REGISTERED COMPANY NUMBER: 11893636 (England and Wales) REGISTERED CHARITY NUMBER: 1186963
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
FOR
MOWBRAY BUILDINGS LTD
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
MOWBRAY BUILDINGS LTD
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Statement of Financial Position | 5 | to | 6 |
| Statement of Cash Flows | 7 | ||
| Notes to the Statement of Cash Flows | 8 | ||
| Notes to the Financial Statements | 9 | to | 13 |
MOWBRAY BUILDINGS LTD
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022
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 March 2022. 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 principal activities of the charitable company in the year under review were that of the advancement of education and religious practice in accordance with the teachings of the Orthodox Jewish faith,and the relief of poverty.
The financial results of the Charitable Company's activities for the year ended 31 March 2022 are fully reflected in the attached financial statements together with the notes thereon.
Significant activities
Mowbray buildings have embarked on an ambitious rebuild of the Tashbar school site to be able to house 400 children with a new state-of-the-art building incorporating an assembly dining hall. This will greatly enhance the value of the property and will be a tremendous asset for the charity. Additionally, we are working on purchasing another site which will be able to house the sister school of Tashbar which is currently housed on the Mowbray Road site.
Public benefit
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aim and objectives and in planning the charity's future activities. The aims of the charitable company for the public benefit are detailed in the Objectives and Activities section of the report.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity received generous donations during the period that amounted to £646,631 (2021: £60,800).
Investment performance
The investment income received during the period was income specifically in the form of rent from the investment property. Rental income received during the period under review amounted to £120,000 (2021: £120,000).
FINANCIAL REVIEW
Reserves policy
It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which the trustees think appropriate after considering the future commitments of the charity and the likely administrative costs of the charity for the next year.
Going concern
The trustees are confident that the charity will be able to continue operating for the forseeable future.
FUTURE PLANS
The trustees intend to continue to pursue its objects, and continue its activities, as outlined above, for the foreseeable future.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is constituted as a company limited by guarantee and is governed by its Memorandum and Articles of Association dated 20 March 2019.
Recruitment and appointment of new trustees
The power to appoint new trustees vests with the current board. It is not the intention of the trustees of the charity to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures
Page 1
MOWBRAY BUILDINGS LTD
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
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
11893636 (England and Wales)
Registered Charity number
1186963
Registered office
8 Broadhurst Avenue Edgware Middlesex HA8 8TR
Trustees
J Bamberger Company Director M Cohen Company Director T Grosskopf Sales Director P Adler
Independent Examiner
Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
Approved by order of the board of trustees on 13 January 2023 and signed on its behalf by:
J Bamberger - Trustee
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MOWBRAY BUILDINGS LTD
Independent examiner's report to the trustees of Mowbray Buildings Ltd ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of A.C.A which is one of the listed bodies.
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:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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 A.C.A Venitt and Greaves Chartered Accountants 115 Craven Park Road South Tottenham London N15 6BL
13 January 2023
Page 3
MOWBRAY BUILDINGS LTD
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Raising funds 4 Charitable activities 5 Charitable activities Other Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
31.3.22 Unrestricted fund £ 646,631 120,000 766,631 29,183 7,093 959 37,235 729,396 444,485 1,173,881 |
31.3.21 Total funds £ 60,800 120,000 |
|---|---|---|
| 180,800 | ||
| 29,218 - 794 |
||
| 30,012 | ||
| 150,788 293,697 |
||
| 444,485 |
The notes form part of these financial statements
Page 4
MOWBRAY BUILDINGS LTD
STATEMENT OF FINANCIAL POSITION 31 MARCH 2022
| Notes FIXED ASSETS Investment property 9 CURRENT ASSETS Debtors 10 Cash at bank CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 12 NET ASSETS FUNDS 14 Unrestricted funds TOTAL FUNDS |
31.3.22 Unrestricted fund £ 1,428,205 161,000 593,338 754,338 (55,626) 698,712 2,126,917 (953,036) 1,173,881 1,173,881 1,173,881 |
31.3.21 Total funds £ 1,331,785 - 163,341 163,341 (55,505) 107,836 1,439,621 (995,136) 444,485 444,485 444,485 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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.
The notes form part of these financial statements
Page 5
continued...
