REGISTERED CHARITY NUMBER: 1149696
Report of the Trustees and
Financial Statements for the Year Ended 31 December 2020
for
The Monkey Business Foundation Limited
:
Peter Upton Bridge House 2 Bridge Avenue Maidenhead Berkshire SL6 IRR
The Monkey Business Foundation Limited
Contents of the Financial Statements for the Year Ended 31 December 2020
| Page | |||
|---|---|---|---|
| Report ofthe Trustees | to | ||
| Report ofthe Independent Auditors | 4 | to | 5 |
| Statement of Financial Activities | 6 | ||
| Balance Sheet | 7 | ||
| Notes to the Financial Statements | 8 | to | I4 |
| DetailedStatementofFinancialActivities | 1S | to | 16 |
The Monkey Business Foundation Limited
Report of the Trustees for the Year Ended 31 December 2020
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of 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 | January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims MonKeyBuisiness Foundation
the MonKeyBusiness Foundation supports Charities close to the food,drink and grocery industry. The charity assists people who have worked in those sectors and supports young people who may be considering a career in the food, drink and grocery industry.
Working Options
Our young people are Britain's future. Many young people are unsure what is possible in life and benefit from external help and support. WorKing Options Charity aims to help state sixth form students realise their potential. With our support they can deliver demonstrable success in their educational and career achievements. This in turn will create a virtuous cycle of potential, development and productivity which ean make positive contributions to individuals and our country.
GroceryAid
GroceryAid is a charity which helps anyone who has worked in the food, drink and grocery industry, who may have found themselves in challenging circumstances. GroceryAid provides financial assistance to individuals who meet the following criteria: -aminimum of 10 years working in the grocery industry
-
no more than £12,000 in savings/capital (does not include property)
-
is able to demonstrate a degree of financial hardship
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charities Commission general guidance on _ public benefit when reviewing the organisations aims and objectives
FINANCIAL REVIEW
Financial position
The Covid-19 pandemic has had a substantial impact on The MonKey Business Foundation's ability to run fundraising events in 2020. All planned events were cancelled- the Presidents Dinner, the Bob Willis Memorial Dinner and the Leadership Symposiumand therefore no income was raised in 2020.
Reserves policy
It is the policy of the Charity to maintain the unrestricted fund at a level that equates to 6 months’ worth of expenditure in order to ensure all costs can be covered if any decision had to be made to close the Charity at any time and to ensure that sufficient funds are held to meet the outlay of fundraising events,
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The MonKey Business Foundation is a company limited by guarantee and a registered charity: registration details are shown below. the company is governed by its Memorandum and Articles of Association.
Recruitment and appointment of new trustees
On appointment to the Board, trustees receive a copy of the Memorandum and Articles of Association and Charity Commission and Good Governance information. Training is offered to those trustees without relevant experience.
In its approach to the recruitment of trustees, the Charity aims to ensure that it has a broad range of financial, commercial and legal and operational experience.
Arrangements for setting pay and remuneration - - It is normally agreed that staffing levels, remuneration and working conditions are agreed at Trustees meetings. Salaries are set in line with market rates for the role and paid under PAYE.
