Charity Regisleralion Number 1202885 MONBRIT CLUB ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 05 APRIL 2024
MONBRIT CLUB LEGAL AND ADMINISTRATIVE INFORMATION Board of Trustees Balsaikhan Sambuudori. Nyamaa Jura Erdene Ouynbold Sarnbadondov Namkhai Olgonzul Chultemsuren Ariunbat Zavzansuren Erendoo Mergen Tengis Damrinjav Registered Charity Number 1202885 Rggistered Offlce 49 North cross road London SE22 9ET Banks Natwesl Independent Examiner Rakibul Ahsan ACCA Elile Aceounlancy 102 Mile End Road London E14UN
MONBRIT CLUB Report and accounts Contents Page Trustees, Report Independent Examniers, Retx)rt Statement of Financial Activities Balance sheet Notes to the Financial Slalemenls 6-14
TRUSTEES. REPORT FOR THE YEAR ENDED 05 APRIL 2024 The trustees present their report and financial slalements for the year ended 05 APRIL 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 110 the financial statements and Comply with the trust's Igoverning documentl, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 20191" Objectives and activltles The main policy adopted in furtherancè of these objects is to promote social inclusion for the public benefit by working wlh people in London and the surrounding area who are socially excluded on the grounds of their ethnic origin in particular those of Mongolian descent lo relieve the needs of such people and assist them lo integrate into sociely, in particular by the provision of facilities to play basketball. The trustees have paid due regard lo guidan issued by the Charity Commission in deciding what activities the trust should undertake. Achievements and performance Details of the development, aclivilies and achievements of the trust during the year are set out in the separate annual report. Financial revlew There was a deficit of donations received over costs incurred during the year as shown in the attached accounts. The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place lo mitigate exposure to the major risks. Structure, governance and management The trust was established by a charitable trust deed on The trustees who served during the year and up to the dale of signature of the financial statements were.. Batsaikhan Sambuudorj Nyamaa Jura Erdene Ouynbold Sambadondov Namkhai Otgonzul Chultemsuren Ariunbal Zavzansuren Erendoo Mergen Tengis Damrinjav New trustees are appointed by existing trustees as need arises. Page I
TRUSTEES. REPORT FOR THE YEAR ENDED 05 APRIL 2024 The trust is overseen by the trustees who meet regularly during the year. They are trying to discipline the members where permitted by its Rules and to refèr ils members to be disciplined by the Constituent Body {as appropriatel where so required by the rules and regulations. and promote, improve, develop and support the interests of basketball union and other sports where appropriate. The trustees, report was approved by the Board of Trustees. Batsaiklla Chairman Dated.. buudorj 17 01 L02 Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MONBRIT CLUB I report lo th8 trustees on my examination of the financial statements of Monbrit Club for the year ended 05 APRIL 2024. Responsibilities and basis of report As the trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Acl 2011 {the 2011 Act). I report in respect of my examination of the trust's financial statements carned out under section 145 of the 2011 Act. In carrying oul my examination I have followed all the applicable Directions given by the Charity Commission under section 145{5){bl of the 2011 Act. Independent Examlnerfs Statement Your attenlion is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulalions but has now been withdrawn. l understand that this has been done in order for financial statements to provide a true and fair view in accordan with Generally Accepted Accounting Practi effective for reporting periods beginning on or afler 1 January 2015. I have completed my examination. I confirm that no matters have come lo my attention in connection with Ihe examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the trust as required by section 130 of the 2011 Act., or the financial statements do not accord with those records., or the financial statements 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 don't have any 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 financial statements to be reached. Rakibul Ahsan ACCA Dated. /03 12 Elite Accountancy 102 Mile End Road London E14UN Page 3
MONBRIT CLUB STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 05 APRIL 2024 Unrestricted Funds 2024 Restricted Funds 2024 Total 2024 Notes Income from: Donations and legacies 40,899 40,899 Total income 40,899 40.899 enditure on: Charitable activities 43,734 43,734 Net lexpendlture}lincome for the yearl Nel movement In funds {2,835} {2,8351 Fund balance at 31 March 202412023 {358) 13581 The financial statements were approved by the Trustees on.. 16 January 2025 and signed on its behalf by: B8tsaikh Chairman buudorj Sambadondov Namkhai Trustee Page 4
MONBRIT CLUB Balance Sheet As at 05 April 2024 2024 Notes Current assets Cash at bank and in hand 10 1,974 Creditors: amounts falling due within one year (2,332) Net current assetsllliabilities) {358) Creditors: amounts falling due In more than one year Total assets less current liabilities 1358) Income funds Unreslricted funds Restricted funds 13581 {358) The financial statements were approved by the Trustees on.. 16 January 2025 and signed on its behalf by: Batsaikhan Sambuudorj Chairman Sambadondov Namkhai Trustee Page 5
