**Charity Registration No. 1165689**
## **MTT FOUNDATION**
**ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020**
## **MTT FOUNDATION**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Mr Lipman Brenig|
|---|---|
||Mr Harold Wiesenfeld|
|**Charity number**|1165689|
|**Principal address**|92 Leeside Crescent|
||London|
||NW11 0LA|
|**Auditor**|Landau Morley LLP|
||325-327 Oldfield Lane North|
||Greenford|
||Middlesex|
||UB6 0FX|
## **MTT FOUNDATION**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent auditor's report|3 - 5|
|Statement of financial activities|6|
|Balance sheet|7|
|Statement of cash flows|8|
|Notes to the financial statements|9 - 17|
## **MTT FOUNDATION**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 30 SEPTEMBER 2020**_
The trustees present their report and financial statements for the year ended 30 September 2020.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Foundation Constitution document, the Charities Act 2011 and "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)".
## **Objectives and activities**
The charity's objects are:
1) To advance the orthodox Jewish religion and in particular to maintain a synagogue providing facilities for prayer, religious worship, education and religious studies.
2) The relief of poverty and need by the provision of grants and donations to registered charities.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
## **Achievements and performance**
During the year, the charity continued to operate a synagogue providing facilities for prayer, religious worship, education and religious studies.
The charity also continued work on the property purchased in 2019. Further amounts were spent on professional fees preparing the case for a planning application.
## **Financial review**
For details of the financial performance and position of the charity see pages 6 and 7 of the attached Financial Statements.
## **Reserves Policy**
The current policy of the charity is to distribute funds in furtherance of the objects of the charity. A bank balance is maintained to meet expenses as they fall due. At the year end the charity held free reserves of £Nil, (2019 : £Nil) .The cash at bank balance held in unrestricted funds at the year end was £ 17,919 (2019: 6,918 ) . The trustees are committed to raising additional funds in order to meet liabilities as they fall due.
The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
## **Plans for future periods**
Following the purchase of the building in the previous year, the trustees are planning to expand the activities of the charity by converting the building into larger facilities to accommodate larger Synagogue services and community events.
## **Structure, governance and management**
The charity is a Charitable Incorporated Organisation governed by its Foundation Constitution document dated 23 February 201 6 .
The trustees who served during the year and up to the date of signature of the financial statements were: Mr Lipman Brenig
Mr Harold Wiesenfeld
- 1 -
## **MTT FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2020**_
New trustees are appointed by a resolution passed at a properly co n vened meeting of the charity trustees.
None of the trustees has any beneficial interest in the c harity . All of the trustees are members of the c harity and guarantee to contribute £1 in the event of a winding up.
## **Statement of trustees' responsibilities**
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales 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 charity and of the incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Going concern**
There ha ve been significant impacts to charities due to the effects of COVID 19. In response, the Trustees have taken advantage of various government schemes to assist entities in these uncertain times. The charity has also arranged a 'repayment holiday' on its bank loan whereby it has deferred capital payments to later on in the year. The charity has met its interest payment commitments at this time.
The Trustees are confident that the charity will be able to raise sufficient funds to cover the current level of expenditure for the next twelve months. The Trustees believe the charity has no going concern issues and will continue to evaluate the situation on an ongoing basis.
The trustees' r eport was approved by the Board of Trustees.
## **Mr Lipman Brenig**
Trustee Dated: 30 September 2021
- 2 -
## **MTT FOUNDATION**
## **INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MTT FOUNDATION**
## **Opinion**
We have audited the financial statements of MTT Foundation (the ‘charity’) for the year ended 30 September 2020 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the 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, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice).
- In our opinion, the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 30 September 2020 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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**
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- the trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
## **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 auditor’s report thereon. Our opinion on the financial statements does not cover the other information and 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
- 3 -
## **MTT FOUNDATION**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF MTT FOUNDATION**
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the trustees' r eport; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the s tatement of trustees' r esponsibilities, the trustees 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 charity’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 cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 an auditor's report 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.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
## **Other matter**
Your attention is drawn to the fact that the charity has prepared financial statements 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)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.
- 4 -
## **MTT FOUNDATION**
## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF MTT FOUNDATION**
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
**Landau Morley LLP Chartered Accountants Statutory Auditor**
30 September 2021 325-327 Oldfield Lane North Greenford Middlesex UB6 0FX
Landau Morley LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006.
