COMPANY REGISTRATION NUMBER: 0747270 CHARITY REGISTRATION NUMBER: 1141046
CHABAD ISRAELI CENTRE Company Limited by Guarantee Unaudited Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2023
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| CHABAD ISRAELI CENTRE | |
|---|---|
| Company Limited by Guarantee | |
| Financial Statements | |
| Year ended 31 December 2023 | |
| CONTENTS | PAGE |
| Trustees' annual report (incorporating the director's report) | 1 |
| Statement of financial activities (including | |
| income and expenditure account) | 2 |
| Statement of financial position | 3 |
| Notes to the financial statements | 4 |
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Company Limited by Guarantee Trustees' annual report (incorporating the director's report)
CHABAD ISRAELI CENTRE
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 December 2023.
Reference and administrative details
| Registered charity name | Chabad Israeli Centre |
|---|---|
| Charity registration number | 1141046 |
| Company registration number | 7472704 |
| Principal office | Hallswelle House |
| 1 Hallswelle Road | |
| London | |
| NW11 0DH | |
| England | |
| The trustees | Mr S Z Glitsenstein |
| Mr D Shur |
Structure, governance and management
The Charity is constituted as a Company Limited by guarantee, and is therefore governed by its memorandum and articles of association. The day to day affairs of the Company were administered by the Trustees.
Objectives and activities
The objectives of the charity are the advancement of Jewish religion and Jewish religious education generally, but especially amongst the Israeli community in London and assistance of such individuals and families in the community that may need support be it financial or otherwise. The activities carried out to achieve these objectives are communal prayer services and celebration of festivals and other festive occasions together with classes and publications aimed at educating Jewish people about their religion, as well as provision of basic religious articles and grants for needy people to help with extra costs of religious activities and festivals. The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities
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Company Limited by Guarantee Trustees' annual report (incorporating the director's report)
CHABAD ISRAELI CENTRE
Achievements and performance
During the year, there were varied activities which were very popular and the charity succeeded in reaching out to many people and guided them in and educated them about their religion.
Financial review
Being established now in the new, larger premises, as well as with the income generated from the website, the charity has continued its activities this year. Donations received have remained consistent due to a portal to donate through the website as well as the continued support of our regular sponsors and charitable expenditure has remained in line with the income. Kosher shabbat and festive meals continued to increase in size, hosting 80 people for regular weekly meals. Religious publications were distributed to our affiliates and small grants were also made to the most vulnerable of them. The financial situation is stable in that the charity is running a small deficit and the trustees feel that there continues to be a basis of support for the charity in the community.
The policy of the charity is to maintain funds at a level which the trustees think appropriate to support and finance the activities and projects of the charity, and as the needs are great there is usually not a large surplus in reserves. There are nevertheless no restrictions on the charity's powers to invest surplus funds.
Notwithstanding the net current deficit in the year, the financial statements have been prepared in accordance with the accounting principles appropriate to a going concern, as the trustees have a reasonable expectation that the charity has adequate resources to continue in existence for the foreseeable future by meeting its liabilities as they fall due, based on the net current asset position of the charity and available sources of finance.
The trustees have identified and reviewed the major risks to which the charity is exposed, in particular those related to the operations and finance of the charity, and are satisfied that systems are in place to mitigate those risks.
Plans for future periods
The trustees plan to continue to further the objectives of the charity of providing Jewish religious activities and education.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 16 January 2025 and signed on behalf of the board of trustees by:
Mr S Z Glitsenstein Trustee
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CHABAD ISRAELI CENTRE Year ended 31 December 2023 Statement of financial activities (including income and expenditure account)
| come and expenditure account) | come and expenditure account) | come and expenditure account) | come and expenditure account) | |
|---|---|---|---|---|
| 2023 2022 Total funds Unrestricted funds £ £ 397,073 397,073 397,073 397,073 384,309 384,309 384,309 384,309 12,764 12,764 3,918 (23,804) (23,804) (27,722) (11,040) (11,040) (23,804) 371,242 371,242 367,324 367,324 Total funds |
||||
| Income and endowments Notes Total income Expenditure Total expenditure Net income/(expenditure) and net movement in funds Total funds carried forward Donations and legacies Expenditure on charitable activities Reconciliation of funds Total funds brought forward |
Unrestricted funds £ 397,073 397,073 384,309 384,309 12,764 (23,804) (11,040) |
2023 | Total funds 397,073 397,073 384,309 384,309 12,764 (23,804) (11,040) |
2022 £ 371,242 Total funds |
| 371,242 | ||||
| 367,324 | ||||
| 367,324 | ||||
| 3,918 (27,722) |
||||
| (23,804) |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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CHABAD ISRAELI CENTRE Year ended 31 December 2023 Statement of financial position
| Notes Fixed assets Current assets Creditors: ammounts falling due within one year Net current liabilities Total assets less current liabilities Creditors: ammounts falling due after more than one year NET ASSETS Funds of the charity 6 Tangible fixed assets Debtors Cash at bank and in hand Unrestricted funds Total charity funds |
2023 11,615 12,500 745 13,245 21,632 8,387 3,228 14,268 £(11,040) (11,040) £(11,040) |
2022 18,751 12,500 5,929 |
| 18,429 21,632 3,203 |
||
| 15,548 39,352 |
||
| £(23,804) | ||
| (23,804) | ||
| £(23,804) |
For the year ending 31 December 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors' responsibilities:
• The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 16 January 2025, and are signed on behalf of the board by:
Mr S Z Glitsenstein Trustee
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Company Limited by Guarantee Notes to the accounts for the year ended 31 December 2023