Induction and training of new trustees
In order to ensure our trustees have the greatest possible understanding of the charity the following procedures are implemented: - invite trustees to attend a Motivation & Information event to see how it all works, or better still invite them to be a speaker
-
invite trustees to attend bi-annual trustee board meetings
-
keep trustees regularly informed with a quarterly newsletter
-
invite trustees to attend fundraising events when appropriate
Page |
The Monkey Business Foundation Limited
Report of the Trustees
for the Year Ended 31 December 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 08187347 {England and Wales)
- Registered Charity number 1149696
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||||||
|---|---|---|---|---|
|Registered|office|
|Bridge|House|
|2|Bridge Avenue|
|Maidenhead|
|Berkshire|
|SL6|IRR|
|Trustees|
|P|Monk|
|N|G|Desai|
|N|D|Morris|
|S|Sadiq|
|J|M|Sneddon|(appointed|29.1.20)|
|Company|Secretary|
|L|Lymer|
|Auditors|
|Peter|Upton|
|Bridge|House|
|2|Bridge|Avenue|
|Maidenhead|
|Berkshire|
|SL6|IRR|
|Solicitors|
|DDO|Solicitors|
|36|Upper Brook|Street|
|London|
|WIK|7QJ|
|Bank|
|HSBC|Maidenhead|
|35|High|Street|
|Maidenhead|
|SL6|1QJ|
----- End of picture text -----
STATEMENT OF TRUSTEES' RESPONSIBILITIES The trustees (who are also the directors of The Monkey Business Foundation Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charity SORP;
-
- make judgements and estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
Page 2
The Monkey Business Foundation Limited
Report of the Trustees
for the Year Ended 31 December 2020
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
-
there is no relevant audit information of which the charitable company's auditors are unaware; and
-
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, Peter Upton, will be proposed for re-appointment at the forthcoming Annual General Meeting.
This report has been prepared in accordance with the special provisions of Part [5 of the Companies Act 2006 relating to small companies.
Approved by order of the board oftrustees OM ..cccceseeeeseeeeeeereeeee and signed on its behalf by:
P Monk - Trustee
Page 3
Report of the Independent Auditors to the Members of The Monkey Business Foundation Limited
Opinion
We have audited the financial statements of The Monkey Business Foundation Limited (the ‘charitable company’) for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet 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:
-
give a true and fair view of the state of the charitable company's affairs as at 31 December 2020 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
- have been prepared in accordance with the requirements of the Companies Act 2006.
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 charitable company 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
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 charitable company’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 ofassurance 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 pertormed, 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.
Opinions on other matters prescribed by the Companies Act 2006
-
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements: and
-
the Report ofthe Trustees has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
- certain disclosures of trustees’ remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
Page 4
Report of the Independent Auditors to the Members of
The Monkev Business Foundation Limited
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 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 charitable company'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 charitable company 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 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We exercise professional judgement and maintain professional scepticism throughout the audit. It is our responsibility to identify and assess the risks of material misstatement in the financial statements, whether due to fraud or error, to design and perform audit procedures responsive to those risks and to obtain evidence that is sufficient and appropriate to provide a basis for our opinion
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www. fre.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 charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Peter Upton (Senior Statutory Auditor) for and on behalf of Peter Upton Bridge House 2 Bridge Avenue Maidenhead Berkshire SL6 IRR
Date? ssccszccnmnananccgeanses:
Page 5
The Monkey Business Foundation Limited
Statement of Financial Activities
for the Year Ended 31 December 2020
| 31.12.20 | 31.12.19 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| funds | funds | funds | funds | ||
| Notes | £ | Zi | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||||
| Donations and legacies | 2, | - | 2,000 | 2,000 | 46,586 |