- 5 -
## **MTT FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 30 SEPTEMBER 2020**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2020**
**2020**
**Notes**
**£**
**£**
**Income and endowments from:**
Donations and legacies
**3**
118,821
151,566
Other income
**4**
-
73,833
**Total income**
118,821
225,399
**Expenditure on:**
Raising funds
**5**
-
420
Charitable activities
**6**
153,841
104,243
**Total resources**
**expended**
153,841
104,663
**Net (expenditure)/income**
**for the year/**
**Net movement in funds**
(35,020)
120,736
Fund balances at 1
October 2019
(9,118)
752,650
**Fund balances at 30**
**September 2020**
(44,138)
873,386|**Total**Unrestricted
Restricted
funds
funds
**2020**
2019
2019
**£**
**£**
**£**
270,387
132,000
821,051
73,833
-
12,900
344,220
132,000
833,951
420
-
50,686
258,084
142,067
31,004
258,504
142,067
81,690
85,716
(10,067)
752,261
743,532
949
389
829,248
(9,118)
752,650|Total
2019
**£**
953,051
12,900
965,951
50,686
173,071
223,757
742,194
1,338
743,532|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 6 -
## **MTT FOUNDATION**
## **BALANCE SHEET**
## _**AS AT 30 SEPTEMBER 2020**_
|**Notes**
**Fixed assets**
Tangible assets
**11**
**Current assets**
Debtors
**12**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**13**
Net current liabilities
**Total assets less current liabilities**
**Creditors: amounts falling due after**
**more than one year**
**14**
**Net assets**
**Income funds**
Restricted funds
**15**
Unrestricted funds
General funds
**16**|**2020**
**£**
**£**
3,922,104
-
26,012
26,012
(918,471)
(892,459)
3,029,645
(2,200,397)
829,248
873,386
(44,138)
(44,138)
829,248|**2019**
**£**
**£**
3,875,583
1,006
19,123
20,129
(978,416)
(958,287)
2,917,296
(2,173,764)
743,532
752,650
(9,118)
(9,118)
743,532|
|---|---|---|
The financial statements were approved by the Trustees on 30 September 2021
Mr Lipman Brenig **Trustee**
- 7 -
## **MTT FOUNDATION**
## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 30 SEPTEMBER 2020**_
|**Notes**
**Cash flows from operating activities**
Cash generated from operations
**19**
**Investing activities**
Purchase of tangible fixed assets
**Net cash used in investing activities**
**Financing activities**
Proceeds of new bank loans
Repayment of bank loans
**Net cash generated from financing**
**activities**
**Net increase in cash and cash equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2020**
**2019**
**£**
**£**
**£**
**£**
37,722
1,635,946
(46,521)
(3,875,583)
(46,521)
(3,875,583)
50,000
-
(34,312)
2,256,873
15,688
2,256,873
6,889
17,236
19,123
1,887
26,012
19,123|
|---|---|
- 8 -
## **MTT FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 30 SEPTEMBER 2020**_
## **1 Accounting policies**
## **Charity information**
MTT Foundation is registered as a Charitable Incorporated Organisation. The registered office is 92 Leeside Crescent , London, NW11 0LA.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the charity's Foundation Constitution document , the Charities Act 2011 and "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)". The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
## **1.4 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
- 9 -
## **MTT FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2020**_
## **1 Accounting policies**
**(Continued)**
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
No depreciation
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
## **1.7 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .
## **1.8 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.9 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
- 10 -
## **MTT FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2020**_
## **1 Accounting policies**
## **(Continued)**
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **1.10 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount 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. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **3 Donations and legacies**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2020**
**2020**
**£**
**£**
Donations and gifts
116,236
149,619
Grant
2,585
1,947
118,821
151,566|**Total**Unrestricted
Restricted
funds
funds
**2020**
2019
2019
**£**
£
£
265,855
132,000
818,272
4,532
-
2,779
270,387
132,000
821,051|Total
2019
£
950,272
2,779
953,051|
|---|---|---|
- 11 -
## **MTT FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2020**_
## **4 Other income**
|**5**|**Restricted**
Restricted
**funds**
funds
**2020**
2019
**£**
£
Rental income
73,833
12,900
**Raising funds**
**Restricted**
Restricted
**funds**
funds
**2020**
2019
**£**
£
Fundraising and publicity
Advertising
420
45,920
Other fundraising costs
-
4,766
Fundraising and publicity
420
50,686
420
50,686|
|---|---|
- 12 -
## **MTT FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2020**_
## **6 Charitable activities**
|Staff costs
Synagogue events
Premises costs
Bank charges and interest
Security costs
Insurance
General expenses
Legal and professional fees
Community support
Grant funding of activities (see note 7)
Share of governance costs (see note 8)
**Analysis by fund**
Unrestricted funds
Restricted funds
**Grants payable**
Grants to institutions:
Woodstock Sinclair Trust
Chazak|**2020**
**£**
19,963
22,125
82,853
84,055
1,480
10,802
1,824
500
19,982
243,584
9,700
4,800
258,084
153,841
104,243
258,084
**2020**
**£**
8,700
1,000
9,700|**2019**
**£**
22,736
23,869
90,362
18,020
3,168
2,005
1,811
2,100
-
164,071
6,000
3,000
173,071
142,067
31,004
173,071
2019
£
6,000
-
6,000|
|---|---|---|
## **7 Grants payable**
Grants were made to a registered charity for the relief of poverty, in line with the charity’s objectives.
