2024-11-30-accounts - Halev Limited

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Docusign Envelope ID: 76AB0C1E-8558-4A32-B1FD-6714A2969E1D

COMPANY REGISTRATION NUMBER: 7830972 CHARITY REGISTRATION NUMBER: 1149348

HALEV LIMITED

Company Limited by Guarantee FINANCIAL STATEMENTS

30 NOVEMBER 2024

COHEN ARNOLD

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

Docusign Envelope ID: 76AB0C1E-8558-4A32-B1FD-6714A2969E1D

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

FINANCIAL STATEMENTS

YEAR ENDED 30 NOVEMBER 2024

	PAGES
Trustees' annual report (incorporating the director's report)	1 to 14
Independent auditor's report to the members	15 to 19
Statement of financial activities (including income and expenditure
account)	20
Statement of financial position	21
Statement of cash flows	22
Notes to the financial statements	23 to 32

Docusign Envelope ID: 76AB0C1E-8558-4A32-B1FD-6714A2969E1D

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

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

YEAR ENDED 30 NOVEMBER 2024

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 2024.

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: 76AB0C1E-8558-4A32-B1FD-6714A2969E1D

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

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

YEAR ENDED 30 NOVEMBER 2024

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.

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Docusign Envelope ID: 76AB0C1E-8558-4A32-B1FD-6714A2969E1D

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

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

YEAR ENDED 30 NOVEMBER 2024

ACHIEVEMENTS AND PERFORMANCE

Overview

With deep gratitude to Hashem, the Trustees of Halev are pleased to present this annual report on the activities, achievements, and growth of our Chabad House over the past year. What began as a small vision has blossomed into a vibrant centre of Jewish life - a place where Yiddishkeit is celebrated, lived, and shared with warmth and inclusivity.

Worship and Community Services

Shabbos services have become a cornerstone of our activities, drawing together individuals and families from diverse backgrounds. Attendance has grown steadily, and on several occasions we have exceeded the capacity of our building - a challenge that speaks to the depth of connection and the community's genuine thirst for Torah and Jewish life.

In addition to Shabbos, weekday services and gatherings provide regular opportunities for prayer, learning, and connection. These services are no longer only about tefillah; they have become joyous occasions of belonging and community spirit.

Children and Youth

One of the most rewarding areas of our work has been our children's programming. Each week, our cheder engages young members of the community in Torah study, mitzvos, and Hebrew learning. The program does more than transmit knowledge - it instils Jewish pride and helps children see Judaism as a living, joyful part of their lives.

During the summer, our camp brought fun, friendship, and inspiration to dozens of children. Songs, stories, games, and mitzvos filled their days, planting seeds of Jewish pride that will last for years to come.

Festivals and Lifecycle

We are proud to have continued our holiday initiatives, ensuring that Jewish life is accessible to all:

Menorahs were distributed during Chanukah, bringing light into homes across the community. - Matzah was shared ahead of Pesach, enabling families to celebrate their Seder fully prepared.
High Holiday services were well-attended and spiritually uplifting.

We also had the privilege of guiding families through Bar and Bat Mitzvah celebrations - marking not only personal milestones but key moments in strengthening Jewish continuity.

Learning and One-to-One Engagement

Beyond public services, countless hours have been devoted to personal connection. This has included one-to-one Torah study, guidance in mitzvah observance, and heartfelt discussions on Jewish life. For some, this meant putting on tefillin for the first time; for others, it meant exploring the meaning of Shabbos or delving into deeper Torah wisdom. These individual connections remain central to our mission.

New Educational Programmes

In line with our objective to share the beauty of Jewish heritage, this year we introduced three new JLI courses. These programmes attracted strong participation and opened new pathways for learning:

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Docusign Envelope ID: 76AB0C1E-8558-4A32-B1FD-6714A2969E1D

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

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

YEAR ENDED 30 NOVEMBER 2024

Nurturing Relationships

A practical and spiritual exploration of how to strengthen and enrich our relationships at home, at work, and in wider society.

