**REGISTERED COMPANY NUMBER: 07442727 (England and Wales) REGISTERED CHARITY NUMBER: 1140342** ## **REPORT OF THE TRUSTEES AND** **UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022** ## **FOR** ## **CHABAD LUBAVITCH OF BLOOMSBURY - CENTRAL LONDON** DAS Accounting Services Ltd 105 Eade Road OCC Building A 2nd Floor Unit 11D London N4 1TJ **CHABAD LUBAVITCH OF BLOOMSBURY - CENTRAL LONDON** ## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022** |||**Page**|| |---|---|---|---| |**Report of the Trustees**|1|to|6| |**Independent Examiner's Report**||7|| |**Statement of Financial Activities**||8|| |**Balance Sheet**|9|to|10| |**Cash Flow Statement**||11|| |**Notes to the Cash Flow Statement**||12|| |**Notes to the Financial Statements**|13|to|20| ## **CHABAD LUBAVITCH OF BLOOMSBURY - CENTRAL LONDON (REGISTERED NUMBER: 07442727)** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022** 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 December 2022. 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 objects of the charity are: (i) The advancement of the Jewish religion and Jewish religious education in accordance with the principles of Chabad Lubavitch. (ii) The relief of poverty in particular but not exclusively by providing training and advisory services to poor people to enable them to acquire skills equipping them for life and for earning a livelihood. (iii) The advancement of education. ## **Public benefit** The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aim and objectives and in planning the charity's future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives set. Page 1 ## **CHABAD LUBAVITCH OF BLOOMSBURY - CENTRAL LONDON (REGISTERED NUMBER: 07442727)** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022** ## **STRATEGIC REPORT** ## **Achievement and performance** ## **Charitable activities** Based on the Chabad Lubavitch teachings and philosophy, Chabad Lubavitch of Bloomsbury - Central London operates a Chabad House that provides Jewish educational classes, cultural resources, welfare resources and religious services in central London. We focus primarily, although by no means exclusively, on young people. Our resources and services are available to all people. We saw a large increase in demand in 2022, particularly for in-person and social events, as well as for welfare resources. Thank G-d we were able to meet much of this demand and thanks to the incredible generosity of our partners, we were able to help so many more people this year. Our donors recognise the excellent return on investment that our charity offers, with very low overheads and admin costs for a proportionally very high expenditure on our charitable aims. Most of the funds they generously invest in our work goes directly towards helping those who need it. We recognised that a number of people were struggling with mental health challenges and, after the Omicron scare at the end of 2021, many were finding it difficult to reconnect with others in-person and be confident in social settings and in engaging with others. So we organised a couple of large social events early in 2022 which were designed to make people feel secure and confident in engaging with others and reconnecting with society - both from a health perspective and also from a social and emotional perspective. We designed them to be warm, inviting and non-judgemental spaces for people to enjoy spending time there. Thank G-d these were very successful with many benefitting from a significant and demonstrable boost in their mental health and ability and desire to interact with others. This led to further successful social events throughout the year, at our premises, on campus, and at other premises. At the same time, to ensure that nobody was left out or neglected, we continued to offer other types of events and classes over Zoom and other such solutions, as well as continuing to support people in their homes as before. This of course meant that as a charity we were extremely busy, working to support various different needs in different kinds of settings. ## **Ukraine relief** Early in 2022 Russia invaded Ukraine and we received significant request for assistance with humanitarian relief, including support for refugees in the UK and assistance with the evacuation of vulnerable people from the warzone. We put out an appeal to our community and contacts and were humbled by the response. We were able to send significant humanitarian relief - food, medicines and other essential equipment - to those on the ground in Ukraine to distribute. We also sent funds to trusted partners on the ground to help them purchase much needed supplies locally. ## A couple of examples: ## Kherson: Kherson was occupied in the very first days of the war and the humanitarian situation there was dire. It was almost impossible to get humanitarian relief to Kherson as, under Russian control, it was practically cut off from the rest of Ukraine. In