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2021-04-05-accounts

THE MONICA RABAGLIATI CHARITABLE TRUST

REGISTERED CHARITY NO: 1086368

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

THE MONICA RABAGLIATI CHARITABLE TRUST

CONTENTS

Page
Trustees' Report 1 - 4
Independent Examinner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 - 14

THE MONICA RABAGLIATI CHARITABLE TRUST TRUSTEES' REPORT

Charity Name

The Monica Rabagliati Charitable Trust

Registered Charity No

1086368

Governing Instrument

Trust deed dated 8 December 1997

Trustees

The Trustees serving during the year and since the year end were:-

R L McLean

SG Kleinwort Hambros Trust Company (UK) Limited

Principal Office

8 St James's Square, London, SW1Y 4JU

Bankers

SG Kleinwort Hambros Bank Limited 8 St James's Square, London, SW1Y 4JU

Investment Manager

SG Kleinwort Hambros Bank Limited 8 St James's Square, London, SW1Y 4JU

Independent Examiner

Tracey Young, Haysmacintyre LLP, 10 Queen Street Place, London, EC4R 1AG

THE MONICA RABAGLIATI CHARITABLE TRUST TRUSTEES' REPORT

The Trustees present their report along with the financial statements of the charity for the year ended 5 April 2021. The financial statements have been prepared in accordance with the accounting policies set out on pages 8 and 9 and comply with the charity's trust deed and applicable law.

Constitution and objects

The Monica Rabagliati Charitable Trust is constituted under a deed dated 8 December 1997 and is a registered charity under Charity Commission reference number 1086368.

Organisation

The Trustees who have served during the year are set out above. The Trustees meet twice a year to assess grant applications and consider the making of appropriate grants.

Objectives, activities and achievements

The objects of the charity are to apply the annual income for such charitable purposes as the Trustees may in their absolute discretion think fit. During the year the charity has made 13 grants.

Appointment of Trustees

The power to appoint new Trustees rests collectively with the Trustees. Trustees are selected for their expertise and experience. New Trustees receive copies of the governing document and details of the administrative procedures, history and policies of the charity. In addition, all new Trustees are given guidance material published by the Charity Commission on the responsibilities of being a Trustee. The Trustees are kept informed about the Trust and relevant developments in the charity sector when appropriate.

Key Management Personnel Remuneration

The Trustees consider themselves the key management personnel of the charity in charge of directing and controlling the charity and running and operating it on a day to day basis.

Grant making policy

The charity does not solicit applications but considers all relevant applications and the Trustees give any such applications fair consideration.

While retaining its general scope, it is intended that the charity will make grants primarily in support of organisations that focus on the alleviation of child suffering and deprivation. The Trustees have decided to prioritise small/medium sized organisations where possible.

Financial review and investment policy

The expendable endowment fund generates income which is used towards satisfying the grant making policy from time to time and which can be used in accordance with the objects of the charity. As at 5 April 2021 the expendable endowment fund stood at £1,554,709 (2020: £1,248,204) and unrestricted funds at £1,836,255 (2020: £1,807,014). The income in the year was £83,955 (2020: £154,734) and the costs were £96,080 (2020: £211,315). In 2021, no legacies were received by the Trust (2020: income included legacy of £3,660).

There are no restrictions on the charity's power to invest. There was a net profit on investments of £347,871 (2020 loss of £638,455). The Trustees have set benchmarks for the investments and regularly monitor these against the investment performance. The Trustees are satisfied that the investment performance met the criteria set against these benchmarks during the year.

Reserves policy

The Trust's reserves are primarily investments which are held to generate income and capital growth which provide funds to make grants in accordance with the Trust's objects. The Trustees consider that the level of reserves is appropriate to meet current activities. Sufficient liquid reserves in the form of cash are held which will be able to cover any liabilities in the short term.

THE MONICA RABAGLIATI CHARITABLE TRUST TRUSTEES' REPORT

Risk management

The Trustees have examined the major strategic, business and operational risks that the charity faces and confirm that systems have been established to enable regular reports to be produced so that necessary steps can be taken to lessen these risks. The Trustees are satisfied that adequate procedures are in place to mitigate exposure to these risks, although it is recognised that systems can only provide reasonable, not absolute, assurance. They have identified the following risks:-

Risk Identified

Action taken to mitigate the risk

Investments do not deliver sufficient The Trustees have appointed a professional firm to manage the return / will drop in value. investments and the performance is reviewed twice a year by KH Investment Supervision.