-
- 13 -
## **MTT FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2020**_
## **8 Support costs**
|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Audit fees
-
3,000
Accountancy
-
1,800
-
4,800
Analysed between
Charitable activities
-
4,800|**2020**
Support
costs
Governance
costs
**£**
£
£
3,000
-
3,000
1,800
-
-
4,800
-
3,000
4,800
-
3,000|2019
£
3,000
-
3,000
3,000|
|---|---|---|
## **9 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
## **10 Employees**
## **Number of employees**
The average monthly number of employees during the year was:
||**2020**|**2019**|
|---|---|---|
||**Number**|**Number**|
||2|2|
|**Employment costs**|**2020**|**2019**|
||**£**|**£**|
|Wages and salaries|19,963|21,950|
|Social security costs|-|786|
||19,963|22,736|
There are no employees who received total employee benefits of more than £60,000.
- 14 -
## **MTT FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2020**_
## **11 Tangible fixed assets**
|**Cost**
At 1 October 2019
Additions
At 30 September 2020
**Carrying amount**
At 30 September 2020
At 30 September 2019
**Debtors**
**Amounts falling due within one year:**
Other debtors
**Creditors: amounts falling due within one year**
**Notes**
Bank loans
Other taxation and social security
Other creditors
Accruals and deferred income|**Freehold land and buildings**
**£**
3,875,583
46,521
3,922,104
3,922,104
3,875,583
**2020**
**2019**
**£**
**£**
-
1,006
**2020**
**2019**
**£**
**£**
72,164
83,109
157
-
831,250
878,507
14,900
16,800
918,471
978,416|
|---|---|
## **12 Debtors**
## **13 Creditors: amounts falling due within one year**
Bank loans and other creditors include amounts secured on the freehold land and buildings held by the charity.
## **14 Creditors: amounts falling due after more than one year**
|**Creditors: amounts falling due after**|**more than one year**|||
|---|---|---|---|
|||**2020**|**2019**|
||**Notes**|**£**|**£**|
|Bank loans||2,200,397|2,173,764|
Bank loans include amounts secured on the freehold land and buildings held by the charity.
- 15 -
## **MTT FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2020**_
## **15 Restricted funds**
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
|**Balance at**
**1 October 2018**
**£**
Securitiy
389
Building
-
389|**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended**
**Balance at**
**1 October 2019**
**£**
**£**
**£**
2,779
(3,168)
-
831,172
(78,522)
752,650
833,951
(81,690)
752,650|**Movement in funds**
**Incoming**
**resources**
**Resources**
**expended**
**Balance at**
**30 September**
**2020**
**£**
**£**
**£**
1,947
(1,480)
467
223,452
(103,183)
872,919
225,399
(104,663)
873,386|
|---|---|---|
## **16 Unrestricted funds**
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
|||||**Movement in funds**|**Movement in funds**||
|---|---|---|---|---|---|---|
||||**Balance at**|**Incoming**|**Resources**|**Balance at**|
|||**1**|**October 2019**|**resources**|**expended**|**30 September**|
|||||||**2020**|
||||**£**|**£**|**£**|**£**|
|General Funds|||(9,118)|118,821|(153,841)|(44,138)|
||||(9,118)|118,821|(153,841)|(44,138)|
|**Analysis of net assets**|**between funds**||||||
||**Unrestricted**|**Restricted**|**Total**|Unrestricted|Restricted|Total|
||**funds**|**funds**||funds|funds||
||**2020**|**2020**|**2020**|2019|2019|2019|
||**£**|**£**|**£**|£|£|£|
|Fund balances at 30|||||||
|September 2020 are|||||||
|represented by:|||||||
|Tangible assets|-|3,922,104|3,922,104|-|3,875,583|3,875,583|
|Current assets/|||||||
|(liabilities)|2,720|(895,179)|
(892,459)|
(9,118)|(949,169)|
(958,287)|
|Long term liabilities|(46,858)|(2,153,539)|(2,200,397)|
-|(2,173,764)|(2,173,764)|
||(44,138)|873,386|829,248|(9,118)|752,650|743,532|
**17 Analysis of net assets between funds**
## **18 Related party transactions**
During the year, the charity received £10,000 (2019: £16,740) from the Trustees.
- 16 -
## **MTT FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 SEPTEMBER 2020**_
|**19**
**Cash generated from operations**
Surplus for the year
Movements in working capital:
Decrease/(increase) in debtors
(Decrease)/increase in creditors
**Cash generated from operations**
20
**Analysis of changes in net (debt)/funds**
**At 1 October**
**2019**
**£**
Cash at bank and in hand
19,123
Loans falling due within one year
(83,109)
Loans falling due after more than one year
(2,173,764)
(2,237,750)|**2020**
**2019**
**£**
**£**
85,716
742,194
1,006
(1,006)
(49,000)
894,758
37,722
1,635,946
**Cash flows At 30 September**
**2020**
**£**
**£**
6,889
26,012
10,945
(72,164)
(26,633)
(2,200,397)
(8,799)
(2,246,549)|
|---|---|
- 17 -