**Charity registration number 251672 (England and Wales)** ## **THE MELANIE KLEIN TRUST** **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024** ## **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 2024**_ The trustees present their annual report and financial statements for the year ended 31 August 2024. 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 2024 came to a total of £122,663 (2023: £177,000). There was a positive net inflow for the year of £108,179 leaving reserves at 31 August 2024 of £1,007,131. ## _Reserves policy_ All the charity's funds held at 31 August 2024 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. - 1 - ## **THE MELANIE KLEIN TRUST** ## **TRUSTEES REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_ The trustees who served during the year and up to the date of signature of the financial statements were: 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) ## _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** Date: ............................................. - 2 - ## **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 2024. ## **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. I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011. ## **Independent examiner's statement** Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements 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 the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice. 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: - 1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011. - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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: ......................... - 3 - ## **THE MELANIE KLEIN TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 AUGUST 2024**_ |||**Unrestricted**|**Unrestricted**| |---|---|---|---| |||**funds**|**funds**| |||**2024**|**2023**| ||**Notes**|**£**|**£**| |**Income and endowments from:**|||| |Donations and legacies|**3**|6,405|1,649| |Investments|**4**|49,094|45,685| |Other income|**5**|67,164|129,666| |**Total income**||122,663|177,000| |**Expenditure on:**|||| |Charitable activities|**6**|94,348|115,654| |**Total expenditure**||94,348|115,654| |Net gains/(losses) on investments|**10**|79,864|(40,441)| |**Net income and movement in funds**||108,179|20,905| |**Reconciliation of funds:**|||| |Fund balances at 1 September 2023||898,952|878,047| |**Fund balances at 31 August 2024**||1,007,131|898,952| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 4 - ## **THE MELANIE KLEIN TRUST** ## **BALANCE SHEET** ## _**AS AT 31 AUGUST 2024**_ |**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**
**The funds of the charity**
Unrestricted funds
**17**|**2024**
**£**
**£**
369
821,240
821,609
11,000
181,287
192,287
(6,765)
185,522
1,007,131
1,007,131
1,007,131|**2023**
**£**
**£**
492
741,376
741,868
11,000
157,784
168,784
(11,700)
157,084
898,952
898,952
898,952|**2023**
**£**
**£**
492
741,376
741,868
11,000
157,784
168,784
(11,700)
157,084
898,952
898,952
898,952| |---|---|---|---| ||||741,868
157,084| ||||898,952| ||||898,952| ||||898,952| The financial statements were approved by the trustees on ......................... .............................. Dr G Fornari Spoto **Trustee** - 5 - ## **THE MELANIE KLEIN TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 AUGUST 2024**_ ## **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. - 6 - ## **THE MELANIE KLEIN TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_ ## **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. - 7 - ## **THE MELANIE KLEIN TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_ ## **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**| ||**2024**|**2023**| ||**£**|**£**| |Donations and gifts|6,405|1,649| ## **4 Income from investments** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2024**|**2023**| ||**£**|**£**| |Income from listed investments|46,125|45,059| |Interest receivable|2,969|626| ||49,094|45,685| - 8 - ## **THE MELANIE KLEIN TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 AUGUST 2024**_ ## **5 Other income** |Royalties
Conference income|**2024**
**£**
9,793
57,371
67,164|**2023**
**£**
13,793
115,873| |---|---|---| |||129,666| ## **6 Expenditure on charitable activities** ||**Charitiable**|**Charitiable**| |---|---|---| ||**expenditure**|**expenditure**| ||**2024**|**2023**| ||**£**|**£**| |**Direct costs**||| |10 Windsor Walk|-|5,000| |Archives|10,250|9,600| |Help for Heroes Project|15,000|12,000| |Teaching/Seminars|17,600|14,510| |Event/conference costs|15,000|35,760| |Publication costs|1,445|-| ||59,295|76,870| |**Share of support and governance costs (see note 7)**||| |Support|29,065|33,721| |Governance|5,988|5,063| ||94,348|115,654| |**Analysis by fund**||| |Unrestricted funds|94,348|115,654| - 9 - ## **THE MELANIE KLEIN TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_ ## **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):
Fees payable for the independent examination of the charity's financial
statements
Depreciation of owned tangible fixed assets|**2024**
**£**
10,874
2,725
135
4,997
-
-
3,934
6,364
36
5,988
35,053
35,053
**2024**
**£**
-
123|**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| ## **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 £521 (2023: £1,258) were reimbursed to the trustees for charitable expenses incurred. ## **10 Gains and losses on investments** ||**Unrestricted**|**Unrestricted**| |---|---|---| ||**funds**|**funds**| ||**2024**|**2023**| |Gains/(losses) arising on:|**£**|**£**| |Revaluation of investments|79,864|(40,441)| ## **11 Taxation** The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. - 10 - ## **THE MELANIE KLEIN TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 AUGUST 2024**_ |**12**
**Tangible fixed assets**
**Fixtures,**
**fittings &**
**equipment**
**£**
**Cost**
At 1 September 2023
10,188
At 31 August 2024
10,188
**Depreciation and impairment**
At 1 September 2023
10,180
Depreciation charged in the year
2
At 31 August 2024
10,182
**Carrying amount**
At 31 August 2024
6
At 31 August 2023
8
**13**
**Fixed asset investments**
**Cost or valuation**
At 1 September 2023
Valuation changes
At 31 August 2024
**Carrying amount**
At 31 August 2024
At 31 August 2023
At 30 August 2024 the charity held 53,324.154 units at 1540.09p 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
465
10,645
121
123
586
10,768
363
369
484
492
**Listed**
**investments**
**£**
741,376
79,864
821,240
821,240
741,376
**2024**
**2023**
**£**
**£**
11,000
11,000
821,240
741,376
6,765
11,700| |---|---| - 11 - ## **THE MELANIE KLEIN TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2024**_ ## **15 Debtors** |**Debtors**||| |---|---|---| |**Amounts falling due within one year:**
Other debtors
**Creditors: amounts falling due within one year**
Trade creditors
Accruals and deferred income|**2024**
**£**
11,000
**2024**
**£**
-
6,765
6,765|**2023**
**£**
11,000| |||**2023**
**£**
8,400
3,300| |||11,700| ## **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**|**2024**| ||**2023**||||| ||**£**|**£**|**£**|**£**|**£**| |General funds|898,952|122,663|(94,348)|79,864|1,007,131| |**Previous year:**|**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| ## **18 Related party transactions** There were no disclosable related party transactions during the year (2023 - none). - 12 -