Charity number: 1184349
The Monkeypuzzle Charitable Trust
Unaudited
Trustees' report and financial statements
For the year ended 5 April 2022
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 - 12 |
| Independent examiner's report | 13 |
The Monkeypuzzle Charitable Trust
Reference and administrative details of the Charity, its Trustees and advisers For the year ended 5 April 2022
| 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 Accountant 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 2022
The Trustees present their annual report together with the financial statements of the Charity for the year 6 April 2021 to 5 April 2022.
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 £179,781. Grants totalling £12,000 have been made during the period as follows:
Seawildings, totalling £6,000. The grant enabled the charity to work with local primary schools and raise awareness of maritime issues while providing valuable social skill development to the children.
The US Charitable Trust for £6,000. This contributed towards working with over 400 young people recently arrived in the UK living in Brent. The grant enabled activities to help prepare the young people for leaving school and employment.
The charity's policy for grant making is that grants given to 2 or 3 charities are to be repeated annually on condition of adequate reporting and usage.
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.
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Th• Monk•ypuzzl• Charftabl• Tru•t Trust•••' r•port (contlnu•d) For th• y•ar •nd•d 5 Aprll 2022 c. P•rfornMnc• Durlng the y8ar th8 Charlty recelved 8n expendable endowment glft of £179,781 (2021- £123,938), g8ner8t8d Income of Inv8Stm8nts of £19,957 (2021 - £2,622) and Incurred unr88trlcted expendlture of £15,263 (2021 £2,400) and exp8ndltur8 allocated to the 8ndowment fund of £1,408 (2021- £541). After 8ccountlng for a galn on revaluatlon of Inv8Stm8nts of £1,982 (2021- £112,488), the Charty h8d net Income for the year of £185.049 (2021- £236,105). As 8t 5 Aprfl 2022, the endowment fund totsll8d £488,774 (2021- £308,419) and the general fund totslled £4,916 (2021- £222). Structur•, governanc• and manag•m•nt a. Congtttutlon Th8 Monk8ypuzzle Charltsble Tru8t Is a reglstered ch8rty, number 1184349, and 18 constItU under a Trust deed dated 2 February 2018. b. Methods of appolntm•nt or •l•ctlon of Tru•t••• The management of the Chartty Is the respon8lblllty of the Trustees who are eleded and cwted under the tern of the Trust deed. Statement of Trusts•s' r•spon•lbllftl•s The Trustees are r8sponslble for preparfng the Trustees, report and the flnandal ststements In 8cc¢xdance wfth appllcable law and Untted Klngdom Accountlw Stsndards (Unfted Klngdom Generaty Accepted Acc(xJntlng Practlce). The law appllcable to charttles In England & Wales requlres the Trustees to prepare flnandal Statements for each financial whlch gNe a tru8 and fair vlew of the stste of affalrs of the Charity and of its Incomlng resources and appllcatlon of resourc8s, indudlng Its Income and expendlture, for that perkxl. In preparlng these flnarKlal ststements, the Trust88S are requlred to: select suitable accountlng polldes and then appty them conslstenty. observe the methods and princlples of the Charltles SORP (FRS 102); make judgments and accountlng estlmat8s that are reasonable and pruden(. state whether applicable UK Accountlng Standards (FRS 102) have been followed, sub to ary materfal departures dlsclosed and explalned In the flnancial ststements; prepare the financlal statements on the golng concem basls unless It Is Inapproprlate to presume that the Charlty wlll contlnue In Ixjslness. The Trustees are responslble for keeping adequate accountlng records that are suffident to show and explaln tha Chartys transactlons and dlsclose wlth reasonable accuracy at any tlme the flnanclal posltM)n of the Charity and enable them to ensure that the financlal ststements compty with the ChartU8s A(A 2011, the Charty (Accounts and Reports) Regulatlons 2008 and the provlslons of the Trust deed. They ar8 also responslble for safeguardlng the a&sets of the Charlty and hence for taklng reasonable steps for the preventlon and detectlon of fraud and other Irregularltles. Approved by order of the members of the board of Trustses and slgned on thelr behati ty. R T Ersklne F>lgo Date: Pag8 3
The Monkeypuzzle Charitable Trust
Statement of financial activities For the year ended 5 April 2022
| 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 on investments Gains/(losses) on investments 9 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Endowment funds 2022 £ 179,781 - 179,781 1,408 - 1,408 178,373 1,982 180,355 306,419 180,355 486,774 |
Unrestricted funds 2022 £ - 19,957 19,957 - 15,263 15,263 4,694 - 4,694 222 4,694 4,916 |
Total funds 2022 £ 179,781 19,957 199,738 1,408 15,263 16,671 183,067 1,982 185,049 306,641 185,049 491,690 |
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 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 6 to 12 form part of these financial statements.
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Tho Monkeypuzzlo Charltsble Trust Balanc• •he•t As at 5 Aprll 2022 2022 2021 Not• Flxed asmts Investments 485,098 308.7C6 Debtors Cash at bank and In hand 10 4,849 9,183 4,735 14,032 4,735 Credltors: amounts falllng du8 wlthln one year 11 (7W) (4,800) Net current assets l (Ilabllltles) Total ngt assets 6A92 (65) 491,690 306,641 Charlty funds Endowment funds Unrestrlcted furKIs 12 12 486,774 4,916 306,419 Total funds 491.690 306,641 The finandal ststements were approved and auth(xlsed fi)r Issue by the Trustees and sogned on thelr behalf by. R T Erskine Plgott Date: The notes on pages 6 to 12 fomi part of these flnanclal statements. Pag8 5
The Monkeypuzzle Charitable Trust
Balance sheet As at 5 April 2022
| Note Fixed assets Investments 9 Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets / (liabilities) Total net assets Charity funds Endowment funds 12 Unrestricted funds 12 Total funds |
4,849 9,183 14,032 (7,440) |
2022 £ 485,098 6,592 491,690 486,774 4,916 491,690 |
- 4,735 4,735 (4,800) |
2021 £ 306,706 (65) |
|---|---|---|---|---|
| 306,641 306,419 222 |
||||
| 306,641 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
R T Erskine Pigott
Date:
The notes on pages 6 to 12 form part of these financial statements.
