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2021-11-30-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 2021

THE TMC TRUST LIMITED

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2021

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 2021

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 2021

The trustees are pleased to present their annual report together with the financial statements of the charity for the year ending 30 November 2021 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 £79,000 (2021: £143,399) 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 2021

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 £362,373 (2020: £334,308). 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 2021 As far as the directors are aware at the time the report is approved Ther& is no relevant audit infomwtion of which the company's auditors are unaware, and The directors have tsken all the steps that they ought to have taken to make themselves awar8 of any ￿levant audit information and to establish that the auditors are aware of that information. Approved by the Board of Trustees on . and signed on its behalf by: Sam rosz (Trustee)

INDEPENDENT EXAMINER’S REPORT

TO THE TRUSTEES OF THE TMC TRUST LIMITED

FOR THE YEAR ENDED 30 NOVEMBER 2021

I report on the accounts of the company for the year ended 30 November 2021, 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

14 June 2023

THE TMC TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 30 NOVEMBER 2021

2021 2020
**Unrestricted ** Restricted Total Total
Note Funds Funds Funds Funds
£ £ £ £
Income from:
Donations 3 10,800 - 10,800 15,995
Investment income 4 221,604 - 221,604 204,055
Total income 232,404 - 232,404 220,050
Expenditure on:
Charitable activities 204,339 - 204,339 278,773
Total expenditure 5 204,339 - 204,339 278,773
Net income for the year 28,065 - 28,065 (58,723)
Transfers between funds - - - -
Net movement in funds 28,065 - 28,065 (58,723)
Reconciliation of funds:
Total funds brought forward 2,126,198 - 2,126,198 2,184,921
Total funds carried forward 14 2,154,263 - 2,154,263 2,126,198

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 LIMITED BALANCE SHEET AS AT 30 NOVEMBER 2021 2021 2020 Fixed Assats: Tangible fixed assets Investment properb.es Totsl Fixed assets .874 6,375.000 6.465.874 10 121,166 6,375,000 6.496.166 Currnnt Assets: Debtors Cash at bank and in hand 4,000 4.000 1,643 1.643 Creditors.. Amounts falling due wlthln one year: 11 {152,090) 171.918 Nol Current {Liabilities) (148.090) {70,275) Credltors: Amounts falling due In more than one year. 12 (4,163.521 (4,299,693} Total net assets 2.154,263 2.126.198 Res8rves.' Unrestricted- General funds Unrestricted - Revaluation reserves 362,373 1,791.890 334,308 1,791,890 13 2.154.263 2,126.198 The Trustees consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 llhe Acr) and members have not reouired the company to obtain an audit for the year in question in accordanc* with section 476 of the ACL The Trustees acknowledge their responsibiltties for ensuring that the company keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the stste of affairs of the company as at 30 November 2021 and of its profil or loss for the year then ended in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to the finanaal statements so far as applicable to the company. The financial statements have been prepared in accordan￿ with the special provisions for small companie8 under Part15 ofihe CompaniesAct 2006. Approv d b the Board of Trustees on .... ..aThJ stgned on its behafi by. el Company Registration ntsmber: 7428770

THE TMC TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021

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 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021

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 TMC TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021

2. Detailed comparatives for the statement of financial activities

Income from:
Donations
Investments
Total income
Expenditure on:
Charitable activities
Total expenditure
Net income for the year
Transfers between funds
Net movement in funds
Total funds brought forward
Total funds carried forward
3. Income from donations
Donations
4. Income from investments
Rental income
Bank interest		 2020
2020
2020
Unrestricted
Restricted
Total
£
£
£
15,995
-
15,995
204,055
-
204,055
220,050
-
220,050
278,773
-
278,773
278,773
-
278,773
(58,723)
-
(58,723)
-
-
-
(58,723)
-
(58,723)
2,184,921
-
2,184,921
2,126,198
-
2,126,198
2021
2020
Unrestricted
Restricted
Total
Total
£
£
£
£
10,800
-
10,800
15,995		 2020
2020
2020
Unrestricted
Restricted
Total
£
£
£
15,995
-
15,995
204,055
-
204,055
220,050
-
220,050
278,773
-
278,773
278,773
-
278,773
(58,723)
-
(58,723)
-
-
-
(58,723)
-
(58,723)
2,184,921
-
2,184,921
2,126,198
-
2,126,198
10,800
-
10,800
15,995
2021
2020
Unrestricted
Restricted
Total
Total
£
£
£
£
221,602
-
221,602
204,034
2
-
2
21
221,604
-
221,604
204,055

