COLEL CHABAD Charity No. 327485 Report and Financial Statements For the year ended 31 December 2024 I GOLDWINS
Colel Chabad Report and Financial Statements For the year ended 31 December 2024 Contents Page Reference and administrative inforniation Trustees. annual report Independent aUdit0S report Statement of financial activities (incorporating an income and expenditure account) Balance sheet ststement of cash flows 10 Notes to the financial ststements
Colel Chabad Reference and Administrative Inforniation For the year ended 31 December 2024 Trustees: Rabbi Yitzchok Sufrin Daniel Meyer Wolffe Rabbi Menachem Salek (Chair) Chaflty number. 327485 R•glstered offlce: 68 Lingwood Road London E5 9BN Audltors: Goldwins Limited 75 Maygrove Road West Hampstead London NW6 2EG Bankers Natsvest Bank PIC 250 Bishopsgate London EC2M 4AA Page11
Colel Chabad Trustees, Annual Report For the year ended 31 December 2024 Trustees. Annual Report for the year ended 31 Docember 2024 The trustees present their report and the financial ststements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities. {FRS102) in preparing the annual report and financial statements. Objectives and Actlvltles The principle activity and objective continues to be to raise funds for the Colel Chabad food distribution program in Israel which supports the poor. needy and destitute by supplying them with food. Details of these activities supported by this charity can be found at www.colelchabad.o Funds have also been raised for other Chabad activities and campus activities. It is confirmed that the trustees have satisfied themselves that they have complied with the duty to have regard to the guidance issued by the Charity Commission on public benefit and that the achievements and activities demonstrate that the charity is providing public benefit. The policy of grant making is that generally grants are to be made to the Colel Chabad organisation in Israel. Colel Chabad's sole purpose has always been to help the most destitute residents in Israel in a manner that preserves and enhances their dignity. For over 230 years Colel Chabad has remained faithful to its mission to help regardless of age, gender, marital status or ethnic background. Occasionally grants have been made to other Chabad institutions in line with donors wishes. Revlew of Objectlves, Actlvltles and Achlevements The funds raised during the year were £4.723,736 which was a substantial increase over the previous year's figure of £1.980.699. The trustees consider this to be a very significant achievement and again full credit must go to the charity's full-time fundraiser. Mr. Russell Conn. The charity's work continues to make a considerable difference to the lives of the beneficiaries. During 2024, we were very fortunate to receive significant further donations from Mark Adlestone 2nd the Beaverbrook Charitable Trust from Keith Black and the Benson and Lionel Black Charity trust and very generous and significant donations from Mr Alex Knaster as well as very generous support from many generous donors. The UK campaign is truly grateful to Rabbis Sholom Duchman. Zalman Duchman, Efraim Duchman, Shmuel Lewis and Levi Duchman for all their efforts as well as many of their colleagues in the New York office. The online carnpaign continues to grow and accounts for a significant part of the donations received in the UK. To this end we are extremely gratefvl for Channah Simpson's help with the online paypal campaign which is likewise making a real contribution to the UK campaign. Gift Aid has now become a staple part of our campaign. PayPal has also now become an integral part of the campaign and we are indebted to Shmuel Lipsker maintaining and updating the website thus enabling us to reclaim Gift Aid on many of the online donations. Page12
Colel Chabad Trustees. Annual Report For the year ended 31 December 2024 The year 2024 has started solidly. Rabbi Sholom Duchman has been working tirelessly and the UK campaign is extremely grateful to him and his colleagues in New York for all their efforts. We express our appreciation for the continued support and encouragement of the dedicated band of lay leaders under the guidance and leadership of Mark Adlestone OBE DL. and Daniel Levy Flnanclal revlew Donations plus gift aid received in 2024 amounted to £4.723,705. The cost of generating the income was £510,481. At 31 December 2024 the resenies in hand to meet ongoing expenditure was £53,367. The year 2024 is encouraging. Structure Governance and Management The charity, Colel Chabad, is govemed by its trust deed dated 20 May 1987. Menachem Salek is the chair and Daniel Meyer Wolffe is the managing trustee and Rabbi Yitzchock Sufrin is the third trustee. The charity has a full-time fundraiser. Mr. Russell Conn. There are no other employees. Reference and Admlnlstratlve The charity registration number is 327485 The principal address is 68 Lingwood Road. London. E5 9BN. Trustee responslbllltles statement The trustees are responsible for preparing the