REGISTERED CHARITY NUMBER: SC043121
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
FOR
THE MUNRO FOUNDATION
Bannerman Johnstone Maclay 213 St Vincent Street Glasgow G2 5QY
THE MUNRO FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 9 |
| Detailed Statement of Financial Activities | 10 |
THE NIUNRO Fou1)AT[0N REPORT OF THE TRISTEES FOR THE YEAR EIS7)ED 311 APRIL 2021 The trllstees we5ent their reJMXt with the flal1 statejnellts of the chan.ty for the year 30 Awil 2021. The InteeS hai'e adwed the proiisioJLS of Accoutltmg aud Re by ClJaritie5.' Statell]etLt of Recon]metKled Practice awh"cable to chan.ties preparing their acCoill ill xcordatKe the StstKlard aA)licable lli the Republic of treland (FRS 102) (effediie l January 2019). Oblrfilwes lm$ The ll]atll objectii'es of the chariry are the pr'e11( or rehef of p)i'uty. dke relief of those ill need by reasoll of a8e. ill healtlL th'sabdity, finau¢i21 hardship of otheT dtsath'wts8e atsd the of aniM)al M'¢lfaYe. This is a¢]u'ei"ed thTOll8b donatii)ns tDad¢ to CwlsatsS swh aaiiiues. ACHIEVEMENT AND PERFOILMANCE ChArftAble Attiiities rkn8 die year the clwity doDatirffjs totsUiD8 £63.010 to assist cIltieS wwkin8 to &SSiSt those inneed. REvw Reserv pollc). Tlie clwity l]old5 in%'estsxllts whieh hait been &)nated to the clwiry. The unrestii¢ted funds wxeselli incon)e eIe0 ya WilisJ in chitsble tilties. At 30 April 2021 the ¢han'ry held assets io the i'ah of£769.830 atyj the T1¢¢$ ¢(ider thxs io be &kVOkKthie to allow them to reswkl prontyly io rpquest$ for financial STRlCtURE, GOVERNAi%CE mAAGEME14T GoeIll8 document Tli¢ elwity is coiitrolled by its 8m'ernin8 LKuMt. a deed of tt and ¢(rtlI¢t¢S an w)incwted dwi'ty. The TnLSt WAS set w) and w&$ recowiised as a Scottisb clwity effe¢t fron) 26 April 2012. The TnLSt is adniinistered in accor&wice with tile ternLS of t1 TnLsI Deed Reci'ultDll¢ *Dd ofnew lrnslees Tlie ITUStees tliose apwinied on the estsb1lsluDt of the atyj reFYestht the millimum number r4uited. REFERENCE ADML%ISTIL4TIVE DETAILS Re81slered Ch#rlt> DWDber SC043121 PrlD¢lp•l Iddress 3 Yoiuig Pla¢¢ East Killyide Glas8OW G75 OTD Trustees Page I
THE MUNRO FOUNDATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2021
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner
Bannerman Johnstone Maclay 213 St Vincent Street Glasgow G2 5QY
Investment Advisers
Quilter Cheviot 1 Kingsway London WC2B 6AN
Approved by order of the board of trustees on 5 January 2022 and signed on its behalf by:
Page 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MUNRO FOUNDATION
I report on the accounts for the year ended 30 April 2021 set out on pages four to nine.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention.
Basis of the independent examiner's report
My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. 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 I do not express an audit opinion on the view given by the accounts.
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 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
-
to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations
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.
Bannerman Johnstone Maclay 213 St Vincent Street Glasgow G2 5QY
5 January 2022
Page 3
THE MUNRO FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2021
| 2021 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Investment income 2 13,729 EXPENDITURE ON Raising funds 3 2,486 Charitable activities Charitable activities 63,010 Other (12,115) Total 53,381 Net gains/(losses) on investments 142,161 NET INCOME/(EXPENDITURE) 102,509 RECONCILIATION OF FUNDS Total funds brought forward 667,321 TOTAL FUNDS CARRIED FORWARD 769,830 CONTINUING OPERATIONS |
2020 Total funds £ 16,548 2,341 30,060 (3,208) 29,193 (37,720) (50,365) 717,686 667,321 |
|---|---|
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
Page 4
THE MUNRO FOUNDATION
BALANCE SHEET 30 APRIL 2021
| Notes FIXED ASSETS Investments 6 CURRENT ASSETS Cash at bank NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 7 Unrestricted funds TOTAL FUNDS |
2021 Unrestricted fund £ 659,957 109,873 109,873 769,830 769,830 769,830 769,830 |
2020 Total funds £ 487,119 180,202 |
|---|---|---|
| 180,202 | ||
| 667,321 | ||
| 667,321 | ||
| 667,321 | ||
| 667,321 |
The financial statements were approved by the Board of Trustees and authorised for issue on 5 January 2022 and were signed on its behalf by:
The notes form part of these financial statements
Page 5
THE MUNRO FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities and Trustee Investment (Scotland) Act 2005. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by the investment advisor of the dividend yield of the investment portfolio.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Allocation and apportionment of costs
The costs of raising funds are those costs attributable to generating income for the charity, otherthan those costs incurred in undertaking charitable activities. The costs of generating funds represent investment management fees.
