The Equinoxe Trust Charity registration number 1173473 Trustees' report and accounts For the year ended 31 May 2023 ## The Equinoxe Trust ## Contents ||Page| |---|---| |Legal and administrative information|1| |Trustees' report|2 - 3| |Statement of trustees' responsibilities|4| |Independent auditor's report|5-7| |Statement offnancial activities|8| |Balance sheet|9| |Cashfow statement|10| |Notes to the accounts|11-13| ## The Equinoxe Trust ## Legal and administrative information |Settlor|Kurt Rolf Richard Björklund| |---|---| |Trustees|Kurt Rolf Richard Björklund| ||Dahlia Björklund| |Date of settlement|31 May 2017| |Charity number|1173473| |Principal address|Wilton Row| ||Mailbox 512| ||114 11| ||Stockholm| ||Sweden| |Accountants|Evelyn Partners LLP| ||Portwall Place| ||Portwall Lane| ||Bristol| ||BS1 6NA| |Independent auditor|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| - 1 - ## The Equinoxe Trust ## Trustees' report For the year ended 31 May 2023 The trustees present their report and accounts for the year ended 31 May 2023. 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 satis fi ed that systems are in place to mitigate their exposure to major risks. ## Related parties During the year, the trustee, Mr Kurt Björklund, donated £2,066,652 (2022: £661,608) 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 bene fi t of, such exclusively charitable objects and purposes in any part of the world as the trustees may in their discretion think fi t. ## Public bene t The trustees con fi rm that they have referred to the guidance contained in the Charity Commission's general guidance on public bene fi t when reviewing the charity's aims and objectives and setting its grantmaking policies. - 2 - ## The Equinoxe Trust ## Trustees' report For the year ended 31 May 2023 ## 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 2023 the charity committed to make grants to charities totalling £4,062,943 (2022: £490,358). The grants for the year include a pledge for 3,000,000 euros to The INSEAD Foundation over a 5 year period. The fi rst instalment of 600,000 euros was paid during the year with the remainder included in creditors. ## 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 negative balance of unrestricted funds at 31 May 2023 of £1,178,621 (2022: a positive balance of £525,399). 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 ## Kurt Björklund .............................. ## Mr Kurt Björklund Trustee 18 October 2024 Dated: ........................................ - 3 - ## 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 fi nancial year which give a true and fair view of the state of a ff airs 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: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the accounts; and - 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 fi nancial 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. - 4 - ## The Equinoxe Charitable Trust ## Independent auditor's report to the trustees of The Equinoxe Charitable Trust ## Opinion We have audited the accounts of The Equinoxe Charitable Trust (the ‘charity’) for the year ended 31 May 2023 which comprise the Statement of fi nancial activities, the Balance sheet, the Cash fl ow statement and the notes to the accounts, including signi fi cant accounting policies. The fi nancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice). ## In our opinion, the accounts: - give a true and fair view of the state of the charity's a ff airs as at 31 May 2023 and of 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 Charities Act 2011. ## 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 Auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have ful fi lled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is su ffi cient and appropriate to provide a basis for our opinion. ## Conclusions relating to going concern In auditing the accounts, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the accounts is appropriate. Based on the work we have performed, we have not identi fi ed any material uncertainties relating to events or conditions that, individually or collectively, may cast signi fi cant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the accounts 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 other information comprises the information included in Trustees’ statement of accounts, other than the accounts and our auditor’s report thereon. The trustees are responsible for the other information contained within the Trustees’ statement of accounts. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the course of 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 accounts themselves. If, based on the work we have performed, 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. - 5 - ## The Equinoxe Charitable Trust ## Independent auditor's report to the trustees of The Equinoxe Charitable Trust ## Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: - su ffi cient accounting records have not been kept; or - the information given in the accounts is inconsistent in any material respect with the trustees’ Report; or - the accounts are not in agreement with the accounting records; or - we have not received all the information and explanations we require for our audit. ## Responsibilities of trustees As explained more fully in the Trustees’ Responsibilities Statement set out on page 4, the trustees are responsible for the preparation of the accounts and for being satis fi ed that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error. In preparing the accounts, the trustees are responsible for assessing the charity’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 charity or to cease operations, or have no realistic alternative but to do so. ## Auditors' responsibilities for the audit of accounts We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having e ff ect thereunder. Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report 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 in fl uence the economic decisions of users taken on the basis of these accounts. 