KRESTON -REEVES DESMOND MOLINS CHARITABLE TRUST TRUSTEES. ACCOUNTS YEAR ENDED 5 APRIL 2024
DESMOND MOLINS CHARITABLE TRUST TRUSTEES. ACCOUNTS YEAR ENDED 5 APRIL 2024 CONTENTS Page Trustees. Report Accountants, report Independent Examiner's Report Statement of Financial Activities Balance sheet Schedule of quoted investments Notes to the accounts 8- 11
DESMOND MOLINS CHARITABLE TRUST TRUSTEES. REPORT YEAR ENDED 5 APRIL 2024 Charity registration number 1003519 Trustees Miss J E Millar G F P Hicks Esq Sollcltors BDB Pitmans LLP 1 Bartholomew Close London EC1A 7BL Investment Managers Craven Street W8allh Ltd 37 Sl Margaret's St Canterbury CT12TU Bankers Nalwesl Bank PO Box 12258 1 Princes Street London EC2R 8PA A¢¢ountants Kreslon Reeves LLP 2nd Floor 168 Shor8dilch High Street London E16RA Prlnclpal Address As for Kreslon Reeves LLP above Structure Governance and Mana ement Governlng do¢ument Will dated 8 August 1985 Method of appolntment of new Trustees By deed and no less than two in office al any one lime, Rlsk pollcy The Trustees are not aware of any major risks. The trust has no employees and no volunteer staff. Regulatlons The Trustees have complied with the duly in section 4 of the 2006 Charities Act lo have due regard lo guidance published by the Charity Commission. Ob ectives and Actlvltles Objectives The assets are held on trust for such charitable instilulions, bodies, or funds or for such legally charitable purposes as the Trustees shall from time lo lime in their absolute discretion determine. In setting their objectives and planning their activities the Trustees have given careful consideration lo the Charity Commission's general guidance on public benefit.
DESMOND MOLINS CHARITABLE TRUST TRUSTEES. REPORT YEAR ENDED 5 APRIL 2024 Structure Governance and Mana ement Alms and grant maklng pollcy To dale, the Trustees make a decision each year on which individuals or inslilulions lo benefit. With only a small amount of income available for donation, the Trustees tend lo select just one or two lo receive a grant, often institutions with an engineering connection. See also below. Achlevements and Performance Achlevements This year the charity has committed lo fund a further scholarship for a post graduate lo lak8 an MBA course at the London Business School, which has been awarded under the lille The Desmond Molins Memorial Scholarship lor Engineers. The Trustees hope that il will be possible lo continue supporting this scholarship for years to come. as il closely accords with the written wishes of the late Desmond Molins. who founded and endowed the charitv. Investment pollcy The Truste8s do not sel the inveslmgnl managers a benchmark but do monitor the performance that the portfolio achieves against relevant benchmarks. Flnanclal Revlew Ros•rves pollcy The Trustees have reviewed the Charity's reserves, which are held as a wholly unreslricled General Fund, and note that this reserve equates very closely lo the value ol the Charity's investment portfolio. Revlew of the ygar and futur¢ The Trustees are conlenl that the policy of supporting the London Business School's Desmond Molins Memorial Scholafship for Engineers is worthwhile and beneficial, and in line with the founder's expressed wishes. Future donations will be agreed beeen the Trustees and in accordance with the trust deed. The exlenl lo which the London Business School will continue lo offer scholarship opportunities will need to be kept under review. The Iruslees 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 lo sign it on their behalf. ILlitlzq- Miss J E Millar Dale:
DESMOND MOLINS CHARITABLE TRUST ACCOUNTANTS. REPORT TO THE TRUSTEES ON THE TRUSTEES, ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2021 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 stale 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 lo 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. i(,,k 2eLUeS LLQ 13.12.2024 Kreston Reeves LLP Chartered Accountants 2nd Floor, 168 Shoreditch High Street London E16RA 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. J E Millar G F P Hicks Esq
