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COMPANY REGISTRATION NUMBER: 7069161
CHARITY REGISTRATION NUMBER: 1134917
MW (CL) Foundation
Company Limited by Guarantee
Unaudited Financial Statements
30 November 2023
MW (CL) Foundation
Company Limited by Guarantee
Financial Statements
Year ended 30 November 2023
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
6
Statement of financial activities (including income and expenditure account)
8
Statement of financial position
9
Notes to the financial statements
10
MW (CL) Foundation
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 30 November 2023
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 30 November 2023 .
Reference and administrative details
Registered charity name
MW (CL) Foundation
Charity registration number
1134917
Company registration number
7069161
Principal office and registered
2nd Floor Parkgates
office
Bury New Road
Prestwich
Manchester
M25 0TL
The trustees
Mrs V Lewin
Mrs H Olsberg
G Lewin
Independent examiner
Mr Howard Schwalbe ACA
2nd Floor - Parkgates
Bury New Road
Prestwich
Manchester
M25 0TL
Structure, governance and management
MW (CL) Foundation is constituted by Memorandum and Articles of Association and is a company limited by guarantee. It was incorporated on 06 November 2009 as a company and the company number is 7069161 . It was registered as a charity on 15 March 2010 with a charity number 1134917 .
Recruitment and appointment of new trustees would be in line with the Memorandum and Articles of Association and with the consent of the trustees. The criteria set for the suitable candidate would be someone who is sensitive to the needs and demands of the organisation.
There is no chief executive officer. The day to day affairs are undertaken by Mrs C Lewin on behalf of the trustees. All major decisions are taken collectively by the trustees and all the trustees give of their time freely. The trustees are unpaid and details of any related party transactions are disclosed as applicable in the notes to the accounts. The arrangements for setting the pay of the charity’s employees are the sole domain of the trustees.
There are no policies for the induction or training of new trustees.
Risk review
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems are in place to manage our exposure to the major risks.
The risks faced by the trust are principally operational risks from ineffective grant making. These risks are managed by the trustees researching potential beneficiaries before granting donations.
Report back and review procedures strengthen these safeguards to ensure public benefit is achieved from all grants.
Risk management
The Trustees are responsible for the management of the risks faced by the Charity. A formal review of the charity's risk management processes is undertaken on an annual basis.
The key controls used by the charity include:
- Comprehensive strategic planning and budgeting;
- Established organisational structure and lines of reporting;
- Clear authorisation and approval levels.
Through the risk management processes established for the Charity, the Trustees are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.
Objectives and activities
The objects of the charity are: (1) For the public benefit to promote the education of people of all ages around the world in such ways as the charity trustees think fit, including awarding to such persons scholarships, maintenance allowances or grants; or by grants to charities or other organisations worldwide that provide education; (2) The prevention or relief of poverty or financial hardship anywhere in the world by providing: grants or loans to individuals in need and/or charities, or other organisations working to prevent or relieve poverty or financial hardship; (3) To advance the Orthodox Jewish religion worldwide for the benefit of the public in accordance with the principles of the Code of Jewish Law (Shulchan Aruch).
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing education 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 charity is funded by donations and investment income. The charity gives out grants in line with the above objects.
There were no grants paid to individuals during the year.
Grants made during the year to institutions are as detailed in the accounts.
The application of the funds by way of grants to either institutions or individuals and is almost always to institutions.
The trustees consider they have met the public benefit test and outline these achievements below.
The trustees measure the success of achieving the stated aims by the number and value of grants paid out for each object. The grants paid out in the year are detailed in the notes to the accounts and the trustees consider they have met their aims successfully this year.
The trustees consider the shorter term aims to be similar to the longer term aims and assess the achievement of the charity in the same way.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
The charity received £184,025 in donations during the year and paid out £242,470 by way of grants and support costs. These grants were made in line with the stated objects of the charity and relate to educational purposes as well as relief of poverty purposes.
The charity has investment income receivable from investment property for the year amounting to £218,315. Costs associated with management of these investments amounted to £191,265.
The charity incurred governance costs comprising professional fees.
All other office costs are borne by a local benefactor and the trustees wish to record their appreciation to the benefactor for the free use of their offices.
There were no material fundraising costs during the year.
Related party transactions are disclosed as applicable in the notes to the accounts.
The charity sold two of it's investment properties during the year. The resulting gain amounted to £12,710 as disclosed in the notes to the accounts.
There was an overall net expenditure and net movement of funds for the year amounting to £18,685.
Financial review
Investment performance
The investments of the charity have all performed reasonably well in the year. The gross investment return is 7%.
The trustees consider this acceptable when compared with returns available on deposits in any of the banking institutions. These investment returns have been consistent for a number of years and are not at the expense of any exposure of loan to value covenants that would put these investments at risk.
The trustees feel that the activity reflects the profile and standing within the local community. The impact for future year's expenditure is self evident and the trustees would like to record their appreciation for all the financial support received from benefactors during the course of the year.
