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COMPANY REGISTRATION NUMBER: 976427
CHARITY REGISTRATION NUMBER: 260972
Melodor Limited
Company Limited by Guarantee
Unaudited Financial Statements
29 March 2024
Melodor Limited
Company Limited by Guarantee
Financial Statements
Year ended 29 March 2024
Pages
Trustees' annual report (incorporating the director's report)
1 to 3
Independent examiner's report to the trustees
4
Statement of financial activities (including income and expenditure account)
5
Statement of financial position
6
Statement of cash flows
7
Notes to the financial statements
8 to 14
Melodor Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 29 March 2024
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 29 March 2024 .
Reference and administrative details
Registered charity name
Melodor Limited
Charity registration number
260972
Company registration number
976427
Principal office and registered
Heaton House
office
148 Bury Old Road
Manchester
M7 4SE
The trustees
H Weiss
H Neumann
M Neumann
E Henry
Company secretary
H Neumann
Independent examiner
D Schwarz FCCA
2nd Floor - Parkgates
Bury New Road
Prestwich
Manchester
M25 0TL
Structure, governance and management
Melodor Limited is constituted by Memorandum and Articles of Association and is a company limited by guarantee. It was incorporated on 7 April 1970 as a company and the company number is 976427. It was registered as a charity on 27 May 1970 with a charity number 260972.
The Charity is run by the trustees who all act in an honorary capacity. A new trustee would receive copies of the previous years' Annual Report and Accounts and a copy of the Charity Commission leaflet 'The Essential Trustee : What you need to know'.
Risk Management
The trustees have identified and reviewed the major risks to which the charity is exposed. Both manual and automated checks are regularly invoked, particularly those relating to the operations and finance of the charity. The trustees are satisfied that these systems and procedures mitigate any perceived risks.
Objectives and activities
The objectives of the charity are the distribution of funds to religious, educational and similar charities.
Public Benefit Policy
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
Grant Making Policy
The governors receive many applications for grants, mainly by mail, 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 quality of grants.
Investment Policy
As the group invests in property, the major risks involved are low returns from the property investments and a fall in property prices. The investment strategy and performance are regularly reviewed with the investment advisors, who advise as to which properties are considered safe investments, when to sell properties and as to rent reviews.
The current policy of the charity is to invest approximately 50% of its net income in property investments and to distribute approximately 50% of its net income to charitable causes in accordance with its objectives. This should average out over the years. The governors feel that this policy will enhance the income of the charity by increasing investments, thus enabling the charity to increase charitable distributions over the years, and by splitting grants and investments approximately equally, a good balance is struck. However, this policy is regularly reviewed, with the intention to increase the percentage of distributions whilst at the same time, not to lose investment opportunities as they arise. This will strengthen the charity's long term financial position which will result in higher charitable distribution levels.
The governors are satisfied that property investment is the optimum method of raising funds in the current market and this has been borne out over time, with a highly satisfactory return on investments. However, again, this policy is always open to review, should there be a change in market conditions. The governors' expertise is in property investment, and whilst concentrating on this, they at all times strictly adhere to a policy minimising risks.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
The charity makes grants to Orthodox Jewish Institutions in the areas of education, relief of poverty and advancement of religion (such as donations to synagogues). Most of the grants are made to Educational Institutions (including adult education) and institutions for the relief of poverty, and these two principal beneficiaries, during the year under review, benefited more or less equally from Melodor Limited . However, the governors keep an open mind, and depending on circumstances may award a large donation to any particular cause that may arise in any year.
The charity has a net investment of £50 in its subsidiary undertakings which generated donations of £495,700 During the year, the charity achieved a surplus of £60,611 on its property investments and distributed £417,900 to charitable causes. In addition, interest free loans have been made to other charities to assist them.
Financial review
As at 31 March 2024 the charity held reserves of £150,994 (2023:£25,638).
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. It is the policy of the charity to hold reserves sufficient to maintain regular grants at previous years levels. As the charity is presently reliant on donations received from trading companies where profit levels are variable, the governors 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' annual report and the strategic report were approved on 23 January 2025 and signed on behalf of the board of trustees by:
H Weiss
Trustee
Melodor Limited
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Melodor Limited
Year ended 29 March 2024
I report to the trustees on my examination of the financial statements of Melodor Limited ('the charity') for the year ended 29 March 2024.
