CHARITY REGISTRATION NUMBER: 1075793
Matono
Unaudited Financial Statements 31 March 2023
HAFFNER HOFF LTD
Accountants 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
Matono
Financial Statements
Year ended 31 March 2023
| Pages | |
|---|---|
| Trustees' annual report | 1 to 3 |
| Independent examiner's report to the trustees | 4 |
| Statement of financial activities | 5 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 to 12 |
Matono
Trustees' Annual Report
Year ended 31 March 2023
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2023.
Reference and administrative details
| Registered charity name | Matono |
|---|---|
| Charity registration number | 1075793 |
| Principal office | 31 Broom Lane |
| Salford | |
| Manchester | |
| M7 4EQ | |
| The trustees | |
| Y J Koth | |
| J Leitner | |
| M Luftig | |
| Independent examiner | D Schwarz FCCA |
| 2nd Floor - Parkgates | |
| Bury New Road | |
| Prestwich | |
| Manchester | |
| M25 0TL |
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Matono
Trustees' Annual Report
Year ended 31 March 2023
Structure, governance and management
Matono is a charitable trust constituted by a Deed of Trust dated 16 February 1999 and is a registered charity, number 1075793 .
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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Matono
Trustees' Annual Report (continued)
Year ended 31 March 2023
Objectives and activities
The trust's main objective is to provide funds on a regular basis to augment the income of charities so that they can maintain and improve their services. The objects of the charity are to advance education with the doctrines and principles of orthodox Judaism by the establishment, support and provision of educational establishments; to relieve poverty amongst the Jewish Community; and any other such further charitable purposes as the trustees may determine.
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.
Achievements and performance
During the year the charity made grants totalling £58,074 in furtherance of it objectives.
Financial review
As at 31 March 2023 the charity held free reserves of £143,931 (2022:£119,457).
Reserves Policy
The Unrestricted Fund represents the unrestricted funds arising from past operating results.
The trustees are satisfied that the balance of the Fund is an acceptable level of reserves. It is the policy of the trustees to generally distribute funds in accordance with the wishes of the donors. Therefore, no particular level of reserves is maintained.
Plans for future periods
It is anticipated that the charity will continue to support charitable purposes and institutions in accordance with its objects.
The trustees' annual report was approved on 16 January 2024 and signed on behalf of the board of trustees by:
J Leitner Trustee
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Matono
Independent Examiner's Report to the Trustees of Matono
Year ended 31 March 2023
I report to the trustees on my examination of the financial statements of Matono ('the charity') for the year ended 31 March 2023.
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:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
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
17 January 2024
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Matono
Statement of Financial Activities
Year ended 31 March 2023
| 2023 | 2022 | |||
|---|---|---|---|---|
| Unrestricted | ||||
| fundsTotal funds | Total funds | |||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 73,607 | 73,607 | 46,660 |
| Investment income | 5 | 13,660 | 13,660 | 13,689 |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Total income | 87,267 | 87,267 | 60,349 | |
| ============================ | ============================ | ============================ | ||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Investment management costs | 6 | 3,064 | 3,064 | 1,543 |
| Expenditure on charitable activities | 7,8 | 59,729 | 59,729 | 72,024 |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Total expenditure | 62,793 | 62,793 | 73,567 | |
| ============================ | ============================ | ============================ | ||
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| Net income/(expenditure) and net movement in funds | 24,474 | 24,474 | (13,218) | |
| ============================ | ============================ | ============================ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 724,014 | 724,014 | 737,232 | |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total funds carried forward | 748,488 | 748,488 | 724,014 | |
| ================================ | ================================ | ================================ |
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 7 to 12 form part of these financial statements.
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Matono
Statement of Financial Position
31 March 2023
| 2023 | 2022 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Investments | 14 | 604,557 | 604,557 | |
| Current assets | ||||
| Debtors | 15 | 17,071 | 45 | |
| Cash at bank and in hand | 128,060 | 120,522 | ||
| -------------------------------- | -------------------------------- | |||
| 145,131 | 120,567 | |||
| Creditors: amounts falling due within one year | 16 | 1,200 | 1,110 | |
| -------------------------------- | -------------------------------- | |||
| Net current assets | 143,931 | 119,457 | ||
| -------------------------------- | -------------------------------- | |||
| Total assets less current liabilities | 748,488 | 724,014 | ||
| -------------------------------- | -------------------------------- | |||
| Net assets | 748,488 | 724,014 | ||
| ================================ | ================================ | |||
| Funds of the charity | ||||
| Unrestricted funds | 748,488 | 724,014 | ||
| -------------------------------- | -------------------------------- | |||
| Total charity funds | 17 | 748,488 | 724,014 | |
| ================================ | ================================ |
These financial statements were approved by the board of trustees and authorised for issue on 16 January 2024, and are signed on behalf of the board by:
J Leitner Trustee
The notes on pages 7 to 12 form part of these financial statements.
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Matono
Notes to the Financial Statements
Year ended 31 March 2023
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 31 Broom Lane, Salford, Manchester, M7 4EQ.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the statement of financial activities.
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.
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Matono
Notes to the Financial Statements (continued)
Year ended 31 March 2023
3. Accounting policies (continued)
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.
Resources expended
All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure.
Charitable activities are made up of grants to individuals and institutions.
Expenditure also includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates.
Governance costs are included on an accruals basis and are recognised when there is a legal or constructive obligation to pay for expenditure.
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.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
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Matono
Notes to the Financial Statements (continued)
Year ended 31 March 2023
3. Accounting policies (continued)
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.
4. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Donations | ||||
| Donations | 73,607 | 73,607 | 46,660 | 46,660 |
| ============================ | ============================ | ============================ | ============================ | |
| Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Income from investment properties | 13,341 | 13,341 | 13,680 | 13,680 |
| Bank interest receivable - Gross | 319 | 319 | 9 | 9 |
| ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | |
| 13,660 | 13,660 | 13,689 | 13,689 | |
| ============================ | ============================ | ============================ | ============================ |
5. Investment income
6. Investment management costs
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Property repairs and maintenance | ||||
| charges | 2,720 | 2,720 | 1,231 | 1,231 |
| Insurance | 344 | 344 | 312 | 312 |
| ----------------------- | ----------------------- | ----------------------- | ----------------------- | |
| 3,064 | 3,064 | 1,543 | 1,543 | |
| ======================= | ======================= | ======================= | ======================= |
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Matono
Notes to the Financial Statements (continued)
Year ended 31 March 2023
7. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Charitable activities | 58,074 | 58,074 | 67,675 | 67,675 | |
| Support costs | 1,655 | 1,655 | 4,349 | 4,349 | |
| ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | ||
| 59,729 | 59,729 | 72,024 | 72,024 | ||
| ============================ | ============================ | ============================ | ============================ | ||
| 8. | Expenditure on charitable activities | by activity type | |||
| Grant funding | Support | Total funds | Total fund | ||
| of activities | costs | 2023 | 2022 | ||
| £ | £ | £ | £ | ||
| Charitable activities | 58,074 | – | 58,074 | 67,675 | |
| Governance costs | – | 1,655 | 1,655 | 4,349 | |
| ---------------------------- | ----------------------- | ---------------------------- | ---------------------------- | ||
| 58,074 | 1,655 | 59,729 | 72,024 | ||
| ============================ | ======================= | ============================ | ============================ | ||
| 9. | Analysis of grants | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Grants to institutions | |||||
| BCR GJAG | – | 2,500 | |||
| Bederch Kovod | 2,639 | 3,500 | |||
| Grants Under £2000 | 25,677 | 32,354 | |||
| Keren Gemilas Chesed | 6,000 | 2,000 | |||
| Keren Hatzdokoh Gateshead | 9,000 | 4,850 | |||
| The Gateshead Cheder | 2,358 | 2,000 | |||
| Tiferes Shloime | – | 2,464 | |||
| Yesodei Hatorah School | 2,500 | 2,507 | |||
| Yishaye Adler Memorial Fund | 6,550 | 15,500 | |||
| Yeshiva Lezeirim Tiferes Yakov | 3,350 | – | |||
| ---------------------------- | ---------------------------- | ||||
| 58,074 | 67,675 | ||||
| ---------------------------- | ---------------------------- | ||||
| Total grants | 58,074 | 67,675 | |||
| ============================ | ============================ |
The above grants were made to institutions and 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.
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Matono
Notes to the Financial Statements (continued)
Year ended 31 March 2023
10. Net income/(expenditure)
Net income/(expenditure) is stated after charging/(crediting):
| Net income/(expenditure) is stated after charging/(crediting): | |||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Foreign exchange differences | – | (21) | |
| ============== | ============== | ||
| 11. | Independent examination fees | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Fees payable to the independent examiner for: | |||
| Independent examination of the financial statements | 1,200 | 1,100 | |
| ======================= | ======================= | ||
| 12. | Staff costs | ||
| Nil | Nil |
The average head count of employees during the year was Nil (2022: Nil). No employee received employee benefits of more than £60,000 during the year (2022: Nil).
13. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
14. Investments
| Investment | |
|---|---|
| properties | |
| £ | |
| Cost or valuation | |
| At 1 April 2022 and 31 March 2023 | 604,557 |
| ================================ | |
| Impairment | |
| At 1 April 2022 and 31 March 2023 | |
| Carrying amount | |
| At 31 March 2023 | 604,557 |
| ================================ | |
| At 31 March 2022 | 604,557 |
| ================================ |
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.
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Matono
Notes to the Financial Statements (continued)
Year ended 31 March 2023
15. Debtors
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Tax repayable | (518) | 45 |
| Other debtors | 17,589 | – |
| ---------------------------- | -------------- | |
| 17,071 | 45 | |
| ============================ | ============== | |
| Creditors: amounts falling due within one year | ||
| 2023 | 2022 | |
| £ | £ | |
| Accruals and deferred income | 1,200 | 1,110 |
| ======================= | ======================= |
16. Creditors: amounts falling due within one year
17. Analysis of charitable funds
Unrestricted funds
| At | ||||||
|---|---|---|---|---|---|---|
| At | 31 March | 20 | ||||
| 1 | April 2022 | Income | Expenditure | 23 | ||
| £ | £ | £ | £ | |||
| General funds | 724,014 | 87,267 | (62,793) | 748,488 |
||
| ================================ | ============================ | ============================ | ================================ | |||
| At | ||||||
| At | 31 March | 20 | ||||
| 1 | April 2021 | Income | Expenditure | 22 | ||
| £ | £ | £ | £ | |||
| General funds | 737,232 | 60,349 | (73,567) | 724,014 |
||
| ================================ | ============================ | ============================ | ================================ |
18. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2023 | |
| £ | £ | |
| Investments | 604,557 | 604,557 |
| Current assets | 145,131 | 145,131 |
| Creditors less than 1 year | (1,200) | (1,200) |
| -------------------------------- | -------------------------------- | |
| Net assets | 748,488 | 748,488 |
| ================================ | ================================ | |
| Unrestricted | Total Funds | |
| Funds | 2022 | |
| £ | £ | |
| Investments | 604,557 | 604,557 |
| Current assets | 120,567 | 120,567 |
| Creditors less than 1 year | (1,110) | (1,110) |
| -------------------------------- | -------------------------------- | |
| Net assets | 724,014 | 724,014 |
| ================================ | ================================ |
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