CHARITY REGISTRATION NUMBER: 1045174
Malbin Trust
Unaudited Financial Statements 31 March 2022
HAFFNER HOFF LTD
Accountants 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
Malbin Trust
Financial Statements
Year ended 31 March 2022
| Pages | |
|---|---|
| Trustees' annual report | 1 to 2 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 to 13 |
Malbin Trust
Trustees' Annual Report
Year ended 31 March 2022
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2022.
Reference and administrative details
Registered charity name Malbin Trust Charity registration number 1045174 Principal office The trustees
B Leitner M Leitner J Waldman Independent examiner D Schwarz FCCA 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
Structure, governance and management
Malbin Trust is a charitable trust constituted by a Deed of Trust dated 16 March 1995 and is a registered charity, number 1045174.
The Charity is run by the trustees who all act in an honorary capacity. A new trustee would receive copies of the previous years' Annual Report and Accounts and a copy of the Charity Commission leaflet 'The Essential Trustee : What you need to know'.
Risk Management
The trustees have identified and reviewed the major risks to which the charity is exposed. Both manual and automated checks are regularly invoked, particularly those relating to the operations and finance of the charity. The trustees are satisfied that these systems and procedures mitigate any perceived risks.
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Malbin Trust
Trustees' Annual Report (continued)
Year ended 31 March 2022
Objectives and activities
The objectives of the charity are to benefit charitable purposes and charitable institutions.
Public Benefit Policy
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
Grant Making Policy
Grants are made to charitable institutions and organisations which accord with the objects of the charity.
Investment Policy
Under its governing document, the charity has the power to make any investment which the trustees see fit. The trustees have considered the most appropriate policy for investing funds and have invested in property and joint property ventures. These investments are kept under constant review.
Achievements and performance
During the year the charity made grants totalling £7,760 in accordance with its objects.
Financial review
As at 31 March 2022 the charity held free unrestricted reserves of £178,257 (2021:£13,489).
Reserves Policy
The Unrestricted Fund represents the unrestricted funds arising from past operating results.
It is the policy of the charity to hold reserves sufficient to maintain grants at previous years levels. The trustees feel lit would be prudent to maintain reserves at such a level that would enable the charity to take advantage of investment opportunities arising so as to generate its own income to meet this aim.
The trustees' annual report was approved on 30 January 2023 and signed on behalf of the board of trustees by:
B Leitner Trustee
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Malbin Trust
Independent Examiner's Report to the Trustees of Malbin Trust
Year ended 31 March 2022
I report to the trustees on my examination of the financial statements of Malbin Trust ('the charity') for the year ended 31 March 2022.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement - matter of concern identified
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
D Schwarz FCCA Independent Examiner 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
30 January 2023
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Malbin Trust
Statement of Financial Activities
Year ended 31 March 2022
| 2022 | 2021 | |||
|---|---|---|---|---|
| Unrestricted | ||||
| fundsTotal funds | Total funds | |||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 1,426 | 1,426 | 1,854 |
| Investment income | 5 | 29,996 | 29,996 | 32,360 |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Total income | 31,422 | 31,422 | 34,214 | |
| ============================ | ============================ | ============================ | ||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Investment management costs | 6 | (16,835) | (16,835) | (9,025) |
| Expenditure on charitable activities | 7,8 | (9,439) | (9,439) | (13,104) |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Total expenditure | (26,273) | (26,273) | (22,128) | |
| ============================ | ============================ | ============================ | ||
| Net gains on investments | 11 | 72,333 | 72,333 | – |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Net income and net movement in funds | 77,482 | 77,482 | 12,086 | |
| ============================ | ============================ | ============================ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 327,970 | 327,970 | 315,884 | |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total funds carried forward | 405,452 | 405,452 | 327,970 | |
| ================================ | ================================ | ================================ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 6 to 13 form part of these financial statements.
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Malbin Trust
Statement of Financial Position
31 March 2022
| 2022 | 2021 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Tangible fixed assets | 16 | 198 | 233 |
| Investments | 17 | 226,997 | 365,335 |
| -------------------------------- | -------------------------------- | ||
| 227,195 | 365,568 | ||
| Current assets | |||
| Debtors | 18 | 8,036 | 9,270 |
| Cash at bank and in hand | 171,721 | 13,018 | |
| -------------------------------- | ---------------------------- | ||
| 179,757 | 22,288 | ||
| Creditors: amounts falling due within one year | 19 | (1,500) | (8,799) |
| -------------------------------- | ---------------------------- | ||
| Net current assets | 178,257 | 13,489 | |
| -------------------------------- | -------------------------------- | ||
| Total assets less current liabilities | 405,452 | 379,057 | |
| Creditors: amounts falling due after more than one year | 20 | – | (51,087) |
| -------------------------------- | -------------------------------- | ||
| Net assets | 405,452 | 327,970 | |
| ================================ | ================================ | ||
| Funds of the charity | |||
| Unrestricted funds | 405,452 | 327,970 | |
| -------------------------------- | -------------------------------- | ||
| Total charity funds | 21 | 405,452 | 327,970 |
| ================================ | ================================ |
These financial statements were approved by the board of trustees and authorised for issue on 30 January 2023, and are signed on behalf of the board by:
B Leitner Trustee
The notes on pages 6 to 13 form part of these financial statements.
