REGISTERED COMPANY NUMBER:
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REGISTERED CHARITY NUMBER:
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REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR |
ENDED 31 DECEMBER 2017 |
FOR |
CHABAD LUBAVITCH CENTRES NORTH EAST |
LONDON AND ESSEX LIMITED |
REGISTERED COMPANY NUMBER:
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REGISTERED CHARITY NUMBER:
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REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR |
ENDED 31 DECEMBER 2017 |
FOR |
CHABAD LUBAVITCH CENTRES NORTH EAST |
LONDON AND ESSEX LIMITED |
CHABAD LUBAVITCH CENTRES NORTH EAST |
LONDON AND ESSEX LIMITED |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2017 |
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Page |
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Report of the Trustees | 1 to 4 |
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Independent Examiner's Report | 5 |
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Statement of Financial Activities | 6 |
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Balance Sheet | 7 to 8 |
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Cash Flow Statement | 9 |
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Notes to the Cash Flow Statement | 10 |
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Notes to the Financial Statements | 11 to 16 |
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CHABAD LUBAVITCH CENTRES NORTH EAST |
LONDON AND ESSEX LIMITED |
REPORT OF THE TRUSTEES |
for the year ended 31 December 2017 |
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 31 December 2017. 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 2015). |
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OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The objects of the charity are: |
(i) the advancement of the Orthodox Jewish religion in accordance with the principles of Chabad Lubavitch; |
(ii) the advancement of Orthodox Jewish religious eduction; |
(iii) the relief of poverty and sickness and the advancement of education amongst persons of the Jewish faith; |
(iv) such other charitable objects or charitable purposes as the charity may from time to time determine. |
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CHABAD LUBAVITCH CENTRES NORTH EAST |
LONDON AND ESSEX LIMITED |
REPORT OF THE TRUSTEES |
for the year ended 31 December 2017 |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
The Trustees are delighted to share with you the growth of our Patrons & Friends campaign launched last year, which |
has grown from 41 to 50 participants during this period and continuing growing. |
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Our Annual fundraising dinner each year has now become a vital part of the financial planning and infrastructure of |
Chabad, to ensure that our budgets are achieved, ensuring the continued healthy & delivery of our development plan in |
reality. |
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The Trustees meet regularly and scrutinize the expenditure of our Chabad Centres to ensure that every "£" raised from |
our supporters is spent responsibly. With this in mind, we can meet the growing demands and needs of the wider |
community, whilst ensuring that Chabad's response in maintaining activities and ensuring growth across Essex as shared |
in our Five year development plan in its third year, can continue. |
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With the help and support of our various fundraising arms, CET- Chabad Events Team, the Patrons & Friends campaign, |
the annual dinner, our bi annual post appeals, Synagogue & friendship support, regular standing orders and periodic |
additional donations, ensure that our activities are self-funded. The Trustees appreciate it takes many partners to |
continue Chabad's success story. |
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Last year, we added two further levels of financial partnerships to the Patrons & Friends campaign. Our legacy donation |
at £5,000 per annum and sponsor at £1,800 per annum, creating four opportunities for a serious partnership commitment. |
We also committed to an annual "special event" for our "partners" in this campaign, which took place in December |
2016. |
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During 2017, our Chabad Centres and activities across Essex have seen increased opportunities on offer covering all |
ages with a marked increase in numbers attending. Our summer day camp had record numbers of some 200 children, |
weekly Hebrew class numbers have increased reaching some 100 children per week across our three Centres. Adult |
education, social activities & Synagogue attendance, food distribution for the needy & visitations to the infirm in both |
hospitals and private homes have all increased considerably. |
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Responding to the crisis needs of those affected by the ills of addiction has seen an increase in demand with some three |
cases per week needing urgent intervention or ongoing support. |
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The Trustees commitment to Chabad building projects, last year saw the completion of the extension on our |
Buckhurst Hill Centre, We are currently in the early stages of reviewing the longer term security by way of a purchase |
over that of a lease. |
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The Gants Hill flagship Centre, a completely new build community centre suited to Gants Hill, its changing environment |
and the surrounding area's needs was completed and formally opened by the Chief Rabbi Mirvis on 27 September. |
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Efforts are being made to secure a long term house for another Chabad Centre in Epping, Essex, which we hope to |
complete mid 2018. |
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The Trustees expanded its Executive Board during the course of the last twelve months thereby broadening the levels |
of expertise and network opportunities. |
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FINANCIAL REVIEW |
Financial position |
During the year the charity's net income was £333,111 (2016 - £94,511) taking the total funds carried forward to |
£533,519 (2016 - £200,408). |
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Investment policy and objectives |
Under its Memorandum of Association the charity has the power to invest in any way the trustees wish. |
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The trustees, having regard to the liquidity requirements of operating the charity have maintained a policy of keeping |
available funds in interest bearing deposit accounts. |
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CHABAD LUBAVITCH CENTRES NORTH EAST |
LONDON AND ESSEX LIMITED |
REPORT OF THE TRUSTEES |
for the year ended 31 December 2017 |
FINANCIAL REVIEW |
Reserves policy |
