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2020-09-30-accounts

COMPANY NO.: 11574525 CHARITY NO.: 1184959

MOBEUS EQUITY PARTNERS SCHOLARSHIP PROGRAMME LIMITED

(A COMPANY LIMITED BY GUARANTEE)

REPORT AND ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

MOBEUS EQUITY PARTNERS SCHOLARSHIP PROGRAMME LIMITED

(A COMPANY LIMITED BY GUARANTEE) CONTENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

Page
Report of the Charity Trustees 1
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Accounts 7 - 11
Independent Examiners’ report to the Trustees 12

MOBEUS EQUITY PARTNERS SCHOLARSHIP PROGRAMME LIMITED

(A COMPANY LIMITED BY GUARANTEE) REPORT OF THE CHARITY TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2020

INTRODUCTION

The Board of Directors, who are the charity Trustees for the purposes of the Charities Act 2011, present their Annual Report for the year ended 30 September 2020 under the Companies Act 2006 and the Charities Act 2011, together with the financial statements for the year. The Board confirms that the latter comply with the requirements of the Companies Act 2006, the Company’s Memorandum and Articles of Association and the Charities SORP (FRS102).

PURPOSES AND ACTIVITIES

The purpose of the charity is to provide talented young people who have experienced social mobility difficulties with opportunities that would otherwise be unavailable to them. Through a combination of financial support, work experience and mentoring the charity endeavours to provide the financial resources, tools and support to help them strengthen their confidence, equip them for success and reach their potential.

The charity promotes the education of people under the age of 25 years by (i) awarding to such persons scholarships, maintenance allowances or grants tenable at any university, college or institution of higher or further education; and (ii) providing for their further education to undertake travel in furtherance of that education or to prepare for entry to any occupation, trade or profession on leaving any educational establishment.

The Trustees of the charity work independently but maintain a close relationship with Mobeus Equity Partners LLP whose Members provide the funding that supports the awards made by the charity.

ACHIEVEMENTS AND PERFORMANCE

In the year ended 30 September 2020, the charity awarded one scholarship totalling £32,114. Scholars benefit from enrichment activities provided by the charity, as well as cash rewards. Enrichment includes the interview process, mentoring, online tuition, networking events and paid work experience.

Public Benefit

In following the Charity’s aims and objectives, the Trustees have had regard to the Charity Commission’s published guidance in complying with their duty in section 17(5) of the Charities Act 2011 on Public Benefit.

The Trustees have taken note of and acted upon the Charity Commission guidance on Public Benefit in determining the Policies and Plans of the Trust, the details of which are stated throughout the Trustees’ report.

Financial Review

The statement of Financial Activities on page 5 and the Balance Sheet on page 6 give a fund by fund breakdown of the incoming resources and resources expended during the year and the assets, liabilities and funds at the year end.

The main source of funding consists of donations received to meet the cost of the Scholarship support to Scholars. Donations received in the year totalled £25,211.

Reserves Policy

It is the policy of the trustees to maintain unrestricted funds at a level where the charity can meet its day to day expenditure without any difficulty. Each scholarship award is fully funded upfront so that there are adequate reserves over the award period. Funds at 30 September 2020 were £899 which are considered adequate to meet the upcoming 2020/21 awards. The limited liability partnership will be supporting the charity for at least the next twelve months.

Page 1

MOBEUS EQUITY PARTNERS SCHOLARSHIP PROGRAMME LIMITED

(A COMPANY LIMITED BY GUARANTEE) REPORT OF THE CHARITY TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2020

Grant Making Policy

The charity opens its application process once a year in August and makes an award shortly thereafter. Successful candidates receive:

  1. Money - up to £10,000 per year, for up to three years, to contribute towards the cost of University Tuition Fees at a UK University.

  2. Talent -a mentor from Mobeus Equity Partners LLP, one month’s paid work experience at Mobeus Equity Partners LLP per year for three years, and tuition, provided by MyTutor and paid for by the charity, in his or her final school year.

  3. Network - invitations to Mobeus Equity Partners LLP Alumni Club events, so they have the chance to connect with business leaders across a variety of sectors.

FUTURE PLANS

The charity plans to offer an award once a year to improve the social mobility and the advancement of education among young people between the ages of 16 to 25.

REFERENCE AND ADMINISTRATIVE INFORMATION

Mobeus Equity Partners Scholarship Programme Limited is a company limited by guarantee (number 11574525) incorporated on 18 September 2018 and is a registered charity (charity No 1184959). The company is governed by its revised Memorandum and Articles of Association adopted 31 October 2018.

The registered address at which the charity can be contacted is:

Mobeus Equity Partners 30 – 31 Haymarket London SW1Y 4EX

The Directors (Trustees) who have served during the year are as follows:

The following served as Trustees during the year: -

Ashley D Broomberg Michael J Walker Christopher C Price

Key management are considered to be the trustees.

Trustee Composition, Recruitment and Training

The current trustees are Michael J Walker, Ashley D Broomberg and Christopher C Price. Subsequent trustees are elected by the members or co-opted by the trustees. The board must consist of at least three and not more than eleven persons. Each trustee is appointed by or with the consent of the Company Membership and has signed a written declaration of willingness to act as a trustee of the charity.

