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COMPANY REGISTRATION NUMBER: 6243560
CHARITY REGISTRATION NUMBER: 1119564
Lelok Limited
Company Limited by Guarantee
Unaudited Financial Statements
31 December 2023
Lelok Limited
Company Limited by Guarantee
Financial Statements
Year ended 31 December 2023
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
6
Statement of financial activities (including income and expenditure account)
8
Statement of financial position
9
Notes to the financial statements
11
Lelok Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 December 2023
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 December 2023 .
Reference and administrative details
Registered charity name
Lelok Limited
Charity registration number
1119564
Company registration number
6243560
Principal office and registered
2nd Floor - Parkgates
office
Bury New Road
Prestwich
Manchester
M25 0TL
The trustees
Rabbi A Hammond
Rabbi S Wolf
Rabbi J Rosenbaum
Independent examiner
Mr Howard Schwalbe ACA
2nd Floor - Parkgates
Bury New Road
Prestwich
Manchester
M25 0TL
Structure, governance and management
Lelok Limited is constituted by Memorandum and Articles of Association and is a company limited by guarantee. It was incorporated on 10 May 2007 as a company and the company number is 6243560 . It was registered as a charity on 08 June 2007 with a charity number 1119564 .
Recruitment and appointment of new trustees would be in line with the Memorandum and Articles of Association and with the consent of the trustees. The criteria set for the suitable candidate would be someone who is sensitive to the needs and demands of the organisation.
There is no chief executive officer. The day to day affairs are undertaken by Rabbi S Salomon on behalf of the trustees. All major decisions are taken collectively by the trustees and all the trustees give of their time freely. The trustees are unpaid and details of any related party transactions are disclosed as applicable in the notes to the accounts. The arrangement for setting the pay of the charity’s employees are the sole domain of the trustees.
There are no policies for the induction or training of new trustees.
Risk review
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to manage our exposure to the major risks.
The risks faced by the trust are principally operational risks from ineffective grant making. These risks are managed by the trustees researching potential beneficiaries before granting donations. Report back and review procedures strengthen these safeguards to ensure public benefit is achieved from all grants.
Other risks are associated with the investments and prevailing market conditions as well as ability to maintain tenants or lease holders. The trustees regularly review the loans to value as well as the occupancy levels to ensure there is headroom on these investments and they are as profitable as possible.
Risk management
The Trustees are responsible for the management of the risks faced by the Charity. A formal review of the charity's risk management processes is undertaken on an annual basis.
The key controls used by the charity include:
- Comprehensive strategic planning and budgeting;
- Established organisational structure and lines of reporting;
- Clear authorisation and approval levels.
Through the risk management processes established for the Charity, the Trustees are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
Objectives and activities
The objects of the charity are the advancement of the Orthodox Jewish faith and the advancement of Orthodox Jewish religious education in particular (but not exclusively) by supporting financially the charity known as The Institute for Higher Rabbinical Studies otherwise known as Gateshead Kolel which is presently situated at 22 Claremont Place. Gateshead, NE8 1TL.
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education when reviewing the charity's aims and objectives and in planning future activities and setting grant making policy for the year.
Grant making policy
The charity invites applications for funding through contacting philanthropists around the country to contribute towards the Institute.
The application of the funds by way of grants is to the Institute.
The trustees measure the success of achieving the stated aims by the number and value of grants paid out for each object. The grants paid out in the year are detailed in the notes to the accounts and the trustees consider they have met their aims successfully this year.
The trustees consider the shorter term aims to be similar to the longer term aims and assess the achievement of the charity in the same way.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
Results
The results for the period and the charity's financial position at the end of the period are shown in the attached financial statements.
The charity received £150,000 in donations and £155,780 in rental income from its investments and bank interest receivable during the year.
The charity paid out £60,987 by way of grants and support costs. These grants were made in line with the stated objects of the charity and were for educational purposes. Other expenses of £106,911 were for the management of the investment properties.
The charity purchased seven new investment properties in the year and the details can be found in the notes to the accounts.
The trustees reviewed the value of the investment property of the charity during the year and are of the opinion that the holding value is the fair value.
The charity has low governance costs. The governance costs incurred relate to professional fees incurred during the year.
Grants over £1,000 made during the year to institutions are as detailed in the accounts.
There were no material fundraising costs during the year.
Related party transactions are disclosed as applicable in the notes to the accounts.
The trustees sold part of one of the investments of the charity during the year. The resulting actual gain amounted to £8,194 as disclosed on the face of the SOFA.
There was an overall net income for the year amounting to £146,076 and the net movement in funds for the year amounted to £146,076.
Taxation status
The company is a registered charity and as such has no taxable income.