How Israel Wins - The Lubavitcher Rebbe's Vision for Lasting Peace This course examined Israel's resilience, not only through military strength but through values, vision, and spirit. It explored the Rebbe's unique outlook on achieving true and lasting peace.
Advice for Life - The Lubavitcher Rebbe's Guidance for a Purposeful Life Over decades, world leaders, Nobel laureates, artists, scientists, and ordinary people sought the Lubavitcher Rebbe's advice and blessing. Figures such as Chief Rabbi Lord Jonathan Sacks, Elie Wiesel, Prime Ministers Rabin, Peres, Begin, Shamir, Sharon, and Netanyahu, U.S. Attorney General Bobby Kennedy, Senator Joe Lieberman, musician Bob Dylan, and countless others all turned to the Rebbe for guidance. This course opened a window into that timeless wisdom, giving participants access to the Rebbe's practical and transformational advice on living with clarity, meaning, and purpose.

Looking Forward

All of these efforts - from services and festivals, to youth programmes and adult education - combine to build a community where Judaism is not only taught but lived, where Yiddishkeit is accessible and relevant, and where every Jew can feel at home.

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

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YEAR ENDED 30 NOVEMBER 2024
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Docusign Envelope ID: 76AB0C1E-8558-4A32-B1FD-6714A2969E1D

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

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

YEAR ENDED 30 NOVEMBER 2024

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 2024 was £294,945.

As at 30 November 2024 the charity had £4,479,464 in Unrestricted Funds and £1,036,091 in Restricted Funds.

PLANS FOR FUTURE PERIODS

Looking ahead, the Trustees are focused on the development of Halev. Plans include significant building works, most notably the construction of a basement on one of the properties that will serve as a dedicated space for charity events and community programs. This project represents a major investment in the long-term future of Halev. The Trustees are committed to ensuring that the necessary resources are secured and used responsibly to bring this important vision to fruition.

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.

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Docusign Envelope ID: 76AB0C1E-8558-4A32-B1FD-6714A2969E1D

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

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

YEAR ENDED 30 NOVEMBER 2024

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.

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 September 2025 and signed on behalf of the board of trustees by:

(ZZ by:

Mr G Bloch

Trustee

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Docusign Envelope ID: 76AB0C1E-8558-4A32-B1FD-6714A2969E1D

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HALEV LIMITED YEAR ENDED 30 NOVEMBER 2024

OPINION

We have audited the financial statements of HALEV LIMITED (the 'charity') for the year ended 30 November 2024 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 2024 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: 76AB0C1E-8558-4A32-B1FD-6714A2969E1D

HALEV LIMITED COMPANY LIMITED BY GUARANTEE

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

YEAR ENDED 30 NOVEMBER 2024

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: 76AB0C1E-8558-4A32-B1FD-6714A2969E1D

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

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

YEAR ENDED 30 NOVEMBER 2024

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: 76AB0C1E-8558-4A32-B1FD-6714A2969E1D

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

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

YEAR ENDED 30 NOVEMBER 2024

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: 76AB0C1E-8558-4A32-B1FD-6714A2969E1D

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HALEV LIMITED

(continued)

YEAR ENDED 30 NOVEMBER 2024

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.

[DavidDocuSignedBC6977A458CD499... Lallbery by:

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 September 2025

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Docusign Envelope ID: 76AB0C1E-8558-4A32-B1FD-6714A2969E1D

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

YEAR ENDED 30 NOVEMBER 2024

			2024		2023
		Unrestricted	Restricted
		funds	funds	Total funds	Total funds
	Note	£	£	£	£
Income and endowments
Donations and legacies	5	1,344,282	28,988	1,373,270	1,115,238
Investment income	6	7,828	–	7,828	2,287
Other income	7	107,525	–	107,525	113,145
		`─────────────`	`─────────`	`─────────────`	`─────────────`
Total income		1,459,635	28,988	1,488,623	1,230,670
		`═════════════`	`═════════`	`═════════════`	`═════════════`
Expenditure
Expenditure on raising funds:
Costs of raising donations and
legacies	8	(49,207)	–	(49,207)	(5,144)
Expenditure on charitable activities	9,10	(780,230)	(30,071)	(810,301)	(721,868)
Other expenditure	13	(15,795)	–	(15,795)	(19,369)
		`─────────────`	`─────────`	`─────────────`	`─────────────`
Total expenditure		(845,232)	(30,071)	(875,303)	(746,381)
		`═════════════`	`═════════`	`═════════════`	`═════════════`
		`─────────────`	`─────────`	`─────────────`	`─────────────`
Net income		614,403	(1,083)	613,320	484,289
		`═════════════`	`═════════`	`═════════════`	`═════════════`
Transfers between funds		18,846	(18,846)	–	–
		`─────────────`	`─────────`	`─────────────`	`─────────────`
Net movement in funds		633,249	(19,929)	613,320	484,289
Reconciliation of funds
Total funds brought forward		3,846,215	1,056,020	4,902,235	4,417,946
		`─────────────`	`─────────────`	`─────────────`	`─────────────`
Total funds carried forward		4,479,464	1,036,091	5,515,555	4,902,235
		`═════════════`	`═════════════`	`═════════════`	`═════════════`

