CHARITY REGISTRATION NUMBER: 281452
Mole Charitable Trust Unaudited Financial Statements 31 March 2021
HAFFNER HOFF LTD
Accountants 2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
Mole Charitable Trust
Financial Statements
Year ended 31 March 2021
| Pages | |
|---|---|
| Trustees' annual report | 1 to 2 |
| Independent examiner's report to the trustees | 3 |
| Statement of financial activities | 4 |
| Statement of financial position | 5 |
| Notes to the financial statements | 6 to 11 |
Mole Charitable Trust
Trustees' Annual Report
Year ended 31 March 2021
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2021.
Reference and administrative details
| Registered charity name | Mole Charitable Trust |
|---|---|
| Charity registration number | 281452 |
| Principal office | 2 Okeover Road |
| Salford | |
| M7 4JX | |
| The trustees | |
| M Gross | |
| L Gross | |
| Independent examiner | D Schwarz FCCA |
| 2nd Floor - Parkgates | |
| Bury New Road | |
| Prestwich | |
| Manchester | |
| M25 0TL |
Structure, governance and management
The Charity is constituted by Deed of Trust dated 10 November 1980 and is a registered charity, Number 281452.
Objectives and activities
The objects of the Charity are to make donations and loans to educational institutions and charitable organisations and for the relief of poverty.
Public Benefit Policy
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting grant making policy for the year.
Grant-Making Policy
The trustees receive many applications for grants, mainly personal contact, but also verbally. Each application is considered against the criteria established by the Charity. Although the Charity does not advertise, it is well known within its community and there are many requests received for grants. Feedback received is used to monitor the amount of grants.
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Mole Charitable Trust
Trustees' Annual Report (continued)
Year ended 31 March 2021
Achievements and performance
During the year £187,500 in voluntary donations were received by the charity. Donations totalling £174,292 were made to various charitable institutions, in accordance with the Trust Deed. £77,542 was distributed to religious institutions and charitable organisations and £96,750 to educational institutions.
During the year the investment held by the charity was revalued at £2,257,773 a decrease of £245,248 on the previous year.
Financial review
As at 31 March 2021 the Charity had £201,184 (2020:£188,901) of free Unrestricted Funds.
Reserves & Risk Policy
It is the policy of the charity to hold reserves sufficient to maintain regular grants at previous years levels. As the charity is presently largely reliant on donations received from trading companies where profit levels are variable, the trustees feel it would be prudent to maintain reserves at such a level that would enable the charity to generate its own income to meet this aim.
The trustees examine the risks the charity faces each financial year. The charity monitors and controls the risk to mitigate any impact they may have on the charity.
Plans for future periods
It is anticipated that the Charity will continue to support charitable purposes and institutions in accordance with its objects.
The trustees' annual report was approved on 16 December 2021 and signed on behalf of the board of trustees by:
M Gross Trustee
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Mole Charitable Trust
Independent Examiner's Report to the Trustees of Mole Charitable Trust
Year ended 31 March 2021
I report to the trustees on my examination of the financial statements of Mole Charitable Trust ('the charity') for the year ended 31 March 2021.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
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 charity as required by section 130 of the Act; or
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the financial statements do not accord with those records; or
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the financial statements 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.
D Schwarz FCCA Independent Examiner
2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
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Mole Charitable Trust
Statement of Financial Activities
Year ended 31 March 2021
| 2021 | 2021 | 2020 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 187,500 | 187,500 | 250,080 |
| Investment income | 5 | 74 | 74 | 350 |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total income | 187,574 | 187,574 | 250,430 | |
| ================================ | ================================ | ================================ | ||
| Expenditure | ||||
| Expenditure on charitable activities | 6,7 | (175,411) | (175,411) | (193,511) |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total expenditure | (175,411) | (175,411) | (193,511) | |
| ================================ | ================================ | ================================ | ||
| Net (losses)/gains on investments | 9 | (245,248) | (245,248) | 85,733 |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Net (expenditure)/income and net movement in funds | (233,085) | (233,085) | 142,652 | |
| ================================ | ================================ | ================================ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 2,691,922 | 2,691,922 | 2,549,270 | |
| ----------------------------------------- | ----------------------------------------- | ----------------------------------------- | ||
| Total funds carried forward | 2,458,837 | 2,458,837 | 2,691,922 | |
| ========================================= | ========================================= | ========================================= |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 6 to 11 form part of these financial statements.
