REGISTERED COMPANY NUMBER: 01758168 (England and Wales) REGISTERED CHARITY NUMBER: 1112291
MAYHEIGHTS LIMITED
(A COMPANY LIMITED BY GUARANTEE)
REPORT OF THE TRUSTEES AND
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
Sugarwhite Meyer Accountants Ltd Chartered Accountants & Statutory Auditor First Floor 94 Stamford Hill London N16 6XS
MAYHEIGHTS LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 3 |
| Report of the Independent Auditors | 4 | to | 6 |
| Statement of Financial Activities | 7 | ||
| Balance Sheet | 8 | ||
| Cash Flow Statement | 9 | ||
| Notes to the Cash Flow Statement | 10 | ||
| Notes to the Financial Statements | 11 | to | 16 |
MAYHEIGHTS LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2021
TRUSTEES
R Low O Low M Eichenstein C L Klein (appointed 9.12.21)
COMPANY SECRETARY
R Low
REGISTERED OFFICE
First Floor 94 Stamford Hill London N16 6XS
REGISTERED COMPANY 01758168 (England and Wales) NUMBER
REGISTERED CHARITY 1112291 NUMBER
INDEPENDENT AUDITORS
Sugarwhite Meyer Accountants Ltd Chartered Accountants & Statutory Auditor First Floor 94 Stamford Hill London N16 6XS
BANKERS Barclays Bank Plc 155 Bishopsgate London EC2M 3XA
Page 1
MAYHEIGHTS LIMITED (REGISTERED NUMBER: 01758168)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
REFERENCE AND ADMINISTRATIVE INFORMATION
Reference and administrative information is shown on page 1 of the financial statements and forms part of this report.
OBJECTIVES AND ACTIVITIES
Objects for public benefit
The objects of the charity are, the advancement of religion in accordance with the Orthodox Jewish Faith, the relief of poverty and for such other purposes as are recognised by English Law as charitable. The objects of the charity are carried out by grantmaking and the use as a religious school of the charity's non investment properties. The trustees confirm that they have given due regard to the Charity Commission's guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities, and setting the grant making policy for the year.
Grantmaking policy
Grants are made to institutions and organisations which accord with the objects of the charity. In general the trustees select the institutions to be supported according to their personal knowledge of work of the institution, its trustees and reputation. Whilst not actively inviting applications, they are always prepared to accept any application which will be carefully considered and help given according to circumstances and funds then available.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity is reliant on donations from companies connected to the trustees, the charity also receives loan interest from companies in which the trustees have a connection. Donations were at a similar level to the previous year and loan interest was significantly higher, however demands on funds were lower than last year. The charity continued its philanthropic activities and has maintained its support of organisations engaging in education, advancement of religion, and the relief of poverty, for which see note 6 to the financial statements. The development of the investment asset has been completed and has begun to show a stream of income.
FINANCIAL REVIEW
Reserves policy
Reserves held at the year end were £18,631,431 (2020 - £18,489,766) with free reserve of £2,366,642 ( 2020 - £2,016,192)
Risk management
The trustees have reviewed the major risks that the charity faces and confirm that they have established systems to mitigate them.
FUTURE PLANS
The trustees anticipate that,subject to satisfactory income, the charity will continue on a similar basis in the foreseeable future and there are no plans for any major changes.
POST BALANCE SHEET EVENTS
The COVID-19 pandemic is expected to adversely affect the wider economy. It is possible that property valuations and rental income will both decline due to the pandemic and associated lockdown. The full financial effects cannot currently be quantified.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Constitution
The charity is constituted as a limited company and is governed by its Memorandum and Articles of Association dated 3 October 1983.
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MAYHEIGHTS LIMITED (REGISTERED NUMBER: 01758168)
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021
STRUCTURE, GOVERNANCE AND MANAGEMENT
Organisational structure
The day-to-day affairs of the company are administered by the trustees. The power to appoint new trustees is vested in the continuing board. It is not the intention of the trustees of the charity to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment, induction and training procedures.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Mayheights Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, Sugarwhite Meyer Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 31 January 2022 and signed on its behalf by:
O Low - Trustee
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF MAYHEIGHTS LIMITED
Opinion
We have audited the financial statements of Mayheights Limited (the 'charitable company') for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 March 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF MAYHEIGHTS LIMITED
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF MAYHEIGHTS LIMITED
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
In performing an audit, we exercise professional judgment and maintain professional scepticism throughout the audit.
