## **Trustees’ Annual Report for the period**
**From 01 January 2024 To 31 December 2024**
## **Charity name: THE MUTUAL TRUST GROUP**
## **Charity registration number: 1039300**
## **Objectives and Activities**
||SORP reference||
|---|---|---|
|Summary of the purposes of
the charity as set out in its
governing document|Para 1.17|**For the benefits of charities, charitable**
**institutions or charitable purposes**|
|Summary of the main
activities in relation to those
purposes for the public
benefit, in particular, the
activities, projects or
services identified in the
accounts.|Para 1.17 and
1.19|**Raising funds by renting out**
**commercial property.**
**Seeking donations from individuals and**
**organisations**|
|Statement confirming
whether the trustees have
had regard to the guidance
issued by the Charity
Commission on public
benefit|Para 1.18|**The trustees have had regard to the**
**guidance issued by the Charity**
**Commission on public benefit**|
## **Achievements and Performance**
||SORP reference||
|---|---|---|
|Summary of the main
achievements of the charity,
identifying the difference the
charity’s work has made to
the circumstances of its
beneficiaries and any wider
benefits to society as a
whole.|Para 1.20|**During the year under review the charity**
**received donations and investment**
**income of £195,351 and made charitable**
**donations of £192,400.**|
## **Financial Review**
|**Financial Review**|||
|---|---|---|
|Review of the charity’s
financial position at the end
of the period|Para 1.21|**The charity holds net funds of £308,701**
**at the year end**|
|Statement explaining the
policy for holding reserves
stating why they are held|Para 1.22|**Reserves are held to meet future**
**obligations and to make charitable**
**donations on a regular basis**|
|Amount of reserves held|Para 1.22|**£308,701**|
|Reasons for holding zero
reserves|Para 1.22|**None**|
|Details of fund materially in
deficit|Para 1.24|**None**|
|Explanation of any
uncertainties about the
charity continuing as a going
concern|Para 1.23|**None**|
## **Structure, Governance and Management**
|Description of charity’s
trusts:|||
|---|---|---|
|Type of governing document
(trust deed, royal charter)|Para 1.25|**Declaration of Trust**|
|How is the charity
constituted?
(e.g unincorporated
association, CIO)|Para 1.25|**Unincorporated Trust**|
|Trustee selection methods
including details of any
constitutional provisions e.g.
election to post or name of
any person or body entitled
to appoint one or more
trustees|Para 1.25|**By appointment by existing Trustees**|
## **Reference and Administrative details**
|Charity name|The Mutual Trust Group|
|---|---|
|Other name the charity uses||
|Registered charity number|1039300|
|Charity’s principal address|12 Dunstan Road
London
NW11 8AA|
|||
**Names of the charity trustees who manage the charity**
|1
2
3|**Trustee name**|**Office (if any)**|**Dates acted if not for whole**
**year**|**Name of person (or body) entitled**
**to appoint trustee(if any)**|
|---|---|---|---|---|
||Benzion Weitz|Chairman|||
||Adrian Weisz||||
||Michael Weitz||||
– Corporate trustees names of the directors at the date the report was approved **Director name** Name of trustees holding title to property belonging to the charity
**Trustee name Dates acted if not for whole year**
## **Funds held as custodian trustees on behalf of others**
Description of the assets None held in this capacity Name and objects of the charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for safe custody and segregation of such assets from the charity’s own assets
## **Declarations**
**The trustees declare that they have approved the trustees’ report above.**
**Signed on behalf of the charity’s trustees**
|**Signature(s)**
**Full name(s)**
**Position (eg Secretary,**
**Chair, etc)**
**Date**|
**Benzion Weitz**||
|---|---|---|
||||
||
**Chairman**||
||18/06/2025||
||18/06/2025||
**Charity number 1039300**
## **THE MUTUAL TRUST GROUP Annual accounts for the year ended 31 December 2024**
**Statement Of Financial Activities**
|**Incoming resources (Note 3)**
**Income and endowments from:**
Donations and legacies
Charitable activities
Other trading activities
Investments
Separate material item of income
Other
**Resources expended (Note 4)**
**Expenditure on:**
Raising funds
Charitable activities
