Lelok Limited Charity Accounts

COMPANY REGISTRATION NUMBER: 6243560

CHARITY REGISTRATION NUMBER: 1119564

Lelok Limited

Company Limited by Guarantee

Unaudited Financial Statements

31 December 2024

Lelok Limited

Company Limited by Guarantee

Financial Statements

Year ended 31 December 2024

	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)	7

Statement of financial position	8

Notes to the financial statements	10

Lelok Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report)

Year ended 31 December 2024

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 2024 .

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
	Rabbi B Cymerman	(Appointed 9 July 2024)

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 £70,000 (2023: £150,000) in donations and £152,269 (2023: £155,780) in rental income from its investments and bank interest receivable during the year.

The charity paid out £2,000 (2023: £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 £137,359 (2023: £106,911) were for the management of the investment properties.

The charity purchased four new investment properties in the year and the details can be found in the notes to the accounts.

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 two of the investments of the charity during the year. The resulting actual gain amounted to £66,924 (2023: £8,194) as disclosed on the face of the SOFA.

There was an overall net income and net movement in funds for the year amounting to £149,834 (2023: £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 £11,010 (2023: £92,271) all of which are unrestricted.

Total funds held by the charity at the year end were £1,283,051 (2023: £1,133,217), all of these are unrestricted.

Investment performance

The investments of the charity have provided a gross return of 7% in the year. 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 9 September 2025 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 2024

I report to the trustees on my examination of the financial statements of Lelok Limited ('the charity') for the year ended 31 December 2024.

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

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

9 September 2025

Lelok Limited

Company Limited by Guarantee

Statement of Financial Activities

(including income and expenditure account)

Year ended 31 December 2024

	2024		2023
	Unrestricted funds	Total funds	Total funds
Note	£	£	£

Income and endowments

Donations and legacies	5	70,000	70,000	150,000
Investment income	6	152,269	152,269	155,780
		---------	---------	---------
Total income		222,269	222,269	305,780
		---------	---------	---------

Expenditure

Expenditure on raising funds:

	Investment management costs	7	137,359	137,359	106,911
Expenditure on charitable activities		8,9	2,000	2,000	60,987
			---------	---------	---------
Total expenditure			139,359	139,359	167,898
			---------	---------	---------

Net gains on investments	12	66,924	66,924	8,194

	---------	---------	---------
Net income and net movement in funds	149,834	149,834	146,076
	---------	---------	---------

Reconciliation of funds

Total funds brought forward	1,133,217	1,133,217	987,141
	------------	------------	------------
Total funds carried forward	1,283,051	1,283,051	1,133,217
	------------	------------	------------

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 2024

	2024		2023
Note	£	£	£

Fixed assets

Investments	16		2,000,057	1,792,615

Current assets

Debtors	17	588	( 8,854)
Cash at bank and in hand		36,212	126,915
		--------	---------
		36,800	118,061

Creditors: amounts falling due within one year	18	25,790		25,790
		--------		---------
Net current assets			11,010	92,271
			------------	------------
Total assets less current liabilities			2,011,067	1,884,886

Creditors: amounts falling due after more than one year	19	728,016	751,669
		------------	------------
Net assets		1,283,051	1,133,217
		------------	------------

Funds of the charity

Unrestricted funds:

	Revaluation reserve		68,736		68,736
	Other unrestricted income funds		1,214,315		1,064,481
			------------		------------
Total unrestricted funds			1,283,051		1,133,217
				------------	------------
Total charity funds		20		1,283,051	1,133,217
				------------	------------

For the year ending 31 December 2024 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 2024

These financial statements were approved by the board of trustees and authorised for issue on 9 September 2025 , 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 2024

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 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 2024	Unrestricted Funds	Total Funds 2023
£	£	£	£