THE TMC TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021

5. Analysis of expenditure

Analysis of expenditure
Advertisement
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 2021
Total expenditure 2020		 Cost of
raising
funds
Charitable
Activities
Support
costs
Governance
costs
2021
Total
2020
Total
£
£
£
£
£
£
-
-
576
-
576
-
-
-
562
-
562
587
-
79,000
-
-
79,000
143,399
-
-
30,292
-
30,292
40,389
-
-
-
4,800
4,800
4,740
-
-
-
-
-
-
-
-
50,828
-
50,828
55,439
-
-
7,635
-
7,635
7,468
-
-
3,605
-
3,605
3,453
-
14,622
-
-
14,622
13,200
-
-
8,589
-
8,589
3,294
-
3,830
-
-
3,830
6,804
-
97,452
102,087
4,800
204,339
278,773
102,087
(102,087)
4,800
-
(4,800)
-
204,339
-
-
204,339
-
278,773
-
-
-
278,773

Of the total expenditure, £204,339 (2020: £278,773) was unrestricted and £0 (2020: £0,) was restricted.

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

THE TMC TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021

6. Net income / (expenditure) for the year

This is stated after charging / (crediting):
Depreciation
Interest payable
Independent examination fees		 2021
2020
£
£
30,292
40,389
50,828
55,439
4,800
4,740

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

There were no employees employed by the charity (2020: None).

None of the trustees received any remuneration nor were they reimbursed any expenses during the year (2020: 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
£
£
307,055
307,055
-
-
-
-
307,055
307,055
185,889
185,889
30,292
30,292
-
-
216,181
216,181
90,874
90,874
121,166
121,166

All of the above assets are used for charitable purposes.

THE TMC TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021

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		 2021
£
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

Bank loans
Other creditors
Accruals
Creditors: amounts falling due after one year
Bank loans
Other loans		 2021
2020
£
£
124,320
48,948
12,230
12,230
15,540
10,740
152,090
71,918
2021
2020
£
£
1,533,634
1,657,146
2,629,887
2,642,547
4,163,521
4,299,693

12. Creditors: amounts falling due after one year

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

THE TMC TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021

13. 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 2020
Tangible fixed assets
Net current (liabilities)
Long term (liabilities)
Net assets at the end of the year		 General
unrestricted Restricted
Total
funds
£
£
£
6,465,874
-
6,465,874
(148,090)
-
(148,090)
(4,163,521)
-
(4,163,521)
2,154,263
-
2,154,263
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

14. Movements in funds

Movements in funds
Restricted funds
Total restricted funds
Unrestricted funds
General funds
Revaluation reserves
Total unrestricted funds
Total funds		 £
£
£
£
£
£
-
-
-
-
-
-
Other gains
/ (losses)
At the start
of the year
Income
Expenditure
At the end
of the year
Transfers
-
-
-
-
-
-
334,308
232,404
(204,339)
-
-
362,373
1,791,890
-
-
-
-
1,791,890
2,126,198
232,404
(204,339)
-
-
2,154,263
2,126,198
232,404
(204,339)
-
-
2,154,263

Movements in funds 2020

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

THE TMC TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2021

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 £272,403 (2020: £286,983). Daniel Ost £219,480 (2020: £219,480).

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 £ 20,920
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