REGISTERED COMPANY NUMBER: 10171387 (England and Wales) REGISTERED CHARITY NUMBER: 1174404
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2021
FOR
CHABAD LUBAVITCH OF BRISTOL
Joseph Kahan Associates LLP Chartered Accountants 923 Finchley Road London NW11 7PE
CHABAD LUBAVITCH OF BRISTOL
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Statement of Financial Position | 6 | ||
| Notes to the Financial Statements | 7 | to | 12 |
CHABAD LUBAVITCH OF BRISTOL
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MAY 2021
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st May 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
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The advancement of education and practice of the Jewish faith and culture in Bristol and southwest England and
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The provision of student support services and activities across southwest England;
Public benefit
The trustees have carefully considered the public benefit requirements and their duty to ensure that they are compliant with them. They feel that the activities as detailed below, more than adequately, satisfy the public benefit requirement.
ACTIVITIES
Chabad of Bristol serves the Jewish students and communities in Bristol and across the South West, with weekly classes for children, students and adults as well as Shabbat meals and holiday programmes to create a community atmosphere. In addition, hospital, prison and home visits ensure no one is alone without pastoral support.
The onset of Covid and the lockdowns brought an increased demand on our services in support of the community at large, and for the elderly those shielding specifically.
We are grateful for the covid emergency grants that made all the support possible, especially when some of our regular donors were hurt financially and had to reduce their support.
Having established a sufficient level of funding reserves, the trustees are in agreement that further reserves should be allocated (although not restricted) towards a downpayment for the purchase of a Chabad Centre in the future. Having had to move multiple times over the last few years a permanent home that Chabad Lubavitch of Bristol will own will establish our charity on the ground for the long run. This will also enable us to have a greater impact and better serve the students and community by having the facilities to host a variety of programmes and events.
Having received planning permission from Bristol City Council we are in the process of securing funding for building the Mikvah and are currently submitting further reports to meet various pre-commencement conditions.
Volunteers
There were 5 volunteers during the year.
FINANCIAL REVIEW
Financial position
The statement of financial activities show a net surplus for the year of £95,527 (2020 : £22,944). The net reserves of £204,817 ( 2020 : £109,290) will be carried forward to the following year to be used towards the charity's objectives.
Investment policy and objectives
The Memorandum and Articles of Association authorises the Trustees to make and hold investments using the general funds of the charity, as may be thought fit by them subject to any limitations and obligations imposed upon them by the Charities Act 2011 and the Trustee Investments Act 2000.
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CHABAD LUBAVITCH OF BRISTOL
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MAY 2021
FINANCIAL REVIEW
Reserves policy
The charity's reserves policy is to maintain sufficient reserves to enable the charity to continue its activities and services at a meaningful level, should there be a drop in income. As all income is derived from voluntary donations, the trustees review this position on a regular basis.
In view of this the trustees aim to maintain a level of reserves sufficient to meet three months basic operating costs.
Having regard to the above the Trustees are of the opinion that the cash reserves held as at the year end would be sufficient to meet three months basic operating costs and, they intend to increase the reserves held in the forthcoming year.
There were no restricted funds as at the year end. The Trustees consider that the present level of reserves and funding is adequate to support the continuing operation of the charity, at current levels.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, articles of association and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
All Directors of the company are also Trustees of the Charity, and there are no other Trustees. All of the Trustees named above served throughout the year. The Board has the power to appoint additional trustees as it considers fit to do so.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
10171387 (England and Wales)
Registered Charity number
1174404
Registered office
7 Unity Street Bristol Avon BS1 5HH
Trustees
Rabbi M M Singer Rabbi P P Efune L Y Cohen
Independent Examiner
Joseph Kahan Associates LLP Chartered Accountants 923 Finchley Road London NW11 7PE
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CHABAD LUBAVITCH OF BRISTOL
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MAY 2021
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Chabad Lubavitch of Bristol for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those 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 Charity SORP;
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make judgements and 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 charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 27th February 2022 and signed on its behalf by:
Rabbi M M Singer - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CHABAD LUBAVITCH OF BRISTOL
Independent examiner's report to the trustees of Chabad Lubavitch of Bristol ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st May 2021.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Akiva Kahan FCA Joseph Kahan Associates LLP Chartered Accountants 923 Finchley Road London NW11 7PE
Date: February 2022
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CHABAD LUBAVITCH OF BRISTOL
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MAY 2021
