**The Mountbatten Memorial Trust Annual report and financial statements for the year ended 30th September 2020**
**Charity no. 278691**
## **The Mountbatten Memorial Trust**
## **Contents**
||Page|
|---|---|
|Legal and administrative information|1|
|Report of the Trustees|2 - 4|
|Independent Examiner’s report|5|
|Statement of financial activities|6|
|Balance sheet|7|
|Notes to the financial statements|8 - 12|
## **The Mountbatten Memorial Trust**
## **Legal and administrative information**
## **Patron**
HRH The Prince of Wales KG KT GCB
## **Trustees**
The Honourable Michael-John Knatchbull Chair of Trustees Ashley Hicks The Honourable Philip Knatchbull Ben Moorhead William Fox Kelly Knatchbull
**Secretary** Kathryn Hodges
**Principal office** 69 Holgate Road, York, YO24 4AA
## **Independent Examiner**
Gilbert Holbourn FCA FCCA DChA, 1 Upper Bridge Street, Wye, Kent, TN25 5AF
## **Bankers**
Coutts and Co, Villiers Branch, 440 Strand, London, WC2R 0QS
1
## **The Mountbatten Memorial Trust**
## **Report of the trustees for the year ended 30th September 2020**
The trustees present their report together with the financial statements of the charity for the year ended 30th September 2020.
## **Objectives and activities**
The Trust was set up to honour the ideals of Admiral of the Fleet, the Earl Mountbatten of Burma. This is done by supporting charitable organisations and causes working to further the humanitarian purposes with which he was associated in his latter years. Chief amongst these are:
- (i) Technological research and application of technology in aid of handicapped and disabled people throughout the world; and
- (ii) Support for the United World Colleges movement which has the aim of providing a broad education to students from around the world.
- (iii) Community Projects - grants are made to aid the young and disadvantaged in various communities throughout Britain. Typical projects include support of youth clubs.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities.
## **Reference and administrative details**
The Trust is an unincorporated trust, constituted under a trust deed dated 1 October 1979 and is a registered charity, number 278691. The address of the Trust can be seen on page 1.
## **Structure, governance and management**
The trustees who have served during the year and since the year end are set out on Page 1. New or additional trustees may be appointed by the Board of Trustees at any time. The Trust Deed does not specify a maximum number of trustees, but does provide for a minimum of three trustees. The trustees meet annually to review applications, approve grants and review investment performance. The day-to-day administration of the grants and the processing and handling of applications prior to consideration by the Trustees is delegated to the Trust Secretary.
The majority of the current members of the Board of Trustees are the immediate family of the Late Earl Mountbatten of Burma and are generally long-standing trustees of the charity. The Trust has also appointed a small number of Trustees who are not members of the family, who bring additional skills and strengths to the Board. Induction procedures are in place for any newly appointed trustee and include an information pack comprising a brief history of the Trust, copy Board minutes, the last three years of annual reports and accounts, a copy of the governing trust deed and a copy of the Charity Commission’s guidance “The Essential Trustee: What you need to know”.
## **Achievements and performances**
An analysis of total resources expended can be found in note 4 to the Financial Statements, which gives a brief summary of how each grant supports the objectives of the Trust.
2
## **The Mountbatten Memorial Trust**
## **Report of the trustees for the year ended 30th September 2020 (continued)**
## **Monitoring achievement**
Where appropriate, organisations are requested to supply feedback on projects which have been supported by the Trust. Regular reports were received from the United World Colleges on the progress of students sponsored by the Trust.
## **Risk Management Policy**
The trustees have examined the major strategic, business and operational risks which the charity faces and in view of the size and nature of the Charity’s activities have concluded there is no significant level of risk to the Charity’s funds, other than that which can be managed by prudent book-keeping and budgetary procedures, annual Independent Examination of the accounts and secure operation of the Charity’s banking arrangements. Trustees are satisfied that systems are established to enable regular review so that any necessary steps can be taken to lessen these or any arising risks.
As a result of the COVID-19 pandemic and other factors, the value of the Trust assets has reduced substantially and the amount of income may also reduce going forward.
