OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-04-05-accounts

REGISTERED CHARITY NUMBER: 273992

THE M D AND S CHARITABLE TRUST

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

Sugarwhite Meyer Accountants Ltd Chartered Accountants & Statutory Auditor First Floor 94 Stamford Hill London N16 6XS

THE M D AND S CHARITABLE TRUST

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 3
Report of the Independent Auditors 4 to 6
Statement of Financial Activities 7
Balance Sheet 8
Cash Flow Statement 9
Notes to the Cash Flow Statement 10
Notes to the Financial Statements 11 to 17

THE M D AND S CHARITABLE TRUST

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 5 APRIL 2021

TRUSTEES Mr M D Cymerman Mrs S Cymerman Mr M Kaufman (appointed 15.2.21) PRINCIPAL ADDRESS 479 Holloway Road London N7 6LE REGISTERED CHARITY 273992 NUMBER AUDITORS Sugarwhite Meyer Accountants Ltd Chartered Accountants & Statutory Auditor First Floor 94 Stamford Hill London N16 6XS BANKERS National Westminster Bank plc Gateshead Tyne and Wear NE8 1YU

Page 1

THE M D AND S CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021

The trustees present their report with the financial statements of the charity for the year ended 5 April 2021. 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).

REFERENCE AND ADMINISTRATIVE INFORMATION

The information is shown on page 1 of the financial statements and forms part of this report.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objects of the charity are general charitable purposes and in particular religious education, advancement of religion and the relief of poverty.

The trustees confirm that they have given due regard to the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities and setting the grant making policy for the year.

Grantmaking policy

The trustees are approached for donations by a wide variety of charitable institutions operating both in England and abroad. The trustees consider all requests which they receive and make donations based on circumstances and the level of funds available .In making donations, the trustees use their personal knowledge of the institution, its representatives, operational efficiency and reputation.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The charity is reliant on the income from investments and voluntary income from companies connected with the trustees. There was a reduction in both donations and investment income. The trustees increased grantmaking. There was a deficit for the year being financed from reserves held. The charity continued its philanthropic activities both in England and abroad.

FINANCIAL REVIEW

Reserves policy

The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity. Reserves at the year end were £5,010,667 (2020- £5,268,081).

.

FUTURE PLANS

The trustees anticipate that the charity will continue on a similar basis in the foreseeable future subject to satisfactory income and there are no plans for any major changes.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is governed by Deed of Trust dated 14 April 1977.

Recruitment and appointment of new trustees

It is not the intention of the trustees to appoint any new trustees. Should the situation change in the future, the trustees will apply suitable recruitment induction and training procedures.

Risk management

The trustees have reviewed the major risks that the charity is exposed and confirm that they have established systems to mitigate them.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Page 2

THE M D AND S CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to 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.

Approved by order of the board of trustees on 27 May 2022 and signed on its behalf by:

Mr M D Cymerman - Trustee

Page 3

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE M D AND S CHARITABLE TRUST

Opinion

We have audited the financial statements of The M D and S Charitable Trust (the 'charity') for the year ended 5 April 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditors' 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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 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 where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Page 4

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE M D AND S CHARITABLE TRUST

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which 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 liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors 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 a Report of the Independent Auditors 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.

In performing an audit, we exercise professional judgment and maintain professional scepticism throughout the audit.

We also identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. The risk of not detecting a material misstatement resulting from fraud is higher than one for one resulting from error, as fraud may involve collusion, forgery, intentional omissions misrepresentation or override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of charity's internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements

Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about charity's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE M D AND S CHARITABLE TRUST

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 auditors' 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.

Sugarwhite Meyer Accountants Ltd Chartered Accountants & Statutory Auditor First Floor 94 Stamford Hill London N16 6XS Date: .............................................