March 2022 we managed to identify a route to get urgently needed food, urgent medications and other supplies through to Kherson. This was organised and successfully implemented by our partners on the ground to great relief. This literally saved lives. The project helped people from across society in Kherson, within the Jewish community other residents, as well as visitors and student who'd got stuck there when the war came there. ## Evacuation: (To protect people's confidentiality, we will only present one example. There were others who we assisted in coming to the UK, as well as supporting evacuations to neighbouring countries via our local partners) Page 2 ## **CHABAD LUBAVITCH OF BLOOMSBURY - CENTRAL LONDON (REGISTERED NUMBER: 07442727)** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022** We received word of a 93 year old Holocaust survivor, utterly dependent on round the clock care, who was living in an area under threat. The frontline was coming closer and closer and some of her carers had fled with their families for fear of their lives, with a distinct possibility that the others would leave. Remaining there meant almost certain death due to her complete dependence on care, which was not available locally despite efforts to obtain it. She had relatives living in the UK - including her son and daughter-in-law, who had recently arrived themselves as refugees and who had not seen her in some years since they lived in eastern Ukraine, an active warzone since 2014. We immediately contacted people in Ukraine involved in rescue efforts and were put in touch with a trusted partner who operated in the zone in question. The evacuation was complicated and much more expensive than usual since it would need to be a medical evacuation, in an ambulance and accompanied by nurses. The team, including medically trained personnel, made an initial visit to assess the person and her ability to make the journey, as well as to determine how and when would be best to do the evacuation. Their medical assessment was shared with consultants in the UK specialising in care of the elderly and it was determined that she could make the trip. A plan was devised, the use of an ambulance secured and medical nurses hired for the journey. At the same time the family managed to secure a room in a specialist care home in the UK, with a generous funding package by the UK government, so she could be taken directly there. The evacuation was successfully implemented in May 2022 and she was brought here to a comfortable and excellent care home where she could be looked after. She was able to reunite with her family and meet some younger relatives that she had never met before. ## **General Overview** Throughout the year we had multiple events, at our premises and in other locations. Shabbos dinners on Friday nights were extremely well attended and almost always completely full. Many hundreds of students attended throughout the year, at the Chabad House and at multiple events on campus, primarily at UCL and LSE. We also provided emotional support where needed, help with meals, housing, and networking for careers. For Purim we had Megillah readings throughout the day, including on campus, attended by hundreds of people. A gorgeous themed Purim party rounded off a wonderful Purim. We held our first communal Pesach Seder since 2019. We had very high demand and held the successful and beautiful Seder at the Nobu Hotel. We are very grateful to the owners and management of the hotel for generously donating the use of the ballroom for the Seder. In addition, we hosted a second Seder at the Chabad House, and services and meals throughout Pesach. We distributed many kilos of hand baked Shemura Matzah for people to use at their own Seder. We had a very large crowd at various venues over the High Holy Days and Sukkos. Together with the UCL Jewish Society, we organised a Sukkah - which we provided - at UCL to be there for the entire Festival. We also once again organised a mobile Sukkah on a van, which we took to other campuses and generally around the area. For Chanukah we had multiple Chanukah Menorahs up for the entire Festival, with daily lightings at several of them, such as at UCL, despite it not being during term time. We did a pre-Chanukah event where we distributed Menorah kits to be used on Chanukah. We had a Menorah lighting again at the Bank of England, with one of our electric Menorahs being up there for the entire Chanukah. Page 3 ## **CHABAD LUBAVITCH OF BLOOMSBURY - CENTRAL LONDON (REGISTERED NUMBER: 07442727)** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022** We once again organised a Chanukah Menorah lighting on Oxford Street, where a despicable attack had taken place on Jews celebrating Chanukah a year earlier, in the heart of London, in our neighbourhood. A bus was organised to bring the group which were attacked back, along with others, and a substantial crowd met them on Oxford Street, to