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REGISTERED COMPANY NUMBER: 08542368 (England and Wales)
REGISTERED CHARITY NUMBER: 1154533














REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28TH FEBRUARY 2024

FOR

CHABAD LUBAVITCH OF SOUTH LONDON

CHABAD LUBAVITCH OF SOUTH LONDON

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2024










Page

Report of the Trustees 1 to 2

Independent Examiner's Report 3

Statement of Financial Activities 4

Statement of Financial Position 5 to 6

Notes to the Financial Statements 7 to 13

CHABAD LUBAVITCH OF SOUTH LONDON (REGISTERED NUMBER: 08542368)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 28TH FEBRUARY 2024



The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 28th February 2024. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity's objects are specifically restricted to the following:
1. The advancement of the Orthodox Jewish religion in accordance with the principles of Chabad Lubavitch,
2. The advancement of Orthodox Jewish religion education and,
3. The relief of poverty, homelessness and financial crisis management.

Public benefit
The benefits of the above activities afforded to the Jewish population of South London by the provision of the advancement of Orthodox Jewish religion and religious education in the education of a by and large completely ignorant Jewish community who have not been raised religiously and are not able to read Hebrew, find their way through Jewish prayer book, keep a kosher kitchen and observe all the rites and practices according to the Jewish code of law.

The education services offered to the local Jewish population are many and largely free, with some specialists lectures having a suggested voluntary donation. However, no one is refused from attending any lectures due to their not being able to pay.
Whilst the above activities are offered in and focus primarily on the Jewish population of South London, it is not restricted as such, and anyone is invited to attend.
The object of the relief of poverty, homelessness and financial crisis management, again while being aimed primarily at the local Jewish population, is not restricted to those as such, and there have been instances where persons of a non-Jewish faith have received the same standard of care, warmth and counselling as their Jewish counterparts.

FINANCIAL REVIEW
Financial position
The Trustees are pleased to see that donation income has increased this year, leading to a surplus of £69,442 ( 2023 £105,032).

The Statement of Financial Activities shows cash reserves of £85,507 (2023 £76,083) as at 28th February 2024. Total reserves stood at £1,995,307 ( 2023 £1,667,865).

Reserves policy
The charity's reserves policy is to maintain sufficient reserves to enable the charity to continue its activities and services at a meaningful level, should there be a drop in income. The trustees review this position on a regular basis.

In view of this the trustees aim to maintain a level of reserves sufficient to meet three months basic operating cost once the refurbishment of the Chabad House building project is completed.

Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. The trustees have prepared cash flow forecasts and profit projections which demonstrate the charity can continue as a going concern.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a memorandum and articles of association, and constitutes a limited company , limited by guarantee, as defined by the Companies Act 2006.


CHABAD LUBAVITCH OF SOUTH LONDON (REGISTERED NUMBER: 08542368)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 28TH FEBRUARY 2024


STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appointment of new trustees
All Directors of the company are also Trustees of the Charity, and there are no other Trustees. All of the Trustees named above served throughout the year. The Board has the power to appoint additional trustees as it considers fit to do so.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
08542368 (England and Wales)

Registered Charity number
1154533

Registered office
42 St George's Road
Wimbledon
London
SW19 4ED

Trustees
E Itzinger
S Giffen
M Zavdi
D Duboy

Independent Examiner
Akiva Kahan FCA
Joseph Kahan Associates LLP
Chartered Accountants
923 Finchley Road
London
NW11 7PE

Approved by order of the board of trustees on 3rd December 2024 and signed on its behalf by:





D Duboy - Trustee

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
CHABAD LUBAVITCH OF SOUTH LONDON


Independent examiner's report to the trustees of Chabad Lubavitch of South London ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 28th February 2024.

Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts 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 your 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 your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, 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 Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts 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 accounts 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.