Separate material items of expense
Other
**Extraordinary items**
Other gains/(losses)
Total funds brought forward
**Total**
**Net movement in funds**
**Total funds carried forward**
**_Total_**
**Net income/(expenditure)**
**Transfers between funds**
**Other recognised** **gains/(losses):**
**Reconciliation of funds:**|**Unrestricted**
**funds**
**Restricted**
**income**
**funds**
**Endowment**
**funds**
**Total funds**
**Prior year**
**funds**
**£**
**£**
**£**
**£**
**£**
31,730
31,730
34,965
163,477
163,477
274,532
144
144
195,351
195,351
309,497
192,400
192,400
209,720
12,133
12,133
15,424
204,533
204,533
225,144
9,182
-
9,182
-
84,353
9,182
-
9,182
-
84,353
317,883
317,883
233,530
308,701
308,701
317,883|
|---|---|
1
## **THE MUTUAL TRUST GROUP**
**Annual accounts for the year ended 31 December 2024**
## **Balance Sheet**
|**Fixed assets**
Intangible assets
Tangible assets
Heritage assets
Investments
Total fixed assets
**Current assets**
Stocks
Debtors (Note 5)
Investments
Cash at bank and in hand (Note 6)
Total current assets
**Creditors: amounts falling due within**
**one year (Note 7)**
Net current assets/(liabilities)
Total assets less current liabilities
**Creditors: amounts falling due after**
**one year (Note 7)**
Provisions for liabilities
**_Total net assets or liabilities_**
**Funds of the Charity**
Endowment funds
Restricted income funds
Unrestricted funds (note 8)
Revaluation reserve
**Total funds**
Signed on behalf of all the trustees||**Unrestricted**
**funds**
**Restricted**
**funds**
**Endowment**
**funds**
**Total this**
**year**
**Total last**
**year**
**£**
**£**
**£**
**£**
**£**
41,317
41,317
172,807
398,301
398,301
275,447
439,618
439,618
448,254
130,917
130,917
130,371
308,701
308,701
317,883
308,701
308,701
317,883
308,701
308,701
317,883
308,701
308,701
317,883
308,701
308,701
317,883
Date of
approval
18/06/2025
BENZION WEITZ
Print Name
Signature|
|---|---|---|
2
## **Notes to the accounts**
## Note 1 **Basis of preparation**
## **1.1 Basis of accounting**
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The accounts have been prepared in accordance with:
the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014
and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and with the Charities Act 2011.
The charity constitutes a public benefit entity as defined by FRS 102
## **1.2 Going concern**
_**If there are material uncertainties related to events or conditions that cast significant doubt on the charity's ability to continue as a going concern, please provide the following details or state "Not applicable", if appropriate:**_
An explanation as to those factors that support **NOT APPLICABLE** the conclusion that the charity is a going concern; Disclosure of any uncertainties that make the **NOT APPLICABLE** going concern assumption doubtful; Where accounts are not prepared on a going **NOT APPLICABLE** concern basis, please disclose this fact together with the basis on which the trustees prepared the accounts and the reason why the charity is not regarded as a going concern.
## **1.3 Change of accounting policy**
The accounts present a true and fair view and the accounting policies adopted are those outlined in note 2.
## _**Please disclose:**_
_**(i) the nature of the change in accounting policy;**_ **NOT APPLICABLE** _**(ii) the reasons why applying the new accounting policy provides more reliable and more relevant information;**_ **NOT APPLICABLE** _**and (iii) the amount of the adjustment for each line affected in the current period, each prior period presented and the aggregate amount of the adjustment relating to**_ **NOT APPLICABLE** _**periods before those presented, 3.44 FRS 102 SORP.**_
## **1.4 Changes to accounting estimates**
No changes to accounting estimates have occurred in the reporting period (3.46 FRS 102 SORP).
Yes* * -Tick as appropriate No*
## _**Please disclose:**_
_**(i) the nature of any changes;**_ **NOT APPLICABLE** _**(ii) the effect of the change on income and expense or**_ **NOT APPLICABLE** _**assets and liabilities for the current period; and (iii) where practicable, the effect of the change in one or more future periods.**_ **NOT APPLICABLE**
## **1.5 Material prior year errors**
No material prior year error have been identified in the reporting period (3.47 FRS 102 SORP).