celebrate Chanukah with joy, song and dance, in line with the Jewish way to respond to darkness: to increase in light. We were kindly assisted in organising this by Westminster City Council - especially the leader's office - Metropolitan Police, the London Jewish Forum, and the CST. We are grateful to them and to council leader Adam Hug who assisted in organising it and attended the event, providing a crucial message that central London is a place of light, not darkness, and we can feel safe and assured here. Dozens of people of a variety of backgrounds and ethnicities participated in an important public display of the victory of light over darkness, of freedom over tyranny, of confidence over fear, of good over evil, demonstrating unity and cohesion. Our social welfare programming expanded in 2022, along with hospital visitation and welfare checks on the vulnerable. Our volunteers - existing and many new - galvanized and really put in some heavy lifting. We are very grateful to them and we all owe them so much. Thank G-d, our community continue to engage in a wonderfully generous and truly humbling manner, with increased investment from existing and new funders. We have continued to hold a matched crowdfunding campaign later in the year, which once again illustrated the great generosity of our partners and investors. Thank you very much from the bottom of our hearts to each and every one of our partners and investors, who help us to help others. We are very grateful. The events of the past couple of years have provided much perspective in so many areas. As a charity, we have a renewed focus on our wonderful partners, both those who generously support us and also those who give us the opportunity to support them and who inspire us to no end. We cherish our partnership with you. To all of you, we thank you from the bottom of our hearts, you have taught us so much and provided us with wonderful opportunities. We look forward to continuing our fruitful partnerships with you in better times, helping to make society and the world a better, brighter, more loving and more G-dly place. ## **Financial review** ## **Financial position** The financial results of the charity for the year ended 31 December 2022 are fully reflected in the attached Financial Statements together with the Notes thereon. Income from donations and other income aggregated £591,144 (2021: £398,102). Total resources expended was £594,773 (2021: £406,943) resulting in net deficit of £3,629 (2021: £8,841). ## **Reserves policy** It is the policy of the charity to maintain Unrestricted Funds, which include the Free Reserves of the charity, at a level which the trustees think appropriate after considering the future commitments of the charity and the likely costs of the charity for the next year. As at 31 December 2022, the charity had total unrestricted funds of £1,071,395 (2021: £1,075,024) and no restricted funds. Unrestricted funds includes £254,020 (2021: £254,020) which arises from the revaluation of the charity's long leasehold property. Page 4 ## **CHABAD LUBAVITCH OF BLOOMSBURY - CENTRAL LONDON (REGISTERED NUMBER: 07442727)** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022** ## **STRATEGIC REPORT** ## **Future plans** The following are our key objectives as part of our 5 year plan. Our additional and immediate focus in the second half of 2022, heading into 2023 is to support people with the aftermath of COVID-19 and the lockdowns, the war in Ukraine, rampant inflation and the cost-of-living crisis, with their additional financial, social, communal and mental health challenges. We have put a lot of work into this support and expect this side of our work to grow for the immediate future. This includes: urgent material support under our relief of poverty objectives, including food packages; transport help; delivery services for those who are homebound; mental and emotional support for those in need, including those facing acute challenges due to the current crises and those affected by the increase in domestic abuse; pro-active sessions to give people the tools to better address the challenges they face and to be able to identify key trigger points for mental health and relationship crises and identify mechanisms for dealing with them before they become acute. We are very grateful to our partners for their continued and solid partnership and support in a challenging environment. Last but not least, we thank our dedicated staff and volunteers who have stepped up with such aplomb in this challenging situation in order to provide much needed assistance to others. In addition to the above focus on immediate, pressing needs, the charity has developed a five year strategic plan which encompasses five key objectives: - To better streamline its operations as well as its governance and management so as to be more efficient, more versatile and better placed to adapt when circumstances change; - To expand, develop and continually improve its services to meet the needs of existing and potential users; - To attract, recruit and retain the best quality staff and volunteers; - To provide high quality, cost effective service delivery across all of its services; and - To establish new partnerships and build on existing relationships and work with its partners in the areas of operation. