Charity number: 1184349
The Monkeypuzzle Charitable Trust
Unaudited
Trustees' report and financial statements
For the year ended 5 April 2021
The Monkeypuzzle Charitable Trust
Contents
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 11 |
| Independent examiner's report | 12 |
The Monkeypuzzle Charitable Trust
Reference and administrative details of the Charity, its Trustees and advisers For the year ended 5 April 2021
| Trustees | R T Erskine Pigott |
|---|---|
| C J Erskine Pigott | |
| A D Erskine Pigott | |
| Charity registered number 1184349 Principal office Royds Withy King 69 Carter Lane London EC4V 5EQ Independent Examiner Kreston Reeves LLP 9 Donnington Park 85 Birdham Road Chichester West Sussex PO20 7AJ |
Page 1
The Monkeypuzzle Charitable Trust
Trustees' report For the year ended 5 April 2021
The Trustees present their annual report together with the financial statements of the Charity for the year 6 April 2020 to 5 April 2021. The prior financial period was 10 July 2019 to 5 April 2020, due to the registration of the Charity on 10 July 2019. Therefore the comparatives are not entirely comparable.
Objectives and activities
a. Policies and objectives
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
The purposes of the Charity as set out in the governing document is to benefit environmental issues, young people and mental health, both in the UK and Worldwide, through grant giving.
b. Main activities undertaken to further the Charity's purposes for the public benefit
The main activities of the Charity for the public benefit is that of grant giving to other charities and organisations which meet the objectives of the Charity being that to support environmental issues, young people and mental health.
Achievements and performance
a. Main achievements of the Charity
During the year, the Charity received a gift of shares from the settlor of the trust with a value of £123,936. No grants have been made during the period while the Charity undertook to further increase the investment holdings. The Trustees have identified charities which they wish to support with grants in future financial years.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity 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
The Trustees consider that the Charity does not need to maintain any significant free reserves as the expendable endowment fund is available to be utilised for future expenditure.
c. Performance
During the year the Charity received an expendable endowment gift of £126,558 (2020 - £83,088) and incurred unrestricted expenditure of £2,400 (2020 - £2,400) and expenditure allocated to the endowment fund of £541 (2020 - £nil). After accounting for a gain on revaluation of investments of £112,448 (2020 - loss on revaluation of £10,152), the Charity had net income for the year of £236,105 (2020 - £70,536). As at 5 April 2021, the endowment fund totalled £306,419 (2020 - £70,536) and the general fund totalled £222 (2020 - £nil).
Page 2
Th• Monkeypuulo Charltsbla Tru•t Trust•es' report Icontlnued) For tho y•ar énded 5 Aprll 2021 Structurn. gov•rnanca and rnanagem•nt a. Constltuilon The Monkeypuzzle Charitable Trust is a registered charity, number 1184349. and Is Constituted under a Trust deed daled 2 F8bruary 2018. b. Methods of appolntment or elfrctlon ol Truste•8 The managernent of the Charity Is the responsibllily ol Ihe Truste8s who are elected and CHiPted under the terms of the Trust deed. Statement of Truslees. responsibllltles The Trustees are responsible for preparing the Truslees. report and tho financial staternenls in axordance wilh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Aepted Accounting Praclice). The law applicabla to charitie$ in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and exPendrtU. for Ih81 period. In preparing these finanryal stalemenls. the Truslee5 are required lo.. selèct suitable accountiThJ policies and then apply them consistently, observe the methods and principl8s of the Charities SORP IFRS 102); rnake judgments and a¢Unting e51imales that are reasonable and prudent: state whether