## **Grant Policy**
All applications falling within the Charity’s objectives whether received by post or email are put forward to the Trustees at their annual meeting. All applicants are contacted following this meeting to inform them of the outcome of the application. The Charity receives applications from a wide range of charitable bodies in the field of aiding disabled people – many of these charities’ activities are outside the guidelines the trustees have agreed they wish to support.
Grants are usually made to UK based charities, although their work can be worldwide, on a one-year basis, although 3-4 year projects have been supported in the past. In assessing applications, Trustees give consideration to projects which most closely fulfil the Charity’s aims and objectives and which are responding to the greatest need.
A FAQ sheet is available from the Trust Secretary, which aims to answer most commonly asked questions and outlines our processes; this is available to all applicants on enquiry.
## **Financial review**
The Trust is reliant on the income from its investments, the income from which was £37,972 (2019: £38,436) and from support from other grant making bodies £6,000 (2019: £2,949).
## **Statement of trustees’ responsibilities for the annual financial statements**
The trustees 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), including Financial Reporting Standard 102 (FRS 102).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing financial statements, the trustees are required to:
3
## **The Mountbatten Memorial Trust**
## **Report of the trustees for the year ended 30th September 2020 (continued)**
## **Statement of trustees’ responsibilities for the annual financial statements (continued)**
- select suitable accounting policies and then apply them consistently:
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011. 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.
## **Investment policy**
The policy of the trustees is to invest to provide a rising stream of income from a portfolio of equities held in a charity equity income fund - M & G Charifund - designed to protect the funds from the effects of inflation.
In accordance with the Trust’s accounting policies, investments are stated at market value at the balance sheet date. The investment advisers have confirmed that there has been no material permanent diminution in the value of the Trust’s investments. The market value of the Trust’s investment had reduced substantially by £181,539 over the year but has almost recovered to the September 2019 figure at the time of writing this report.
## **Reserves policy**
The trustees’ policy on reserves is that as a general rule expenditure should not significantly exceed income in any year so that fund balances are available to generate investment income. In the year to 30 September 2020 there were net incoming resources of £14,684 (2019: £8,859), excluding (losses)/gains on investments.
## **Independent Examiner**
Gilbert Holbourn continues as Independent Examiner for the year.
## **On behalf of the board of trustees**
## **The Hon Michael-John Knatchbull**
Trustee
30 June 2021
4
## **The Mountbatten Memorial Trust**
## **Independent Examiner’s report**
I report on the accounts for the year ended 30 September 2020 which are set out on pages 6 to 13.
## **Respective responsibilities of trustees and examiner**
The charity’s Trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
- Examine the accounts under section 145 of the 2011 Act;
- To follow the procedures laid down in the general Directions given by the Charity Commission under section 146(5)(b) of the 2011 Act; and
- To state whether particular matters have come to my attention.
## **Basis of independent Examiner’s report**
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.
## **Independent Examiner’s statement**
In connection with my examination, no matter has come to my attention:
1. Which gives me reasonable cause to believe that, in any material respect, the requirements:
- to keep accounting records in accordance with section 130 of the 2011 Act; and
- to prepare accounts which accord to the accounting records and comply with the accounting requirements of the 2011 Act
have not been met, or
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
**………………………………………..**
Gilbert Holbourn FCA FCCA DChA 1 Upper Bridge Street Wye Kent TN25 5AF
Date: 30 June 2021
5
## **The Mountbatten Memorial Trust**
## **Statement of financial activities For the year ended 30 September 2020**
|**Note**
**Income:**
Donations
Investment income
2
**Total income**
**Expenditure**
Charitable activities
3
**Net income and net movement**
**in funds before (losses)/gains on**
**investments**
Net (losses)/gains on investments
6
**Net movement in funds**
Total funds brought forward
**Total funds carried forward**|**2020**
**£**
6,000
37,972
43,972
29,288
14,684
(181,539)
(166,855)
740,730
573,875|**2019**
**£**
2,949
38,436|
|---|---|---|
|||41,385|
|||32,526|
|||8,859
170|
|||9,029
731,701|
|||740,730|
The statement of financial activities includes all gains and losses recognised in the year.
