DocuSign Envelope ID: BEF15BC9-664B-43C6-A356-68AF913F992A
COMPANY REGISTRATION NUMBER: 7830972 CHARITY REGISTRATION NUMBER: 1149348
HALEV LIMITED
Company Limited by Guarantee FINANCIAL STATEMENTS
30 NOVEMBER 2022
COHEN ARNOLD
Chartered Accountants & statutory auditor New Burlington House 1075 Finchley Road LONDON NW11 0PU
DocuSign Envelope ID: BEF15BC9-664B-43C6-A356-68AF913F992A
HALEV LIMITED
COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2022
| 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 23 |
DocuSign Envelope ID: BEF15BC9-664B-43C6-A356-68AF913F992A
HALEV LIMITED
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT)
YEAR ENDED 30 NOVEMBER 2022
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 2022.
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.
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DocuSign Envelope ID: BEF15BC9-664B-43C6-A356-68AF913F992A
HALEV LIMITED
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)
YEAR ENDED 30 NOVEMBER 2022
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.
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
With much gratitude to Hashem Halev continues to thrive and make a significant impact on our community. Our Chabad House is operating at its full potential. In the past year, we've been able to comfortably accommodate Shabbos services, educational programs, and outreach events. Our Shabbos attendance has grown, and we've even surpassed our building's maximum capacity due to the overwhelming response from our community.
In addition to our routine worship services held on Friday, Saturday, and throughout the week, we've engaged in various activities to enrich our community. These include a weekly cheder program, where young members receive education about the Torah and mitzvot, along with Hebrew language instruction. During the summer, we organize a vibrant camp for the children. Moreover, we ensure the provision of Menorahs during Hanukkah, Matzah for Passover, and High Holiday services. Additionally, we assist in in coordinating Bar/Bat Mitzvot celebrations. Beyond these services, we also offer one-on-one, meaningful discussions and facilitate in-depth Jewish learning to meet the diverse needs of our community.
In line with their goal of teaching Jews about their Jewish heritage, the Charity taught three new educational courses this year:
Beyond Right: The Values that Shape Judaism's Civil Code. Talmudic analysis and mind-bending logic have long been a hallmark of Jewish scholarship. But buried beneath much of the discussion and legalese are core Jewish values that fuel so much of the debate. This course examines a number of key legal issues that disclose fundamental ethical considerations that serve as the engine of Jewish civil law.
Jewpernatural: Signs, spirits and superstition in Jewish belief
As we understand the natural world better, we have only grown more fascinated by mysterious topics like the meaning of dreams; the existence of angels, demons, and extraterrestrials; and the power of the evil eye. With record interest inspiring curiosity, dread, and mockery, this course probes the Talmud, Jewish philosophy, and kabbalah to provide Jewish perspectives and guidance for those curious about these perennial questions.
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DocuSign Envelope ID: BEF15BC9-664B-43C6-A356-68AF913F992A
HALEV LIMITED
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)
YEAR ENDED 30 NOVEMBER 2022
Book Smart: Course through Judaism's Most Important Titles, and the Authors Who Inscribed Them. A panoramic overview of 3000 years of Jewish learning, this course introduces you to the works that earned us the title "The People of The Book." You will experience the different genres that shape Jewish life, including Tanach, Midrash, Talmud, Halachah, Philosophy, Kabbalah, Musar, Chasidism, and meet the influential personalities who drove thirty centuries of Jewish scholarship. Whether you're meeting these texts for the first time or as a seasoned scholar, this course will inform and enrich all your Jewish learning
This year, Halev organized a memorable community retreat - a weekend dedicated to delving into the teachings of Judaism and experiencing a truly uplifting Shabbat. We were honoured to have world-renowned speakers like Rabbi Manis Freedman, whose inspirational presence left a lasting impact on everyone who attended. The retreat was an undeniable success, and the enthusiasm and discussions it generated continue to echo within our community.
Pictures of activities during the year:
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DocuSign Envelope ID: BEF15BC9-664B-43C6-A356-68AF913F992A
HALEV LIMITED
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT)
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YEAR ENDED 30 NOVEMBER 2022
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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 2022 was £306,488.
As at 30 November 2022 the charity had £3,353,689 in Unrestricted Funds and £1,064,257 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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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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.