applicable UK Accounting Slandards IFRS 1021 hav& been followed. subject to any malerial departures disclosed and explained in the financial statements: prepare the financial slalements on the going concem basis unlw it is inapproprial8 lo presume that the Charity will continue in business. The Trustees are responsible for keeping adequate a¢¢ounling records that are suffKient lo show and explain the Charitys Iransactions and disdose wilh reasonable accuracy at any lime the financial posilion of the Charity and enable them to ensure that the financial statements comply with Ihe ChaTilies Act 2011. the Chanty (Accounts arKI Reports) Regulations 2CQ8 and the provisions of the Trust deed. They are also resp)nsible for saleguarding the assets of the Charity and hence for laking Tea50nable steps for the prevention and detection of fraud and olher irregularities. Approved by order of th8 m8mbers of th8 board of Tnsstees and $6gned on their behaff by. R T Erskine Pi Date.. 01.i0.I Page 3
The Monkeypuzzle Charitable Trust
Statement of financial activities For the year ended 5 April 2021
| Note Income and endowments from: Donations and legacies 2 Investments 3 Total income and endowments Expenditure on: Raising funds 4 Charitable activities 5 Total expenditure Net income before net gains/(losses) on investments Gains/(losses) on investments 8 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Endowment funds 2021 £ 123,936 - 123,936 541 - 541 123,395 112,488 235,883 70,536 235,883 306,419 |
Unrestricted funds 2021 £ - 2,622 2,622 - 2,400 2,400 222 - 222 - 222 222 |
Total funds 2021 £ 123,936 2,622 126,558 541 2,400 2,941 123,617 112,488 236,105 70,536 236,105 306,641 |
Total funds 2020 £ 83,088 - |
|---|---|---|---|---|
| 83,088 - 2,400 |
||||
| 2,400 80,688 (10,152) |
||||
| 70,536 - 70,536 |
||||
| 70,536 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 6 to 11 form part of these financial statements.
Page 4
Th• Monk•ypuul• Ch•rll•bl• Trust Bal•nc• gh••t 415 Aprll 2021 2021 2020 Nol• Flx•d a•s•ts Invesimenls 306,706 72.936 Cash at bank and In hand 4,735 4,735 Creditors.. amounts falling du8 wllhln one ear 14,81)0) (2.400) N•t Current Ilablllt505 (651 12.400) 70.536 Total n?t assets 306,641 Charfty lunds Endowmenl fijnds Unreslricied funds 306A19 222 70,536 Total funds 306.641 70,536 The fmanc4al statements were approved aThJ aulhotlsed for Is¥ug by Ihe Truslees and slgned on thelr behalf by. T Er5klne Pigott Date." Oi . io. to The notes on pages 6 to 11 fomi part ofthese flnancial statement& Page 5
The Monkeypuzzle Charitable Trust
Notes to the financial statements For the year ended 5 April 2021
1. Accounting policies
1.1 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 Charities Act 2011.
The Monkeypuzzle Charitable 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.
1.2 Going concern
The trustees have considered the going concern of the Charity, including the impact of the Covid-19 pandemic, and the trustees believe that the Charity will be able to continue in operational existence for the forseeable future.
1.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of investment management.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
1.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
1.6 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.
Page 6
The Monkeypuzzle Charitable Trust
Notes to the financial statements For the year ended 5 April 2021
1. Accounting policies (continued)
1.7 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 Charity 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.
1.8 Financial instruments
The Charity 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.
1.9 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Endowment funds comprise capital donated to the charity, together with accumulated realised and unrealised investment gains or losses. The Trustees have the power to expend the endowment funds. Investment management charges and other professional fees relating directly to the fund are charged against the fund. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income.