3
## **Notes to the accounts (cont)**
## **Note 2 Accounting policies 2.1 INCOME**
_This standard list of accounting policies has been applied by the charity except for those ticked "No" or "N/a". Where a different or additional policy has been adopted then this is detailed in the box below._
|**Recognition of income**
· it is more
**Offsetting**
**Grants and donations**
**Donated goods**
**Volunteer help**
Donated services and facilities that are consumed immediately are recognised as income
with an equivalent amount recognised as an expense under the appropriate heading in
the SOFA.
**Tax reclaims on**
**donations and gifts**
Donated goods are measured at fair value (the amount for which the asset could be
exchanged) unless impractical to do so.
Gifts in kind for use by the charity are included in the SoFA as income from donations
when receivable.
Donated services and facilities are included in the SOFA when received at the value of
the gift to the charity provided the value of the gift can be measured reliably.
Gift Aid receivable is included in income when there is a valid declaration from the donor.
Any Gift Aid amount recovered on a donation is considered to be part of that gift and is
treated as an addition to the same fund as the initial donation unless the donor or the
terms of the appeal have specified otherwise.
**Contractual income and**
**performance related**
**grants**
This is only included in the SoFA once the charity has provided the related goods or
services or met the performance related conditions.
Membership subscriptions which gives a member the right to buy services or other
benefits are recognised as income earned from the provision of goods and services as
income from charitable activities.
Membership subscriptions received in the nature of a gift are recognised in Donations
and Legacies.
The value of any voluntary help received is not included in the accounts but is described
in the trustees’ annual report.
**Support costs**
The charity has incurred expenditure on support costs.
**Income from membership**
**subscriptions**
**Income from interest,**
**royalties and dividends**
The cost of any stock of goods donated for distribution to beneficiaries is deemed to be
the fair value of those gifts at the time of their receipt and they are recognised on receipt.
In the reporting period in which the stocks are distributed, they are recognised as an
expense at the carrying amount of the stocks at distribution.
Donated goods for resale are measured at fair value on initial recognition, which is the
expected proceeds from sale less the expected costs of sale, and recognised in 'Income
from other trading activities' with the corresponding stock recognised in the balance
sheet. On its sale the value of stock is charged against 'Income from other trading
activities' and the proceeds from sale are also recognised as 'Income from other trading
activities'.
Goods donated for on-going use by the charity are recognised as tangible fixed assets
and included in the SoFA as incoming resources when receivable.
**Donated services and**
**facilities**
This is included in the accounts when receipt is probable and the amount receivable can
be measured reliably.
In the case of performance related grants, income must only be recognised to the extent
that the charity has provided the specified goods or services as entitlement to the grant
l
h
th
f
l t d
diti
t (5 16 FRS 102 SORP)
**Government grants**
The charity has received government grants in the reporting period
**Legacies**
Grants and donations are only included in the SoFA when the general income recognition
criteria are met (5.10 to 5.12 FRS 102 SORP).
Legacies are included in the SOFA when receipt is probable, that is, when there has been
grant of probate, the executors have established that there are sufficient assets in the
estate and any conditions attached to the legacy are either within the control of the charity
or have been met.
These are included in the Statement of Financial Activities (SoFA) when:
the charity becomes entitled to the resources;
the monetary value can be measured with sufficient reliability.
There has been no offsetting of assets and liabilities, or income and expenses, unless required or
permitted by the FRS 102 SORP or FRS 102.|Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
|
|---|---|
4
|**Notes to the accounts (cont)**|||
|---|---|---|
|**Settlement of insurance**
**claims**
**Grants with performance**
**conditions**
**2.3 ASSETS**
**Heritage assets**
Work in progress is valued at cost less any foreseeable loss that is likely to
occur on the contract.
**Investment gains and**
**losses**
This includes any realised or unrealised gains or losses on the sale
of investments and any gain or loss resulting from revaluing
investments to market value at the end of the year.
Support costs have been allocated between governance costs and
other support. Governance costs comprise all costs involving public
accountability of the charity and its compliance with regulation and
good practice.
Support costs include central functions and have been allocated to
activity cost categories on a basis consistent with the use of
resources, eg allocating property costs by floor areas, or per capita,
staff costs by the time spent and other costs by their usage.
Where there are no conditions attaching to the grant that enables
the donor charity to realistically avoid the commitment, a liability for
the full funding obligation must be recognised.
They are valued at cost.