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 23 to 32 form part of these financial statements.

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Docusign Envelope ID: 76AB0C1E-8558-4A32-B1FD-6714A2969E1D

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL POSITION

30 NOVEMBER 2024

		2024		2023	2023
	Note	£	£	£	£
Fixed assets
Intangible assets	18		36,674		38,604
Tangible fixed assets	19		7,579,877		7,542,294
Investments	20		3		3
			─────────────		─────────────
			7,616,554		7,580,901
Current assets
Debtors	21	47,343		82,825
Cash at bank and in hand		620,048		314,695
		──────────		──────────
		667,391		397,520
Creditors: amounts falling due
within one year	23	(372,446)		(244,478)
		──────────		──────────
Net current assets			294,945		153,042
			─────────────		─────────────
Total assets less current liabilities			7,911,499		7,733,943
Creditors: amounts falling due after
more than one year	24		(2,395,944)		(2,831,708)
			─────────────		─────────────
Net assets			5,515,555		4,902,235
			═════════════		═════════════
Funds of the charity
Restricted funds			1,036,091		1,056,020
Unrestricted funds			4,479,464		3,846,215
			─────────────		─────────────
Total charity funds	26		5,515,555		4,902,235
			═════════════		═════════════

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 September 2025, and are signed on behalf of the board by:

Mr G Bloch

Trustee

The notes on pages 23 to 32 form part of these financial statements.

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Docusign Envelope ID: 76AB0C1E-8558-4A32-B1FD-6714A2969E1D

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

STATEMENT OF CASH FLOWS

YEAR ENDED 30 NOVEMBER 2024

		2024	2023
	Note	£	£
Cash flows from operating activities
Net income		613,320	484,289
Adjustments for:
Depreciation of tangible fixed assets		4,868	1,846
Amortisation of intangible assets		1,930	–
Other interest receivable and similar income		(7,828)	(2,287)
Accrued (income)/expenses		(9,900)	3,900
Changes in:
Trade and other debtors		35,482	(52,155)
Trade and other creditors		96,168	(1,442)
		`──────────`	`──────────`
Cash generated from operations		734,040	434,151
Interest received		7,828	2,287
		`──────────`	`──────────`
Net cash from operating activities		741,868	436,438
		`══════════`	`══════════`
Cash flows from investing activities
Purchase of tangible assets		(42,452)	(54,635)
Purchase of intangible assets		–	(38,604)
		`──────────`	`──────────`
Net cash used in investing activities		(42,452)	(93,239)
		`══════════`	`══════════`
Cash flows from financing activities
Proceeds from borrowings		(395,764)	(584,342)
		`──────────`	`──────────`
Net cash used in financing activities		(395,764)	(584,342)
		`══════════`	`══════════`
Net increase/(decrease) in cash and cash equivalents		303,652	(241,143)
Cash and cash equivalents at beginning of year		308,254	549,397
		`──────────`	`──────────`
Cash and cash equivalents at end of year	22	611,906	308,254
		`══════════`	`══════════`

The notes on pages 23 to 32 form part of these financial statements.

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Docusign Envelope ID: 76AB0C1E-8558-4A32-B1FD-6714A2969E1D

HALEV LIMITED COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 NOVEMBER 2024

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: 76AB0C1E-8558-4A32-B1FD-6714A2969E1D

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 NOVEMBER 2024

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.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

- 24 -

Docusign Envelope ID: 76AB0C1E-8558-4A32-B1FD-6714A2969E1D

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 NOVEMBER 2024

3. ACCOUNTING POLICIES (continued)

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Push-K App

5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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 and 10% straight line Torah scrolls - 2% straight line

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.

