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: - the Trustees have approved the report above; and - have authorised me to sign it on their behalf. -----------------------------------------------------------------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: - examine the accounts under section 145 of the Charities Act, - to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and - to state whether particular matters have come to my attention. ## **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:- - 1 Which gives me reasonable cause to believe that in any material respect the requirements - to keep accounting records in accordance with Section 130 of the Charities Act; and - to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Charities Act have not been met; or - 2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. 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| - 2.2 The fixed assets comprise only of units in official Funds dedicated to charities and quoted on the UK Stock Exchange. - 2.3 All of the holdings shown on pages 6 & 7 represent more than 5% of the total value of the investments at 5 April 2023. ## **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…)** - 8.2 No Trustee has been reimbursed with any out-of-pocket expenses (2022:nil). - 8.3 There were no transactions with Trustees or connected persons (2022:nil). ## **9 Post Balance Sheet Events** - 9.1 There have been no material post balance sheet events. ## **10 Unrestricted Funds** - 10.1 The unrestricted funds are general unrestricted funds. _________________________________________________________________________________________________________________________________________________________________________11