Charity registration number 1176430
MYRDLE CHARITIES
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
MYRDLE CHARITIES
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees' Mr J Rothbart Mr S Schwartz Mr M Solinsky Charity number 1176430 Principal address 7 Elm Park Avenue London N15 6AL Independent examiner Mr J Silver FCCA Precision Ltd 32 Castlewood Road London N16 6DW
MYRDLE CHARITIES
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 |
| Independent examiner's report | 2 |
| Statement of financial activities | 3 |
| Balance sheet | 4 |
| Notes to the financial statements | 5 - 8 |
MYRDLE CHARITIES
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 governing 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 the advancement of the Orthodox Jewish Religion, the advancement of Orthodox Jewish education and the prevention and relief of poverty. In order to achieve these objectives the charity provides grants to educational institutions, charities, individuals in need and other organisations working to prevent or relieve poverty.
The trustees' confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting grant making policy for the year.
The charity is funded by donations. Grants are made to charitable institutions and organisations both in Great Britain and abroad which accords with the objects of the charity. The trustees consider all requests which they receive and make donations based on the level of funds available.
Achievements and performance
The charity received £187,500 in donations during the year and £183,933 was paid out by way of grants and support costs. Grants over £5,000 made during the year to institutions are as detailed in the accounts. These grants were made in line with the stated objects of the charity and were for educational and relief of poverty purposes.
Financial review
The financial position of the charity is satisfactory. The charity's statement of financial activities shows total free reserves of £9,770.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level which will not impinge on its ability to support Charitable institutions. 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.
Structure, governance and management
The charity is a Charitable Incorporated Organisation and is controlled by its governing document. It was registered as a charity on 21 December 2017.
The trustees' who served during the year and up to the date of signature of the financial statements were: Mr J Rothbart
Mr S Schwartz
Mr M Solinsky
The power to appoint new trustees is vested in the current board. It is not the intention of the trustees of the charity to appoint any trustees. Should the situation change in the future, the trustees will apply suitable induction and training procedures. The trustees administer the day to day running of the charity. None of the trustees' has any beneficial interest in the charity.
The trustees' report was approved by the Board of Trustees'.
..............................
Mr J Rothbart
Trustee Dated: .........................
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MYRDLE CHARITIES
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES' OF MYRDLE CHARITIES
I report to the trustees' on my examination of the financial statements of Myrdle Charities (the charity) for the year ended 31 December 2024.
Responsibilities and basis of report
As the trustees' of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) 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.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
J Silver FCCA Precision Ltd 32 Castlewood Road N16 6DW
Dated: .........................
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MYRDLE CHARITIES
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
| **Unrestricted ** | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | 187,500 | 138,000 |
| Expenditure on: | |||
| Charitable activities | 4 | 183,933 | 140,713 |
| Net income/(expenditure) for the year/ | |||
| Net movement in funds | 3,567 | (2,713) | |
| Fund balances at 1 January 2024 | 6,203 | 8,916 | |
| Fund balances at 31 December 2024 | 9,770 | 6,203 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
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MYRDLE CHARITIES
BALANCE SHEET
AS AT 31 DECEMBER 2024
| Notes Current assets Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Income funds Unrestricted funds |
2024 £ 10,490 (720) |
£ 9,770 9,770 9,770 |
2023 £ 6,923 (720) |
£ 6,203 |
|---|---|---|---|---|
| 6,203 | ||||
| 6,203 |
The financial statements were approved by the Trustees' on .........................
.............................. Mr J Rothbart Trustee
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MYRDLE CHARITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
Charity information
Myrdle Charities is a Charitable Incorporated Organisation.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
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. 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, due to the continued support from the local community. 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.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
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.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
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MYRDLE CHARITIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
(Continued)
1.5 Expenditure
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
1.6 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.
2 Critical accounting estimates and judgements
The preparation of the financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported.
3 Donations and legacies
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Donations and gifts | 187,500 | 138,000 |
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MYRDLE CHARITIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
4 Charitable activities
| Charitable | Charitable |
||
|---|---|---|---|
| Expenditure | Expenditure | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Grant funding of activities (see note 5) | 182,180 | 138,520 | |
| Share of governance costs (see note 6) | 1,753 | 2,193 | |
| 183,933 | 140,713 | ||
| 5 | Grants payable | ||
| Charitable | Expenditure | ||
| 2024 | |||
| £ | |||
| Grants to institutions: | |||
| Amud Hatzdokoh Trust | 40,450 | ||
| Kolel Chelkas Yakov | 16,000 | ||
| Congregation Vyoel Moshe D'satmer Charitable Trust | 15,000 | ||
| Fundd | 9,650 | ||
| Mars Org. Ltd | 9,500 | ||
| Chevras Mo'oz Ladol | 7,800 | ||
| KYL Central Shul Trust | 7,250 | ||
| Beer Shmuel Ltd | 5,200 | ||
| Other | 71,330 | ||
| 182,180 |
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MYRDLE CHARITIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
6 Support costs
| Support costs Governance costs £ £ Accountancy - 1,320 Legal and professional - 358 Bank Charges - 75 - 1,753 Analysed between Charitable activities - 1,753 |
2024 £ 1,320 358 75 1,753 1,753 |
2023 £ 720 1,423 50 |
|---|---|---|
| 2,193 | ||
| 2,193 |
During the year £1,548 was paid to the Independent Examiners.
7 Trustees'
None of the trustees' (or any persons connected with them) received any remuneration or benefits from the charity during the year.
8 Employees
The average monthly number of employees during the year was:
| The average monthly number of employees during the year was: | ||
|---|---|---|
| 2024 | 2023 | |
| Number | Number | |
| Total | - | - |
| There were no employees whose annual remuneration was more than £60,000. |
9 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.
10 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Accruals and deferred income | 720 | 720 |
11 Related party transactions
During the year £130 was paid for professional services to a company in which one of the trustees is a director. The amount was fully paid during the year and there is no amount outstanding at the balance sheet date. The company was approached as their quote was the most competitive from those sought by the trustees in this matter.
There were no other disclosable related party transactions during the year (2023 - none).
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