2021-09-30-accounts

Charity registration number 1165689

MTT FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

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 - 16

MTT FOUNDATION

TRUSTEES' REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2021

The trustees present their annual report and financial statements for the year ended 30 September 2021.

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, (2020: £Nil).The cash at bank balance held in unrestricted funds at the year end was £5,621 (2020: £26,012). The level of reserves are closely monitored by the trustees and it is ensured that they are adequate to meet the obligations of the charity as and when they fall due.

The trustees have 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 2019, 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. Work has been ongoing in preparation for a planning application and was submitted to the local authority post year end.

Structure, governance and management

The charity is a Charitable Incorporated Organisation governed by its Foundation Constitution document dated 23 February 2016.

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 2021

New trustees are appointed by a resolution passed at a properly convened meeting of the charity trustees.

None of the trustees has any beneficial interest in the charity. All of the trustees are members of the charity 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

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' report was approved by the Board of Trustees.

Mr Lipman Brenig Trustee

30 July 2022

• 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 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including 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 2021 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

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

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' report; 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.

• 3 -

MTT FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF MTT FOUNDATION

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

• We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with management (as required by auditing standards).

• We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation. We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

• Except for any known or possible non-compliance, and as required by auditing standards, our work in respect of these included enquiry of management about company's policies, procedures, and related controls regarding compliance with laws and regulations and if there are any known instances of noncompliance.

• We tested the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

• We performed analytical procedures to identify any unusual or unexpected relationships.

• We examined supporting documents for all material balances, transactions and disclosures.

• We evaluated the selection and application of accounting policies related to subjective measurements and complex transactions.

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

The potential effects of inherent limitations are particularly significant in the case of misstatement resulting from fraud because fraud may involve sophisticated and carefully organized schemes designed to conceal it, including deliberate failure to record transactions, collusion or intentional misrepresentations being made to us.

• 4 -

MTT FOUNDATION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF MTT FOUNDATION

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

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.

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 auditor's 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	30 July 2022
Chartered Accountants
Statutory Auditor	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 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 2021

Unrestricted Restricted funds funds 2021 2021 Notes £ £	Unrestricted Restricted funds funds 2021 2021 Notes £ £	Unrestricted Restricted funds funds 2021 2021 Notes £ £	Total Unrestricted Restricted	Total Unrestricted Restricted	Total Unrestricted Restricted	Total
	funds	funds		funds	funds
	2021	2021	2021	2020	2020	2020
	£	£	£	£	£	£
Income and endowments from:
Donations and legacies 3	157,535	118,964	276,499	118,821	151,566	270,387
Other income 4	-	77,430	77,430	-	73,833	73,833
Total income	157,535	196,394	353,929	118,821	225,399	344,220
Expenditure on:
Raising funds 5	-	-	-	-	420	420
Charitable activities 6	161,989	95,160	257,149	153,841	104,243	258,084
Total expenditure	161,989	95,160	257,149	153,841	104,663	258,504
Net (expenditure)/income for the year/ Net movement in funds Fund balances at 1 October 2020 Fund balances at 30 September 2021			96,780 829,248 926,028
	(4,454)	101,234		(35,020)	120,736	85,716
	(44,138)	873,386		(9,118)	752,650	743,532
	(48,592)	974,620		(44,138)	873,386	829,248

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 2021

Notes	2021	2021	2020 £ £ 3,922,104 26,012 (918,471) (892,459) 3,029,645 (2,200,397) 829,248 873,386 (44,138) 829,248	2020 £ £ 3,922,104 26,012 (918,471) (892,459) 3,029,645 (2,200,397) 829,248 873,386 (44,138) 829,248
	£	£	£
Fixed assets
Tangible assets 11 Current assets	4,022,813 5,621 (982,847) (977,226) 3,045,587 (2,119,559) 926,028 974,620 (48,592) 926,028
Cash at bank and in hand Creditors: amounts falling due within one year 12
Net current liabilities
Total assets less current liabilities Creditors: amounts falling due after more than one year 13 Net assets
				829,248 873,386
Income funds
Restricted funds 14
Unrestricted funds				(44,138)
				829,248

The financial statements were approved by the Trustees on 30 July 2022

Mr Lipman Brenig Trustee

• 7 -

MTT FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2021

2021 Notes £ £ Cash flows from operating activities Cash generated from operations 17 142,844 Investing activities Purchase of tangible fixed assets (100,709) Net cash used in investing activities (100,709) Financing activities Repayment of bank loans (62,526) Net cash (used in)/generated from financing activities (62,526) Net (decrease)/increase in cash and cash equivalents (20,391) Cash and cash equivalents at beginning of year 26,012 Cash and cash equivalents at end of year 5,621	2020	£ 37,722
	£
	(46,521) 15,688
		(46,521)
		15,688 6,889 19,123 26,012
Financing activities
Repayment of bank loans Net cash (used in)/generated from financing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year

• 8 -

MTT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2021

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 amounts 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.

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 as building not in use by the charity

• 9 -

MTT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

1 Accounting policies

(Continued)

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 the statement of financial activities.

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.

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.

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 payments 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.

1.9 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.