trustees, report and the financial statements in accordance with applicable law accounting standards. The law applicable to charities requires the trustees to prepare accountsfor each financial year which give a true and fair view of the stste of affairs of the charity and of the incoming resources and application of resources for that period. In preparing these accounts. the trustees are required to: select suitable accounting policies and apply them consistently. make judgements and estimates that ale reasonable and prudent. follow applicable accounting standards and the Charities SORP, disclosing and explaining any departures in the accounts. and prepare the accounts on the going concem 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 the reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. the applicable Charities (Accounts and reports) Regulations, and the provisions of the Trust Deed. They are also responsible for Page13
Cow Chabfftd safeguaroing the assets of the charity and hen for tsking reasonale steps for the preVentn and detection of fraud and other irregularitEs. The trustees annual report was approved on l*half of the trustees ty: 30 September 2025 and sKJn8d on Daniel Meyer Wolffe - Tritslee Page14
Independent Auditorfs Report to the Trustees of Colel Chabad For the year ended 31 December 2024 Oplnlon We have audited the financial statements of Colel Chabad (the Charity)for the year ended 31 December 2024, which comprise the Slatement of Financial Activities. Balance Sheet. Statement of Cashflows and the related notes. The financial reporting framework thal has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 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 31 December 2024 and of 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 Charities Act 2011. Basls for oplnlon 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 accordar)ce with the ethical requirements that are relevant to our audit of the financial statement5 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 lo provide a basis for our opinion. Concluslons relatlng to golng 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 ststements is appropriate. Based on the work we have performed, we have not identtfied 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_ Other InfoTrnatlon The other information comprises the information included in the trustees. annual report other than the financial statements and our auditor's report thereon_ The trustees are responsible for the other information contained within the annual report_ Our opinion on the financial statements does not cover the other infomiation and. except to the extent otherwise explicitly stated in our report. we do not express any form of assurance Gonclusion thereon. Our responsibilty 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsislencies or apparent material misstatements, we are required to detemiine whether this gives rise to a material misstatement in the financial statements Ihemsefves_ 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. Page15
Independent Auditof s Report to the Trustees of Colel Chabad For the year ended 31 December 2024 Matters on whlch we are requlred to report by exceptlon In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit: we have not identified material misstatements in the trustees, annual report. We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if. in our opinion- adequate accounting records have not been kept or retums adequate for our audit have not been received from branches not visited by us- the financial statements are not in agreement with the accounting records and retums., certain disclosures of trustees, remuneration specified by law are not made.. or we have not obtained all the information and explanations necessary for the purposes of our audit. Responslbllltlos of trustèés As explained more lully in the statement of trustees. responsibilities set out in the trustees, annual report, the trustees are responsible for the preparation of the fsnancial statements and for being satisfied thal they give a true and fairview, and forsuch 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. Audltorfs responslbllltles for the audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial ststements as a whole are free from material misstatement, whether due to fraud or error and to issue an auditor's report thal includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audil conducted in accordance with ISAS (UK} will always deted a material misstatement when it exists. Misslatements 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. Irfegularities, 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 irregularilies, including fraud are set out below. Capablllty of thè audlt In det•ctlng Irregularltlos In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non- compliance with laws and regulations. our procedures included the following= We enquired of management. which included obtaining and reviewing supporting documentation. concerning the charity's policies and procedures relating to detecting and responding to the risks of fraud and whether they have knowledge of any actual. suspected, or alleged fraud We inspected Ihe minutes of meetings of those charged with governance. We obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on those laws and regulations that had a matersal effect on the financial statements or that had a fundamental effect on the operations ofthe charity from our professional and sectorexperience. Page16