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The Monkeypuzzle Charitable Trust
Notes to the financial statements For the year ended 5 April 2022
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.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
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.
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The Monkeypuzzle Charitable Trust
Notes to the financial statements For the year ended 5 April 2022
1. Accounting policies (continued)
1.6 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.
1.7 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.
1.8 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.
1.9 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.
1.10 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.
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The Monkeypuzzle Charitable Trust
Notes to the financial statements For the year ended 5 April 2022
2. Income from donations and legacies
| Donations Total 2021 Investment income Income from listed investments Total 2021 Investment management costs Investment management fees Total 2021 Analysis of expenditure by activities Charitable activities Total 2021 |
Grants payable 2022 £ 12,000 - |
Endowment funds 2022 £ 179,781 123,936 Unrestricted funds 2022 £ 19,957 2,622 Endowment funds 2022 £ 1,408 541 Support costs 2022 £ 3,263 2,400 |
Total funds 2022 £ 179,781 123,936 Total funds 2022 £ 19,957 2,622 Total funds 2022 £ 1,408 541 Total funds 2022 £ 15,263 2,400 |
Total funds 2021 £ 123,936 |
|---|---|---|---|---|
| Total funds 2021 £ 2,622 |
||||
| Total funds 2021 £ 541 |
||||
| Total funds 2021 £ 2,400 |
||||
3. Investment income
4. Investment management costs
5. Analysis of expenditure by activities
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The Monkeypuzzle Charitable Trust
Notes to the financial statements For the year ended 5 April 2022
5. Analysis of expenditure by activities (continued)
Analysis of support costs
| Independent examiner fees Legal and professional fees Total 2021 |
Activities 2022 £ 2,640 623 3,263 2,400 |
Total funds 2022 £ 2,640 623 3,263 2,400 |
Total funds 2021 £ 2,400 - |
|---|---|---|---|
| 2,400 | |||
6. Analysis of grants
| Grants to | Total | Total | |
|---|---|---|---|
| Institutions | funds | funds | |
| 2022 | 2022 | 2021 | |
| £ | £ | £ | |
| Charitable activities | 12,000 | 12,000 | - |
Grants payable to institutions relate to the following material grants:
| Seawilding US Charitable Trust |
2022 £ 6,000 6,000 12,000 |
2021 £ - - |
|---|---|---|
| - |
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The Monkeypuzzle Charitable Trust
Notes to the financial statements For the year ended 5 April 2022
| 7. | Independent examiner's remuneration | ||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Fees payable to the Charity's independent examiner for the independent | |||
| examination of the Charity's annual accounts | 2,640 | 2,400 | |
| 8. | Trustees' remuneration and expenses | ||
| During the year, no Trustees received any remuneration or other benefits (2021 - £NIL). | |||
| During the year ended 5 April 2022, no Trustee expenses have been incurred | (2021 - £NIL). | ||
| 9. | Fixed asset investments | ||
| Listed | |||
| investments | |||
| £ | |||
| Cost or valuation | |||
| At 6 April 2021 | 306,706 | ||
| Additions | 359,412 | ||
| Disposals | (183,002) | ||
| Revaluations | 1,982 | ||
| At 5 April 2022 | 485,098 | ||
| Net book value | |||
| At 5 April 2022 | 485,098 | ||
| At 5 April 2021 | 306,706 | ||
| 10. | Debtors | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Due within one year | |||
| Prepayments and accrued income | 4,849 | - | |
| 4,849 | - | ||
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The Monkeypuzzle Charitable Trust
Notes to the financial statements For the year ended 5 April 2022
13. 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 2022 £ 480,749 6,025 - 486,774 |
Unrestricted funds 2022 £ 4,349 8,007 (7,440) 4,916 |
Total funds 2022 £ 485,098 14,032 (7,440) |
|---|---|---|---|
| 491,690 |
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Endowment funds 2021 £ 303,765 2,654 - 306,419 |
Unrestricted funds 2021 £ 2,941 2,081 (4,800) 222 |
Total funds 2021 £ 306,706 4,735 (4,800) |
|---|---|---|---|
| 306,641 |
14. 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 £179,781 (2021: £123,936). 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.
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The Monkeypuzzle Charitable Trust
Notes to the financial statements For the year ended 5 April 2022
11. Creditors: Amounts falling due within one year
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 7,440 | 4,800 |
12. Summary of funds
Summary of funds - current year
| General fund Endowment fund |
Balance at 6 April 2021 £ 222 306,419 306,641 |
Income £ 19,957 179,781 199,738 |
Expenditure £ (15,263) (1,408) (16,671) |
Gains/ (Losses) £ - 1,982 1,982 |
Balance at 5 April 2022 £ 4,916 486,774 |
|---|---|---|---|---|---|
| 491,690 |
The expendable endowment fund was established by a gift in 2020 from a close family member. The income in 2022 and 2021 is related to additional gifts 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 |
Balance at 1 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 |
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The Monkeypuzzle Charitable Trust
Independent examiner's report For the year ended 5 April 2022
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 2022.
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 BSc FCA
Dated: 4 February 2023
Kreston Reeves LLP
Chartered Accountants 9 Donnington Park 85 Birdham Road Chichester West Sussex PO20 7AJ
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