|
i |
MJB CHARITABLE TRUST Annual Report and Financial Statements
:
31 March 2021
|
Registered No 1067378
?
: i i | i i A ,
TRUSTEES MJ de H Bell C M Beil E J de H Bell
.
PRINCIPAL ADDRESS Spindrift 3 Queens Avenue Christchurch BH23 1BZ
AUDITORS Mr Neil Ainsley Hallam FCCA Crane & Johnston C&J Ltd 11 Alverton Terrace Penzance Cornwall TR18 4JH
.
BANKERS Cater Allen Private Bank 9 Nelson Street Bradford BD1 5AN
1
|
: | | | | | ;
TRUSTEES’ REPORT
The Trustees present their report along with the financial statements of the Charity for the year ended 31 March 2021. The financial statements have been prepared in accordance with the accounting policies set out in this report and comply with the applicable law.
CONSTITUTION AND OBJECTS
The MJB Charitable Trust was established on 10 December 1997 and registered as a charity on 12 January 1998. It is governed by a Trust Deed.
The objects of the Charity are to support any charitable objects and purposes, in any part of the world, which the Trustees at their absolute discretion think fit.
ORGANISATION
The Trustees who have served during the year and since the year end are set out on the previous page. The Trustees are appointed by the Settlor of the Trust (M J de H Bell). The Trustees meet as required to discuss and approve the activities undertaken by the Trust.
FINANCIAL REVIEW AND INVESTMENT POLICY
During the year the Trustees have made donations/grants totalling £277,580.
The 2021Charity operates a single unrestricted fund which amounted to £5,305,517 at 31 March
There are no restrictions on the Trustees’ powers to invest. The Charity’s funds which are not required to meet operational costs were invested at 31 March 2021.
The investments consist of a holding in indexed-linked Treasury Stock, cash at bank or bank deposits and units in COIF investment Funds. There are no direct holdings of shares. COIF takes account of social, environmental and ethical considerations in its investment policy.
LEVEL OF RESERVES
The Trustees have considered the minimum reserves to be held by the Charity. It is the policy of the Charity to hold an amount equal to a minimum of the committed grants and donations at any time plus £20,000. At the year end the assets held were very significantly in excess of this amount.
PUBLIC BENEFIT & GRANT MAKING POLICY
The Trustees confirm that they have referred and considered the Charity Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity (PB2)’, when reviewing the Charity’s aims and objectives and in planning future activities and projects.
:
: :
|
The objectives of the Charity are very wide and the organisations/individuals that the Charity supports are those which it thinks are worthy of its support. The Charity has, in practice, mostly supported other charities which provide help to those with mental health issues, homelessness and work in Central Africa.
==> picture [1 x 5] intentionally omitted <==
----- Start of picture text -----
4
----- End of picture text -----
2
|
;
RISK MANAGEMENT
The Trustees have reviewed and identified the major risks to which the Charity is exposed and are satisfied that appropriate steps are in place to mitigate them.
TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS
The charity trustees are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the State of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to:
-
e select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the applicable Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
;
-
e state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements;
-
¢ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011 , the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities.
==> picture [1 x 23] intentionally omitted <==
----- Start of picture text -----
:
----- End of picture text -----
Approved by the Trustees and signed on their behalf by:
M J de H Bell Trustee
| :
Dated: 1 Okt. 2021
==> picture [1 x 11] intentionally omitted <==
----- Start of picture text -----
,
----- End of picture text -----
| :
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MJB CHARITABLE TRUST
Opinion
We have audited the financial statements of MJB Charitable Trust (the “Charity”) for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements:
-
e give a true and fair view of the state of the Charity’s affairs as at 31 March 2021 and of its incoming resources and application of resources for the year then ended;
-
e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; ,
e have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
e the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
e the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
==> picture [6 x 63] intentionally omitted <==
----- Start of picture text -----
|
----- End of picture text -----
==> picture [4 x 63] intentionally omitted <==
----- Start of picture text -----
:
----- End of picture text -----
| | |
: | | :
-
Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: ¢ the information given in the Trustees’ report is inconsistent in any material respect with the financial statements; or
-
e sufficient accounting records have not been kept; or e the financial statements are not in agreement with the accounting records; or e we have not received all the information and explanations we require for our audit.