| Other trading activities | 3 | 34,870 | - | 34,870 | 274,394 |
| Investment income | 4 | 168 | - | 168 | 625 |
| Total | 35,038 | 2,000 | 37,038 | 321,605 | |
| EXPENDITURE ON | |||||
| Raising funds | |||||
| Raising donations and legacies | 5 | 5,785 | - | 5,785 | 73,178 |
| 5,785 | - | 5,785 | 73,178 | ||
| Charitable activities | 6 | ||||
| Charitable Activities | 273,137 | 2,000 | 21S 137 | 293,643 | |
| Other | - | - | - | 3 | |
| Total | 278,922 | 2,000 | 280,922 | 366,824 | |
| NET INCOME/(EXPENDITURE) | (243,884) | - | (243,884) | (45,219) | |
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 338,957 | = | 338,957 | 384,176 | |
| TOTALFUNDSCARRIEDFORWARD | 95,073 | - | 95,073 | 338,957 |
The notes form part of these financial statements
Page 6
The Monkey Business Foundation Limited
Balance Sheet
31 December 2020
| 31.12:20 | 31.12.19 | ||||
|---|---|---|---|---|---|
| Unrestricted funds |
Restricted funds |
Total funds |
Total funds |
||
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Investments | 12 | 100 | - | 100 | 100 |
| CURRENT ASSETS | |||||
| Debtors | 13 | 101,254 | - | 101,254 | 24,750 |
| Cash atbank | 163,383 | - | 163,383 | 330,182 | |
| 264,637 | - | 264,637 | 354,932 | ||
| CREDITORS | |||||
| Amounts fallingdue withinoneyear | 14 | (169,664) | - | (169,664) | (16,075) |
| NETCURRENT ASSETS | 94,973 | - | 94,973 | 338,857 | |
| TOTALASSETS LESSCURRENTLIABILITIES | LIABILITIES | 95,073 | - | 95,073 | 338,957 |
| NET ASSETS | 95,073 | - | 95,073 | 338,957 | |
| FUNDS | 15 | ||||
| Unrestricted funds | 95,073 | 338,957 | |||
| TOTALFUNDS | 95,073 | 338,957 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue ON veces seeseeeseneeeee, and were signed on its behalf by:
P Monk - Aeunstee: —
The notes form part of these financial statements
Page 7
The Monkey Business Foundation Limited
Notes to the Financial Statements for the Year Ended 31 December 2020
- ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘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 | January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
The financial statements are presented in the currency of the primary economic environment in which the entity operates (its functional) currency), as such, the results and statement of financial position are presented in Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound unless otherwise stated.
In light of the rapid global spread of the Coronavirus "COVID-19" in early 2020, the trustees have reviewed and stress tested projections and budgets for the next twelve months. Following this review, the trustees consider there to be some impact on the Charity's ability to act as a going concern, however it is currently difficult to establish what the commercial implications of this will be.
The trustees have reviewed the key stakeholders and the funds available and consider that the charity has adequate resources in place to continue trading for the next twelve months.
Income
All income is recognised in the Statement ofFinancial 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.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.
Expenditure
Liabilities 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 cannot be directly attributed to particular headings they have been allocated to activities 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.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Page 8
continued...
The Monkey Business Foundation Limited
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||||||||
|---|---|---|---|---|---|---|
|Notes|to|the|Financial|Statements|-|continued|
|for|the|Year|Ended|31|December|2020|
|2.|DONATIONS|AND|LEGACIES|
|31.12.20|31.12.19|
|£|£|
|Donations|-|40,016|
|Other donations|2,000|6,570|
|2,000|46,586|
|3.|OTHER TRADING|ACTIVITIES|
|31.12.20|31.12.19|
|£|£|
|President's|Dinner|34,870|274,394|
|4,|INVESTMENT|INCOME|
|31.12.20|31.12.19|
|£|£|
|Deposit|account|interest|168|625|
|5.|RAISING|DONATIONS|AND|LEGACIES|
|31.12.20|31.12.19|
|£|£|
|Bank|and|credit|card|charges|1,752|2,074|
|Administration|fees|-|6.440|
|Event management|fees|1,240|3,804|
|President's|Dinner|2,793|60,838|
|Other fundraising|costs|-|22|
|5,785|73,178|
|6.|CHARITABLE|ACTIVITIES COSTS|
|Grant|
|funding|of|
|activities|
|Direct|(see|note|Support|
|Costs|7)|costs|Totals|
|£|£|£|£|
|Charitable|Activities|2,000|101,450|171,687|275,137|
|7.|GRANTS|PAYABLE|
|31.12.20|31.12.19|
|£|£|
|Charitable|Activities|101,450|87,032|
|8.|NET|INCOME/(EXPENDITURE)|
|-|Net|income/(expenditure)|is|stated|after|charging/(crediting):|
|31.12.20|31.12.19|
|£|ni|
|Auditors’|remuneration|5,481|6,403|
|Auditors’|remuneration|for non|audit|work|8,380|10,075|
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Page 9
continued...
The Monkey Business Foundation Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
- TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees’ remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.