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DocuSign Envelope ID: BEF15BC9-664B-43C6-A356-68AF913F992A
HALEV LIMITED
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)
YEAR ENDED 30 NOVEMBER 2022
AUDITOR
Each of the persons who is a trustee at the date of approval of this report confirms that:
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so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and
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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.
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 26 October 2023 and signed on behalf of the board of trustees by:
Mr G Bloch Trustee
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DocuSign Envelope ID: BEF15BC9-664B-43C6-A356-68AF913F992A
HALEV LIMITED
COMPANY LIMITED BY GUARANTEE
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HALEV LIMITED YEAR ENDED 30 NOVEMBER 2022
OPINION
We have audited the financial statements of HALEV LIMITED (the 'charity') for the year ended 30 November 2022 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:
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give a true and fair view of the state of the charity's affairs as at 30 November 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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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: BEF15BC9-664B-43C6-A356-68AF913F992A
HALEV LIMITED COMPANY LIMITED BY GUARANTEE
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HALEV LIMITED (continued)
YEAR ENDED 30 NOVEMBER 2022
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:
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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
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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:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; and
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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: BEF15BC9-664B-43C6-A356-68AF913F992A
HALEV LIMITED
COMPANY LIMITED BY GUARANTEE
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HALEV LIMITED (continued)
YEAR ENDED 30 NOVEMBER 2022
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 charity through discussion with the trustees and identified financial reporting legislation and charity legislation as being most significant to these financial statements.
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 the laws and regulations.
We discussed with the trustees the policies and procedures regarding compliance with these legal and regulatory frameworks.
We assessed the susceptibility of the charity's financial statements to material misstatement due to non-compliance with legal and regulatory frameworks, including how fraud might occur, by enquiry with the trustees during the planning and finalisation phases stages of our audit. The susceptibility to such material misstatement was determined to be low.
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.
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DocuSign Envelope ID: BEF15BC9-664B-43C6-A356-68AF913F992A
HALEV LIMITED
COMPANY LIMITED BY GUARANTEE
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HALEV LIMITED (continued)
YEAR ENDED 30 NOVEMBER 2022
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
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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.
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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.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
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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.
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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: BEF15BC9-664B-43C6-A356-68AF913F992A
HALEV LIMITED
COMPANY LIMITED BY GUARANTEE
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HALEV LIMITED
(continued)
YEAR ENDED 30 NOVEMBER 2022
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
26 October 2023
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DocuSign Envelope ID: BEF15BC9-664B-43C6-A356-68AF913F992A
HALEV LIMITED
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)
YEAR ENDED 30 NOVEMBER 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 5 | 1,359,473 | 29,652 | 1,389,125 | 1,193,725 |
| Investment income | 6 | 68,394 | – | 68,394 | 473 |
| Other income | 7 | 53,982 | – | 53,982 | 25,672 |
───────────── |
───────── |
───────────── |
───────────── |
||
| Total income | 1,481,849 | 29,652 | 1,511,501 | 1,219,870 | |
═════════════ |
═════════ |
═════════════ |
═════════════ |
||
| Expenditure | |||||
| Expenditure on raising funds: | |||||
| Costs of raising donations and | |||||
| legacies | 8 | (13,839) | – | (13,839) | (4,189) |
| Investment management costs | 9 | (14,607) | – | (14,607) | – |
| Expenditure on charitable activities | 10,11 | (691,507) | (4,735) | (696,242) | (459,809) |
────────── |
─────── |
────────── |
────────── |
||
| Total expenditure | (719,953) | (4,735) | (724,688) | (463,998) | |
══════════ |
═══════ |
══════════ |
══════════ |
||
────────── |
───────── |
────────── |
────────── |
||
| Net income | 761,896 | 24,917 | 786,813 | 755,872 | |
══════════ |
═════════ |
══════════ |
══════════ |
||
| Transfers between funds | 1,083 | (1,083) | – | – | |
────────── |
───────── |
────────── |
────────── |
||
| Net movement in funds | 762,979 | 23,834 | 786,813 | 755,872 | |
| Reconciliation of funds | |||||
| Total funds brought forward | 2,590,710 | 1,040,423 | 3,631,133 | 2,875,261 | |
───────────── |
───────────── |
───────────── |
───────────── |
||
| Total funds carried forward | 3,353,689 | 1,064,257 | 4,417,946 | 3,631,133 | |
═════════════ |
═════════════ |
═════════════ |
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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 23 form part of these financial statements.