Page 7
The Monkeypuzzle Charitable Trust
Notes to the financial statements For the year ended 5 April 2021
2. Income from donations and legacies
| Donations Total 2020 3. Investment income Income from listed investments 4. Investment management costs Investment management fees 5. Analysis of expenditure by activities Independent examiner fees Total 2020 |
Endowment funds 2021 £ 123,936 83,088 Unrestricted funds 2021 £ 2,622 Endowment funds 2021 £ 541 Support costs 2021 £ 2,400 2,400 |
Total funds 2021 £ 123,936 83,088 Total funds 2021 £ 2,622 Total funds 2021 £ 541 Total funds 2021 £ 2,400 2,400 |
Total funds 2020 £ 83,088 |
|---|---|---|---|
| Total funds 2020 £ - |
|||
| Total funds 2020 £ - |
|||
| Total funds 2020 £ 2,400 |
|||
Page 8
The Monkeypuzzle Charitable Trust
Notes to the financial statements For the year ended 5 April 2021
6. Independent examiner's remuneration
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's independent examiner for the independent | ||
| examination of the Charity's annual accounts | 2,400 | 2,400 |
7. Trustees' remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2020 - £NIL). During the year ended 5 April 2021, no Trustee expenses have been incurred (2020 - £NIL).
8. Fixed asset investments
| Cost or valuation At 6 April 2020 Additions Disposals Revaluations At 5 April 2021 Net book value At 5 April 2021 At 5 April 2020 9. Creditors: Amounts falling due within one year 2021 £ Accruals and deferred income 4,800 |
Listed investments £ 72,936 414,247 (292,965) 112,488 |
|---|---|
| 306,706 | |
| 306,706 | |
| 72,936 | |
| 2020 £ 2,400 |
Page 9
The Monkeypuzzle Charitable Trust
Notes to the financial statements For the year ended 5 April 2021
10. Summary of funds
Summary of funds - current year
| General fund Endowment fund |
Balance at 6 April 2020 £ - 70,536 70,536 |
Income £ 2,622 123,936 126,558 |
Expenditure £ (2,400) (541) (2,941) |
Gains/ (Losses) £ - 112,488 112,488 |
Balance at 5 April 2021 £ 222 306,419 |
|---|---|---|---|---|---|
| 306,641 |
During the prior year a transfer was made between the endowment fund, which is an expendable endowment fund, and the general fund to provide resources for the charity's administration expenses.
The expendable endowment fund was established by a gift in 2020 from a close family member. The income in 2021 is related to an additional gift from the same close family member. The trustees have the power to spend the income in accordance with the Trust's charitable objectives.
Summary of funds - prior year
| General fund Endowment fund |
Income £ - 83,088 83,088 |
Expenditure £ (2,400) - (2,400) |
Transfers in/out £ 2,400 (2,400) - |
Gains/ (Losses) £ - (10,152) (10,152) |
Balance at 5 April 2020 £ - 70,536 |
|---|---|---|---|---|---|
| 70,536 |
11. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Fixed asset investments Current assets Creditors due within one year Total |
Endowment funds 2021 £ 306,419 - - 306,419 |
Unrestricted funds 2021 £ 287 4,735 (4,800) 222 |
Total funds 2021 £ 306,706 4,735 (4,800) |
|---|---|---|---|
| 306,641 |
Page 10
The Monkeypuzzle Charitable Trust
Notes to the financial statements For the year ended 5 April 2021
11. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Fixed asset investments Creditors due within one year Total |
Endowment funds 2020 £ 70,536 - 70,536 |
Unrestricted funds 2020 £ 2,400 (2,400) - |
Total funds 2020 £ 72,936 (2,400) |
|---|---|---|---|
| 70,536 |
12. Related party transactions
During the year, the Trust received a gift of shares from a close family member of the Trustees. The value of these shares was £123,936 (2020: £83,088). As the trustees have the power to spend the income in accordance with the Trust's charitable objectives, this has been accounted for as an expendable endowment fund.
Page 11
The Monkeypuzzle Charitable Trust
Independent examiner's report For the year ended 5 April 2021
Independent examiner's report to the Trustees of The Monkeypuzzle Charitable Trust ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2021.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable 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 that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form 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 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 Charity'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 Charity'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 Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Lucy Hammond FCA
Dated: 18 October 2022
Kreston Reeves LLP Chartered Accountants Chichester
Page 12