Akiva Kahan FCA

Joseph Kahan Associates LLP
Chartered Accountants
923 Finchley Road
London
NW11 7PE

Date: ......... December 2024

CHABAD LUBAVITCH OF SOUTH LONDON

STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 28TH FEBRUARY 2024

2024 2023
Unrestricted Restricted Total Total
fund funds funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 321,901 (1 ) 321,900 223,594

EXPENDITURE ON
Charitable activities 3
Accountancy
- - - 1,080
Sundries 98 - 98 2,390
Building repairs and refurbishment 8,763 - 8,763 2,415
Charitable activities 173,839 - 173,839 87,796
Depreciation 3,184 17,172 20,356 (7,010 )
Governance 2,395 - 2,395 805
Travel & motor expenses 6,505 - 6,505 4,685
Computer consumables 495 - 495 493
Rent 40,007 - 40,007 25,908
Total 235,286 17,172 252,458 118,562

NET INCOME/(EXPENDITURE) 86,615 (17,173 ) 69,442 105,032
Other recognised gains/(losses)
Gains on revaluation of fixed assets - 258,000 258,000 1,133,387
Net movement in funds 86,615 240,827 327,442 1,238,419

RECONCILIATION OF FUNDS
Total funds brought forward (306,963 ) 1,974,828 1,667,865 429,446

TOTAL FUNDS CARRIED FORWARD (220,348 ) 2,215,655 1,995,307 1,667,865

CHABAD LUBAVITCH OF SOUTH LONDON (REGISTERED NUMBER: 08542368)

STATEMENT OF FINANCIAL POSITION
28TH FEBRUARY 2024

2024 2023
Unrestricted Restricted Total Total
fund funds funds funds
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 10,249 2,215,655 2,225,904 1,984,455

CURRENT ASSETS
Cash at bank 85,507 - 85,507 76,083

CREDITORS
Amounts falling due within one year 9 (13,404 ) - (13,404 ) (62,673 )

NET CURRENT ASSETS 72,103 - 72,103 13,410

TOTAL ASSETS LESS CURRENT
LIABILITIES

82,352

2,215,655

2,298,007

1,997,865

CREDITORS
Amounts falling due after more than one year 10 (302,700 ) - (302,700 ) (330,000 )

NET ASSETS (220,348 ) 2,215,655 1,995,307 1,667,865
FUNDS 12
Unrestricted funds (220,348 ) (306,963 )
Restricted funds 2,215,655 1,974,828
TOTAL FUNDS 1,995,307 1,667,865

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2024 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 OF SOUTH LONDON (REGISTERED NUMBER: 08542368)

STATEMENT OF FINANCIAL POSITION - continued
28TH FEBRUARY 2024

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 3rd December 2024 and were signed on its behalf by:





D Duboy - Trustee

CHABAD LUBAVITCH OF SOUTH LONDON

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2024


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
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Freehold property - 2% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 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.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Financial instruments
The Charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

CHABAD LUBAVITCH OF SOUTH LONDON

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2024


1. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.




Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

2. DONATIONS AND LEGACIES
2024 2023
£    £   
Donations 321,900 216,328
Gift aid - 7,266
321,900 223,594

3. CHARITABLE ACTIVITIES COSTS
Direct Support
Costs costs Totals
£    £    £   
Sundries 98 - 98
Building repairs and refurbishment 8,763 - 8,763
Charitable activities 173,839 - 173,839
Depreciation 20,356 - 20,356
Governance - 2,395 2,395
Travel & motor expenses 6,505 - 6,505
Computer consumables 495 - 495
Rent 40,007 - 40,007
250,063 2,395 252,458

CHABAD LUBAVITCH OF SOUTH LONDON

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2024


4. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 20,356 18,626

5. TRUSTEES' REMUNERATION AND BENEFITS

Rabbi D Duboy a Trustee, received remuneration of £9,456 (2023 £1,578) for the provision of non Trustee related services.

Trustees' expenses

There were no trustees' expenses paid for the year ended 28th February 2024 nor for the year ended 28th February 2023.


6. STAFF COSTS

The average monthly number of employees during the year was as follows:

2024 2023
Rabbinical 2 2

No employees received emoluments in excess of £60,000.

7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
fund funds funds
£    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 223,594 - 223,594

EXPENDITURE ON
Charitable activities
Accountancy
1,080 - 1,080
Sundries 2,390 - 2,390
Building repairs and refurbishment 2,415 - 2,415
Charitable activities 87,796 - 87,796
Depreciation (24,182 ) 17,172 (7,010 )
Governance 805 - 805
Travel & motor expenses 4,685 - 4,685
Computer consumables 493 - 493
Rent 25,908 - 25,908
Total 101,390 17,172 118,562

NET INCOME/(EXPENDITURE) 122,204 (17,172 ) 105,032

CHABAD LUBAVITCH OF SOUTH LONDON

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2024


7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted Restricted Total
fund funds funds
£    £    £   
Transfers between funds (849,695 ) 849,695 -
Other recognised gains/(losses)
Gains on revaluation of fixed assets - 1,133,387 1,133,387
Net movement in funds (727,491 ) 1,965,910 1,238,419

