Registered number: CE011331 Charity number: 1173842
The Mowgli Trust
(A Company Limited by Guarantee)
Unaudited
Trustees' Report and Financial Statements
For the Year Ended 31 March 2021
The Mowgli Trust
(A Company Limited by Guarantee)
Contents
| Page | |
|---|---|
| Reference and Administrative Details of the Company, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 - 13 |
The Mowgli Trust
(A Company Limited by Guarantee)
Reference and Administrative Details of the Company, its Trustees and Advisers For the Year Ended 31 March 2021
| Trustees | N S Katona |
|---|---|
| J Lake | |
| C White (Resigned 17 January 2022) | |
| M Peck | |
| Company registered number CE011331 Charity registered number 1173842 Registered office Mowgli Street Food Ltd 69 Bold Street Liverpool L1 4EZ Accountants Hurst Accountants Limited Chartered Accountants Lancashire Gate 21 Tiviot Dale Stockport SK1 1TD Bankers Santander UK PLC 2 Triton Square Regent's Place London NW1 3AN |
Page 1
The Mowgli Trust (A Company Limited by Guarantee)
Trustees' Report For the Year Ended 31 March 2021
The Trustees present their annual report together with the financial statements of the Company for the year 1 April 2020 to 31 March 2021. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The charity’s objectives and principal activities are for the benefit of the public generally, both in the United Kingdom and overseas.
The objective of the CIO is to advance such charitable purposes (according to the law of England and Wales) as the trustees see fit from time to time, by providing grants and donations, in particular, but not exclusively, to organisations and individuals in England and Wales. The charity meets these objectives by distributing donations largely received from Mowgli Street Food Limited to several institutions.
b. 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 Trust’s aims and objectives and in planning future activities and setting the grant making policy for the year.
c. Grant Making Policy
Grants would be considered by the trustees to be made in the areas necessary. Grants are considered by the trustees on a case by case basis.
Achievements and performance
a. Main achievements of the Company
The Trust has raised £94k from donations received from Mowgli Street Food since April 2020.
The Trust has subsequently been able to support numerous charities across the UK. The charities supported include local charities across Liverpool, Manchester, Birmingham, Oxford, Nottingham, Sheffield, Cardiff, Leicester and Leeds.
Page 2
The Mowgli Trust
(A Company Limited by Guarantee)
Trustees' Report (continued) For the Year Ended 31 March 2021
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
It is the policy of the charity to maintain sufficient free reserves to generate sufficient donations to fund their annual grants programme, and to cover the annual management. The trustees consider that the most appropriate level of free reserves in the long term is £5,000.
c. Principal risks and uncertainties
The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.
d. Financial risk management objectives and policies
Net deficit for the year was £27,031 (2020 surplus: £24,415), with retained funds of £10,136 (2020: £37,167) at the year end. The Statement of Financial Activities is set out on page 6.
The deficit in the current year is due to closures of Mowgli Street Food Limited due to Government restrictions during the year and the Mowgli Dog Show not taking place for the same reasons.
e. Plans for Future Periods
The charity will continue to undertake its charitable objectives to provide grants to institutions.
Structure, governance and management
a. Constitution
The organisation is a Charitable Incorporated Organisation (CE011331), incorporated on 18 July 2017 and registered as a charity (1173842) on 18 July 2017, however the Charity didn’t become operational until July 2018. The charity is governed by a document of constitution.
The day to day running of the charity is managed by the trustees.
Page 3
The Mowgli Trust
(A Company Limited by Guarantee)
Trustees' Report (continued) For the Year Ended 31 March 2021
Structure, governance and management (continued)
b. Trustees
The Trustees, who served during the year and to the date of this report were:
N S Katona M Peck J Lake C White (resigned 17 January 2022)
c. Methods of appointment or election of Trustees
Trustees are appointed by a resolution of the trustees passed at a special meeting. The minimum number of trustees is 3. All trustees are skilled to carry out their responsibilities however if any further training is identified it will be provided.
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report 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. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Matthew Peck
................................................ M Peck Trustee
Date: 26 Jan 2022
Page 4
The Mowgli Trust (A Company Limited by Guarantee)
Independent Examiner's Report For the Year Ended 31 March 2021
Independent Examiner's Report to the Trustees of The Mowgli Trust ('the Company')
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 March 2021.
Responsibilities and Basis of Report
As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the 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:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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 accounts to be reached.
This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.