Responsibilities and basis of report
The trustees are also the directors of the company for the purposes of company law are responsible for the preparation of the financial statements. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. Independent examiner's statement - matter of concern identified
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 Association of Chartered Certified Accountants, 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.
D Schwarz FCCA Independent Examiner
2nd Floor - Parkgates Bury New Road Prestwich Manchester M25 0TL
23 January 2025
Melodor Limited
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 29 March 2024
2024
2023
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Donations and legacies
5
496,294
496,294
56,569
Investment income
6
62,803
62,803
77,908
---------
---------
---------
Total income
559,097
559,097
134,477
---------
---------
---------
Expenditure
Expenditure on raising funds:
Investment management costs
7
3,600
3,600
Expenditure on charitable activities
8,9
420,641
420,641
86,221
---------
---------
---------
Total expenditure
424,241
424,241
86,221
---------
---------
---------
---------
---------
---------
Net income and net movement in funds
134,856
134,856
48,256
---------
---------
---------
Reconciliation of funds
Total funds brought forward
476,866
476,866
428,610
---------
---------
---------
Total funds carried forward
611,722
611,722
476,866
---------
---------
---------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Melodor Limited
Company Limited by Guarantee
Statement of Financial Position
29 March 2024
2024
2023
Note
£
£
£
Fixed assets
Investments
15
460,728
451,228
Current assets
Debtors
17
269,181
266,395
Cash at bank and in hand
153,857
31,287
---------
---------
423,038
297,682
Creditors: amounts falling due within one year
18
272,044
272,044
---------
---------
Net current assets
150,994
25,638
---------
---------
Total assets less current liabilities
611,722
476,866
---------
---------
Net assets
611,722
476,866
---------
---------
Funds of the charity
Unrestricted funds
611,722
476,866
---------
---------
Total charity funds
19
611,722
476,866
---------
---------
For the year ending 29 March 2024 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 23 January 2025 , and are signed on behalf of the board by:
H Weiss
Trustee
Melodor Limited
Company Limited by Guarantee
Statement of Cash Flows
Year ended 29 March 2024
2024
2023
£
£
Cash flows from operating activities
Net income
134,856
48,256
Adjustments for:
Dividends, interest and rents from investments
(60,611)
(75,856)
Other interest receivable and similar income
( 2,192)
( 2,052)
Accrued expenses
48
Changes in:
Trade and other debtors
( 2,786)
( 29,594)
---------
--------
Cash generated from operations
69,267
( 59,198)
Interest received
2,192
2,052
--------
--------
Net cash from/(used in) operating activities
71,459
( 57,146)
--------
--------
Cash flows from investing activities
Dividends, interest and rents from investments
60,611
75,856
--------
--------
Net cash from investing activities
60,611
75,856
--------
--------
Net increase in cash and cash equivalents
132,070
18,710
Cash and cash equivalents at beginning of year
31,287
18,050
---------
--------
Cash and cash equivalents at end of year
163,357
36,760
---------
--------
Melodor Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 29 March 2024
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 Heaton House, 148 Bury Old Road, Manchester, M7 4SE.
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.
Consolidation
The charity is not required to prepare consolidated accounts in accordance with the Charities Act 2011, and has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the charity and its subsidiary undertakings comprise a small group.
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.
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
Investments in joint property syndicates
This represents capital introduced by the company into the syndicates plus accrued surpluses less deficiencies but without revaluing the syndicate properties.
Some of the syndicates in which the company is a participator have borrowings which are secured on the syndicate properties.
The company accounts for its syndicate investments under the 'equity accounting' basis and thus the company's share of such borrowings are not included in these accounts.
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. Limited by guarantee
The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to a nominal amount.