RECONCILIATION OF FUNDS
Total funds brought forward 420,528 8,918 429,446

TOTAL FUNDS CARRIED FORWARD (306,963 ) 1,974,828 1,667,865

8. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1st March 2023 1,992,000 8,755 6,400 2,007,155
Additions - 1,158 2,647 3,805
Revaluations 258,000 - - 258,000
At 28th February 2024 2,250,000 9,913 9,047 2,268,960
DEPRECIATION
At 1st March 2023 17,172 5,128 400 22,700
Charge for year 17,173 1,021 2,162 20,356
At 28th February 2024 34,345 6,149 2,562 43,056
NET BOOK VALUE
At 28th February 2024 2,215,655 3,764 6,485 2,225,904
At 28th February 2023 1,974,828 3,627 6,000 1,984,455

The Freehold Property was valued on 22nd December 2022 by Clive Scrivener BSc of Scrivener Tibbats Ltd at £2.250M.


CHABAD LUBAVITCH OF SOUTH LONDON

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2024


9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 11) 2,968 1,157
Amounts owed to participating interests 6,464 60,000
Other creditors 1,956 -
Accruals and deferred income 2,016 1,516
13,404 62,673

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other loans (see note 11) 302,700 330,000

11. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year on demand:
Bank overdrafts 2,968 1,157
Amounts falling due in more than five years:

Repayable by instalments:
These loans are advanced on an interest free basis. 302,700 330,000

12. MOVEMENT IN FUNDS
Net
movement At
At 1/3/23 in funds 28/2/24
£    £    £   
Unrestricted funds
General fund (306,963 ) 86,615 (220,348 )

Restricted funds
Restricted Fund 841,441 (17,173 ) 824,268
Revaluation Reserve 1,133,387 258,000 1,391,387
1,974,828 240,827 2,215,655
TOTAL FUNDS 1,667,865 327,442 1,995,307

CHABAD LUBAVITCH OF SOUTH LONDON

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2024


12. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
General fund 321,901 (235,286 ) - 86,615

Restricted funds
Restricted Fund (1 ) (17,172 ) - (17,173 )
Revaluation Reserve - - 258,000 258,000
(1 ) (17,172 ) 258,000 240,827
TOTAL FUNDS 321,900 (252,458 ) 258,000 327,442


Comparatives for movement in funds

Net Transfers
movement between At
At 1/3/22 in funds funds 28/2/23
£    £    £    £   
Unrestricted funds
General fund 420,528 122,204 (849,695 ) (306,963 )

Restricted funds
Restricted Fund 8,918 (17,172 ) 849,695 841,441
Revaluation Reserve - 1,133,387 - 1,133,387
8,918 1,116,215 849,695 1,974,828
TOTAL FUNDS 429,446 1,238,419 - 1,667,865

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
General fund 223,594 (101,390 ) - 122,204

Restricted funds
Restricted Fund - (17,172 ) - (17,172 )
Revaluation Reserve - - 1,133,387 1,133,387
- (17,172 ) 1,133,387 1,116,215
TOTAL FUNDS 223,594 (118,562 ) 1,133,387 1,238,419

CHABAD LUBAVITCH OF SOUTH LONDON

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2024


12. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Net Transfers
movement between At
At 1/3/22 in funds funds 28/2/24
£    £    £    £   
Unrestricted funds
General fund 420,528 208,819 (849,695 ) (220,348 )

Restricted funds
Restricted Fund 8,918 (34,345 ) 849,695 824,268
Revaluation Reserve - 1,391,387 - 1,391,387
8,918 1,357,042 849,695 2,215,655
TOTAL FUNDS 429,446 1,565,861 - 1,995,307

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
General fund 545,495 (336,676 ) - 208,819

Restricted funds
Restricted Fund (1 ) (34,344 ) - (34,345 )
Revaluation Reserve - - 1,391,387 1,391,387
(1 ) (34,344 ) 1,391,387 1,357,042
TOTAL FUNDS 545,494 (371,020 ) 1,391,387 1,565,861

13. RELATED PARTY DISCLOSURES

During the year the Freehold property at 42 St George's Road, Wimbledon, SW19 4ED from which the charity operates, was transferred over from Chabad Lubavitch UK CLUK ( charity number 227638) to Chabad Lubavitch of South London ( CLOSL). the transfer took place after CLOSL discharged a loan held by CLUK totalling £366,493.