Signed:
Mike Jackson
26 Jan 2022
Dated:
The Institute of Chartered Accountants in England and Wales
Hurst Accountants Limited
Chartered Accountants Lancashire Gate 21 Tiviot Dale Stockport SK1 1TD
Page 5
The Mowgli Trust
(A Company Limited by Guarantee)
Statement of financial activities (incorporating income and expenditure account) For the Year Ended 31 March 2021
| Note Income from: Donations and legacies 4 Investments 5 Total income Expenditure on: Raising funds Charitable activities Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ 94,424 3 94,427 - 121,458 121,458 (27,031) 37,167 (27,031) 10,136 |
Total funds 2021 £ 94,424 3 94,427 - 121,458 121,458 (27,031) 37,167 (27,031) 10,136 |
Total funds 2020 £ 340,468 10 |
|---|---|---|---|
| 340,478 | |||
| 19,955 296,108 |
|||
| 316,063 | |||
| 24,415 | |||
| 12,752 24,415 |
|||
| 37,167 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 8 to 13 form part of these financial statements.
Page 6
The Mowgli Trust
(A Company Limited by Guarantee) Registered number: CE011331
Balance Sheet As at 31 March 2021
| Note Current assets Debtors 9 Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Total net assets Charity funds Restricted funds 11 Unrestricted funds 11 Total funds |
9,229 907 10,136 - |
2021 £ 10,136 10,136 - 10,136 10,136 |
28,195 13,122 41,317 (4,150) |
2020 £ 37,167 |
|---|---|---|---|---|
| 37,167 | ||||
| - 37,167 |
||||
| 37,167 |
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Matthew Peck
................................................
M Peck
Trustee
Date: 26 Jan 2022
The notes on pages 8 to 13 form part of these financial statements.
Page 7
The Mowgli Trust
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2021
1. General information
The Mowgli Trust is a charitable incorporated organisation registered with the Charity Commission in England & Wales. The registered office address is Mowgli Street Food Ltd, 69 Bold Street, Liverpool, L1 4EZ.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Mowgli Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Going concern
There are no material uncertainties about the entity’s ability to continue, as all grants are only committed when funds are in place, hence the Trustees have adopted the going concern basis in preparing the financial statements.
2.3 Income
Donations are credited to the statement of financial activities once the charity has entitlement to the resources, it is certain that the resources will be received, and the monetary value can be measured with sufficient reliability.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
2.4 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 settlement will be required, and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accrual’s basis, inclusive of any VAT which cannot be recovered.
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Charity. Grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the Charity.
Governance costs are related to the governance of the charity, such as trustees’ expenses and independent examination fees..
Page 8
The Mowgli Trust
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2021
2. Accounting policies (continued)
2.5 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
2.8 Financial instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.9 Fund accounting
Funds held by the charity are either:
-
Unrestricted funds which can be used in accordance with the charitable objectives at the discretion of the trustees;
-
Restricted funds which can only be used for a particular restricted purpose within the charitable objectives.
Investment income, gains and losses are allocated to the appropriate fund.
3. Critical accounting estimates and areas of judgment
The trustees believe that estimates and assumptions do not have a significant risk of causing a material difference to the carrying amounts of assets and liabilities within the next financial year.
Page 9
The Mowgli Trust
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2021
| 4. Income from donations and legacies Donations Donations 5. Investment income Investment income Investment income 6. Analysis of expenditure by activities Governance costs 2021 £ Other costs 160 |
Unrestricted funds 2021 £ 94,424 Unrestricted funds 2020 £ 340,468 Unrestricted funds 2021 £ 3 Unrestricted funds 2020 £ 10 Grants and donations paid 2021 £ 121,298 |
Total funds 2021 £ 94,424 |
|---|---|---|
| Total funds 2020 £ 340,468 |
||
| Total funds 2021 £ 3 |
||
| Total funds 2020 £ 10 |
||
| Total funds 2021 £ 121,458 |
Page 10
The Mowgli Trust
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2021
6. Analysis of expenditure by activities (continued)
| Grants and | |||
|---|---|---|---|
| Governance | donations | Total | |
| costs | paid | funds | |
| 2020 | 2020 | 2020 | |
| £ | £ | £ | |
| Other costs | 1,884 | 294,224 | 296,108 |
7. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £1,800 ( 2020 - £1,800 ).
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) . During the year ended 31 March 2021, no Trustee expenses have been incurred (2020 - £NIL) .