All incoming resources and resources expended derive from continuing activities. The notes on pages 8 to 12 form part of these financial statements.
6
## **The Mountbatten Memorial Trust**
## **Balance sheet As at 30 September 2020**
|**Note**
**Fixed assets**
Investments
6
**Current assets**
Cash at bank
**Liabilities:**
Creditors: amounts falling due within one year
7
**Net current assets/(liabilities)**
**Net assets**
**Funds**
Unrestricted general funds|14,345
(7,812)|**2020**
**£**
567,342
6,533|2,724
(10,875)|**2019**
**£**
748,881
(8,151)|
|---|---|---|---|---|
||||||
|||573,875||740,730|
|||573,875||740,730|
These financial statements were approved by the Board of Trustees on 30 June 2021 and signed on its behalf by
## **The Hon Michael-John Knatchbull Trustee**
The notes on pages 8 to 12 form part of these financial statements.
7
**The Mountbatten Memorial Trust**
**Notes to the financial statements For the year ended 30 September 2020**
## 1 **Accounting policies**
## **Basis of preparation**
The financial statements have been prepared under the historical cost convention. The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: 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) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice.
The Mountbatten Memorial Trust constitutes a public benefit entity as defined by FRS102.
The accounts are presented in sterling and are rounded to the nearest pound.
## **Going Concern**
The trustees have considered the consequences of COVID-19 and other events and conditions, and they have determined that they do not create a material uncertainty that casts significant doubt upon the charities’ ability to continue as a going concern.
## **Preparation of a cash flow statement**
The accounts do not include a cash flow statement because the Charity, as a small reporting entity, is exempt from the requirement to prepare such a statement.
## **Income**
Donations receivable are accounted for as soon as their amount and receipt are certain. In the case of unsolicited donations this is usually only when they are received. All other income is accounted for under the accruals concept.
## **Expenditure**
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenses are accounted for on an accruals basis.
Expenditure incurred in connection with the specific objects of the charity is included under the heading direct charitable expenditure.
Support costs represent expenditure incurred in the general running of the charity; these costs are fully attributable to charitable activities.
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the Trust.
The irrecoverable element of VAT is included with the item of expense to which it relates.
8
**The Mountbatten Memorial Trust**
**Notes to the financial statements For the year ended 30 September 2020**
## 1 **Accounting policies (continued)**
## **Investments and investment income**
Fixed asset investments are stated at mid-market value at the balance sheet date. Gains and losses on investments both realised and unrealised are included in the statement of financial activities. All income arising on investments is accounted for on a receivable basis.
## **Fund accounting**
Funds that may be held by the Trust are either:-
Unrestricted general funds – these are funds which can be used by the Charity in accordance with the charitable objectives at the discretion of the Trustees.
Restricted funds – these are funds that can only be used for a particular restricted purpose within the objects of the Charity. Restrictions arise when specified by the donor or when funds have been raised for particular restricted purposes.
## 2 **Investment income**
## 3
|**nvestment income**|||
|---|---|---|
|Listed investments – UK
Bank interest
**Charitable activities**
**Grants**
**Support costs**
Office costs
Independent examination
**Total charitable activities**|**2020**
**£**
37,941
31
37,972
**2020**
**£**
25,120
3,293
875
4,168
**29,288**|**2019**
**£**
38,413
23|
|||38,436|
|||**2019**
**£**
28,200|
|||3,451
875|
|||4,326|
|||**32,526**|
During the year, the Charity had no employees (2019: none). Trustees received no remuneration (2019: £nil) and were not reimbursed for any of their expenses (2019: £nil).