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 obtained a general understanding of the charity’s legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity’s policies and procedures regarding compliance, and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the charity’s industry and regulation. We understand that the charity complies with the framework through: - Outsourcing accounts preparation to external experts In the context of the audit, we considered those laws and regulations which determine the form and content of the accounts, which are central to the charity’s ability to conduct its business, and/or where there is a risk that failure to comply could result in material penalties. We identi fi ed the following laws and regulations as being of signi fi cance in the context of the charity: - The Charities Act 2011, FRS 102 and the Accounting and Reporting by Charities: Statement of Recommended Practice (the SORP) in respect of the preparation and presentation of the accounts The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity’s accounts to material misstatement, including how fraud might occur. The areas identi fi ed in this discussion were: - 6 - ## The Equinoxe Charitable Trust ## Independent auditor's report to the trustees of The Equinoxe Charitable Trust The procedures we carried out to gain evidence in the above areas included: - Substantive work on material areas a ff ecting the accounts A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. ## Use of our report This report is made solely to the charity’s trustees as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. ## PJE Chartered Accountants ## PJE Chartered Accountants Statutory Auditor Chartered Accountants 2 Oak fi eld Road Clifton Bristol BS8 2AL ## Date: 23 October 2024 - 7 - ## The Equinoxe Trust ## Statement of fi nancial activities For the year ended 31 May 2023 ||||Unrestricted|Unrestricted| |---|---|---|---|---| ||||funds|funds| ||||Total|Total| ||||2023|2022| ||Notes|Page|£|£| |Income and endowments||||| |Donations received|2||2,066,652|661,608| |Gift aid|||515,929|100,077| |Deposit interest|||1|1| |Total income|||2,582,582|761,685| |Expenditure||||| |Charitable activities||||| |Grants payable|4||(4,062,943)|(490,358)| |Governance costs||||| |Accountancy fees|||(3,260)|(2,520)| |Independent examiner fees (under-provision re prior year)|||(66)|(528)| |Independent auditor's fees|||(528)|-| |Bank charges|||(2,148)|(115)| |Legal fees|||(5,749)|(1,163)| |Gift aid debtor written of|||(149,223)|-| |Total expenditure|||(4,223,917)|(494,684)| |Other recognised (losses)/gains:||||| |(Losses)/gains on foreign exchange|||(62,685)|5,122| |Net movement in funds|||(1,704,020)|272,123| |Fund balances at 1 June 2022|||525,399|253,275| |Fund balances at 31 May 2023||9|(1,178,621)|525,398| - 8 - ## The Equinoxe Trust ## Balance sheet As at 31 May 2023 |Notes Page
Current assets
Debtors
9
Cash at bank and in hand
Liabilities
Creditors: amounts falling due
within one year
10
Total assets less current liabilities
Long term liabilities
Creditors due in more than one
year
11
Net (liabilities)/assets
Funds
Unrestricted funds
8|2023
£
£
£
890,687
523,981
9,959
6,506
900,646
530,487
(522,145)
(5,088)
378,501
(1,557,122)
(1,178,621)
(1,178,621)
(1,178,621)|2022
£
525,399
-| |---|---|---| |||525,399| |||525,399| |||525,399| 18 October 2024 The accounts were approved by the trustees and authorised for issue on .................................................. and were signed on their behalf by: ## Kurt Björklund ## .............................. Mr Kurt Björklund Trustee - 9 - ## The Equinoxe Trust ## Cash fl ow statement for the year ended 31 May 2023 |2023
£
Net movement in funds (as per Statement offnancial
activities)
(1,704,020)
Increase/(decrease) in creditors
2,074,179
Decrease/(increase) in debtors
(366,706)
Increase/(decrease) in cash
3,453
Cash and cash equivalents at the beginning of the year
6,506
Cash and cash equivalents at the end of the year
9,959
Analysis of net funds
At 1 June
Cash
2022
fows
Cash at bank and in hand
6,506
3,453|2022
£
272,124
(174,000)
(100,077)
(1,953)
8,459
6,506
At 31 May
2023
9,959| |---|---| - 10 - ## The Equinoxe Trust ## Notes to the accounts for the year ended 31 May 2023 ## 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) (e ff ective 1 January 2019) and the Charities Act 2011. The charity constitutes a public bene fi t entity as de fi ned 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 con fi dent that the charity will continue to be a going concern and the accounts have been prepared on that basis. The balance sheet as at 31 May 2023 shows negative funds of £1,571,263. This includes grants committed over a 5 year period which will be paid for by further annual donations from Kurt Björklund. ## 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 quanti fi ed 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 consistent 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 liabilities 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 2023. |2
Donations
Mr Kurt Björklund|2023
£
2,066,652
2,066,652|2022
£
661,608| |---|---|---| |||661,608| - 11 - ## The Equinoxe Trust ## Notes to the accounts for the year ended 31 May 2023 ## 3 Legal status of the trust The charity is governed by a trust deed dated 31 May 2017. ## 4 Grants payable |Grants payable
Cruse Bereavement Support
City Harvest
Just for Kids Law Limited
The Big Issue
The Anna Foundation
Hanken School of Economics
Centrum Foundation
Mellon Educate UK
British Red Cross
The INSEAD Foundation
Reconciliation of grants payable
Commitments at 1 June 2022
Grants payable for the year
Grants paid during the year
Foreign exchange loss/(gain)
Commitments at 31 May 2023
Commitments at 31 May 2023 are payable as follows:
Within one year
After more than one year|2023
£
-
-
-
-
39,397
858,088
172,572
453,146
25,000
2,514,740
4,062,943
-
4,062,943
(2,051,151)
64,371
2,076,163
519,041
1,557,122
2,076,163|2022
£
20,000
200,000
90,000
150,000
30,358
-
-
-
-
-
490,358
176,520
490,358
(661,753)
(5,125)
-
-
-
-| |---|---|---| ## 5 Trustee remuneration The trustees do not receive remuneration from the charity. ## 6 Employees There were no employees during the year (2022: none). ## 7 Related party transactions During the year, the trustee, Mr Kurt Björklund, donated £2,066,652 (2022: £661,608) to the charity. - 12 - ## The Equinoxe Trust ## Notes to the accounts for the year ended 31 May 2023 ## 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. |9
Debtors
Gift aid receivable
10
Creditors: amounts falling due within one year
Accountancy fees
Independent examiner fees
Independent auditor's fees
Grants payable - The INSEAD Foundation
11
Creditors: amounts falling due after more than one year
Grants payable - The INSEAD Foundation|2023
£
890,687
890,687
2023
£
2,576
-
528
519,041
522,145
2023
£
1,557,122
1,557,122|2022
£
523,981| |---|---|---| |||523,981| |||2022
£
4,560
528
-
-| |||5,088| |||2022
£
-| |||-| - 13 -