Charity number: 1152891
Company number: 08410825
(England and Wales)
Maysec Ltd
Report of the Trustees and Unaudited Financial Statements
For the year ended 30 June 2022
Maysec Ltd Contents Page For the year ended 30 June 2022
| Report of the Trustees | 1 to 2 |
|---|---|
| Independent Examiner's Report to the Trustees | 3 |
| Statement of Financial Activities | 4 |
| Statement of Financial Position | 5 |
| Notes to the Financial Statements | 6 to 10 |
| Detailed Statement of Financial Activities | 11 |
Maysec Ltd Report of the Trustees
For the year ended 30 June 2022
The Trustees, who are also directors for the purposes of company law, have pleasure in presenting their report and the financial statements for the charitable company for the year ended 30 June 2022. 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 the Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the charity are to advance religion in accordance with the Orthodox Jewish faith and to support other charitable activities as are recognised under English Law.
Each year the trustees review their objectives and activities to ensure that they continue to reflect the trustee's aims. In carrying out their review the trustees have considered the Charity Commission's general guidance on public benefit and in particular its supplementary public guidance, with focused regard towards the advancement of the Orthodox Jewish Faith and all its facets for the public benefit.
The trustees have considered the Charity Commision's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'.
ACHIEVEMENTS AND PERFORMANCE
The charity has achieved its objectives during the year by supporting charitable causes and by maximising income from its available resources with the minimum of risk.
Charitable income is derived from donations and rental income.
FINANCIAL REVIEW
Reserves
The charity has adopted a reserves policy to retain, if possible, reserves sufficient to meet a further two to three months of anticipated charitable expenditure.
The reserves of the charity at 30 June 2022 increased to £3,212,052 (2021: £3,042,681).
The trustees have reviewed the charity's needs for reserves in line with the guidance issued by the Charity Commission and have concluded that the general surplus is sufficient to achieve its objectives.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is governed by a the Memorandum and Articles of Association dated 20 February 2013, and formally registered with the Charity Commission on 16 July 2013.
Recruitment and appointment of trustees
The charity is managed exclusively by the trustees.
The charity's trustees periodically evaluate possible training requirement to best suit the charity's objectives.
REFERENCE AND ADMINISTRATIVE INFORMATION
Name of Charity Maysec Ltd Charity registration number 1152891 Company registration number 08410825 Principal address Hallswelle House 1 Hallswelle Road London NW11 0DH
Trustees
The trustees and officers serving during the year and since the year end were as follows:
Mr I M Kreditor Mr M Lisser Mrs B Kreditor
1 of 11
Maysec Ltd Report of the Trustees Continued For the year ended 30 June 2022
Independent examiners
Clearfin Accountants Limited Churchill House 137-139 Brent Street London NW4 4DJ
Approved by the Board of Trustees and signed on its behalf by
............................................................................. 15 September 2022 Mr I M Kreditor
2 of 11
Maysec Ltd Independent Examiners Report to the Trustees
For the year ended 30 June 2022
I report to the trustees on my examination of the accounts of the charitable company for the year ended 30 June 2022.
Responsibilities and basis of report
As the charity Trustees, who are also directors for the purposes of company law, 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 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 examiners statement
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 that in any material respect:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
Isaac Hajioff Chartered Accountant Clearfin Accountants Limited Churchill House 137-139 Brent Street London NW4 4DJ
15 September 2022
3 of 11
Maysec Ltd
Statement of Financial Activities (including Income and Expenditure Account) For the year ended 30 June 2022
| Notes Income and endowments from: Donations and legacies 2 Investments 3 Total Expenditure on: Charitable activities 4/5 Total Net income Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted funds £ 180,959 49,320 230,279 (60,908) (60,908) 169,371 3,042,681 3,212,052 |
2021 £ 211,000 52,441 |
|---|---|---|
| 263,441 | ||
| (50,438) | ||
| (50,438) | ||
| 213,003 2,829,678 |
||
| 3,042,681 |
4 of 11
Registered Number : 08410825
Maysec Ltd Statement of Financial Position As at 30 June 2022
| Notes | 2022 | 2021 | |
|---|---|---|---|
| £ | £ | ||
| Fixed assets | |||
| Investments | 10/11 | 1,929,760 | 1,929,760 |
| 1,929,760 | 1,929,760 | ||
| Current assets | |||
| Cash at bank and in hand | 1,282,532 | 1,114,121 | |
| 1,282,532 | 1,114,121 | ||
| Creditors: amounts falling due within one year | 12 | (240) | (1,200) |
| Net current assets | 1,282,292 | 1,112,921 | |
| Total assets less current liabilities | 3,212,052 | 3,042,681 | |
| Net assets | 3,212,052 | 3,042,681 | |
| The funds of the charity | |||
| Unrestricted income funds | 13 | 3,212,052 | 3,042,681 |
| Total funds | 3,212,052 | 3,042,681 |
For the year ended 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
-
The members have not required the company to obtain an audit of its accounts for the year in question in accordance
-
with section 476,
-
The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting
-
records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
The financial statements were approved and authorised for issue by the Board and signed on its behalf by:
Mr I M Kreditor Trustee
15 September 2022
5 of 11
Maysec Ltd Notes to the Financial Statements For the year ended 30 June 2022
1. Accounting Policies
Basis of accounting
The financial statements have been prepared under the historical cost convention, except for investments which are included at market value and the revaluation of certain fixed assets and 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 (FRS 102), and the Companies Act 2006.
Maysec Ltd 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 note(s).