Funds are not applied as the All successful applicants are required to report back on the expenditure Trustees intend. of funds.

Trustee risks are not sufficiently The Trustees maintain a Register of Interests which is regularly identified / managed. reviewed and declare any potential conflicts of interest.

Public benefit statement

The Trustees have referred to the Charity Commission's guidance on Public Benefit when reviewing their aims and objectives and planning their future activities. The Trustees believe that their strategic grantmaking activities meet the objective of benefiting a wide cross-section of the community. The Trustees ensure that a robust monitoring system is in place to establish the benefit derived from each grant, in order to be confident of meeting their public benefit obligations.

Going concern

The Trustees are of the opinion that the charity has adequate resources to continue in operational existence for the foreseeable future.

Fundraising

The Trust does not undertake any fundraising activities.

Plans for the Future

The Trustees are satisfied with the financial position of the charity and confirm that they have adequate assets available to fulfil their obligations. There are no plans to alter the charity's activities next year.

THE MONICA RABAGLIATI CHARITABLE TRUST TRUSTEES' REPORT

Trustees' Responsibilities Statement

The Trustees are responsible for preparing the Trustees' Report and the 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 Trustees to prepare financial statements for each financial year which give a true and fair view of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 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.

Approved by the Trustees and signed on behalf of the Trustees by:

Digitally signed Digitally by Bradley signed by WALDEN Scott RICE Date: Date: 2022.02.23 2022.02.24 17:42:50 Z 16:50:40 Z

Dated: ...................................................

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE MONICA RABAGLIATI CHARITABLE TRUST

I report to the Trustees on my examination of the accounts of The Monica Rabagliati Charitable Trust for the year ended 5 April 2021 which are set out on pages 6 to 14.

Respective responsibilities of Trustees and Examiner

The trustees are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the 2011 Act"). The trustees are satisfied that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and have chosen instead to have an independent examination.

I report in respect of my examination of the Trust's accounts as carried out under section 44 (1) ( c) of the 2005 Act and section 145 of the 2011 Act. In carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's Statement

I have completed my examination. I confirm that no matters have come to my attention giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Mrs Tracey Young ACA

Haysmacintyre LLP ICAEW Chartered Accountants 10 Queen Street Place London EC4R 1AG

24.2.22 Date: .........................................................................

THE MONICA RABAGLIATI CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021

Note
2021
Unrestricted
Expendable
Funds Endowment
£
£
Income
Legacy income
-
-
Investments
2
83,955
-
Total income
83,955
-
Expenditure
Raising funds
5
-
41,366
Charitable activities
4
54,714
-
Total expenditure
54,714
41,366
Net income/(expenditure) before
gains/(losses) on investments
29,241
(41,366)
Net gains/(losses) on investments
7
-
347,871
Net Movement in Funds in the Year
29,241
306,505
Funds
At 5 April 2020
1,807,014
1,248,204
Net Movement in Funds in the Year
29,241
306,505
At 5 April 2021
1,836,255
1,554,709		 Total
2021
£
-
83,955
83,955
41,366
54,714
96,080
(12,125)
347,871
335,746
3,055,218
335,746
3,390,964		 Total
2020
£
3,660
151,074
154,734
39,575
171,740
211,315
(56,581)
(638,455)
(695,036)
3,750,254
(695,036)
3,055,218

All operations are continuing.

The Statement of Financial Activities includes all gains and losses recognised in the year.

All income and expenditure derives from continuing activities.

See Note 12 for comparative Statement of Financial Activities.

