**Charity registration number 1165689 (England and Wales)**
## **MTT FOUNDATION**
**ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **MTT FOUNDATION**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Mr Lipman Brenig|
|---|---|
||Mr Harold Wiesenfeld|
|**Charity number (England and Wales)**|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 - 3|
|Independent auditor's report|4 - 6|
|Statement of financial activities|7|
|Balance sheet|8|
|Statement of cash flows|9|
|Notes to the financial statements|10 - 18|
## **MTT FOUNDATION**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
The trustees present their annual report and financial statements for the year ended 31 December 2024.
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 promote and support the Orthodox Jewish faith, with a special focus on maintaining a synagogue that serves as a place for prayer, worship, education, and religious study. This also includes offering interest-free loans to support religious and community initiatives.
2) The relief of poverty and need, in particular but not exclusively by the provision of grants and donations to registered charities and by providing financial assistance to those in need, including offering interest-free loans to individuals and families.
## _Public benefit_
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
## **Achievements and performance**
## _Significant activities and achievements against objectives_
During the year ended 31 December 2024, the charity continued to deliver on its core objectives:
## **Synagogue and Community Activities**
The charity maintained regular synagogue services, educational programmes, and community events, supporting the spiritual and social needs of its members. Daily and weekly services and events were held, with strong attendance levels.
## **Support for Individuals and Families**
The charity provided assistance to individuals and families in need, helping to alleviate hardship within the community.
## **Grants to Other Charities**
Grants totalling £109,165 were made to a range of registered charities, furthering the relief of poverty and the advancement of religious education in line with the charity’s objectives.
## **Property and Building Project**
The charity continued to progress the development of its new community centre. £94,091 was invested in design and preparatory work for the building, following the granting of planning permission in January 2023. This project is central to the charity’s future plans and will significantly enhance its capacity to serve the community.
## **Fundraising**
The charity raised £171,774 towards the new community centre and £235,990 for ongoing operational costs, reflecting strong support from donors and the wider community..
The trustees are grateful for the continued generosity of supporters and the dedication of volunteers, which have enabled the charity to maintain and expand its activities. The trustees have paid due regard to the Charity Commission’s guidance on public benefit in planning and delivering the charity’s work.
- 1 -
## **MTT FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **Financial review**
The year ended 31 December 2024 saw total income of £487,351 (2023: £941,659), primarily from donations and grants. Expenditure totalled £537,014 (2023: £753,619), with the majority spent on charitable activities, including the operation of the synagogue, community support and grants paid.
The charity recorded a net deficit of £49,663 (2023: surplus of £188,040), reflecting the planned use of reserves and continued investment in the new community centre. During the year, a significant transfer of £1,268,645 was made from restricted to unrestricted funds, in line with SORP 102, as the property were purchased for the charity’s general purposes.
At year end, the charity’s net assets stood at £1,108,449 (2023: £1,158,112), of which £1,105,418 is unrestricted and £3,031 is restricted. The charity’s main asset is the freehold property, valued at £4,240,704, which is subject to secured loans of £,2,615,622,. Cash balances decreased to £10,477 (2023: £251,595), reflecting capital expenditure and loan repayments.
The trustees are satisfied that the charity remains financially stable, with sufficient resources to meet its obligations. The level of reserves and liquidity is monitored regularly, and the trustees are confident that the charity can continue to deliver its objectives in the coming year.
Further details are provided in the Statement of Financial Activities, Balance Sheet, and notes to the accounts.
## **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, (2022: £Nil). 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.
## _Major risks_
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 designing of the new building as the planning permission was granted in January 2023.
## **Structure, governance and management**
The charity is a Charitable Incorporated Organisation governed by its Foundation Constitution document dated 23 February 2016 as as amended on 19 January 2025 and on 8 July 2025.
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
## _Recruitment and appointment of trustees_
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).
- 2 -
## **MTT FOUNDATION**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
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**
31 October 2025
- 3 -
## **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 31 December 2024 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 31 December 2024 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 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 requires 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.
- 4 -
## **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.
- 5 -
## **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.
For and on behalf of Landau Morley LLP, Statutory Auditor Chartered Accountants 325-327 Oldfield Lane North Greenford Middlesex UB6 0FX 31 October 2025
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.
