 - 17,264 11,570
17,895 - 17,895 13,606

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 - 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 180 242

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 700,000 20,314 720,314
DEPRECIATION
At 1 March 2022 - 19,591 19,591
Charge for year - 180 180
At 28 February 2023 - 19,771 19,771
NET BOOK VALUE
At 28 February 2023 700,000 543 700,543
At 28 February 2022 700,000 723 700,723

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) 137,666 123,476
Accruals and deferred income 120 697
137,786 124,173

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 14) 175,000 175,000

14. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year on demand:
Bank overdrafts 137,666 123,476
Amounts falling between one and two years:
Bank loans - 1-2 years 125,000 125,000
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 137,666 123,476
Bank loans 175,000 175,000
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 7,211 - 7,211 872
Current liabilities (137,786 ) - (137,786 ) (124,173 )
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 402,422 (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 17,906 (25,360 ) (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.