The trustees have established the level of reserves (that is those funds that are freely available) that the charity ought to |
have. Reserves are needed to bridge the funding gaps between spending on activities and receiving resources through |
voluntary donations and grants. The trustees consider that the ideal level of reserves as at 31 December 2017 would be |
three months of the expenditure which equates to £158,297. |
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The actual reserves at 31 December 2017 were £533,519 which is well above our target figure. The trustees review the |
funds regularly to ensure that there are sufficient reserves to provide financial stability and flexibility. |
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FUTURE PLANS |
The charity has developed a five year strategic plan which encompasses five key objectives: |
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- To return to Eastern Avenue, Gants Hill Centre after redevelopment of the site; |
- To expand, develop and continually improve our services to meet the needs of existing and potential users; |
- To attract, recruit and retain the best quality staff and volunteers; |
- To provide high quality, cost effective service delivery across all our services; and |
- To establish new partnerships and build on existing relationships and work with our partners in the areas. |
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STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
Chabad Lubavitch Centre North East London and Essex Limited is a company limited by guarantee without share |
capital, incorporated on 21 November 2007 and registered as a charity on 28 February 2008. |
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The company was established under a Memorandum of Association which established the objects and powers of the |
charitable company and is governed under its Articles of Association. |
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In the event of the company being wound up members are required to contribute an amount not exceeding £1. |
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Recruitment and appointment of new trustees |
New trustees are appointed due to their interest in the work of the charity and their recognised experience in specific |
fields which will further support the work of Chabad Lubavitch Centre. Trustees can retire when they wish as they do not |
serve under a fixed term of tenure. |
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Organisational structure |
The board of trustees administers the charity. The board meets twice quarterly. |
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The board of trustees is assisted by the charity's directors. |
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REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
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Registered Charity number |
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Registered office |
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CHABAD LUBAVITCH CENTRES NORTH EAST |
LONDON AND ESSEX LIMITED |
REPORT OF THE TRUSTEES |
for the year ended 31 December 2017 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Trustees |
The charity is managed by a board of trustees who are also the company directors. The following served as trustees and |
directors during the year: |
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Mr B S Mitchell |
Mr E Itzinger |
Mr P J Groman-Marks |
Mr D M Burney |
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Company Secretaries |
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Mr A S Brandman |
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Independent examiner |
Raffingers LLP |
Chartered Certified Accountants |
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Southend Road |
Woodford Green |
Essex |
IG8 8HD |
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PUBLIC BENEFIT REPORT |
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit and |
'The Advancement of Religion for the Public Benefit' on particular, when reviewing the aim and objectives and in |
planning the charity's future activities. In particular, the trustees consider how planned activities will contribute to the |
aims and objectives set. |
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Approved by order of the board of
trustees
on
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
CHABAD LUBAVITCH CENTRES NORTH EAST |
LONDON AND ESSEX LIMITED |
Independent examiner's report to the trustees of Chabad Lubavitch Centres North East London And Essex |
Limited ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2017 . |
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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'). |
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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. |
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Independent examiner's statement |
Since your charity 's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of FCCA which is one of the listed bodies |
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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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1. | accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | 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 |
4. | 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)]. |
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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 |
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Mr Thurairatnam Sudarshans |
FCCA |
Raffingers LLP |
Chartered Certified Accountants |
19-20 Bourne Court |
Southend Road |
Woodford Green |
Essex |
IG8 8HD |
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17 September 2018 |
CHABAD LUBAVITCH CENTRES NORTH EAST |
LONDON AND ESSEX LIMITED |
STATEMENT OF FINANCIAL ACTIVITIES |
for the year ended 31 December 2017 |
2017 | 2016 |
|
Unrestricted
fund |
Restricted
funds |
Total
funds |
Total
funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
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Other trading activities | 3 |
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Other income | 4 |
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Total |
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EXPENDITURE ON |
Raising funds | 5 |
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Charitable activities | 6 |
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Total |
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NET INCOME |
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RECONCILIATION OF FUNDS |
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Total funds brought forward |
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TOTAL FUNDS CARRIED FORWARD |
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200,408 |
CHABAD LUBAVITCH CENTRES NORTH EAST |
LONDON AND ESSEX LIMITED |
BALANCE SHEET |
At 31 December 2017 |
2017 | 2016 |