Page 6

THE M D AND S CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Investment income
3
Total
EXPENDITURE ON
Raising funds
4
Charitable activities
5
Charitable activities
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2021
Unrestricted
fund
£
243,875
299,732
543,607
92,348
647,642
739,990
(61,031)
(257,414)
5,268,081
5,010,667		 2020
Total
funds
£
425,755
308,370
734,125
133,269
554,532
687,801
(5,393)
40,931
5,227,150
5,268,081

The notes form part of these financial statements

Page 7

THE M D AND S CHARITABLE TRUST

BALANCE SHEET 5 APRIL 2021

Notes
FIXED ASSETS
Investments
Investments
9
Investment property
10
CURRENT ASSETS
Debtors
11
Cash at bank
CREDITORS
Amounts falling due within one year
12
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
13
NET ASSETS
FUNDS
16
Unrestricted funds
TOTAL FUNDS		 2021
Total
funds
£
9,648
5,113,077
5,122,725
57,267
35,658
92,925
(53,301)
39,624
5,162,349
(151,682)
5,010,667
5,010,667
5,010,667		 2020
Total
funds
£
9,751
5,333,077
5,342,828
49,228
113,911
163,139
(85,448)
77,691
5,420,519
(152,438)
5,268,081
5,268,081
5,268,081

The financial statements were approved by the Board of Trustees and authorised for issue on 27 May 2022 and were signed on its behalf by:

Mr M D Cymerman - Trustee

The notes form part of these financial statements

Page 8

THE M D AND S CHARITABLE TRUST

CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2021

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Purchase of investment property
Sale of investment property
Interest received
Net cash provided by/(used in) investing activities
Cash flows from financing activities
New loans in year
Loan repayments in year
Net cash (used in)/provided by financing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
2
Cash and cash equivalents at the end
of the reporting period
2		 2021
£
(203,412)
(5,302)
(208,714)
-
159,073
89
159,162
-
(757)
(757)
(50,309)
64,604
14,295		 2020
£
83,597
(5,283)
78,314
(132,758)
-
296
(132,462)
43,325
-
43,325
(10,823)
75,427
64,604

The notes form part of these financial statements

Page 9

THE M D AND S CHARITABLE TRUST

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2021

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Losses on investments
Interest received
Interest paid
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Net cash (used in)/provided by operations
2.
ANALYSIS OF CASH AND CASH EQUIVALENTS
Notice deposits (less than 3 months)
Overdrafts included in bank loans and overdrafts falling due within one
year
Total cash and cash equivalents
3.
ANALYSIS OF CHANGES IN NET DEBT		 2021
£
(257,414)
61,031
(89)
5,302
(8,039)
(4,203)
(203,412)
2021
£
35,658
(21,363)
14,295		 2020
£
40,931
5,393
(296)
5,283
31,963
323
83,597
2020
£
113,911
(49,307)
64,604
At 6.4.20 Cash flow At 5.4.21
£ £ £
Net cash
Cash at bank 113,911 (78,253) 35,658
Bank overdraft (49,307) 27,944 (21,363)
64,604 (50,309) 14,295
Debt
Debts falling due after 1 year (152,438) 756 (151,682)
(152,438) 756 (151,682)
Total (87,834) (49,553) (137,387)

The notes form part of these financial statements

Page 10

THE M D AND S CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

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, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis.

The valuation of investment properties is inherently subjective, depending on many factors, including the individual nature of each property, its location and expected future net rental values, market yields and comparable market transactions. Therefore, the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of difficult market or economic conditions.

Income

All income is included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Donations are accounted for when received. All other income is recognised on a receivable basis.

Expenditure

Liabilities are recognised in the year in which they are incurred and includes irrecoverable VAT which is reported as part of the expenditure to which it relates.

Raising funds comprise investment management costs relating to the investment properties. Grants are only recognised in the accounts when paid. Support costs are those incurred to assist the work of the charity but are not direct charitable activities

Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

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 tax on its charitable activities.

Financial instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the amount expected to be received or paid and not discounted.

Going concern

There are no material uncertainties about the charity's ability to continue.

Page 11

THE M D AND S CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021

2.
DONATIONS AND LEGACIES
Gifts
Donations
3.
INVESTMENT INCOME
Rents received
Income from listed investments
Deposit account interest
4.
RAISING FUNDS
Investment management costs
Portfolio management
Utilities and other property expenditure
Property repairs
Legal and professional fees
5.
CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities
(see note
6)
£
Charitable activities
633,613
6.
GRANTS PAYABLE
Charitable activities
The total grants paid to institutions during the year was as follows:
Advancement of education
Advancement of religion
Relief of poverty
General purpose
Medical aid		 2021
£
-
243,875
243,875
2021
£
299,254
389
89
299,732
2021
£
32,467
13,450
32,631
13,800
92,348
Support
costs (see
note 7)
£
14,029
2021
£
633,613
2021
£
317,153
113,230
193,730
-
9,500
633,613		 2020
£
48,444
377,311
425,755
2020
£
307,148
926
296
308,370
2020
£
36,881
16,317
69,346
10,725
133,269
Totals
£
647,642
2020
£
542,680
2020
£
242,530
140,400
122,460
37,290
-
542,680

