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REGISTERED COMPANY NUMBER: 04150574 (England and Wales)
REGISTERED CHARITY NUMBER: 1095558



















MONDALE TOWER TRUST LTD
(A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

MONDALE TOWER TRUST LTD






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024




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 2024



TRUSTEES J Lipschitz


COMPANY SECRETARY Mrs J Lipschitz


REGISTERED OFFICE 46 Olinda Road
London
N16 6TL


REGISTERED COMPANY
NUMBER
04150574 (England and Wales)


REGISTERED CHARITY
NUMBER
1095558

MONDALE TOWER TRUST LTD (REGISTERED NUMBER: 04150574)

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 JULY 2024


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 2024. 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 £295,800 (2023 - £329,926) 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 27 November 2024 and signed on its behalf by:





J Lipschitz - Trustee

MONDALE TOWER TRUST LTD

STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 JULY 2024

2024 2023
Unrestricted Total
fund funds
Notes £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies - 171

Investment income 2 16,267 16,350
Total 16,267 16,521

EXPENDITURE ON
Charitable activities 3
Charitable activities 49,698 29,116
Support 695 1,014
Total 50,393 30,130

NET INCOME/(EXPENDITURE) (34,126 ) (13,609 )


RECONCILIATION OF FUNDS
Total funds brought forward 329,926 343,535

TOTAL FUNDS CARRIED FORWARD 295,800 329,926

MONDALE TOWER TRUST LTD (REGISTERED NUMBER: 04150574)

BALANCE SHEET
31 JULY 2024

2024 2023
Total Total
funds funds
Notes £    £   
FIXED ASSETS
Investments 7 2 2

CURRENT ASSETS
Debtors 8 293,109 328,343
Cash at bank 3,949 2,841
297,058 331,184

CREDITORS
Amounts falling due within one year 9 (1,260 ) (1,260 )

NET CURRENT ASSETS 295,798 329,924

TOTAL ASSETS LESS CURRENT
LIABILITIES

295,800

329,926

NET ASSETS 295,800 329,926
FUNDS
Unrestricted funds:
General fund 295,800 329,926
TOTAL FUNDS 295,800 329,926

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 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 2024

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 27 November 2024 and were signed on its behalf by:





J Lipschitz - Trustee

MONDALE TOWER TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

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 2024

2. INVESTMENT INCOME
2024 2023
Unrestricted Total
funds funds
£    £   
Loan interest received 16,267 16,350

3. CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities
(see note Support
4) costs Totals
£    £    £   
Charitable activities 49,698 - 49,698
Support - 695 695
49,698 695 50,393

4. GRANTS PAYABLE
2024 2023
£    £   
Charitable activities 49,698 29,116
The total grants paid to institutions during the year was as follows:
2024 2023
£    £   
Relief of poverty 13,200 3,850
Advancement of religion 11,850 8,550
Advancement of education 7,350 9,291
Social welfare 13,525 1,740
45,925 23,431

Shir Chesed 10,000
Kahal Chasidim Bobov 9,500
Kollel L'Hora'ah 7,500
Friends of Beis Soroh Schneirer 5,500
Others under £5,000 13,425
45,925

The total grants paid to individuals during the year was as follows:
2024 2023
£    £   
Relief of poverty 2,273 3,185
Advancement of religion - 2,500
Social welfare 1,500 -
3,773 5,685

MONDALE TOWER TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 July 2024 nor for the year ended 31 July 2023.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 July 2024 nor for the year ended 31 July 2023.


6. AVERAGE STAFF NUMBERS

The average number of staff in the year was Nil (2023 - Nil).

7. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST LESS IMPAIRMENT
At 1 August 2023 and 31 July 2024 2
NET BOOK VALUE
At 31 July 2024 2
At 31 July 2023 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 2024 was £89,456 (2023 - £92,878) and the loss for the year ended on that date was £3,422 (2023 - £3,059 loss).

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 293,109 325,343
Other debtors - 3,000
293,109 328,343


MONDALE TOWER TRUST LTD

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trustee's loan account 600 600
Accruals and deferred income 660 660
1,260 1,260

10. RELATED PARTY TRANSACTIONS

The charity has a wholly owned subsidiary, Prestige Estates Ltd. Loan interest of £16,267(2023- £16,350) was received from the subsidiary. At the balance sheet date the amount owed by Prestige Estates Ltd was £293,109 (2023 - £325,343).