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2023-04-05-accounts

KRESTON "REEVES DESMOND MOLINS CHARITABLE TRUST TRUSTEES, ACCOUNTS YEAR ENDED 5 APRIL 2023

DESMOND MOLINS CHARITABLE TRUST

TRUSTEES' ACCOUNTS YEAR ENDED 5 APRIL 2023

CONTENTS

Page
Trustees' Report 1 - 2
Accountants' report 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance sheet 6
Schedule of quoted investments 7
Notes to the accounts 8 - 11

____ ______ ______

DESMOND MOLINS CHARITABLE TRUST

TRUSTEES' REPORT YEAR ENDED 5 APRIL 2023

Charity registration number 1003519
Trustees Miss J E Millar
G F P Hicks Esq
Solicitors BDB Pitmans LLP
1 Bartholomew Close
London EC1A 7BL
Investment Managers Craven Street Wealth Ltd
37 St Margaret's St
Canterbury CT1 2TU
Bankers NatWest Bank
PO Box 12258
1 Princes Street
London EC2R 8PA
Accountants Kreston Reeves LLP
2nd Floor
168 Shoreditch High Street
London E1 6RA
Principal Address As for Kreston Reeves LLP above
Structure Governance and Management
Governing document Will dated 8 August 1985
Method of appointment of
new Trustees By deed and no less than two in office at any one time.
Risk policy The Trustees are not aware of any major risks.
The trust has no employees and no volunteer staff.
Regulations The Trustees have complied with the duty in section 4 of the 2006
Charities Act to have due regard to guidance published by the Charity
Commission.
Objectives and Activities
Objectives The assets are held on trust for such charitable institutions, bodies,
or funds or for such legally charitable purposes as the Trustees shall
from time to time in their absolute discretion determine.
In setting their objectives and planning their activities the Trustees have
given careful consideration to the Charity Commission's general guidance
on public benefit.

_________________________1

DESMOND MOLINS CHARITABLE TRUST

TRUSTEES' REPORT YEAR ENDED 5 APRIL 2023

Structure, Governance and Management

Aims and
grant making policy To date, the Trustees make a decision each year on which individuals
or institutions to benefit. With only a small amount of income available
for donation, the Trustees tend to select just one or two to receive
a grant, often institutions with an engineering connection. See also below.
Achievements and Performance
Achievements This year the charity has committed to fund a further scholarship for a post
graduate to take an MBA course at the London Business School, which has
been awarded under the title The Desmond Molins Memorial Scholarship for
Engineers.
The Trustees hope that it will be possible to continue supporting this scholarship
for years to come, as it closely accords with the written wishes of the late
Desmond Molins, who founded and endowed the charity.
Investment policy The Trustees do not set the investment managers a benchmark but
do monitor the performance that the portfolio achieves against
relevant benchmarks.
Financial Review
Reserves policy The Trustees have reviewed the Charity's reserves, which are held
as a wholly unrestricted General Fund, and note that this reserve
equates very closely to the value of the Charity's investment portfolio.
Review of the year and The Trustees are content that the policy of supporting the London Business
future School's Desmond Molins Memorial Scholarship for Engineers is worthwhile and
beneficial, and in line with the founder's expressed wishes. Future donations will
be agreed between the Trustees and in accordance with the trust deed. The
extent to which the London Business School will continue to offer scholarship
opportunities will need to be kept under review.
The trustees do not seek donations from the general public and have no
intention of doing so in future.

I declare that in my capacity of charity Trustee, that:

-----------------------------------------------------------------Miss J E Millar Date: 26th January 2024

_________________________2

DESMOND MOLINS CHARITABLE TRUST

ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE TRUSTEES' ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2023

In accordance with the engagement letter of 1 November 2022 we have prepared the accounts set out on pages 5 to 11 from the accounting records of the Trustees and information and explanations given to us.

These accounts have been compiled in accordance with the accounting policies set out in Note 1 to these accounts. These accounts are not intended to comply fully with the provisions of 'UK Generally Accepted Accounting Principles'.