THE MONICA RABAGLIATI CHARITABLE TRUST

BALANCE SHEET AS AT 5 APRIL 2021

Note
FIXED ASSETS
Investments
7
CURRENT ASSETS
Cash at Bank
CURRENT LIABILITIES
Creditors: amounts falling due within one
year
9
NET CURRENT ASSETS
NET ASSETS
REPRESENTED BY
Unrestricted Funds
Expendable Endowment
11		 2021
£
89,036
89,036
63,293
63,293		 £
3,365,221
25,743
3,390,964
1,836,255
1,554,709
3,390,964		 2020
£
29,673
29,673
24,399
24,399		 £
3,049,944
5,274
3,055,218
1,807,014
1,248,204
3,055,218

Approved by the Trustees and signed on behalf of the Trustees by:

----- Start of picture text -----
Digitally signed
Digitally
by Bradley
signed by
WALDEN Scott RICE
Date: Date:
2022.02.23 2022.02.24
17:43:17 Z 16:52:16 Z
----- End of picture text -----

Dated: ..............................................................

THE MONICA RABAGLIATI CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

1 Principal Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

(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 (effective 1 January 2019) preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP(FRS102) (Second Edition)).

The Monica Rabagliati Charitable Trust meets the definition of a public entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The Trustees are of the opinion that the charity has adequate resources to continue in operational existence for the foreseeable future.

All income is included in the Statement of Financial Activities when the charity is legally entitled to the income, receipt is probable and the amount can be quantified with reasonable accuracy.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity; however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.

Expenditure

Expenditure is included on an accruals basis.

Grants payable are charged in the year which the offer is conveyed to the recipient except where the grant is conditional, such grants being recognised as expenditure when the conditions attached are fulfilled. Grants offered subject to conditions that have not been met at the year-end are noted as a commitment but not accrued expenditure.

Support costs comprise management and administration costs for the running of the charity itself as an organisation. Governance costs compromise the costs of complying with constitutional and statutory requirements.

Fixed asset investments

Listed investments are included in the financial statements at market value at the balance sheet date. Investments include cash held for investment purposes.

(f) Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and lossrs are calculated as the difference between the fair value at the year end and their carrying value.

THE MONICA RABAGLIATI CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

1 Principal Accounting Policies continued

(g) Unrestricted Funds

(h) Expendable Endowment Fund

The expendable endowment fund is a fund that must be invested to produce income but the Trustees have a power to convert all or part of it into an income fund which can then be spent.

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

Creditors and provisions

Estimates and judgements

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the Trustees' best knowledge of the amount, events or actions, actual results ultimately differ from these estimates. The Trustees do not consider there to be any material estimates and judgements.

(l) Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including debtors and creditors are initially recognised at transaction value and subsequently measured at their settlement value.

2 Income from Investments

2 Income from Investments
Dividends and interest
3 Support Costs
Corporate trustee's fee
Website costs		 2021
£
83,955
83,955
2021
£
16,800
177
16,977		 2020
£
151,074
151,074
2020
£
15,600
-
15,600

THE MONICA RABAGLIATI CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

4 Charitable Activities

During the year to 5 April 2021 the charity made grants totalling £34,855 (2020: £155,300). Grants are listed below.

Children's Projects
ABC to Read
Blooming Blossoms Trust
Blue Smile
Challengers
Children's Literacy Charity
CHIPS Guilford
Clapton Common Boys Club
ERIC
Get Set Girls
Kids N' Action
Magic Breakfast
Roc Solid
Safe Families
Safe Child Thailand
Soundabout
Street Child
St Francis
St Michael's Fellowship
Wessex Children
Winston's Wish
Youth
Barrier Breakers
Childhood First
Kids Club Kampala
Off The Record
Outward Bound Trust
SAFE
Scouts Scotland
School of Hard Knocks
Shallowford Trust
Solent Youth Action
Student Life
The Zone
Wycombe Youth
YMCA Reading
Medical
Disability Africa
Guys and St Thomas
Treloar Trust
Carried forward		 2021
£
-
2,000
-
-
2,400
2,000
-
-
-
5,000
-
-
-
-
2,800
-
-
-
-
-
-
5,000
-
-
-
2,350
-
-
5,000
-
1,705
-
-
-
-
-
-
28,255		 2020
£
2,000
-
5,000
2,500
-
-
5,000
3,000
2,700
-
2,200
5,000
2,500
3,000
-
3,000
2,500
3,000
500
2,000
2,000
-
5,000
2,500
5,000
-
5,000
3,000
-
2,500
-
3,000
3,000
2,000
1,000
3,000
3,000
83,900

