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← The Tmc Trust Limited

2023-11-30-accounts

Company Registration No. 07428770 Charity Registration No. 1139316

THE TMC TRUST LIMITED

(A COMPANY LIMITED BY GUARANTEE)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 NOVEMBER 2023

THE TMC TRUST LIMITED

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

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 2023

Registered Charity Number : 1139316 Company Registration Number : 07428770 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 2023

The trustees are pleased to present their annual report together with the financial statements of the charity for the year ending 30 November 2023 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 £95,900 (2022: £99,000) to other charitable organisations for the advancement of education and other charitable objectives.

THE TMC TRUST LIMITED

TRUSTEES’ REPORT (CONTINUED)

FOR THE YEAR ENDED 30 NOVEMBER 2023

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 is £636,108 (2022: £467,991). 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 UMITED TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023 As far as the directors are aware at the time the report is approved There is no relevant audil information of which the cornpany'5 auditors are unaware. and The directors have taken all the steps that they oughtto have tsken to make themselves aware of any relevant audit information and to establish that the auditors are aware of Ihat information. Approved by the Board of Trustees on ......... .... and si9 n ils behalf by: Samuel Grosz (Trustee)

INDEPENDENT EXAMINER’S REPORT

TO THE TRUSTEES OF THE TMC TRUST LIMITED

FOR THE YEAR ENDED 30 NOVEMBER 2023

I report on the accounts of the company for the year ended 30 November 2023, which are set out on pages 6 to 15.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

Since the Company’s gross income exceeded £250,000, I confirm that I am qualified to undertake the examination because I am a member of the ICAEW, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

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.

==> picture [96 x 61] intentionally omitted <==

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

30 September 2024

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

FOR THE YEAR ENDED 30 NOVEMBER 2023

2023 2022
**Unrestricted ** Restricted Total Total
Note Funds Funds Funds Funds
£ £ £ £
Income from:
Donations 3 231,280 - 231,280 93,036
Investment income 4 240,933 - 240,933 225,790
Total income 472,213 - 472,213 318,826
Expenditure on:
Charitable activities 304,096 - 304,096 213,208
Total expenditure 5 304,096 - 304,096 213,208
Net income for the year 168,117 - 168,117 105,618
Transfers between funds - - - -
Net movement in funds 168,117 - 168,117 105,618
Reconciliation of funds:
Total funds brought forward 2,259,881 - 2,259,881 2,154,263
Total funds carried forward 14 2,427,998 - 2,427,998 2,259,881

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 UMITED BALANCE SHEET AS AT 30 NOVEMBER 2023 2023 2022 Fixod Assets: Tangible fixed assets Investment propertles ToLql Fixed assets 51,116 6.375,(X)o 6,426,116 68.155 6,375,000 6,443,155 10 Current Assets: Cash at bank and In hand 3,016 3,016 Credltors: Amounts falllng du• wlthin one year: 11 1195.616) 167.444 Net Current (Llabllltles) (195.611> (164.428) Cr•ditors: Amounts falllng due In moro than one year. 12 3,802.507 4.018.846 Tt>tsl net assets 2,427.998 2 259 881 Reserves: Unrestricted- General funds Unr8Stricted- Revaluation reserves 636,108 1.791,890 467,991 1,791,890 13 2,427.998 2 259 881 The Trustees consider that the company is entitled lo exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act {'the Acr) and members have not required the company to obtain an audit for the year in question In accordan￿ vAlh section 476 ofthe Act. The Trustees acknowledge their re$ponslbilibes for ensuring that the company keeps accountlng records which Comply wtth section 386 of the Act and for preparing financial statements which gwe a true and fair view of the state of affairs of thè company as at 30 November 2023 and of its profft or loss Ihe year then ended In accordance wlh the requirements of sections 394 and 395 of the Act and whth othwwise comply with the requirements of the Companies Act 2006 relaling to the financ4al statements so far as applitsble to the company. The finan(ial ststemenls have been prepared in accordan￿ with th8 S￿al provisions for Small companies under Part15 of ihe Companies Act 2006. Approved by Ihe Board of Tntstees on ... . ..14.........and signed on tls behalf by: Samuel G Trustee Company Reglslration number. 7428nO

THE TMC TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023

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 2023

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 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023