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DocuSign Envelope ID: BEF15BC9-664B-43C6-A356-68AF913F992A
HALEV LIMITED
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed assets | |||||
| Tangible fixed assets | 17 | 7,489,505 | 3,672,072 | ||
| Investments | 18 | 3 | – | ||
───────────── |
───────────── |
||||
| 7,489,508 | 3,672,072 | ||||
| Current assets | |||||
| Debtors | 19 | 30,670 | 82,055 | ||
| Cash at bank and in hand | 570,070 | 997,978 | |||
────────── |
───────────── |
||||
| 600,740 | 1,080,033 | ||||
| Creditors: amounts falling due | |||||
| within one year | 21 | (294,252) | (166,263) | ||
────────── |
───────────── |
||||
| Net current assets | 306,488 | 913,770 | |||
───────────── |
───────────── |
||||
| Total assets less current liabilities | 7,795,996 | 4,585,842 | |||
| Creditors: amounts falling due after | |||||
| more than one year | 22 | (3,378,050) | (954,709) | ||
───────────── |
───────────── |
||||
| Net assets | 4,417,946 | 3,631,133 | |||
═════════════ |
═════════════ |
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| Funds of the charity | |||||
| Restricted funds | 1,064,257 | 1,040,423 | |||
| Unrestricted funds | 3,353,689 | 2,590,710 | |||
───────────── |
───────────── |
||||
| Total charity funds | 24 | 4,417,946 | 3,631,133 | ||
═════════════ |
═════════════ |
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 26 October 2023, and are signed on behalf of the board by:
Mr G Bloch Trustee
The notes on pages 14 to 23 form part of these financial statements.
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DocuSign Envelope ID: BEF15BC9-664B-43C6-A356-68AF913F992A
HALEV LIMITED
COMPANY LIMITED BY GUARANTEE
STATEMENT OF CASH FLOWS
YEAR ENDED 30 NOVEMBER 2022
| 2022 | 2021 | ||
|---|---|---|---|
| Note | £ | £ | |
| Cash flows from operating activities | |||
| Net income | 786,813 | 755,872 | |
| Adjustments for: | |||
| Depreciation of tangible fixed assets | 2,100 | 2,305 | |
| Dividends, interest and rents from investments | (68,301) | – | |
| Other interest receivable and similar income | (93) | (473) | |
| Accrued expenses | 1,200 | 5,400 | |
| Changes in: | |||
| Trade and other debtors | 51,385 | (44,644) | |
| Trade and other creditors | 34,259 | 4,739 | |
────────── |
────────── |
||
| Cash generated from operations | 807,363 | 723,199 | |
| Interest received | 93 | 473 | |
────────── |
────────── |
||
| Net cash from operating activities | 807,456 | 723,672 | |
══════════ |
══════════ |
||
| Cash flows from investing activities | |||
| Dividends, interest and rents from investments | 68,301 | – | |
| Purchase of tangible assets | (3,819,533) | (434,568) | |
| Acquisition of subsidiaries | (3) | – | |
───────────── |
────────── |
||
| Net cash used in investing activities | (3,751,235) | (434,568) | |
═════════════ |
══════════ |
||
| Cash flows from financing activities | |||
| Proceeds from borrowings | 2,501,841 | (67,471) | |
───────────── |
────────── |
||
| Net cash from/(used in) financing activities | 2,501,841 | (67,471) | |
═════════════ |
══════════ |
||
| Net (decrease)/increase in cash and cash equivalents | (441,938) | 221,633 | |
| Cash and cash equivalents at beginning of year | 991,335 | 769,702 | |
────────── |
────────── |
||
| Cash and cash equivalents at end of year | 20 | 549,397 | 991,335 |
══════════ |
══════════ |
The notes on pages 14 to 23 form part of these financial statements.
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DocuSign Envelope ID: BEF15BC9-664B-43C6-A356-68AF913F992A
HALEV LIMITED COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2022
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.
Consolidation
The charity is not required to prepare consolidated accounts in accordance with the Charities Act 2011, and has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the charity and its subsidiary undertaking comprise a small group.
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.
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DocuSign Envelope ID: BEF15BC9-664B-43C6-A356-68AF913F992A
HALEV LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 30 NOVEMBER 2022
3. ACCOUNTING POLICIES (continued)
Fund accounting (continued)
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.
