Charity registration number 251672
THE MELANIE KLEIN TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
THE MELANIE KLEIN TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Dr M Feldman Mr R Rusbridger Dr G Fornari Spoto Mrs P Roth Dr D Taylor Dr C Bronstein Ms S Lawrence Dr H F Skogstad A Amos Ms F Hume (Appointed 21 May 2024) Prof DM Pick (Appointed 21 May 2024) Charity number 251672 Independent examiner Ahsan Miraj FCA Bright Grahame Murray 3rd Floor 114a Cromwell Road London UK SW7 4AG
THE MELANIE KLEIN TRUST
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 12 |
THE MELANIE KLEIN TRUST
TRUSTEES REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
The trustees present their annual report and financial statements for the year ended 31 August 2023.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Trust Deed, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016)
Objectives and activities
The charity's objects are set out in Clauses 4 and 5 of the deed which states that the Trustees shall hold the trust funds and the income thereof upon charitable trusts to apply the same in or towards the furtherance of the theory and technique of psycho-analysis.
The primary objects of the Melanie Klein Trust are as follows:
a. To further and promote training and research in psycho-analytic theory and technique as adopted, developed or practised by the said Melanie Klein or development thereof;
b. To publish or to promote and encourage the publication of all such books, articles, pamphlets and papers as may further or be based upon the contributions to psycho-analytic theory and technique made by the said Melanie Klein; c. To promote clinical work in psycho-analysis based upon the theory and technique of the said Melanie Klein; d. Generally to secure the furtherance and development of the theory and technique of psycho-analysis adopted, developed and practised by the said Melanie Klein.
The policies adopted in furtherance of these objects are defined as including charitable purposes which are to be carried in any part of the world and there has been no change in these during the year.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
Significant activities and achievements against objectives
Financial review
Total income for 2023 came to a total of £177,000 (2022: £94,936 ).
There was a positive net inflow for the year of £20,905 leaving reserves at 31 August 2023 of £898,952.
Reserves policy
All the charity's funds held at 31 August 2023 are general unrestricted funds which are expendable at the discretion of the trustees in furtherance of the objects of the charity. It is the policy of the trustees to maintain the charity's reserves to enable it to maintain the level of activities in future years.
Investment policy
The charity invests surplus funds in a Charifund which is managed by fund managers.
Major risks
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The charity was established by a charitable trust deed dated 1 February 1955.
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THE MELANIE KLEIN TRUST
TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
The trustees who served during the year and up to the date of signature of the financial statements were: Dr M Feldman
Dr J Steiner (Resigned 31 July 2023) Mr R Rusbridger Dr G Fornari Spoto Mrs P Roth Dr D Taylor Dr C Bronstein Ms S Lawrence Dr H F Skogstad A Amos Ms F Hume (Appointed 21 May 2024) Prof DM Pick (Appointed 21 May 2024)
Recruitment and appointment of trustees
The trustees are officers of the organisation and are appointed in accordance with the Trust Deed.
The trustees report was approved by the Board of Trustees.
Dr G Fornari Spoto
Trustee
28 July 2024
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THE MELANIE KLEIN TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MELANIE KLEIN TRUST
I report to the trustees on my examination of the financial statements of The Melanie Klein Trust (the charity) for the year ended 31 August 2023.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention 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 (FRS 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 regulations but has now been withdrawn.
I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 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 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 financial statements to be reached.
Ahsan Miraj FCA
Bright Grahame Murray 3rd Floor 114a Cromwell Road London SW7 4AG UK
Dated: 12 August 2024
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THE MELANIE KLEIN TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2023
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2023 | 2022 | ||
| Notes | £ | £ | |
| Income and endowments from: | |||
| Donations and legacies | 3 | 1,649 | 806 |
| Investments | 4 | 45,685 | 41,031 |
| Other income | 5 | 129,666 | 53,099 |
| Total income | 177,000 | 94,936 | |
| Expenditure on: | |||
| Charitable activities | 6 | 115,654 | 82,820 |
| Total expenditure | 115,654 | 82,820 | |
| Net gains/(losses) on investments | 10 | (40,441) | (50,924) |
| Net income/(expenditure) and movement in funds | 20,905 | (38,808) | |
| Reconciliation of funds: | |||
| Fund balances at 1 September 2022 | 878,047 | 916,855 | |
| Fund balances at 31 August 2023 | 898,952 | 878,047 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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THE MELANIE KLEIN TRUST
BALANCE SHEET
AS AT 31 AUGUST 2023
| Notes Fixed assets Tangible assets 12 Investments 13 Current assets Debtors 15 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Net assets excluding pension liability The funds of the charity Unrestricted funds |
2023 £ 11,000 157,784 168,784 (11,700) |
£ 492 741,376 741,868 157,084 898,952 898,952 898,952 898,952 |
2022 £ 14,950 87,425 102,375 (6,800) |
£ 655 781,817 |
|---|---|---|---|---|
| 782,472 95,575 |
||||
| 878,047 | ||||
| 878,047 | ||||
| 878,047 | ||||
| 878,047 |
The financial statements were approved by the trustees on 28 July 2024
Dr G Fornari Spoto Trustee
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THE MELANIE KLEIN TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023
1 Accounting policies
Charity information
The Melanie Klein Trust is constituted under a Trust Deed.