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MTT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

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 2021 2021 £ £	Unrestricted Restricted funds funds 2021 2021 £ £	Unrestricted Restricted funds funds 2021 2021 £ £	Total Unrestricted Restricted	Total Unrestricted Restricted	Total Unrestricted Restricted	Total
	funds	funds		funds	funds
	2021	2021	2021	2020	2020	2020
	£	£	£	£	£	£
Donations and gifts	152,970	115,528	268,498	116,236	149,619	265,855
Grant	4,565	3,436	8,001	2,585	1,947	4,532
	157,535	118,964	276,499	118,821	151,566	270,387

4 Other income

	Restricted Restricted funds funds 2021 2020 £ £	Restricted Restricted funds funds 2021 2020 £ £	Restricted Restricted funds funds 2021 2020 £ £
		funds	funds
		2021	2020
		£	£
	Rental income	77,430	73,833
5	Raising funds
	Fundraising and publicity
		Total Restricted
			funds
		2021	2020
		£	£
	Advertising	-	420
		-	420

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MTT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

6 Charitable activities

	2021	2020
	£	£
Staff costs	20,055	19,963
Synagogue events	25,625	22,125
Premises costs	83,301	82,853
Bank charges and interest	76,458	84,055
Security costs	3,003	1,480
Insurance	11,540	10,802
General expenses	2,037	1,824
Legal and professional fees	1,500	500
Community support	17,930	19,982
	241,449	243,584
Grant funding of activities (see note 7)	11,500	9,700
Share of governance costs (see note 8)	4,200	4,800
Analysis by fund
	257,149	258,084
Unrestricted funds	161,989	153,841
Restricted funds	95,160	104,243
	257,149	258,084
Grants payable
	2021	2020
	£	£
Grants to institutions:
Woodstock Sinclair Trust	1,000	8,700
Chazak	-	1,000
The Rabbi Moshe & Leah Dermer Foundation Ltd	10,500	-
	11,500	9,700

7 Grants payable

Grants were made to a registered charity for the relief of poverty, in line with the charity’s objectives.

• 12 -

MTT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2021

8 Support costs

Support costs	Support costs	Support costs
Support costs Governance costs £ £			2021	2020
	£	£	£	£
Audit fees	-	3,000	3,000	3,000
Accountancy	-	1,200	1,200	1,800
	-	4,200	4,200	4,800
Analysed between
Charitable activities	-	4,200	4,200	4,800

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

The average monthly number of employees during the year was:

2021 2020 Number Number 2 2	2021 2020 Number Number 2 2	2021 2020 Number Number 2 2
	2	2
Employment costs	2021	2020
	£	£
Wages and salaries	20,055	19,963

There are no employees who received total employee benefits of more than £60,000.

There were no employees whose annual remuneration was more than £60,000.

• 13 -

MTT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

11 Tangible fixed assets
	Freehold land and buildings
	£
Cost
At 1 October 2020	3,922,104
Additions	100,709
At 30 September 2021	4,022,813
Carrying amount
At 30 September 2021	4,022,813
At 30 September 2020	3,922,104

12 Creditors: amounts falling due within one year

Notes Bank loans Other taxation and social security Other creditors Accruals and deferred income	2021	2020
	£	£
	90,476	72,164
	49	157
	836,550	831,250
	55,772	14,900
	982,847	918,471

Creditors include balances totalling £585,417 (2020: £569,022) secured on the freehold land and buildings held by the charity.

13 Creditors: amounts falling due after more than one year

Creditors: amounts falling due after more than one year
		2021	2020
	Notes	£	£
Bank loans		2,119,559	2,200,397

Bank loans include £2,076,302 (2020: £2,153,539) secured on the freehold land and buildings held by the charity.

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MTT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

14 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 2019 £ Securitiy - Building 752,650 752,650	Balance at 1 October 2019 £ Securitiy - Building 752,650 752,650	Balance at 1 October 2019 £ Securitiy - Building 752,650 752,650	Movement in funds	Movement in funds	Movement in funds	Movement in funds	Movement in funds	Movement in funds	Movement in funds	Movement in funds
			Incoming resources		Resources expended Balance at 1 October 2020			Incoming resources
	£		£		£		£	£	£
			1,947 223,452 225,399					3,436 192,958 196,394
	-				(1,480)		467		(3,003)
	752,650				(103,183)		872,919		(92,157)
	752,650				(104,663)		873,386		(95,160)
15 Analysis of net assets between funds
							Total Unrestricted funds		Restricted funds
		2021 2021					2021	2020	2020
		£ £					£	£	£
		- 4,022,813 4,022,813						-	3,922,104
		(5,335) (971,891) (977,226)						2,720	(895,179)	(892,459)
		(43,257) (2,076,302) (2,119,559)						(46,858) (2,153,539) (2,200,397)
						926,028				829,248
		(48,592)		974,620				(44,138)	873,386

16 Related party transactions

During the year, the charity received donations totalling £2,500 (2020: £10,000) from the Trustees.

17 Cash generated from operations	2021	2020 £ 85,716 1,006
Surplus for the year Movements in working capital: (Increase)/decrease in debtors Increase/(decrease) in creditors Cash generated from operations	£
	96,780
	-
	46,064	(49,000)
		37,722
	142,844

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MTT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2021

18 Analysis of changes in net (debt)/funds	Cash flows At 30 September 2021 £ £ (20,391) 5,621
At 1 October 2020 £ Cash at bank and in hand 26,012 Loans falling due within one year (72,164) Loans falling due after more than one year (2,200,397) (2,246,549)
	(18,312) (90,476)
	80,838 (2,119,559) 42,135 (2,204,414)

• 16 -