Page 12

THE M D AND S CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021

6. GRANTS PAYABLE - continued

Mogen Umoshia 103,690
Sevaras Yakov 44,400
Gevuras Yakov 42,000
Yad Eliezer 38,150
Keren Maor 31,500
Mercaz Hatorah Pardes Chana 31,500
Others under £25,000 342,373
633,613

7. SUPPORT COSTS

Charitable activities
Support costs, included in the above, are as follows:
Governance costs
Auditors' remuneration
Auditors' remuneration for non audit
work
General expenses		 Governance
Finance
costs
Totals
£
£
£
5,950
8,079
14,029
2021
2020
Charitable
Total
activities
activities
£
£
2,640
2,640
2,760
2,760
2,679
-
8,079
5,400

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 5 April 2021 nor for the year ended 5 April 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 5 April 2021 nor for the year ended 5 April 2020.

Page 13

THE M D AND S CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021

9. FIXED ASSET INVESTMENTS

MARKET VALUE
At 6 April 2020
Revaluations
At 5 April 2021
NET BOOK VALUE
At 5 April 2021
At 5 April 2020
There were no investment assets outside the UK.
Cost or valuation at 5 April 2021 is represented by:
Valuation in 2020
Valuation in 2021
10.
INVESTMENT PROPERTY
FAIR VALUE
At 6 April 2020
Disposals
At 5 April 2021
NET BOOK VALUE
At 5 April 2021
At 5 April 2020		 Listed
investments
£
9,751
(103)
9,648
9,648
9,751
Listed
investments
£
9,751
(103)
9,648
£
5,333,077
(220,000)
5,113,077
5,113,077
5,333,077

The Company's investment properties were valued by the trustees based on the trustees' understanding of property market conditions and the specific properties concerned

Page 14

THE M D AND S CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021

11.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Agents' accounts
Agents' control
Prepayments and accrued income
12.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans and overdrafts (see note 14)
Other creditors
13.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Other creditors
14.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank overdrafts
Amounts falling due in more than five years:
Repayable otherwise than by instalments:
Other loans more 5yrs non-inst
Bank Loans
15.
SECURED DEBTS
The following secured debts are included within creditors:
Other loans
Bank loan
The loans are secured on the charity's investment properties.		 2021
£
45,940
1,760
9,567
57,267
2021
£
21,363
31,938
53,301

2021
£
151,682
2021
£
21,363
109,126
42,556
151,682
2021
£
109,126
-
109,126		 2020
£
41,003
149
8,076
49,228
2020
£
49,307
36,141
85,448
2020
£
152,438		 2020
£
41,003
149
8,076
49,228
2020
£
49,307
36,141
85,448
2020
£
49,307
109,126
43,312
152,438
2020
£
109,126
43,312
152,438

Page 15

THE M D AND S CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021

16. MOVEMENT IN FUNDS

At 6.4.20
£
Unrestricted funds
General fund
5,268,081
TOTAL FUNDS
5,268,081
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
543,607
(739,990)
TOTAL FUNDS
543,607
(739,990)
Comparatives for movement in funds
At 6.4.19
£
Unrestricted funds
General fund
5,227,150
TOTAL FUNDS
5,227,150		 Net
movement
in funds
£
(257,414)
(257,414)
Gains and
losses
£
(61,031)
(61,031)
Net
movement
in funds
£
40,931
40,931		 At
5.4.21
£
5,010,667
5,010,667
Movement
in funds
£
(257,414)
(257,414)
At
5.4.20
£
5,268,081
5,268,081

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 734,125 (687,801) (5,393) 40,931
TOTAL FUNDS 734,125 (687,801) (5,393) 40,931

Page 16

THE M D AND S CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2021

17. RELATED PARTY DISCLOSURES

The charity received an unrestricted donations of £85,000 from a charity in which the trustees have an interest.

Page 17