CHARITY REGISTRATION NUMBER: 1077657
M & E Charitable Trust Unaudited Financial Statements 31 March 2023
HAFFNER HOFF LTD
Accountants 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
M & E Charitable Trust
Financial Statements
Year ended 31 March 2023
| 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 10 |
M & E Charitable Trust
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 | M & E Charitable Trust |
|---|---|
| Charity registration number | 1077657 |
| Principal office | 10 Legh Street |
| Salford | |
| M7 4EF | |
| The trustees | |
| M Rothbart | |
| G Rothbart | |
| Independent examiner | A L Haffner ACA |
| 2nd Floor - Parkgates | |
| Bury New Road | |
| Prestwich | |
| Manchester | |
| M25 0TL |
Structure, governance and management
M & E Charitable Trust is a charitable trust constituted by a Deed of Trust dated 12 August 1999 and is a registered charity, number 1077657.
Objectives and activities
The objectives of the charity are the furtherance of Jewish education and the relief of poverty.
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 individuals and charitable institutions which accord with the objects of the charity.
Achievements and performance
During the year, the Charity received £161,360 in donations, and distributed £204,870 in grants in pursuance of its objects.
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M & E Charitable Trust
Trustees' Annual Report (continued)
Year ended 31 March 2023
Financial review
As at 31 March 2023 the Charity had net current liabilities of £30,888 (2022:£13,429).
Reserves Policy
The trustees are satisfied that Charity's reserves are at an acceptable level. The trustees are confident that sufficient donations will be received in the forthcoming financial year to enable the charity to continue with its activities.
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 2 February 2024 and signed on behalf of the board of trustees by:
M Rothbart Trustee
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M & E Charitable Trust
Independent Examiner's Report to the Trustees of M & E Charitable Trust
Year ended 31 March 2023
I report to the trustees on my examination of the financial statements of M & E Charitable Trust ('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.
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
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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.
A L Haffner ACA Independent Examiner
2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
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M & E Charitable Trust
Statement of Financial Activities
Year ended 31 March 2023
| 2023 | 2022 | |||
|---|---|---|---|---|
| Unrestricted | ||||
| fundsTotal funds | Total funds | |||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 161,360 | 161,360 | 212,450 |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total income | 161,360 | 161,360 | 212,450 | |
| ================================ | ================================ | ================================ | ||
| Expenditure | ||||
| Expenditure on charitable activities | 5,6 | 205,677 | 205,677 | 180,468 |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total expenditure | 205,677 | 205,677 | 180,468 | |
| ================================ | ================================ | ================================ | ||
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Net (expenditure)/income and net movement in funds | (44,317) | (44,317) | 31,982 | |
| ================================ | ================================ | ================================ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 13,429 | 13,429 | (18,553) | |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total funds carried forward | (30,888) | (30,888) | 13,429 | |
| ================================ | ================================ | ================================ |
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 10 form part of these financial statements.
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M & E Charitable Trust
Statement of Financial Position
31 March 2023
| 2023 | 2022 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Current assets | ||||
| Debtors | 12 | 12,500 | 12,500 | |
| Cash at bank and in hand | 1,672 | 2,369 | ||
| ---------------------------- | ---------------------------- | |||
| 14,172 | 14,869 | |||
| Creditors: amounts falling due within one year | 13 | 45,060 | 1,440 | |
| ---------------------------- | ---------------------------- | |||
| Net current liabilities | (30,888) | 13,429 | ||
| ---------------------------- | ---------------------------- | |||
| Total assets less current liabilities | (30,888) | 13,429 | ||
| ---------------------------- | ---------------------------- | |||
| Net liabilities | (30,888) | 13,429 | ||
| ============================ | ============================ | |||
| Funds of the charity | ||||
| Unrestricted funds | (30,888) | 13,429 | ||
| ---------------------------- | ---------------------------- | |||
| Total charity funds | 14 | (30,888) | 13,429 | |
| ============================ | ============================ |
These financial statements were approved by the board of trustees and authorised for issue on 2 February 2024, and are signed on behalf of the board by:
M Rothbart Trustee
The notes on pages 6 to 10 form part of these financial statements.
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M & E Charitable Trust
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 10 Legh Street, Manchester, M7 4EF.
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.
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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M & E Charitable Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2023
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:
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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.