We also identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. The risk of not detecting a material misstatement resulting from fraud is higher than one for one resulting from error, as fraud may involve collusion, forgery, intentional omissions misrepresentation or override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of charity's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about charity's ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Emanuel Meyer (Senior Statutory Auditor) for and on behalf of Sugarwhite Meyer Accountants Ltd Chartered Accountants & Statutory Auditor First Floor 94 Stamford Hill London N16 6XS
31 January 2022
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MAYHEIGHTS LIMITED
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Raising funds Investment management costs 4 Charitable activities 5 Charitable activities Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted Restricted fund fund £ £ 861,820 - 698,736 - 1,560,556 - 18,893 - 18,893 - 1,581,696 - 1,600,589 - (1,230) - (41,263) - 18,489,766 - 18,448,503 - |
2021 Total funds £ 861,820 698,736 1,560,556 18,893 18,893 1,581,696 1,600,589 (1,230) (41,263) 18,489,766 18,448,503 |
2020 Total funds £ 3,474,251 696,676 |
|---|---|---|---|
| 4,170,927 3,449 |
|||
| 3,449 2,224,606 |
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| 2,228,055 - |
|||
| 1,942,872 16,546,894 |
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| 18,489,766 |
The notes form part of these financial statements
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MAYHEIGHTS LIMITED (REGISTERED NUMBER: 01758168)
BALANCE SHEET 31 MARCH 2021
| Notes FIXED ASSETS Tangible assets 11 Investment property 12 CURRENT ASSETS Debtors 13 Cash at bank CREDITORS Amounts falling due within one year 14 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 16 Unrestricted funds: General fund TOTAL FUNDS |
2021 £ 2,275,407 3,480,905 5,756,312 10,325,549 2,416,894 12,742,443 (50,252) 12,692,191 18,448,503 18,448,503 18,448,503 18,448,503 |
2020 £ 2,275,407 3,477,398 5,752,805 10,720,749 2,023,880 12,744,629 (7,668) 12,736,961 18,489,766 18,489,766 18,489,766 18,489,766 |
|---|---|---|
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 31 January 2022 and were signed on its behalf by:
O Low - Trustee
The notes form part of these financial statements
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MAYHEIGHTS LIMITED
CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash provided by operating activities Cash flows from investing activities Purchase of investment property Sale of investment property Net cash used in investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2021 £ 397,751 397,751 (103,507) 98,770 (4,737) 393,014 2,023,880 2,416,894 |
2020 £ 1,281,444 1,281,444 (774,861) - (774,861) 506,583 1,517,297 2,023,880 |
|---|---|---|
The notes form part of these financial statements
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MAYHEIGHTS LIMITED
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2021
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| ACTIVITIES | ||
|---|---|---|
| Net (expenditure)/income for the reporting period (as per the Statement of Financial Activities) Adjustments for: Losses on investments Decrease in debtors Increase/(decrease) in creditors Net cash provided by operations |
2021 £ (41,263) 1,230 395,200 42,584 397,751 |
2020 £ 1,942,872 - 382,324 (1,043,752) |
| 1,281,444 |
2. ANALYSIS OF CHANGES IN NET FUNDS
| Net cash Cash at bank Total |
At 1.4.20 £ 2,023,880 2,023,880 2,023,880 |
Cash flow £ 393,014 393,014 393,014 |
At 31.3.21 £ 2,416,894 |
|---|---|---|---|
| 2,416,894 | |||
| 2,416,894 |
The notes form part of these financial statements
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MAYHEIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
GOING CONCERN
The financial statements have been prepared in accordance with the accounting principles appropriate to a going concern raking into consideration the assets of the charity. The COVID-19 pandemic is expected to adversely affect the wider macro economy. It is possible that property valuations and rental income will both decline due to the pandemic and associated lockdown. The full financial effects cannot currently be quantified.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis.
The valuation of investment properties is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. Therefore, the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.
Income
Donations are accounted for when received. All other income is recognised on a receivable basis.
Expenditure
Liabilities are recognised in the year in which they are incurred and includes irrecoverable VAT, which is reported as part of the expenditure to which it relates.
Grants are only recognised in the accounts when paid.
Support costs are those incurred to assist the work of the charity but are not direct charitable activities.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, 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 profit or loss.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Financial instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
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MAYHEIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES - continued
Financial instruments
Current assets and current liabilities are subsequently measured at the amount expected to be received or paid and not discounted.