Donations

Donations	70,000	70,000	150,000	150,000
	--------	--------	---------	---------

6. Investment income

	Unrestricted Funds	Total Funds 2024	Unrestricted Funds	Total Funds 2023
	£	£	£	£
Income from investment properties	152,117	152,117	155,502	155,502
Bank interest receivable	152	152	278	278
	---------	---------	---------	---------
	152,269	152,269	155,780	155,780
	---------	---------	---------	---------

7. Investment management costs

	Unrestricted Funds	Total Funds 2024	Unrestricted Funds	Total Funds 2023
	£	£	£	£
Portfolio management	26,007	26,007	19,382	19,382
Property repairs and maintenance charges	76,352	76,352	47,196	47,196
Interest payable	35,000	35,000	40,333	40,333
	---------	---------	---------	---------
	137,359	137,359	106,911	106,911
	---------	---------	---------	---------

8. Expenditure on charitable activities by fund type

	Unrestricted Funds	Total Funds 2024	Unrestricted Funds	Total Funds 2023
	£	£	£	£
Charitable grants	–	–	51,000	51,000
Support costs	2,000	2,000	9,987	9,987
	-------	-------	--------	--------
	2,000	2,000	60,987	60,987
	-------	-------	--------	--------

9. Expenditure on charitable activities by activity type

	Support costs	Total funds 2024	Total fund 2023
	£	£	£
Charitable grants	380	380	59,157
Governance costs	1,620	1,620	1,830
	-------	-------	--------
	2,000	2,000	60,987
	-------	-------	--------

10. Analysis of support costs

	Analysis of support costs activity 1	Total 2024	Total 2023
	£	£	£
General office	380	380	8,157
Governance costs	1,620	1,620	1,830
	-------	-------	-------
	2,000	2,000	9,987
	-------	-------	-------

11. Analysis of grants

	2024	2023
	£	£

Grants to institutions

Help Aniyim	–	51,000
	----	--------
Total grants	–	51,000
	----	--------

12. Net gains on investments

	Unrestricted Funds	Total Funds 2024	Unrestricted Funds	Total Funds 2023
	£	£	£	£
Gains/(losses) on other investment assets	66,924	66,924	8,194	8,194
	--------	--------	-------	-------

13. Independent examination fees

	2024	2023
	£	£

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 (2023: Nil).

No employee received employee benefits of more than £60,000 during the year (2023: 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 2024	1,792,615
Additions	307,503
Disposals	(100,061)
	------------
At 31 December 2024	2,000,057
	------------
Impairment
At 1 January 2024 and 31 December 2024
Carrying amount
At 31 December 2024	2,000,057
	------------
At 31 December 2023	1,792,615
	------------

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 eighteen investment properties that are 100% owned with a combined value of £1,766,712.

17. Debtors

	2024	2023
	£	£
Other debtors	588	( 8,854)
	----	-------

18. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	24,170	24,170
Accruals and deferred income	1,620	1,620
	--------	--------
	25,790	25,790
	--------	--------

19. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	532,462	556,115
Other creditors	195,554	195,554
	---------	---------
	728,016	751,669
	---------	---------

Bank loans and overdrafts are secured on the investment property of the charity.

20. Analysis of charitable funds

Unrestricted funds

	At 1 January 2024	Income	Expenditure	Gains and losses	At 31 December 2024
	£	£	£	£	£
General funds	1,064,481	222,269	(139,359)	66,924	1,214,315
Revaluation reserve	68,736	–	–	–	68,736
	------------	---------	---------	--------	------------
	1,133,217	222,269	(139,359)	66,924	1,283,051
	------------	---------	---------	--------	------------

	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
	---------	---------	---------	-------	------------

21. Analysis of net assets between funds

	Unrestricted Funds	Total Funds 2024
	£	£
Investments	2,000,057	2,000,057
Current assets	36,800	36,800
Creditors less than 1 year	(25,790)	(25,790)
Creditors greater than 1 year	(728,016)	(728,016)
	------------	------------
Net assets	1,283,051	1,283,051
	------------	------------

	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
	------------	------------

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.