Trustees' expenses
Trustees expenses reimbursed for the year ended 31 December 2020 were £Nil (2019: £6,028). At the year end date £Nil (2019: £Nil) was due to Mr PJ Monk in relation to expenses reimbursed at cost.
10,
STAFF COSTS
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||||||||
|---|---|---|---|---|---|---|
|31.12.20|31.12.19|
|£|£|
|Wages|and|salaries|-|41,008|
|Social|security|costs|-|4,388|
|Other pension|costs|-|890|
|-|46,286|
|The average monthly number|of employees|during|the|year was|as|follows:|
|31.12.20|31.12.19|
|administration|and|support|-|l|
|No|employees|received|emoluments|in|excess|of £60,000.|
|11.|COMPARATIVES|FOR THE STATEMENT OF FINANCIAL|ACTIVITIES|(31.12.2019)|
|Unrestricted|Restricted|Total|
|funds|funds|funds|
|£|£|£|
|INCOME|AND|ENDOWMENTS|FROM|
|Donations|and|legacies|16|46,570|46,586|
|Other trading|activities|274,394|-|274,394|
|Investment|income|625|-|625|
|Total|275,035|46.570|321,605|
|EXPENDITURE|ON|
|Raising|funds|
|Raising|donations and|legacies|73,156|22|73,178|
|73,156|22|73,178|
|Charitable|activities|
|Charitable|Activities|175,518|118,125|293,643|
|Other|3|-|3|
|Total|248,677|118,147|366,824|
|NET|INCOME/EXPENDITURE)|26,358|(71,577)|(45,219)|
|Transfers|between|funds|(69,327)|69,327|-|
|Net movement|in|funds|(42,969)|(2,250)|(45,219)|
|RECONCILIATION|OF|FUNDS|
|Total|funds|brought forward|381,926|2,250|384,176|
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Page 10
continued...
The Monkey Business Foundation Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
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||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|11.|COMPARATIVES|FOR THE STATEMENT OF FINANCIAL ACTIVITIES|(31.12.2019)|- continued|
|Unrestricted|Restricted|Total|
|funds|funds|funds|
|£|£|£|
|TOTAL|FUNDS CARRIED|FORWARD|338,957|-|338,957|
|12.|FIXED|ASSET|INVESTMENTS|
|Shares|in|
|group|
|undertakings|
|£|
|MARKET|VALUE|
|At|||January|2020|and|31|December 2020|100|
|NET|BOOK|VALUE|
|At|31|December 2020|100|
|At|31|December|2019|100|
|There|were|no|investment|assets|outside|the|UK,|
|The company's|investments|at the|balance sheet|date|in|the share|capital|of|companies include|the following:|
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13.
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||||||||||
|---|---|---|---|---|---|---|---|---|
|Monkey|Business Trading|Limited|
|Registered|office:|Bridge|House,|2|Bridge|Avenue,Maidenhead,|Berkshire|SL6 4BZ|
|Nature|of business:|Event|co-ordinantion|
|%|
|Class|of share:|holding|
|Ordinary|100|
|31.12.20|31.12.19|
|£|£|
|Aggregate|capital|and|reserves|(43,405)|6,125|
|(Loss)/profit|for the year|(49,530)|6,475|
|DEBTORS:|AMOUNTS|FALLING|DUE|WITHIN ONE|YEAR|
|31.12.20|31.12.19|
|£|£|
|Trade debtors|-|19,200|
|Amounts|owed|by group|undertakings|99,607|-|
|VAT|1,647|-|
|Prepayments|and|accrued|income|-|5,550|
|101,254|24,750|
----- End of picture text -----
Page II
continued...