The costs of charitable activities comprise solely of donations made in the pursuit of the charitable objects of the charity.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Realised and unrealised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses arecombined in the Statement of Financial Activities.
Page 6
continued...
THE MUNRO FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021
2. INVESTMENT INCOME
| Dividends received Interest received 3. RAISING FUNDS Investment management costs Support costs |
2021 £ 12,139 1,590 13,729 2021 £ 2,486 |
2020 £ 15,437 1,111 |
|---|---|---|
| 16,548 | ||
| 2020 £ 2,341 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 April 2021 nor for the year ended 30 April 2020.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 April 2021 nor for the year ended 30 April 2020.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Investment income | 16,548 |
| EXPENDITURE ON | |
| Raising funds | 2,341 |
| Charitable activities | |
| Charitable activities | 30,060 |
| Other | (3,208) |
| Total | 29,193 |
| Net gains/(losses) on investments | (37,720) |
| NET INCOME/(EXPENDITURE) | (50,365) |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 717,686 |
continued...
Page 7
THE MUNRO FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Unrestricted | ||
|---|---|---|
| fund | ||
| £ | ||
| TOTAL FUNDS CARRIED FORWARD | 667,321 | |
| 6. | FIXED ASSET INVESTMENTS | |
| Listed | ||
| investments | ||
| £ | ||
| MARKET VALUE | ||
| At 1 May 2020 | 487,119 | |
| Additions | 221,958 | |
| Disposals | (193,356) | |
| Revaluations | 144,236 | |
| At 30 April 2021 | 659,957 | |
| NET BOOK VALUE | ||
| At 30 April 2021 | 659,957 | |
| At 30 April 2020 | 487,119 |
£343,244 of the investments were outside the UK.
The investments above are shown at market values as at 30 April 2021.
7. MOVEMENT IN FUNDS
| Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as Unrestricted funds General fund TOTAL FUNDS |
follows: Incoming resources £ 13,729 13,729 |
At 1.5.20 £ 667,321 667,321 Resources expended £ (53,381) (53,381) |
Net movement At in funds 30.4.21 £ £ 102,509 769,830 102,509 769,830 Gains and Movement losses in funds £ £ 142,161 102,509 142,161 102,509 |
|---|---|---|---|
continued...
Page 8
THE MUNRO FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2021
7. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund TOTAL FUNDS |
At 1.5.19 £ 717,686 717,686 |
Net movement in funds £ (50,365) (50,365) |
At 30.4.20 £ 667,321 |
|---|---|---|---|
| 667,321 |
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 16,548 | (29,193) | (37,720) | (50,365) |
| TOTAL FUNDS | 16,548 | (29,193) | (37,720) | (50,365) |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. The charity does not have any stipulation on how these funds are spent.
8. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 April 2021.
Page 9
THE MUNRO FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Investment income | ||
| Dividends received | 12,139 | 15,437 |
| Interest received | 1,590 | 1,111 |
| 13,729 | 16,548 | |
| Total incoming resources | 13,729 | 16,548 |
| EXPENDITURE | ||
| Charitable activities | ||
| Donations | 63,010 | 30,060 |
| Other | ||
| Gain on sale of investment | (12,115) | (3,208) |
| Support costs | ||
| Finance | ||
| Investment management fees | 2,486 | 2,341 |
| Total resources expended | 53,381 | 29,193 |
| Net expenditure before gains and losses | (39,652) | (12,645) |
| Realised recognised gains and losses | ||
| Unrealised gains/(losses) on fixed asset | ||
| investments | 142,161 | (37,720) |
| Net income/(expenditure) | 102,509 | (50,365) |
This page does not form part of the statutory financial statements
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