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2020-11-30-accounts

Company Registration No. 7428770 Charity Registration No. 1139316

THE TMC TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 NOVEMBER 2020

THE TMC TRUST LIMITED

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2020

CONTENTS

Charity information
Trustees’ report
Independent examiner’s report
Statement of financial activities
Balance sheet
Notes to the financial statements		 Page
1
2 - 4
5
6
7
8 - 15

THE TMC TRUST LIMITED

CHARITY INFORMATION

FOR THE YEAR ENDED 30 NOVEMBER 2020

Registered Charity Number : 1139316
Company Registration Number : 7428770
Trustees : Daniel Ost
Teresa Ost
Samuel Grosz
Registered Office : 75 Maygrove Road
West Hampstead
London
NW6 2EG
Charity Advisors : Goldwins Limited
Chartered Accountants
75 Maygrove Road
West Hampstead
London NW6 2EG

THE TMC TRUST LIMITED

TRUSTEES’ REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2020

The trustees are pleased to present their annual report together with the financial statements of the charity for the year ending 30 November 2020 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, Statement of Recommended Practice-Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

TRUSTEES

The following trustees, who are also the directors for the purpose of company law, served in the period:-

Daniel Ost

Teresa Ost

Samuel Grosz

CHARITABLE OBJECTIVES AND ACTIVITIES

  1. The relief of poverty particularly but not exclusively among persons of the Jewish faith in any part of the world.

  2. The advancement of the Jewish religion in any part of the world.

  3. The advancement of education of the public in any part of the world in the knowledge of the Jewish religion and Jewish history and culture.

  4. Such other charitable purposes for the benefit of persons particularly but not exclusively of the Jewish faith in any part of the world as the trustees shall from time to time decide.

PERFORMANCE AND ACHIEVEMENTS

The Charity has been raising funds in the form of donations and loans to assist with the building of the ‘Beis Hamedresh Kehal Chasidim’ synagogue at 213 Golders Green Road, London NW11.

During the year The Charity paid donations of £143,399 (2019: £72,065) to other charitable organisations for advancement of education and other charitable objectives.

THE TMC TRUST LIMITED

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 30 NOVEMBER 2020

PUBLIC BENEFIT

The trustees are aware of the Charity Commission guidance on public benefit reporting as set out in Section 17 Charities Act 2011. The trustees believe that the charity achieves a public benefit by providing these services as detailed earlier in this report.

RESERVES POLICY

The current level of free reserves, being the unrestricted funds not committed or invested in tangible fixed assets, is £334,308 (2019: £393,031). Having regard to the future development of the building, the Directors have set a target level of free reserves which equates to approximately 6 months of expenditure. This will enable the Charity to continue its current activities and allow it to respond quickly in the event of an emergency. They intend to continue their fundraising efforts with a view to achieving the target level. The reserves policy is reviewed annually.

RISK MANAGEMENT

The Directors have identified the major risks affecting the Charity and are taking necessary steps to monitor and control these risks to mitigate any impact they may have on the Charity in the future. The risks are reviewed on an ongoing basis.

TRUSTEES’ RESPONSIBILITIES

Company law requires the directors, who serve as trustees for the purposes of charity law, to prepare Financial Statements for each financial Period, which give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing those Financial Statements, the directors are required to:-

The trustees are responsible for keeping proper accounting records that 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 and the Charities Act 2011. 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.

THE TMC TRUST LIMITED

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 30 NOVEMBER 2020

As far as the directors are aware at the time the report is approved

31/05/2022 Approved by the Board of Trustees on …………………………. and signed on its behalf by:

........................................... Samuel Grosz (Trustee)

INDEPENDENT EXAMINER’S REPORT

TO THE TRUSTEES OF THE TMC TRUST LIMITED

FOR THE YEAR ENDED 30 NOVEMBER 2020

I report on the accounts of the company for the year ended 30 November 2020, which are set out on pages 6 to 15.

Respective responsibilities of trustees and examiner

The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this period under section 144 (2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

Basis of independent examiner’s report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention:

Stephen Goodwin FCA CTA Goldwins Limited Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG

Dated 31/05/2022

THE TMC TRUST

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 30 November 2020

Note
Income from:
Donations
3
Investment income
4
Total income
Expenditure on:
Charitable activities
Total expenditure
5
Net gains on investments
Net income for the year
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
14		 2020
2019
Unrestricted Restricted
Total
Total
Funds
Funds
Funds
Funds
£
£
£
£
15,995
-
15,995
290,665
204,055
-
204,055
179,174
220,050
-
220,050
469,839
278,773
-
278,773
664,439
278,773
-
278,773
664,439
-
-
-
1,791,890
(58,723)
-
(58,723)
1,597,290
-
-
-
-
(58,723)
-
(58,723)
1,597,290
2,184,921
-
2,184,921
587,631
2,126,198
-
2,126,198
2,184,921

All of the above results are derived from continuing activities.