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
- 15 -
DocuSign Envelope ID: BEF15BC9-664B-43C6-A356-68AF913F992A
HALEV LIMITED COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 30 NOVEMBER 2022
3. ACCOUNTING POLICIES (continued)
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
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 | 2022 | |
| £ | £ | £ | |
| Donations | |||
| Donations | 1,293,691 | 29,652 | 1,323,343 |
| Other donations and legacies | |||
| Events income | 65,782 | – | 65,782 |
───────────── |
───────── |
───────────── |
|
| 1,359,473 | 29,652 | 1,389,125 | |
═════════════ |
═════════ |
═════════════ |
- 16 -
DocuSign Envelope ID: BEF15BC9-664B-43C6-A356-68AF913F992A
HALEV LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 30 NOVEMBER 2022
5. DONATIONS AND LEGACIES (continued)
| 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 | |||
═════════════ |
═══════ |
═════════════ |
|||
| 6. | INVESTMENT INCOME | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Income from investment properties | 68,301 | 68,301 | – | – | |
| Bank interest receivable | 93 | 93 | 473 | 473 | |
───────── |
───────── |
──── |
──── |
||
| 68,394 | 68,394 | 473 | 473 | ||
═════════ |
═════════ |
════ |
════ |
||
| 7. | OTHER INCOME | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Other income | 53,982 | 53,982 | 3,997 | 3,997 | |
| Coronavirus Job Retention Scheme | |||||
| Grant | – | – | 21,675 | 21,675 | |
───────── |
───────── |
───────── |
───────── |
||
| 53,982 | 53,982 | 25,672 | 25,672 | ||
═════════ |
═════════ |
═════════ |
═════════ |
||
| 8. | COSTS OF RAISING DONATIONS | AND LEGACIES | |||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Costs of raising donations and legacies | |||||
| - Donations | 13,839 | 13,839 | 4,189 | 4,189 | |
═════════ |
═════════ |
═══════ |
═══════ |
- 17 -
DocuSign Envelope ID: BEF15BC9-664B-43C6-A356-68AF913F992A
HALEV LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 30 NOVEMBER 2022
9. INVESTMENT MANAGEMENT COSTS
| Unrestricted | Total Funds |
Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2022 |
Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Repairs & maintenance | 7,504 | 7,504 |
– | – | |
| Management fees | 7,103 | 7,103 |
– | – | |
───────── |
───────── |
──── |
──── |
||
| 14,607 | 14,607 |
– | – | ||
═════════ |
═════════ |
════ |
════ |
||
| 10. | EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE | ||||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2022 | |||
| £ | £ | £ | |||
| Advancement of the Orthodox Jewish faith | 684,907 | 4,735 | 689,642 | ||
| Support costs | 6,600 | – | 6,600 | ||
────────── |
─────── |
────────── |
|||
| 691,507 | 4,735 | 696,242 | |||
══════════ |
═══════ |
══════════ |
|||
| 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 | |||
══════════ |
═══════ |
══════════ |
|||
| 11. | EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE | ||||
| Activities | |||||
| undertaken | Total funds | Total fund | |||
| directly | Support costs | 2022 | 2021 | ||
| £ | £ | £ | £ | ||
| Advancement of the Orthodox Jewish | |||||
| faith | 689,642 | – |
689,642 | 454,409 | |
| Governance costs | – | 6,600 |
6,600 | 5,400 | |
────────── |
─────── |
────────── |
────────── |
||
| 689,642 | 6,600 |
696,242 | 459,809 | ||
══════════ |
═══════ |
══════════ |
══════════ |
||
| 12. | ANALYSIS OF SUPPORT COSTS | ||||
| Analysis of | |||||
| support costs | Total 2022 | Total 2021 | |||
| £ | £ | £ | |||
| Audit fees | 6,600 | 6,600 | 5,400 | ||
═══════ |
═══════ |
═══════ |
- 18 -
DocuSign Envelope ID: BEF15BC9-664B-43C6-A356-68AF913F992A
HALEV LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 30 NOVEMBER 2022
13. NET INCOME
Net income is stated after charging/(crediting):
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Depreciation of tangible fixed assets | 2,100 | 2,305 |
═══════ |
═══════ |
|
| AUDITORS REMUNERATION | ||
| 2022 | 2021 | |
| £ | £ | |
| Fees payable for the audit of the financial statements | 5,700 | 5,400 |
═══════ |
═══════ |
|
| STAFF COSTS | ||
| The total staff costs and employee benefits for the reporting period are analysed as | follows: | |
| 2022 | 2021 | |
| £ | £ | |
| Wages and salaries | 46,270 | 73,128 |
| Employer contributions to pension plans | 588 | 728 |
───────── |
───────── |
|
| 46,858 | 73,856 |
|
═════════ |
═════════ |
14. AUDITORS REMUNERATION
15. STAFF COSTS
The average head count of employees during the year was 5 (2021: 8).
