REGISTERED COMPANY NUMBER: 11357160 (England and Wales) REGISTERED CHARITY NUMBER: 1181734
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 May 2023
for
Matan Esther Limited
Martin+Heller 5 North End Road London NW11 7RJ
Matan Esther Limited
Contents of the Financial Statements for the Year Ended 31 May 2023
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Statement of Financial Activities | 3 | ||
| Balance Sheet | 4 | ||
| Notes to the Financial Statements | 5 | to | 9 |
Matan Esther Limited (Registered number: 11357160)
Report of the Trustees
for the Year Ended 31 May 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 May 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
The Charity was established to support the advancement of education, health,religion in accordance with orthodox jewish faith and relief of poverty or those in need and such other charitable purposes which the trustees may seem fit from time to time.
Public benefit
The trustees confirm their compliance with the duty to have due regard to the Public Benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives and in planning future activities.
Grantmaking
Grants are made to charitable institutions and organisations which accord with the objects of the Charity.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year, the charity made charitable donations of £83,720 (2022:£20,950). These donations were used by the beneficiaries for the relief of poverty and advancement of education , health,religion in accordance with orthodox jewish faith.
Internal and external factors
The trustees have made a full assessment of the internal and external factors that may affect these financial statements and do not deem any factors material enough to have an impact.
FINANCIAL REVIEW
Reserves policy
During the year, the charity's outgoing resources were exceeded by the incoming resources, still the trustees are satisfied with the results for the year.
Going concern
The accounts have been prepared on the going concern basis. The Trustees consider that there are no material uncertainties regarding the charity's ability to continue in operational existence for the foreseeable future, which is deemed to be 12 months from the date of approval of the financial statements.
FUTURE PLANS
The trustees plan to maximise the level of donations received whilst continuing to make distributions in accordance with their grant making policy and to ensure that an appropriate level of reserves is maintained.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its government document, the Memorandum and Articles of Association, and constitute a limited company, limited by guarantee, as defined by the Companies Act 2006.
Page 1
Matan Esther Limited (Registered number: 11357160)
Report of the Trustees
for the Year Ended 31 May 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT Recruitment and appointment of new trustees
The trustees have no beneficial interest in the company as it is a company limited by guarantee and are chosen by agreement of trustees at an annual meeting. The choice is based on applicants' business and community knowledge.
New trustees are subject to trustee induction training which includes as understanding of the content of the Memorandum and Articles of Association, their legal obligations under Charity Act and Company Law, the organisational structure of charity and the recent financial performance of the charity. Trustees are encouraged to attend appropriate external training events which enhance their knowledge and skill thereby improving the performance of their role.
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 Company number
11357160 (England and Wales)
Registered Charity number
1181734
Registered office
5 North End Road London United Kingdom NW11 7RJ
Trustees
I Y Feiner A A Feld M Hoffman Ms E Hoffman Ms D Swartz
Company Secretary
Approved by order of the board of trustees on 21 January 2024 and signed on its behalf by:
Ms E Hoffman - Trustee
Page 2
Matan Esther Limited
Statement of Financial Activities for the Year Ended 31 May 2023
| 31.5.23 | 31.5.22 | |||
|---|---|---|---|---|
| Unrestricted | ||||
| fund | Total funds | |||
| Notes | £ | £ | ||
| INCOME AND ENDOWMENTS FROM | ||||
| Donations and legacies | 71,801 | 38,000 | ||
| Investment income | 2 | 15,448 | - | |
| Total | 87,249 | 38,000 | ||
| EXPENDITURE ON | ||||
| Charitable activities | ||||
| Donations Paid | ||||
| 83,720 | 20,950 | |||
| Other | 3,594 | 1,428 | ||
| Total | 87,314 | 22,378 | ||
| NET INCOME/(EXPENDITURE) | (65) | 15,622 | ||
| Other recognised gains/(losses) | ||||
| Gains on revaluation of fixed assets | 1,700,000 | - | ||
| Net movement in funds | 1,699,935 | 15,622 | ||
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward | 14,937 | (685) | ||
| TOTAL FUNDS CARRIED FORWARD | 1,714,872 | 14,937 |
The notes form part of these financial statements
Page 3
Matan Esther Limited (Registered number: 11357160)
Balance Sheet
31 May 2023
| 31.5.23 Unrestricted fund Notes £ FIXED ASSETS Tangible assets 6 1,700,000 CURRENT ASSETS Cash at bank 16,872 CREDITORS Amounts falling due within one year 7 (2,000) NET CURRENT ASSETS 14,872 TOTAL ASSETS LESS CURRENT LIABILITIES 1,714,872 NET ASSETS 1,714,872 FUNDS 8 Unrestricted funds 1,714,872 TOTAL FUNDS 1,714,872 |
31.5.22 Total funds £ - 16,337 (1,400) 14,937 14,937 14,937 14,937 14,937 |
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 21 January 2024 and were signed on its behalf by:
E Hoffman - Trustee
The notes form part of these financial statements
Page 4
Matan Esther Limited
Notes to the Financial Statements for the Year Ended 31 May 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.