Financial review
Reserves policy
The trustees and management meet on a regular basis to review the reserves and future requirements of the charity. All future needs are considered together with any risks or contingencies that may exist. The trustees are confident that sufficient reserves will be generated to achieve the objects of the charity. The Unrestricted Fund represents the unrestricted funds arising from past operating results. The Trustees are satisfied that the balance of the Fund is an acceptable level of reserves given the nature of revenue receipts against grants payable.
In considering the financial obligations of the charity, the trustees have resolved to maintain a minimum reserve.
The free reserves, being the net current assets of the charity, amounted to £92,271 all of which are unrestricted.
Investment performance
The investments of the charity have provided a gross return of 8% in the year. Actual investment income rose by 92% on investment income receivable last year. The trustees consider this to be exceptional. The trustees expect this figure to rise next year following the purchases made during this financial year.
The trustees consider this acceptable when compared with returns available on deposits in any of the banking institutions. These investment returns have been consistent for a number of years and are not at the expense of any exposure of loan to value covenants that would put these investments at risk.
The trustees have considered the fair value of the investment property taking into account the loan to value of the properties as well as the nature and exposure of the investments. The trustees consider the holding value to be the fair value.
TRUSTEES' RESPONSIBILITIES
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity at the end of the period and of the incoming and outgoing resources for the period then ended.
In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them consistently, making judgements and estimates that are reasonable and prudent. The trustees must also prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue its activities.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees' annual report and the strategic report were approved on 18 September 2024 and signed on behalf of the board of trustees by:
Rabbi S Wolf
Trustee
Lelok Limited
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Lelok Limited
Year ended 31 December 2023
I report to the trustees on my examination of the financial statements of Lelok Limited ('the charity') for the year ended 31 December 2023.
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.
Mr Howard Schwalbe ACA Independent Examiner
2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
18 September 2024
Lelok Limited
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 December 2023
2023
2022
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Donations and legacies
5
150,000
150,000
190,000
Investment income
6
155,780
155,780
81,006
---------
---------
---------
Total income
305,780
305,780
271,006
---------
---------
---------
Expenditure
Expenditure on raising funds:
Investment management costs
7
106,911
106,911
42,315
Expenditure on charitable activities
8,9
60,987
60,987
25,912
---------
---------
---------
Total expenditure
167,898
167,898
68,227
---------
---------
---------
Net gains on investments
12
8,194
8,194
97,979
---------
---------
---------
Net income
146,076
146,076
300,758
---------
---------
---------
Other recognised gains and losses
Losses from revaluation of fixed assets
( 68)
---------
---------
---------
Net movement in funds
146,076
146,076
300,690
Reconciliation of funds
Total funds brought forward
987,141
987,141
686,451
------------
------------
---------
Total funds carried forward
1,133,217
1,133,217
987,141
------------
------------
---------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Lelok Limited
Company Limited by Guarantee
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Investments
16
1,792,615
1,197,771
Current assets
Debtors
17
( 8,854)
9,559
Cash at bank and in hand
126,915
181,728
---------
---------
118,061
191,287
Creditors: amounts falling due within one year
18
25,790
11,531
---------
---------
Net current assets
92,271
179,756
------------
------------
Total assets less current liabilities
1,884,886
1,377,527
Creditors: amounts falling due after more than one year
19
751,669
390,386
------------
------------
Net assets
1,133,217
987,141
------------
------------
Funds of the charity
Unrestricted funds:
Revaluation reserve
68,736
68,736
Other unrestricted income funds
1,064,481
918,405
------------
---------
Total unrestricted funds
1,133,217
987,141
------------
---------
Total charity funds
20
1,133,217
987,141
------------
---------
For the year ending 31 December 2023 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.
Lelok Limited
Company Limited by Guarantee
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of trustees and authorised for issue on 18 September 2024 , and are signed on behalf of the board by:
Rabbi S Wolf
Trustee
Lelok Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in and a registered charity in England and Wales. The address of the registered office is 2nd Floor - Parkgates, Bury New Road, Prestwich, Manchester, M25 0TL.
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
Investments in syndicates
These represent investments in syndicate investment properties with a holding of less than 25%. The trustees have no influence of control on these investments. The valuation on the syndicate investment is commensurate with the balances in the syndicate capital account at the year end.
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 income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are 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. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
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 raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - 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.
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
Lelok Limited is a registered charity and a company limited by guarantee and does not have a share capital. In the event of the charity being wound up, members are required to contribute an amount not exceeding £10.
