THE MONICA RABAGLIATI CHARITABLE TRUST REGISTERED CHARITY NO: 1086368 TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
MONICA RABAGLIATI CHARITABLE TRUST CONTENTS Page Trustees, Report Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 7-13
MONICA RABAGLIATI CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 Charity Name The Monica Rabagliati Charitsble Trust Registered Charity No 1086368 Governing Instrument Trust Deed dated 8 December 1997 Trustees R L McLean SG Kleinwort Hambros Trust Company (UK) Limited Rachel Iles George Ryan David Bromley Delyth Richards Directors of SG Kleinwort Hambros Trust Company (UK) Ltd PrinGipal Office One Bank Street. Canary Wharf, London E14 4SG Bankers and Investment Managers SG Kleinwort Hambros Bank Limited One Bank Street, Canary Wharf, London E14 4SG Independent Examiners Samantha Rouse FCCA DChA, Kreston Reeves LLP 37 St Margaret's Street, Canterbury, Kent CT12TU The Trustees present their report along with the financial statements of the charity for the year ended 5 April 2024. The financial statements have been prepared in accordance viith the accounting policies set out on pages 7 and 8 and comply with the charity's trust deed and applicable law. Consititution and objects The Monica Rabagliati Charitable Trust is constituted in England and Wales 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 once 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 donations totalling to £54,250.00 (2023= £40.520.00). 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 infonned 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.
MONICA RABAGLIATI CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 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 Twstees have decided to prioritise smalllmedium sized organisations where possible. Financial Review 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 wth the objects of the charity. As at 5 April 2024 the expendable endowment fund stood at £2,160,317.57 (2023.. £1,408,634.23) and unrestricted funds at £1,842,218.5412023'. £1,832,732.02). The income in the year was £564,931.22 {2023: £64.553.34) and the expenditure was £117,656.82 (2023.. £100,757.57). There are no restrictions on the charitys power to invest. There was a net gain on investments of £314,593.95 {2023'. loss of £199,094.89). The Trustees have set benchmarks for the investments and regularly monitor these against the investment performance. The Trustees are satisfied that the investment perfornian 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 growih 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. 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 prOdUd 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. The Trustees have identified the following risks.. Risk identified Action taken to miti ate the risk Investments do nol deliver sufficient The Trustees have appointed a professional firm to return I will drop in value. manage the investments and the performance is reviewed twice a year by KH Investment Supervision. Funds are nol applied as the Trustees All successful applicants are required lo report back on the intend. expenditure of funds. Trustee risks are not sufficiently identified - The Trustees maintain a Register of Interests which is I managed. regularly 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 grant making 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.
MONICA RABAGLIATI CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 Going Con¢em The Trustees are of the opinion that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties regarding the Charity's ability to do so. 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 Ihal they have adequate assels available to fulfil their obligations. There are no plans lo alter Ihe chariws activities next year. 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.. select suitable accounting policies and then apply them consistently- observe the methods and principles in the charities SORP- make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements- prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue to operate. The Trustees are responsible for keeping proper accounting records which disclose wth 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 by Bradley WALDEN Date: 2025.01.22 10:51:27 Z Digitally signed by Scott RICE Date: 2025.01.22 10-57-58 Z Dated: ................................................................................ SG Kleinwort Hambros Trust Company (UK) Limited
MONICA RABAGLIATI CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT I report on the Trustees on my examination of the accounts of The Monica Rabagliati Charitable Trust for the year ended 5 April 2024 which are set out on pages 5 to 13. 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 requirements of the applicable Directions given by the Charity Commission under section 145{5)(b) of the 2011 Act. Independent examiner's statement I have compleled my examination. I confimi that no matlers have come to my attention in connection with the examination giving me cause to believe= the accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act- or the accounts do not accord with those records" or the accounts do not comply with the applicable requirements conceming the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection wth the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be ached. Samantha Rouse FCCA DChA Kreston Reeves LLP Chartered Accountants 37 St Margaret's Street Canterbury Kent CT12TU Date .22 Janua.ry.2025
MONICA RABAGLIATI CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Note Unrestricted Fund Expendable Endowment Total 2024 Total 2023 Income Investments: Investment Income 82.636.52 82.636.52 64,553.34 Funds Received - Mrs Edith Erna Alma Milligan deceased 482.294.70 482.294.70 Total Income 82.636.52 482,294.70 564,931.22 64,553.34 Expenditure Cost of raising funds- SGKH Investment Management Fee Expenditure on charitable activities= Donations Support Costs 44,506.82 44,506.82 39,277.57 54.250.00 18,900.00 54.250.00 18,900.00 40,520.00 20,960.00 3&6 Total Expenditure 73,150.00 44,506.82 117,656.82 100,757.57 Net Incomel{Expenditure) before Gainsl(Losses) on Investments 9,486.52 437,787.88 447,274.40 136,204.231 Realised Loss Unrealised Gainsl(Losses) Gainsl(Losses) on Foreign Exchange Book Cost Adjustment Write off works of art {20.119.21) (20.119.21) (75,401.06) 334,713.16 334,713.16 (123,693.831 (198.49) (198.49) 5,951.03 (518.781 (500.00) (500.00) 313,895.46 313,895.46 (193,662.641 Net Movement in Funds in the Year 9,486.52 751,683.34 761,169.86 {229,866.871 Funds At 5 April 2023 1.832,732.02 1,408,634.23 3,241,366.25 3,471,233.12 Net Movement of Resources in the Year 9,486.52 751,683.34 761,169.86 (229,866.87) At 5 April 2024 1,842,218.54 2,160,317.57 4,002,536.11 3,241,366.25 All operations are continuing. The Statement of Financial Activtties includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities.