THE MONICA RABAGLIATI CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

4
Charitable Activities
Brought forward
Education
Education for Life
Inner Temple Scholarship
IT Schools Africa
Jacaranda UK
Kingswood Trust
Quest for Learning
TVAA
Walk Tall
Other
Carers Trust
Concern Worldwide
Cowshed
Home Start
Lighthouse
Open Homes
MTV Staying Alive
Music in Hospitals
Network Community
Rose Road Association
Rowan Alba
Royal National Lifeboat Institution
The Community Hub
Village Water
Vineyards Arches
Voyage
Waterloo Uncovered
Support costs (note 3)
Governance costs (note 6)
5 Raising Funds
Investment management fees
6 Governance costs
Examiner's fees		 2021
£
28,255
-
-
2,000
-
-
-
-
-
2,600
-
-
-
-
-
-
-
-
-
1,500
2,500
-
-
-
-
-
16,977
882
54,714
2021
£
41,366
2021
£
882
882		 2020
£
83,900
1,000
5,000
2,000
2,500
2,300
2,000
5,000
3,000
-
1,000
2,000
3,000
1,000
3,600
1,500
1,500
1,000
2,000
-
15,000
5,000
2,000
3,000
2,000
5,000
15,600
840
171,740
2020
£
39,575
2020
£
840
840

THE MONICA RABAGLIATI CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

7 Investments 2021 2020
£ £
Market value at 5 April 2020 2,797,140 3,620,700
Purchases 3,588,118 1,696,663
Disposals (3,424,055) (1,881,768)
2,961,203 3,435,595
Realised gains / (losses) on sales 230,862 (135,104)
Unrealised gain/(loss) on revaluation 117,009 (503,351)
Market Value at 5 April 2021 3,309,074 2,797,140
Cash on Kleinwort account 56,147 252,804
Total Investments 3,365,221 3,049,944

Investments include works of art valued at £500 (2020: £500).

8 Related party transactions and Trustees' Remuneration and Expenses

SG Kleinwort Hambros Trust Company (UK) Limited is responsible for the general administration and accountancy for the charity. In the year to 5 April 2021 fees were charged in the accounts for the company's services of £16,800 (2020 £15,600).

None of the other trustees have been paid remuneration or received other benefits from the trust (2020: None). No other trustee expenses have been reimbursed (2020: None).

There were no other related party transactions in the year (2020: None).

9 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Haysmacintyre LLP
SG Kleinwort Hambros Trust Company (UK) Limited
SG Kleinwort Hambros Bank Limited
Grants payable
Grants payable
Grants payable bought forward
Grants agreed in the year
Grants paid
Grants payable carried forward		 2021
£
1,722
16,800
9,916
34,855
63,293
-
36,855
(2,000)
34,855		 2020
£
840
15,600
7,959
-
24,399
-
155,300
(155,300)
-

10 Future Commitments

The Charity has no future commitments.

THE MONICA RABAGLIATI CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

11 Analysis of Net Assets Between Funds
Unrestricted
Expendable
Funds
Endowment
£
£
2021
Investments
1,800,597
1,564,624
Current assets
89,036
-
Current liabilities
(53,378)
(9,915)
1,836,255
1,554,709
2020
Investments
1,793,781
1,256,163
Current assets
29,673
-
Current liabilities
(16,440)
(7,959)
1,807,014
1,248,204		 Total
Funds
£
3,365,221
89,036
(63,293)
3,390,964
3,049,944
29,673
(24,399)
3,055,218

THE MONICA RABAGLIATI CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

12 Comparative Statement of Financial Activities 2020
Unrestricted
Expendable
Funds Endowment
£
£
Income
Legacy income
3,660
-
Investments
151,074
-
Total income
154,734
-
Expenditure
Raising funds
24,554
15,021
Charitable activities
171,740
-
Total expenditure
196,294
15,021
Net (expenditure)/income before
gains on investments
(41,560)
(15,021)
Net losses on investments
-
(638,455)
Net Movement in Funds in the Year
(41,560)
(653,476)
Funds
At 5 April 2019
1,848,574
1,901,680
Net Movement in Funds in the Year
(41,560)
(653,476)
At 5 April 2020
1,807,014
1,248,204		 Total
2020
£
3,660
151,074
154,734
39,575
171,740
211,315
(56,581)
(638,455)
(695,036)
3,750,254
(695,036)
3,055,218