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Malbin Trust
Notes to the Financial Statements
Year ended 31 March 2022
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 8 Cheltenham Crescent, Salford, Manchester, M7 4FP.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported at the year end.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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Malbin Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2022
3. Accounting policies (continued)
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
All fixed assets are recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Furniture
- 15% reducing balance
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
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Malbin Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2022
3. Accounting policies (continued)
Investment property
Investments are included in the accounts at their market value. Any gains or losses are taken to the Statement of Financial Activities.
Investments in joint property syndicates
This represents capital introduced by the company into the syndicates plus accrued surpluses less deficiencies but without revaluing the syndicate properties.
Some of the syndicates in which the company is a participator have borrowings which are secured on the syndicate properties.
The company accounts for its syndicate investments under the 'equity accounting' basis and thus the company's share of such borrowings are not included in these accounts.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
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Malbin Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2022
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Donations | |||||
| Donations | 1,426 | 1,426 | 1,854 | 1,854 | |
| ======================= | ======================= | ======================= | ======================= | ||
| 5. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Income from investment properties | 29,996 | 29,996 | 32,360 | 32,360 | |
| ============================ | ============================ | ============================ | ============================ | ||
| 6. | Investment management costs | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Property repairs and maintenance | |||||
| charges | 7,378 | 7,378 | 464 | 464 | |
| Rent & rates | – | – | (1,645) | (1,645) | |
| Heat and light | 3,476 | 3,476 | 4,622 | 4,622 | |
| Insurance | 113 | 113 | 611 | 611 | |
| Agent's commission | 2,239 | 2,239 | 1,888 | 1,888 | |
| Loan interest | 3,629 | 3,629 | 3,085 | 3,085 | |
| ---------------------------- | ---------------------------- | ----------------------- | ----------------------- | ||
| 16,835 | 16,835 | 9,025 | 9,025 | ||
| ============================ | ============================ | ======================= | ======================= | ||
| 7. | Expenditure on charitable activities | by fund type | |||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Charitable activities | 7,760 | 7,760 | 11,680 | 11,680 | |
| Support costs | 1,679 | 1,679 | 1,424 | 1,424 | |
| ----------------------- | ----------------------- | ---------------------------- | ---------------------------- | ||
| 9,439 | 9,439 | 13,104 | 13,104 | ||
| ======================= | ======================= | ============================ | ============================ |
8. Expenditure on charitable activities by activity type
| Grant funding | Support | Total funds | Total fund | |
|---|---|---|---|---|
| of activities | costs | 2022 | 2021 | |
| £ | £ | £ | £ | |
| Charitable activities | 7,760 | 179 | 7,939 | 11,844 |
| Governance costs | – | 1,500 | 1,500 | 1,260 |
| ----------------------- | ----------------------- | ----------------------- | ---------------------------- | |
| 7,760 | 1,679 | 9,439 | 13,104 | |
| ======================= | ======================= | ======================= | ============================ |
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Malbin Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2022
9. Analysis of support costs
| Analysis of | |||
|---|---|---|---|
| support costs | |||
| activity 1 | Total 2022 | Total 2021 | |
| £ | £ | £ | |
| General office | 144 | 144 | 123 |
| Governance costs | 1,500 | 1,500 | – |
| ----------------------- | ----------------------- | -------------- | |
| 1,644 | 1,644 | 123 | |
| ======================= | ======================= | ============== | |
| Analysis of grants | |||
| 2022 | 2021 | ||
| £ | £ | ||
| Grants to institutions | |||
| Beis Malka | 1,800 | – | |
| Chasidei Belz Manchester | – | 2,260 | |
| Grants under £1000 | 2,910 | 4,770 | |
| KYC Manchester | – | 1,450 | |
| Mercaz Torah Vochessed Ltd | 1,200 | 1,200 | |
| ----------------------- | ----------------------- | ||
| 5,910 | 9,680 | ||
| Grants to individuals | |||
| Grants to individuals | 1,850 | 2,000 | |
| ----------------------- | ---------------------------- | ||
| Total grants | 7,760 | 11,680 | |
| ======================= | ============================ |
10. Analysis of grants
The above grants went towards the following purposes; the relief of poverty, relief of those in need by reason of ill health or disability, the advancement of Jewish religion and the advancement of Jewish religious education.