- 25 -

Docusign Envelope ID: 76AB0C1E-8558-4A32-B1FD-6714A2969E1D

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 NOVEMBER 2024

3. ACCOUNTING POLICIES (continued)

Defined contribution plans (continued)

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	2024
		£	£	£
Donations
Donations		1,217,436	–	1,217,436
Grants
Grants receivable		–	28,988	28,988
Other donations and legacies
Events income		126,846	–	126,846
		`─────────────`	`─────────`	`─────────────`
		1,344,282	28,988	1,373,270
		`═════════════`	`═════════`	`═════════════`
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2023
		£	£	£
Donations
Donations		1,002,589	17,000	1,019,589
Grants
Grants receivable		34,810	14,565	49,375
Other donations and legacies
Events income		46,274	–	46,274
		`─────────────`	`─────────`	`─────────────`
		1,083,673	31,565	1,115,238
		`═════════════`	`═════════`	`═════════════`
INVESTMENT INCOME
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2024	Funds	2023
	£	£	£	£
Bank interest receivable	5,041	5,041	2,287	2,287
Other interest receivable	2,787	2,787	–	–
	`───────`	`───────`	`───────`	`───────`
	7,828	7,828	2,287	2,287
	`═══════`	`═══════`	`═══════`	`═══════`

6. INVESTMENT INCOME

- 26 -

Docusign Envelope ID: 76AB0C1E-8558-4A32-B1FD-6714A2969E1D

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 NOVEMBER 2024

7. OTHER INCOME

	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2024	Funds	2023
	£	£	£	£
Other income	107,525	107,525	113,145	113,145
	`══════════`	`══════════`	`══════════`	`══════════`
COSTS OF RAISING DONATIONS	AND LEGACIES
	Unrestricted	Total Funds	Unrestricted	Total Funds
	Funds	2024	Funds	2023
	£	£	£	£
Costs of raising donations and legacies
- Donations	49,207	49,207	5,144	5,144
	`═════════`	`═════════`	`═══════`	`═══════`

8. COSTS OF RAISING DONATIONS AND LEGACIES

9. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE

		Unrestricted	Restricted	Total Funds
		Funds	Funds	2024
		£	£	£
Advancement of the Orthodox Jewish faith		774,230	30,071	804,301
Support costs		6,000	–	6,000
		`──────────`	`─────────`	`──────────`
		780,230	30,071	810,301
		`══════════`	`═════════`	`══════════`
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2023
		£	£	£
Advancement of the Orthodox Jewish faith		688,985	22,683	711,668
Support costs		10,200	–	10,200
		`──────────`	`─────────`	`──────────`
		699,185	22,683	721,868
		`══════════`	`═════════`	`══════════`
EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE
	Activities
	undertaken		Total funds	Total fund
	directly	Support costs	2024	2023
	£	£	£	£
Advancement of the Orthodox Jewish
faith	804,301	–	804,301	711,668
Governance costs	–	6,000	6,000	10,200
	`──────────`	`───────`	`──────────`	`──────────`
	804,301	6,000	810,301	721,868
	`══════════`	`═══════`	`══════════`	`══════════`
ANALYSIS OF SUPPORT COSTS
		Analysis of
		support costs	Total 2024	Total 2023
		£	£	£
Audit fees		6,000	6,000	10,200
		`═══════`	`═══════`	`═════════`

10. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE

11. ANALYSIS OF SUPPORT COSTS

- 27 -

Docusign Envelope ID: 76AB0C1E-8558-4A32-B1FD-6714A2969E1D

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 NOVEMBER 2024

12. ANALYSIS OF GRANTS

12.	ANALYSIS OF GRANTS
				2024	2023
				£	£
	Grants to institutions
	Grants to Institutions			–	10,000
				`────`	`─────────`
	Total grants			–	10,000
				`════`	`═════════`
13.	OTHER EXPENDITURE
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2024	Funds	2023
		£	£	£	£
	Other expenditure	15,795	15,795	19,369	19,369
		`═════════`	`═════════`	`═════════`	`═════════`
14.	NET INCOME
	Net income is stated after charging/(crediting):
				2024	2023
				£	£
	Amortisation of intangible assets			1,930	–
	Depreciation of tangible fixed assets			4,868	1,846
				`═══════`	`═══════`
15.	AUDITORS REMUNERATION
				2024	2023
				£	£
	Fees payable for the audit of the financial statements			6,000	6,900
				`═══════`	`═══════`
16.	STAFF COSTS
	The total staff costs and employee benefits for the reporting period are analysed as				follows:
				2024	2023
				£	£
	Wages and salaries			61,072	44,187
	Employer contributions to pension plans			987	800
				`─────────`	`─────────`
				62,059	44,987
				`═════════`	`═════════`

The average head count of employees during the year was 4 (2023: 4).