9. Debtors
| Prepayments and accrued income 10. Creditors: Amounts falling due within one year Accruals and deferred income |
2021 £ 9,229 2021 £ - |
2020 £ 28,195 |
|---|---|---|
| 2020 £ 4,150 |
Page 11
The Mowgli Trust
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2021
| 11. Statement of funds Statement of funds - current year Balance at 1 April 2020 £ Unrestricted funds Unrestricted funds 37,167 Unallocated amounts - 37,167 Statement of funds - prior year Balance at 1 April 2019 £ Unrestricted funds Unrestriced funds 12,752 12. Analysis of net assets between funds Analysis of net assets between funds - current year Current assets Total |
Income £ 114,083 (19,656) 94,427 Income £ 340,478 |
Expenditure £ (118,258) (3,200) (121,458) Expenditure £ (316,063) Unrestricted funds 2021 £ 10,136 10,136 |
Balance at 31 March 2021 £ 32,992 (22,856) 10,136 Balance at 31 March 2020 £ 37,167 Total funds 2021 £ 10,136 |
|---|---|---|---|
| 10,136 |
Page 12
The Mowgli Trust
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2021
12. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Current assets Creditors due within one year Total |
Unrestricted funds 2020 £ 41,317 (4,150) 37,167 |
Total funds 2020 £ 41,317 (4,150) |
|---|---|---|
| 37,167 |
13. Related party transactions
Mrs N S Katona is a director of Mowgli Street Food Limited. During the year the charity recevied donations from Mowgli Street Food Limited of £114,080 (2020: £304,790). An amount of the £9,229 (2020: £28,195) was outstanding at the year and is included within other debtors. During the prior year an employee of Mowgli Street Food Limited donated their services to the charity facilitating charitable activities and liasing with institutions, expenses to the charity totalled £8,751, such services were not provided in the current year.
Page 13
Issuer
HURST Accountants
Document generated Wed, 26th Jan 2022 16:49:18 UTC Document fingerprint 4f0f274405c56b306a9c6599ec700e91
Parties involved with this document
Document processed
Party + Fingerprint
Wed, 26th Jan 2022 17:03:56 UTC Wed, 26th Jan 2022 17:05:01 UTC Wed, 26th Jan 2022 17:05:01 UTC
Matthew Peck - Signer (f3a07375b1805f1cb9247b16229dfbe9) Mike Jackson - Signer (55c7fd0898e844cd83f4273c3920ee43) Joanne flynn - Copied In (898ac1f9d6a2e50ee6864e7fe7c8998d)
Audit history log
Date
Action
Wed, 26th Jan 2022 17:05:01 UTC Wed, 26th Jan 2022 17:05:01 UTC
Wed, 26th Jan 2022 17:05:01 UTC Wed, 26th Jan 2022 17:05:01 UTC Wed, 26th Jan 2022 17:04:41 UTC Wed, 26th Jan 2022 17:04:14 UTC Wed, 26th Jan 2022 17:03:58 UTC Wed, 26th Jan 2022 17:03:56 UTC
Wed, 26th Jan 2022 17:03:56 UTC Wed, 26th Jan 2022 17:00:21 UTC Wed, 26th Jan 2022 16:50:57 UTC Wed, 26th Jan 2022 16:50:55 UTC
Wed, 26th Jan 2022 16:50:11 UTC Wed, 26th Jan 2022 16:50:11 UTC Wed, 26th Jan 2022 16:50:11 UTC Wed, 26th Jan 2022 16:49:49 UTC
The envelope has been signed by all parties. (86.175.98.146) Sent a copy of the envelope to Joanne flynn (joanne.flynn@hurst.co.uk). (86.175.98.146) Mike Jackson signed the envelope. (86.175.98.146) Mike Jackson viewed the envelope. (20.49.247.43) Mike Jackson viewed the envelope. (86.175.98.146) Matthew Peck opened the document email. (18.168.47.91) Document emailed to mike.jackson@hurst.co.uk (18.133.159.189) Sent the envelope to Mike Jackson (mike.jackson@hurst.co.uk) for signing. (18.168.47.91) Matthew Peck signed the envelope. (18.168.47.91) Matthew Peck viewed the envelope. (18.168.47.91) Document emailed to matthew@mowglistreetfood.com (35.178.173.124) Sent the envelope to Matthew Peck (matthew@mowglistreetfood.com) for signing. (80.192.23.32) Joanne flynn has been assigned to this envelope (80.192.23.32) Mike Jackson has been assigned to this envelope (80.192.23.32) Matthew Peck has been assigned to this envelope (80.192.23.32) Document generated with fingerprint 4f0f274405c56b306a9c6599ec700e91 (80.192.23.32)
Wed, 26th Jan 2022 16:49:19 UTC Envelope generated by Katie Waud (80.192.23.32)