5. Donations and legacies
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Donations
Donations
150,000
150,000
190,000
190,000
---------
---------
---------
---------
6. Investment income
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Income from investment properties
155,502
155,502
80,987
80,987
Bank interest receivable
278
278
19
19
---------
---------
--------
--------
155,780
155,780
81,006
81,006
---------
---------
--------
--------
7. Investment management costs
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Portfolio management
19,382
19,382
10,731
10,731
Property repairs and maintenance charges
47,196
47,196
24,624
24,624
Interest payable
40,333
40,333
6,960
6,960
---------
---------
--------
--------
106,911
106,911
42,315
42,315
---------
---------
--------
--------
8. Expenditure on charitable activities by fund type
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Charitable grants
51,000
51,000
24,000
24,000
Support costs
9,987
9,987
1,912
1,912
--------
--------
--------
--------
60,987
60,987
25,912
25,912
--------
--------
--------
--------
9. Expenditure on charitable activities by activity type
Grant funding of activities
Support costs
Total funds 2023
Total fund 2022
£
£
£
£
Charitable grants
51,000
8,157
59,157
24,231
Governance costs
1,830
1,830
1,681
--------
-------
--------
--------
51,000
9,987
60,987
25,912
--------
-------
--------
--------
10. Analysis of support costs
Analysis of support costs activity 1
Total 2023
Total 2022
£
£
£
General office
8,157
8,157
231
Governance costs
1,830
1,830
1,681
-------
-------
-------
9,987
9,987
1,912
-------
-------
-------
11. Analysis of grants
2023
2022
£
£
Grants to institutions
Help Aniyim
51,000
12,000
Institute for Higher Rabbinical Studies
12,000
--------
--------
51,000
24,000
--------
--------
Total grants
51,000
24,000
--------
--------
12. Net gains on investments
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Gains/(losses) on other investment assets
8,194
8,194
97,979
97,979
-------
-------
--------
--------
13. Independent examination fees
2023
2022
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
1,620
1,620
-------
-------
14. Staff costs
The average head count of employees during the year was Nil (2022: Nil).
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
15. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
16. Investments
Investment properties
£
Cost or valuation
At 1 January 2023
1,197,771
Additions
607,901
Disposals
(13,057)
------------
At 31 December 2023
1,792,615
------------
Impairment
At 1 January 2023 and 31 December 2023
Carrying amount
At 31 December 2023
1,792,615
------------
At 31 December 2022
1,197,771
------------
All investments shown above are held at valuation.
Investment properties
The investments in UK investment property represent capital introduced by the charity into the syndicate plus accrued surpluses less deficiencies. The syndicates in which the charity is a participator has borrowings that are secured on the syndicate property. The charity accounts for its syndicate investments under the equity accounting basis and thus the charity's share of the borrowings is not included in these financial statements.
Valuation of the investment property was undertaken at the request of the trustees by competent valuers who do not hold relevant qualifications but have a working knowledge of investment property. The valuation method is at fair value equating to market value.
The charity owns eight syndicate interests with a percentage holding ranging from 1% to 5%, and sixteen investment properties that are 100% owned with a combined value of £1,559,622.
17. Debtors
2023
2022
£
£
Other debtors
( 8,854)
9,559
-------
-------
18. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
24,170
9,911
Accruals and deferred income
1,620
1,620
--------
--------
25,790
11,531
--------
--------
19. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
556,115
129,832
Other creditors
195,554
260,554
---------
---------
751,669
390,386
---------
---------
Bank loans and overdrafts are secured on the investment property of the charity.
20. Analysis of charitable funds
Unrestricted funds
At 1 January 2023
Income
Expenditure
Gains and losses
At 31 December 2023
£
£
£
£
£
General funds
918,405
305,780
(167,898)
8,194
1,064,481
Revaluation reserve
68,736
68,736
---------
---------
---------
-------
------------
987,141
305,780
(167,898)
8,194
1,133,217
---------
---------
---------
-------
------------
At 1 January 2022
Income
Expenditure
Gains and losses
At 31 December 2022
£
£
£
£
£
General funds
617,647
271,006
(68,227)
97,979
918,405
Revaluation reserve
68,804
(68)
68,736
---------
---------
--------
--------
---------
686,451
271,006
(68,227)
97,911
987,141
---------
---------
--------
--------
---------
21. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2023
£
£
Investments
1,792,615
1,792,615
Current assets
118,061
118,061
Creditors less than 1 year
(25,790)
(25,790)
Creditors greater than 1 year
(751,669)
(751,669)
------------
------------
Net assets
1,133,217
1,133,217
------------
------------
Unrestricted Funds
Total Funds 2022
£
£
Investments
1,197,771
1,197,771
Current assets
191,287
191,287
Creditors less than 1 year
(11,531)
(11,531)
Creditors greater than 1 year
(390,386)
(390,386)
------------
------------
Net assets
987,141
987,141
------------
------------
22. Taxation
Lelok Limited is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.