There were no other recognised gains or losses other than those stated above.

The attached notes form part of these financial statements.

THE TMC TRUST BALANCE SHEET AS AT 30 November 2020

2020 2019
Notes £ £ £ £
Fixed Assets:
Tangible fixed assets 9 121,166 146,152
Investment properties 10 6,375,000 6,375,000
Total Fixed assets 6,496,166 6,521,152
Current Assets:
Debtors - -
Cash at bank and in hand 1,643 7,560
1,643 7,560
Creditors: Amounts falling due within
one year: 11 (71,918) (49,910)
Net Current (Liabilities) (70,275) (42,350)
Creditors: Amounts falling due in
more than one year: 12 (4,299,693) (4,293,881)
Total net assets 2,126,198 2,184,921
Reserves:
Unrestricted - General funds 334,308 393,031
Unrestricted - Revaluation reserves 1,791,890 1,791,890
Restricted funds - Building fund - -
13 2,126,198 2,184,921
Approved by the Board of Trustees on …..............................and
31/05/2022		 signed on its behalf by:

…………………………………………….

Samuel Grosz Trustee Company Registration number: 7428770

THE TMC TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 November 2020

1. Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP FRS 102) and the Companies Act 2006.

The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

b) Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

d) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

e) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

f) Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.

THE TMC TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 November 2020

1. Accounting policies

g) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

h) Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the charity and its and activities.

i) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Fixtures and fittings 25% reducing balance method Office equipment 25% reducing balance method

j) Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

k) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

l) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

m) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

n) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

THE TMC TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 November 2020

2. Detailed comparatives for the statement of financial activities

Income from:
Donations
Investments
Total income
Expenditure on:
Charitable activities
Total expenditure
Net gains on investments
Net income for the year
Transfers between funds
Net movement in funds
Total funds brought forward
Total funds carried forward		 2019
2019
2019
Unrestricted
Restricted
Total
£
£
£
290,665
-
290,665
179,174
-
179,174
469,839
-
469,839
664,439
-
664,439
664,439
-
664,439
1,791,890
-
1,791,890
1,597,290
-
1,597,290
587,631
(587,631)
-
2,184,921
(587,631)
1,597,290
-
587,631
587,631
2,184,921
-
2,184,921

3. Income from donations

Income from donations
Donations
Income from investments
Rental income
Bank interest		 2020
2019
Unrestricted
Restricted
Total
Total
£
£
£
£
15,995
-
15,995
290,665
15,995
-
15,995
290,665
2020
2019
Unrestricted
Restricted
Total
Total
£
£
£
£
204,034
-
204,034
179,136
21
-
21
38
204,055
-
204,055
179,174

4. Income from investments

THE TMC TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 November 2020

5. Analysis of expenditure

Analysis of expenditure
Bank charges
Donations to institutions
Depreciation
Independent examination fees
Auditors remuneration
Loan interest
Commission
Insurance
Legal & professional fees
Repair and maintenance
Sundry expenses
Support costs
Governance costs
Total expenditure 2020
Total expenditure 2019		 Cost of
raising
funds
Charitable
Activities
Support
costs
Governance
costs
2020
Total
2019
Total
£
£
£
£
£
£
-
-
587
-
587
641
-
143,399
-
-
143,399
72,065
-
-
40,389
-
40,389
48,717
-
-
-
4,740.00
4,740
-
-
-
-
-
-
6,000
-
-
55,439
-
55,439
303,763
-
-
7,468
-
7,468
4,723
-
-
3,453
-
3,453
4,640
-
13,200
-
-
13,200
161,153
-
-
3,294
-
3,294
58,633
-
6,804
-
-
6,804
4,104
-
163,403
110,630
4,740
278,773
664,439
110,630
(110,630)
4,740
-
(4,740)
-
278,773
-
-
278,773
-
664,439
-
-
-
664,439

Of the total expenditure, £278,773 (2019: £664,439) was unrestricted and £0 (2019: £0,) was restricted.

The donations were made to other charities to support their charitable activities.

THE TMC TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 November 2020

6. Net income / (expenditure) for the year

This is stated after charging / (crediting): 2020 2019
£ £
Depreciation 40,389 48,717
Interest payable 55,439 303,763
Independent examination fees 4,740 -
Auditors remuneration - 6,000

7. Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

There were no employees employed by the charity (2019: None).