5. Donations and legacies
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Donations
Donations
496,294
496,294
56,569
56,569
---------
---------
--------
--------
6. Investment income
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Income from investment properties
60,611
60,611
75,856
75,856
Other interest receivable
2,192
2,192
2,052
2,052
--------
--------
--------
--------
62,803
62,803
77,908
77,908
--------
--------
--------
--------
7. Investment management costs
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Administration of investments
3,600
3,600
-------
-------
----
----
8. Expenditure on charitable activities by fund type
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Charitable activities
417,490
417,490
83,210
83,210
Support costs
3,151
3,151
3,011
3,011
---------
---------
--------
--------
420,641
420,641
86,221
86,221
---------
---------
--------
--------
9. Expenditure on charitable activities by activity type
Grant funding of activities
Support costs
Total funds 2024
Total fund 2023
£
£
£
£
Charitable activities
417,490
417,490
83,210
Governance costs
3,151
3,151
3,011
---------
-------
---------
--------
417,490
3,151
420,641
86,221
---------
-------
---------
--------
10. Analysis of support costs
Analysis of support costs activity 1
Total 2024
Total 2023
£
£
£
Governance costs
3,150
3,150
3,011
-------
-------
-------
11. Analysis of grants
2024
2023
£
£
Grants to institutions
Asser Bishvil
20,000
Chasdei Shlomo
17,000
Chernobyl Shul
70,000
Cong Yetev Lev
17,500
Pesach Project
40,000
Rosecare Foundation
36,150
Yeshivas Holyland
62,000
Yesoiday Hatorah Multi Academy Trust Manchester
40,000
Zoreya Tzedokos
16,500
Grants under £15,000
138,340
43,210
---------
--------
417,490
83,210
---------
--------
Total grants
417,490
83,210
---------
--------
The above grants were made to institutions and went towards the following purposes; the relief of poverty, relief of those in need by reason of ill health or disability, the advancement of Jewish religion and the advancement of Jewish religious education.
12. Independent examination fees
2024
2023
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
2,820
2,820
-------
-------
13. Staff costs
Nil Nil
The average head count of employees during the year was Nil (2023: Nil).
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
14. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
15. Investments
Shares in group undertakings
Other investments
Total
£
£
£
Cost or valuation
At 30 March 2023
50
451,178
451,228
Additions
Fair value movements
60,611
60,611
Other movements
(51,111)
(51,111)
----
---------
---------
At 29 March 2024
50
460,678
460,728
----
---------
---------
Impairment
At 30 March 2023 and 29 March 2024
----
---------
---------
Carrying amount
At 29 March 2024
50
460,678
460,728
----
---------
---------
At 29 March 2023
50
451,178
451,228
----
---------
---------
All investments shown above are held at valuation.
Investments in joint property syndicates
Other Investments are joint property syndicates. This is comprised of capital introduced by the charity into the syndicates plus accrued surpluses less deficiencies but without revaluing the syndicate properties.
16. Investment entities
Subsidiaries and other investments
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
Primelease Limited
Heaton House
Ordinary
100
148 Bury Old Road
Manchester
M7 4SE
17. Debtors
2024
2023
£
£
Amounts owed by group undertakings
21,860
21,860
HMRC Gift aid due
2,786
Other debtors
244,535
244,535
---------
---------
269,181
266,395
---------
---------
18. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
2,820
2,820
Other creditors
269,224
269,224
---------
---------
272,044
272,044
---------
---------
19. Analysis of charitable funds
Unrestricted funds
At 30 March 2023
Income
Expenditure
At 29 March 2024
£
£
£
£
General funds
476,866
559,097
(424,241)
611,722
---------
---------
---------
---------
At 30 March 2022
Income
Expenditure
At 29 March 2023
£
£
£
£
General funds
428,610
134,477
(86,221)
476,866
---------
---------
--------
---------
20. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2024
£
£
Tangible fixed assets
460,728
460,728
Current assets
423,038
423,038
Creditors less than 1 year
(272,044)
(272,044)
---------
---------
Net assets
611,722
611,722
---------
---------
Unrestricted Funds
Total Funds 2023
£
£
Tangible fixed assets
451,228
451,228
Current assets
297,682
297,682
Creditors less than 1 year
(272,044)
(272,044)
---------
---------
Net assets
476,866
476,866
---------
---------
21. Analysis of changes in net debt
At 30 Mar 2023
Cash flows
At 29 Mar 2024
£
£
£
Cash at bank and in hand
31,287
122,570
153,857
--------
---------
---------
Melodor Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 29 March 2024
22. Related parties
During the year aggregate donations totalling £495,700 were received by the charity as covenanted donations from the subsidiary undertaking . Included in other debtors are amounts due from the following charities whose directors are also trustees of this charity;
2024 2023
£ £
Localtrent Limited 20,000 20,000
Ardina Limited 99,135 99,135
Cong Yetev Lev D'Satmar M/C Ltd 70,000 70,000
The above loans are interest free and repayable on demand. Included in other creditors are amounts due from the following companies whose directors are also trustees of this charity.
2024 2023
£ £
Mandley Estates Limited 185,000 185,000
Mountland Ltd 988 988
The above loans are interest free and repayable on demand.