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Mole Charitable Trust
Statement of Financial Position
31 March 2021
| 2021 | 2020 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Investments | 13 | 2,257,773 | 2,503,021 | |
| Current assets | ||||
| Debtors | 14 | – | 56,850 | |
| Cash at bank and in hand | 202,144 | 133,011 | ||
| -------------------------------- | -------------------------------- | |||
| 202,144 | 189,861 | |||
| Creditors: amounts falling due within one year | 15 | 1,080 | 960 | |
| -------------------------------- | -------------------------------- | |||
| Net current assets | 201,064 | 188,901 | ||
| ----------------------------------------- | ----------------------------------------- | |||
| Total assets less current liabilities | 2,458,837 | 2,691,922 | ||
| ----------------------------------------- | ----------------------------------------- | |||
| Net assets | 2,458,837 | 2,691,922 | ||
| ========================================= | ========================================= | |||
| Funds of the charity | ||||
| Unrestricted funds | 2,458,837 | 2,691,922 | ||
| ----------------------------------------- | ----------------------------------------- | |||
| Total charity funds | 16 | 2,458,837 | 2,691,922 | |
| ========================================= | ========================================= |
These financial statements were approved by the board of trustees and authorised for issue on 16 December 2021, and are signed on behalf of the board by:
M Gross Trustee
The notes on pages 6 to 11 form part of these financial statements.
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Mole Charitable Trust
Notes to the Financial Statements
Year ended 31 March 2021
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 2 Okeover Road, Salford, M7 4JX.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements did not require management to make judgements, estimates or assumptions that affect the amounts reported at the year end.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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Mole Charitable Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2021
3. Accounting policies (continued)
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
4. Donations and legacies
| Unrestricted | Total Funds | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Donations | |||||
| Donations | 187,500 | 187,500 | 250,080 | 250,080 | |
| ================================ | ================================ | ================================ | ================================ |
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Mole Charitable Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2021
5. Investment income
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Bank interest receivable | 74 | 74 | 350 | 350 | |
| ============== | ============== | ============== | ============== | ||
| 6. | Expenditure on charitable activities by fund type | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Grants payable | 174,292 | 174,292 | 192,551 | 192,551 | |
| Support costs | 1,119 | 1,119 | 960 | 960 | |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ||
| 175,411 | 175,411 | 193,511 | 193,511 | ||
| ================================ | ================================ | ================================ | ================================ | ||
| 7. | Expenditure on charitable activities by activity type | ||||
| Grant funding | Support | Total funds | Total fund | ||
| of activities | costs | 2021 | 2020 | ||
| £ | £ | £ | £ | ||
| Grants payable | 174,292 | – | 174,292 | 192,551 | |
| Governance costs | – | 1,119 | 1,119 | 960 | |
| -------------------------------- | ----------------------- | -------------------------------- | -------------------------------- | ||
| 174,292 | 1,119 | 175,411 | 193,511 | ||
| ================================ | ======================= | ================================ | ================================ | ||
| 8. | Analysis of grants | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Grants to institutions | |||||
| Grants to institutions | 174,292 | 192,551 | |||
| -------------------------------- | -------------------------------- | ||||
| Total grants | 174,292 | 192,551 | |||
| ================================ | ================================ |
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Mole Charitable Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2021
8. Analysis of grants (continued)
| ANALYSIS OF GRANTS PAYABLE BY ACTIVITY TYPE | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Educational | 96,750 | 89,530 |
| Relief of Poverty | 10,000 | 22,000 |
| Advancement of Religion | 1,042 | 16,496 |
| Uncategorised | 66,500 | 64,525 |
| -------------------------------- | -------------------------------- | |
| Total | 174,292 | 366,843 |
| ================================ | ================================ | |
| ANALYSIS OF GRANTS PAYABLE BY INSTITUTION | ||
| 2021 | 2020 | |
| £ | £ | |
| Aim Habonim | – | 10,000 |
| Asser Bishvil Foundation | 5,000 | 10,000 |
| BCGCT | 12,500 | – |
| Broughton Jewish Primary School | 15,000 | – |
