Charity registratlon number 1173476 THE MBILI CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2024 THE MBILI CHARITABLE TRUST LEGALAND ADMINISTRATIVE INFORMATION Trustees Mrs Jill Hackel-zarzycki Ms Sascha Hackel Charlty number 1173476 Registered office PO Box 338 Ajton Hampshire GU34 gJL Independent examiner H Patel FCCA Gerald Edelman LLP 73 Comhill London EC3V 3QQ Bankers National Westminster Bank 4 High Street Petersfield Hampshire GU32 3JF Solicltors Irwin Mitchell LLP 40 Holbom Viadurt London EC1N 2PZ Investment advisors James Hambro & Partners LLP 45 Pall Mall London SW1Y 5JG THE MBILI CHARITABLE TRUST CONTENTS Page Trustees. report Statement of Trustees, responsibilities Independent examinerfs report Statement of financial activities Balance sheet Notes to the financial statements 7-11 THE MBILI CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustees present their annual report and financial statements for the year ended 5 April 2024. Th8 financial statements have been prepared in accordance with the accounting poliaes set out in note 1 to the financial statements and comply with the charity's goveming document, the Charities Act 2011 and 'Accounting and Reporting by Charities: Ststement 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). Objectlves and activities The objects of the charity are: the education of the general public 2. the preservation, protection, promotion and support of the arts including but not limtted to visual art, theatre, poetry, dance. music, film and publishing; 3. the promotion and advancement of conservation. protection and Improvement of the physical and natural environment for the benefit of the general public: and 4. the relief of the poverty of financial hardship among refugees. asylum seekers, migrant workers, and their dependants anywhere In the world. The Trustees have paid dué regard to guidance issued by the Charity Commission in decKling what activities the charity should undertake. It is the policy of the Trustees to support individual chartties mainly on a single donation basis Applications are welcomed from other charitable institutions for grants. The merits of each application are considered and rf required. further research is carried out prior to a grant being made. All Trustees give of their time freely and no trustees remuneration or other benefits were paid in the year under review. Achlev•ments and perfomiance During Ihe year under review the Trustees mad8 various charitable grants of £77,628 (2023: £82.743). For further details please see note 6. Financial review The net income for the year was £104.002 (2023: Expenditure £171,91XI). The total incorne ￿CeiVed was £26.861 (2023: £24,109) comprising in￿)me from the inveslment portfolio. The total expenditure was £101.645 (2023: £107,600) with the decrease primarily resufting from a lower level of grants paid out (see above)- Since the inception of the trust the Trustees have maintained a policy of holding investments in order to generate a retum to fund ongoing charitable expenditure. Thus reserves are represented by net current assets which at 5 April 2024 amounted to £14.292. The Trustees have adopted a low rtsk strategy with regard to their investment porlfolio wtth a target of maintaining the capital base and eaming a reasonable income retum. The net gain on disposal and revaluation of investments in the year was £178.786 (2023: Loss £88.409) resulting from a period of poltttcal and economic uncertainty. The Trustees have reviewed the risks associated with the char7Vs operations and have developed a plan to ensure that such risks are mtiigated to a reasonable level. The plan is reviewed and updated on a regular basis. THE MBILI CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Structure. governance and management The charity is an unincorporated trust set up by a deed dated 7 November 2016. The Trustees who served during the year and up to the date of signature of the financial statements were: Ms S Hackel Mrs J Hackel-zarzycki Additional Trustees can be appointed at the discretion of the Board. None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up. The chaiity Is administéred on a day to day basis by the Trustees who regularly IK)Id infomial meetings to discuss ongoing issues arising. The Trustees, report was approved by the Board of Trustees. Ms S Hackel Trustse 25 October 2024 THE MBILI CHARITABLE TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2024 The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (Untted Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales 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 charity and of the incoming resources and application of ￿SoUrceS of the charity for that year. In preparing these financial ststements. the Trustees are required to: select suitsble accounting policies and then apply them consistentty", - observe the methods and prinriples in the Charities SORP; make judgements and estimates that are reasonable and prudent. state whether applicable accounting stsndards have been followed. subject to any material departU￿S disclosed and explained in the finanaal statements; and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees ar8 responsible for keeping sufficient accountlng records that disclose wtth reasonable accuracy at any time the financial posib'on of the chartty and enable them to ensure that the financial statements comply with the Charlties 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. THE MBILI CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MBILI CHARITABLE TRUST I report to the Truslees on my examination of the financial statements of the Mbili Charrtabl8 Trust