MONICA RABAGLIATI CHARITABLE TRUST BALANCE SHEET FOR THE YEAR ENDED 5 APRIL 2024 Note 2024 2023 Fixed Assets Investments 3.987.866.96 3.226.148.84 Current Assets Cash at Bank 45,339.85 85,861.19 45.339.85 85.861.19 Current Liabilities Creditors, amounts falling due within one year 30,670.70 70,643.78 Net Current Assets 14.669.15 15.217.41 Assets less Current Liabilities 4,002,536.11 3,241,366.25 Capital Fund Expendable Endowment 2,160,317.57 1,408,634.23 Income Fund Unrestricted Fund 1,842.218.54 1,832.732.02 4.002.536.11 3,241,366.25 Approved by the Trustees and signed on behalf of Ihe Trustees by: Digitally signed by Bradley WALDEN Date: 2025.01.22 10.'51-57 Z Dated.. SG Kleinwort Hambros Trust Comapany (UK) Limited
MONICA RABAGLIATI CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 1 Principal Accounting Policies The principal accounting policies adopted, judgements and key SoUS of estimation uncertainty in the preparation of the financial statements are as follows- Basis of accounting The financial slalements 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 UK and Republic of Ireland (FRS102) (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 presentation currency of these financial slalements is Pounds Sterfing. The figures have not been rounded. Going Concern The Tnjstees are of the opinion that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties regarding the Charity's ability to do so, Income All income is included in the Sialement of Financial Activities when the charity is legally entitled to the income, receipt is probable and the amount can be quantified with asOnable accuracy. Interesl on funds held on deposit is included when receivable and the amount can be measured reliably by the charity,. this is nomially upon notification of the interesi 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. Al 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*nd 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 comprise costs associated wth complying wth constitutional and statutory requirements. Fixed asset Investments Listed inveslments are included in the financial statements at market value at the balance sheet date. Investments include cash held for investment purposes.
MONICA RABAGLIATI CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 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 losses are calculated as the difference betsveen the fair value at the year end and their carrying value. Unreslricted Funds These comprise those funds which the Trustees are free to use in accordance with the charitable objects. 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 parl of it into an income fund which can then be spent. Cash and cash equivalents Cash and cash equivalents includes cash and short temi highly liquid investments with short term maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. Creditors and provisions Creditors and provisions 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 paty and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 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 circumslances. Although these estimates are based on the Trustee's best knovAedge of the amount, events or aclions, actual results ultimately differ from these estimates. The Trustees do not consider Ihere to be any material estimates and judgements. 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 Investment Income 2024 2023 Income from UK Listed Securities Bank Interest 77,997.15 4,639.37 62,700.96 1,852.38 82,636.52 64,553.34 Endowment Income Funds Received - Mrs Edith Ema Alma Milligan deceased 482,294.70 Total Income ,931.22 64,553.34
MONICA RABAGLIATI CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 3 Support Costs 2024 2023 Corporate Trustee's Fee 16,800.00 16,800.00 16,800.00 16,800.00 4 Charitable Activities During the year to 5 April 2024 the charity made grants totalling £54,250.00 (2023: £40,520.00). Grants are listed below. 2024 2023 Children's Projects Achieved Dreams Amazing Kids Club CHIPS Guildford Kinetic Science Foundation The Peter Pan Centre for Children with Special Needs Youth Balloons Bolton Lads and Girls Club ECPAT UK Emerge Framlingham Area Youth Action Partnership Sunbeams London The Breck Foundation Education Assisting Berkshire Children to Read Scottish Outdoor Education Centres Association Other Aiming Higher Butterfly Trust Cancer Support UK Catch 22 Forty Limited Grandparents Plus Inner Temple Kol Bonaich Listening Books Mentoring Plus Ltd Off the Streets Parents and Children Together Platform 1 3.000.00 2,300.00 3.000.00 3,000.00 1,850.00 2,000.00 3.000.00 2,000.00 3,000.00 2,000.00 1,500.00 5,000.00 3.000.00 1,000.00 270.00 500.00 1,750.00 1,600.00 3,000.00 1,000.00 3,500.00 3,000.00 2,000.00 2,000.00 2,000.00 3,000.00 3,000.00 30,250.00 32,020.00