2. DONATIONS AND LEGACIES
| Unrestricted Restricted funds funds £ £ Donations 861,820 - 3. INVESTMENT INCOME Unrestricted Restricted funds funds £ £ Rents received 91,868 - Loan interest 606,868 - 698,736 - 4. INVESTMENT MANAGEMENT COSTS Unrestricted Restricted funds funds £ £ Portfolio management 18,893 - 5. CHARITABLE ACTIVITIES COSTS Grant funding of activities Direct (see note Costs 6) £ £ Charitable activities 2,772 1,566,521 6. GRANTS PAYABLE Charitable activities The total grants paid to institutions during the year was as follows: Religious education Advancement of religion Relief of poverty General purposes Social welfare |
|
|---|---|
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MAYHEIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
6. GRANTS PAYABLE - continued
| Hichal Aharon | 150,000 |
|---|---|
| Boroughlea Ltd | 100,000 |
| Mifal Torah | 100,000 |
| Keren Yetev Lev Ltd | 100,000 |
| Chasdei Ahron | 64,600 |
| Nextgrant Ltd | 61,000 |
| Keren Hatzolo Doros Alei Siach | 58,000 |
| Tchabe Kollel Ltd | 50,000 |
| The Kolel Ltd | 48,000 |
| Kollel ZYZ | 46,402 |
| Yeitev Lev Eretz Israel Ltd | 40,220 |
| Noam Halvovos | 40,000 |
| Others under £40,00 | 708,299 |
| ======== | |
| 1,566,521 | |
| ======== |
7. SUPPORT COSTS
| SUPPORT COSTS | ||||
|---|---|---|---|---|
| Governance | ||||
| Management | Other | costs | Totals | |
| £ | £ | £ | £ | |
| Charitable activities | 4,522 | 627 | 7,254 | 12,403 |
8. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Auditors' remuneration | 3,420 | 3,420 |
| Auditors' remuneration for non audit work | 3,540 | 3,540 |
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
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MAYHEIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
10. STAFF NUMBERS
The average number of staff in the year was Nil (2019 - Nil)
11. TANGIBLE FIXED ASSETS
| COST At 1 April 2020 and 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 12. INVESTMENT PROPERTY FAIR VALUE At 1 April 2020 Additions Disposals At 31 March 2021 NET BOOK VALUE At 31 March 2021 At 31 March 2020 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors Amounts due by connected companies |
2021 £ 25,932 10,299,617 10,325,549 |
Freehold property £ 2,275,407 2,275,407 2,275,407 £ 3,477,398 103,507 (100,000) 3,480,905 3,480,905 3,477,398 2020 £ 20,000 10,700,749 10,720,749 |
|
|---|---|---|---|
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MAYHEIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Accruals and deferred income 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Restricted fund fund £ £ Fixed assets 2,275,407 - Investments 3,480,905 - Current assets 12,742,443 - Current liabilities (50,252) - 18,448,503 - 16. MOVEMENT IN FUNDS At 1.4.20 £ Unrestricted funds General fund 18,489,766 TOTAL FUNDS 18,489,766 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 1,560,556 (1,600,589) TOTAL FUNDS 1,560,556 (1,600,589) Comparatives for movement in funds Net movement At 1.4.19 in funds £ £ Unrestricted funds General fund 15,196,894 1,942,872 Restricted funds Restricted fund 1,350,000 - TOTAL FUNDS 16,546,894 1,942,872 |
2021 £ 50,252 2021 Total funds £ 2,275,407 3,480,905 12,742,443 (50,252) 18,448,503 Net movement in funds £ (41,263) (41,263) Gains and losses £ (1,230) (1,230) Transfers between funds £ 1,350,000 (1,350,000) - |
2020 £ 7,668 2020 Total funds £ 2,275,407 3,477,398 12,744,629 (7,668) 18,489,766 At 31.3.21 £ 18,448,503 18,448,503 Movement in funds £ (41,263) (41,263) At 31.3.20 £ 18,489,766 - 18,489,766 |
||
|---|---|---|---|---|
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MAYHEIGHTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2021
16. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 4,170,927 4,170,927 |
Resources expended £ (2,228,055) (2,228,055) |
Movement in funds £ 1,942,872 1,942,872 |
|---|---|---|---|
17. RELATED PARTY DISCLOSURES
The charity received unrestricted donations of £862,820 (2020- £3,474,250) from companies in which the trustees have a connection. Loan interest receivable from companies in which the trustees have a connection is shown in note 3 and the amount due by companies in which the trustees have a connection are shown in note 13.
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