Registered number: CE021399 Charity number: 1188896
THE MALCOLM BRADBURY TRUST CIO
(A Company Limited by Guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2021
THE MALCOLM BRADBURY TRUST CIO
(A Company Limited by Guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 3 |
| Trustees' Responsibilities Statement | 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 - 12 |
THE MALCOLM BRADBURY TRUST CIO (A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 31 MARCH 2021
| Trustees | Matthew Bradbury, Chair |
|---|---|
| Patrick Farrant | |
| Louise Doughty (appointed 7 December 2021) | |
| Neil Thompson | |
| Linda Caroline Dixey | |
| Henry Sutton | |
| Christopher Seagers | |
| Company registered number CE021399 Charity registered number 1188896 Registered office c/o Taylor Vinters LLP Merlin Place Milton Road Cambridge CB4 0DP Accountants MA Partners LLP Chartered Accountants 7 The Close Norwich Norfolk NR1 4DJ Solicitors Taylor Vinters LLP Merlin Place Milton Road Cambridge CB4 0DP |
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THE MALCOLM BRADBURY TRUST CIO (A Company Limited by Guarantee)
TRUSTEES' REPORT FOR THE PERIOD ENDED 31 MARCH 2021
The Trustees present their annual report together with the financial statements of the Charity for the period 3 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 Charity 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 objects of the Charity are:
-
to promote the public knowledge and appreciation of the works of Malcolm Bradbury by such means as are charitable; and
-
the advancement and promotion of the arts for the benefit of the public, particularly but not exclusively by the provision or support of educational courses, programmes, activities and opportunities to encourage more people to take part in the arts, particularly those who are disadvantaged socially, economically or through physical or mental health problems.
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)'.
b. Strategies for achieving objectives
In memory of the late author, screenwriter and academic, the Charity seeks to advance and promote the literary arts through educational initiatives. The Charity aims to support and fund educational opportunities for new writers and creatives, meanwhile expanding the the reach of our support to a diverse cohort of students and young people across the UK.
Achievements and performance
a. Review of activities
No activities were undertaken in the period.
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THE MALCOLM BRADBURY TRUST CIO
(A Company Limited by Guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2021
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 are developing the reserves policy.
Structure, governance and management
a. Constitution
The Malcolm Bradbury Trust CIO is registered as a Charitable Incorporated Company and was set up by a Constitution.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Constitution.
c. Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Members' liability
The Members of the Charity guarantee to contribute an amount not exceeding £1 to the assets of the Charity in the event of winding up.
Approved by order of the members of the board of Trustees and signed on their behalf by:
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..................... . ..........................
Matthew Bradbury
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Date: 23 December 2021
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THE MALCOLM BRADBURY TRUST CIO
(A Company Limited by Guarantee)
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE PERIOD ENDED 31 MARCH 2021
The Trustees (who are also the directors of the Charity 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 period. 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 Charity 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;
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observe the methods and principles of the Charities SORP (FRS 102);
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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 Charity will continue in business.
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 Companies Act 2006. 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.
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THE MALCOLM BRADBURY TRUST CIO
(A Company Limited by Guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE PERIOD ENDED 31 MARCH 2021
Independent Examiner's Report to the Trustees of The Malcolm Bradbury Trust CIO ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the period ended 31 March 2021.
Responsibilities and Basis of Report
As the Trustees of the Charity (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 Charity 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 Charity'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 Charity 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
-
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.
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: Dated: 23 December 2021
Frank Shippam BSc FCA DChA
MA Partners LLP
Chartered Accountants
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THE MALCOLM BRADBURY TRUST CIO
(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE PERIOD ENDED 31 MARCH 2021
| Note Income from: Donations and legacies 3 Total income Expenditure on: Charitable activities 4 Total expenditure Net movement in funds Reconciliation of funds: Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ 28,000 28,000 10,556 10,556 17,444 17,444 17,444 |
Total funds 2021 £ 28,000 |
|---|---|---|
| 28,000 | ||
| 10,556 | ||
| 10,556 | ||
| 17,444 | ||
| 17,444 | ||
| 17,444 |
The Statement of Financial Activities includes all gains and losses recognised in the period.