None of the trustees received any remuneration nor were they reimbursed any expenses during the year (2019: none).

8. Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

9. Tangible fixed assets

Cost
At the start of the year
Additions in year
Disposals in year
At the end of the year
Depreciation
At the start of the year
Charge for the year
Eliminated on disposal
At the end of the year
Net book value
At the end of the year
At the start of the year		 Fixtures
and
fittings
Total
£
£
291,652
291,652
15,403
15,403
-
-
307,055
307,055
145,500
145,500
40,389
40,389
-
-
185,889
185,889
121,166
121,166
146,152
146,152

All of the above assets are used for charitable purposes.

THE TMC TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 November 2020

10 Investment properties

Investment properties
Fair value at the start of the year
Additions/asset reanalysis
Disposals
Revaluation during the year
Fair value at the end of the year		 2020
£
6,375,000
-
-
-
6,375,000

Investment properties were revalued by the Trustees during the year after reviewing the present condition of the properties and values of similar properties in the surrounding area.

11. Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Bank loans
Other creditors
Accruals		 2020
2019
£
£
48,948
29,520
12,230
12,230
10,740
8,160
71,918
49,910

12. Creditors: amounts falling due after one year

Bank loans
Other loans		 2020
2019
£
£
1,657,146
1,656,094
2,642,547
2,637,787
4,299,693
4,293,881

Bank loans are secured against the Charity's properties 213-215 Golders Green Road London NW11 9BY.

THE TMC TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 November 2020

13. Analysis of net assets between funds

Analysis of net assets between funds
Tangible fixed assets
Net current (liabilities)
Long term (liabilities)
Net assets at the end of the year
Analysis of net assets between funds 2019
Tangible fixed assets
Net current (liabilities)
Long term (liabilities)
Net assets at the end of the year		 General
unrestricted Restricted
Total
funds
£
£
£
6,496,166
-
6,496,166
(70,275)
-
(70,275)
(4,299,693)
-
(4,299,693)
2,126,198
-
2,126,198
General
unrestricted Restricted
Total
funds
£
£
£
6,521,152
-
6,521,152
(42,350)
-
(42,350)
(4,293,881)
-
(4,293,881)
2,184,921
-
2,184,921

14. Movements in funds

Movements in funds
At the start Other gains At the end
of the year Income Expenditure Transfers / (losses) of the year
£ £ £ £ £ £
Restricted funds - - - - - -
Total restricted funds - - - - - -
Unrestricted funds
General funds 393,031 220,050 (278,773) - - 334,308
Revaluation reserves 1,791,890 - - - - 1,791,890
Total unrestricted funds 2,184,921 220,050 (278,773) - - 2,126,198
Total funds 2,184,921 220,050 (278,773) - - 2,126,198
Movements in funds 2019
Restricted funds:
Building Fund
Total restricted funds
Unrestricted funds:
General funds
Revaluation reserves
Total unrestricted funds
Total funds		 £
£
£
£
£
£
587,631
-
-
(587,631)
-
-
Other gains
/ (losses)
At the start
of the year
Income
Expenditure
Transfers
At the end
of the year
587,631
-
-
(587,631)
-
-
-
469,839
(664,439)
587,631
393,031
-
-
-
-
1,791,890
1,791,890
-
469,839
(664,439)
587,631
1,791,890
2,184,921
587,631
469,839
(664,439)
-
1,791,890
2,184,921

THE TMC TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 November 2020

Purposes of restricted funds

Building Fund:

The Building Fund can be used for the building works at the Synagogue "Beis Hamedrash Kehal Chasidim", including the capital improvements, beautification or maintenance of the facilities. Facilities include both the buildings’ interior and exterior.

15. Legal status of the charity

The charity is a company limited by guarantee and has no share capital. Each member is liable to contribute a sum not exceeding £1 in the event of the charity being wound up.

16. Related party transactions

As at the year end, the charity owed the following trustees: Samuel Grosz £286,983 (2019: £306,973). Daniel Ost £219,480 (2019: £1,074,783).

The charity also owed to the following companies in which one or more trustees or their family members are company directors:

Woodland Green Limited £ 1,435,329
Power Estates Limited £ 31,800
Eginaville Limited £ 257,674
Edan Properties Limited £ 128,000
Evering Estates Limited £ 19,000
Finebrick Limited £ 5,750
STO Properties Limited £ 134,000
Golders Manor Estates £ 10,641
MP Lane Limited £ 3,290
HMB Trading Limited £ 15,000
Skenshire Limited £ 95,600