No employee received employee benefits of more than £60,000 during the year (2021: 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 2021 | 3,617,138 | 8,046 | 18,000 | 54,166 | 3,697,350 |
| Additions | 3,819,133 | 400 | – | – | 3,819,533 |
───────────── |
─────── |
───────── |
───────── |
───────────── |
|
| At 30 November 2022 | 7,436,271 | 8,446 | 18,000 | 54,166 | 7,516,883 |
═════════════ |
═══════ |
═════════ |
═════════ |
═════════════ |
|
| Depreciation | |||||
| At 1 December 2021 | – | 6,138 | 16,241 | 2,899 | 25,278 |
| Charge for the year | – | 577 | 440 | 1,083 | 2,100 |
───────────── |
─────── |
───────── |
───────── |
───────────── |
|
| At 30 November 2022 | – | 6,715 | 16,681 | 3,982 | 27,378 |
═════════════ |
═══════ |
═════════ |
═════════ |
═════════════ |
|
| Carrying amount | |||||
| At 30 November 2022 | 7,436,271 | 1,731 | 1,319 | 50,184 | 7,489,505 |
═════════════ |
═══════ |
═════════ |
═════════ |
═════════════ |
|
| At 30 November 2021 | 3,617,138 | 1,908 | 1,759 | 51,267 | 3,672,072 |
═════════════ |
═══════ |
═════════ |
═════════ |
═════════════ |
- 19 -
DocuSign Envelope ID: BEF15BC9-664B-43C6-A356-68AF913F992A
HALEV LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 30 NOVEMBER 2022
18. INVESTMENTS
| INVESTMENTS | |
|---|---|
| Shares in | |
| group | |
| undertakings | |
| £ | |
| Cost or fair value | |
| At 1 December 2021 | – |
| Additions | 3 |
──── |
|
| At 30 November 2022 | 3 |
════ |
|
| Impairment | |
| At 1 December 2021 and 30 November 2022 | – |
════ |
|
| Carrying amount | |
| At 30 November 2022 | 3 |
════ |
|
| At 30 November 2021 | – |
════ |
During the year, the charity purchased 100% of a subsidiary undertaking, 46 Compayne Gardens Management Company Limited, a company incorporated in England and Wales. 46 Compayne Gardens Management Company Limited reported net income of £nil and net assets of £930 for the year ended 31 March 2022. The results of 46 Compayne Gardens Management Company Limited have not been consolidated into the accounts of Halev Limited as they are deemed to be immaterial.
19. DEBTORS
| 19. | DEBTORS | ||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Trade debtors | 12,421 | 33,092 | |
| Prepayments and accrued income | – | 2,424 | |
| Other debtors | 18,249 | 46,539 | |
───────── |
───────── |
||
| 30,670 | 82,055 | ||
═════════ |
═════════ |
||
| 20. | CASH AND CASH EQUIVALENTS | ||
| Cash and cash equivalents comprise the following: | |||
| 2022 | 2021 | ||
| £ | £ | ||
| Cash at bank and in hand | 570,070 | 997,978 | |
| Bank overdrafts | (20,673) | (6,643) | |
────────── |
────────── |
||
| 549,397 | 991,335 | ||
══════════ |
══════════ |
- 20 -
DocuSign Envelope ID: BEF15BC9-664B-43C6-A356-68AF913F992A
HALEV LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 30 NOVEMBER 2022
21. CREDITORS: amounts falling due within one year
| CREDITORS: amounts falling due within one year | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Bank loans and overdrafts | 166,673 | 74,143 |
| Trade creditors | 35,013 | 12,605 |
| Accruals and deferred income | 12,000 | 10,800 |
| Other creditors | 80,566 | 68,715 |
────────── |
────────── |
|
| 294,252 | 166,263 | |
══════════ |
══════════ |
|
| CREDITORS: amounts falling due after more than one year | ||
| 2022 | 2021 | |
| £ | £ | |
| Bank loans and overdrafts | 3,378,050 | 954,709 |
═════════════ |
══════════ |
22. CREDITORS: amounts falling due after more than one year
23. 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 £588 (2021: £728).
