OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← Mahouts Foundation

2023-10-31-accounts

Charity registration number 1158956

MAHOUTS FOUNDATION

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

MAHOUTS FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees S Blaine
J Mullen
D Mullen
P Haidon
T Hodgetts
Dr F Blaine
Charity number 1158956
Registered office Harran
Peopleton
Pershore
Worcestershire
United Kingdom
WR10 2EA
Independent examiner Katherine Parkin
Azets Audit Services
Epsilon House
The Square
Gloucester Business Park
Gloucester
United Kingdom
GL3 4AD
Bankers HSBC Bank plc
30 Market Street
Crewe
Chesire
CW1 2ES

MAHOUTS FOUNDATION

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6 - 13

MAHOUTS FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 31 OCTOBER 2023

The trustees present their annual report and financial statements for the year ended 31 October 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's [governing document], the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

Charitable objects

To promote humane behaviour towards elephants by providing appropriate care, protection, treatment and security for elephants which are in need of care and attention by reason of sickness, maltreatment, poor circumstances or ill usage and to educate the public in matters pertaining to elephant welfare in general and the prevention of cruelty and suffering among elephants.

Objectives and aims

Mahouts Foundation is a family run foundation working to improve welfare with captive elephants working in the tourism industry. The Foundation works on the ground in Thailand with indigenous Karen communities to rescue and return captive working elephants to large areas of forest while supporting the community to preserve their traditions of protecting elephants and forests. The foundation also works raising awareness in the UK and Europe by collaborating with tour companies and educating tourists visiting Asia.

Social investments

There are no restrictions as to where funds may be invested, but policy has to be agreed by the Trustees and the Management Committee.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities they should undertake.

Achievements and performance

  1. Recovery from COVID - building back Due to Covid, tourism only restarted in 2022, and this year has allowed us to successfully restart tourism to support the communities and elephants.

  2. Developing new project

  3. We have been developing links in Umphang, a remote area of Thailand. We have carried out several research trips, making links and developing relationships with community and government officials in this area.

3. Working to rescue 6 more elephants

We have taken on and been training new staff members to allow expansion of our projects in Thailand.

5. Building partnerships with tour companies With the end of the pandemic there is renewed interest in tourism. We have been developing relationships to support our work in Koh Pah Doh and for our future project in Umphang.

6. Part of a collaboration developing a network of elephant friendly venues This is a venture facilitated by World Animal Protection to develop a network of Elephant focused organisations within Thailand.

MAHOUTS FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023

Financial review

Principal funding sources

Of the £81,222 (2022: £73,835) income for the period, 42% (2022: 70%) came from grants and donations and 58% (2022: 30%) came from the charity’s programs and sales.

More details about income for the period and the Charity's financial position at the end of the period are shown in the Financial Statements on page 9.

Principal Expenditure Items

The valuable time given by unpaid volunteers, including trustees, is not quantified and not included in this figure.

Reserves policy

The board has set a reserve equivalent to at least three month's operating costs. The reserves of £67,631 (2022: £121,055) remained available by the year ended 31 October 2023.

Funds in deficit

The charity received income totalling £81,222 (2022: £73,835). After payments of outgoing expenses totalling £134,646 (2022: £114,716), the charity was left with a deficit of £53,424 (2022: £40,881) for the year. However there is no overall deficit on any funds.

Structure, governance and management

Governing document

Mahouts Foundation is registered as a charity with the Charity Commission and is a Charitable Incorporated Organisation (CIO). It is governed by its Constitution, a copy of which is available from the charity’s office.

The Trustees are required to act in the best interest of the Charity and its beneficiaries. Training and information provided includes advice about the role of Trustees and Charity law. The Trustees make no personal gain from the Charity.

Organisational structure

The Trustees have overall control of the organisation's finances. The daily management of the organisation's activities is delegated to the Executive Committee.

The trustees who served during the year and up to the date of signature of the financial statements were: S Blaine

J Mullen D Mullen P Haidon T Hodgetts Dr F Blaine

The Trustees are elected in accordance with the constitution.

The trustees' report was approved by the Board of Trustees.

Dr F Blaine

Trustee

27 August 2024

MAHOUTS FOUNDATION

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MAHOUTS FOUNDATION

I report to the trustees on my examination of the financial statements of Mahouts Foundation (the charity) for the year ended 31 October 2023.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all 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 in connection with the examination 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 financial statements to be reached.

Katherine Parkin FCA Azets Audit Services Epsilon House The Square Gloucester Business Park Gloucester GL3 4AD United Kingdom

Dated: 27 August 2024

MAHOUTS FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 OCTOBER 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income from:
Donations and legacies
3
3,001
-
Charitable activities
4
62,788
10,000
Other trading activities
5
5,433
-
Total income
71,222
10,000
Expenditure on:
Raising funds
6
3,244
-
Charitable activities
7
121,402
10,000
Total expenditure
124,646
10,000
Net expenditure for the year/
Net movement in funds
(53,424)
-
Fund balances at 1 November 2022
121,055
-
Fund balances at 31 October 2023
67,631
-		 As restated
Total Unrestricted
funds
2023
2022
£
£
3,001
3,025
72,788
54,071
5,433
16,739
81,222
73,835
3,244
329
131,402
114,387
134,646
114,716
(53,424)
(40,881)
121,055
161,936
67,631
121,055