This report is made to the Trustees of Desmond Molins Charitable Trust . Our work has been undertaken so that we might prepare the accounts, report that we have done so and state those matters which we feel should be drawn to the Trustees' attention and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone, other than the Trustees, for our work or for this report.

We have carried out this engagement in accordance with technical guidelines issued by the Institute of Chartered Accountants in England & Wales and by the Society of Trust and Estate Practitioners. We have compiled this report with ethical guidance laid down by those bodies.

We have not been instructed to carry out an audit of these accounts. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations given to us and we do not, therefore, express any opinion on these accounts.

26th January 2024

Kreston Reeves LLP

Chartered Accountants 2nd Floor, 168 Shoreditch High Street London E1 6RA

ACCOUNTS APPROVAL

In accordance with the engagement letter of 1 November 2022 we approve these accounts and acknowledge our responsibility for providing all information and explanations necessary for their preparation.

----------------------------------------------------------Miss J E Millar G F P Hicks Esq

_________________________3

DESMOND MOLINS CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT YEAR ENDED 5 APRIL 2023

I report on the accounts for the year ended 5th April 2023 which are set out on pages 5 to 11.

Respective Responsibilities of Trustees and Examiner

The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (“the Charities Act”) and that an independent examination is needed.

It is my responsibility to:

Basis of Examiner's Report

My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.

Independent Examiner's Report

In connection with my examination, no matter has come to my attention:-

have not been met; or

26th January 2024 --------------------------------------------------------------------J E Rawle, FCA, CTA, TEP Date Kreston Reeves LLP Chartered Accountants 2nd Floor, Shoreditch High Street London E1 6RA

_________________________4

DESMOND MOLINS CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 5 APRIL 2023

Note
Incoming resources
Generated funds
- Investment income
5
Total incoming resources
Resources expended
Charitable activities
6
Governance costs
7
Total resources expended
Net income/(expenditure)
Realised and unrealised
investment gains/(losses)
2
Net movement in funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
2023
£
28,627
28,627
20,000
16,933
36,933
(8,306)
(45,040)
(53,346)
705,160
651,814		 Unrestricted
Funds
2022
£
24,921
24,921
20,000
17,108
37,108
(12,187)
45,574
33,387
671,773
705,160

_________________________5

DESMOND MOLINS CHARITABLE TRUST

BALANCE SHEET AT 5 APRIL 2023

Note
Fixed Assets
Quoted investments (Page 7)
2
Total fixed assets
Current assets:
Cash at bank and in hand
3
Total current assets
Current liabilities:
Creditors: amounts falling due within one year
4
Net current assets
Net assets
Representing:
Unrestricted Funds (Page 5)
Total funds
As Trustees we approve these accounts
------------------------------
------
Miss J E Millar
G F		 5 April 2023
£
625,438
625,438
48,170
48,170
21,794
26,376
651,814
651,814
651,814
------------------------
P Hicks Esq		 5 April 2022
£
686,146
686,146
31,888
31,888
12,874
19,014
705,160
705,160
705,160

26th January 2024 -----------------------------Date

_________________________6

DESMOND MOLINS CHARITABLE TRUST

QUOTED INVESTMENTS YEAR ENDED 5 APRIL 2023

156,768.6040
Artemis Global Income
Class I (Inc)
(19,509.4000) Sale 21.12.2022
137,259.2040
10,180.6000
COIF Charities Investment
Fund Income units
15,586.6760
M & G Charifund
Income Units
(1,504.8200)
Sale 21.12.2022
14,081.8560
30,234.8180
Premier Miton UK
Multi Cap Income Fund
Class B (Inc)
14,809.3000
Purchase 23.12.2022
45,044.1180		 Market value
Market value
Increase/
(Decrease) in Income
5 April 2022
Cost/(Proceeds) Gain/(Loss)
5 April 2023
Value
£
£
£
£
£
£
177,431
(21,152)
(929)
144,987
(10,363)
7,227

197,936
189,079
(8,857)
5,546

246,107
(21,958)
(1,802)
209,616
(12,731)
12,819


64,672
27,442
81,755
(10,359)
2,611
Acquisitions/Disposals
686,146
(15,669)
(2,731)
625,438
(42,309)
28,203

7

NOTES TO THE ACCOUNTS YEAR ENDED 5 APRIL 2023

DESMOND MOLINS CHARITABLE TRUST

1 Accounting Policies

1.1 Basis of Preparation

These accounts have been prepared in accordance with 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) effective 1 January 2015, and with the Charities Act 2016.