These are capitalised if they can be used for more than one year,
**Investments**
**2.2 EXPENDITURE AND LIABILITIES**
Where the charity gives a grant with conditions for its payment
being a specific level of service or output to be provided, such
grants are only recognised in the SoFA once the recipient of the
grant has provided the specified service or output.
**Grants payable without**
**performance conditions**
The charity has creditors which are measured at settlement
amounts less any trade discounts
**Redundancy cost**
**Stocks and work in**
**progress**
Stocks held for sale as part of non-charitable trade are measured at the lower
or cost or net realisable value.
Goods or services provided as part of a charitable activity are measured at net
realisable value based on the service potential provided by items of stock.
**Tangible fixed assets for**
**use by charity**
The depreciation rates and methods used are disclosed .
**Intangible fixed assets**
Fixed asset investments in quoted shares, traded bonds and similar
investments are valued at initially at cost and subsequently at fair
value (their market value) at the year end. The same treatment is
applied to unlisted investments unless fair value cannot be
measured reliably in which case it is measured at cost less
impairment.
They are valued at cost.
Investments held for resale or pending their sale and cash and cash
equivalents with a maturity date of less than 1 year are treated as
current asset investments
**Liability recognition**
Liabilities are recognised where it is more likely than not that there is
a legal or constructive obligation committing the charity to pay out
resources and the amount of the obligation can be measured with
reasonable certainty.
The charity has heritage assets, that is, non-monetary assets with
historic, artistic, scientific, technological, geophysical or
environmental qualities that are held and maintained principally for
their contribution to knowledge and culture. The depreciation rates
and methods
sed as disclosed
They are valued at cost.
The charity has intangible fixed assets, that is, non-monetary assets
that do not have physical substance but are identifiable and are
controlled by the charity through custody or legal rights. The
amortisation rates and methods used are disclosed.
Insurance claims are only included in the SoFA when the general
income recognition criteria are met (5.10 to 5.12 FRS 102 SORP)
and are included as an item of other income in the SoFA.
**Deferred income**
No material item of deferred income has been included in the
accounts.
**Provisions for liabilities**
The charity made no redundancy payments during the reporting
period.
**Creditors**
**Governance and support**
**costs**
A liability is measured on recognition at its historical cost and then
subsequently measured at the best estimate of the amount required
to settle the obligation at the reporting date
**Basic financial**
**instruments**
The charity accounts for basic financial instruments on initial
recognition as per paragraph 10.7 FRS 102 SORP. Subsequent
measurement is as per paragraphs 11.17 to 11.19, FRS 102
SORP.|
|Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
Yes
No
N/a
|
||||
5
**----- Start of picture text -----**
Notes to the accounts (cont)
Debtors Debtors (including trade debtors and loans receivable) are measured on initial recognition
at settlement amount after any trade discounts or amount advanced by the charity.
Subsequently, they are measured at the cash or other consideration expected to be
received. Yes No N/a
Current asset The charity has has investments which it holds for resale or pending their sale and cash
investments and cash equivalents with a maturity date less than one year. These include cash on
deposit and cash equivalents with a maturity date of less than one year held for investment Yes No N/a
purposes rather than to meet short term cash commitments as they fall due.