11. Net gains on investments
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | |
| £ | £ | £ | £ | |
| Gains/(losses) on investment property | 74,789 | 74,789 | – | – |
| Gains/(losses) on listed investments | (2,456) | (2,456) |
– | – |
| ---------------------------- | ---------------------------- | -------------- | -------------- | |
| 72,333 | 72,333 | – | – | |
| ============================ | ============================ | ============== | ============== |
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Malbin Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2022
12. Net income
| Net income is stated after charging/(crediting): | |||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Depreciation of tangible fixed assets | 35 | 41 | |
| ============== | ============== | ||
| 13. | Independent examination fees | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Fees payable to the independent examiner for: | |||
| Independent examination of the financial statements | 1,500 | 1,260 | |
| ======================= | ======================= | ||
| 14. | Staff costs | ||
| Nil | Nil |
The average head count of employees during the year was Nil (2021: Nil).
No employee received employee benefits of more than £60,000 during the year (2021: Nil).
15. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
16. Tangible fixed assets
| Furniture & | |
|---|---|
| Fittings | |
| £ | |
| Cost | |
| At 1 April 2021 and 31 March 2022 | 233 |
| ============== | |
| Depreciation | |
| At 1 April 2021 | – |
| Charge for the year | 35 |
| -------------- | |
| At 31 March 2022 | 35 |
| ============== | |
| Carrying amount | |
| At 31 March 2022 | 198 |
| ============== | |
| At 31 March 2021 | 233 |
| ============== |
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Malbin Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2022
17. Investments
| Investment | Other | ||
|---|---|---|---|
| properties | investments | Total | |
| £ | £ | £ | |
| Cost or valuation | |||
| At 1 April 2021 | 370,060 | (7,182) | 362,878 |
| Additions | – | 1,734 | 1,734 |
| Disposals | (175,060) | (2,009) | (177,069) |
| Fair value movements | – | 39,454 | 39,454 |
| -------------------------------- | ---------------------------- | -------------------------------- | |
| At 31 March 2022 | 195,000 | 31,997 | 226,997 |
| ================================ | ============================ | ================================ | |
| Impairment | |||
| At 1 April 2021 and 31 March 2022 | – | – | |
| ============================ | ================================ | ||
| Carrying amount | |||
| At 31 March 2022 | 195,000 | 31,997 | 226,997 |
| ================================ | ============================ | ================================ | |
| At 31 March 2021 | 370,060 | (7,182) | 362,878 |
| ================================ | ============================ | ================================ |
All investments shown above are held at valuation.
Investment properties
The investment properties are stated at market value as per the trustees valuation at the year end.
Investments in joint property syndicates
Other Investments are joint property syndicates. This is comprised of capital introduced by the charity into the syndicates plus accrued surpluses less deficiencies but without revaluing the syndicate properties.
18. Debtors
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Trade debtors | 584 | 1,454 |
| Other debtors | 7,452 | 7,816 |
| ----------------------- | ----------------------- | |
| 8,036 | 9,270 | |
| ======================= | ======================= | |
| Creditors: amounts falling due within one year | ||
| 2022 | 2021 | |
| £ | £ | |
| Bank loans and overdrafts | – | 6,001 |
| Accruals and deferred income | 1,500 | 1,260 |
| Other creditors | – | 1,538 |
| ----------------------- | ----------------------- | |
| 1,500 | 8,799 | |
| ======================= | ======================= |
19. Creditors: amounts falling due within one year
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Malbin Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2022
20. Creditors: amounts falling due after more than one year
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Bank loans and overdrafts | – | 51,087 |
| ============== | ============================ |
21. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | Gains and | At | |||
| 1 April 2021 | Income | Expenditure | losses | 31 March 22 | |
| £ | £ | £ | £ | £ | |
| General funds | 327,970 | 31,422 | (26,273) | 72,333 | 405,452 |
| ================================ | ============================ | ============================ | ============================ | ================================ | |
| At | Gains and | At | |||
| 1 April 2020 | Income | Expenditure | losses | 31 March 21 | |
| £ | £ | £ | £ | £ | |
| General funds | 315,884 | 34,214 | (22,128) | – | 327,970 |
| ================================ | ============================ | ============================ | ============== | ================================ | |
| Analysis of net assets between funds | |||||
| Unrestricted | Total Funds | ||||
| Funds | 2022 | ||||
| £ | £ | ||||
| Tangible fixed assets | 198 | 198 | |||
| Investments | 226,997 | 226,997 | |||
| Current assets | 179,757 | 179,757 | |||
| Creditors less than 1 year | (1,500) | (1,500) |
|||
| Creditors greater than 1 year | – | – | |||
| -------------------------------- | -------------------------------- | ||||
| Net assets | 405,452 | 405,452 | |||
| ================================ | ================================ | ||||
| Unrestricted | Total Funds | ||||
| Funds | 2021 | ||||
| £ | £ | ||||
| Tangible fixed assets | 233 | 233 | |||
| Investments | 365,335 | 365,335 | |||
| Current assets | 22,288 | 22,288 | |||
| Creditors less than 1 year | (8,799) | (8,799) |
|||
| Creditors greater than 1 year | (51,087) | (51,087) |
|||
| -------------------------------- | -------------------------------- | ||||
| Net assets | 327,970 | 327,970 | |||
| ================================ | ================================ |
22. Analysis of net assets between funds
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