SEGISTERED CHARITY NUMBER: 1144364
TRUSTEES' REPORT AN! UNAUDITED FINANCIAL STATEMENT: FOR THE YEAR ENDED STH APRIL 207 7
Fer MHANGO TRUST
Martin and Compar 25 St wnomas stiw, Winchest:Hampshire SOQ22 srr
wiHANGO TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED STH APRIL 2024
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Page
Reference and Administrative Details 1
Trustees' Report 2 to 3
independent Hxamiter's Report 4
Statement of Financial Activities P)
Balance Sheet 6
,
Notes to the Financial Statements 7 to 12
Detailed Statement of Financial Activines 10
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MBANGO TRUST
REFERENCE AND ADMINISTRATIVE DETAY ¢ FOR TRE YEAR ENDED 5TH APRIL 2024
| TRUSTEES | Paul AnthonyBrewer |
|---|---|
| Penelope Anne Brewer | |
| Maximillian Douglas Brewer | |
| Hugo Nicholas Brewer | |
| muizus Wiiham Brewer | |
| PRINCIPALADDRESS | Donhead Hal! |
| Donhead Si han, | |
| Shaftesbury | |
| Dorset | |
| SPT 9DS | |
| REGISTERED CHARITY | 1103304 |
| NUMBER | |
| INDEPENDENTEXAMINER | Martin andCompany |
| 25 St Thomas Street | |
| Winchester | |
| Hampshire | |
| $023 9HJ | |
| BANKERS | Coutts& Co |
| 440 Strand | |
| London | |
| WC2R008 |
Page 1
MHANGO TRUST TRUSTEES' REPORT, FOR THE YEAR ENDED STH APRIL 2024
The trasiees oresent they report with the financial statements of the charity for the year ended 5th April 2024. The trustees have adopted the provisions of Accounting and Keporting by Charities: Statement.of Recommended Practice appticaiis to charities preparing thet accounts in accordance with the Financial Reporting, Standard applicable in the UK and Republic of Ireland (FRS 102) (effective | January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
‘he charity's objectives, as set out in the trust deed, arc to further penceat cluirtizote purgases ‘ay suppariing tae wark of charitable organisations and this objective ts achieved by making grants ta charities.
Public benefit
The trusices have had regard to the Charity Commission's generat guidance on pulotic beast when reviewing its aims and abjectives and in planning future activities. In particular the trustees consider how planned activites will contribute to the aims and objectives they have set.
Grantmaking
The trustees’ policy ts to make graats to those charities which are known to them and in which they have a particular interest.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity has made charitable prants during the year totalling £142,600 (2023: £77,950) in accordance with its objectives
FINANCIAL REVIEW
Financial position
The results for the year are shown on page 5.
The trustees pursue a conservative investment palicy and, iw view of the size of tae asscia of the charity and the tow level of risk identified, do not consider that formal designated reserves nced to be identified. The unrestricted reserves at the vear end totalled £1,612,426 (2023: £1,764,878).
The tasters consider the year end Maanciai position of Mhango Trust to be satisfactory and anticipate this will continue in the forthcoming year, The trustees do not consider there to be any factors that are likely to affect the financial performance or position of the charity in the future.
Investment policy and objectives
The trustees have no specific investment powers over and above those conferred by statute, and consider that the performance of the charity's investments against their objective being 10 maximise reserve generation rather than capital growth is satisfactory.
FUTURE PLANS
The trustees intend to continue their current grant maciny potty tor tae fareseedore future.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document The charity was created by a trust deed dated 17 December 2003. Mhango Trust is a charity registered in England and Wales on 21 April 2004.
Pave 2
MBHANGO TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED STH APRIL 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appointment of new trustees
The trustees are appointed in accordance with the trust deed. There must te at leas Yaree trusteus. Noe Taal xrusrees appointed were Paul Anthony Brewer and Penelope Anue Brewer. Apart frans tae fost tasters, every wneice tnust he appointed by a resolution of the trustees. in sclecting individuals far aopoutimedt as tosteus, the trustees must ‘cave regard to the skills and knowledge and experience necdedt far the effective administeation af the charity, and in the light of that requirement the trustees believe that ‘hey are in possessian af the requisite quatites. Accordingly, there is currently no formal trustec training poticy in ptace.