Going concern
There are no material uncertainties about the charity's ability to continue.
Funds
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when the Charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
• income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
• legacy income is recognised when receipt is probable and entitlement is established.
• income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
• income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Liabilities are recognised as resources expended when there is a legal or constructive obligation committing the Charity to the expenditure:
• expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
• expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
• other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
6 of 11
Maysec Ltd Notes to the Financial Statements Continued
For the year ended 30 June 2022
Tangible fixed assets
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
2. Income from donations and legacies
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Unrestricted funds | ||
| Donations received | 180,959 | 211,000 |
| 180,959 | 211,000 | |
| nvestment income | ||
| 2022 | 2021 | |
| £ | £ | |
| Unrestricted funds | ||
| Income from investment | 49,242 | 51,400 |
| properties | ||
| Income from listed investments | 78 | - |
| Bank interest receivable | - | 1,041 |
| 49,320 | 52,441 | |
| osts of charitable activities by fund type | ||
| 2022 | 2021 | |
| £ | £ | |
| Unrestricted funds | ||
| Charitable donations | 60,553 | 50,103 |
| Support costs | 355 | 335 |
| 60,908 | 50,438 | |
| osts of charitable activities by activity type | ||
| 2022 | 2021 | |
| £ | £ | |
| Activities undertaken directly | ||
| Charitable donations | 60,553 | 50,103 |
| Governance costs | 355 | 335 |
| 60,908 | 50,438 |
3. Investment income
4. Costs of charitable activities by fund type
5. Costs of charitable activities by activity type
7 of 11
Maysec Ltd Notes to the Financial Statements Continued
For the year ended 30 June 2022
6. Analysis of support costs
| 6. Analysis of support costs | ||
|---|---|---|
| Governance costs Accountancy fees Legal fees Other finance costs 7. Net income/(expenditure) for the year This is stated after charging/(crediting): Accountancy fees 8. Particulars of employees Trustees |
2022 £ 240 15 100 355 2022 £ 240 2022 0 0 |
2021 £ 240 15 80 |
| 335 2021 £ 240 |
||
| 2021 3 |
||
| 3 |
9. Comparative for the Statement of Financial Activities
The comparative year values on the Statement of Financial Activites are for unrestricted funds.
8 of 11
Maysec Ltd Notes to the Financial Statements Continued
For the year ended 30 June 2022
Investments
10. Analysis of movement of commercial investments
| Fair value at 01 July 2021 Fair value at 30 June 2022 |
Investment property £ 1,929,760 |
|---|---|
| 1,929,760 | |
| 11. Analysis of investments between funds as at year ended 30 June 2022 Unrestricted funds Investment properties 12. Creditors: amounts falling due within one year Accruals and deferred income 13. Movement in funds Unrestricted Funds Balance at 01/07/2021 £ General 3,042,681 General 3,042,681 |
Incoming resources £ 230,279 230,279 |
2022 £ 1,929,760 1,929,760 2022 £ 240 240 Outgoing resources £ (60,908) (60,908) |
2021 £ 1,929,760 |
|---|---|---|---|
| 1,929,760 | |||
| 2021 £ 1,200 |
|||
| 1,200 | |||
| Balance at 30/06/2022 £ 3,212,052 |
|||
| 3,212,052 |
9 of 11
Maysec Ltd Notes to the Financial Statements Continued
For the year ended 30 June 2022
Unrestricted Funds - Previous year
| Unrestricted Funds - Previous year | ||||
|---|---|---|---|---|
| General General Purpose of unrestricted Funds General To fund the activities of the charity. 14. Analysis of net assets between funds Unrestricted funds General General Previous year Unrestricted funds General General |
Balance at 01/07/2020 £ 2,829,678 2,829,678 |
Incoming resources Outgoing resources Balance at 30/06/2021 £ £ £ 263,441 (50,438) 3,042,681 263,441 (50,438) 3,042,681 Investments Net current assets / (liabilities) Net Assets £ £ £ 1,929,760 1,282,292 3,212,052 1,929,760 1,282,292 3,212,052 Investments Net current assets / (liabilities) Net Assets £ £ £ 1,929,760 1,112,921 3,042,681 1,929,760 1,112,921 3,042,681 |
Balance at 30/06/2021 £ 3,042,681 |
|
| 3,042,681 | ||||
| 1,929,760 1,282,292 3,212,052 |
||||
| Investments Net current assets / (liabilities) Net Assets £ £ £ 1,929,760 1,112,921 3,042,681 |
||||
| 1,929,760 1,112,921 3,042,681 |
10 of 11
Maysec Ltd Detailed Statement of Financial Activities
For the year ended 30 June 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENT | ||
| Donations and legacies | ||
| Donations | 180,959 | 211,000 |
| 180,959 | 211,000 | |
| Investments | ||
| Income from investment properties | 49,242 | 51,400 |
| Income from listed investments | 78 | - |
| Bank interest receivable | - | 1,041 |
| 49,320 | 52,441 | |
| Total incoming resources | 230,279 | 263,441 |
| EXPENDITURE | ||
| Charitable activities | ||
| Cost of direct charitable activity (Charitable | (60,553) | (50,103) |
| donations) | ||
| (60,553) | (50,103) | |
| SUPPORT COSTS | ||
| Governance costs | ||
| Governance costs (Governance costs) | (355) | (335) |
| (355) | (335) | |
| Total resources expended | (60,908) | (50,438) |
| Net Income | 169,371 | 213,003 |
11 of 11
This page does not form part of the statutory financial statements