No employee received employee benefits of more than £60,000 during the year (2023: Nil).

17. 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.

- 28 -

Docusign Envelope ID: 76AB0C1E-8558-4A32-B1FD-6714A2969E1D

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 NOVEMBER 2024

18. INTANGIBLE ASSETS

INTANGIBLE ASSETS
	Push-K App
	£
Cost
At 1 December 2023 and 30 November 2024	38,604
	`═════════`
Amortisation
Charge for the year	1,930
	`─────────`
At 30 November 2024	1,930
	`═════════`
Carrying amount
At 30 November 2024	36,674
	`═════════`
At 30 November 2023	38,604
	`═════════`

19. TANGIBLE FIXED ASSETS

	Land and	Plant and	Motor
	buildings	machinery	vehicles	Torah scrolls	Total
	£	£	£	£	£
Cost
At 1 December 2023	7,490,905	8,446	18,000	54,166	7,571,517
Additions	10,323	–	32,129	–	42,452
	`─────────────`	`───────`	`─────────`	`─────────`	`─────────────`
At 30 November 2024	7,501,228	8,446	50,129	54,166	7,613,969
	`═════════════`	`═══════`	`═════════`	`═════════`	`═════════════`
Depreciation
At 1 December 2023	–	7,148	17,011	5,065	29,224
Charge for the year	–	325	3,460	1,083	4,868
	`─────────────`	`───────`	`─────────`	`─────────`	`─────────────`
At 30 November 2024	–	7,473	20,471	6,148	34,092
	`═════════════`	`═══════`	`═════════`	`═════════`	`═════════════`
Carrying amount
At 30 November 2024	7,501,228	973	29,658	48,018	7,579,877
	`═════════════`	`═══════`	`═════════`	`═════════`	`═════════════`
At 30 November 2023	7,490,905	1,298	989	49,101	7,542,293
	`═════════════`	`═══════`	`═════════`	`═════════`	`═════════════`

20. INVESTMENTS

Halev owns 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 £903 for the year ended 31 March 2024. 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.

- 29 -

Docusign Envelope ID: 76AB0C1E-8558-4A32-B1FD-6714A2969E1D

HALEV LIMITED COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 NOVEMBER 2024

20. INVESTMENTS (continued)

20.	INVESTMENTS *(continued)*
			Shares in
			group
		undertakings
			£
	Cost or fair value
	At 1 December 2023 and 30 November 2024		3
			`════`
	Impairment
	At 1 December 2023 and 30 November 2024		–
			`════`
	Carrying amount
	At 30 November 2024		3
			`════`
	At 30 November 2023		3
			`════`
	All investments shown above are held at valuation.
21.	DEBTORS
		2024	2023
		£	£
	Trade debtors	1,750	17,250
	Other debtors	45,593	65,575
		`─────────`	`─────────`
		47,343	82,825
		`═════════`	`═════════`
22.	CASH AND CASH EQUIVALENTS
	Cash and cash equivalents comprise the following:
		2024	2023
		£	£
	Cash at bank and in hand	620,048	314,695
	Bank overdrafts	(8,141)	(6,441)
		`──────────`	`──────────`
		611,907	308,254
		`══════════`	`══════════`
23.	CREDITORS: amounts falling due within one year
		2024	2023
		£	£
	Bank loans and overdrafts	156,141	114,441
	Trade creditors	12,848	–
	Accruals and deferred income	6,000	15,900
	Other creditors	197,457	114,137
		`──────────`	`──────────`
		372,446	244,478
		`══════════`	`══════════`

- 30 -

Docusign Envelope ID: 76AB0C1E-8558-4A32-B1FD-6714A2969E1D

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 NOVEMBER 2024

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

	2024	2023
	£	£
Bank loans and overdrafts	2,395,944	2,831,708
	`═════════════`	`═════════════`

25. 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 £987 (2023: £800).