The notes on pages 8 to 12 form part of these financial statements.
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THE MALCOLM BRADBURY TRUST CIO
(A Company Limited by Guarantee) REGISTERED NUMBER: CE021399
BALANCE SHEET AS AT 31 MARCH 2021
| Note Current assets Cash at bank and in hand Creditors: amounts falling due within one year 7 Net current assets Total assets less current liabilities Total net assets Charity funds Unrestricted funds 9 Total funds |
17,944 17,944 (500) |
2021 £ 17,444 |
|---|---|---|
| 17,444 | ||
| 17,444 | ||
| 17,444 | ||
| 17,444 |
The Charity 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 period 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 Bradbury
Date: 23 December 2021
The notes on pages 8 to 12 form part of these financial statements.
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THE MALCOLM BRADBURY TRUST CIO (A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2021
1. General information
The Malcolm Bradbury Trust CIO is a private Charitable Incorporated Organisation incorporated in England and Wales and registered with the Charity Commission for England and Wales.
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 Malcolm Bradbury Trust CIO 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 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.
2.3 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 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.
2.4 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.
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THE MALCOLM BRADBURY TRUST CIO
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2021
2. Accounting policies (continued)
2.5 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.
2.6 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.
2.7 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.
3. Income from donations and legacies
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2021 | 2021 | |
| £ | £ | |
| Donations | 28,000 | 28,000 |
4. Analysis of expenditure by activities
| Support | Total | |
|---|---|---|
| costs | funds | |
| 2021 | 2021 | |
| £ | £ | |
| Charitable activities | 10,556 | 10,556 |
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THE MALCOLM BRADBURY TRUST CIO
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2021
4. Analysis of expenditure by activities (continued)
Analysis of support costs
| Charitable activities 2021 £ Legal and professional 10,050 Accountancy 500 Bank charges 6 10,556 5. Independent examiner's remuneration Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts 6. Trustees' remuneration and expenses During the period, no Trustees received any remuneration or other benefits. During the period ended 31 March 2021, no Trustee expenses have been incurred. 7. Creditors: Amounts falling due within one year Accruals and deferred income |
Total funds 2021 £ 10,050 500 6 |
|---|---|
| 10,556 | |
| 2021 £ 500 |
|
| 2021 £ 500 |
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THE MALCOLM BRADBURY TRUST CIO
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2021
8. Financial instruments
| 2021 | |
|---|---|
| £ | |
| Financial assets | |
| Financial assets measured at fair value through income and expenditure | 17,944 |
Financial assets measured at fair value through income and expenditure comprise of cash at bank and in hand.
9. Statement of funds
Statement of funds - current period
| Balance at | |||
|---|---|---|---|
| 31 March | |||
| Income | Expenditure | 2021 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General Funds | 28,000 | (10,556) | 17,444 |
10. Analysis of net assets between funds Analysis of net assets between funds - current period
| Unrestricted funds 2021 £ Current assets 17,944 Creditors due within one year (500) Total 17,444 |
Total funds 2021 £ 17,944 (500) |
|---|---|
| 17,444 |
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THE MALCOLM BRADBURY TRUST CIO
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2021
11. Related party transactions
During the period the Charity received a donation of £28,000 from The Busenhart Morgan-Evans Foundation, a registered charity. Patrick Farrant is a Trustee of The Malcolm Bradbury Trust CIO and The Busenhart Morgan-Evans Foundation.
During the period the Charity incurred legal and professional fees of £10,050 payable to Taylor Vinters LLP. Patrick Farrant is a Trustee of The Malcolm Bradbury Trust CIO and a Designated Member of Taylor Vinters LLP.
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