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.
Taxation
The charity is exempt from corporation 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
| INVESTMENT INCOME | ||
|---|---|---|
| 31.5.23 | 31.5.22 | |
| £ | £ | |
| Rents received | 15,448 | - |
Page 5
continued...
Matan Esther Limited
Notes to the Financial Statements - continued for the Year Ended 31 May 2023
3. GRANTS PAYABLE
| Donations Paid The total grants paid to institutions during the year was as follows: Donations |
31.5.23 £ 83,720 31.5.23 £ 83,720 |
31.5.22 £ 20,950 31.5.22 £ 20,950 |
|
|---|---|---|---|
| Chasdei Dov Trust | 30,000 | ||
| PPC Trust | 28,000 | ||
| Toldos Aharon Trust | 15,000 | ||
| College for higher rabbinical studies | 10,000 | ||
| Donation less than 10k total | 720 | ||
| 83,720 | |||
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 May 2023 nor for the year ended 31 May 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 May 2023 nor for the year ended 31 May 2022.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | ||
|---|---|---|
| fund | ||
| £ | ||
| INCOME AND ENDOWMENTS FROM | ||
| Donations and legacies | 38,000 | |
| EXPENDITURE ON | ||
| Charitable activities | ||
| Donations Paid | ||
| 20,950 | ||
| Other | 1,428 | |
| Total | 22,378 | |
| NET INCOME | 15,622 | |
| RECONCILIATION OF FUNDS | ||
| Total funds brought forward | (685) | |
| Page 6 | continued... |
Matan Esther Limited
Notes to the Financial Statements - continued for the Year Ended 31 May 2023
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| TOTAL FUNDS CARRIED FORWARD 6. TANGIBLE FIXED ASSETS COST OR VALUATION Revaluations NET BOOK VALUE At 31 May 2023 At 31 May 2022 Cost or valuation at 31 May 2023 is represented by: Valuation in 2023 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Loan- Majesta Estate Accrued expenses 8. MOVEMENT IN FUNDS At 1/6/22 £ Unrestricted funds General fund 14,937 TOTAL FUNDS 14,937 |
31.5.23 £ 200 1,800 2,000 Net movement in funds £ 1,699,935 1,699,935 |
Unrestricted fund £ 14,937 Freehold property £ 1,700,000 1,700,000 - Freehold property £ 1,700,000 31.5.22 £ 200 1,200 1,400 At 31/5/23 £ 1,714,872 1,714,872 |
|---|---|---|
continued...
Page 7
Matan Esther Limited
Notes to the Financial Statements - continued for the Year Ended 31 May 2023
8. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 87,249 87,249 |
Resources expended £ (87,314) (87,314) |
Gains and losses £ 1,700,000 1,700,000 |
Movement in funds £ 1,699,935 |
|---|---|---|---|---|
| 1,699,935 |
Comparatives for movement in funds
| Net movement At 1/6/21 in funds At £ £ Unrestricted funds General fund (685) 15,622 TOTAL FUNDS (685) 15,622 |
31/5/22 £ 14,937 |
|---|---|
| 14,937 |
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 38,000 | (22,378) | 15,622 |
| TOTAL FUNDS | 38,000 | (22,378) | 15,622 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1/6/21 £ (685) (685) |
Net movement in funds £ 1,715,557 1,715,557 |
At 31/5/23 £ 1,714,872 |
|---|---|---|---|
| 1,714,872 |
continued...
Page 8
Matan Esther Limited
Notes to the Financial Statements - continued for the Year Ended 31 May 2023
8. MOVEMENT IN FUNDS - continued
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 £ 125,249 125,249 |
Resources expended £ (109,692) (109,692) |
Gains and losses £ 1,700,000 1,700,000 |
Movement in funds £ 1,715,557 |
|---|---|---|---|---|
| 1,715,557 |
9. RELATED PARTY DISCLOSURES
During the year the company received donations of £71,800 from Holdville Limited. The trustee of Holdville Ltd is also the trustee of Matan Esther Ltd
Page 9