Independent AuditoVs Report to the Trustees of Colel Chabad For the year ended 31 December 2024 We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. In addressing the risk of fraud through management oveIde of controls, we tested the appropriateness ofjournal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested signrficant transactions that are unusual or those outside the normal course of business. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment. forgery. collusion. omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uklauditorsresponsibilities. This description fomis part of our auditor's report. U80 of our rèport This report is made solely to the Charity's Tnjstees. as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made undersection 154 of that Act. Our audit work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an auditors, 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 Trustees as a body, for our audit work, for this report, or for the opinions we have formed. Anthony Epton (Senior Statutory Audltor) for and on behalf of Goldwlns Llmited Stalutory Audltor Chartered Accountants 75 Maygrovo Road West Hampstead London NW6 2EG 1 October 2025 Goldwi ns Limited i s eligible for appointment as auditor of the charity by virtue of its eligibil ity for appointment as auditor of a company under section 1212 of the Companies Act 2006. Page17
Colel Chabad Statement of Financial Activities (Incorporating an Income and Expenditure Account) For the year ended 31 December 2024 2024 Total Funds 2023 Total Funds Unrnstrfcted Restrfctod Funds Funds Income from: Donations Other income 4,698,836 24.900 4.698,836 1,980,698 24.900 Total Income 4,723.736 4,723,736 1.980,698 Expendlturn on: Raising funds Charitable activities 50,481 4.663.037 50.481 49,400 4663.037 1,926,591 Total oxpandlture 4.713.518 4713.518 1.975,991 Net income l (expenditure) for the year 10,218 10,218 4.707 Roconclllatlon of funds: Total funds brought fOard 43,149 43.149 38,442 Total funds carrled forward 10 53,367 53,367 43,149 All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements. Page18
Cash 81 bank *xl in harnl 51,942 10m1 (8.793) 43.149 Unrestricled - Gener31 IwKI$ 43.144 ApprOd by the 8oard Trithes t)n 30 September 2025 .. arKI sKJned on ils behal ty. The allxhed rM)tes fmn part of these finla! slaternts. Pagelg
Colel Chabad Statement of Cash Flows For the year ended 31 December 2024 2024 2023 Net Income for the roportlng porlod {as per the statement of financlal activitses) 10,218 4,707 Increase l (decrease) in creditors 2.078 (31) Net cash provld8d by oporatlng activltles 12.296 4,676 2023 2023 Change In cash and rAsh equlvalents In the year 12,296 4,676 Cash and cash equivalents at the beginning of the year 51,942 47,266 Cash and cash equlvalents at the end of the year 64,238 51,942 Page | 10
Colel Chabad Notes to the Financial Statements For the year ended 31 December 2024 1. Accountlng pollcles a) Basls of preparation The financial statements have been prepared in accordance with 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 IFRS 102 effective 1 January 2015)- (Charities SORP FRS 102} and the Charities Act 2011. The charity meets the definition of a public benefit entty under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othenvise stated in the relevanl accounling policy or note. b) Golng concern The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. The trustees do not Consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. c) Income Income is recognised when the charity has entitlement to the funds. any performance conditions attached lo the income have been met, it is probable that the income will be received and that the amount can be measured reliably. d) Donatlons of glfts. soNices and facllltios Donated professional services and donated facilities are recognised as income when the charity has control over the rtem or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP IFRS 1021. volunteer time is not recognised so refer to the trustees, annual report for more information about their contribution. On receipt. donated gifts. professional services and donated facilities are recognised on the basis of the value of Ihe gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market- a corresponding amount is then recognised in expenditure in the period of receipt. e) Intorost receivable Interest on funds held on deposit is included when re1vable and the amounl can be measured reliably by the charity., this is normally upon nottfication of the interest paid or payable by the bank. Fund accountlng Unrestricted funds are available to spend on activities that further any of the purposes of charity. Restricted funds are donalions which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by Ihe charity. Pagel 11