Yes No N/a
They are valued at fair value
POLICIES
ADOPTED
ADDITIONAL TO
OR DIFFERENT
FROM THOSE
ABOVE
**----- End of picture text -----**
6
**Notes to the accounts (cont)**
## **Note 3 Analysis of income**
**----- Start of picture text -----**
Restricted
Unrestricted income
funds funds Total funds Prior year
Analysis £ £ £ £
Donations and Donations and gifts 31,730 31,730 34,965
legacies: Legacies
Other
Total 31,730 31,730 34,965
Charitable
activities:
Total
Other trading
activities:
Total
Income from Interest income 2,398 2,398 1,572
investments: Rental and leasing income 161,079 161,079 272,960
-
Total 163,477 163,477 274,532
Separate Exchange differences 144 144
material item of -
income: -
Total 144 - 144 -
TOTAL INCOME 195,351 - 195,351 309,497
All income in the prior year was unrestricted
Note 4 Analysis of expenditure
Unrestricte Restricted
d funds funds Total funds Prior year
£ £ £ £
Expenditure on Grants/donations to institutions 192,400 192,400 209,720
charitable
activities
Total expenditure on charitable activities 192,400 - 192,400 209,720
Separate Property insurance 10,661 10,661 11,379
material items Bank charges 302 302 417
Legal fees - 2,260
Exchange differences - 497
Independent examiner’s fees 1,170 1,170 870
Total 12,133 12,133 15,424
TOTAL EXPENDITURE 204,533 - 204,533 225,144
**----- End of picture text -----**
7
## **Notes to the accounts (cont)**
**The charity has made grants to the following institutions to further education and to relieve poverty:**
**----- Start of picture text -----**
Total paid
£
Yeshivas Shaar Hashamayim 108,250
The ABC Trust 60,000
Moisdos Olshin 11,100
Congregation Ishei Yisroel 5,350
Donations less than £5000 - total 7,700
Total grants to institutions in reporting period 192,400
**----- End of picture text -----**
## **Note 5 Debtors and prepayments**
|**Prepayments and accrued income**
**Total**
**Note 6 Cash at bank and in hand**
**Other**
**Note 7 Creditors and accruals**
**Trade creditors**
**Accruals and deferred income**
**Other creditors**
**Total**
**Short term deposits**
**Cash at bank and on hand**
**Total**|**This year**
**£**
41,317
41,317
**This year**
**£**
246,245
152,057
398,301
**This year**
£
43,500
87,417
130,917|**Last year**
**£**
172,807
172,807
**Last year**
**£**
125,897
149,550
275,447
**Last year**
**£**
43,500
86,871
130,371|
|---|---|---|
8
## **Notes to the accounts (cont)**
## **Note 8 Charity funds**
## **8.1 Details of material funds held and movements during the CURRENT reporting period**
|General Fund
Unrestricted
funds
Other funds
**Fund names**
**Type**
**Total Funds**|**Fund**
**balances**
**brought**
**forward**
**Income**
**Expenditure**
**Fund balances**
**carried forward**
**£**
**£**
**£**
**£**
317,883
195,351 - 204,533 308,701
317,883 195,351 - 204,533 308,701|
|---|---|
## **8.2 Details of material funds held and movements during the PREVIOUS reporting period**
**----- Start of picture text -----**
Fund
balances
Type brought Fund balances
forward Income Expenditure carried forward
Fund names £ £ £ £
Unrestricted
General Fund funds 233,530 309,497 - 225,144 317,883
Other funds
Total Funds 233,530 309,497 - 225,144 317,883
**----- End of picture text -----**
## **Note 9 Transactions with trustees and related parties**
None of the trustees have been paid any remuneration or received any other benefits from an employment with the charity or a related entity.
No trustee expenses have been incurred.
There have been no related party transactions in the reporting period.
## **Note 10 Additional Disclosures**
The Mutual Trust Group derives the major part of its investment income from letting out a property which it holds on a short-term lease.
No rent was payable by The Mutual Group for the property for the year under review or the prior year.
9
**Independent examiner's report on the accounts**
## **Section A Independent Examiner’s Report**
> **Report to the trustees/ THE MUTUAL TRUST GROUP members of**
**On accounts for the year** 31 December 2024 **Charity no** 1039300 **ended (if any) Set out on pages** 1-9 **Respective** The charity's trustees are responsible for the preparation of the accounts. **responsibilities of** The charity’s trustees consider that an audit is not required for this year **trustees and examiner** under section 144 of the Charities Act 2011 (“the Charities Act”) and that an independent examination is needed It is my responsibility to:
- examine the accounts under section 145 of the Charities Act,
- to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and
- • to state whether particular matters have come to my attention.
**Basis of independent** My examination was carried out in accordance with general Directions given **examiner’s statement** by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
- **Independent** In connection with my examination, no matter has come to my attention
- **examiner's statement** 1. which gives me reasonable cause to believe that in, any material respect, the requirements:
- to keep accounting records in accordance with section 130 of the Charities Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act
- have not been met; or
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
**Signed: Date:** 18/05/2025 **Name:** Simon D Stern **Relevant professional** Chartered Accountant **qualification(s) or body (if any):**
1
**IER**
**Address:** 2 Helenslea Avenue
London NW11 8ND
## **Section B Disclosure**
**Give here brief details of** None **any items that the examiner wishes to disclose** .
2
**IER**