2021-04-05-accounts

Charity number: 297678

THE M O G CHARITABLE TRUST

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2021

THE M O G CHARITABLE TRUST

CONTENTS

	Page
Reference and Administrative Details of the Charity, its Trustees and Advisers	1
Trustees' Report	2 - 3
Independent Examiner's Report	4 - 5
Statement of Financial Activities	6
Balance Sheet	7
Notes to the Financial Statements	8 - 14

THE M O G CHARITABLE TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2021

Trustees	A P Goldstein
	M O Goldstein
	N J Newman
Charity registered number 297678 Principal office 64 New Cavendish Street London W1G 8TB Independent examiners Brindley Goldstein Ltd 103 High Street Waltham Cross EN8 7AN

Page 1

THE M O G CHARITABLE TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2021

The Trustees present their annual report together with the financial statements of the The MOG Charitable Trust for the 6 April 2020 to 5 April 2021.

Objectives and activities

a. Policies and objectives

The Charity will principally be funded by donations from trustees of the Charity. Monies received will be for the advancement of such charitable purposes as the Trustees may determine.

Achievements and performance

a. Main achievements of the Charity

To summarise incoming resources totalled £43,754 (2020: £61,551). Charitable grants payable for 2021 totalled £38,215 (2020; £53,998) This is in line with the level of activity that the Trustees require and future annual activity is expected to be at a similar level.

b. Fundraising activities and income generation

During the year the Trust didn't carry out any fundraising activities and all the income was generated from voluntary donations by the trustees.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

The trustees have adopted a reserves policy whereby sufficient cash reserves are held to cover future committments. The balance of cash reserves at 5 April 2021 was £11,253 (2020: £2,002).

Structure, governance and management

a. Constitution

The M O G Charitable Trust is a registered charity, number 297678, and was established under a trust deed dated 10 September 1987.

The trustees of the The M O G Charitable Trust shall hold the trust funds and its income upon trust to apply them for all charitable purposes allowed by law within England and Wales.

Page 2

THE M O G CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

Structure, governance and management (continued)

b. Methods of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

c. Financial risk management

The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Statement of Trustees' responsibilities

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).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles of the Charities SORP (FRS 102);

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. 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.

Approved by order of the members of the board of Trustees on 10 January 2022 and signed on their behalf by:

................................................ M O Goldstein

Page 3

THE M O G CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2021

Independent Examiner's Report to the Trustees of The M O G Charitable Trust ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2021.

Responsibilities and Basis of Report

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed 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 the accounts in accordance with 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) 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 been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the 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:

1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or

2. the accounts do not accord with those records; or

3. the accounts 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 accounts to be reached.

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.

Page 4

THE M O G CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2021

Signed: Dated: 10/02/2022 Charles Goldstein FCA

c/o Brindley Goldstein 103 High Street Waltham Cross EN8 7AN

Page 5

THE M O G CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021

Note Income from: Donations and legacies 2 Investments 3 Total income Expenditure on: Charitable activities: Donations paid Support cost Total expenditure Net income before net gains/(losses) on investments Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2021 £ 43,750 4 43,754 38,215 2,220 40,435 3,319 38,100 41,419 55,817 41,419 97,236	Total funds 2021 £ 43,750 4 43,754 38,215 2,220 40,435 3,319 38,100 41,419 55,817 41,419 97,236	Total funds 2020 £ 59,375 2,176 61,551 53,998 2,220 56,218 5,333 (22,440) (17,107) 72,924 (17,107) 55,817

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 8 to 14 form part of these financial statements.

Page 6

THE M O G CHARITABLE TRUST

BALANCE SHEET AS AT 5 APRIL 2021

Note Fixed assets Investments 8 Current assets Debtors 9 Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Unrestricted funds 11 Total funds	22,493 11,253 33,746 (1,650)	2021 £ 65,140 65,140 32,096 97,236 97,236 97,236 97,236 97,236	27,375 2,002 29,377 (600)	2020 £ 27,040
				27,040 28,777
				55,817
				55,817
				55,817
				55,817
				55,817

The financial statements were approved and authorised for issue by the Trustees on 10 January 2022 and signed on their behalf by:

................................................

M O Goldstein

The notes on pages 8 to 14 form part of these financial statements.