- 6 -
## **MTT FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2024**
**Notes**
**£**
**£**
**Income and endowments from:**
Donations and legacies
**3**
235,990
174,222
Other income
**4**
-
77,139
**Total income**
235,990
251,361
**Expenditure on:**
Raising funds
**5**
-
1,000
Charitable activities
**6**
347,040
188,974
**Total expenditure**
347,040
189,974
**Net income/(expenditure)**
(111,050)
61,387
Transfers between
funds
1,268,645
(1,268,645)
**Net movement in**
**funds**
1,157,595
(1,207,258)
**Reconciliation of funds:**
Fund balances at 1 January
2024
(52,177)
1,210,289
**Fund balances at 31**
**December 2024**
1,105,418
3,031|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2023**
**2023**
**£**
**£**
**£**
410,212
463,203
380,050
77,139
-
98,406
487,351
463,203
478,456
1,000
-
34,795
536,014
474,773
244,051
537,014
474,773
278,846
(49,663)
(11,570)
199,610
-
(9,517)
9,517
(49,663)
(21,087)
209,127
1,158,112
(31,090)
1,001,162
1,108,449
(52,177)
1,210,289|**Total**
**2023**
**£**
843,253
98,406|
|---|---|---|
|||941,659|
|||34,795
718,824|
|||753,619|
|||188,040
-|
|||188,040
970,072|
|||1,158,112|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 7 -
## **MTT FOUNDATION**
## **BALANCE SHEET**
## _**AS AT 31 DECEMBER 2024**_
||||**2024**||**2023**|
|---|---|---|---|---|---|
||**Notes**|**£**|**£**|**£**|**£**|
|**Fixed assets**||||||
|Tangible assets|**12**||4,240,704||4,146,613|
|**Current assets**||||||
|Debtors|**13**|2,448||2,519||
|Cash at bank and in hand||10,477||251,595||
|||12,925||254,114||
|**Creditors: amounts falling due within**|**14**|||||
|**one year**||(3,119,140)||(3,211,221)||
|**Net current liabilities**|||(3,106,215)||(2,957,107)|
|**Total assets less current liabilities**|||1,134,489||1,189,506|
|**Creditors: amounts falling due after**||||||
|**more than one year**|**15**||(26,040)||(31,394)|
|**Net assets**|||1,108,449||1,158,112|
|**The funds of the charity**||||||
|Restricted income funds|**16**||3,031||1,210,289|
|Unrestricted funds|**17**||1,105,418||(52,177)|
||||1,108,449||1,158,112|
The financial statements were approved by the trustees on 31 October 2025
Mr Lipman Brenig **Trustee**
- 8 -
## **MTT FOUNDATION**
## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
|**Notes**
**Cash flows from operating activities**
Cash (absorbed by)/generated from
operations
**20**
**Investing activities**
Purchase of tangible fixed assets
**Net cash used in investing activities**
**Financing activities**
Repayment of bank loans
**Net cash used in 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**
**Relating to:**
Cash at bank and in hand
Bank overdrafts included in creditors payable
within one year|**2024**
**£**
**£**
(125,422)
(94,091)
(94,091)
(21,420)
(21,420)
(240,933)
251,380
10,447
10,477
(30)|**2023**
**£**
(33,086)
(7,506)|**£**
274,494
(33,086)
(7,506)
233,902
17,478
251,380
251,595
(215)|
|---|---|---|---|
- 9 -
**NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **MTT FOUNDATION**
## **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 **Reporting period**
The comparative figures are not directly comparable. The financial statements for the current year cover a 12month period from 1 January 2024 to 31 December 2024. The comparative figures relate to a 15-month period from 1 October 2022 to 31 December 2023.
## **1.2 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.
## **1.3 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.
## **1.4 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 or grantors 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.
## **1.5 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.
## **1.6 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.
- 10 -
## **MTT FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **1 Accounting policies**
**(Continued)**
## **1.7 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
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.