24. ANALYSIS OF CHARITABLE FUNDS
Unrestricted funds
| At | At | ||||||
|---|---|---|---|---|---|---|---|
| 1 | December | 30 | November | ||||
| 2021 | Income | Expenditure | Transfers | 2022 | |||
| £ | £ | £ | £ | £ | |||
| General funds | 2,590,710 | 1,481,849 | (719,953) | 1,083 | 3,353,689 | ||
═════════════ |
═════════════ |
══════════ |
═══════ |
═════════════ |
|||
| At | At | ||||||
| 1 | December | 30 | November | ||||
| 2020 | Income | Expenditure | Transfers | 2021 | |||
| £ | £ | £ | £ | £ | |||
| General funds | 1,834,838 | 1,215,169 | (459,297) | – | 2,590,710 | ||
═════════════ |
═════════════ |
══════════ |
════ |
═════════════ |
- 21 -
DocuSign Envelope ID: BEF15BC9-664B-43C6-A356-68AF913F992A
HALEV LIMITED COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 30 NOVEMBER 2022
24. ANALYSIS OF CHARITABLE FUNDS (continued)
Restricted funds
| Restricted funds | |||||
|---|---|---|---|---|---|
| At | At | ||||
| 1 December | 30 | November | |||
| 2021 | Income | Expenditure | Transfers | 2022 | |
| £ | £ | £ | £ | £ | |
| Building Fund | 1,002,339 | – | – | – | 1,002,339 |
| Other restricted funds | 38,084 | 29,652 | (4,735) | (1,083) | 61,918 |
───────────── |
───────── |
─────── |
─────── |
───────────── |
|
| 1,040,423 | 29,652 | (4,735) | (1,083) | 1,064,257 | |
═════════════ |
═════════ |
═══════ |
═══════ |
═════════════ |
|
| At | At | ||||
| 1 December | 30 | November | |||
| 2020 | Income | Expenditure | Transfers | 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 | |
═════════════ |
═══════ |
═══════ |
════ |
═════════════ |
The entire carried forward Building Fund represents amounts spent on the new building which has been capitalised in fixed assets.
25. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2022 | |
| £ | £ | £ | |
| Tangible fixed assets | 6,451,248 | – | 6,451,248 |
| Investments | 3 | 1,038,257 | 1,038,260 |
| Current assets | 574,740 | 26,000 | 600,740 |
| Creditors less than 1 year | (294,252) | – | (294,252) |
| Creditors greater than 1 year | (3,378,050) | – | (3,378,050) |
───────────── |
───────────── |
───────────── |
|
| Net assets | 3,353,689 | 1,064,257 | 4,417,946 |
═════════════ |
═════════════ |
═════════════ |
|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2021 | |
| £ | £ | £ | |
| Tangible fixed assets | 2,631,649 | – | 2,631,649 |
| Investments | – | 1,040,423 | 1,040,423 |
| 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 |
═════════════ |
═════════════ |
═════════════ |
- 22 -
DocuSign Envelope ID: BEF15BC9-664B-43C6-A356-68AF913F992A
HALEV LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 30 NOVEMBER 2022
26. ANALYSIS OF CHANGES IN NET DEBT
| At | At | ||
|---|---|---|---|
| 1 Dec 2021 | Cash flows | 30 Nov 2022 | |
| £ | £ | £ | |
| Cash at bank and in hand | 997,978 | (427,908) | 570,070 |
| Bank overdrafts | (6,643) | (14,030) | (20,673) |
| Debt due within one year | (67,500) | (78,500) | (146,000) |
| Debt due after one year | (954,709) | (2,423,341) | (3,378,050) |
────────── |
───────────── |
───────────── |
|
| (30,874) | (2,943,779) | (2,974,653) |
|
══════════ |
═════════════ |
═════════════ |
27. RELATED PARTIES
Donations include amounts aggregating £76,240 (2020: £56,000) received from related parties.
A company related to one of the trustees provided food for the Charity's various events and activities. This was charged at below commercial rates and amounted to £50,349 (2021: £41,005).
- 23 -