Reserves policy
The Unrestricted Fund represents the unrestricted funds arising from past operating results.
The Trustees are satisfied that the balance of the Fund is an acceptable level of reserves given the nature of revenue receipts against grants payable.
In considering the financial obligations of the charity, the trustees have resolved to maintain a minimum reserve, being the current assets of the charity.
The trustees have considered the fair (market) value of the investment property. The trustees consider the holding value to be the fair (market) value.
The trustees consider that the year was acceptable in terms of income generated from its investment and grants paid out. The trustees are delighted to have made many valuable contributions to the community as a result of these donations and hope to be able to do so for many years to come.
The free reserves, represented by the net current assets of the charity, amounted to £34,345 all of which are unrestricted.
The trustees' annual report and the strategic report were approved on 20 August 2024 and signed on behalf of the board of trustees by:
Mrs V Lewin
Trustee
MW (CL) Foundation
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of MW (CL) Foundation
Year ended 30 November 2023
I report to the trustees on my examination of the financial statements of MW (CL) Foundation ('the charity') for the year ended 30 November 2023.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
Mr Howard Schwalbe ACA Independent Examiner
2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
20 August 2024
MW (CL) Foundation
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 30 November 2023
2023
2022
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Donations and legacies
5
184,025
184,025
306,403
Investment income
6
218,315
218,315
202,926
---------
---------
---------
Total income
402,340
402,340
509,329
---------
---------
---------
Expenditure
Expenditure on raising funds:
Investment management costs
7
191,265
191,265
68,657
Expenditure on charitable activities
8,9
242,470
242,470
175,069
---------
---------
---------
Total expenditure
433,735
433,735
243,726
---------
---------
---------
Net gains/(losses) on investments
12
12,710
12,710
( 317,798)
---------
---------
---------
Net expenditure and net movement in funds
( 18,685)
( 18,685)
( 52,195)
---------
---------
---------
Reconciliation of funds
Total funds brought forward
3,201,672
3,201,672
3,253,867
------------
------------
------------
Total funds carried forward
3,182,987
3,182,987
3,201,672
------------
------------
------------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
MW (CL) Foundation
Company Limited by Guarantee
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Investments
16
3,148,642
3,096,923
Current assets
Debtors
17
36,745
53,877
Cash at bank and in hand
103,272
--------
---------
36,745
157,149
Creditors: amounts falling due within one year
18
2,400
52,400
--------
---------
Net current assets
34,345
104,749
------------
------------
Total assets less current liabilities
3,182,987
3,201,672
------------
------------
Net assets
3,182,987
3,201,672
------------
------------
Funds of the charity
Unrestricted funds
3,182,987
3,201,672
------------
------------
Total charity funds
19
3,182,987
3,201,672
------------
------------
For the year ending 30 November 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 20 August 2024 , and are signed on behalf of the board by:
Mrs V Lewin
Trustee
MW (CL) Foundation
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 2nd Floor Parkgates, Bury New Road, Prestwich, Manchester, M25 0TL.
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 Companies Act 2006.
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 besides the valuation of fixed asset investments at the year end.
Fund accounting
Unrestricted funds held by the charity are funds that can be used in accordance with the charitable objects at the discretion of the trustees.
Incoming resources
All incoming resources are 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. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
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, non-charitable 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. - 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.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity 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. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
MW (CL) Foundation is a registered charity and a company limited by guarantee that does not have any share capital. In the event of the charity being wound up, members are required to contribute an amount not exceeding £10.
