2021-11-30-accounts - Halev Limited

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DocuSign Envelope ID: E322196D-C8FB-4FB0-8578-A7A86B92D541

COMPANY REGISTRATION NUMBER: 7830972 CHARITY REGISTRATION NUMBER: 1149348

HALEV LIMITED

Company Limited by Guarantee FINANCIAL STATEMENTS 30 NOVEMBER 2021

COHEN ARNOLD

Chartered Accountants & statutory auditor New Burlington House 1075 Finchley Road LONDON NW11 0PU

DocuSign Envelope ID: E322196D-C8FB-4FB0-8578-A7A86B92D541

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

FINANCIAL STATEMENTS

YEAR ENDED 30 NOVEMBER 2021

	PAGES
Trustees' annual report (incorporating the director's report)	1 to 5
Independent auditor's report to the members	6 to 10
Statement of financial activities (including income and expenditure
account)	11
Statement of financial position	12
Statement of cash flows	13
Notes to the financial statements	14 to 22

DocuSign Envelope ID: E322196D-C8FB-4FB0-8578-A7A86B92D541

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT)

YEAR ENDED 30 NOVEMBER 2021

The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 30 November 2021.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered charity name HALEV LIMITED Charity registration number 1149348 Company registration number 7830972 Principal office and registered 35a-37 Fairfax Road office London NW6 4EW THE TRUSTEES Mr G Bloch Mr D Kattan Mr R Fraser Auditor Cohen Arnold Chartered Accountants & statutory auditor New Burlington House 1075 Finchley Road LONDON NW11 0PU

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is a company limited by guarantee governed by its Memorandum and Articles of Association dated 1 November 2011. It is registered as a charity with the Charity Commission.

Appointment of trustees

Trustees are appointed according to the Articles of Association.

Trustee induction and training

New trustees undergo a briefing on their legal obligations under company and charity law.

Organisational structure

The board of trustees administers the charity.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure that appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees are satisfied that systems are in place to manage those risks.

The charity's main risks are financial as the charity relies on donations to cover a growing budget. The charity has successfully covered its budget through donations from friends, members, private benefactors and grants and the charity is building a backbone of support through direct debits and from close friends.

OBJECTIVES AND ACTIVITIES

Objectives

The objects of the charity is to advance the Orthodox Jewish faith, to advance Orthodox Jewish religious education and to relieve poverty and sickness.

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DocuSign Envelope ID: E322196D-C8FB-4FB0-8578-A7A86B92D541

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)

YEAR ENDED 30 NOVEMBER 2021

Summary of the main activities undertaken for the public benefit

Based on the Chabad-Lubavitch teachings and philosophy, the charity provides Jewish educational classes, cultural and welfare resources in West Hampstead, in particular, but not restricted to, members of the Jewish faith. Our work is with students and young professionals and anyone seeking to advance their Jewish knowledge. In addition, we endeavour to explain how Judaism is linked to modern day life, through courses on various topics and sourcing famous lecturers from around the country that have expertise in this area and through trips to other countries that have a strong Jewish history. In reviewing the charity's objectives, the trustees have given careful consideration to the Charity Commission's general guidance on public benefit.

ACHIEVEMENTS AND PERFORMANCE

This year Halev continued its work on the forefront of assisting the community during the covid pandemic. We arranged food parcels to the needy and the vulnerable on a weekly basis, we arranged for home visits by professionals, and we had hundreds of zooms sessions to encourage and inspire our community that was isolation at home.

With much gratitude, Halev has maintained its growth and impact in the community post pandemic. Our new Chabad House is in full swing. Over the past year we have had sufficient room for Shabbos services as well as Educational and outreach events. With the easing of the pandemic and lockdowns, as well as the impact of the new Chabad House, we have seen an increase in our Shabbos attendance and we are once again reaching our building capacity.

In line with their goal of teaching Jews about their Jewish heritage, the Charity taught three new educational courses this year:

Meditation from Sinai (Removing negative thoughts), This can happen (A course that unpacks the central Jewish idea of a perfect world, its purpose and the practical path of reaching it in our lifetime), Outsmarting antisemitism (Takes this dark subject on squarely, with a sense of clearheaded optimism, profound faith and a distinctly Jewish approach).