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		 2022
2022
2022
Unrestricted
Restricted
Total
£
£
£
93,036
-
93,036
225,790
-
225,790
318,826
-
318,826
213,208
-
213,208
213,208
-
213,208
105,618
-
105,618
-
-
-
105,618
-
105,618
2,154,263
-
2,154,263
2,259,881
-
2,259,881
2023
2022
Unrestricted
Restricted
Total
Total
£
£
£
£
231,280
-
231,280
93,036		 2022
2022
2022
Unrestricted
Restricted
Total
£
£
£
93,036
-
93,036
225,790
-
225,790
318,826
-
318,826
213,208
-
213,208
213,208
-
213,208
105,618
-
105,618
-
-
-
105,618
-
105,618
2,154,263
-
2,154,263
2,259,881
-
2,259,881
231,280
-
231,280
93,036
2023
2022
Unrestricted
Restricted
Total
Total
£
£
£
£
240,837
-
240,837
225,777
96
-
96
13
240,933
-
240,933
225,790

THE TMC TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023

5. Analysis of expenditure

Analysis of expenditure
Advertisement
Bank charges
Donations to institutions
Depreciation
Independent examination fees
Loan interest
Commission
Insurance
Legal & professional fees
Architects & Consultants
Repair and maintenance
Sundry expenses
Support costs
Governance costs
Total expenditure 2023
Total expenditure 2022		 Cost of
raising
funds
Charitable
Activities
Support
costs
Governance
costs
2023
Total
2022
Total
£
£
£
£
£
£
-
-
-
-
-
150
-
-
966
-
966
845
-
95,900
-
-
95,900
99,000
-
-
17,039
-
17,039
22,719
-
-
-
3,107
3,107
1,494
-
-
111,879
-
111,879
62,931
-
-
10,326
-
10,326
8,954
-
-
3,077
-
3,077
3,980
-
22,891
-
-
22,891
1,000
-
-
23,968
-
23,968
-
-
-
14,943
-
14,943
12,135
-
-
-
-
-
-
-
118,791
182,198
3,107
304,096
213,208
182,198
(182,198)
3,107
-
(3,107)
-
304,096
-
-
304,096
-
213,208
-
-
-
213,208

Of the total expenditure, £304,096 (2022: £213,208) was unrestricted and £0 (2022: £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 2023

6. Net income / (expenditure) for the year

This is stated after charging / (crediting):
Depreciation
Interest payable
Independent examination fees net		 2023
2022
£
£
17,039
22,719
111,879
62,931
2,833
1,494

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

There were no employees employed by the charity (2022: None).

None of the trustees received any remuneration nor were they reimbursed any expenses during the year (2022: 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
238,900
238,900
17,039
17,039
-
-
255,939
255,939
51,116
51,116
68,155
68,155

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 2023

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		 2023
£
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		 2023
2022
£
£
175,148
145,330
11,080
11,080
9,388
11,034
195,616
167,444

12. Creditors: amounts falling due after one year

Bank loans
Other loans		 2023
2022
£
£
1,396,682
1,450,945
2,405,825
2,567,901
3,802,507
4,018,846

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

13. Analysis of net assets between funds

Tangible fixed assets
Net current (liabilities)
Long term (liabilities)
Net assets at the end of the year		 General
unrestricted
Restricted
Total
funds
£
£
£
6,426,116
-
6,426,116
(195,611)
-
(195,611)
(3,802,507)
-
(3,802,507)
2,427,998
-
2,427,998

THE TMC TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023

General Total
Analysis of net assets between funds 2022 unrestricted Restricted funds
£ £ £
Tangible fixed assets 6,443,155 - 6,443,155
Net current (liabilities) (164,428) - (164,428)
Long term (liabilities) (4,018,846) - (4,018,846)
Net assets at the end of the year 2,259,881 - 2,259,881
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 467,991 472,213 (304,096) - - 636,108
Revaluation reserves 1,791,890 - - - - 1,791,890
Total unrestricted funds 2,259,881 472,213 (304,096) - - 2,427,998
Total funds 2,259,881 472,213 (304,096) - - 2,427,998

14. Movements in funds

Movements in funds 2022

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
-
-
-
-
-
-
362,373
318,826
(213,208)
-
-
467,991
1,791,890
-
-
-
-
1,791,890
2,154,263
318,826
(213,208)
-
-
2,259,881
2,154,263
318,826
(213,208)
-
-
2,259,881

THE TMC TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023

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:

2023 2022
£ £
Samuel Grosz 90,162 241,537
Daniel Ost 219,480 219,480

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

company directors:
2023 2022
£ £
Woodland Green Limited 1,445,729 1,445,729
Power Estates Limited 499 499
Eginaville Limited 257,674 257,674
Edan Properties Limited 128,000 128,000
Finebrick Limited 5,750 5,750
STO Properties Limited 134,000 134,000
Golders Manor Estates 10,641 10,641
MP Lane Limited 3,290 3,290
HMB Trading Limited 15,000 15,000
SGR1 Limited - 10,701
Skenshire Limited 95,600 95,600