Responsibilities of the trustees
As explained more fully in the trustees’ responsibilities statement set out on page 3, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Charity’sIn preparingability the financialto continue statements,as a going theconcern, trusteesdisclosing, are responsibleas applicable, for assessingmatters therelated to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: [www. frc.org.uk/auditorsresponsibilities]. This description forms part of our auditor’s report.
i
I
|
I
Use of our report
This report is made solely to the Charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity’s trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
~ |) VN OA
Neil Ainsley Hallam FCCA (Senior Statutory Auditor) For and on behalf of Crane & Johnston C&J Ltd Accountants and Statutory Auditors 11 Alverton Terrace, Penzance Cornwall, TR18 4JH
Date: 13t October 2021
| ) i
6
3
! | : ! ‘ E 2
:
MJB CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2021
==> picture [430 x 494] intentionally omitted <==
----- Start of picture text -----
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Total|Total|
|2020|2021|
|INCOME|es|
|Donations|||||262,500|
|Government|stocks|11,017|5,624|
|Unit|trusts|92.929|132,529|
|TOTAL INCOME|po|371,973|615,058|
|EXPENDITURE|
|Expenditure|[on]|[charitable]|[activities]|esee|
|Charitable|activities:|
|GrantsDonationspayable|||||495,969167,618|108,993168,587|
|TOTAL|EXPENDITURE||||~S«66|8,062|280,425|
|NET INCOME/(EXPENDITURE|||296,089)||334,633||
|Profits/ (Losses)|on|disposal|of investment|assets|226,399|22,407|
|Unrealised|gains/(losses)|on|revaluation|of|
|investment|assets|2|(186,919)|784,144|
|ee||—|
|Reconcllfation of funds|a|ee|
|Fund|balances|at|1|April 2020||||4,420,942|||4,164,333|||
|BALANCE AT 31 MARCH 2021||||4,464,333|||5,305,517|
----- End of picture text -----
The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.
i
|
*All funds are unrestricted
MJB CHARITABLE TRUST BALANCE SHEET at 31 March 2021
: 4 : t I ,
| MJB CHARITABLE TRUST BALANCE SHEET at 31 March 2021 |
|||
|---|---|---|---|
| Total* | Total* | ||
| 2020 E |
2021 £ |
||
| INVESTMENTS | 2 | ||
| Government stocks UnitTrust |
426,448 3,221,741 |
35,639 4,756,214 |
|
| 3,648,189 | 4,791,853 | ||
| CURRENTASSETS | |||
| Debtors | 4 | 30,000 | - |
| Cashatbank and ondeposit | 528,112 | 521,304 | |
| 558,112 | 521,304 | ||
| Creditors: Amounts fallingduewithinoneyear |
5 | (41,968) | (7,640) |
| NET CURRENTASSETS | 516,144 | 513,664 | |
| TOTALASSETS LESSCURRENTLIABILITIES | 4,164,333 | 5,305,517 | |
| FUNDS | 4,164,333 | 5,305,547 |
- All funds are unrestricted
The financial statements were approved by the Trustees on F Od signed on their behalf by: he. 2021 and
,
WV, TE due Baty
M J de H Bell Trustee
MJB CHARITABLE TRUST CASH FLOW STATEMENT at 31 March 2021
Fi
, / lf
==> picture [443 x 488] intentionally omitted <==
----- Start of picture text -----
||||||||||
|---|---|---|---|---|---|---|---|---|
|2021|
|£|
|Cash|generated|from|operations|
|Operating|surplus|194,575|
|Reconciliation|to|cash|generated|from|operations:|
|Decrease|in|debtors|30,000|
|increase|in|creditors|(34,328)|
|190,247|
|Cash from other sources|
|Interest|received|1,905|
|Investment|income|138,153|
|Proceeds|from|disposal|of|investments|22,750|
|Investments|redeemed|390,137|
|552,945|
|Application|of cash|
|Purchase|of investments|(750,000)|
|(750,000)|
|Net|increase|in|cash|
|Cash|at|bank and|in|hand|at|1|April|528,112|
|Cash|at bank and in|hand at|31|March|521 ,304|
|Consisting|of:|
|Cash|at bank and|in hand|521 ,304|
----- End of picture text -----
!
