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← The Desmond Molins Charitable Trust

2025-04-05-accounts

-Y KRESTON vw REEVES

DESMOND MOLINS CHARITABLE TRUST

TRUSTEES’ ACCOUNTS YEAR ENDED 5 APRIL 2025

Kreston Reeves LLP 2nd Floor, 168 Shoreditch High Street London E1 6RA

DESMOND MOLINS CHARITABLE TRUST

TRUSTEES' ACCOUNTS YEAR ENDED 5 APRIL 2025

CONTENTS

CONTENTS
Page
Trustees Report 1-2
Accountants’ report 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance sheet 6
Stocks and shares 7
Notestotheaccounts 8-11

DESMOND MOLINS CHARITABLE TRUST

TRUSTEES REPORT YEAR ENDED 5 APRIL 2025

Charity Registration numbe 1003519 Charity Registration numbe 1003519
Trustees Judith Elizabeth Millar
Gary Francis Philip Hicks
Bank NatWest Bank
PO Box 12258
1 Princes Street
London EC2R 8PA
Investment Managers Craven Street Wealth Ltd
37 St Margaret's St
Canterbury CT1 2TU
Solicitors Broadfield Law LLP
1 Bartholomew Close
London EC1A 7BL
Accountants Kreston Reeves LLP
2nd Floor, 168 Shoreditch High Street
London Ei 6RA
Principle Address As for Kreston Reeves LLP above
Structure Governance and Management
Governing document Will dated 8 August 1985
Method ofappointment of
newTrustees By deed and no less than two in office at any one time.
Risk Policy The Trustees are not aware ofany major risks.
The trust has no employees and no volunteer staff.
Regulations The Trustees have complied with the duty in section 4 ofthe 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
onpublicbenefit.

1

DESMOND MOLINS CHARITABLE TRUST

TRUSTEES REPORT YEAR ENDED 5 APRIL 2025

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|||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |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.| |||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.| |Judith Elizabeth|Millar|Date:|ok aan” JOU,|

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2

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DESMOND MOLINS CHARITABLE TRUST

ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE TRUSTEES' ACCOUNTS FOR THE YEAR ENDED5 APRIL 2025

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 on the accounting bases 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 , in accordance with the terms of our engagement. 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.

iLne/ Stan| ¥1)eeveS bh ?)

Chartered Accountants

Kreston Reeves LLP 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, including the appropriateness of the accounting bases set out in Note 1, and acknowledge our responsibility for providing all information and explanations necessary for their preparation.

J ee eel Judith Elizabeth Millar Gary Francis Philip Hicks

3

Desmond Molins Charitable Trust

INDEPENDENT EXAMINER'S REPORT Year Ended 5 April 2025

| report on the accounts for the year ended 5th April 2025 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

n re . Jerry Canny FCCA, CPA Date Canny & Associates Chartered Certified Accountants 60 Cannon Street

London EC4N 6NP

4

Desmond Molins Charitable Trust

STATEMENT OF FINANCIAL ACTIVITIES Year Ended 5 April 2025

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||||||| |---|---|---|---|---|---| |Note|Unrestricted|Unrestricted| |Funds|Funds| |2025|2024| |£|£| |Incoming|resources| |Generated|funds| |-|Investment|income|5|30,309|28,931| |Total|incoming|resources|~|30,309|28,937| |Resources|expended| |Charitable|activities|6|10,000|-| |Governance|costs|7|23,491|19,834| |Total|resources|expended|~|33,491|19,834| |Net|income/(expenditure)|(3,182)|9,097| |Realised|and|unrealised| |investment|gains/(losses)|2|(3,984)|43,152| |Net|movement|in|funds|(7,166)|52,249| |Total|funds|brought forward|704,063|651,814| |Total funds|carried|forward|~__ 696,897_|~|[704,063]|

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gL

DESMOND MOLINS CHARITABLE TRUST

BALANCE SHEET AT 5 APRIL 2025

Note 5 April 2025 5April 2024
, £ £ 53
Fixed assets:
Quoted Investments (Page 7) 2 664,606 668,590
664,606 668,590
Current assets:
Cash:
Craven Street Wealth Ltd 13,530 19,695
Kreston Reeves LLP 29,501 18,358
43,031 38,053
Current liabilities:
Creditors:
Broadfield Law LLP - 720
Kreston Reeves LLP 10,740 1,860
10,740 2,580
Net current assets (liabilities) 32,291 35,473
696,897 704,063
Representing:
Capital account (page 5) 696,897 704,063
696,897 704,063

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Desmond Molins Charitable Trust

NOTES TO THE ACCOUNTS Year Ended 5 April 2025

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 Januarv 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 2025.

8

Desmond Molins Charitable Trust

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NOTES TO THE ACCOUNTS Year Ended 5 April 2025

2 Fixed Asset Investments
2025 2024
£ £
2.1 Quoted investments
Market value at 6 April 2024 668,590 625,438
Net unrealised investment gains/ (losses) (3,984) 43,152
Marketvalue at 6 April 2025 £ 664,606 £ 668,590
Historical Cost
5 April 2025 £ 310,446
5April2024 £310,446
3.1 2025 2024
£ gE
Kreston Reeves LLP, client account 29,501 18,358
Craven Street Wealth 13,530 19,695
___43,031 —__98,053
4 Creditors: amounts falling due within one year
4.1 2025 2024
£ £
Accountancy fee 10,740 1,860
Legal fee - 720
10,740 2,580

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Desmond Molins Charitable Trust

NOTES TO THE ACCOUNTS Year Ended 5 April 2025

5 Incoming resources
5.1 2025 2024
£ £
Income receivable from investments quoted
on UK Stock Exchange (Page 6) 28,588 27,557
Gross deposit interest on cash held in the UK 1,721 1,374
30,309 28,931
6 Charitable Activities
6.1 2025 2024
£ £
The Desmond Molins Memorial Scholarship for
Engineers at The London Business School 10,000
10,000 fo.
7 Governance Costs
7.1 2025 2024
£ £
Accountancy fees 14,844 10.410
Financial planning fees 4,153 3,751
Investment Management fees 1,602 1,635
Legal fees 1,992 4,038
Independent Examiners fee 900 -
23,491 19,834

8 Transactions with Trustees

8.1 No Trustee is or has been entitled to any fee or salary (2024: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 £14,844 (2024:£10,410). The other trustee, Miss J E Millar was a partner of Broadfield Law LLP, the charity's solicitors, who have been paid for their services in the sum of £1,992 (2024: £4,038). Payment of these fees is authorised by the Trust Deed.

10

Desmond Molins Charitable Trust

NOTES TO THE ACCOUNTS Year Ended 5 April 2025

8 Transactions with Trustees (cont...)

10.1 The unrestricted funds are general unrestricted funds.

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