MONBRIT CLUB NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 05 APRIL 2024 Accounting policies Charity informatlon Monbrit Club is an unincorporated charitable trust. l. l Accounting conventlon The financial statements have been prepared in accordance with the trust's constitution, the Charities Act 2011 and 'Accounling and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) leffeclive 1 January 2019)" The trust is a Public Benefit Entity as defined by FRS 102. The trust has taken advantage of the provisions in the SORP for charilies applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required lo provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred lo in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial slalements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and lo include investment properties and certain financial instruments al fair value. The principal accounting policies adopted are sel out below. 1.2 Golng concern Al the lime of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources lo continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial 1.3 Charitable funds Unrestricted funds are available for use al the discretion of the Iruslees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes lo the financial statements. 1.4 Incoming resources Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Page 6
MONBRIT CLUB NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 05 APRIL 2024 Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised at the lime of the donation. Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is nol known, Ihe legacy is treated as a contingent asset. 1.5 Resources expended Expenditure is charged in the accounts at the time when a liability to make payment is incurred 1.6 Tangible fixed assets Tangible fixed assels are inilially measured at cost and subsequently measured al cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases-. Fixtures, fittings & equipment 10010 p.a. on The gain or loss arising on the disposal of an asset is determined as Ihe difference bee& the sale proceeds and the carrying value of the asset, and is recognised in net incomellexpenditure} for 1.7 Impairment of fixed assets At each reporting end date, the trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assels have suffered an impairment loss. If any SLTch indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Financial instruments The trust has elected lo apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '01her Financial Instruments Issues, of FRS 102 to all of ils financial instruments. Financial instruments are recognised in the trust's balance sheet when the trust becomes party lo the contractual provisions ol the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right lo set off the recognised amounts and there is an intention to settle on a net basis or lo realise the asset and settle the liability simultaneously. Page 7
MONBRIT CLUB NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 05 APRIL 2024 Basic flnanclal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured al the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liablllties Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective inleresl rate Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or les5. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the Derecognltlon of financial liablllties Financial liabilities are derecognised when the trust's conlraclual obligations expire or are discharged or cancelled. 1. 11 Retirement benefits Payments lo defined contribution relirement benefit schemes are charged as an expense as they Critical accounting estlmates and judgements eslimales and assumptions about the carrying amount of assets and liabilities Ihat are nol readily apparent from other sources. The eslimales and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these estimates. 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Page 8
MONBRIT CLUB NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED OS APRIL 2024 3 Donations and legacies 2024 Donation and gifts Other Income 40.537 362 40,899 4 Charltable aclivities Expenditure 2024 Direct costs (Basketball) Other direcl (Other program) 36,228 5,501 41,729 Analysis of support costs (see note 5) Analysis of governance costs (see note 51 1,045 960 43,734 Analysls by fund Unrestricted funds Restricted funds 43,734 43.734 5 Support costs Governance costs 2024 Support cost Administration costs Professional & Legal Fee 1,045 1,045 960 2,005 960 960 1,045 Analysed between Charitable activities 1,045 960 2,005 Governance costs includes payments lo the independent examiner of £1,500 for independent examination and accountancy fees. Page 9
MONBRIT CLUB NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 05 APRIL 2024 6 Employees Number of empoyees The average monthly number of empoyees during the year was.. 2024 Number Permanent Volunteer There were no employees whose annual femuneration was £60000 or more 7 Creditors: Amounts falling due within one year 2024 Professional & Legal Fee GLL, Middlegate House 960 1,372 2,332 8 Unrestricted funds The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes.. Movement In funds Balance at 1 Incoming Resources April 2023 resources Expended Balance at 31 March 2024 Fund 2,477 2,477 40,899 40,899 143,7341 143,734) {358) (3581 9 Analysis of net assets between funds Unrestricted Restricted Total funds 2024 funds 2024 2024 Net assets (3581 1358) (3581 13581 Page 10
MONBRIT CLUB NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 05 APRIL 2024 10 Cash and cash equivalents Opening balance 1 April 2023 Closlng balance 31 March 2024 Cash flow movement 2,477 15041 1.974 11 Related party transactlons There are no disclosable related party transactions during the year Page 11