## **1.8 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).
## **1.9 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.
## **1.10 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.
## _**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.
- 11 -
## **MTT FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **1 Accounting policies**
## **(Continued)**
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **1.11 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 Income from donations and legacies**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2024**
**£**
**£**
Donations and gifts
235,990
168,078
Grants
-
6,144
235,990
174,222
**Other income**
Rental Income|**Total**
**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**2024**
**2023**
**2023**
**2023**
**£**
**£**
**£**
**£**
404,068
463,203
372,618
835,821
6,144
-
7,432
7,432
410,212
463,203
380,050
843,253
**Restricted**
**Restricted**
**funds**
**funds**
**2024**
**2023**
**£**
**£**
77,139
98,406|**Total**
**2023**
**£**
835,821
7,432|
|---|---|---|
|||843,253|
## **4 Other income**
- 12 -
## **MTT FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **5 Expenditure on raising funds**
|||**Restricted**|**Restricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2024**|**2023**|
|||**£**|**£**|
||**Fundraising and publicity**|||
||Seeking donations, grants and legacies|1,000|34,795|
|**6**|**Expenditure on charitable activities**|||
|||**2024**|**2023**|
|||**£**|**£**|
||**Direct costs**|||
||Staff costs|43,671|25,859|
||Synagogue events|46,641|57,218|
||Premises costs|110,629|110,884|
||Bank charges and interest|170,584|205,132|
||Security costs|6,192|8,384|
||Printing|1,022|1,732|
||Insurance|7,634|18,812|
||Legal and professional fees|1,750|10,934|
||Community support|33,326|53,630|
|||421,449|492,585|
||Grant funding of activities (see note 7)|109,165|221,710|
||**Share of support and governance costs (see note 8)**|||
||Governance|5,400|4,529|
|||536,014|718,824|
||**Analysis by fund**|||
||Unrestricted funds|347,040|474,773|
||Restricted funds|188,974|244,051|
|||536,014|718,824|
- 13 -
## **MTT FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **7 Grants payable**
|Grants to institutions:
House of Gur
Dalaville Ltd
The Rabbi Moshe & Leah Dermer Foundation Limited
Shiras Devorah Limited
Netzach Yisrael Trust
Golders Green Beth Hamedrash Congregation
North London Welfare and Educational Foundation
Wlodowa Charity
Shaarei Orah Limited
Yeshivas Keser Hatorah|**2024**
**£**
10,000
3,250
37,000
-
400
6,750
31,190
15,175
4,400
1,000
109,165|**2023**
**£**
-
-
115,132
7,000
9,800
6,600
73,178
9,000
1,000
-|
|---|---|---|
|||221,710|
Grants were made to registered charities for the relief of poverty and advancement of religious education, in line with the charity’s objectives.
## **8 Support costs allocated to activities**
|Governance
**Governance costs comprise:**
Audit fees
Accountancy|**2024**
**£**
5,400
**2024**
**£**
3,400
2,000
5,400|**2023**
**£**
4,529|
|---|---|---|
|||**2023**
**£**
3,000
1,529|
|||4,529|
## **9 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
- 14 -
## **MTT FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **10 Employees**
The average monthly number of employees during the year was:
|**Employment costs**
Wages and salaries|**2024**
**Number**
2
**2024**
**£**
43,671|**2023**
**Number**
2|
|---|---|---|
|||**2023**
**£**
25,859|
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.
## **11 Taxation**
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
## **12 Tangible fixed assets**
|**12**|**Tangible fixed assets**|||
|---|---|---|---|
||||**Freehold land**|
||||**and buildings**|
||||**£**|
||**Cost**|||
||At 1 January 2024||4,146,613|
||Additions||94,091|
||At 31 December 2024||4,240,704|
||**Carrying amount**|||
||At 31 December 2024||4,240,704|
||At 31 December 2023||4,146,613|
|**13**|**Debtors**|||
|||**2024**|**2023**|
||**Amounts falling due within one year:**|**£**|**£**|
||Prepayments and accrued income|2,448|2,519|
- 15 -
## **MTT FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **14 Creditors: amounts falling due within one year**
|**Notes**
Bank loans and overdrafts
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income|**2024**
**£**
2,121,005
3,505
6,980
959,401
28,249
3,119,140|**2023**
**£**
2,137,256
1,319
-
1,059,102
13,544|
|---|---|---|
|||3,211,221|
Creditors include balances totalling £2,615,622 (2023: £2,631,690) secured on the freehold land and buildings held by the charity.