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. ## **Recruitment and appointment of new trustees** New trustees are appointed due to their interest in the work of the charity and their recognised experience in specific fields which will further support the work of the Jewish Student Centre. Trustees can retire when they wish as they do not serve under a fixed term of tenure. The trustees, who are also directors for the purpose of company law, administer the charity. The power to appoint new trustees is vested in the current board. ## **Organisational structure** All trustees give their time voluntarily and receive no benefits from the charity. ## **Related parties** None of the trustees have any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of winding up. There are no related charities. ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Registered Company number** 07442727 (England and Wales) Page 5 ## **CHABAD LUBAVITCH OF BLOOMSBURY - CENTRAL LONDON (REGISTERED NUMBER: 07442727)** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022** **Registered Charity number** 1140342 ## **Registered office** 85 Great Titchfield Street London W1W 6RJ ## **Trustees** Mr Y Y Kopfstein Mr Y Y Weisz Mr A L Lee ## **Independent Examiner** Mr Pesach Davidoff FCCA DAS Accounting Services Ltd 105 Eade Road OCC Building A 2nd Floor Unit 11D London N4 1TJ Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 28 September 2023 and signed on the board's behalf by: Mr A L Lee - Trustee Page 6 ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CHABAD LUBAVITCH OF BLOOMSBURY - CENTRAL LONDON** ## **Independent examiner's report to the trustees of Chabad Lubavitch of Bloomsbury - Central London ('the Company')** I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2022. ## **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 Association of Chartered Certified Accountants, 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. Mr Pesach Davidoff FCCA DAS Accounting Services Ltd 105 Eade Road OCC Building A 2nd Floor Unit 11D London N4 1TJ 28 September 2023 Page 7 ## **CHABAD LUBAVITCH OF BLOOMSBURY - CENTRAL LONDON** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022** |**Notes**
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**EXPENDITURE ON**
**Charitable activities**
3
Direct charitable expenditure
Other charitable expenditure
**Total**
**NET INCOME/(EXPENDITURE)**
**Other recognised gains/(losses)**
Gains on revaluation of fixed assets
**Net movement in funds**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|**2022**
**Unrestricted**
**funds**
**£**
591,144
501,036
93,737
594,773
(3,629)
-
(3,629)
1,075,024
1,071,395|**2021**
**Total**
**funds**
**£**
398,102
313,520
93,423
406,943
(8,841)
254,020
245,179
829,845
1,075,024| |---|---|---| The notes form part of these financial statements Page 8 ## **CHABAD LUBAVITCH OF BLOOMSBURY - CENTRAL LONDON (REGISTERED NUMBER: 07442727)** ## **BALANCE SHEET 31 DECEMBER 2022** |**Notes**
**FIXED ASSETS**
Tangible assets
10
**CURRENT ASSETS**
Debtors
11
Cash at bank and in hand
**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**
14
Unrestricted funds:
Unrestricted retained earnings
Revaluation reserve
**TOTAL FUNDS**|**2022**
**Unrestricted**
**funds**
**£**
2,328,389
71,280
18,205
89,485
(104,292)
(14,807)
2,313,582
(1,242,187)
1,071,395
817,375
254,020
1,071,395
1,071,395|**2021**
**Total**
**funds**
**£**
2,339,220
71,852
32,929
104,781
(82,777)
22,004
2,361,224
(1,286,200)
1,075,024
821,004
254,020
1,075,024
1,075,024| |---|---|---| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022. The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006. The notes form part of these financial statements continued... Page 9 ## **CHABAD LUBAVITCH OF BLOOMSBURY - CENTRAL LONDON (REGISTERED NUMBER: 07442727)** ## **BALANCE SHEET - continued 31 DECEMBER 2022** - 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. The financial statements were approved by the Board of Trustees and authorised for issue on 28 September 2023 and were signed on its behalf by: Mr A L Lee - Trustee The notes form part of these financial statements Page 10 ## **CHABAD LUBAVITCH OF BLOOMSBURY - CENTRAL LONDON** ## **CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022** |**Notes**
**Cash flows from operating activities**
Cash generated from operations
1
Interest paid
Net cash used in operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Net cash used in investing activities
