Melodor Limited Charity Accounts

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COMPANY REGISTRATION NUMBER: 976427

CHARITY REGISTRATION NUMBER: 260972

Melodor Limited

Company Limited by Guarantee

Unaudited Financial Statements

29 March 2018

Melodor Limited

Company Limited by Guarantee

Financial Statements

Period from 1 April 2017 to 29 March 2018

	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

Notes to the financial statements	7 to 13

Melodor Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report)

Period from 1 April 2017 to 29 March 2018

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 period ended 29 March 2018 .

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

	Z Weiss
	H Weiss
	M Friedlander
	R De Lange
	Y Weiss
	H Neumann
	M Neumann
	P Weiss
	P Neumann
	E Neumann
	R Ollech
	J Bleier
	R Rabinowitz
	E Henry
	Y Weiss
	P Kohn

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 £23,500. During the year, the charity achieved a surplus of £71,683 on its property investments and distributed £118,930 to charitable causes. In addition, interest free loans have been made to other charities to assist them.

Financial review

As at 31 March 2018 the charity held reserves of £492,718 (2017:£508,234).

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 25 January 2019 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

Period from 1 April 2017 to 29 March 2018

I report to the trustees on my examination of the financial statements of Melodor Limited ('the charity') for the period ended 29 March 2018.

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.

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

25 Jan 19

Melodor Limited

Company Limited by Guarantee

Statement of Financial Activities

(including income and expenditure account)

Period from 1 April 2017 to 29 March 2018

	Period from 1 Apr 17 to 29 Mar 18		Year to 31 Mar 17
	Unrestricted funds	Total funds	Total funds
Note	£	£	£

Income and endowments

Donations and legacies	5	33,500	33,500	37,954
Investment income	6	73,464	73,464	73,278
		---------	---------	---------
Total income		106,964	106,964	111,232
		---------	---------	---------

Expenditure

Expenditure on charitable activities	7,8	122,480	122,480	141,785
		---------	---------	---------
Total expenditure		122,480	122,480	141,785
		---------	---------	---------

	---------	---------	---------
Net expenditure and net movement in funds	( 15,516)	( 15,516)	( 30,553)
	---------	---------	---------

Reconciliation of funds

Total funds brought forward	508,234	508,234	538,787
	---------	---------	---------
Total funds carried forward	492,718	492,718	508,234
	---------	---------	---------

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 2018

	29 Mar 18		31 Mar 17
Note	£	£	£

Fixed assets

Investments	14		450,968	435,722

Current assets

Debtors	16	245,779	223,058
Cash at bank and in hand		65,316	124,260
		---------	---------
		311,095	347,318

Creditors: amounts falling due within one year	17	269,345		274,806
		---------		---------
Net current assets			41,750	72,512
			---------	---------
Total assets less current liabilities			492,718	508,234
			---------	---------
Net assets			492,718	508,234
			---------	---------

Funds of the charity

Unrestricted funds		492,718	508,234
		---------	---------
Total charity funds	18	492,718	508,234
		---------	---------

For the period ending 29 March 2018 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 period 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 25 Jan 19 , and are signed on behalf of the board by:

H Weiss

Trustee

Melodor Limited

Company Limited by Guarantee

Notes to the Financial Statements

Period from 1 April 2017 to 29 March 2018

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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the statement of financial activities.

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 2018	Unrestricted Funds	Total Funds 2017
£	£	£	£

Donations

Donations	33,500	33,500	37,954	37,954
	--------	--------	--------	--------

6. Investment income

	Unrestricted Funds	Total Funds 2018	Unrestricted Funds	Total Funds 2017
	£	£	£	£
Income from investment properties	71,683	71,683	71,454	71,454
Bank interest receivable	60	60	55	55
Other interest receivable	1,721	1,721	1,769	1,769
	--------	--------	--------	--------
	73,464	73,464	73,278	73,278
	--------	--------	--------	--------

7. Expenditure on charitable activities by fund type

	Unrestricted Funds	Total Funds 2018	Unrestricted Funds	Total Funds 2017
	£	£	£	£
Charitable activities	118,930	118,930	138,376	138,376
Support costs	3,550	3,550	3,409	3,409
	---------	---------	---------	---------
	122,480	122,480	141,785	141,785
	---------	---------	---------	---------

8. Expenditure on charitable activities by activity type

	Grant funding of activities	Support costs	Total funds 2018	Total fund 2017
	£	£	£	£
Charitable activities	118,930	–	118,930	138,376
Governance costs	–	3,550	3,550	3,409
	---------	-------	---------	---------
	118,930	3,550	122,480	141,785
	---------	-------	---------	---------

