2023-04-05-accounts - The M D And S Charitable Trust

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REGISTERED CHARITY NUMBER: 273992

THE M D AND S CHARITABLE TRUST

REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

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 2023

		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	16

THE M D AND S CHARITABLE TRUST

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 5 APRIL 2023

TRUSTEES Mr M D Cymerman Mrs S Cymerman Mr M Kaufman 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

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THE M D AND S CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2023

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

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 decease of 53% in donations with investment income and expenditure at similar level to last year. The trustees reduced grantmaking by 55%, even so, there was a deficit for the year. The charity continued its philanthropic activities both in England and abroad.

FINANCIAL REVIEW

Investment policy

The charity trustees have the power to make any investment which they see fit. The trustees consider that the current investments in property and shares meet their criteria for income and capital growth.The trustees regularly review the investments having regard to the charity's needs.

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 £4,659,316 (2022- £4,714,232) with free reserves of £37,219 (2022 - £96,752)

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.

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THE M D AND S CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2023

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).

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

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charity SORP;
make judgements and estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

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 8 August 2024 and signed on its behalf by:

Mr M Kaufman - 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 2023 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:
give a true and fair view of the state of the charity's affairs as at 5 April 2023 and of its incoming resources and application of resources, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Charities Act 2011.

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:

the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

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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.

We 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.

We 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

We concluded 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 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.

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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

8 August 2024

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THE M D AND S CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023

Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Raising funds 4 Charitable activities 5 Grantmaking Support Total Net gains on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	2023 Unrestricted fund £ 169,650 289,806 459,456 150,471 355,417 11,539 517,427 3,055 (54,916) 4,714,232 4,659,316	2022 Total funds £ 362,050 283,069 645,119 143,875 796,187 6,386 946,448 4,894 (296,435) 5,010,667 4,714,232

The notes form part of these financial statements

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THE M D AND S CHARITABLE TRUST

BALANCE SHEET 5 APRIL 2023

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	2023 Total funds £ 17,597 4,753,077 4,770,674 82,083 6,951 89,034 (51,815) 37,219 4,807,893 (148,577) 4,659,316 4,659,316 4,659,316	2022 Total funds £ 14,542 4,753,077 4,767,619 72,995 61,833 134,828 (38,076) 96,752 4,864,371 (150,139) 4,714,232 4,714,232 4,714,232

The financial statements were approved by the Board of Trustees and authorised for issue on 8 August 2024 and were signed on its behalf by:

Mr M Kaufman - Trustee

The notes form part of these financial statements

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THE M D AND S CHARITABLE TRUST

CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2023

Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash used in operating activities Cash flows from investing activities Sale of investment property Interest received Net cash 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 2 Cash and cash equivalents at the end of the reporting period 2	2023 £ (59,186) (6,017) (65,203) - 57 57 (1,562) (1,562) (66,708) 61,833 (4,875)	2022 £ (305,633) (5,288) (310,921) 360,000 2 360,002 (1,543) (1,543) 47,538 14,295 61,833

The notes form part of these financial statements

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THE M D AND S CHARITABLE TRUST

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 5 APRIL 2023

1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net expenditure for the reporting period (as per the Statement of Financial Activities) Adjustments for: Gain on investments Interest received Interest paid Increase in debtors Increase in creditors Net cash used in 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		2023 £ (54,916) (3,055) (57) 6,017 (9,088) 1,913 (59,186) 2023 £ 6,951 (11,826) (4,875)	2022 £ (296,435) (4,894) (2) 5,288 (15,728) 6,138 (305,633) 2022 £ 61,833 - 61,833

	At 6.4.22	Cash flow	At 5.4.23
	£	£	£
Net cash
Cash at bank	61,833	(54,882)	6,951
Bank overdrafts	-	(11,826)	(11,826)
	61,833	(66,708)	(4,875)
Debt
Debts falling due after 1 year	(150,139)	1,562	(148,577)
	(150,139)	1,562	(148,577)
Total	(88,306)	(65,146)	(153,452)

The notes form part of these financial statements

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THE M D AND S CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 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, 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.

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THE M D AND S CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2023

2. DONATIONS AND LEGACIES 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 Interest payable and similar charges 5. CHARITABLE ACTIVITIES COSTS Grant funding of activities (see note 6) £ Grantmaking 355,417 Support - 355,417 6. GRANTS PAYABLE Grantmaking 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	2023 £ 169,650 2023 £ 289,173 576 57 289,806 2023 £ 33,184 21,236 87,839 2,195 6,017 150,471 Support costs (see note 7) £ - 11,539 11,539 2023 £ 355,417 2023 £ 79,700 22,100 228,767 24,850 - 355,417	2022 £ 362,050
		2022 £ 282,602 465 2
		283,069
		2022 £ 31,125 14,929 81,497 11,036 5,288
		143,875
		Totals £ 355,417 11,539
		366,956
		2022 £ 796,187
		2022 £ 220,387 42,950 167,150 362,500 3,200
		796,187

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THE M D AND S CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2023

6. GRANTS PAYABLE - continued

Amud Hatzdokoh Trust Gevurat Yakov Yesamach Levav Achisomoch Aid Company Ltd Magen Umoshia Ezer Lenitsrochim Ltd Friends of Mercaz Hatorah Friends of Beis Chinuch Lebonos Trust Other under 10,000 7. SUPPORT COSTS Finance £ Support 340 Support costs, included in the above, are as follows: Governance costs Auditors' remuneration Auditors' remuneration for non audit work General expenses

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 5 April 2023 nor for the year ended 5 April 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 5 April 2023 nor for the year ended 5 April 2022.

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THE M D AND S CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2023

9. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
	Listed
	investments
	£
MARKET VALUE
At 6 April 2022	14,542
Revaluations	3,055
At 5 April 2023	17,597
NET BOOK VALUE
At 5 April 2023	17,597
At 5 April 2022	14,542

There were no investment assets outside the UK.

10. INVESTMENT PROPERTY

FAIR VALUE At 6 April 2022 and 5 April 2023 NET BOOK VALUE At 5 April 2023 At 5 April 2022	£ 4,753,077
	4,753,077
	4,753,077

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

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Agents' accounts Agents' control Other debtors Prepayments and accrued income	2023 £ 47,928 7,069 13,150 13,936 82,083	2022 £ 47,522 7,234 - 18,239
		72,995

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THE M D AND S CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2023

2022 £ - 38,076 38,076 2022 £ 150,139 2022 £ - 109,127 41,012 150,139 2022 £ 109,127 At 5.4.23 £ 4,659,316	2022 £ - 38,076 38,076 2022 £ 150,139	2022 £ - 38,076
		38,076
	2022 £ -
	109,127 41,012
	150,139
	2022 £ 109,127
4,659,316

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THE M D AND S CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2023

16. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds General fund TOTAL FUNDS	Incoming resources £ 459,456 459,456	Resources expended £ (517,427) (517,427)	Gains and Movement losses in funds £ £ 3,055 (54,916) 3,055 (54,916)

Comparatives for movement in funds

Unrestricted funds General fund TOTAL FUNDS	At 6.4.21 £ 5,010,667 5,010,667	Net movement in funds £ (296,435) (296,435)	At 5.4.22 £ 4,714,232
			4,714,232

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

Unrestricted funds General fund TOTAL FUNDS	Incoming resources £ 645,119 645,119	Resources expended £ (946,448) (946,448)	Gains and Movement losses in funds £ £ 4,894 (296,435) 4,894 (296,435)

17. RELATED PARTY DISCLOSURES

The charity received an unrestricted donations of £115,200 from charities in which trustees have an interest.

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