REGISTERED CHARITY NUMBER: 1179792
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
FOR
M.E.B.
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
M.E.B.
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Statement of Financial Position | 5 | ||
| Notes to the Financial Statements | 6 | to | 10 |
M.E.B.
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2023
The trustees present their report with the financial statements of the charity for the year ended 30 September 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
(i) To provide or assist in the provision of facilities in the interests of social welfare for recreation or other leisure time occupation of individuals who have need of such facilities by reason of their age, infirmity or disability, financial hardship or social circumstances with the object of improving their conditions of life.
(ii) To relieve financial hardship, either generally or individually, by making grants of money for providing or paying for items, services or facilities.
(iii) To promote and advance the education of children and young people and to develop their capacity and skills, in particular but not exclusively by the provision of training courses with a view to enabling them to enhance their prospects of employment and conditions of life and to participate more fully in society.
(iv) To promote any other exclusively charitable objects and purposes as the trustees see fit, provided that they are regarded as charitable by the law of England and Wales.
Public benefit
The Trustees have taken due heed of their obligations relating to Public Benefit Duty affecting charities, as well as to their obligations under the Equalities Act 2010. The Trustees are satisfied that they meet their obligations.
Grantmaking
Grants are made at the discretion of the trustees and in accordance with the objectives of the charity.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year the charity received donations and grants totalling £194,649 (2022: £282,305) and made grants totalling £211,117 (2022: £187,025).
FINANCIAL REVIEW
Reserves policy
The reserves policy is to ensure that there is a sufficient stream of income to meet the ongoing calls made on the charity.
FUTURE PLANS
The charity intends to carry on its policy of making grants in pursuant of its objects, and continue its activities, as outlined above, for the foreseeable future.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a constitution, and constitutes a charitable incorporated organization.
Recruitment and appointment of new trustees
It is not currently the intention of the trustees of the charity to appoint new trustees. Should this situation change in the future, the trustees will apply suitable recruitment and training procedures.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1179792
Page 1
M.E.B.
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2023
Principal address 13 Forburg Road London N16 6HP
Trustees
Y B Rosenbaum J Bransdorfer M Stern
Independent Examiner
M A Venitt Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
Approved by order of the board of trustees on 9 July 2024 and signed on its behalf by:
J Bransdorfer - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF M.E.B.
Independent examiner's report to the trustees of M.E.B.
I report to the charity trustees on my examination of the accounts of M.E.B. (the Trust) for the year ended 30 September 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts 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 accounts to be reached.
M A Venitt
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
9 July 2024
Page 3
M.E.B.
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2023
| 30.9.23 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 194,649 Investment income 2 2,168 Total 196,817 EXPENDITURE ON Charitable activities Charitable activities 298,285 Other 1,784 Total 300,069 NET INCOME/(EXPENDITURE) (103,252) RECONCILIATION OF FUNDS Total funds brought forward 191,641 TOTAL FUNDS CARRIED FORWARD 88,389 |
30.9.22 Total funds £ 282,305 505 |
|---|---|
| 282,810 | |
| 267,604 1,729 |
|
| 269,333 | |
| 13,477 178,164 |
|
| 191,641 |
The notes form part of these financial statements
Page 4
M.E.B.
STATEMENT OF FINANCIAL POSITION 30 SEPTEMBER 2023
| 30.9.23 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 5 3,992 CURRENT ASSETS Debtors 6 85,852 Cash at bank and in hand 791 86,643 CREDITORS Amounts falling due within one year 7 (2,246) NET CURRENT ASSETS 84,397 TOTAL ASSETS LESS CURRENT LIABILITIES 88,389 NET ASSETS 88,389 FUNDS 8 Unrestricted funds 88,389 TOTAL FUNDS 88,389 |
30.9.22 Total funds £ 4,696 185,152 5,603 190,755 (3,810) 186,945 191,641 191,641 191,641 191,641 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 9 July 2024 and were signed on its behalf by:
Y B Rosenbaum - Trustee
M Stern - Trustee
The notes form part of these financial statements
Page 5
M.E.B.
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. 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.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. INVESTMENT INCOME
| 30.9.23 | 30.9.22 | |
|---|---|---|
| £ | £ | |
| Curr asset inv income | 2,168 | 505 |
Page 6
continued...
M.E.B.
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 September 2023 nor for the year ended 30 September 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 September 2023 nor for the year ended 30 September 2022.
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 282,305 |
| Investment income | 505 |
| Total | 282,810 |
| EXPENDITURE ON | |
| Charitable activities | |
| Charitable activities | 267,604 |
| Other | 1,729 |
| Total | 269,333 |
| NET INCOME | 13,477 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 178,164 |
| TOTAL FUNDS CARRIED FORWARD | 191,641 |
continued...
Page 7
M.E.B.
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023
| 5. TANGIBLE FIXED ASSETS COST At 1 October 2022 and 30 September 2023 DEPRECIATION At 1 October 2022 Charge for year At 30 September 2023 NET BOOK VALUE At 30 September 2023 At 30 September 2022 6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 8. MOVEMENT IN FUNDS At 1.10.22 £ Unrestricted funds General fund 191,641 TOTAL FUNDS 191,641 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 196,817 TOTAL FUNDS 196,817 |
Fixtures and fittings £ 6,500 1,804 704 2,508 3,992 4,696 30.9.23 30.9.22 £ £ 85,852 185,152 30.9.23 30.9.22 £ £ 2,246 3,810 Net movement At in funds 30.9.23 £ £ (103,252) 88,389 (103,252) 88,389 Resources Movement expended in funds £ £ (300,069) (103,252) (300,069) (103,252) |
|---|---|
continued...
Page 8
M.E.B.
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023
8. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.10.21 £ Unrestricted funds General fund 178,164 TOTAL FUNDS 178,164 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 282,810 TOTAL FUNDS 282,810 |
Net movement At in funds 30.9.22 £ £ 13,477 191,641 13,477 191,641 Resources Movement expended in funds £ £ (269,333) 13,477 (269,333) 13,477 |
At 30.9.22 £ 191,641 |
|---|---|---|
| 191,641 | ||
| 13,477 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.10.21 £ 178,164 178,164 |
Net movement in funds £ (89,775) (89,775) |
At 30.9.23 £ 88,389 |
|---|---|---|---|
| 88,389 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 479,627 479,627 |
Resources Movement expended in funds £ £ (569,402) (89,775) (569,402) (89,775) |
Resources Movement expended in funds £ £ (569,402) (89,775) (569,402) (89,775) |
|---|---|---|---|
| (89,775) |
continued...
Page 9
M.E.B.
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2023
9. RELATED PARTY DISCLOSURES
As at the balance sheet date and included within other debtors is the amount of £18,506 (2022: £8,184) which represents a loan between the charity and High Yield Management Ltd. The charity and High Yield Management Ltd share common management personnel.
As at the balance sheet date and included within other debtors is the amount of £27,293 (2022: £25,748) which represents a loan between the charity and Newington Properties Ltd. The charity and Newington Properties Ltd share common management personnel.
During the period the charity charged High Yield Management Ltd interest at 6% per annum on the outstanding loan balance and the interest receivable amounted to £623 (2022: £465). The charity and High Yield Management Ltd share common management personnel.
During the period the charity charged Newington Properties Ltd interest at 6% per annum on the outstanding loan balance and the interest receivable amounted to £1,545 (2022: £40). The charity and Newington Properties Ltd share common management personnel.
Page 10