MOWBRAY BUILDINGS LTD
STATEMENT OF FINANCIAL POSITION - continued 31 MARCH 2022
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 13 January 2023 and were signed on its behalf by:
J Bamberger - Trustee
M Cohen - Trustee
The notes form part of these financial statements
Page 6
MOWBRAY BUILDINGS LTD
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022
| Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash provided by operating activities Cash flows from investing activities Purchase of investment property Net cash (used in)/provided by investing activities Cash flows from financing activities Loan repayments in year Net cash used in financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
31.3.22 £ 594,550 (26,033) 568,517 (96,420) (96,420) (42,100) (42,100) 429,997 163,341 593,338 |
31.3.21 £ 176,943 (26,155) 150,788 - - (22,403) (22,403) 128,385 34,956 163,341 |
|---|---|---|
The notes form part of these financial statements
Page 7
MOWBRAY BUILDINGS LTD
NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022
| 1. | RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM | OPERATING ACTIVITIES | OPERATING ACTIVITIES |
|---|---|---|---|
| 31.3.22 | 31.3.21 | ||
| £ | £ | ||
| Net income for the reporting period (as per the Statement of Financial | |||
| Activities) | 729,396 | 150,788 | |
| Adjustments for: | |||
| Interest paid | 26,033 | 26,155 | |
| Increase in debtors | (161,000) | - | |
| Increase in creditors | 121 | - | |
| Net cash provided by operations | 594,550 | 176,943 |
- ANALYSIS OF CHANGES IN NET DEBT
| At 1.4.21 | Cash flow | At 31.3.22 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 163,341 | 429,997 | 593,338 |
| 163,341 | 429,997 | 593,338 | |
| Debt | |||
| Debts falling due after 1 year | (995,136) | 42,100 | (953,036) |
| (995,136) | 42,100 | (953,036) | |
| Total | (831,795) | 472,097 | (359,698) |
The notes form part of these financial statements
Page 8
MOWBRAY BUILDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
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.
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.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
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. DONATIONS AND LEGACIES
| Donations 3. INVESTMENT INCOME Rents received |
31.3.22 £ 646,631 31.3.22 £ 120,000 |
31.3.21 £ 60,800 |
|---|---|---|
| 31.3.21 £ 120,000 |
continued...
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MOWBRAY BUILDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
4. RAISING FUNDS
Investment management costs
| Investment management costs | |||
|---|---|---|---|
| 31.3.22 | 31.3.21 | ||
| £ | £ | ||
| Insurance | 3,150 | 3,063 | |
| Interest payable and similar charges | 26,033 | 26,155 | |
| 29,183 | 29,218 | ||
| CHARITABLE ACTIVITIES COSTS | |||
| Direct | |||
| Costs | |||
| £ | |||
| Charitable activities | 7,093 | ||
| SUPPORT COSTS | |||
| Governance | |||
| Finance | costs | Totals | |
| £ | £ | £ | |
| Other resources expended | 119 | 840 | 959 |
5. CHARITABLE ACTIVITIES COSTS
6. SUPPORT COSTS
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 60,800 |
| Investment income | 120,000 |
| Total | 180,800 |
| EXPENDITURE ON | |
| Raising funds | 29,218 |
| Other | 794 |
| Total | 30,012 |
| NET INCOME | 150,788 |
continued...
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MOWBRAY BUILDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
| 8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 9. INVESTMENT PROPERTY FAIR VALUE At 1 April 2021 Additions At 31 March 2022 NET BOOK VALUE At 31 March 2022 At 31 March 2021 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.22 £ Prepayments 161,000 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.22 £ Other creditors 54,786 Accrued expenses 840 55,626 |
Unrestricted fund £ 293,697 444,485 £ 1,331,785 96,420 1,428,205 1,428,205 1,331,785 31.3.21 £ - 31.3.21 £ 54,785 720 55,505 |
|---|---|
continued...
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MOWBRAY BUILDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
| 12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE | THAN ONE YEAR | ||
|---|---|---|---|---|
| 31.3.22 | 31.3.21 | |||
| £ | £ | |||
| Bank loans (see note 13) | 953,036 | 995,136 | ||
| 13. | LOANS | |||
| An analysis of the maturity of loans is given below: | ||||
| 31.3.22 | 31.3.21 | |||
| £ | £ | |||
| Amounts falling due in more than five years: | ||||
| Repayable by instalments: | ||||
| Bank loans more 5 yr by instal | 953,036 | 995,136 | ||
| 14. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | At | |||
| At 1.4.21 | in funds | 31.3.22 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 444,485 | 729,396 | 1,173,881 | |
| TOTAL FUNDS | 444,485 | 729,396 | 1,173,881 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 766,631 | (37,235) | 729,396 | |
| TOTAL FUNDS | 766,631 | (37,235) | 729,396 | |
| Comparatives for movement in funds | ||||
| Net | ||||
| movement | At | |||
| At 1.4.20 | in funds | 31.3.21 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 293,697 | 150,788 | 444,485 | |
| TOTAL FUNDS | 293,697 | 150,788 | 444,485 |
continued...
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MOWBRAY BUILDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
14. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 180,800 180,800 |
Resources Movement expended in funds £ £ (30,012) 150,788 (30,012) 150,788 |
Resources Movement expended in funds £ £ (30,012) 150,788 (30,012) 150,788 |
|---|---|---|---|
| 150,788 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.20 £ 293,697 293,697 |
Net movement At in funds 31.3.22 £ £ 880,184 1,173,881 880,184 1,173,881 |
|---|---|---|
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 £ 947,431 947,431 |
Resources Movement expended in funds £ £ (67,247) 880,184 (67,247) 880,184 |
Resources Movement expended in funds £ £ (67,247) 880,184 (67,247) 880,184 |
|---|---|---|---|
| 880,184 |
15. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2022.
Page 13