**Change in cash and cash equivalents in the**
**reporting period**
**Cash and cash equivalents at the beginning**
**of the reporting period**
**Cash and cash equivalents at the end of the**
**reporting period**|**2022**
**£**
40,356
(52,241)
(11,885)
(2,839)
(2,839)
(14,724)
32,929
18,205|**2021**
**£**
(8,002)
(53,255)
(61,257)
(5,091)
(5,091)
(66,348)
99,277
32,929| |---|---|---| The notes form part of these financial statements Page 11 ## **CHABAD LUBAVITCH OF BLOOMSBURY - CENTRAL LONDON** ## **NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022** ## **1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES** |**Net expenditure for the reporting period (as per the Statement of**
**Financial Activities)**
**Adjustments for:**
Depreciation charges
Interest paid
Decrease/(increase) in debtors
Decrease in creditors
**Net cash provided by/(used in) operations**|**2022**
**£**
(3,629)
13,670
52,241
572
(22,498)
40,356|**2021**
**£**
(8,841)
12,751
53,255
(7,056)
(58,111)
(8,002)| |---|---|---| ## **2. ANALYSIS OF CHANGES IN NET FUNDS** |**Net cash**|**At 1.1.22**
**£**|**Cash flow**
**£**|**At 31.12.22**
**£**|**At 31.12.22**
**£**| |---|---|---|---|---| |Cash at bank and in hand|32,929|(14,724)||18,205| ||32,929|(14,724)||18,205| |**Total**|32,929|(14,724)||18,205| The notes form part of these financial statements Page 12 **CHABAD LUBAVITCH OF BLOOMSBURY - CENTRAL LONDON** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022** ## **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. The accounts have been prepared on an ongoing basis based on the continued support by the Trustees to meet its liabilities as and when due. ## **Critical accounting judgements and key sources of estimation uncertainty** In the application of the charity's accounting policies, the trustees are requires to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The trustees do not consider there are any critical judgments or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed below. ## **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. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. ## **Tangible fixed assets** Fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. The charity's long leasehold property is included in the Balance Sheet at trustees' best estimate of fair value less accumulated depreciation. ## **Depreciation** Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life Long leasehold - over the period of the lease continued... Page 13 **CHABAD LUBAVITCH OF BLOOMSBURY - CENTRAL LONDON** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022** ## **1. ACCOUNTING POLICIES - continued** **----- Start of picture text -----**
Tangible fixed assets
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost
**----- End of picture text -----**
## **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** Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss. ## **2. DONATIONS AND LEGACIES** |Donations and gifts
Grants received
Event income|**2022**
**£**
459,503
84,171
47,470
591,144|**2021**
**£**
349,649
43,000
5,453
398,102| |---|---|---| Donations and gifts include donated assets and services totalling £89,153 (2021: £39,960) as follows: ||**2022**|**2021**| |---|---|---| ||£|**£**| |Outreach expenses|80,706|30,697| |Fixtures and fittings|800|2,100| |Computer equipment|1,200|600| |Telephone and IT|6,446|6,563| |||| ||89,153|39,960| |||| continued... Page 14 **CHABAD LUBAVITCH OF BLOOMSBURY - CENTRAL LONDON** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022** ## **3. CHARITABLE ACTIVITIES COSTS** **----- Start of picture text -----**
Grant
funding of
Direct activities Support
Costs (see (see note costs (see
note 4) 5) note 6) Totals
£ £ £ £
-
Direct charitable expenditure 305,785 195,251 501,036
- -
Other charitable expenditure 93,737 93,737
305,785 195,251 93,737 594,773
4. DIRECT COSTS OF CHARITABLE ACTIVITIES
2022 2021
£ £
Staff costs 36,354 16,842
Outreach expenses 269,431 172,103
-
Advertising and marketing 3,216
305,785 192,161
5. GRANTS PAYABLE
2022 2021
£ £
Direct charitable expenditure 195,251 121,359
The following grants to institutions were paid during the year:
2022 2021
£ £
Grants to institutions 113,386 32,813
**----- End of picture text -----**
All grants paid to institutions went towards one of the following purposes: the relief of poverty, advancement of Jewish religion and advancement of Jewish religious education. The following grants to institutions were paid during the year: ||**£**| |---|---| |Chabad of Ireland
Lubavitch Senior Boys school
Chabad of Epping
Federation of Jewish Communities
Less than £3,000
Total Grants to Institutions|35,155
27,530
25,700
7,256
17,745
113,386| The following grants to individuals were paid during the year: continued... Page 15 **CHABAD LUBAVITCH OF BLOOMSBURY - CENTRAL LONDON** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022** ## **5. GRANTS PAYABLE - continued** **----- Start of picture text -----**
2022 2021
£ £
Grants to individuals 81,865 88,546
