The Equinoxe Trust Charity registration number 1173473 Trustees' report and unaudited accounts For the year ended 31 May 2022
Contents
The Equinoxe Trust
| Page | |
|---|---|
| Legal and administrative information | 1 |
| Trustees' report | 2 - 3 |
| Statement of trustees' responsibilities | 4 |
| Independent examiner's report | 5 |
| Statement of fnancial activities | 6 |
| Balance sheet | 7 |
| Cash fow statement | 8 |
| Notes to the accounts | 9-11 |
Legal and administrative information
The Equinoxe Trust
| Settlor | Kurt Rolf Richard Björklund |
|---|---|
| Trustees | Kurt Rolf Richard Björklund |
| Dahlia Björklund | |
| Date of settlement | 31 May 2017 |
| Charity number | 1173473 |
| Principal address | 7 Frognal Way |
| London | |
| NW3 6XE | |
| Accountants | Evelyn Partners LLP |
| Portwall Place | |
| Portwall Lane | |
| Bristol | |
| BS1 6NA | |
| Independent examiner | Philip Evans FCA |
| PJE Chartered Accountants | |
| 2 Oakfeld Road | |
| Clifton | |
| Bristol | |
| BS8 2AL | |
| Bankers | J P Morgan International Bank Limited |
| 1 Boulevard du Roi Albert II | |
| B-1210 Brussels | |
| Belgium | |
| Solicitors | Withers LLP |
| 20 Old Bailey | |
| London | |
| EC4M 7AN |
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The Equinoxe Trust
Trustees' report For the year ended 31 May 2022
The trustees present their report and accounts for the year ended 31 May 2022. The accounts have been prepared in accordance with the accounting policies set out in note 1 and comply with 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 (FRS102) published on 1 January 2019.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of settlement dated 31 May 2017, and constitutes an unincorporated charity.
Trustees
The trustees who served during the year were: Kurt Rolf Richard Björklund Dahlia Björklund
The power of appointing new trustees is vested in the Settlor, Mr Kurt Rolf Richard Björklund.
Risk management
The trustees have a duty to identify and review risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees have assessed such risks and are satisfied that systems are in place to mitigate their exposure to major risks.
Related parties
During the year, the trustee, Mr Kurt Björklund, donated £661,608 (2021: £834,989) to the charity.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The trustees shall hold the capital and income of the trust fund upon trust to apply the income, and all or such parts of the capital, at such time or times and in such manner to, or for the benefit of, such exclusively charitable objects and purposes in any part of the world as the trustees may in their discretion think fit.
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and setting its grantmaking policies.
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The Equinoxe Trust
Trustees' report For the year ended 31 May 2022
FINANCIAL REVIEW
Achievements and performance
The trustees do not usually consider unsolicited applications unless they meet the criteria of the charity. All grants are considered by the trustees at their meetings. The trust intends to make grants to charities in the UK and overseas. It will support charities on a long term basis but each year this list will be reviewed and new charities may be added. The trust will make grants to registered charities and not to individuals.
Grantmaking
During the year ended 31 May 2022 the charity committed to make grants to charities totalling £490,358 (2021: £651,800).
Reserves policy
The trustees apply the unrestricted funds for the general purposes of the charity as set out in the governing document. There was a balance of unrestricted funds at 31 May 2022 of £525,399 (2021: defecit of £253,275). The settlor and trustee Mr Kurt Björklund plans to make regular donations to the charity out of his available income to build up the charity's reserves.
Investment powers and policy
There are no restrictions on the trustees' power to invest.
On behalf of the board of trustees
..............................
Mr Kurt Björklund
Trustee
Dated: ........................................
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The Equinoxe Trust
Statement of trustees' responsibilities
The trustees are responsible for preparing the Trustees' Report and the accounts 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 accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the income resources and application of resources of the charity for that year.
In preparing these accounts, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standard have been followed subject to any material departures disclosed and explained in the accounts; and
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts 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.
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The Equinoxe Trust
Independent examiner's report To the Trustees of The Equinoxe Charitable Trust
I report on the accounts of the charity for the year ended 31 May 2022, which are set our on pages 6 to 11.
Respective reponsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for the period under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Basis of independent examiners' report
My examination was carried our in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparision of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
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(a) which gives me reasonable cause to believe that in any material respect the requirements:
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(i) to keep accounting records in accordance with section 130 of the 2011 Act; and
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(ii) to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act;
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have not been met; or
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(b) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Philip Evans FCA PJE Chartered Accountants 2 Oakfield Road Clifton Bristol BS8 2AL
Dated: .........................