1.1 Accounting convention
The accounts have been prepared in accordance with the charity's governing document, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements 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 the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention, modified to include the revaluation of investments. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
1.4 Incoming resources
Income is recognised when the charity 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.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.5 Resources expended
All expenditure is accounted for on an accruals basis and has been listed under headings that aggregate all the costs related to that activity.
Governance costs include the costs of governance arrangements that relate to the general running of the charity. These activities provide the governance infrastructure that allows the charity to operate and to generate the information required for public accountability.
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THE MELANIE KLEIN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
1 Accounting policies
(Continued)
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at 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 25% Reducing balance
Computers
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
1.7 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.8 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.9 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.
1.10 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial 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 at 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.
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THE MELANIE KLEIN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
1 Accounting policies
(Continued)
Basic financial liabilities
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 interest rate method.
Trade creditors are obligations to 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 less. 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 effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to 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.
3 Income from donations and legacies
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Donations and gifts | 1,649 | 806 |
4 Income from investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Income from listed investments | 45,059 | 40,995 |
| Interest receivable | 626 | 36 |
| 45,685 | 41,031 |
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THE MELANIE KLEIN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
5 Other income
| Royalties Conference income |
2023 £ 13,793 115,873 129,666 |
2022 £ 13,452 39,647 |
|---|---|---|
| 53,099 |
6 Expenditure on charitable activities
| Charitiable | Charitiable | |
|---|---|---|
| expenditure | expenditure | |
| 2023 | 2022 | |
| £ | £ | |
| Direct costs | ||
| 10 Windsor Walk | 5,000 | 20,000 |
| Archives | 9,600 | 5,300 |
| Help for Heroes Project | 12,000 | |
| Teaching/Seminars | 14,510 | 3,670 |
| Event/conference costs | 35,760 | 640 |
| Publication costs | - | 976 |
| Frankiel Fellowship & Spillius Fellowship | ||
| - | 600 | |
| 76,870 | 31,186 | |
| Share of support and governance costs (see note 7) | ||
| Support | 33,721 | 49,015 |
| Governance | 5,063 | 2,619 |
| 115,654 | 82,820 | |
| Analysis by fund | ||
| Unrestricted funds | 115,654 | 82,820 |
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THE MELANIE KLEIN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
7 Support costs allocated to activities
| Website expenses Admin expenses Bank charges Secretarial fees Consulting Bad debts Sundry IT software & consumables Telephone and internet Governance costs Analysed between: Charitiable expenditure 8 Net movement in funds The net movement in funds is stated after charging/(crediting): Depreciation of owned tangible fixed assets |
2023 £ 6,946 2,260 160 6,345 1,565 3,950 3,269 8,982 244 5,063 38,784 38,784 2023 £ 163 |
2022 £ 12,707 8,893 169 11,006 - 16,240 - - - 2,619 |
|---|---|---|
| 51,634 | ||
| 51,634 | ||
| 2022 £ 219 |
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. Expenses of £1,258 (2022: £935) were reimbursed to the trustees for charitable expenses incurred.
10 Gains and losses on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| Gains/(losses) arising on: | £ | £ |
| Revaluation of investments | (40,441) | (50,924) |
11 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
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THE MELANIE KLEIN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
| 12 Tangible fixed assets Fixtures, fittings & equipment £ Cost At 1 September 2022 10,188 At 31 August 2023 10,188 Depreciation and impairment At 1 September 2022 10,178 Depreciation charged in the year 2 At 31 August 2023 10,180 Carrying amount At 31 August 2023 8 At 31 August 2022 10 13 Fixed asset investments Cost or valuation At 1 September 2022 Valuation changes At 31 August 2023 Carrying amount At 31 August 2023 At 31 August 2022 At 30 August 2023 the charity held 53,324.154 units at 1390.32p in Charifund. 14 Financial instruments Carrying amount of financial assets Debt instruments measured at amortised cost Equity instruments measured at fair value Carrying amount of financial liabilities Measured at amortised cost |
Computers Total £ £ 949 11,137 949 11,137 304 10,482 161 163 465 10,645 484 492 645 655 Listed investments £ 781,817 (40,441) 741,376 741,376 781,817 2023 2022 £ £ 11,000 14,950 741,376 781,817 11,700 6,800 |
|---|---|
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THE MELANIE KLEIN TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023
15 Debtors
| Debtors | ||
|---|---|---|
| Amounts falling due within one year: Other debtors Creditors: amounts falling due within one year Trade creditors Accruals and deferred income |
2023 £ 11,000 2023 £ 8,400 3,300 11,700 |
2022 £ 14,950 |
| 2022 £ - 6,800 |
||
| 6,800 |
16 Creditors: amounts falling due within one year
17 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At 1 | Incoming | Resources | Gains and | At 31 August | |
|---|---|---|---|---|---|
| September | resources | expended | losses | 2023 | |
| 2022 | |||||
| £ | £ | £ | £ | £ | |
| General funds | 878,047 | 177,000 | (115,654) | (40,441) | 898,952 |
| Previous year: | At 1 | Incoming | Resources | Gains and | At 31 August |
| September | resources | expended | losses | 2022 | |
| 2021 | |||||
| £ | £ | £ | £ | £ | |
| General funds | 916,855 | 94,936 | (82,820) | (50,924) | 878,047 |
18 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
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