The Monkey Business Foundation Limited
°
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
14, CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 31.12.20 | 31.12.19 | |||||||
|---|---|---|---|---|---|---|---|---|
| £ | £ | |||||||
| Trade creditors | 1,969 | 5,916 | ||||||
| Amounts owed to group undertakings | - | 393 | ||||||
| Social security and other taxes | - | 2,444 | ||||||
| VAT | - | 33 | ||||||
| Accruals and deferred income | 167,695 | 7,289 | ||||||
| 169,664 | 16,075 | |||||||
| 15. | MOVEMENT IN FUNDS | |||||||
| Net | Transfers | |||||||
| movement | between | At | ||||||
| At | 1.1.20 | in funds | funds | 31.12:20 | ||||
| £ | £ | £ | £ | |||||
| Unrestricted funds | ||||||||
| General fund | 183,447 | (142,434) | 64,645 | 105,658 | ||||
| Grocery Aid grant | 90,865 | (101,450) | - | (10,585) | ||||
| WorKingOptions | 64,645 | - | (64,645) | - | ||||
| 338,957 | (243,884) | - | 95,073 | |||||
| TOTAL FUNDS | 338,957 | (243,884) | - | 95,073 | ||||
| Netmovement in funds, included in the aboveare | are as follows: | |||||||
| Incoming | Resources | Movement | ||||||
| resources | expended | in funds | ||||||
| £ | £ | x | ||||||
| Unrestricted funds | ||||||||
| General fund | 35,038 | (177,472) | (142,434) | |||||
| Grocery Aid grant | - | (101,456) | (101,450) | |||||
| 35,038 | (278,922) | (243,884) | ||||||
| Restricted funds | ||||||||
| Sacla- Woman ofthe Year sponsorship | 2,000 | (2,000) | - | |||||
| TOTAL FUNDS | 37,038 | (280,922) | (243,884) | |||||
| Comparatives for movement in funds | ||||||||
| Net | Transfers | |||||||
| movement | between | At | ||||||
| At 1.1.19 | in funds | funds | 31.12.19 | |||||
| £ | £ | £ | £ | |||||
| Unrestricted funds | ||||||||
| General fund | . | 307,762 | 156,912 | (281,227) | 183,447 | s | ||
| Grocery Aidgrant | 13,997 | (87,032) | 163,900 | 90,865 | ||||
| WorkKingOptions | 60,167 | (43,522) | 48,000 | 64,645 | ||||
| 381,926 | 26,358 | (69,327) | 338,957 | |||||
| Restricted funds | ||||||||
| WorKingOptions | - | (69,327) | 69,327 | - | ||||
| Sainsburys scholarship | 2,250 | (2,250) | - | - | ||||
| 2,250 | (71,577) | 69,327 | - | |||||
| TOTALFUNDS | 384,176 | (45,219) | - | 338,957 |
Page |2
continued...
The Monkey Business Foundation Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
- MOVEMENT IN FUNDS- continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 275,035 | (118,123) | 156,912 |
| Grocery Aid grant WorKingOptions |
- - |
(87,032) (43,522) |
(87,032) (43,522) |
| 275,035 | (248,677) | 26,358 | |
| Restricted funds | |||
| WorKingOptions | 42,570 | (111,897) | (69,327) |
| Sainsburysscholarship Sacla- Woman oftheYearsponsorship |
- 4,000 |
(2,250) (4,000) |
(2,250) - |
| 46,570 | (118,147) | (71,577) | |
| TOTALFUNDS | 321,605 | (366,824) | (45,219) |
CONTINGENT LIABILITIES
The MonKey Business Foundation administers scholarships that contribute to the cost of a university education for selected individuals, that would not normally be able to afford the cost of university, over a three year period. The level of scholarships awarded but not paid before the year end is £Nil (2019: £2,250).
- RELATED PARTY DISCLOSURES
The company was controlled throughout the current and previous year by the Trustees collectively. This is due to the fact that the company has no shareholders and the Trustees have equal voting rights at general meetings.
MonKey Business Trading Limited is a wholly owned subsidiary of MonKey Business Foundation Limited, of which Mr P Monk (a Trustee) is also a director. At the year end there was a balance of £99,607 owed by the company to the charity (2019: £393 Creditor ). MonKey Business Trading Limited donated £Ni] to MonKey Business Foundation Limited for the year end 31 December 2020 (2019: £6,125).