MONICA RABAGLIATI CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Balance Brought FoThvard 30,250.00 32,020.00 Prisoners Abroad Rainbow Baby Bank RAW Workshop Room to Heal Sailors Children Society South West Community Chaplaincy St Andrews Children's Society steps Worldwide Sumatran Orangutan Society Sunshine Wishes Childrens Charity Surrey Care Trust The Counselling Centre The Happy and Healthy Trust The Haven The Porch The Woodland Centre Trust Village Water Warwickshire Young Carers 2,000.00 1.000.00 1,000.00 3,000.00 2,000.00 500.00 2,500.00 500.00 2,000.00 3,000.00 2.000.00 1,000.00 1,500.00 1,000.00 1,500.00 3,000.00 2,000.00 3.000.00 54,250.00 40,520.00 5 Raising Funds 2024 2023 SG Kleinwort Hambros Investment Management Fees 44,506.82 39,277.57 44.506.82 39,277.57 6 Governance Costs 2024 2023 Independent examination BDO LLP 2.100.00 1,860.00 2,300.00 2.100.00 4,160.00 10-
MONICA RABAGLIATI CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 7 Investments 2024 2023 Market Value Brought Forward Purchases Disposals 3,112,378.53 1.982,871.18 (1,562,922.13) 3,232,146.53 1.165,611.38 11,086,284.491 3,532,327.58 {20,119.21 } 334.713.16 1500.00} 3,311,473.42 {75,401.061 (123,693.831 Realised Loss Unrealised Gainsl(Losses) Write off works of art Market Value 3,846,421.53 3,112,378.53 Cash on SG Kleinwort Hambros Account 141.445.43 113,770.31 Total Investments 3.987.866.96 3,226.148.84 Investments include works of art valued at £Nil (2023= £500.00) 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 2024 fees were charged in the accounts for the companls ServIS of £16,800 (2023: £16,800). No Trustees were reimbursed expenses in respect of the year to 5 April 2024 (2023: £ Nil). There were no other related paty transactions during the year (2023: None). 9 Creditors, amounts falling due within one year 2024 2023 SGKH Trustee Fees Independent Examiner's fees SG Kleinworl Hambros Bank Limited Grants Payable 16,800.00 2,100.00 11.770.70 16,800.00 3,660.00 9,663.78 40,520.00 30,670.70 70,643.78 Grants payable Grants payable brought fomard Grants agreed in the year Granls paid 40,520.00 54,250.00 (94,770.00} 42,586.00 40,520.00 (42,586.00) Grants payable carried forward 40,520.00
MONICA RABAGLIATI CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 10 Analysis of Net Assets Between Funds Unrestricted Expendable Fund Endowment Fund Total 2024 Investments Current assets Current liabilities 1,815,778.69 45,339.85 (18,900.00) 2.172,088.27 3.987,866.96 45,339.85 (30,670.70) (11,770.70) 1.842.218.54 2.160.317.57 4.002,536.11 2023 Investments Current assets Current liabilities 1,807,850.83 85,861.19 {60,980.00) 1.418,298.01 3.226,148.84 85,861.19 (70,643.78) {9,663.78} 1,832,732.02 1,408.634.23 3,241,366.25 12-
MONICA RABAGLIATI CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 11 Comparative Statement of Financial Activities Unrestricted Expendable Fund Endowment Total 2023 Income and Endowments Investments= Investment Income 64.553.34 64,553.34 Total Income 64,553.34 64,553.34 Expenditure Cost of raising funds: SGKH Investment Management Fee {39.277.57) {39,277.571 Expenditure on charitable activities- Donations Support Costs (40,520.00) (20,960.00) (40,520.001 {20,960.001 Total Expenditure (61,480.00) (39,277.57} (100,757.571 Net Expenditure before gains on investments 3.073.34 (39.277.57) {36,204.231 Net (losses) on investments Unrealised Losses Foreign exchange Gain Book Cost Adjustment {75,401.06} (123,693.83) 5,951.03 (518.78) (75,401.061 (123,693.831 5,951.03 {518.781 Net Movement in Funds in the Year 3.073.34 1232.940.21} (229,866.871 Funds At 5 April 2022 1,829.658.68 1.641.574.44 3.471,233.12 Net Movement of Resources in the Year 3,073.34 (232,940.21) (229,866.871 At 5 April 2023 1.832.732.02 1.408.634.23 3.241,366.25 13-