**----- End of picture text -----**
## **6. SUPPORT COSTS** **----- Start of picture text -----**
|||||| |---|---|---|---|---| |Governance| |Management|Finance|costs|Totals| |£|£|£|£| |Other charitable expenditure|35,816|55,687|2,234|93,737| **----- End of picture text -----**
## **7. NET INCOME/(EXPENDITURE)** Net income/(expenditure) is stated after charging/(crediting): **----- Start of picture text -----**
|||| |---|---|---| |2022|2021| |£|£| |Independent Examiner's Fee|2,100|2,100| |Depreciation - owned assets|13,670|12,751| **----- End of picture text -----**
## **8. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021. ## **9. STAFF COSTS** **----- Start of picture text -----**
|||| |---|---|---| |2022|2021| |£|£| |Wages and salaries|43,272|26,038| |Pension costs|1,539|618| |44,811|26,656| |The average monthly number of employees during the year was as follows:| |2022|2021| |Administration|2|1| |Outreach|1|1| |3|2| **----- End of picture text -----**
continued... Page 16 ## **CHABAD LUBAVITCH OF BLOOMSBURY - CENTRAL LONDON** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022** ## **9. STAFF COSTS - continued** No employees received emoluments in excess of £60,000. ## **10. TANGIBLE FIXED ASSETS** |**COST**
At 1 January 2022
Additions
At 31 December 2022
**DEPRECIATION**
At 1 January 2022
Charge for year
At 31 December 2022
**NET BOOK VALUE**
At 31 December 2022
At 31 December 2021
**COST**
At 1 January 2022
Additions
At 31 December 2022
**DEPRECIATION**
At 1 January 2022
Charge for year
At 31 December 2022
**NET BOOK VALUE**
At 31 December 2022
At 31 December 2021|**Long**
**leasehold**
**property**
**£**
2,254,020
-
2,254,020
6,286
2,266
8,552
2,245,468
2,247,734
**Holy**
**scrolls**
**£**
19,000
-
19,000
-
-
-
19,000
19,000|**Improvements**
**to**
**property**
**£**
50,244
-
50,244
-
-
-
50,244
50,244
**Computer**
**equipment**
**£**
12,926
1,200
14,126
6,231
3,741
9,972
4,154
6,695|**Fixtures**
**and**
**fittings**
**£**
29,014
1,639
30,653
13,467
7,663
21,130
9,523
15,547
**Totals**
**£**
2,365,204
2,839
2,368,043
25,984
13,670
39,654
2,328,389
2,339,220| |---|---|---|---| continued... Page 17 **CHABAD LUBAVITCH OF BLOOMSBURY - CENTRAL LONDON** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022** ## **11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |**2022**
**£**
Other debtors
30,695
Prepayments and accrued income
40,585
71,280
**12.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
**2022**
**£**
Trade creditors
3,251
Social security and other taxes
3,676
Other creditors
53,357
Bank loans
44,008
104,292
Bank loans of £38,820 are secured by legal charges over the charity's property.
**13.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
**2022**
**£**
Bank loans
1,242,187
Bank loans of £1,211,658 are secured by legal charges over the charity's property.
**14.**
**MOVEMENT IN FUNDS**
**Net**
**movement**
**At 1.1.22**
**in funds**
**£**
**£**
**Unrestricted funds**
Unrestricted retained earnings
821,004
(3,629)
Revaluation reserve
254,020
-
1,075,024
(3,629)
**TOTAL FUNDS**
1,075,024
(3,629)|**2021**
**£**
31,454
40,398
71,852
**2021**
**£**
1,251
688
34,072
46,766
82,777
**2021**
**£**
1,286,200
**At**
**31.12.22**
**£**
817,375
254,020
1,071,395
1,071,395| |---|---| continued... Page 18 ## **CHABAD LUBAVITCH OF BLOOMSBURY - CENTRAL LONDON** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022** ## **14. MOVEMENT IN FUNDS - continued** Net movement in funds, included in the above are as follows: |**Unrestricted funds**
Unrestricted retained earnings
**TOTAL FUNDS**|**Incoming**
**resources**
**£**
591,144
591,144|**Resources**
**Movement**
**expended**
**in funds**
**£**
**£**
(594,773)
(3,629)
(594,773)
(3,629)| |---|---|---| ## **Comparatives for movement in funds** |**Net**
**movement**
**At 1.1.21**
**in funds**
**£**
**£**
**Unrestricted funds**
Unrestricted retained earnings
808,790
12,571
Revaluation reserve
-
254,020
808,790
266,591
**Restricted funds**
The National Lottery Community Fund (via
City Bridge Trust through London
Community Response Fund)
21,055
(21,412)
**TOTAL FUNDS**
829,845
245,179
Comparative net movement in funds, included in the above are as follows:
**Incoming**
**Resources**
**resources**
**expended**
**£**
**£**
**Unrestricted funds**
Unrestricted retained earnings
390,617
(378,046)
Revaluation reserve
-
-
390,617
(378,046)
**Restricted funds**
The National Lottery Community Fund (via
City Bridge Trust through London
Community Response Fund)
7,485
(28,897)
**TOTAL FUNDS**
398,102
(406,943)|**Transfers**
**between**
**At**
**funds**
**31.12.21**
**£**
**£**
(357)
821,004
-
254,020
(357)
1,075,024
357
-
-
1,075,024
**Gains and**
**Movement**
**losses**
**in funds**
**£**
**£**
-
12,571
254,020
254,020
254,020
266,591
-
(21,412)
254,020
245,179| |---|---| continued... Page 19 **CHABAD LUBAVITCH OF BLOOMSBURY - CENTRAL LONDON** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022** ## **15. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 December 2022. Page 20