In addition to these courses Halev has been teaching regular weekly classes via zoom for men and women around the country. These classes have provided the participants (people of all ages and backgrounds) with additional knowledge in Jewish thought, spiritual satisfaction, and deeper meaning to incorporate into their daily lives. As described above, every single weekend, Delicious Shabbat dinners and Jewish festival meals are provided to all those in need, via a team of volunteers who delivered the packages to those stuck at home. Many of the participants are living on their own and greatly appreciate being able to join a warm atmosphere where they can socialise and feel a part of something larger than themselves.

Rabbi Menachem and Tobale Vogel who joined the team last year are now fully integrated into the Chabad House. From running Hebrew School, summer camps, acting as assistant Rabbi and much, much more, they have been a massive asset to the continued running and success of the organisation.

The Charity is always on call to ensure Jewish needs are taken care of. Some of these needs include; providing Menorahs for Hannukah, Matzah for Passover, arranging Bar/Bat Mitzvot etc. Other needs include one on one meaningful discussions and Jewish in-depth learning.

Halev's goal has always been to teach, inspire and spread kindness. Their aim is that the learning and activities are practical, contemporary and engaging for people of all ages and stages in life. Halev puts in great effort to ensure all their programmes are filled with joy, passion and acceptance so that everyone loves being a part of the community and feels comfortable the way they are.

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DocuSign Envelope ID: E322196D-C8FB-4FB0-8578-A7A86B92D541

HALEV LIMITED COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)

YEAR ENDED 30 NOVEMBER 2021

Pictures of activities during the year:

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DocuSign Envelope ID: E322196D-C8FB-4FB0-8578-A7A86B92D541

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)

YEAR ENDED 30 NOVEMBER 2021

FINANCIAL REVIEW

Reserves policy

It is the policy of the trustees to seek to maintain the free reserves of the charity at a level sufficient to cover at least three months' and not more than twelve months' running costs including administration and support costs. The charity's free reserves as at 30 November 2021 was £913,770. A large part of the reserves was used soon after the year end on the completion of new building for the charity to cater for the ever growing need for the charity's services.

As at 30 November 2021 the charity had £2,590,710 in Unrestricted Funds and £1,040,423 in Restricted Funds.

TRUSTEES' RESPONSIBILITIES STATEMENT

The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.

In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the applicable Charities SORP;
make judgments and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

AUDITOR

Each of the persons who is a trustee at the date of approval of this report confirms that:

so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and
they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.

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DocuSign Envelope ID: E322196D-C8FB-4FB0-8578-A7A86B92D541

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)

YEAR ENDED 30 NOVEMBER 2021

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 30 September 2022 and signed on behalf of the board of trustees by:

Mr G Bloch

Trustee

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DocuSign Envelope ID: E322196D-C8FB-4FB0-8578-A7A86B92D541

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HALEV LIMITED YEAR ENDED 30 NOVEMBER 2021

OPINION

We have audited the financial statements of Halev Limited (the 'charity') for the year ended 30 November 2021 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the charity's affairs as at 30 November 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Companies Act 2006.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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DocuSign Envelope ID: E322196D-C8FB-4FB0-8578-A7A86B92D541

HALEV LIMITED COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HALEV LIMITED (continued)

YEAR ENDED 30 NOVEMBER 2021

OTHER INFORMATION

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the trustees' report has been prepared in accordance with applicable legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; and
the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the Trustees Annual Report and take advantage of the small companies exemption from the requirement to prepare a strategic report.

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DocuSign Envelope ID: E322196D-C8FB-4FB0-8578-A7A86B92D541

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HALEV LIMITED (continued)

YEAR ENDED 30 NOVEMBER 2021

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, and determined that the most relevant to the presentation of the financial statements are those that relate to the reporting legislation (UK GAAP and the Companies Act 2006), the relevant tax regulations in the United Kingdom, the Landlord and Tenant Act, the UK General Data Protection Regulation (GDPR), Health & Safety Regulations and the Bribery Act. We understood how the company is complying with those frameworks through discussion with the trustees and senior management, and by identifying the company's policies and procedures regarding compliance with laws and regulations. We also identified those members of management who have the primary responsibility for ensuring compliance with laws and regulations, and for reporting any known instances of non-compliance to the trustees. We communicated these identified frameworks amongst our audit team and remained alert to any indications of non-compliance throughout the audit. We ensured that the engagement team had sufficient competence and capability to identify or recognise non-compliance with laws and regulations.
We discussed with the trustees and senior management the policies and procedures regarding compliance with these legal and regulatory frameworks.
We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by reviewing the company's identified risks and enquiry with the trustees and senior management during the planning and finalisation phases of our audit. The susceptibility to such material misstatement was determined to be low.