CHABAD ISRAELI CENTRE
1 General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 0DH, England.
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
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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:
(a) No cash flow statement has been presented for the company.
(b) Disclosures in respect of financial instruments have not been presented.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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Company Limited by Guarantee Notes to the accounts for the year ended 31 December 2023
CHABAD ISRAELI CENTRE
3 Accounting policies (continued)
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 and events.
• 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Fixtures and fittings - 10% straight line Library - 20% straight line
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CHABAD ISRAELI CENTRE
Company Limited by Guarantee Notes to the accounts for the year ended 31 December 2023
4 Limited by guarantee
The charity company is limited by guarantee and does not have a share capital. The articles of association of the company preclude the distribution of assets to the members of the company and accordingly a reconciliation of shareholders' funds is inappropriate. The liability of each member in the event of a winding up is limited to £10.
| Total funds 2023 £ type Total funds 2023 £ nd does not have a share capital. The articles of bution of assets to the members of the company s' funds is inappropriate. The liability of each to £10. Unrestricted funds Unrestricted funds Total funds 2022 £ £ £ 397,073 397,073 371,242 371,242 Unrestricted funds Unrestricted funds Total funds 2022 £ £ £ 305,867 305,867 334,832 334,832 28,965 28,965 32,492 32,492 |
|
|---|---|
| 5 Donations and legacies Donations 6 Expenditure on charitable activites by fund Donations Charitable activity Support costs |
Total funds 2023 £ type Total funds 2023 £ Unrestricted funds Unrestricted funds Total funds 2022 £ £ £ 397,073 397,073 371,242 371,242 Unrestricted funds Unrestricted funds Total funds 2022 £ £ £ 305,867 305,867 334,832 334,832 28,965 28,965 32,492 32,492 |
| 334,832 334,832 367,324 367,324 |
7 Net income / (expenditure)
Net income / (expenditure) is stated after charging / (crediting)
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Depreciation of tangible fixed assets | 7,136 | 7,136 |
8 Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 10,210 | 17,200 |
| The average head count of employees during the year was 1 (2022: 1). |
No employee received employee benefits of more than £60,000 during the year (2022 : Nil)
9 Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
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CHABAD ISRAELI CENTRE
Company Limited by Guarantee Notes to the accounts for the year ended 31 December 2023
| Total £ 2023 £ 2023 £ Fixtures and fittings Library £ £ 52,208 9,577 61,785 35,374 7,660 43,034 5,221 1,915 7,136 40,595 9,575 50,170 11,613 2 11,615 16,834 1,917 18,751 2022 £ 12,500 12,500 2022 £ 11,960 11,960 5,172 5,172 4,500 4,500 21,632 21,632 |
|
|---|---|
| 10 Tangible fixed assets Total £ At 1 January 2023 and 31 December 2023 Depreciation At 31 December 2023 At 31 December 2023 2023 11 Debtors £ 12 Creditors: ammounts falling due within one year 2023 £ 2023 £ 13 Creditors: ammounts falling due after more than one year Fixtures and fittings Library £ £ Cost 52,208 9,577 61,785 At 1 January 2022 35,374 7,660 43,034 Charge for the year 5,221 1,915 7,136 40,595 9,575 50,170 Carrying amount 11,613 2 11,615 At 31 December 2022 16,834 1,917 18,751 2022 £ Other debtors 12,500 12,500 2022 £ Accurals and deferred income 11,960 11,960 Social security and other taxes 5,172 5,172 Other creditors 4,500 4,500 21,632 21,632 2022 £ Bank loans and overdrafts 14,268 39,352 |
Total £ Fixtures and fittings Library £ £ 52,208 9,577 61,785 |
| 35,374 7,660 43,034 5,221 1,915 7,136 |
|
| 40,595 9,575 50,170 |
|
| 11,613 2 11,615 |
|
| 16,834 1,917 18,751 |
|
| 2023 £ 2023 £ 2022 £ 12,500 12,500 2022 £ 11,960 11,960 5,172 5,172 4,500 4,500 21,632 21,632 |
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