| CST | 1,500 | – |
| King David School | – | 10,000 |
| Lubavitch | – | 5,000 |
| Manchester Charitable Trust | 10,000 | 22,000 |
| Manchester Mesivta Jewish Grammar School | 6,750 | 6,750 |
| North Salford Synagogue | 1,042 | 11,496 |
| Roston CT | 5,000 | 20,000 |
| TTT | 12,500 | 2,000 |
| Three Pillars Trust | 30,000 | 30,000 |
| The Shaarei Torah Trust | 75,000 | 62,780 |
| Further Grants | – | 2,525 |
| -------------------------------- | -------------------------------- | |
| Total | 174,292 | 192,551 |
| ================================ | ================================ |
9. Net (losses)/gains on investments
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2021 | Funds | 2020 | ||
| £ | £ | £ | £ | ||
| Gains on Revaluation of Investments | (245,248) | (245,248) | 85,733 | 85,733 | |
| ================================ | ================================ | ============================ | ============================ | ||
| 10. | Independent examination fees | ||||
| 2021 | 2020 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial | statements | 2,040 | 960 | ||
| ======================= | ============== | ||||
| 11. | Staff costs | ||||
| The total staff costs and employee benefits for the reporting period are analysed as | follows: | ||||
| 2021 | 2020 | ||||
| £ | £ |
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Mole Charitable Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2021
11. Staff costs (continued)
Nil
Nil
The average head count of employees during the year was Nil (2020: Nil).
No employee received employee benefits of more than £60,000 during the year (2020: Nil).
12. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
13. Investments
| Other | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 April 2020 | 2,503,021 |
| Additions | – |
| Fair value movements | (245,248) |
| ----------------------------------------- | |
| At 31 March 2021 | 2,257,773 |
| ========================================= | |
| Impairment | |
| At 1 April 2020 and 31 March 2021 | – |
| ========================================= | |
| Carrying amount | |
| At 31 March 2021 | 2,257,773 |
| ========================================= | |
| At 31 March 2020 | 2,503,021 |
| ========================================= |
All investments shown above are held at valuation.
The investment represents shares in Park Lane Properties & Investments Ltd. The shares have been valued on the basis of the net asset value of the company. No provision has been made for the contingent corporation tax which may arise on the sale of the properties that the company owns.
14. Debtors
| 2021 | 2020 | ||
|---|---|---|---|
| £ | £ | ||
| HMRC Gift aid | – | 50,000 | |
| Other debtors | – | 6,850 | |
| -------------- | ---------------------------- | ||
| – | 56,850 | ||
| ============== | ============================ | ||
| 15. | Creditors: amounts falling due within one year | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Accruals and deferred income | 1,080 | 960 | |
| ======================= | ============== |
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Mole Charitable Trust
Notes to the Financial Statements (continued)
Year ended 31 March 2021
16. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||||
|---|---|---|---|---|---|---|---|
| At | Gains and | At | |||||
| 1 | April 2020 | Income | Expenditure | losses | 31 | March 21 | |
| £ | £ | £ | £ | £ | |||
| General funds | 2,691,922 | 187,574 | (175,411) | (245,248) | 2,458,837 | ||
| ========================================= | ================================ | ================================ | ================================ | ========================================= | |||
| At | Gains and | At | |||||
| 1 | April 2019 | Income | Expenditure | losses | 31 | March 20 | |
| £ | £ | £ | £ | £ | |||
| General funds | 2,549,270 | 250,430 | (193,511) | 85,733 | 2,691,922 | ||
| ========================================= | ================================ | ================================ | ============================ | ========================================= |
17. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2021 | |
| £ | £ | |
| Investments | 2,257,773 | 2,257,773 |
| Current assets | 202,144 | 202,144 |
| Creditors less than 1 year | (1,080) | (1,080) |
| ----------------------------------------- | ----------------------------------------- | |
| Net assets | 2,458,837 | 2,458,837 |
| ========================================= | ========================================= | |
| Unrestricted | Total Funds | |
| Funds | 2020 | |
| £ | £ | |
| Investments | 2,503,021 | 2,503,021 |
| Current assets | 189,861 | 189,861 |
| Creditors less than 1 year | (960) | (960) |
| ----------------------------------------- | ----------------------------------------- | |
| Net assets | 2,691,922 | 2,691,922 |
| ========================================= | ========================================= |
18. Related parties
During the year the charity received aggregate donations totalling £150,000 from trustees and related parties.
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