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DocuSign Envelope ID: E322196D-C8FB-4FB0-8578-A7A86B92D541

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HALEV LIMITED (continued)

YEAR ENDED 30 NOVEMBER 2021

Based on this understanding we designed our audit procedures to identify non-compliance with the identified legal and regulatory frameworks, which were part of our procedures on the related financial statement items. Our procedures included reviewing the company's internal controls policies and procedures, reviewing the minutes of board meetings and correspondence with regulatory bodies including HMRC, testing transactions outside the normal course of the business and journal entries, and discussions with the trustees and senior management.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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DocuSign Envelope ID: E322196D-C8FB-4FB0-8578-A7A86B92D541

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HALEV LIMITED

(continued)

YEAR ENDED 30 NOVEMBER 2021

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

USE OF OUR REPORT

This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.

David Goldberg (Senior Statutory Auditor)

For and on behalf of Cohen Arnold Chartered Accountants & statutory auditor New Burlington House 1075 Finchley Road LONDON NW11 0PU 30 September 2022

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DocuSign Envelope ID: E322196D-C8FB-4FB0-8578-A7A86B92D541

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

YEAR ENDED 30 NOVEMBER 2021

			2021		2020
		Unrestricted	Restricted
		funds	funds	Total funds	Total funds
	Note	£	£	£	£
Income and endowments
Donations and legacies	5	1,189,024	4,701	1,193,725	1,173,653
Investment income	6	473	–	473	1,158
Other income	7	25,672	–	25,672	13,049
		`─────────────`	`───────`	`─────────────`	`─────────────`
Total income		1,215,169	4,701	1,219,870	1,187,860
		`═════════════`	`═══════`	`═════════════`	`═════════════`
Expenditure
Expenditure on raising funds:
Costs of raising donations and
legacies	8	(4,189)	–	(4,189)	(17,269)
Expenditure on charitable activities	9,10	(455,108)	(4,701)	(459,809)	(351,311)
		`─────────────`	`───────`	`─────────────`	`─────────────`
Total expenditure		(459,297)	(4,701)	(463,998)	(368,580)
		`═════════════`	`═══════`	`═════════════`	`═════════════`
		`─────────────`	`───────`	`─────────────`	`─────────────`
Net income and net movement in	funds	755,872	–	755,872	819,280
		`═════════════`	`═══════`	`═════════════`	`═════════════`
Reconciliation of funds
Total funds brought forward		1,834,838	1,040,423	2,875,261	2,055,981
		`─────────────`	`─────────────`	`─────────────`	`─────────────`
Total funds carried forward		2,590,710 `═════════════`	1,040,423 `═════════════`	3,631,133 `═════════════`	2,875,261 `═════════════`

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 14 to 22 form part of these financial statements.

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DocuSign Envelope ID: E322196D-C8FB-4FB0-8578-A7A86B92D541

HALEV LIMITED COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL POSITION

30 NOVEMBER 2021

		2021		2020
	Note	£	£	£	£
Fixed assets
Tangible fixed assets	17		3,672,072		3,239,809
Current assets
Debtors	18	82,055		37,411
Cash at bank and in hand		997,978		771,092
		`─────────────`		`──────────`
		1,080,033		808,503
Creditors: amounts falling due
within one year	20	(166,263)		(150,571)
		`─────────────`		`──────────`
Net current assets			913,770		657,932
			`─────────────`		`─────────────`
Total assets less current liabilities			4,585,842		3,897,741
Creditors: amounts falling due after
more than one year	21		(954,709)		(1,022,480)
			`─────────────`		`─────────────`
Net assets			3,631,133		2,875,261
			`═════════════`		`═════════════`
Funds of the charity
Restricted funds			1,040,423		1,040,423
Unrestricted funds			2,590,710		1,834,838
			`─────────────`		`─────────────`
Total charity funds	23		3,631,133		2,875,261
			`═════════════`		`═════════════`

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 30 September 2022 and are signed on behalf of the board by:

Mr G Bloch Trustee

The notes on pages 14 to 22 form part of these financial statements.