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MOBEUS EQUITY PARTNERS SCHOLARSHIP PROGRAMME LIMITED

(A COMPANY LIMITED BY GUARANTEE) REPORT OF THE CHARITY TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2020

Trustee Composition, Recruitment and Training (continued)

Potential trustees are identified by the existing board of trustees and approached if a majority believes that their appointment would be of benefit to the charity. New trustees are able to consult the existing trustees and are encouraged to attend all meetings and events and may do so prior to formal appointment. New trustees are made aware of their responsibilities under the constitution and charity law prior to their formal appointment.

The board of Trustees (who are the directors) meet regularly and hold at least two meetings each year.

PROFESSIONAL ADVISORS

Bankers Barclays Bank Plc Leicester LE87 2BB Independent Examiner Crowe U.K. LLP Aquis House 49-51 Blagrave Street Reading RG1 1PL

RISK MANAGEMENT

The Trustees continue to keep the Trust’s activities under review, particularly with regard to any major risks that may arise from time to time. The major risks identified by this process have been mitigated to an acceptable level by internal control systems, insurance cover, third party project reports and other procedures as considered appropriate from time to time.

STATEMENT OF THE TRUSTEES’ RESPONSIBILITIES FOR THE ACCOUNTS

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.

Charity law requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.

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MOBEUS EQUITY PARTNERS SCHOLARSHIP PROGRAMME LIMITED

(A COMPANY LIMITED BY GUARANTEE) REPORT OF THE CHARITY TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2020

STATEMENT OF THE TRUSTEES’ RESPONSIBILITIES FOR THE ACCOUNTS (continued)

Under charity 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 charity and of its net outgoing resources for that period. In preparing these financial statements, the trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities 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.

Approved by the Board of Trustees on 24 January 2022 and signed on their behalf by

Christopher Price Trustee

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MOBEUS EQUITY PARTNERS SCHOLARSHIP PROGRAMME LIMITED STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 30 SEPTEMBER 2020

Notes
Income and endowments from:
Donations & legacies
Donations
Total
Expenditure on:
Set up costs
Legal & professional
Charitable activities
Cost of activities in furtherance
of the charity’s objects
3
Total
Net (expenditure)/income
NET MOVEMENT IN FUNDS FOR YEAR
Funds at the start of the year
Funds at the end of the year		 -
37,862		 Total
Funds
2020
£
25,211
25,211
6,000
16,935
37,862
(12,651)
(12,651)
13,550
899		 Total
Funds
2019
£
36,485
36,485
22,935
13,550
13,550
-
13,550

The notes on pages 7 to 11 form part of these accounts

Page 5

MOBEUS EQUITY PATNERS SCHOLARSHIP PROGRAMME LIMITED BALANCE SHEET

30 SEPTEMBER 2020 Company Number 11574525

Notes
CURRENT ASSETS
Debtors
Cash at bank and in hand
CREDITORS: Amounts falling due within
one year
7
NET CURRENT ASSETS
TOTAL NET ASSETS
FUNDS
Unrestricted Funds
General funds		 19,811
17,178
36,989
(36,090)		 2020
£
899
899
899
899		 2019
£
28,200
28,200
(14,650)
13,550
13,550
13,550
13,550

The trustees consider that the company is entitled to exemption from the requirement to have an audit under the provisions of Section 477 of the Companies Act 2006 (“the Act”) and members have not required the company to obtain an audit of its accounts for the period in question in accordance with Section 476 of the Act. The trustees acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with Section 386 of the Act, and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 30 September 2020 and of its deficit for the year then ended in accordance with the requirements of Sections 394 and 395 of the Act, and which otherwise comply with the requirements of the Companies Act 2006 relating to the financial statements so far as applicable to the company.

The financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements were approved and authorised for issue by the Board and were signed on its behalf on 24 January 2022.

Christopher Price Chairman and Trustee

The notes on pages 7 to 11 form part of these accounts

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MOBEUS EQUITY PARTNERS SCHOLARSHIP PROGRAMME LIMITED

(A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

1 COMPANY INFORMATION

The principal activities of the charity are to promote, for the public benefit, the education of people under the age of 25 years. The incorporated charity (registered number 11574525 and charity number 1184959) is incorporated and domiciled in the UK. The address of the registered office is Mobeus Equity Partners, 30 – 31 Haymarket, London, SW1Y 4EX.

2 ACCOUNTING POLICIES

a) Company limited by guarantee

The Charity is a Company limited by guarantee, and is a registered Charity. Each member’s liability would be limited to an amount not exceeding £1 in the event of the Charity winding up.

b) Basis of Preparation

The accounts have been prepared in accordance with the Charities SORP (FRS102) applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland and the Charities Act 2011 and UK Generally Accepted Accounting Practice as it applies from 1 January 2015.

The accounts have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Mobeus Equity Partners Scholarship Programme Limited 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 note.

