REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
CHABAD LUBAVITCH OF BRISTOL |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
CHABAD LUBAVITCH OF BRISTOL |
CHABAD LUBAVITCH OF BRISTOL |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
Page |
Report of the Trustees | 1 | to | 3 |
Independent Examiner's Report | 4 |
Statement of Financial Activities | 5 |
Statement of Financial Position | 6 | to | 7 |
Notes to the Financial Statements | 8 | to | 14 |
CHABAD LUBAVITCH OF BRISTOL (REGISTERED NUMBER: 10171387) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MAY 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 31 May 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 advancement of education and practice of the Jewish faith and culture in Bristol and southwest England and |
- The provision of student support services and activities across southwest England; |
Public benefit |
The trustees have carefully considered the public benefit requirements and their duty to ensure that they are compliant with them. They feel that the activities as detailed below, more than adequately, satisfy the public benefit requirement. |
ACTIVITIES |
Chabad of Bristol serves as a community resource centre for Jewish students and communities in Bristol and across the South West region. |
Our ongoing weekly classes for children, students and adults, as well as Shabbat meals and holiday programmes, support Jewish life in the area and create a community atmosphere. Online platforms have extended our reach across the South West allowing people who live further away from a Jewish community to connect. |
This year has seen more demand for our counselling and pastoral services services in the community and on campus. |
Our regular chaplaincy services continue at hospitals, prisons and universities all across the region, alongside home visits and care package deliveries in the community, ensuring no one is alone, without pastoral support. |
The demand and distribution for our South West Jewish Art Calendar have greatly increased in addition to the seasonal Jewish educational publications we distribute across the region. |
Regular school visits continue to be in demand in Bristol and beyond, with our popular hands-on Judaism presentation which creates bridges across communities and promotes understanding and tolerance. |
The Chanukah Grand Menorah Lightings in multiple cities and campuses across the South West continue growing in number and reach. Many other communities uniquely welcome and support them as accessible Jewish events that are open to the public. We plan on expanding our regional programming and offerings to pave the way for the opening of a new Chabad Centre in the future which will cater to Jewish people living closer to Devon and Cornwall areas. |
Chabad of Bristol continues to support the Bristol Hebrew Congregation with regular ministerial services, educational courses, Cheder teaching and Jewish holiday events for the community. |
Following the purchase of our first permanent Chabad House last year, a major project of this year was installing a beautiful new kosher kitchen which is fully equipped to properly cater for the many community events we host. |
A security review highlighted several enhancements which would help secure the centre, the first of which have already been implemented with further installations and upgrades in the works. |
With our own premises, we will be opening a day camp as a branch of the international Gan Yisrael camp network, providing Jewish educational fun for children over the summer holidays. |
The Bristol Mikvah project is a big step closer towards construction and completion with planning permission now granted and some grants secured towards the funding of the Mikvah. Further reports are still required as pre-commencement conditions and these have been commissioned. |
CHABAD LUBAVITCH OF BRISTOL (REGISTERED NUMBER: 10171387) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MAY 2024 |
OBJECTIVES AND ACTIVITIES |
Volunteers |
There were 5 volunteers during the year. |
FINANCIAL REVIEW |
Financial position |
The statement of financial activities show a net surplus for the year of £133,978 (2023 : £129,549). The net reserves of £555,658 ( 2023 : £421,680) will be carried forward to the following year to be used towards the charity's objectives. |
Investment policy and objectives |
The Memorandum and Articles of Association authorises the Trustees to make and hold investments using the general funds of the charity, as may be thought fit by them subject to any limitations and obligations imposed upon them by the Charities Act 2011 and the Trustee Investments Act 2000. |
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. As all income is derived from voluntary donations, 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 costs. |
Having regard to the above the Trustees are of the opinion that the cash reserves totalling £122,795 held as at the year end would be sufficient to meet three months basic operating costs and, they intend to increase the reserves held in the forthcoming year. |
There were no restricted funds as at the year end. The Trustees consider that the present level of reserves and funding is adequate to support the continuing operation of the charity, at current levels. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, articles of association and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
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. |
Risk management |