Page 7

THE M O G CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and 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 Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The M O G Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

1.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

Page 8

THE M O G CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

1. Accounting policies (continued)

1.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

1.5 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities.

1.6 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.7 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.8 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

1.9 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Page 9

THE M O G CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

1. Accounting policies (continued)

1.10 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Investment income, gains and losses are allocated to the appropriate fund.

2. Income from donations and legacies

Donations Total 2020	Unrestricte d funds 2021 £ 43,750 59,375	Total funds 2021 £ 43,750 59,375	Total funds 2020 £ 59,375

3. Investment income

Income from investments Interest received Total 2020	Unrestricte d funds 2021 £ - 4 4 2,176	Total funds 2021 £ - 4 4 2,176	Total funds 2020 £ 2,164 12
			2,176

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THE M O G CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

4. Analysis of grants

Grants, paid Total 2020	Grants to Institutions 2021 £ 38,215 53,998	Total funds 2021 £ 38,215 53,998	Total funds 2020 £ 53,998

5. Analysis of expenditure by activities

Costs Total 2020	Grant funding of activities 2021 £ 38,215 53,998	Support costs 2021 £ 2,220 2,220	Total funds 2021 £ 40,435 56,218	Total funds 2020 £ 56,218

Analysis of support costs

Governance costs Total 2020	Activities 2021 £ 2,220 2,220	Total funds 2021 £ 2,220 2,220	Total funds 2020 £ 2,220

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THE M O G CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

6. Governance costs

Independent examiner fee Accountancy fee Total 2020	Unrestricte d funds 2021 £ 900 1,320 2,220 2,220	Total funds 2021 £ 900 1,320 2,220 2,220	Total funds 2020 £ 600 1,620 2,220

7. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .

During the year ended 5 April 2021, no Trustee expenses have been incurred (2020 - £NIL) .

8. Fixed asset investments

Cost or valuation At 6 April 2020 Revaluations At 5 April 2021 Net book value At 5 April 2021 At 5 April 2020	Listed investments £ 27,040 38,100
	65,140
	65,140
	27,040

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THE M O G CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

9. Debtors

Due within one year Tax recoverable	2021 £ 22,493 22,493	2020 £ 27,375
		27,375

10. Creditors: Amounts falling due within one year

	2021	2020
	£	£
Accruals and deferred income	1,650	600

11. Statement of funds

Statement of funds - current year

Balance at 6 April 2020 £ Unrestricted funds General Funds - all funds 55,817 Statement of funds - prior year Balance at 6 April 2019 £ Unrestricted funds General Funds - all funds 72,924	Income £ 43,754 Income £ 61,551	Expenditure £ (40,435) Expenditure £ (56,218)	Gains/ (Losses) £ Balance at 5 April 2021 £ 38,100 97,236 Gains/ (Losses) £ Balance at 5 April 2020 £ (22,440) 55,817	Gains/ (Losses) £ Balance at 5 April 2021 £ 38,100 97,236 Gains/ (Losses) £ Balance at 5 April 2020 £ (22,440) 55,817
				Balance at 5 April 2020 £ 55,817

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THE M O G CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021

12. Summary of funds

Summary of funds - current year

Balance at 6 April 2020 £ General funds 55,817 Summary of funds - prior year Balance at 6 April 2019 £ General funds 72,924	Income £ 43,754 Income £ 61,551	Expenditure £ (40,435) Expenditure £ (56,218)	Gains/ (Losses) £ Balance at 5 April 2021 £ 38,100 97,236 Gains/ (Losses) £ Balance at 5 April 2020 £ (22,440) 55,817	Gains/ (Losses) £ Balance at 5 April 2021 £ 38,100 97,236 Gains/ (Losses) £ Balance at 5 April 2020 £ (22,440) 55,817
				Balance at 5 April 2020 £ 55,817
Summary of funds - prior year
General funds

13. Analysis of net assets between funds

Analysis of net assets between funds - current year

Fixed asset investments Current assets Creditors due within one year Total Analysis of net assets between funds - prior year Fixed asset investments Current assets Creditors due within one year Total	Unrestricte d funds 2021 £ 65,140 33,746 (1,650) 97,236 Unrestricted funds 2020 £ 27,040 29,377 (600) 55,817	Total funds 2021 £ 65,140 33,746 (1,650)
		97,236
		Total funds 2020 £ 27,040 29,377 (600)
		55,817

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