26. ANALYSIS OF CHARITABLE FUNDS

Unrestricted funds

Unrestricted funds
	At				At 30
	1 December				November
	2023	Income	Expenditure	Transfers	2024
	£	£	£	£	£
General funds	3,846,215	1,459,635	(845,232)	18,846	4,479,464
	`═════════════`	`═════════════`	`══════════`	`═════════`	`═════════════`
	At				At 30
	1 December				November
	2022	Income	Expenditure	Transfers	2023
	£	£	£	£	£
General funds	3,353,689	1,199,105	(723,698)	17,119	3,846,215
	`═════════════`	`═════════════`	`══════════`	`═════════`	`═════════════`
Restricted funds
	At				At 30
	1 December				November
	2023	Income	Expenditure	Transfers	2024
	£	£	£	£	£
Building Fund	1,002,339	–	–	–	1,002,339
Other restricted funds	53,681	28,988	(30,071)	(18,846)	33,752
	`─────────────`	`─────────`	`─────────`	`─────────`	`─────────────`
	1,056,020	28,988	(30,071)	(18,846)	1,036,091
	`═════════════`	`═════════`	`═════════`	`═════════`	`═════════════`
	At				At 30
	1 December				November
	2022	Income	Expenditure	Transfers	2023
	£	£	£	£	£
Building Fund	1,002,339	–	–	–	1,002,339
Other restricted funds	61,918	31,565	(22,683)	(17,119)	53,681
	`─────────────`	`─────────`	`─────────`	`─────────`	`─────────────`
	1,064,257	31,565	(22,683)	(17,119)	1,056,020
	`═════════════`	`═════════`	`═════════`	`═════════`	`═════════════`

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

- 31 -

Docusign Envelope ID: 76AB0C1E-8558-4A32-B1FD-6714A2969E1D

HALEV LIMITED

COMPANY LIMITED BY GUARANTEE

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 30 NOVEMBER 2024

27. ANALYSIS OF NET ASSETS BETWEEN FUNDS

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2024
	£	£	£
Intangible assets	36,674	–	36,674
Tangible fixed assets	6,577,538	1,002,339	7,579,877
Investments	3	–	3
Current assets	633,639	33,752	667,391
Creditors less than 1 year	(372,446)	–	(372,446)
Creditors greater than 1 year	(2,395,944)	–	(2,395,944)
	`─────────────`	`─────────────`	`─────────────`
Net assets	4,479,464	1,036,091	5,515,555
	`═════════════`	`═════════════`	`═════════════`
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2023
	£	£	£
Intangible assets	38,604	–	38,604
Tangible fixed assets	6,539,955	1,002,339	7,542,294
Investments	3	–	3
Current assets	343,839	53,681	397,520
Creditors less than 1 year	(244,478)	–	(244,478)
Creditors greater than 1 year	(2,831,708)	–	(2,831,708)
	`─────────────`	`─────────────`	`─────────────`
Net assets	3,846,215	1,056,020	4,902,235
	`═════════════`	`═════════════`	`═════════════`
ANALYSIS OF CHANGES IN NET DEBT
	At		At
	1 Dec 2023	Cash flows	30 Nov 2024
	£	£	£
Cash at bank and in hand	314,695	305,353	620,048
Bank overdrafts	(6,441)	(1,700)	(8,141)
Debt due within one year	(108,000)	(40,000)	(148,000)
Debt due after one year	(2,831,708)	435,764	(2,395,944)
	`─────────────`	`──────────`	`─────────────`
	(2,631,454)	699,417	(1,932,037)
	`═════════════`	`══════════`	`═════════════`

28. ANALYSIS OF CHANGES IN NET DEBT

29. RELATED PARTIES

Donations received include amounts aggregating £38,130 (2023: £80,690) 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 £20,476 (2023: £35,354).

Included in other debtors is a loan due from Gan Yeladim Limited of £26,052 (2023: £11,546). One of the directors of Gan Yeladim Limited is a key management person of Halev Limited.

Included in other creditors is an amount of £85,884 (2023: £35,943) due to Chabad of West Hampstead, a charity with a trustee who is a key management person of Halev Limited.

- 32 -