Decision making
Thern are five wustes ofthe chanity who make ai hevessary Oevisions af their meetings, which are held periodically.
Key management remuneration
The key management personnel of the charity comprise all the trustees. No remuneration is paid to the trustees for their services to the charity.
Risk management
This is a grant making charity with no employees and aa expendicace fatlaer tnan in making cnartable donations) apart from the payment of professional fees, It is considered that ariaienad risk attaches to Yue activities of tne charity, bur the situation is kept under review,
Approved by order of the board of trustees on ALN
apbsi Astiand signed an its behalf by:
/—
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MHANGO TRUST
Independent examiner's report to the trustees of Mbango Trust [ report fo the charity trustees on my examination of the accounts of Mhango Trust (the Trust) for the year ended Sth April 2024
Respousibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the acconnts in accordance with ihe requirements of the Charities Act 2011 (‘the Act’).
[report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination | have followed all appticable Directions given by the Charity Commission under Section 145(5){) of the Act.
independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention a connection with ‘the examination giving me cause to believe that in any material respect:
- im abcounting records were not kept in respect ofthe Trust as required by Section 130 of the Act, or 2. the accounts do not accord with those records; or 3, the accounts do noi comply with the sppticable requirements concerning 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 net a matter considered as part of an independent examination
L have no concerns and have come across no other matters in connection with the examination to which attention should be drawyyin this rgpori in order to enable a proper understanding of the accounts to be reached,
Seampy McLaughlin
Martin and Company
25 St Thomas Street Winchester
Hampshire S023 OHI )Ny) Yom L Date: 9f* Nw was
Page 4
MHANGO TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5TH APRIL 2024
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|||||||
|---|---|---|---|---|---|
|_—_eee|
|2024|2023|
|Unrestricted|Total|
|fund|funds|
|INCOME|AND ENDOWMENTS|FROM|Notes|£|£|
|Donations|and|legacies|-|125,000|
|Investment income|3|50,580|25,870|
|Total|50,580|150,870|
|EXPENDITURE|ON|
|Raising|funds|4|1,301|880|
|Charitable|activities|5|
|Charitable|giving|142,000|79,750|
|Total|143,301|80,630|
|Net|gains/(losses)|on|investments|(59,731)|(132,253)|
|NET INCOME/(EXPENDITURE)|(152,482)|(62,013)|
|RECONCILIATION|OF|FUNDS|
|Total|funds brought forward|1,764,878|1,826,891|
|TOTAL FUNDS CARRIED FORWARD|1,612,426|1,764,878|
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The notes form part of these financial statements
Page $
MHANGO TRUST
BALANCE SHEET 5TH APRIL 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Unrestricted | Fotal | ||
| fund | funds | ||
| Notes | £ | E | |
| FIXED ASSETS | |||
| Investments | 10 | 1,564,270 | 1,623,990 |
| CURRENT ASSETS | |||
| Debtors Cash at bank |
11 | - 49,556 |
125,000 17,888 |
| 49,556 | 142,888 | ||
| CREDITORS | |||
| Amounts falling due within oneyear | 12 | (4,400) | (2,000) |
| NETCURRENT ASSETS | 48,156 | 140,888 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 1,612,426 | 1,764,878 | |
| NET ASSETS | 1,612,426 | 1,764,878 | |
| FUNDS | 13 | ||
| Unrestricted funds | 4,612,426 | 1,764,878 | |
| TOTALFUNDS | 1,612,426 | (764.878 |
The financial statements wete approved by the Board of Trustees and authorised for issue on A NW Rael Qa DAp..... and were signed on its behalf by:
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Paul Anthony Brewer -os
le> a
=ee=
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The notes form part of these financial statements
Page 6
MIIANGO TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2024
- CHARITY INFORMATION
The trust is approved as a charity by the Charity Commission and IIMRC, registered in England and Wales, charity number 1103304. The principal address ofthe[charity][is] shown[on][the][information][page][of][the] financial statements. The charity's operations and principal activitics are described in the Trustees' Report.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charitics: Statement of Recommended Practice applicable to charitics preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (RS 102) (effective | January 2019), Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011, The financial statements have been prepared under the historical cost convention, with the exception of investments which are included al market valuc, as modified by the revaluation of certain asscts. The financial statements have becn prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘truce and fair view. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charilics preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recomunended Practice effective from 1 April 2005 which has since been withdrawn."
