The Mountbatten Memorial Trust Annual report and financial statements for the year ended 30th September 2024
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
King Charles III Trustees Ben Moorhead DL Chair of Trustees The Honourable Michael-John Knatchbull Ashley Hicks The Honourable Philip Knatchbull William Fox Kelly Knatchbull Daisy 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 2024
The trustees present their report together with the financial statements of the Charity for the year ended 30th September 2024.
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 disabled people throughout the world; and
-
(ii) 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 2024 (continued)
Monitoring achievement
Where appropriate organisations are requested to supply feedback on projects which have been supported by the trust.
Risk Management Policy
The trustees have examined the major strategic, business, investment 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, professional advice, 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.
Grant Policy
All applications falling within the Charity's objectives and criteria, whether received by post or email are put forward to the Grants Sub-committee, which comprises of 3 trustees. The Grants Sub-committee then makes recommendations to the Board at the AGM, based upon those applications which most closely fulfil the Charity's aims and objectives and are responding to the greatest need. The Board makes the final decisions on the allocation of the Charity's funds.
At the current time, the trustees have agreed that grants will only be made to UK-based charities that do not work exclusively overseas. Grants are usually made on a one-year basis and once an award has been made, two clear years must pass before a further award will be considered. Applicant organisations must have income below £1m in their last financial year. The Charity has an FAQ sheet, which is available from the Trust Secretary, which aims to answer most commonly asked questions and outlines the grants process.
Financial review
The Trust is reliant on the income from its investments, the income from which was £34,996 (2023: £36,948) and from support from other grant making bodies £4,250 (2023: £Nil) or other ad hoc donations.
The trustees are delighted to report the receipt of two generous donations from the Royal Navy and Royal Marines Charity and the Owen Family Trust.
Charitable expenditure amounted to £35,760 (2023: £41,369) consisting of grants of £28,000 (2023: £36,000) and support costs of £7,760 (2023: £5,369).
The net deficit for the year was £764 (2023: deficit of £4,421) before investment gains of £30,855 (2023: gains of £12,397).
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).
3
The Mountbatten Memorial Trust
Report of the trustees for the year ended 30th September 2024 (continued)
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:
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 in a balanced portfolio to provide sufficient income to meet trustees’ aspirations for grants whilst protecting the capital 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 market value of the Trust’s investment had increased from £647,375 at 30[th] September 2023 to £678,230 at 30[th] September 2024.
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 2023 there were net outgoing resources of £764 (2023: outgoing £4,421), excluding gains on investments.
Independent Examiner
Gilbert Holbourn continues as Independent Examiner for the year.
On behalf of the board of trustees
Ben Moorhead
Trustee
3[rd] July 2025
4
The Mountbatten Memorial Trust
Independent Examiner’s report
I report on the accounts for the year ended 30 September 2024 which are set out on pages 6 to 12.
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:
-
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
- 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: 3[rd] July 2025
5
The Mountbatten Memorial Trust
Statement of financial activities For the year ended 30 September 2024
| Note Income: Donations Investment income 2 Total income Expenditure Charitable activities 3 Net (deficit)/ income and net movement in funds before gains on investments Realised gains on investments Net unrealised gains/ (losses) on investments 6 Net movement in funds Total funds brought forward Total funds carried forward |
2024 £ 4,250 30,746 34,996 35,760 (764) - 30,855 30,091 662,395 692,486 |
2023 £ - 36,948 |
|---|---|---|
| 36,948 | ||
| 41,369 | ||
| (4,421) 11,333 1,064 |
||
| 7,976 654,419 |
||
| 662,395 |
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 2024
| Note Fixed assets Investments 6 Current assets Debtors 7 Cash at bank Liabilities: Creditors: amounts falling due within one year 8 Net current assets Net assets Funds Unrestricted general funds |
2,407 19,880 |
2024 £ 678,230 14,256 692,486 692,486 |
2023 £ 647,375 2,314 14,863 17,177 (2,157) 15,020 662,395 662,395 |
2023 £ 647,375 2,314 14,863 17,177 (2,157) 15,020 662,395 662,395 |
|---|---|---|---|---|
| 22,287 (8,031) |
||||
| 662,395 | ||||
| 662,395 |
These financial statements were approved by the Board of trustees on 3[rd] July 2025 and signed on its behalf by
Ben Moorhead 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 2024
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
At the time of approving the accounts, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the accounts.
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 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 2024
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
| Listed investments – UK Bank interest 3 Charitable activities Grants Support costs Secretarial fees Website costs and Domain name Office costs Independent examination Total charitable activities |
2024 £ 30,459 287 30,746 2024 £ 28,000 5,150 1,510 - 1,100 7,760 |
2023 £ 36,802 146 |
|---|---|---|
| 36,948 | ||
| 2023 £ 36,000 |
||
| 3,950 - 319 1,100 |
||
| 5,369 | ||
| 35,760 | 41,369 |
During the year, the Charity had no employees (2023: none). Trustees received no remuneration (2023: £nil) and were not reimbursed for any of their expenses (2023: £nil).