9
MJB CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2021
:
1. PRINCIPAL ACCOUNTING POLICIES
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding year, except where stated.
a) Basis of accounting
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: 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 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
:
MJB Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction unless otherwise stated in the relevant accounting policy note.
b) Income
Income is recognised when the charity has entitlement to the funds and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
|
-
Investment income is included when receivable
-
- Voluntary income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable.
c) Expenditure
Expenditure is included on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates:
|
- Charitable expenditure comprises those costs incurred by the Charity in the detivery of its activities and services for its beneficiaries. !t includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. - Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the yearend are noted as a commitment, but not accrued as expenditure. - Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity.
|
| , : | | :
: : |
f |
| 3 :
d) Investments
Investments, consisting of Government stocks and unit trusts, are forms of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing market value. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
Other investments are held at cost.
e) Fund accounting
Other charitable funds are donations and other incoming resources or generated for the objects of the charity without further specified purpose and are available as general funds.
f) Going Concern
The Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.
2. INVESTMENTS The investments held consist of:
-
(i) A holding of Index-linked Treasury Stock maturing in 2024 with a market value of £35,639 at 31 March 2021.
-
(ii) | Units held with COIF investment Funds with a market value of £4,756,214 at 31 March 2021. Original costs total £4,050,000.
Movement in the year:
==> picture [266 x 56] intentionally omitted <==
----- Start of picture text -----
|||||
|---|---|---|---|
|Valuation|brought|forward|3,221,741|
|Investments|purchased|750,000|
|Unrealised|gains|784,473|
|Valuation|carry forward|4,756,214|
----- End of picture text -----
==> picture [153 x 23] intentionally omitted <==
----- Start of picture text -----
3. ANALYSIS OF GRANTS
----- End of picture text -----
==> picture [360 x 68] intentionally omitted <==
----- Start of picture text -----
|||||
|---|---|---|---|
|2021|
|Garram|Children’s|School|27,000|
|Solent|Mind|81,993|
|£108,993|
----- End of picture text -----
The grants were made to institutions.
The monies donated to Garram Children’s School were for the provision of a truck for the School and also a contribution to the day to day costs of running the School.
i ; : 3
i | | :
The monies donated to Solent Mind were to fund their Heads Up Young People Service and for the Weekend Support Service at the two resource centres that they run in the New Forest.
==> picture [416 x 224] intentionally omitted <==
----- Start of picture text -----
4. DEBTORS
Represented by: 2020 2021
Tax
reclaimable 30,000 -
5. CREDITORS
Represented by: 2020 2021
£ £
Donations/Grants 39,568 5,000
Audit fee 2,400 2,640
£41,968 £7,640
----- End of picture text -----
6. | TRUSTEES REMUNERATION
None of the Trustees (or any persons connected with them) received any remuneration or reimbursement of expenses during the year.
7. RELATED PARTIES
During the year ending 31 March 2021 the charity received donations of £380,000 from its Trustee - Mr M J de H Bell.
A second distribution of £22,750 was received in June 2020 in respect of 5 ordinary ‘B’ in Chase (Palace Wharf) Limited (in voluntary liquidation) and a final distribution of about £1,000 is expected in the future. Mr M J de H Bell is a trustee of MJB Charitable Trust and was also a director and shareholder of Chase (Palace Wharf) Ltd.
8. AUDITOR’S REMUNERATION
Auditor’s fee
£2,640
:
12