| 2021 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 152,258 Investment income 2 1,823 Other income 11,653 Total 165,734 EXPENDITURE ON Charitable activities 3 Finance costs 1,163 Charitable activities 23,802 Admin costs 21,234 Rent and rates 22,648 Accountancy 1,360 Total 70,207 NET INCOME 95,527 RECONCILIATION OF FUNDS Total funds brought forward 109,290 TOTAL FUNDS CARRIED FORWARD 204,817 |
2020 Total funds £ 97,464 2,371 840 |
|---|---|
| 100,675 636 26,822 26,452 22,461 1,360 |
|
| 77,731 | |
| 22,944 86,346 |
|
| 109,290 |
The notes form part of these financial statements
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CHABAD LUBAVITCH OF BRISTOL
STATEMENT OF FINANCIAL POSITION 31ST MAY 2021
| 2021 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 9 1,067 CURRENT ASSETS Investments 10 29,392 Cash at bank 176,068 205,460 CREDITORS Amounts falling due within one year 11 (1,710) NET CURRENT ASSETS 203,750 TOTAL ASSETS LESS CURRENT LIABILITIES 204,817 NET ASSETS 204,817 FUNDS 12 Unrestricted funds 204,817 TOTAL FUNDS 204,817 |
2020 Total funds £ 193 27,580 84,622 112,202 (3,105) 109,097 109,290 109,290 109,290 109,290 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2021 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 27th February 2022 and were signed on its behalf by:
M M Singer - Trustee
The notes form part of these financial statements
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CHABAD LUBAVITCH OF BRISTOL
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
- Plant and machinery - 25% on reducing balance
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Financial instruments
The Charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
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CHABAD LUBAVITCH OF BRISTOL
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MAY 2021
1. ACCOUNTING POLICIES - continued
Financial instruments
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Deposit account interest | 11 | 124 |
| Interest receivable | 1,812 | 2,247 |
| 1,823 | 2,371 |
3. CHARITABLE ACTIVITIES COSTS
| Finance costs Charitable activities Admin costs Rent and rates Accountancy SUPPORT COSTS Management £ Finance costs - Admin costs 13,716 Accountancy - 13,716 |
Support Direct costs (see Costs note 4) £ £ - 1,163 23,802 - 7,479 13,755 22,648 - - 1,360 53,929 16,278 Governance Finance costs £ £ 1,163 - - 39 - 1,360 1,163 1,399 |
Totals £ 1,163 23,802 21,234 22,648 1,360 |
|---|---|---|
| 70,207 | ||
| Totals £ 1,163 13,755 1,360 |
||
| 16,278 |
4. SUPPORT COSTS
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CHABAD LUBAVITCH OF BRISTOL
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MAY 2021
5. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| Depreciation - owned assets | 216 | 65 |
6. TRUSTEES' REMUNERATION AND BENEFITS
Rabbi Menachem Singer received remuneration totalling £6,300 (2020 : £9,260) from the charity for the provision of non-trustee related services.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31st May 2021 nor for the year ended 31st May 2020.
7. STAFF COSTS
The average monthly number of employees during the year was as follows:
| No of staff No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Other income Total EXPENDITURE ON Charitable activities Finance costs Charitable activities Admin costs Rent and rates Accountancy Total NET INCOME |
2021 2020 2 2 Unrestricted fund £ 97,464 2,371 840 100,675 636 26,822 26,452 22,461 1,360 77,731 22,944 |
2021 2020 2 2 Unrestricted fund £ 97,464 2,371 840 100,675 636 26,822 26,452 22,461 1,360 77,731 22,944 |
|---|---|---|
| 100,675 636 26,822 26,452 22,461 1,360 |
||
| 77,731 | ||
| 22,944 |
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
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CHABAD LUBAVITCH OF BRISTOL
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MAY 2021
| 8. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued | ||
|---|---|---|---|
| Unrestricted | |||
| fund | |||
| £ | |||
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 86,346 | ||
| TOTAL FUNDS CARRIED FORWARD | 109,290 | ||
| 9. | TANGIBLE FIXED ASSETS | ||
| Plant and | |||
| machinery | |||
| £ | |||
| COST | |||
| At 1st June 2020 | 613 | ||
| Equipment | 1,090 | ||
| At 31st May 2021 | 1,703 | ||
| DEPRECIATION | |||
| At 1st June 2020 | 420 | ||
| Charge for year | 216 | ||
| At 31st May 2021 | 636 | ||
| NET BOOK VALUE | |||
| At 31st May 2021 | 1,067 | ||
| At 31st May 2020 | 193 | ||
| 10. | CURRENT ASSET INVESTMENTS | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Funding Circle Ltd | 29,392 | 27,580 |
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CHABAD LUBAVITCH OF BRISTOL
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MAY 2021
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Social security and other taxes Net wages payable Accrued expenses MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
At 1/6/20 £ 109,290 109,290 Incoming resources £ 165,734 165,734 At 1/6/19 £ 86,346 86,346 |
2021 2020 £ £ (760) (759) - 1,394 2,470 2,470 1,710 3,105 Net movement At in funds 31/5/21 £ £ 95,527 204,817 95,527 204,817 Resources Movement expended in funds £ £ (70,207) 95,527 (70,207) 95,527 Net movement At in funds 31/5/20 £ £ 22,944 109,290 22,944 109,290 |
|---|---|---|
12. MOVEMENT IN FUNDS
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CHABAD LUBAVITCH OF BRISTOL
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST MAY 2021
12. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 100,675 100,675 |
Resources Movement expended in funds £ £ (77,731) 22,944 (77,731) 22,944 |
Resources Movement expended in funds £ £ (77,731) 22,944 (77,731) 22,944 |
|---|---|---|---|
| 22,944 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1/6/19 £ 86,346 86,346 |
Net movement in funds £ 118,471 118,471 |
At 31/5/21 £ 204,817 |
|---|---|---|---|
| 204,817 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 266,409 266,409 |
Resources Movement expended in funds £ £ (147,938) 118,471 (147,938) 118,471 |
Resources Movement expended in funds £ £ (147,938) 118,471 (147,938) 118,471 |
|---|---|---|---|
| 118,471 |
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31st May 2021.
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