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably Expenditure Liabiliics are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannol be directly attributed to particular headings they have been allocated to activilics on a basis consistent with the use of resources,
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Charitable activitics
Charitable activities include grants made and costs associaled with running the charity.
Grants payable are payments made to third parties in the furtherance of the charity's objects. Single or multi-year grants are accounted for when the recipient has a rcasonable expectation that they will receive a grant and the trustces have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition altaching to the grant is oulside the control of the charity.
Governance costs
These costs comprise al) costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to the independent examination and lepal fees
Taxation
The charity is exempt from tax on its charitable activities.
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MHANGO TRUST
NOTES TO ‘THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2024
- ACCOUNTING POLICIES - continued
Fund accounting
The charity has a single unrestricted fund. Unrestricted funds comprise those funds which the trustees are [rec to usc for any purpose in furtherance of the charitable objectives.
Going concern
The trustees are not aware of any material uncertainties related to events or conditions that may cast significant doubt about the ability of the charity to continue as a going concern and have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foresccable future as the charity will pay grants lo other organisations only if it has received sufficient income from investments and donations. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
INVESTMENT INCOME
| 3. | INVESTMENT INCOME | |||
|---|---|---|---|---|
| 2024 | 2023 | |||
| £ | £ | |||
| Income from listed investments | 50,000 | 24,776 | ||
| Interest receivable | 580 | 1,094 | ||
| 50,580 | 25,870 | |||
| 4, | RAISING FUNDS | |||
| Investment management costs | ||||
| 2024 | 2023 | |||
| £ | LS | |||
| Investment management fees | 1,301 | 880 | ||
| 3a | CHARITABLE ACTIVITIES COSTS | |||
| Grant | ||||
| funding of | ||||
| activities | Support | |||
| (sec note | costs (see | |||
| 6) | note 7) | Totals | ||
| £ | i | £ | ||
| Charitable giving | 142,600 | (600) | 142,000 | |
| 6. | GRANTS PAYABLE | |||
| 2024 | 2023 | |||
| £ | £ | |||
| Charitable giving, | 142,600 | 77,950 | ||
| The total grants paid to institutions during the year was as follows: | ||||
| 2024 | 2023 | |||
| £ | £ | |||
| Medical research, support and care | 72,900 | 76,200 | ||
| Rural interest | 4,700 | [250 | ||
| Youth and children | 65,000 | $00 | ||
| 142,600 | 77,950 |
- 4,
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MHANGO TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2024
6. GRANTS PAYABLE- continued
| 5.4,24 | 5.4.23 | |
|---|---|---|
| £ | £ | |
| Medical research, supportandcare SBSA |
60,000 | 40,000 |
| Royal Marsden Cancer Charity | 7,500 | 1,000 |
| Maggies Centre | 5,150 | |
| Cancer ResearchUK | - | 34,000 |
| SalisburyNHS Foundation Trust | - | 1,000 |
| Other | 250 | 200 |
| 72,900 | 76,200 | |
| Youth and children | ||
| Challenge Aid | 30,000 | |
| The Christina Noble Childrens Foundation Limited | 30,000 | - |
| Little Hiccups | 5,000 | - |
| Papyrus Prevention ofYoung Suicide | - | 500 |
| 65,000 | 500 | |
| Rural interest | ||
| Chalke Valley HistoryTrust | 1,500 | 1,250 |
| Other | 3,200 | |
| 4,700 | 1,250 | |
| Total | 142,600 | 77,950 |
7, SUPPORT COSTS
Charitable giving
Governance cosls £ (600)
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MHANGO TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED STEHLAPRIL 2024
- SUPPORT COSTS - continued
Support costs, included in the above, arc as follows:
Governance costs
| 2024 | 2023 | |||
|---|---|---|---|---|
| Charitable | Total | |||
| giving | activities | |||
| £ | £ | |||
| Independent | examination | fees | (600) | 1,800 |
- TRUSTEES' REMUNERATION AND BENEFITS
There were no trusices' remuneration or other benefits for the year ended 5th April 2024 nor for the year ended 5th April 2023.