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
CHABAD LUBAVITCH OF BRISTOL (REGISTERED NUMBER: 10171387) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 MAY 2024 |
Trustees |
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 |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
CHABAD LUBAVITCH OF BRISTOL |
Independent examiner's report to the trustees of Chabad Lubavitch of Bristol ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 May 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: | February 2025 |
CHABAD LUBAVITCH OF BRISTOL |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 31 MAY 2024 |
2024 | 2023 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Investment income | 2 |
Other income |
Total |
EXPENDITURE ON |
Charitable activities | 3 |
( |
) |
Total |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 421,680 |
CHABAD LUBAVITCH OF BRISTOL (REGISTERED NUMBER: 10171387) |
STATEMENT OF FINANCIAL POSITION |
31 MAY 2024 |
2024 | 2023 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Debtors | 10 |
Investments | 11 |
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 | 15 |
Unrestricted funds | 421,680 |
TOTAL FUNDS | 421,680 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 BRISTOL (REGISTERED NUMBER: 10171387) |
STATEMENT OF FINANCIAL POSITION - continued |
31 MAY 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 |
CHABAD LUBAVITCH OF BRISTOL |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 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. |
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. |
Long leasehold | - |
Plant and machinery | - |
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. |
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. |
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 |
CHABAD LUBAVITCH OF BRISTOL |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
1. | ACCOUNTING POLICIES - continued |
Financial instruments |
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. | INVESTMENT INCOME |
2024 | 2023 |
£ | £ |
Deposit account interest |
Interest receivable | 197 | 548 |
3. | CHARITABLE ACTIVITIES COSTS |
Support |
Direct | costs (see |
Costs | note 4) | Totals |
£ | £ | £ |
Finance costs | - | 24,738 | 24,738 |
Charitable activities | 54,409 | 952 | 55,361 |
Admin costs | (15,946 | ) | 15,000 | (946 | ) |
Rent and rates | 52,487 | - | 52,487 |
Accountancy | - | 1,360 | 1,360 |
90,950 | 42,050 | 133,000 |
CHABAD LUBAVITCH OF BRISTOL |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
4. | SUPPORT COSTS |
Governance |
Management | Finance | costs | Totals |
£ | £ | £ | £ |
Finance costs | - | 1,646 | 23,092 | 24,738 |
Charitable activities | 952 | - | - | 952 |
Admin costs | 12,947 | 354 | 1,699 | 15,000 |
Accountancy | - | - | 1,360 | 1,360 |
13,899 | 2,000 | 26,151 | 42,050 |
5. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
6. | TRUSTEES' REMUNERATION AND BENEFITS |
Rabbi Menachem Singer received remuneration totalling £6,400 (2023 : £6,893) from the charity for the provision of non-trustee related services. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 May 2024 nor for the year ended 31 May 2023. |
7. | STAFF COSTS |
The average monthly number of employees during the year was as follows: |
2024 | 2023 |
No of staff |
CHABAD LUBAVITCH OF BRISTOL |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
8. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted |
fund |
£ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Investment income |
Other income |
Total |
EXPENDITURE ON |
Charitable activities |
Total |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 421,680 |
9. | TANGIBLE FIXED ASSETS |
Long | Plant and |
leasehold | machinery | Totals |
£ | £ | £ |
COST |
At 1 June 2023 |
Additions |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
CHABAD LUBAVITCH OF BRISTOL |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors - Mikvah Plan |
11. | CURRENT ASSET INVESTMENTS |
2024 | 2023 |
£ | £ |
Funding Circle Ltd | 31,178 | 30,981 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Social security and other taxes | ( |
) | ( |
) |
Accrued expenses |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 14) |
14. | LOANS |
The bank loan is secured by a first charge over the long leasehold property. |
15. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.6.23 | in funds | 31.5.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 421,680 | 133,978 | 555,658 |
TOTAL FUNDS | 133,978 | 555,658 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 266,978 | (133,000 | ) | 133,978 |
TOTAL FUNDS | ( |
) | 133,978 |
CHABAD LUBAVITCH OF BRISTOL |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
15. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
movement | At |
At 1.6.22 | in funds | 31.5.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 292,131 | 129,549 | 421,680 |
TOTAL FUNDS | 292,131 | 129,549 | 421,680 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 241,568 | (112,019 | ) | 129,549 |
TOTAL FUNDS | 241,568 | (112,019 | ) | 129,549 |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1.6.22 | in funds | 31.5.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 292,131 | 263,527 | 555,658 |
TOTAL FUNDS | 292,131 | 263,527 | 555,658 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 508,546 | (245,019 | ) | 263,527 |
TOTAL FUNDS | 508,546 | (245,019 | ) | 263,527 |
CHABAD LUBAVITCH OF BRISTOL |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
16. | RELATED PARTY DISCLOSURES |