for the year ended 5April 2024. Responsibilitles 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 carying out my examinakn'on I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independènt •xamlnerf8 Statement Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practi￿ issued on 1 April 2005 which is referred to in the exlant regulations but has now been wilhdrawn. l understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confim) that no matters have corne to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of th6 charity as required by section 130 of th6 2011 Act; or the financial stat8m8nts do not accord with those records; or the finaneial statements do not comply ¥Mth the applicable requirements conceming the fomi and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concems 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 ststements to be reached. Dated: 25 October 2024 THE MBILI CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Unrestrlcted Unrestricted fvnds funds 2024 2023 Notes Income from: Investments 26.861 24,109 endllu Raising funds 19,418 20,723 Charitsble activities 82,227 86.877 Total expenditure 101,645 107.600 Net expendlture boforo invostment returns (74.784) {83,491) Net gains on investrnents 10 178,786 (88,409) Net Incomel{expondlture) for tha y•ar 104.002 {171.900) Fund balances at 6 April 2023 1,969,415 2.141,315 Fund balances at 5 April 2024 2.073.417 1,969.415 The statement of financial acttvities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. THE MBILI CHARITABLE TRUST BALANCE SHEET AS AT 5APRIL 2024 2024 2023 Notes Fixed assets Investments 11 2.059.125 1,957.896 Current assets Cash at bank and in hand 18.252 15,119 Credltors: amounts falling due withln one year 12 (3.960) {3.600) Net Current assets 14,292 11,519 Total assets less current Ilabllltles 2.073,417 1.969,415 Income funds Unrestricted funds 2,073.417 1,969,415 The finanrial statements were approved by the Trustees on 25 October 2024 Ms S Hackel Trustee THE MBILI CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accountlng policies Charity infomiation The Mbili Charitable Trust is an unincorporated chaiity and their registered office is PO Box 338, Alton. Hampshire GU34 9JL. 1.1 Accountlng convention The financial statements have been prepared in accordance wtth the charity's goveming 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 aGGounts 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 financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the exient 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 Ststement of Recommended Practice which is referred to in the Regulations but which has Sin￿ been withdrawn. The financial statements are prepared in sterling, which is the funclional currency of the charity. Monetsry amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. [modffied to include the revaluation of freehold properties and to includ8 investment properties and certain financial instruments at fair value]. The principal accounts'ng policies adopted are set out below. 1.2 Golng concom At the time of appro¥ing the financial statements, the Twstees 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 concem basis of accounting in preparing the financAal statements. 1.3 Charitable funds Unreslricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject to spectfiG conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to Ihe financlal statements. 1.4 Income Investmenl income is included on on a re￿1vable basis. 1.5 Expendlture Expenditure is recognised once the￿ is a legal or constructive obligation to transfer economic benefit to third paty, tt is probabl8 that a trdnsfer of economic benefits will be required in s8tt1emenC and the amount of the obligation can be measured reliably. Costs of raising funds are represented by management costs of the investrnent portfolio t)wned by the chailty. Charitable expenditure is represented by direct costs in the fonn of grants payable. Also included are support costs relating to the administration of the charity which indudes govemance costs. Induded in govemance costs are expenses relating to compliance constitutional and statutory obligations. THE MBILI CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies (Continued) 1.6 Flxed asset investments Fixed asset investments a￿ inibally measured at transaction price excluding transaction costs. and are subsequently measured at fair value at each reporting date. Changes in fair value are recognlsed in n8t incom81{8xp8nditure) for th8 year. Transaction costs are expensed as incurred. 1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call wtlh 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. 1.8 Flnancial 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 charitys balance sheet when the charity becomes paty 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 sethe the liability simultaneously. Baslc financlal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transadion price including transaction costs and are subsequently carriad at amortised cost using the eff8CtiV8 interest method unless the arrangement constitutes a financing transaction. where the trdnsaction is measured at the present value of the future receipts discounted at a market rat8 of interesL Flnancial assets dassified as receivable within one year are not amortised. Baslc flnanclal Ilabllltles 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 presenl value of the future payments discounted at a market rate of interesL Financial liabilib'es 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 rf payment is due within one year or less. If not. they are presented as non