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 2024
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 - 12 |
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 2024
| Trustees | N S Katona |
|---|---|
| J Lake | |
| M Peck | |
| Company registered number CE011331 Charity registered number 1173842 Registered office Mowgli Street Food Ltd 18 Queen Avenue Castle Street Liverpool L2 4TX Accountants Hurst Accountants Limited Chartered Accountants 3 Stockport Exchange Stockport SK1 3GG 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 2024
The Trustees present their annual report together with the financial statements of the Company for the year 1 April 2023 to 31 March 2024. 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, Wales and Scotland. 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 £682k (2023: £557k) from donations received from Mowgli Street Food.
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, Leeds, Cheshire, Cheltenham, London, Brighton, Preston, Glasgow, Bristol, Edinburgh, Beverley, Bury St Edmunds and Chelmsford.
Page 2
The Mowgli Trust
(A Company Limited by Guarantee)
Trustees' Report (continued) For the Year Ended 31 March 2024
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 surplus for the year was £46,095 (2023: £21,707), with retained funds of £175,631 (2023: £129,536) at the year end. The Statement of Financial Activities is set out on page 6.
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.
b. Trustees
The Trustees, who served during the year and to the date of this report were:
N S Katona M Peck J Lake
Page 3
The Mowgli Trust (A Company Limited by Guarantee)
Trustees' Report (continued) For the Year Ended 31 March 2024
Structure, governance and management (continued)
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 judgements 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: 19 Dec 2024
Page 4
The Mowgli Trust (A Company Limited by Guarantee)
Independent examiner's report For the Year Ended 31 March 2024
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 2024.
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
Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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
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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
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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.
19 Dec 2024 Signed: Dated: Mike Jackson The Institute of Chartered Accountants in England and Wales
Hurst Accountants Limited
Chartered Accountants 3 Stockport Exchange Stockport SK1 3GG
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 2024
| Note Income from: Donations and legacies 4 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 2024 £ 681,881 681,881 80,038 557,548 637,586 44,295 129,536 44,295 173,831 |
Total funds 2024 £ 681,881 681,881 80,038 557,548 637,586 44,295 129,536 44,295 173,831 |
Total funds 2023 £ 556,513 556,513 |
|---|---|---|---|
| 88,195 446,611 534,806 |
|||
| 21,707 | |||
| 107,829 21,707 129,536 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 12 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 2024
| Note Current assets Debtors 8 Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current assets Total net assets Charity funds Restricted funds Unrestricted funds Total funds |
114,363 61,268 175,631 (1,800) |
2024 £ 173,831 173,831 - 173,831 173,831 |
79,862 49,674 129,536 - |
2023 £ 129,536 |
|---|---|---|---|---|
| 129,536 | ||||
| - 129,536 |
||||
| 129,536 |
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:
................................................
M Peck Trustee Date:
The notes on pages 8 to 12 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 2024
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, 18 Queen Avenue, Castle Street, Liverpool, L2 4TX.
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.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
Page 8
The Mowgli Trust
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2024
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.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
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.
3. Critical accounting estimates and areas of judgement
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 2024
4. Income from donations and legacies
| Donations Donations 5. Analysis of expenditure by activities Other costs Other costs |
Governance costs 2024 £ 2,048 Governance costs 2023 £ 2,091 |
Unrestricted funds 2024 £ 681,881 Unrestricted funds 2023 £ 556,513 Grants and donations paid 2024 £ 555,500 Grants and donations paid 2023 £ 444,520 |
Total funds 2024 £ 681,881 |
|---|---|---|---|
| Total funds 2023 £ 556,513 |
|||
| Total funds 2024 £ 557,548 |
|||
| Total funds 2023 £ 446,611 |
Page 10
The Mowgli Trust
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2024
6. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £1,800 ( 2023 - £1,800 ).
7. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .
During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL) .
8. Debtors
| Prepayments and accrued income 9. Creditors: Amounts falling due within one year Accruals and deferred income 10. Summary of funds Summary of funds - current year General funds Summary of funds - prior year General funds |
Balance at 1 April 2023 £ 129,536 Balance at 1 April 2022 £ 107,829 |
Income £ 681,881 Income £ 556,513 |
2024 £ 114,363 2024 £ 1,800 Expenditure £ (637,586) Expenditure £ (534,806) |
2023 £ 79,862 |
|---|---|---|---|---|
| 2023 £ - |
||||
| Balance at 31 March 2024 £ 173,831 |
||||
| Balance at 31 March 2023 £ 129,536 |
Page 11
The Mowgli Trust
(A Company Limited by Guarantee)
Notes to the Financial Statements For the Year Ended 31 March 2024
11. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Current assets Creditors due within one year Analysis of net assets between funds - prior period Current assets |
Unrestricted funds 2024 £ 175,631 (1,800) Unrestricted funds 2023 £ 129,536 |
Total funds 2024 £ 175,631 (1,800) Total funds 2023 £ 129,536 |
|---|---|---|
12. Related party transactions
N S Katona and M Peck are directors of Mowgli Street Food Limited. During the year the charity received donations from Mowgli Street Food Limited of £681,881 (2023: £556,513). An amount of £114,363 (2023: £79,862) was outstanding at the year and is included within other debtors.
Page 12
Issuer
HURST Accountants
Document generated Thu, 19th Dec 2024 11:00:18 GMT Document fingerprint a0aa783d2063d6262b1bf439b7f6f80b
Parties involved with this document
Document processed Party + Fingerprint Thu, 19th Dec 2024 11:32:27 GMT Matthew Peck - Signer (14e2c207248e2f67c823a470534badca) Thu, 19th Dec 2024 13:05:21 GMT Mike Jackson - Signer (9b1f48c0375ad1290033705d85528aa4) Audit history log Date Action Thu, 19th Dec 2024 13:05:21 GMT Mike Jackson viewed the envelope (86.190.169.172) Thu, 19th Dec 2024 13:05:21 GMT This envelope has been signed by all parties (86.190.169.172) Thu, 19th Dec 2024 13:05:21 GMT Mike Jackson signed the envelope (86.190.169.172) Thu, 19th Dec 2024 13:04:56 GMT Mike Jackson viewed the envelope (86.190.169.172) Thu, 19th Dec 2024 11:32:29 GMT Document emailed to michael.jackson@hurst.co.uk (13.40.75.138) Thu, 19th Dec 2024 11:32:28 GMT Matthew Peck viewed the envelope (18.168.47.123) Thu, 19th Dec 2024 11:32:27 GMT Sent the envelope to Mike Jackson (michael.jackson@hurst.co.uk) for signing (18.168.47.123) Thu, 19th Dec 2024 11:32:27 GMT Matthew Peck signed the envelope (18.168.47.123) Thu, 19th Dec 2024 11:31:51 GMT Matthew Peck viewed the envelope (18.168.47.123) Thu, 19th Dec 2024 11:01:31 GMT Document emailed to matthew@mowglistreetfood.com (18.133.140.104) Thu, 19th Dec 2024 11:01:29 GMT Sent the envelope to Matthew Peck (matthew@mowglistreetfood.com) for signing (149.107.64.226) Thu, 19th Dec 2024 11:00:20 GMT Document generated with fingerprint a0aa783d2063d6262b1bf439b7f6f80b (149.107.64.226) Thu, 19th Dec 2024 11:00:19 GMT Document generated with fingerprint 785acf42a3b910676c9369e2fd5a0906 (149.107.64.226) Thu, 19th Dec 2024 11:00:18 GMT Envelope generated by Greg Wilson (149.107.64.226)