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DocuSign Envelope ID: E322196D-C8FB-4FB0-8578-A7A86B92D541

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

STATEMENT OF CASH FLOWS

YEAR ENDED 30 NOVEMBER 2021

		2021	2020
	Note	£	£
Cash flows from operating activities
Net income		755,872	819,280
Adjustments for:
Depreciation of tangible fixed assets		2,305	2,423
Other interest receivable and similar income		(473)	(1,158)
Accrued expenses/(income)		5,400	(4,320)
Changes in:
Trade and other debtors		(44,644)	(16,619)
Trade and other creditors		4,739	(13,196)
		`──────────`	`──────────`
Cash generated from operations		723,199	786,410
Interest received		473	1,158
		`──────────`	`──────────`
Net cash from operating activities		723,672	787,568
		`══════════`	`══════════`
Cash flows from investing activities
Purchase of tangible assets		(434,568)	(73,981)
		`──────────`	`──────────`
Net cash used in investing activities		(434,568)	(73,981)
		`══════════`	`══════════`
Cash flows from financing activities
Proceeds from borrowings		(67,471)	(196,006)
		`──────────`	`──────────`
Net cash used in financing activities		(67,471)	(196,006)
		`══════════`	`══════════`
Net increase in cash and cash equivalents		221,633	517,581
Cash and cash equivalents at beginning of year		769,702	252,121
		`──────────`	`──────────`
Cash and cash equivalents at end of year	19	991,335	769,702
		`══════════`	`══════════`

The notes on pages 14 to 22 form part of these financial statements.

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DocuSign Envelope ID: E322196D-C8FB-4FB0-8578-A7A86B92D541

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 NOVEMBER 2021

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 35a-37 Fairfax Road, London, NW6 4EW.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

The charity constitutes a public benefit entity as defined by FRS102.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

In the application of the charity's accounting policies, the Trustees are required to make judgements, 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 judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed below.

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 a particular future project or commitment. There are no designated funds as at the Balance Sheet date.

Restricted funds are subject 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.

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DocuSign Envelope ID: E322196D-C8FB-4FB0-8578-A7A86B92D541

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 NOVEMBER 2021

3. ACCOUNTING POLICIES (continued)

Incoming resources

All income is 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.
interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

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 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.

Governance costs

Governance costs are associated with the governance arrangements of the charity and relate to the general running of the charity. These costs include legal advice for Trustees and costs associated with meeting constitutional and statutory requirements such as the cost of Trustee meetings and the preparation of the statutory accounts.

Fixed assets

Fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Plant and machinery - 25% reducing balance Motor vehicles - 25% reducing balance Torah scrolls - 2% straight line

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DocuSign Envelope ID: E322196D-C8FB-4FB0-8578-A7A86B92D541

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 NOVEMBER 2021

3. ACCOUNTING POLICIES (continued)

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.

4. LIMITED BY GUARANTEE

The charity is a company limited by guarantee and has no share capital. The liability of each trustee in the event of winding up is limited to £1.

5. DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2021
	£	£	£
Donations
Donations	1,157,023	4,701	1,161,724
Other donations and legacies
Events income	32,001	–	32,001
	`─────────────`	`───────`	`─────────────`
	1,189,024	4,701	1,193,725
	`═════════════`	`═══════`	`═════════════`
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2020
	£	£	£
Donations
Donations	1,117,349	43,060	1,160,409
Other donations and legacies
Events income	13,244	–	13,244
	`─────────────`	`─────────`	`─────────────`
	1,130,593	43,060	1,173,653
	`═════════════`	`═════════`	`═════════════`

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DocuSign Envelope ID: E322196D-C8FB-4FB0-8578-A7A86B92D541

HALEV LIMITED COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 NOVEMBER 2021

6. INVESTMENT INCOME

INVESTMENT INCOME
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2021	Funds	2020
	£	£	£	£
Bank interest receivable	473	473	1,158	1,158
	`════`	`════`	`═══════`	`═══════`
OTHER INCOME
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2021	Funds	2020
	£	£	£	£
Other income	3,997	3,997	3,306	3,306
Coronavirus Job Retention Scheme
Grant	21,675	21,675	9,743	9,743
	`─────────`	`─────────`	`─────────`	`─────────`
	25,672	25,672	13,049	13,049
	`═════════`	`═════════`	`═════════`	`═════════`
COSTS OF RAISING DONATIONS	AND LEGACIES
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2021	Funds	2020
	£	£	£	£
Costs of raising donations and legacies
- Donations	4,189	4,189	17,269	17,269
	`═══════`	`═══════`	`═════════`	`═════════`
EXPENDITURE ON CHARITABLE	ACTIVITIES BY FUND TYPE
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2021
		£	£	£
Advancement of the Orthodox Jewish faith		449,708	4,701	454,409
Support costs		5,400	–	5,400
		`──────────`	`───────`	`──────────`
		455,108	4,701	459,809
		`══════════`	`═══════`	`══════════`
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2020
		£	£	£
Advancement of the Orthodox Jewish faith		301,833	44,078	345,911
Support costs		5,400	–	5,400
		`──────────`	`─────────`	`──────────`
		307,233	44,078	351,311
		`══════════`	`═════════`	`══════════`