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Unrestricted
fund |
Restricted
funds |
Total
funds |
Total
funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
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CURRENT ASSETS |
Debtors | 12 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 13 |
( |
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( |
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( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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NET ASSETS |
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FUNDS | 14 |
Unrestricted funds | 533,519 | 200,408 |
TOTAL FUNDS |
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200,408 |
CHABAD LUBAVITCH CENTRES NORTH EAST |
LONDON AND ESSEX LIMITED |
BALANCE SHEET - CONTINUED |
At 31 December 2017 |
The charitable company is entitled to exemption from audit under |
Section 477 of the Companies Act 2006 for the year ended 31 December 2017. |
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The members have not required the company to obtain an audit of its financial statements for the year ended |
31 December 2017 in accordance with Section 476 of the Companies Act 2006. |
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The trustees acknowledge their responsibilities for |
(a) |
ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the
Companies Act 2006 and |
(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. |
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These financial statements have been prepared in accordance with the |
special provisions of Part 15 of the Companies Act 2006 relating to |
charitable small companies. |
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The financial statements were approved by
the Board of
Trustees
on
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CHABAD LUBAVITCH CENTRES NORTH EAST |
LONDON AND ESSEX LIMITED |
CASH FLOW STATEMENT |
for the year ended 31 December 2017 |
2017 | 2016 |
Notes | £ | £ |
Cash flows from operating activities: |
Cash generated from operations | 1 | 401,962 | 102,073 |
Interest paid | (3,464 | ) | (2,819 | ) |
Net cash provided by (used in) operating
activities |
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398,498 |
99,254 |
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Cash flows from investing activities: |
Purchase of tangible fixed assets | (340,617 | ) | (3,564 | ) |
Net cash provided by (used in) investing activities | (340,617 | ) | (3,564 | ) |
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Change in cash and cash equivalents in the
reporting period |
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57,881 |
95,690 |
Cash and cash equivalents at the beginning of the
reporting period |
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163,398 |
67,708 |
Cash and cash equivalents at the end of the
reporting period |
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221,279 |
163,398 |
CHABAD LUBAVITCH CENTRES NORTH EAST |
LONDON AND ESSEX LIMITED |
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NOTES TO THE CASH FLOW STATEMENT |
for the year ended 31 December 2017 |
1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES |
2017 | 2016 |
£ | £ |
Net income for the reporting period (as per the statement of financial
activities) |
333,111 |
94,511 |
Adjustments for: |
Depreciation charges | 14,024 | 8,089 |
Interest paid | 3,464 | 2,819 |
Decrease/(increase) in debtors | 19,500 | (8,966 | ) |
Increase in creditors | 31,863 | 5,620 |
Net cash provided by (used in) operating activities | 401,962 | 102,073 |
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CHABAD LUBAVITCH CENTRES NORTH EAST |
LONDON AND ESSEX LIMITED |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2017 |
1. | ACCOUNTING POLICIES |
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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 2015)', |
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. |
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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. |
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Gifts in kind and donated services |
Gifts in kind and donated services are included at the lower of their value to the charity and their estimated |
market value. |
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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. |
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Charitable activities |
The cost of charitable activities comprises those incurred by the charity in the delivery of its activities and |
services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs |
of an indirect nature necessary to support them. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
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Improvements to property |
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Fixtures and fittings |
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Motor vehicles |
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Computer equipment |
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Taxation |
The charity is exempt from corporation tax on its charitable activities. |
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Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
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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. |
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Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
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Pension costs and other post-retirement benefits |
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable |
company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
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CHABAD LUBAVITCH CENTRES NORTH EAST |
LONDON AND ESSEX LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
for the year ended 31 December 2017 |
1. | ACCOUNTING POLICIES - continued |
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Debtors |
Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are |
valued at the amount prepaid. |
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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. |
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Creditors and provisions |
Creditors are recognised when there is an obligation at the balance sheet date as a result of a past event, it is |
probable that a transfer of economic benefit will be required in settlement, and the amount of settlement can be |
estimated reliably. |
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Financial instruments |
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. |
Basic financial instruments are initially recognised at transaction value and subsequently measured at their |
settlement value except for bank loans which are subsequently measured at the carrying value plus accrued |
interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective |
interest method. |