DESMOND MOLINS CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT YEAR ENDED 5 APRIL 2024 I report on the accounts for the year ended 5th April 2024 which are set out on pages 5 to 11. Res ective Res onsibilities 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 14515)Ib) of the Charities Act, and to state whether particular matters have com8 to my attention. Basis of Examiner's Re ort 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 presènted with those records.11 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 lo those matters sel out in the statement below. Inde en ent Examiner's Re ort In connection with my examination, no matter has come to my atlention'.- Which gives me reasonable cause to b81ieve 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 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. 13112124 Jerry Canny FCCA. CPA Canny & Associates Chartered Certified Accountants 30 Moorgate London EC2R 6PJ Date
DESMOND MOLINS CHARITABLE TRUSI STATEMENT OF FINANCIAL ACTIVITIE¢ YEAR ENDED 5 APRIL 2024 Note Unrestricted Funds Unrestricted Funds 2024 2023 Incomlng resources Generated funds Investment income 28,931 28,627 Total Incomlng resources 28,931 28,627 Resources expended Charitable activities Governance costs 20,000 16,933 19,834 Total resources expended 19,834 36,933 Net Incomel{expendlture) 9,097 (8,306) Realised and unrealised investment gainsl(lossesl 43,152 (45, 040) Net movement in funds 52,249 (53, 346) Total funds brought forward 651,814 705, 160 Total funds carried forward 704,063 651,814
DESMOND MOLINS CHARITABLE TRUST BALANCE SHEET AT 5 APRIL 2024 Note 5 April 2024 5 April 2023 Fixed Assets Quoted investments {Page 71 668.590 625,438 Total flxèd assets 668,590 625,438 Current assets: Cash at bank and in hand 38,053 48,170 Total current assets 38,053 48,170 Current liabilities: Creditors.. amounts falling due within one year 2.580 21,794 Net current assets 35,473 26,376 Net assets 704 063 651814 Representing: Unrestricted Funds (Page 5) 704,063 651,814 Total funds 704 063 651814 As Trustees we approve these accounts Miss J E Millar G F P Hicks Esq IIIIE Iz¢ Date
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DESMOND MOLINS CHARITABLE TRUSI NOTES TO THE ACCOUNTS YEAR ENDED 5 APRIL 2024 1 Accounting Pollcies 1.1 Basis of Pre aration 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 IFRS 1021 effective 1 Januarv 2015. and with the Charities Act 2016. 1.2 Incomin Resources All incoming resources are recognised once the charity has entitlement lo 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 Ex ended and Irrecoverable VAT Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity lo 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 exempl 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 2024.
DESMOND MOLINS CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 5 APRIL 2024 2 Fixed Asset Investments 2024 2023 2.1 Quoted investments Market value at 6 April 2023 Additions (Disposals} Net realised investment gainsl (losses) Net unrealised investment gainsl (losses) 625,438 686,146 27,442 (43,110) (2, 731) (42, 309) 43,152 Market value at 6 April 2024 £ 668,590 £ 625,438 Hlstorlcal Cost 5 April 2024 £ 310,446 5 April 2023 £ 310,446 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 50/0 of the total value of the investments al 5 April 2024. 3 Cash at Bank and In hand 2024 2023 Kreston Reeves LLP, client account Craven Street Wealth 18,358 19,695 23, 634 24, 536 38,053 48,170 4 Creditors: amounts falling due withln one year 2024 2023 Accountancy fee Legal fee Charitable donation 1,860 720 1,554 240 20, 000 27,794 2,580
DESMOND MOLINS CHARITABLE TRUST NOTES TO THE ACCOUNTS YEAR ENDED 5 APRIL 2024 5 Incoming resources 2024 2023 Income receivable from investments quoted on UK Stock Exchange (Page 61 Gross deposit interest on Gash held in the UK 27,557 1,374 28,203 424 28,931 28,627 6 Charitable Activities 2024 2023 The Desmond Molins Memorial Scholarship for Engineers al The London Business School 20,000 20, 000 7 Governance Costs 2024 2023 Accountancy fees 10,410 8, 808 Financial planning fees 3,751 3,908 Investment Management fees 1,635 1,667 Legal fees 4,038 2,550 19,834 16,933 8 Transactions with Trustees No Trustee is or has been entilled to any fee or salary12023: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 £10,41012023'.£8,8081. 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 £4.038 (2023.. £2,550). Payment of these fees is authorised by the Trust Deed. 10
DESMOND MOLINS CHARITABLE TRUSI NOTES TO THE ACCOUNTS YEAR ENDED 5 APRIL 2024 8 Transactions with Trustees (cont...) 8.2 No Trustee has been reimbursed with any out-of-pocket expenses {2023'.nil). 8.3 There were no transactions with Trustees or connected persons12023.'nil). 9 Post Balance Sheet Events 9.1 There have been no material post balance sheet events. 10 Unrestrlcted Funds 10.1 The unrestricted funds are general unrestricted funds.