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 | 161,360 | 161,360 | 212,450 | 212,450 |
| ================================ | ================================ | ================================ | ================================ |
5. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | |
| £ | £ | £ | £ | |
| Charitable activities | 204,870 | 204,870 | 179,703 | 179,703 |
| Support costs | 807 | 807 | 765 | 765 |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | |
| 205,677 | 205,677 | 180,468 | 180,468 | |
| ================================ | ================================ | ================================ | ================================ |
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M & E Charitable Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2023
6. Expenditure on charitable activities by activity type
| Grant funding | Support |
Total funds | Total fund | ||
|---|---|---|---|---|---|
| of activities | costs |
2023 | 2022 | ||
| £ | £ | £ | £ | ||
| Charitable activities | 204,870 | 26 |
204,896 | 179,748 | |
| Governance costs | – | 781 |
781 | 720 | |
| -------------------------------- | -------------- | -------------------------------- | -------------------------------- | ||
| 204,870 | 807 |
205,677 | 180,468 | ||
| ================================ | ============== | ================================ | ================================ | ||
| 7. | Analysis of support costs | ||||
| Analysis of | |||||
| support costs | Total 2023 | Total 2022 | |||
| £ | £ | £ | |||
| General office | 26 | 26 | 45 | ||
| Governance costs | 781 | 781 | 720 | ||
| -------------- | -------------- | -------------- | |||
| 807 | 807 | 765 | |||
| ============== | ============== | ============== | |||
| 8. | Analysis of grants | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Grants to institutions | |||||
| A H T | 18,000 | – | |||
| Asser Bishvil Foundation | 32,720 | 23,000 | |||
| Bederech Kovod | – | 15,750 | |||
| Ben Amram Trust | 12,000 | – | |||
| Grants below £10000 | 58,150 | 60,953 | |||
| Machzikei Loimdei Torah | 10,000 | – | |||
| M E B | 10,000 | – | |||
| M H Trust | – | 50,000 | |||
| Tov Vochesed | 12,500 | – | |||
| United Talmudical Associates Ltd | 51,500 | 30,000 | |||
| -------------------------------- | -------------------------------- | ||||
| 204,870 | 179,703 | ||||
| -------------------------------- | -------------------------------- | ||||
| Total grants | 204,870 | 179,703 | |||
| ================================ | ================================ |
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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M & E Charitable Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2023
9. Independent examination fees
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 780 | 720 |
| ============== | ============== |
10. 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).
11. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
12. Debtors
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Other debtors | 12,500 | 12,500 |
| ============================ | ============================ | |
| Creditors: amounts falling due within one year | ||
| 2023 | 2022 | |
| £ | £ | |
| Accruals and deferred income | 1,560 | 1,440 |
| Other creditors | 43,500 | – |
| ---------------------------- | ----------------------- | |
| 45,060 | 1,440 | |
| ============================ | ======================= |
13. Creditors: amounts falling due within one year
14. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | At | ||||
| 1 | April 2022 | Income | Expenditure | 31 March 23 | |
| £ | £ | £ | £ | ||
| General funds | 13,429 | 161,360 | (205,677) | (30,888) |
|
| ============================ | ================================ | ================================ | ============================ | ||
| At | At | ||||
| 1 | April 2021 | Income | Expenditure | 31 March 22 | |
| £ | £ | £ | £ | ||
| General funds | (18,553) | 212,450 | (180,468) | 13,429 |
|
| ============================ | ================================ | ================================ | ============================ |
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M & E Charitable Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2023
15. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2023 | |
| £ | £ | |
| Current assets | 14,172 | 14,172 |
| Creditors less than 1 year | (45,060) | (45,060) |
| ---------------------------- | ---------------------------- | |
| Net liabilities | (30,888) | (30,888) |
| ============================ | ============================ | |
| Unrestricted | Total Funds | |
| Funds | 2022 | |
| £ | £ | |
| Current assets | 14,869 | 14,869 |
| Creditors less than 1 year | (1,440) | (1,440) |
| ---------------------------- | ---------------------------- | |
| Net liabilities | 13,429 | 13,429 |
| ============================ | ============================ |
16. Related parties
During the year the Charity received aggregate donations totalling £159,860 from trustees and related parties.
Mr M Rothbart, trustee of the charity, has extended loans to the charity of £43,500 in the year. These were still outstanding at the year end.
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