The trustees present their annual report and financial statements for the year ended 30 November 2021.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006, the Charities Act 2011 and the Charities SORP FRS 102.
The charity's objects and its principal activity are the advancement of the Orthodox Jewish faith and the prevention or relief of poverty. It is expected that all the company's charitable income will be applied for these purposes. The policy adopted in furtherance of these objects is to distribute the funds as and when the trustees see fit to these worthy causes.
The charity made charitable donations to those causes it considers are worthy and in accordance with its charitable objectives, whilst at the same time sustaining its incoming resources through charitable donations received.
The charity made donations for the Orthodox Jewish faith and the relief of poverty of £103,500 (2020: £6,000) during the period.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The charity is satisfied with its overall achievements and performance during the period and has met its objectives with regard to the level of donations made during the period to worthwhile charitable causes.
As at 30 November 2021 the charity had funds of £38,816 (2020: £143,034) all of which were Unrestricted Funds.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
The charity will continue to make funds available for donation to the worthy cause it supports for its charitable purposes.
The charity is a company limited by guarantee and accordingly does not have any share capital. The charity is governed by its Memorandum and Articles of Association dated 11th November 2014.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
The board has the power to appoint additional trustees as it considers fit to do so. Officers shall be appointed from among the trustees, by a majority vote.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £10 in the event of a winding up.
The charity is organised so that the trustees meet regularly to manage its affairs. Mr C Margulies has been appointed by the trustees to manage the day to day operations of the charity. To facilitate operations he has delegated authority, approved by the trustees, for operational matters including dealing with the financial affairs of the charity.
The income and property of the charity, whensoever derived, shall be applied solely towards the promotion of the objects of the charity as specified in the Memorandum and Articles of Association. There are no other restrictions imposed by the governing document concerning the way the charity can operate other than that operations must be for the furtherance of the charity's objects.
The trustees' report was approved by the Board of Trustees.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Marg Fleet Limited for the year ended 30 November 2021, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation
This report is made to the charity's trustees, as a body, in accordance with the terms of our engagement letter dated 21 September 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Marg Fleet Limited and state those matters that we have agreed to state to the charity's trustees, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Marg Fleet Limited and the charity's trustees as a body, for our work or for this report.
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Marg Fleet Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 186 Lordship Road, London, N16 5ES.
The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association dated 11th November 2014, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Resources expended are included in the Statement of Financial Activities on an accruals basis.
Charitable activities include expenditure of grants made for the prevention or relief of poverty.
Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Funds Structure
All funds held are unrestricted income funds.
Legal and professional fees
Accountancy
Bank charges
None of the trustees (or any persons connected with them) received any remuneration or expenses during the year.
The average monthly number of employees during the year was:
There were no disclosable related party transactions during the year (2020 - none).