9
**Notes to the financial statements For the year ended 30 September 2020**
## **The Mountbatten Memorial Trust**
|4
**Analysis of total resources expended**
**Direct charitable expenditure - Grants**
**ASTI (Acid Survivors Trust International) - Reg. Charity**
**No.1154961**
Charity supporting victims of acid attack
**Atlantic College – Reg. Charity No. 525761**
A commitment to part fund the Mountbatten workshops
**British Blind Sport - Reg. Charity No. 1168093**
National sports charity for people with sight loss
**British Wireless for the Blind Fund - Reg. Charity No. 1078287**
Provide radios for the blind
**City Escape - Reg. Charity No. 1069707**
Provide holidays for disadvantaged children
**Climbing Out - Reg. Charity No. 1145023**
Provide 5-day residential breaks for people 15-30 affected by
life changing injury
**Designability - Reg. Charity No. 256335**
Technology for older people and for those living with cognitive
impairments and dementia
**Dog Aid - Reg. Charity No. 1178719**
Training dogs to assist people with disabilities
**The Fifth Trust - Reg. Charity No. 1136718**
Provides a safe and fulfilling way of life for adults with learning
difficulties
**Happy Days Children’s Charity - Reg. Charity No. 1010943**
Provide respite holidays and days out for families and children
with special needs
**Just Finance Foundation - Reg. Charity No. 1172050**
National movement for financial inclusion
**Kids n Action - Reg. Charity No. 1096182**
Provide out of school activities for disadvantaged and disabled
children
**Livability - 2020 - Reg. Charity No. 116530**
Disability charity including running a special school in Dorset
**PhysioNet - Reg. Charity No. 1175932**
Equipment to support disabled people living overseas
**Regain - Reg. Charity No. 1030693**
Support for people who have become tetraplegic through
devastating spinal injury
Carried forward|**2020**
**£**
-
6,120
2,000
-
2,000
2,000
-
-
-
-
2,000
-
-
2,000
-
16,120|**2019**
**£**
2,000
-
-
2,000
2,000
-
2,000
2,000
2,000
2,000
-
2,000
2,000
-
2,000|
|---|---|---|
|||20,000|
10
**Notes to the financial statements For the year ended 30 September 2020**
## **The Mountbatten Memorial Trust**
|**4.**
**Analysis of total resources expended (continued)**
**Direct charitable expenditure – Grants**
Brought forward
**Re-map - Reg. Charity No. 1137666**
Equipment for disabled people to enable them to live
independently
**Smallpiece Trust - Reg. Charity No. 313719**
Encourage Year 11 pupils to study engineering
**Soundabout - Reg. Charity No. 1103002**
Use music to unlock potential of those with severe disabilities
**Wheelpower - Reg. Charity No.265498**
National charity for wheelchair sport
**The Wheely Boat Trust - Reg. Charity No. 292216**
Contribution to a new boat to provide waterborne activities to
impaired people
**WPH Counselling - Reg. Charity No. 1146187**
Local mental health and counselling service
**YCDT - Reg. Charity No. 1150197**
Supporting the development of young carers
**Volunteering Matters - Reg. Charity No. 291222**
Ground mentors scheme for young carers|**2020**
**£**
16,120
2,000
-
-
2,000
2,000
-
1,000
2,000
25,120|**2019**
**£**
20,000
-
2,000
4,200
-
-
2,000
-
-|
|---|---|---|
|||28,200|
11
## **The Mountbatten Memorial Trust**
## **Notes to the financial statements For the year ended 30 September 2020**
|**5.**
**Reconciliation of grants payable**
Grants unpaid at 1 October 2019
Grants made in year
Grants paid in year
**Grants unpaid at 30 September 2020**
Grants falling due within one year
**6.**
**Fixed assets investments**
Market value at 1 October 2019
Movement in unrealised (loss)/profit
**Market value at 30 September 2020**
Listed investments at market value comprise:
47,132 M&G Securities Limited Charifund Income
**7.**
**Creditors: amounts falling due within one year**
Provision for charitable commitments (see note 4)
Accruals|**2020**
**£**
10,000
25,120
(29,000)
6,120
6,120
**2020**
**£**
748,881
(181,539)
567,342
567,342
**2020**
**£**
6,120
1,692
7,812|**2019**
**£**
26,000
28,200
(44,200)|
|---|---|---|
|||10,000|
|||10,000|
|||**2019**
**£**
748,711
170|
|||748,881|
|||748,881|
|||**2019**
**£**
10,000
875|
|||10,875|
12