Mr P Monk is also a director of InVentaBrand Consulting Limited, a company registered in the UK. During the year £1,649.46. (2019: £14,592) was invoiced to InVentaBrand Consulting Limited in relation to costs for the activities of MonKey Business Foundation Limited, this was then recharged at cost to the charity.
Mr P Monk, is also a director of The Spice Tailor Limited, a company registered in the UK. During the year MonKey Business Foundation Limited made sales of £Nil (2019: £Nil) to The Spice Tailor Limited. At the year end there was a balance of £Nil of which the company owed the charity (2019: £Nil).
- RESTRICTED FUNDS
The charity have the following restricted funds
Sainsburys scholarships
This tund is to provide financial support for awarded individuals over a 3 year university programme.
:
Sacla- Woman of the Year This find is to award the winner of the Woman of the Year competition a sum to support them with their higher education.
Page 13
continued...
The Monkey Business Foundation Limited
Notes to the Financial Statements - continued for the Year Ended 31 December 2020
19, WORKING OPTIONS
On | January 2020 the activities of WorKingOptions were transferred into a new standalone charity. The MonKey Business Foundation has made grants to the new charity of £152,287.
Page 14
The Monkey Business Foundation Limited
Detailed Statement of Financial Activities for the Year Ended 31 December 2020
| Detailed Statement of FinancialFinancial Activities for the YearYear Ended 31 December 2020 |
||
|---|---|---|
| 31.12.20 | 31.12.19 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | - | 40,016 |
| Otherdonations | 2,000 | 6,570 |
| 2,000 | 46,586 | |
| Other trading activities | ||
| President's Dinner | 34,870 | 274,394 |
| Investment income | ||
| Deposit account interest | 168 | 625 |
| Total incoming resources | 37,038 | 321,605 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Bank andcredit card charges Administration fees |
12752: - |
2,074 6,440 |
| Event managementfees | 1,240 | 3,804 |
| President's Dinner | 2,793 | 60,838 |
| Otherfundraising costs | - | 22 |
| 5,785 | 73,178 | |
| Charitable activities | ||
| Scholarships to individuals | 2,000 | 6,250 |
| Grants to institutions | 101,450 | 87,032 |
| 103,450 | 93,282 | |
| Other | ||
| Interestpayable | - | 3 |
| Support costs | ||
| Management | ||
| Advertising | - | 8,573 |
| Consultants fees Travel |
- - |
77,201 3,768 |
| otherexpenses | - | 11,705 |
| - | 101,247 | |
| Finance | ||
| Insurance | 885 | - |
| administration fees | 1,685 | 9,659 |
| Donation to WorkingOptions | 152,287 | - |
| 154,857 | 9,659 | |
| Human resources | ||
| Wages | . | 41,008 |
| Social security | - | 4,388 |
| Carriedforward | - | 45,396 |
This page does not form part of the statutory financial statements
Page 15
The Monkev Business Foundation Limited
Detailed Statement of Financial Activities
for the Year Ended 31 December 2020
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|31.12.20|31.12.19|
|£|£|
|Human|resources|
|Brought|forward|-|45,396|
|Pensions|-|890|
|-|46,286|
|Other|
|Website and|IT costs|1,071|6,980|
|Irrecoverable|VAT|1,898|19,711|
|2,969|26,691|
|Governance|costs|
|Auditors’|remuneration|5,481|6,403|
|Auditors’|remuneration|for non|audit work|8,380|10,075|
|13.861|16,478|
|Total|resources|expended|280,922|366,824|
|Net expenditure|(243,884)|(45,219)|
----- End of picture text -----
This page does not form part of the statutory financial statements
Page 16
October 2021
Peter Upton PO Box 782 Maidenhead Berks SL6 1FR
Dear Sirs
Letter of representation
This representation letter is provided in connection with your audit of the financial statements, of Monkey Business Foundation for the year ended 31 December 2020 for the purpose of expressing an opinion as to whether the financial statements give a true and fair view of the results and financial position of The Monkey Business Foundation in accordance with The Charities Act 2011 and United Kingdom Accounting Standards.
