REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
MONDALE TOWER TRUST LTD |
(A COMPANY LIMITED BY GUARANTEE) |
REPORT OF THE TRUSTEES AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
MONDALE TOWER TRUST LTD |
(A COMPANY LIMITED BY GUARANTEE) |
REPORT OF THE TRUSTEES AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
MONDALE TOWER TRUST LTD |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
Page |
Reference and Administrative Details | 1 |
Report of the Trustees | 2 |
Statement of Financial Activities | 3 |
Balance Sheet | 4 | to | 5 |
Notes to the Financial Statements | 6 | to | 9 |
MONDALE TOWER TRUST LTD |
REFERENCE AND ADMINISTRATIVE DETAILS |
FOR THE YEAR ENDED 31 JULY 2023 |
TRUSTEES |
COMPANY SECRETARY | Mrs J Lipschitz |
REGISTERED OFFICE |
REGISTERED COMPANY NUMBER |
REGISTERED CHARITY NUMBER |
MONDALE TOWER TRUST LTD (REGISTERED NUMBER: 04150574) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31 JULY 2023 |
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 July 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). |
OBJECTIVES AND ACTIVITIES |
Objectives for public benefit |
The objects of the charity are the advancement of religion in accordance with the Orthodox Jewish faith, the relief of poverty and such other purposes as are recognised by English Law as charitable. |
The trustees confirm that they have referred to the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities, and setting the grant making policy for the year. |
FINANCIAL REVIEW |
Review of activities and achievements |
The trustees are satisfied with the results for the year. |
Reserves policy |
The trustees do not seek to maintain reserves, other than to ensure that they can continue the activities of the charity. Reserve at the year end were £329,926 (2022 - £343,535) being net assets. |
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 30 January 2001 as amended. |
Organisational structure |
The power to appoint new trustees is vested in the current board. It is not the intention of the trustees of the charity to appoint ny new trustees. Should the situation change in the future, the trustees will apply suitable recruitment, induction and training procedures. |
Risk management |
The trustees have confirmed that there are no major risks to which the charity is exposed. |
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
Approved by order of the board of trustees on |
MONDALE TOWER TRUST LTD |
STATEMENT OF FINANCIAL ACTIVITIES |
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) |
FOR THE YEAR ENDED 31 JULY 2023 |
2023 | 2022 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Investment income | 2 |
Total |
EXPENDITURE ON |
Charitable activities | 3 |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 343,535 |
MONDALE TOWER TRUST LTD (REGISTERED NUMBER: 04150574) |
BALANCE SHEET |
31 JULY 2023 |
2023 | 2022 |
Total | Total |
funds | funds |
Notes | £ | £ |
FIXED ASSETS |
Investments | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS |
Unrestricted funds: |
General fund | 329,926 | 343,535 |
TOTAL FUNDS | 343,535 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 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. |
MONDALE TOWER TRUST LTD (REGISTERED NUMBER: 04150574) |
BALANCE SHEET - continued |
31 JULY 2023 |
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 |
MONDALE TOWER TRUST LTD |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
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, with the exception of investments which are included at market value. |
Group accounts |
The company and its subsidiary comprise a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and the Charities Act 2011 not to prepare group accounts. |
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.The following specific policies are applied to particular categories of income: |
Donations are included in full in the Statement of Financial Activities when received. |
Income from investments is included in the year in which it is receivable. |
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. |
Support costs are those incurred to assist the work of the charity but are not directly charitable activities. |
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Going concern |
There are no material uncertainties about the charity's ability to continue. |
MONDALE TOWER TRUST LTD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
2. | INVESTMENT INCOME |
2023 | 2022 |
Unrestricted | Total |
funds | funds |
£ | £ |
Loan interest received | 16,350 | 11,008 |
3. | CHARITABLE ACTIVITIES COSTS |
Grant |
funding of |
activities |
(see note | Support |
4) | costs | Totals |
£ | £ | £ |
Charitable activities | 29,116 | - | 29,116 |
Support | - | 1,014 | 1,014 |
29,116 | 1,014 | 30,130 |
4. | GRANTS PAYABLE |
2023 | 2022 |
£ | £ |
Charitable activities | 29,116 | 31,529 |
The total grants paid to institutions during the year was as follows: |
2023 | 2022 |
£ | £ |
Relief of poverty | 3,850 | 5,486 |
Advancement of religion | 8,550 | 17,000 |
Advancement of education | 9,291 | 5,524 |
Medical | - | 1,550 |
Social welfare | 1,740 | 525 |
Kahal Chasidim Bobov | 8,000 |
Kollel L'Hora'ah | 3,765 |
Tchabe Kollel | 2,500 |
Talmud Torah Education | 1,500 |
Amud Hatzdoko Trust | 1,350 |
ZSV | 1,000 |
Others under £1,000 | 5,316 |
23,431 |
The total grants paid to individuals during the year was as follows: |
2023 | 2022 |
£ | £ |
Relief of poverty | 3,185 | 29 |
Advancement of religion | 2,500 | - |
Advancement of education | - | 1,415 |
MONDALE TOWER TRUST LTD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
5. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 July 2023 nor for the year ended 31 July 2022. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 July 2023 nor for the year ended 31 July 2022. |
6. | AVERAGE STAFF NUMBERS |
The average number of staff in the year was Nil (2022 - Nil). |
7. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST LESS IMPAIRMENT |
At 1 August 2022 and 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 | 2 |
At 31 July 2022 | 2 |
There were no investment assets outside the UK. |
The charity holds 100% of the ordinary share capital of Prestige Estates Ltd, a property investment company. The aggregate amount of share capital and reserves of Prestige Estates Ltd at 30 June 2022 was £95,937 (2021 - £98,398) and the loss for the year ended on that date was £2,461 (2021 - £6,708 loss). |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
MONDALE TOWER TRUST LTD |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trustee's loan account |
Accruals and deferred income |
10. | RELATED PARTY TRANSACTIONS |
The charity has a wholly owned subsidiary, Prestige Estates Ltd. Loan interest of £16,350(2022- £11,008) was received from the subsidiary. At the balance sheet date the amount owed by Prestige Estates Ltd was £325,343 (2022 - £316,992). |