9. Analysis of grants

	Period from
	1 Apr 17 to	Year to
	29 Mar 18	31 Mar 17
	£	£

Grants to institutions

Grants to institutions	118,930	138,376
	---------	---------
Total grants	118,930	138,376
	---------	---------

Grants to Institutions

Grants over £2,000

		2018
		£
	UK Friends Of Ahavas Chesed	3,000
	Asser Bishvil Foundation	21,750
	Ateres Yoel	4,500
	Beth Medrash Chemed	9,162
	Beenstock Home	21,000
	Beis Minchas Yitzchok Trust	6,400
	Beis Ruchel School Ltd	5,500
	Chasdei Yoel Charitable Trust	2,235
	Friends of Boyan Trust	2,000
	Kanfei Yona Charitable Trust	2,000
	Kolyom Trust Ltd	2,650
	Rosecare Foundation	17,550
	TTT	4,780
	The Yeshivas Ohel Shimon Trust	4,800

Further Grants	11,603
	---------
Total Grants to Institutions	118,930
	---------

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.

10. Net expenditure

Net expenditure is stated after charging/(crediting):

	29 Mar 18	31 Mar 17
	£	£
Foreign exchange differences	–	(6)
	----	----

11. Independent examination fees

	Period from
	1 Apr 17 to	Year to
	29 Mar 18	31 Mar 17
	£	£

Fees payable to the independent examiner for:

Independent examination of the financial statements	2,520	2,520
	-------	-------

12. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

	Period from
	1 Apr 17 to	Year to
	29 Mar 18	31 Mar 17
	£	£

Nil Nil

The average head count of employees during the period was Nil (2017: Nil).

No employee received employee benefits of more than £60,000 during the year (2017: Nil).

13. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

14. Investments

	Shares in group undertakings	Other investments	Total
	£	£	£
Cost or valuation
At 1 April 2017	50	435,673	435,723
Additions	–	275	275
Fair value movements	–	71,683	71,683
Other movements	–	(56,713)	(56,713)
	----	---------	---------
At 29 March 2018	50	450,918	450,968
	----	---------	---------
Impairment
At 1 April 2017 and 29 March 2018	–	–	–
	----	---------	---------
Carrying amount
At 29 March 2018	50	450,918	450,968
	----	---------	---------
At 31 March 2017	50	435,673	435,723
	----	---------	---------

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.

15. 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

The results for subsidiaries and other undertakings are as follows:

	Capital and reserves		Profit/(loss) for the period
	29 Mar 18	31 Mar 17	29 Mar 18	31 Mar 17
	£	£	£	£
Subsidiary undertakings
Primelease Limited	7,840	4,646	3,194	–
	-------	-------	-------	----

16. Debtors

	29 Mar 18	31 Mar 17
	£	£
Amounts owed by group undertakings	35,645	33,924
HMRC Gift aid due	3,599	3,599
Other debtors	206,535	185,535
	---------	---------
	245,779	223,058
	---------	---------

17. Creditors: amounts falling due within one year

	29 Mar 18	31 Mar 17
	£	£
Bank loans and overdrafts	2,601	8,062
Accruals and deferred income	2,520	2,520
Other creditors	264,224	264,224
	---------	---------
	269,345	274,806
	---------	---------

18. Analysis of charitable funds

Unrestricted funds

	At 1 April 2017	Income	Expenditure	At 29 March 2018
	£	£	£	£
General funds	508,234	106,964	(122,480)	492,718
	---------	---------	---------	---------

	At 1 April 2016	Income	Expenditure	At 31 March 2017
	£	£	£	£
General funds	538,787	111,232	(141,785)	508,234
	---------	---------	---------	---------

19. Analysis of net assets between funds

	Unrestricted Funds	Total Funds 2018
	£	£
Investments	450,968	450,968
Current assets	311,095	311,095
Creditors less than 1 year	(269,345)	(269,345)
	---------	---------
Net assets	492,718	492,718
	---------	---------

	Unrestricted Funds	Total Funds 2017
	£	£
Investments	435,722	435,722
Current assets	347,318	347,318
Creditors less than 1 year	(274,806)	(274,806)
	---------	---------
Net assets	508,234	508,234
	---------	---------

20. Related parties

During the year aggregate donations totalling £33,500 were received by the charity from trustees and related parties, including covenanted donation of £23,500 from the subsidiary undertaking . Included in other debtors are amounts due from the following charities whose directors are also trustees of this charity;

	29 Mar 18	31 Mar 17
	£	£

Localtrent Limited	5,000	5,000
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.

	29 Mar 18	31 Mar 17
	£	£

Mandley Estates Limited	185,000	185,000
Mountland Ltd	988	988

The above loans are interest free and repayable on demand.