## **15 Creditors: amounts falling due after more than one year**
|||**2024**|**2023**|
|---|---|---|---|
||**Notes**|**£**|**£**|
|Bank loans||26,040|31,394|
## **16 Restricted funds**
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
|**At**
Security
Building
**Previous Period:**
**At**
Security
Building|**1 January**
**2024**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**At 31**
**December**
**2024**
**£**
**£**
**£**
**£**
**£**
-
6,144
(6,192)
48
-
1,210,289
245,217
(183,782)
(1,268,693)
3,031
1,210,289
251,361
(189,974)
(1,268,645)
3,031
**1 January**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**At 31**
**December**
**2023**
**£**
**£**
**£**
**£**
**£**
353
7,432
(8,384)
599
-
1,000,809
471,024
(270,462)
8,918
1,210,289
1,001,162
478,456
(278,846)
9,517
1,210,289|**1 January**
**2024**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**At 31**
**December**
**2024**
**£**
**£**
**£**
**£**
**£**
-
6,144
(6,192)
48
-
1,210,289
245,217
(183,782)
(1,268,693)
3,031
1,210,289
251,361
(189,974)
(1,268,645)
3,031
**1 January**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**At 31**
**December**
**2023**
**£**
**£**
**£**
**£**
**£**
353
7,432
(8,384)
599
-
1,000,809
471,024
(270,462)
8,918
1,210,289
1,001,162
478,456
(278,846)
9,517
1,210,289|
|---|---|---|
|||1,210,289|
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## **MTT FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **16 Restricted funds**
## **(Continued)**
During the year, the Charity transferred £1,268,645 from restricted funds to unrestricted funds. This transfer relates to the freehold property (and associated liabilities) originally funded through restricted donations. In accordance with the Charities SORP (FRS 102), where restricted funds are used to fund assets for the general purposes of the Charity, the asset may be reclassified as unrestricted.
## **17 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used.
|**At**
General fund
**Previous Period:**
**At**
General funds|**1 January**
**2024**
**Incoming**
**resources**
**Resources**
**expended**
**£**
**£**
**£**
(52,177)
235,990
(347,040)
**1 January**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**£**
**£**
**£**
(31,090)
463,203
(474,773)|**Transfers**
**At 31**
**December**
**2024**
**£**
**£**
1,268,645
1,105,418
**Transfers**
**At 31**
**December**
**2023**
**£**
**£**
(9,517)
(52,177)|
|---|---|---|
## **18 Analysis of net assets between funds**
||**Unrestricted**|**Restricted**|**Total**|
|---|---|---|---|
||**funds**|**funds**||
||**2024**|**2024**|**2024**|
||**£**|**£**|**£**|
|**At 31 December 2024:**||||
|Tangible assets|4,240,704|-|4,240,704|
|Current assets/(liabilities)|(3,109,246)|3,031|(3,106,215)|
|Long term liabilities|(26,040)|-|(26,040)|
||1,105,418|3,031|1,108,449|
||**Unrestricted**|**Restricted**|**Total**|
||**funds**|**funds**||
||**2023**|**2023**|**2023**|
||**£**|**£**|**£**|
|**At 31 December 2023:**||||
|Tangible assets|-|4,146,613|4,146,613|
|Current assets/(liabilities)|(20,783)|(2,936,324)|(2,957,107)|
|Long term liabilities|(31,394)|-|(31,394)|
||(52,177)|1,210,289|1,158,112|
- 17 -
## **MTT FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **19 Related party transactions**
During the year, the charity received donations totalling £11,250 (2023: £3,797) from the Trustees, their family members, associated companies and charities with common trustees.
||During the year, the charity paid grants totalling £1,000 (2023: £nil)|to Yeshivas Kesser Hatorah, a charity with|to Yeshivas Kesser Hatorah, a charity with|
|---|---|---|---|
||a common trustee.|||
|**20**|**Cash (absorbed by)/generated from operations**|**2024**|**2023**|
|||**£**|**£**|
||(Deficit)/surplus for the year|(49,663)|188,040|
||**Movements in working capital:**|||
||Decrease/(increase) in debtors|71|(1,561)|
||(Decrease)/increase in creditors|(75,830)|88,015|
||**Cash (absorbed by)/generated from operations**|(125,422)|274,494|
## **21 Analysis of changes in net (debt)/funds**
|**At 1 January**
**2024**
**£**
Cash at bank and in hand
251,595
Bank overdrafts
(215)
251,380
Loans falling due within one year
(2,137,041)
Loans falling due after more than one year
(31,394)
(1,917,055)|**Cash flows At 31 December**
**2024**
**£**
**£**
(241,118)
10,477
185
(30)
(240,933)
10,447
16,066
(2,120,975)
5,354
(26,040)
(219,513)
(2,136,568)|
|---|---|
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