Colel Chabad Notes to the Flnancial Statements Forthe year ended 31 December 2024 1. Accountlng pollcles g) Expendlture and Irrecoverable VAT Expenditure is recognised once there is a legal or construciive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is dassified under the following activity headings.. Costs of raising funds comprise of trading costs and the costs incurred by the charity in inducing third parties to make voluntary contributions to it. as well as the cost of any activities with a fundraising purpose. Expenditure on charitable actNities includes the costs of delivering services undertaken to further the purposes of the charity and their associated support costs. Other expenditure represents those items not falling into any other heading. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. h} Allocation of support costs Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs. finance, personnel, payroll and governance costs which support the charity and its and activities_ They are allocated to charitable actiivities based on projected time spent on the activities. l) Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. J) Cash at bank and In hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. k) Crodltors and provlslons Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nomially recognised at their settlement amount after allowing for any trade discounts due. l) Flnanclal Instruments The charity only has financial assets and financial liabilities of a kind that qualtfy as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measurèd at amortised cost using the effective interest method. Page | 12
Colel Chabad Notes to the Flnanclal Statements For the year ended 31 December 2024 2. Detallod comparatives for thè ststement of financlal acllvttles 2023 Unrestricted 2023 Restricted 2023 Total Income from.. Donations 1,980,698 1,980,698 Total income 1.980.698 1,980,698 Expenditure on: Fundraising Costs Charitable activities 49,400 1.926.591 49,400 1.926,591 Total expenditure 1,975,991 1,975,991 Net movement in funds 4,707 4.707 Total funds brought fomard 38.442 38,442 Total funds carried forward 43,149 43,149 3. Income from donatlons 2024 Totsl 2023 Total Unrestrlcted Restrlcted Donations 4,698.836 4.698.836 4,698,836 4,698,836 1,980,698 1,980,698 Page | 13
Colel Chabad
Noto8 ta thè Fln•n¢lal Ststwn•nts
Forthe
ar •ndod 31 DKomber 2024
4 An•ly•h of •xp•ndliur•
2024
Total
2023
Total
Fundr8i$ing costs
staff costs
Donations to instilutions
Renl
Bank fees
Accountancy fees
Audillxs romJn8ratien
2.775
36.000
2.775
4.236
30.ooo
36.000
4V037 1.926.591
916
1.528
656
3.180
4.663.037
916
886
4.704
5.200
11.706 4n&511
4704
38.775
4.663.037
1.975.991
Governanc8 costs
Totsl oxp•ndMur• 2024
11.706
4711511
Totsl expen¢titure 2023
51.470
1.060.578
1.975.991
Of Ihe lotsl expend¢ture. £4.713.518 12023_. £1.975.9911 unrestricted and £O12W23.. £0.) Wd5
reslriGted.
The ¢Jonalions were mad8 to other charth95 to wppryl thwr tharilabb athkng5. £4.462.IKMI
2023'.£1,816.48Ql was donated lo Esh81 Jemsalem.
l• An•ly¥l• of •JKp•ndtturn Iprlory•tr)
r•Wng funds Acllvltl••
co•ts 2023Totsl 2022 Total
FJndrai5ing costs
staff costs
Donations to institiJtion5
Rent
Bank fegs
Accountancy fees
Auditor5 reThuneraDo
4.236
36.iKNJ
4230
36.1)00
1.060.578
4.973
147
3.408
1.926.591
1,920.591
1.528
1.528
656
3.160
3.110
40.236
1.926.591
9.164 1.975,991
1.112.048
Governance Ix)5tS
Total expendi 2022
9.164
Total expendiknre 2021
1 060.578
1.112.048
The donaliDns wère madg lo other ¢harib8s to th•r chanlat48 a¢bwbes. £1.816.480 12022
..£971,9701 was donalgd to ESTr1 JgfU5algrn.
5 N•tln¢orn• I l•xp•nthr•l forth• y••r
2024
Thi5 is Stated aft8rchaTging I 1ctpditing1-.
Audit5 remuneration- nel
4.333
3.167
6 AnalyslA of •taff
Colel Chabad Notes to the Flnancial Statements For the year ended 31 December 2024 7 Taxatlon The charity is exempt from income tax as all its income is charitable and is applied for charitable purposes. 8 Credltors: amounts falling due within one year 2024 2023 Taxation and social security Accruals 1,804 9,067 10,871 1.753 7.040 8,793 9 Analy85s of net assets between funds General unrestrlctsd Restricted Total funds Net current assets Net assets at the end of the year 53,367 53,367 General unrestrlcted Restrlcted Total funds Analysls of net assets betwoen funds 2023 Net current assets Net assets at the end of tho year 43.149 43,149 43,149 43,149 10 Movements In funds Attho stsrt of the year At the end Incorne Exponditure Transfers of the year Unrostrlcted funds: Trust funds General funds 43.144 4.723.736 (4.713.518) 53.362 Total funds 43.149 4.723.736 4,713,518 53,367 11 Rolated party transactions There were no related party transactions during the year (2023.. None). Page | 15