Trustees' expenses
‘here were no trustecs' expenses paid for the year ended Sth April 2024 nor for the year ended 5th April 2023.
9, STAFF COSTS
There were no employees during the current or prior year
FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 6th April 2023 | 1,623,990 |
| Revaluations | (59,720) |
| At Sth April 2024 | 1,564,270 |
| NET BOOK VALUE | |
| At Sth April 2024 | 1,564,270 |
| At 5th April 2023 | 1,623,990 |
| TherewerenoinvestmentassetsoutsidetheUK. |
The historical book cost of invesunents held at Sth Apri] 2023 is £1,608,665.
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MUHANGO TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5TH APRIL 2024
11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2024 | 2023 | |||||
|---|---|---|---|---|---|---|
| £ | { | |||||
| Other debtors | - | 125.000 | ||||
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE | YEAR | ||||
| 2024 | 2023 | |||||
| £ | £ | |||||
| Other creditors | 1,400 | 2,000 | ||||
| 13. | MOVEMENT IN FUNDS | |||||
| Net | ||||||
| movement | Al | |||||
| At | 6.4.23 | in funds | 5.4.24 | |||
| £ | £ | £ | ||||
| Unrestricted funds | ||||||
| General fund | 1,764,878 | (152,452) | 1,612,426 | |||
| TOTALFUNDS | 1,764,878 | (152,452) | 1,612,426 | |||
| Net movement in funds, included in the above are as follows: | ||||||
| Incoming | Resources | Gains and | Movement | |||
| resources | expended | losses | in funds | |||
| C | £ | £ | C | |||
| Unrestricted funds | ||||||
| General fund | 50,580 | (143,301) | (59,731) | (152,452) | ||
| TOTALFUNDS | 50,580 | (143,301) | (59,731) | (152,452) | ||
| Comparatives for movement in funds | ||||||
| Net | ||||||
| movement | Al | |||||
| Alt | 6.4.22 | in funds | §.4,23 | |||
| £ | £ | c | ||||
| Unrestricted funds | ||||||
| General fund | 1,826,891 | (62,013) | 1,764,878 | |||
| TOTALFUNDS | 1,826,891 | (62,013) | 1,764,878 |
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MHANGO TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED STH APRIL 2024
13. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
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|---|---|---|---|---|---|
|Incoming|Resources|Gains|and|Movement|
|resources|expended|losses|in|funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|150,870|(80,630)|(132,253)|(62,013)|
|TOTAL FUNDS|150,870|(80,630)|(132,253)|(62,013)|
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14, RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended Sth April 2024.
Page 12
MHANGO TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5TH APRIL 2024
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | - | 100.000 |
| Gift aid | - | 25,000 |
| . | 125,000 | |
| Investment income | ||
| Income from listed investments | 50,000 | 24,776 |
| Interest reccivable | 580 | 1,094 |
| 50,580 | 25,870 | |
| Total incoming resources | 50,580 | 150,870 |
| EXPENDITURE | ||
| Investment management costs | ||
| Investment management fecs | 1,301 | 880 |
| Charitable activities | ||
| Grants lo institutions | 142,600 | 77,950 |
| Support costs | ||
| Governance costs | ||
| Independent examination fees | (600) | 1,800 |
| Total resources expended | 143,301 | 80,630 |
| Net (expenditurc)/income before gains and | ||
| losses | (92,721) | 70,240 |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed assct investments | (59,720) | (132,275) |
| Foreign exchange losses | (11) | 22 |
| Netexpenditure | (152,452) | (62,013) |
This page docs not form part ofthe[statutory][financial][statements]
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