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2. | DONATIONS AND LEGACIES |
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2017 | 2016 |
£ | £ |
Donations |
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Grants |
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Grants received, included in the above, are as follows: |
2017 | 2016 |
£ | £ |
Community Services Trust | 6,837 | - |
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3. | OTHER TRADING ACTIVITIES |
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2017 | 2016 |
£ | £ |
Shop income |
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Event/function income | 187,648 | 192,285 |
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4. | OTHER INCOME |
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2017 | 2016 |
£ | £ |
Compensation received | 214,800 | 166,000 |
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The charity received compensation from the developer of its premises in Gants Hill for the failure on the part of |
the developer to complete the work within the agreed time frame. |
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CHABAD LUBAVITCH CENTRES NORTH EAST |
LONDON AND ESSEX LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
for the year ended 31 December 2017 |
5. | RAISING FUNDS |
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Raising donations and legacies |
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2017 | 2016 |
£ | £ |
Service costs | 77,775 | 52,553 |
Support costs |
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86,026 | 52,553 |
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Other trading activities |
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2017 | 2016 |
£ | £ |
Purchases |
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Aggregate amounts | 351,813 | 262,719 |
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6. | CHARITABLE ACTIVITIES COSTS |
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Direct costs | Support costs | Totals |
(See note 7) |
£ | £ | £ |
Education and the relief of poverty | 161,313 | 120,062 | 281,375 |
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7. | SUPPORT COSTS |
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Management | Finance | Totals |
£ | £ | £ |
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8,251 | - | 8,251 |
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116,862 | 3,200 | 120,062 |
125,113 | 3,200 | 128,313 |
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8. | NET INCOME/(EXPENDITURE) |
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Net income/(expenditure) is stated after charging/(crediting): |
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2017 | 2016 |
£ | £ |
Depreciation - owned assets |
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CHABAD LUBAVITCH CENTRES NORTH EAST |
LONDON AND ESSEX LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
for the year ended 31 December 2017 |
9. | TRUSTEES' REMUNERATION AND BENEFITS |
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There were no trustees' remuneration or other benefits for the year ended 31 December 2017 nor for the year |
ended 31 December 2016 . |
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Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 December 2017 nor for the year ended |
31 December 2016 . |
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10. | STAFF COSTS |
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2017 | 2016 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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215,084 | 196,830 |
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The average monthly number of employees during the year was as follows: |
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2017 | 2016 |
Management, operational and admin | 7 | 8 |
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No employees received emoluments in excess of £60,000. |
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11. | TANGIBLE FIXED ASSETS |
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Improvements
to property |
Fixtures and
fittings |
Motor vehicles |
Computer
equipment |
Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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2017 | 2016 |
£ | £ |
Prepayments and accrued income |
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CHABAD LUBAVITCH CENTRES NORTH EAST |
LONDON AND ESSEX LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
for the year ended 31 December 2017 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
2017 | 2016 |
£ | £ |
Social security and other taxes |
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Other creditors |
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14. | MOVEMENT IN FUNDS |
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At 1.1.17 |
Net movement
in funds |
At 31.12.17 |
£ | £ | £ |
Unrestricted funds |
General fund | 200,408 | 333,111 | 533,519 |
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TOTAL FUNDS |
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333,111 | 533,519 |
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Net movement in funds, included in the above are as follows: |
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Incoming
resources |
Resources
expended |
Movement in
funds |
£ | £ | £ |
Unrestricted funds |
General fund | 966,299 | (633,188 | ) | 333,111 |
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TOTAL FUNDS |
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( |
) | 333,111 |
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Comparatives for movement in funds |
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At 1.1.16 |
Net movement
in funds |
At 31.12.16 |
£ | £ | £ |
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Unrestricted Funds |
General fund | 105,897 | 94,511 | 200,408 |
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TOTAL FUNDS | 105,897 | 94,511 | 200,408 |
Comparative net movement in funds, included in the above are as follows: |
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Incoming
resources |
Resources
expended |
Movement in
funds |
£ | £ | £ |
Unrestricted funds |
General fund | 632,022 | (537,511 | ) | 94,511 |
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TOTAL FUNDS | 632,022 | (537,511 | ) | 94,511 |
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CHABAD LUBAVITCH CENTRES NORTH EAST |
LONDON AND ESSEX LIMITED |
NOTES TO THE FINANCIAL STATEMENTS - CONTINUED |
for the year ended 31 December 2017 |
14. | MOVEMENT IN FUNDS - continued |
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Unrestricted funds represent funds available to the trustees for the general purposes of the charity. |
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15. | RELATED PARTY DISCLOSURES |
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There were no related party transactions for the years ended 31 December 2017 and 31 December 2016. |
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