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

MAHOUTS FOUNDATION

BALANCE SHEET

AS AT 31 OCTOBER 2023

Notes
Fixed assets
Tangible assets
12
Current assets
Stocks
13
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds		 2023
£
2,000
480
72,158
74,638
(7,007)		 £
-
67,631
67,631
67,631
67,631		 2022
£
-
-
118,737
118,737
-		 £
2,318
118,737
121,055
121,055
121,055

The financial statements were approved by the Trustees on 27 August 2024

Dr F Blaine Trustee

MAHOUTS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

1 Accounting policies

Charity information

Mahouts Foundation is a charitable incorporated organisation incorporated in England and Wales. The registered office is Harran, Peopleton, Pershore, WR10 2EA.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

MAHOUTS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023

1 Accounting policies

(Continued)

During the year ended 31 October 2023 the approach to classification of grants received was updated to more appropriately reflect the underlying nature and grouping of the income. The comparative figures for the year ended 31 October 2022 have therefore been restated. There are no changes to the overall income or surplus/ deficit reported in the prior year.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

During the year ended 31 October 2023 the approach to classification of direct and support costs was updated to more appropriately reflect the underlying nature and grouping of the expenditure. The comparative figures for the year ended 31 October 2022 have therefore been restated. There are no changes to the overall expenditure or surplus/deficit reported in the prior year.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Motor vehicles 25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

MAHOUTS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023

1 Accounting policies

(Continued)

1.10 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

MAHOUTS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023

3 Donations and legacies

As restated
**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Donations and gifts 3,001 3,025
3,001 3,025

4 Charitable activities

Grants receivable
Visitor's fees
Analysis by fund
Unrestricted funds
Restricted funds		 As restated
2023
2022
£
£
30,974
48,728
41,814
5,343
72,788
54,071
62,788
54,071
10,000
-
72,788
54,071		 As restated
2023
2022
£
£
30,974
48,728
41,814
5,343
72,788
54,071
62,788
54,071
10,000
-
72,788
54,071
54,071
54,071
-
54,071

5 Other trading activities

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Merchandise and Sponsorships 5,433 16,739

MAHOUTS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023

6 Raising funds

As restated
**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Fundraising and publicity
Advertising 3,244 329
3,244 329
Charitable activities
As restated
2023 2022
£ £
Depreciation and impairment - 773
Project Costs 92,766 95,996
Guest Trip and Labour 9,257 8,637
Insurance 2,250 1,150
Health and Wellbeing 4,240 -
Travel and Accomodation 11,544 5,085
Donations 2,318 -
122,375 111,641
Share of support costs (see note 8) 4,233 946
Share of governance costs (see note 8) 4,794 1,800
131,402 114,387
Analysis by fund
Unrestricted funds 121,402 114,387
Restricted funds 10,000 -
131,402 114,387

7 Charitable activities

MAHOUTS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023

8
Support costs
Support
costs
Governance
costs
£
£
Admin Expenses
1,885
-
Bank Charges
473
-
Computer and Website
Costs
1,045
-
Sundry
10
-
Telephone Costs
820
-
Accountancy Fees
-
4,794
4,233
4,794
Analysed between
Charitable activities
4,233
4,794		 As restated
As restated
2023
Support
costs
Governance
costs
2022
£
£
£
£
1,885
36
-
36
473
483
-
483
1,045
427
-
427
10
-
-
-
820
-
-
-
4,794
-
1,800
1,800
9,027
946
1,800
2,746
9,027
946
1,800
2,746		 As restated
As restated
2023
Support
costs
Governance
costs
2022
£
£
£
£
1,885
36
-
36
473
483
-
483
1,045
427
-
427
10
-
-
-
820
-
-
-
4,794
-
1,800
1,800
9,027
946
1,800
2,746
9,027
946
1,800
2,746
2,746
2,746

Governance costs includes payments to the independent examiner of £4,794 (2022- £1,800) for independent examination fees.

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

10 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
Total - -

There were no employees whose annual remuneration was more than £60,000.

11 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

MAHOUTS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023

12 Tangible fixed assets

Cost
At 1 November 2022
Disposals
At 31 October 2023
Depreciation and impairment
At 1 November 2022
Eliminated in respect of disposals
At 31 October 2023
Carrying amount
At 31 October 2023
At 31 October 2022
13
Stocks
Finished goods and goods for resale
14
Debtors
Amounts falling due within one year:
Other debtors
15
Creditors: amounts falling due within one year
Trade creditors
Accruals and deferred income		 Motor vehicles
£
7,328
(7,328)
-
5,010
(5,010)
-
-
2,318
2023
2022
£
£
2,000
-
2023
2022
£
£
480
-
2023
2022
£
£
4,013
-
2,994
-
7,007
-

MAHOUTS FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023

16 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Balance at Incoming Resources Balance at
1 November resources expended 1 November resources expended 31 October
2021 2022 2023
£ £ £ £ £ £ £
Olsen Animal
Trust - - - - 10,000 (10,000) -

Olsen Animal Trust - granted to provide seed funding to remove 8 elephants from the tourism industry.

17 Related party transactions

During the year, £6,544 was spent in respect of travel costs for 1 trustee (2022 - none).