2023-03-31-accounts - Mjb Charitable Trust

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Registered No 1067378

MJB CHARITABLE TRUST

Annual Report and Financial Statements 31 March 2023

TRUSTEES MJ de H Bell C M Bell E J de H Bell

PRINCIPAL ADDRESS Birch House 37 Waterford Lane Lymington $041 3PT

AUDITORS

SKS Audit LLP 3 Sheen Road Richmond TW9 1AD

BANKERS Cater Allen Private Bank 9 Nelson Street Bradford BD1 5AN

TRUSTEES’ REPORT

The Trustees present their report along with the financial statements of the Charity for the year ended 31 March 2023. 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 through the provision of grants and assistance, primarily to vulnerable persons.

ORGANISATION

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The Trustees who have served during the year and since the year end are set out on the previous page. 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 £502,898.

The Charity operates a single unrestricted fund which amounted to £5,237,286 at 31 March 2023.

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 2023. The investments consist of a holding in indexed-linked Treasury Stock, cash at bank or bank deposits and ofunitssocial, in COIFenvironmental Investment Funds.and ethical Thereconsiderations are no directin holdings ofits investment shares.policy.COIF takes account

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. Free reserves totalled £5,237,286 (2022: £5,628,079).

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.

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.

GOVERNANCE

The power of appointing new trustees of the Charity is vested in the Settlor. The total number of Trustees shall at no time exceed five.

All decisions in respect of the Trust’s operations are made and carried out by the Trustees.

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;
e observe the methods and principles in the applicable Charities SORP;
e 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.

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This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities.

Approved by the Trustees and signed on their behalf by:

WH. T. salkBoD

M J de H Bell Trustee

Dated: 25Taney 2024

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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 2023 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 (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 2023 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 Auditors’ 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 Ethic a lre relevant toStandard, and ourwe audithave o f ulfilled the financialour other statementsethical inresponsibilities the UK, includingin accordance the FRC’s 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

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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 Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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 this gives rise to a material misstatement in the financial statements themselves. 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.

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:

e 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 Statement of Trustees’ Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related 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 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.

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 a Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks applicable to the Charity and the sector in which it operates.
We obtained an understanding of how the Charity is complying with those legal and regulatory frameworks by making enquires of management.
We assessed the susceptibility of the Charity's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud.

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2, Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process.
Challenging assumptions and judgments made by management in its accounting estimates,
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and
Assessing the extent af compliance with the relevant law and regulations.

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][Report][of][the] Independent Auditors.

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 auditors’ 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.

Mr Moganarden Pillay Chelvanaigum Senfor Statutory Auditor 3 Sheen Road For and on behalf of SKS Audit LLP Richmond Upon Thames Chartered Accountant & Business Advisors TW9 1AD

Date: 26 January 2024

MJB CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2023

Total Total
2022 2023
ote
a
Government stocks 762 834
Unit trusts 141,707 144,546
TOTALINCOME a 283,010
Charitable activities:
Donations 286,775 336,449
Grants payable 82,004 166,449
TOTAL EXPENDITURE
NETINCOME/(EXPENDITURE
Unrealised gains/(losses) on revaluation of
investment assets 2 412,179 (195,325)
eee — Reconciliation offunds aee Fund balancesat 1 April2022

The statement of financial activities includes all gains and losses in the year. All incoming resources and resources expended derive from continuing activities.

*All funds are unrestricted

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MJB CHARITABLE TRUST
BALANCE SHEET
at 31 March 2023
Total” Total
2022 2023
E é
INVESTMENTS 2
Government stocks 37,343 37,532
Unit Trust 5,166,689 4,971,175
5,204,032 5,008,707
CURRENT ASSETS
Debtors - -
Cash at bank and on deposit 438,847 240,677
438,847 240,677
Creditors:
Amounts falling due within one year 4 (14,800) (12,098)
NET CURRENT ASSETS 424,047 228,579
TOTAL ASSETS LESS CURRENT LIABILITIES 5,628,079 5,237,286
FUNDS 5,628,079 5,237,286
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All funds are unrestricted

The financial statements were approved by the Trustees on 25 Tarnuny 2024 and signed on their behalf by:

MoT. ter Rol)

MJ de H Bell . Trustee | |

MJB CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2023

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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:

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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 delivery of its activities and services for its beneficiaries. It 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. !|| Grantsare notedoffered as a commitment,subject to conditionsbut not accruedwhich haveas expenditure.not been met at the yearend - Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity.

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.

g) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

h) Trade and Other Receivables

Trade and other receivables are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

h) Trade and Other Payables

Payables are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured and estimated reliably.

2. INVESTMENTS

The investments held consist of:

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(i) A holding of Index-linked Treasury Stock maturing in 2024 with a market value of £37,532 at 31 March 2023 (2022: £37,343).
(ii) | Units held with COIF Investment Funds with a market value of £4,971,175 at 31 March 2023. Original cost £4,050,000.

Movement in the year: Valuation as at 1 April 2022 5,166,689 Unrealised gains (195,514) Valuation as at 31 March 2023 4,971,175

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GRANTS AND DONATIONS

During the year grants of:

e £83,859 were made to Solent Mind to fund their Head-Up Young People Service and for the Weekend Support Service at the two resource centres that they run in the New Forest.
e £82,590 to Minstead Trust to enable them to purchase the Real Jam and Chutney Company Limited.

| In addition, further donations of £336,449 in aggregate were made in the year all of | which were made to institutions and the highest value to one individual institution was £30,000 for this financial year.

4, CREDITORS

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TRUSTEES REMUNERATION

None of the Trustees (or any persons connected with them) received any remuneration or reimbursement of expenses during the year.

6. RELATED PARTIES

During the year ending 31 March 2023 the Charity received donations of £165,000 (2022: £140,000) from its Trustees - Mr M J de H Bell and Mrs CM Bell which have been grossed up for the attributable gift aid.

A final distribution of £977 was received in December 2021 in respect of 5 ordinary ‘B’ in Chase (Palace Wharf) Limited (in voluntary liquidation). 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.

7. AUDITOR’S REMUNERATION

2023

Auditor’s fee

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£4,800
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