7. OTHER INCOME

8. COSTS OF RAISING DONATIONS AND LEGACIES

9. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE

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DocuSign Envelope ID: E322196D-C8FB-4FB0-8578-A7A86B92D541

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 NOVEMBER 2021

10. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE

		Activities
		undertaken		Total funds	Total fund
		directly	Support costs	2021	2020
		£	£	£	£
	Advancement of the Orthodox Jewish
	faith	454,409	–	454,409	345,911
	Governance costs	–	5,400	5,400	5,400
		`──────────`	`───────`	`──────────`	`──────────`
		454,409	5,400	459,809	351,311
		`══════════`	`═══════`	`══════════`	`══════════`
11.	ANALYSIS OF SUPPORT COSTS
			Analysis of
			support costs	Total 2021	Total 2020
			£	£	£
	Audit fees		5,400	5,400	5,400
			`═══════`	`═══════`	`═══════`
12.	ANALYSIS OF GRANTS
				2021	2020
				£	£
	Grants to institutions
	Grants to Institutions			3,652	3,600
	Grants to individuals
	Grants to Individuals			300	520
				`───────`	`───────`
	Total grants			3,952	4,120
				`═══════`	`═══════`
13.	NET INCOME
	Net income is stated after charging/(crediting):
				2021	2020
				£	£
	Depreciation of tangible fixed assets			2,305	2,423
				`═══════`	`═══════`
14.	AUDITORS REMUNERATION
				2021	2020
				£	£
	Fees payable for the audit of the financial	statements		5,400	5,400
				`═══════`	`═══════`

- 18 -

DocuSign Envelope ID: E322196D-C8FB-4FB0-8578-A7A86B92D541

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 NOVEMBER 2021

15. STAFF COSTS

The total staff costs and employee benefits for the reporting period are analysed as follows:

	2021	2020
	£	£
Wages and salaries	73,128	60,656
Employer contributions to pension plans	728	603
	`─────────`	`─────────`
	73,856	61,259
	`═════════`	`═════════`

The average head count of employees during the year was 8 (2020: 7).

No employee received employee benefits of more than £60,000 during the year (2020: Nil).

16. TRUSTEE REMUNERATION AND EXPENSES

There was no remuneration paid to the Trustees. The charity did not meet any individual expenses incurred by the Trustees for services provided to the Charity.

17. TANGIBLE FIXED ASSETS

	Land and	Plant and	Motor
	buildings	machinery	vehicles	Torah scrolls	Total
	£	£	£	£	£
Cost
At 1 December 2020	3,186,511	7,371	18,000	50,900	3,262,782
Additions	430,627	675	–	3,266	434,568
	`─────────────`	`───────`	`─────────`	`─────────`	`─────────────`
At 30 November 2021	3,617,138	8,046	18,000	54,166	3,697,350
	`═════════════`	`═══════`	`═════════`	`═════════`	`═════════════`
Depreciation
At 1 December 2020	–	5,502	15,655	1,816	22,973
Charge for the year	–	636	586	1,083	2,305
	`─────────────`	`───────`	`─────────`	`─────────`	`─────────────`
At 30 November 2021	–	6,138	16,241	2,899	25,278
	`═════════════`	`═══════`	`═════════`	`═════════`	`═════════════`
Carrying amount
At 30 November 2021	3,617,138	1,908	1,759	51,267	3,672,072
	`═════════════`	`═══════`	`═════════`	`═════════`	`═════════════`
At 30 November 2020	3,186,511	1,869	2,345	49,084	3,239,809
	`═════════════`	`═══════`	`═════════`	`═════════`	`═════════════`
DEBTORS
				2021	2020
				£	£
Trade debtors				33,092	2,110
Prepayments and accrued	income			2,424	1,518
Other debtors				46,539	33,783
				`─────────`	`─────────`
				82,055	37,411
				`═════════`	`═════════`

18. DEBTORS

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DocuSign Envelope ID: E322196D-C8FB-4FB0-8578-A7A86B92D541

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 NOVEMBER 2021

19. CASH AND CASH EQUIVALENTS

Cash and cash equivalents comprise the following:

Cash and cash equivalents comprise the following:
	2021	2020
	£	£
Cash at bank and in hand	997,978	771,092
Bank overdrafts	(6,643)	(1,390)
	`──────────`	`──────────`
	991,335	769,702
	`══════════`	`══════════`
CREDITORS: amounts falling due within one year
	2021	2020
	£	£
Bank loans and overdrafts	74,143	68,590
Trade creditors	12,605	757
Accruals and deferred income	10,800	5,400
Other creditors	68,715	75,824
	`──────────`	`──────────`
	166,263	150,571
	`══════════`	`══════════`
CREDITORS: amounts falling due after more than one year
	2021	2020
	£	£
Bank loans and overdrafts	954,709	1,022,480
	`══════════`	`═════════════`

20. CREDITORS: amounts falling due within one year

21. CREDITORS: amounts falling due after more than one year

22. PENSIONS AND OTHER POST RETIREMENT BENEFITS

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £728 (2020: £603).

23. ANALYSIS OF CHARITABLE FUNDS

Unrestricted funds

Unrestricted funds
		At			At
	1	December			30 November
		2020	Income	Expenditure	2021
		£	£	£	£
General funds		1,834,838	1,215,169	(459,297)	2,590,710
		`═════════════`	`═════════════`	`══════════`	`═════════════`
		At			At
	1	December			30 November
		2019	Income	Expenditure	2020
		£	£	£	£
General funds		1,014,540	1,144,800	(324,502)	1,834,838
		`═════════════`	`═════════════`	`══════════`	`═════════════`

- 20 -

DocuSign Envelope ID: E322196D-C8FB-4FB0-8578-A7A86B92D541

HALEV LIMITED COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 NOVEMBER 2021

23. ANALYSIS OF CHARITABLE FUNDS (continued)

Restricted funds

Restricted funds
	At			At
	1 December		30 November
	2020	Income	Expenditure	2021
	£	£	£	£
Building Fund	1,002,339	–	–	1,002,339
Other restricted funds	38,084	4,701	(4,701)	38,084
	`─────────────`	`───────`	`───────`	`─────────────`
	1,040,423	4,701	(4,701)	1,040,423
	`═════════════`	`═══════`	`═══════`	`═════════════`
	At			At
	1 December			30 November
	2019	Income	Expenditure	2020
	£	£	£	£
Building Fund	1,002,339	43,060	(43,060)	1,002,339
Other restricted funds	39,102	–	(1,018)	38,084
	`─────────────`	`─────────`	`─────────`	`─────────────`
	1,041,441	43,060	(44,078)	1,040,423
	`═════════════`	`═════════`	`═════════`	`═════════════`

The entire carried forward Building Fund represents amounts spent on the new building which has been capitalised in fixed assets.

24. ANALYSIS OF NET ASSETS BETWEEN FUNDS

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2021
	£	£	£
Tangible fixed assets	2,631,649	1,040,423	3.672,072
Current assets	1,080,033	–	1,080,033
Creditors less than 1 year	(166,263)	–	(166,263)
Creditors greater than 1 year	(954,709)	–	(954,709)
	`─────────────`	`─────────────`	`─────────────`
Net assets	2,590,710	1,040,423	3,631,133
	`═════════════`	`═════════════`	`═════════════`
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2020
	£	£	£
Tangible fixed assets	2,199,386	1,040,423	3,239,809
Current assets	808,503	–	808,503
Creditors less than 1 year	(150,571)	–	(150,571)
Creditors greater than 1 year	(1,022,480)	–	(1,022,480)
	`─────────────`	`─────────────`	`─────────────`
Net assets	1,834,838	1,040,423	2,875,261
	`═════════════`	`═════════════`	`═════════════`

- 21 -

DocuSign Envelope ID: E322196D-C8FB-4FB0-8578-A7A86B92D541

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 NOVEMBER 2021

25. ANALYSIS OF CHANGES IN NET DEBT

	At		At
	1 Dec 2020	Cash flows	30 Nov 2021
	£	£	£
Cash at bank and in hand	771,092	226,886	997,978
Bank overdrafts	(1,390)	(5,253)	(6,643)
Debt due within one year	(67,200)	(300)	(67,500)
Debt due after one year	(1,022,480)	67,771	(954,709)
	`─────────────`	`──────────`	`──────────`
	(319,978)	289,104	(30,874)
	`═════════════`	`══════════`	`══════════`

26. RELATED PARTIES

Donations include amounts aggregating £76,240 (2020: £56,000) received from related parties.

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