1.2 Incoming Resources

All incoming resources are recognised once the charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.

Incoming resources include amounts receivable for the year for both investment income and interest receivable.

1.3 Resources Expended and Irrecoverable VAT

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

Grants payable are payments made to third parties in the furtherance of the charitable objectives of the trust. The grants are accounted for where either the Trustees have agreed to pay the grant without condition and the recipient has a reasonable expectation that they will receive a grant, or any condition attaching to the grant is outside the control of the trust.

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

1.4 Taxation

The trust is an exempt charity within the meaning of Section 521-536 Income Tax Act 2007, Sections 466-493 Corporation Taxes Act 2010 and Section 256 of the Taxation of Chargeable Gains Act 1992. It is potentially exempt from taxation in respect of income or capital gains to the extent that such income or gains are applied to exclusively charitable purposes.

The trust receives no exemption in respect of Value Added Tax (VAT) and is not VAT registered.

1.5 Quoted investments

Quoted investments are included in the accounts at their market value on 5 April 2023.

_________________________8

DESMOND MOLINS CHARITABLE TRUST

NOTES TO THE ACCOUNTS YEAR ENDED 5 APRIL 2023

2 Fixed Asset Investments

2.1 Quoted investments
Market value at 6 April 2022
Additions
(Disposals)
Net realised investment gains/ (losses)
Net unrealised investment gains/ (losses)
Market value at 6 April 2023
Historical Cost
5 April 2023
5 April 2022		 2023
£
686,146
27,442
(43,110)
(2,731)
(42,309)
£ 625,438
£ 310,446		 2022
£
653,413
-
(12,841)
2,716
42,858
£ 686,146
£ 328,846

3 Cash at Bank and in hand

3.1
Kreston Reeves LLP, client account
Craven Street Wealth
4 Creditors: amounts falling due within one year
4.1
Accountancy fee
Legal fee
Charitable donation		 2023
£
23,634
24,536
48,170
2023
£
1,554
240
20,000
21,794		 2022
£
17,370
14,518
31,888
2022
£
2,340
534
10,000
12,874

_________________________9

DESMOND MOLINS CHARITABLE TRUST

NOTES TO THE ACCOUNTS YEAR ENDED 5 APRIL 2023

5
Incoming resources
5.1
Income receivable from investments quoted
on UK Stock Exchange (Page 6)
Gross deposit interest on cash held in the UK
6
Charitable Activities
6.1
The Desmond Molins Memorial Scholarship for
Engineers at The London Business School
7
Governance Costs
7.1
Accountancy fees
Financial planning fees
Investment Management fees
Legal fees		 2023
£
28,203
424
28,627
2023
£
20,000
20,000
2023
£
8,808
3,908
1,667
2,550
16,933		 2022
£
24,903
18
24,921
2022
£
20,000
20,000
2022
£
7,500
4,463
1,851
3,294
17,108

8 Transactions with Trustees

8.1 No Trustee is or has been entitled to any fee or salary (2022:nil). However, G F P Hicks Esq was a partner of Kreston Reeves LLP, the charity's accountants, who have been paid for their services in the sum of £8,808 (2022:£7,500). The other trustee, Miss J E Millar was a partner of BDB Pitmans LLP, the charity's solicitors, who have been paid for their services in the sum of £2,550 (2022: £3,294). Payment of these fees is authorised by the Trust Deed.

_________________________10

DESMOND MOLINS CHARITABLE TRUST

NOTES TO THE ACCOUNTS YEAR ENDED 5 APRIL 2023

8 Transactions with Trustees (cont…)

9 Post Balance Sheet Events

10 Unrestricted Funds

_________________________11