9
The Mountbatten Memorial Trust Notes to the financial statements For the year ended 30 September 2024
| Aldridge Foundation – Charity No. 1170932 Supports young people from disadvantaged communities to develop enterprise skills Braille Chess Association – Charity No. 263049 Encourage visually impaired to learn & play chess British Blind Sport – Charity No. 1168093 National sports charity for those with sight loss, contributing to delivering a choice of activities City Escape - Charity No. 1069707 Provide summer enrichment programme for local children over 2 weeks in August, run by volunteers Climbing Out - Charity No. 1145023 Providing activity holidays for young people recovering from physical and mental trauma Demand - Charity No. 1008128 Provide adapted equipment and items to disabled people Ditch the label - Charity No. 1156329 UK wide youth charity providing digital platforms to reduce the impact of bullying Dressability- Charity No. 1102083 Clothing alterations and adaptations for people with disabilities and the elderly Euan’s Guide - Charity No. SCO45492 Provide a website for disabled access information written for and by disabled people to enable them to make the world more accessible Event Mobility - Charity No. 1158919 Charity that provides motability solutions to public events to enable elderly or disabled people to enjoy mainstream events Happy Days - Charity No. 1010943 National charity providing holidays and trips out for children and young people suffering ill health, disadvantage or disability Little Hiccups - Charity No. 1170147 Support group for families with disabled children, providing activities, fun days, etc Maiden City Soccer - Charity No. NIC 102348 Community sports club seeking funding for a 40 week project for 30 adults with learning disabilities Carried forward 4 Analysis of total resources expended Direct charitable expenditure - Grants |
2024 £ 2,000 - - 2,000 - 3,000 - - - - - 2,000 - 9,000 |
2023 £ - 3,000 3,000 - 3,000 - 3,000 3,000 3,000 3,000 3,000 - 3,000 |
|---|---|---|
| 27,000 |
10
The Mountbatten Memorial Trust
Notes to the financial statements
For the year ended 30 September 2024
| 4. Analysis of total resources expended (continued) Direct charitable expenditure – Grants 2024 £ Brought forward 9,000 Make Them Smile - Charity No. 1150013 3,000 Support children across the UK who have disabilities and illnesses to improve quality of life Overcoming MS – Charity No. 1157579 Global MS support charity 2,000 Parenting Mental Health – Charity No. 1188036 Provide support for parents with children suffering from mental health issues 2,000 Rescare - Charity No. 1112766 - Support for families with children and adults with learning Disabilities, offering support and advice re: residential care Ruby’s Fund - Charity No. 1152148 - Support families with children with SEND in East Cheshire The Athlone Trust CIO - Charity No. 1188225 2,000 Provide support for families of adopted children with special needs Wellspring Counselling - Charity No. 1042995 2,400 Young persons and adults therapy re: loss, bereavement, anxiety, etc. Willow Trust – Charity No. 328386 - Provide 2 wheelchair accessible canal boats for 30 people and take 7,000 guests out per year Woodwork to Wellness - Charity No. 1170218 Creative opportunities for disadvantaged local people 4,600 Young & Free – Charity No. 1117939 Provide support and activities for people with physical and/or sensory disabilities aged 16-25 in Bristol 3,000 28,000 5. Reconciliation of grants payable 2024 £ Grants unpaid at 1 October 2023 - Grants made in year 28,000 Grants paid in year (23,000) Grants unpaid at 30 September 2024 5,000 |
2023 £ 27,000 - - - 3,000 3,000 - - - - 3,000 - - 36,000 |
|
|---|---|---|
| 2023 £ 8,000 36,000 (44,000) - |
1 1
The Mountbatten Memorial Trust
Notes to the financial statements For the year ended 30 September 2024
6. Fixed assets investments
| Market value at 1 October 2023 Disposals at opening market value Purchases Movement in unrealised gain Market value at 30 September 2024 Listed investments at market value comprise: 30,000 M&G Securities Limited Charifund Income units 67,500 Ruffer Total Return Fund 7. Debtors Accrued income 8. Creditors: amounts falling due within one year Provision for charitable commitments (see note 5) Accruals |
2024 £ 647,375 - - 30,855 678,230 455,622 222,608 678,230 2024 £ 2,407 2024 £ 5,000 3,031 8,031 |
2023 £ 646,604 (235,034) 234,741 1,064 |
|
|---|---|---|---|
| 647,375 | |||
| 429,309 218,066 |
|||
| 646,604 | |||
| 2023 £ 2,314 |
|||
| 2023 £ - 2,157 |
|||
| 2,157 |
12