-
We have fulfilled our responsibilities as trustees as set out in the terms of your engagement dated 9 February 2020 for preparing financial statements. which give a true and fair view of the financial position of the charity as of 31 December 2020 and of the results of its operations for the year then ended and for making accurate representations to you.
-
Z. Significant assumptions used by us in making accounting estimates, including those measured at fair value, are reasonable.
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We have no plans or intentions that may materially alter the carrying valuc and where relevant the fair value measurements or classification of assets and liabilities reflected in the financial statements.
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4, We have disclosed all known actual or possible litigation and claims whose effects should be considered when preparing the financial statements and these have been disclosed in accordance with the requirements of accounting standards.
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5, Related party relationships and transactions have been appropriately accounted for and disclosed in accordance with the requirements of accounting standards.
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All events since the balance sheet date which require disclosure or which would materially affect the amounts in the financial statements have been adjusted or disclosed in the financial statements.
-
ti We confirm the financial statements are free of material misstatements, including omissions. We believe that those uncorrected misstatements identified during the audit are immaterial both individually and in aggregate to the financial statements as a whole. A list of these items is attached to this letter of representation, together with my/our
:
reasons for not correcting them.
- We confirm that, having considered our expectations and intentions for the next twelve months, and the availability of working capital, the charity is a going concern. We confirm that the disclosures in the accounting policies are an accurate reflection of the reasons for our consideration that the financial statements should be drawn up ona going concern basis..
Information provided
-
All accounting records and relevant information have been made available to you for the purpose ofyour audit. We have provided to you all other information requested and given unrestricted access to persons within the entity from whom you have deemed it necessary to obtain audit evidence. All other records and related information including minutes of all management meetings have been made available to you.
-
_ All transactions undertaken by the charity have been properly reflected in the accounting records and are reflected in the financial statements.
-
We acknowledge our responsibility for the design, implementation and maintenance of controls to prevent and detect fraud. We have disclosed to you the results of our assessment ofthe risk that the financial statements may be materially misstated as a result of fraud.
-
We have disclosed to you all information in relation to fraud or suspected fraud that we are aware of and that affects the entity and involves, management, employees who have significant roles in internal control, or others, where fraud could have a material effect on the financial statements.
-
We have disclosed to you all information in relation to allegations of fraud, or suspected fraud affecting the entity’s financial statements communicated by employees, former employees, analysts, regulators or others.
-
| Weconfirm that we are not aware of any possible or actual instance of non-compliance with those laws and regulation which provide a legal framework within which the charity conducts its business and which could affect the financial statements. The charity has complied with all aspects of contractual agreements that could have a material effect on the financial statements in the event of non-compliance.
-
We confirm that we have disclosed to you the identity of the entity’s related parties and all related party relationships and transactions relevant to the charity that we are aware of.
:
-
The charity has satisfactory title to all assets, and there are no liens or encumbrances on the assets except for those disclosed in the financial statements.
-
1% There are no liabilities, contingent liabilities or guarantees to third parties other that those disclosed in the financial statements.
We confirm to the best of our knowledge and belief that the above representations are made on the basis of enquiries of management and staff with relevant knowledge and experience and, where appropriate, of inspection of supporting documentation sufficient to satisfy myself that I can properly make each of the above representations to you.
I acknowledge our legal responsibilities regarding disclosure of information to you as auditors and confirm that so far as I am aware, there is no relevant audit information needed by you in connection with preparing your audit report ofwhich you are unaware. I have taken all the steps that I ought to have taken as a trustee in order to make myself aware of any relevant audit information and to establish that you are aware of that information.
Yours faithfully
Signed on behalf of the board of trustees by:
AenatheaneeramneReninEianeraonacineesaeNysiesMeiiel (OT ETUREIEE }
DALE. exicwgusseis --enrensarnaennrestanonnsanenvasone
The Monkey Business Foundation 2 Bridge Avenue Maidenhead Berks SL6 IRR
Charity No. 1149696