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The Equinoxe Trust
Statement of financial activities For the year ended 31 May 2022
| Unrestricted | Unrestricted | |||
|---|---|---|---|---|
| funds | funds | |||
| Total | Total | |||
| 2022 | 2021 | |||
| Notes | Page | £ | £ | |
| Income and endowments | ||||
| Donations received | 2 | 661,608 | 834,989 | |
| Deposit interest | 1 | 1 | ||
| Gift aid | 100,077 | 208,747 | ||
| Total income | 761,686 | 1,043,737 | ||
| Expenditure | ||||
| Charitable activities | ||||
| Grants payable | 4 | (490,358) | (651,800) | |
| Governance costs | ||||
| Accountancy fees | (2,520) | (2,190) | ||
| Independent examiner fees | (528) | (337) | ||
| Bank charges | (115) | (328) | ||
| Legal fees | (1,163) | (930) | ||
| Total expenditure | (494,684) | (655,585) | ||
| Other recognised gains/(losses): | ||||
| Gains/(losses) on foreign exchange | 5,122 | (3,328) | ||
| Net movement in funds | 272,124 | 384,824 | ||
| Fund balances at 1 June 2021 | 253,275 | (131,549) | ||
| Fund balances at 31 May 2022 | 7 | 525,399 | 253,275 |
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The Equinoxe Trust
Balance sheet As at 31 May 2022
| Notes Page Current assets Debtors 7 Cash at bank and in hand Liabilities Creditors: amounts falling due within one year 8 Total assets less current liabilities Net assets Funds Unrestricted funds 6 |
£ 523,981 6,506 530,487 (5,088) |
2022 £ £ 423,904 8,459 432,363 (179,088) 525,399 525,399 525,399 525,399 |
2021 £ 253,275 |
|---|---|---|---|
| 253,275 | |||
| 253,275 | |||
| 253,275 |
The accounts were approved by the trustees and authorised for issue on ......................... and were signed on their behalf by:
.............................. Mr Kurt Björklund
Trustee
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The Equinoxe Trust
Cash flow statement for the year ended 31 May 2022
| 2022 | 2021 | ||
|---|---|---|---|
| £ | £ | ||
| Net movement in funds (as per Statement of fnancial | |||
| activities) | 272,124 | 384,824 | |
| Decrease in creditors | (174,000) | (177,132) | |
| Increase in debtors | (100,077) | (208,747) | |
| Decrease in cash | (1,953) | (1,055) | |
| Cash and cash equivalents at the beginning of the year | 8,459 | 9,514 | |
| Cash and cash equivalents at the end of the year | 6,506 | 8,459 | |
| Analysis of net funds | |||
| At 1 June | Cash | At 31 May | |
| 2021 | fows | 2022 | |
| Cash at bank and in hand | (1,055) | (1,953) | 6,506 |
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The Equinoxe Trust
Notes to the accounts for the year ended 31 May 2022
1 Accounting policies
1.1 Basis of preparation
These accounts have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective 1 January 2019 and the Charities Act 2011.
The charity constitues a public benefit entity as defined by FRS102.
The accounts are presented in sterling and are rounded to the nearest pound.
1.2 Fund accounting
The funds held are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the trust and which have not been designated for any other purpose.
1.3 Going concern
The trustees are confident that the charity will continue to be a going concern and the accounts have been prepared on that basis.
1.4 Incoming resources
All incoming resources are included in the Statement of Financial Activities when the trust is legally entitled to the income, receipt is probable and the amount can be quantified with reasonable accuracy.
1.5 Resources expended
All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for the allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consitent with the use of resources.
1.6 Liabilities
Liabilities are recognised on the balance sheet as soon as a constructive obligation resulting from a past event can be reliably measured. Current liabilites represent those liabilities which are expected to be settled within the next 12 months from the balance sheet date.
1.7 Foreign exchange
Foreign currency transactions are converted to sterling on the date of transaction.
Grant commitments at the year end in foreign currency are converted to sterling using the exchange rate on 31 May 2022.
| 2 Donations Mr Kurt Björklund |
2022 £ 661,608 661,608 |
2021 £ 834,989 |
|---|---|---|
| 834,989 |
3 Legal status of the trust
The charity is governed by a trust deed dated 31 May 2017.
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The Equinoxe Trust
Notes to the accounts for the year ended 31 May 2022
| 4 Grants payable Teach First Hello World Hestia Housing And Support Crisis UK Winchester Project Mellon Educate UK Cruse Bereavement Support City Harvest Just for Kids Law Limited The Big Issue The Anna Foundation Reconciliation of grants payable Commitments at 1 June 2021 Grants payable for the year Grants paid during the year Foreign exchange loss Commitments at 31 May 2022 Commitments at 31 May 2022 are payable as follows: Within one year After more than one year |
2022 £ - - - - - - 20,000 200,000 90,000 150,000 30,358 490,358 176,520 490,358 (661,753) (5,125) - - - - |
2021 £ 50,000 7,000 77,800 15,000 10,000 477,000 15,000 - - - - 651,800 353,040 651,800 (831,651) 3,331 176,520 176,520 - 176,520 |
|---|---|---|
5 Trustee remuneration
The trustees do not receive remuneration from the charity.
6 Employees
There were no employees during the year (2021: none)
7 Related party transactions
During the year, the trustee, Mr Kurt Björklund, donated £661,608.32 (2021: £834,989) to the charity.
8 Taxation
As a charity, The Equinoxe Trust is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its chargeable objects.
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The Equinoxe Trust
Notes to the accounts for the year ended 31 May 2022
| 9 Debtors Gift aid receivable 10 Creditors: amounts falling due within one year Accountancy fees Independent examiner fees Grants payable - The INSEAD Foundation |
2022 £ 523,981 523,981 2022 £ 4,560 528 - 5,088 |
2021 £ 423,904 |
|---|---|---|
| 423,904 | ||
| 2021 £ 2,040 528 176,520 |
||
| 179,088 |
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