5. Donations and legacies
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Donations
Donations
184,025
184,025
306,403
306,403
---------
---------
---------
---------
6. Investment income
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Income from investment properties
218,303
218,303
202,911
202,911
Bank interest receivable
12
12
15
15
---------
---------
---------
---------
218,315
218,315
202,926
202,926
---------
---------
---------
---------
7. Investment management costs
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Rent collection
191,265
191,265
68,657
68,657
---------
---------
--------
--------
8. Expenditure on charitable activities by fund type
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Charitable grants
239,750
239,750
172,300
172,300
Support costs
2,720
2,720
2,769
2,769
---------
---------
---------
---------
242,470
242,470
175,069
175,069
---------
---------
---------
---------
9. Expenditure on charitable activities by activity type
Grant funding of activities
Support costs
Total funds 2023
Total fund 2022
£
£
£
£
Charitable grants
239,750
319
240,069
172,578
Governance costs
2,401
2,401
2,491
---------
-------
---------
---------
239,750
2,720
242,470
175,069
---------
-------
---------
---------
10. Analysis of support costs
Analysis of support costs activity 1
Total 2023
Total 2022
£
£
£
General office
319
319
279
Governance costs
2,401
2,401
2,400
-------
-------
-------
2,720
2,720
2,679
-------
-------
-------
11. Analysis of grants
2023
2022
£
£
Grants to institutions
Achisomoch
30,000
30,000
Ateres Mordechai
30,000
12,000
Beis Midrash Lemoroth
6,500
Comet CT
4,500
Debmar Benevolent
45,250
Format CT
5,000
Friends Of Asos Chesed
30,000
35,000
Friends Of Beis Chinuch Lebonos
13,000
2,000
Friends Of Beis Soroh Schenirer
12,000
17,500
Grants under £5000
21,000
25,300
Heichal Hatorah
12,000
6,000
Menorah HIgh School
9,500
6,000
Menorah Primary School
6,000
3,000
Merkaz Hatorah Belz Machnovka
6,000
5,000
Mifal Hachessed Vehatzdoko
4,000
North London Welfare
6,000
One Heart-Lev Echod
3,000
Theo Radcliffe Memorial Fund
3,000
Tiferes High School
9,000
9,500
Zayis Raanon
5,000
---------
---------
239,750
172,300
---------
---------
Total grants
239,750
172,300
---------
---------
12. Net gains/(losses) on investments
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Gains/(losses) on investment property
12,710
12,710
22,202
22,202
Gains/(losses) on revaluation of investment assets
(340,000)
(340,000)
--------
--------
---------
---------
12,710
12,710
( 317,798)
( 317,798)
--------
--------
---------
---------
13. Independent examination fees
2023
2022
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
2,400
2,400
-------
-------
14. Staff costs
The average head count of employees during the year was Nil (2022: Nil).
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
15. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
16. Investments
Investment properties
Other investments
Total
£
£
£
Cost or valuation
At 1 December 2022
2,515,360
581,563
3,096,923
Additions
214,750
12,219
226,969
Disposals
(130,000)
(45,250)
(175,250)
------------
---------
------------
At 30 November 2023
2,600,110
548,532
3,148,642
------------
---------
------------
Impairment
At 1 December 2022 and 30 November 2023
---------
------------
Carrying amount
At 30 November 2023
2,600,110
548,532
3,148,642
------------
---------
------------
At 30 November 2022
2,515,360
581,563
3,096,923
------------
---------
------------
All investments shown above are held at valuation.
Investment properties
Investment properties above represent investments in UK investment property comprising various investment properties in the UK that the charity owns outright. Valuation of the UK investment property is current market value which is fair value in the opinion of the trustees.
Other investments above represent investments with a holding of 25% and are accounted for in the same way as the investments properties above. Valuation of the associate holding is at market value, which is fair value, of the syndicate property in the opinion of the trustees. The trustees consider they do not exert significant influence and control over these investments. The trustees have elected to make use of relevant exemptions under FRS 102 as they do not believe it is appropriate, given the nature of these investments, to account for them as associates.
17. Debtors
2023
2022
£
£
Other debtors
36,745
53,877
--------
--------
18. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
2,400
2,400
Director loan accounts
50,000
-------
--------
2,400
52,400
-------
--------
19. Analysis of charitable funds
Unrestricted funds
At 1 December 2022
Income
Expenditure
Gains and losses
At 30 November 2023
£
£
£
£
£
General funds
3,201,672
402,340
(433,735)
12,710
3,182,987
------------
---------
---------
--------
------------
At 1 December 2021
Income
Expenditure
Gains and losses
At 30 November 2022
£
£
£
£
£
General funds
3,253,867
509,329
(243,726)
(317,798)
3,201,672
------------
---------
---------
---------
------------
20. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2023
£
£
Investments
3,148,642
3,148,642
Current assets
36,745
36,745
Creditors less than 1 year
(2,400)
(2,400)
------------
------------
Net assets
3,182,987
3,182,987
------------
------------
Unrestricted Funds
Total Funds 2022
£
£
Investments
3,096,923
3,096,923
Current assets
157,149
157,149
Creditors less than 1 year
(52,400)
(52,400)
------------
------------
Net assets
3,201,672
3,201,672
------------
------------
21. Related parties
Mrs V Lewin and Mrs H Olsberg , trustees of MW (CL) Foundation also have the following directorships and ownerships as detailed below:- Debmar Investments Ltd - director and minority shareholder; Leicester Investments Ltd - director and minority shareholder; Hilary Holdings Ltd - director and minority shareholder. Wisewear Universal Holdings Ltd - director and minority shareholder. Mrs V Lewin, a trustee of MW (CL) Foundation is also a trustee of Zichron Mordechai & Devorah Weisz Foundation. All the donated income for the year came from one or more of the above companies or other companies or charities owned or managed by Mrs Lewin. In a previous year Mrs V Lewin lent MW (CL) Foundation £50,000 on an interest free basis. This was repaid during the year. Mrs V Lewin is also a trustee of The Ateres Mordechai Trust. During the year MW (CL) Foundation donated £30,000 to The Ateres Mordechai Trust.
22. Taxation
MW (CL) Foundation is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.