The accounts have been prepared on a going concern basis. In making this assessment, the trustees have considered the financial position of the charity together with forecasts and working capital requirements and are satisfied that the charity has adequate resources to be able to meet its debts as they fall due. The limited liability partnership will be supporting the charity for at least the next twelve months.

The trustees have carried out an assessment on the impact of COVID-19 on the activities of the charity and consider there to be adequate cash to continue for the next twelve months. COVID-19 has had a huge impact on education and is forecast to have a significant impact on the UK economy, both of which in turn could increase the number of young people experiencing social mobility difficulties going to university. The Trustees believe it is important that these young people are given the opportunity to go to university despite the pandemic and are committed to award one scholarship per year for the foreseeable future.

c) Critical accounting judgements and key sources of estimation uncertainty.

In the application of the charity’s accounting policies, which are described in note 2, trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimation and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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MOBEUS EQUITY PARTNERS SCHOLARSHIP PROGRAMME LIMITED

(A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

2 ACCOUNTING POLICIES (continued)

c) Critical accounting judgements and key sources of estimation uncertainty (continued).

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects the current and future periods.

In the view of the trustees, no assumptions concerning the future or estimation uncertainty affecting the assets and liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

d) 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.

e) Income

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy.

The following specific policies are applied to particular categories of income:

Voluntary income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.

Investment income is included when receivable.

f) Expenditure

Expenditure is recognized on an accrual basis as each liability is incurred.

Costs of generating funds comprise the costs associated with fundraising activities.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Charitable expenditure is reported under two sub headings:

Capital items costing under £500 are written off when incurred.

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MOBEUS EQUITY PARTNERS SCHOLARSHIP PROGRAMME LIMITED

(A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

2 ACCOUNTING POLICIES (continued)

g) Grants

Grants payable are recognised as expenditure in the year in which a binding commitment to make payments is entered into and there are no conditions to be met relating to the grant which remain in the control of the charity.

h)

Fund Accounting

Unrestricted funds held by the charity are those which can be used in accordance with the charitable objectives at the discretion of the Trustees.

Restricted funds are where specific conditions are imposed by the donor which restricts the use of unspent funds. The income is taken directly to the relevant restricted funds.

i) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due.

j) Creditors and provisions

Creditors and provisions are recognised when the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

k) Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

3. COST OF ACTIVITIES IN FURTHERANCE OF THE CHARITY’S OBJECTS

4. Grants paid
(note 4)
Support costs
(note 5)
GRANTS PAID
Individuals:
Tutoring support
Expenses
University costs		 2020
£
32,114
5,748
37,862
2020
£
1,770
344
30,000
32,114		 2019
Total
£
11,535
5,400
16,935
2019
Total
£
2,285
-
9,250
11,535

Page 9

MOBEUS EQUITY PARTNERS SCHOLARSHIP PROGRAMME LIMITED

(A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

5. SUPPORT COSTS

Administration costs
Governance costs:
- Bank charges
- Independent Review
- Accounting
- Tax assistance		 2020
£
226
2
3,120
900
1,500
5,748		 2019
Total
£
-
-
3,000
2,400
-
5,400

6. TRUSTEES’ REMUNERATION, EXPENSES AND RELATED PARTY TRANSACTIONS

None of the trustees received any remuneration or reimbursed expenses during the year.

During the period the charity received donations of £25,211 ( 2019: £36,485 ) from Mobeus Equity Partners LLP, in which the trustees are key management personnel, without conditions. The limited liability partnership will be supporting the charity for at least the next twelve months.

Mobeus Equity Partners LLP has provided staff to deliver the administration and operational function of Mobeus Equity Partners Scholarship Programme, as set out in Note 10.

7. CREDITORS : Amounts falling due within one year

Grants payable
Accruals and deferred income		 2020
£
30,344
5,746
36,090		 2019
£
9,250
5,400
14,650

8. CAPITAL COMMITMENTS

At 30 September 2020, the company had no contracted capital commitments .

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MOBEUS EQUITY PARTNERS SCHOLARSHIP PROGRAMME LIMITED

(A COMPANY LIMITED BY GUARANTEE) NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

9. FINANCIAL INSTRUMENTS

All of the company’s monetary assets and liabilities are basic financial instruments.

10. DONATED SERVICES AND FACILITIES

The Charity has benefited from unpaid time contribution from a number of staff at Mobeus Equity Partners LLP. This has included time spent in helping to manage the administration of the charity.

Page 11

INDEPENDENT EXAMINERS’ REPORT TO THE TRUSTEES OF MOBEUS EQUITY PATNERS SCHOLARSHIP PROGRAMME LIMITED

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 December 2020, which are set out on pages 5 to 11.

This report is made solely to the charitable company’s trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and the charitable company’s trustees as a body in accordance with section 154 of the Charities Act 2011. My independent examiner’s work has been undertaken so that I might state to the charitable 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 charitable company, the charitable company’s members as a body and the charitable company’s trustees as a body for my independent examiner’s work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also 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 your charity’s accounts as 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:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. 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

  4. 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.

Aquis House 49 – 51 Blagrave Street Reading Berkshire RG1 1PL

Jacqueline Mitchell CROWE U.K. LLP Chartered Accountants

25 January 2022

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