REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements for the Year Ended 31 December 2021 |
for |
The Monkey Business Foundation Limited |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements for the Year Ended 31 December 2021 |
for |
The Monkey Business Foundation Limited |
The Monkey Business Foundation Limited |
Contents of the Financial Statements |
for the Year Ended 31 December 2021 |
Page |
Report of the Trustees | 1 | to | 3 |
Report of the Independent Auditors | 4 | to | 5 |
Statement of Financial Activities | 6 |
Balance Sheet | 7 |
Cash Flow Statement | 8 |
Notes to the Financial Statements | 9 | to | 15 |
The Monkey Business Foundation Limited (Registered number: 08187347) |
Report of the Trustees |
for the Year Ended 31 December 2021 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2021. The trustees have adopted the provisions of 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). |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
MonKeyBuisiness Foundation |
the MonKeyBusiness Foundation supports Charities close to the food,drink and grocery industry. The charity assists people who have worked in those sectors and supports young people who may be considering a career in the food, drink and grocery industry. |
WorkingOptions |
Our young people are Britain's future. Many young people are unsure what is possible in life and benefit from external help and support.. WorKingOptions, part of the MonKeyBusiness Foundation, aims to help state sixth form students realise their potential. With our support they can deliver demonstrable success in their educational and career achievements. This in turn will create a virtuous cycle of potential, development and productivity which can make a positive contribution to individuals and our country. |
GroceryAid |
GroceryAid is a charity which helps anyone who has worked in the food, drink and grocery industry, who may have found themselves in challenging circumstances. GroceryAid provides financial assistance to individuals who meet the following criteria: |
- a minimum of 10 years working in the grocery industry |
- no more than £12,000 in savings/capital (does not include property) |
- is able to demonstrate a degree of financial hardship |
Public benefit |
The trustees confirm that they have referred to the guidance contained in the Charities Commission general guidance on public benefit when reviewing the organisations aims and objectives |
STRATEGIC REPORT |
Financial position |
During the year ended 31 December 2021, The MonKey Business Foundation were able to run the following fund raising events - Presidents Dinner and Bob Willis Memorial Dinner. |
Reserves policy |
It is the policy of the Charity to maintain the unrestricted fund at a level that equates to 6 months' worth of expenditure in order to ensure all costs can be covered if any decision had to be made to close the Charity at any time and to ensure that sufficient funds are held to meet the outlay of fundraising events. |
Principal risks and uncertainties |
The principal risk to the charity is that the fundraising events will not attract sufficient attendees or that the events are cancelled. The Trustees ensure that relationships are maintained with the supporters of the charity. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The MonKey Business Foundation is a company limited by guarantee and a registered charity: registration details are shown below. the company is governed by its Memorandum and Articles of Association. |
Recruitment and appointment of new trustees |
On appointment to the Board, trustees receive a copy of the Memorandum and Articles of Association and Charity Commission and Good Governance information. Training is offered to those trustees without relevant experience. |
In its approach to the recruitment of trustees, the Charity aims to ensure that it has a broad range of financial, commercial and legal and operational experience. |
Arrangements for setting pay and remuneration |
It is normally agreed that staffing levels, remuneration and working conditions are agreed at Trustees meetings. Salaries are set in line with market rates for the role and paid under PAYE. |
The Monkey Business Foundation Limited (Registered number: 08187347) |
Report of the Trustees |
for the Year Ended 31 December 2021 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Induction and training of new trustees |
In order to ensure our trustees have the greatest possible understanding of the charity the following procedures are implemented: |
- invite trustees to attend a Motivation & Information event to see how it all works, or better still invite them to be a speaker |
- invite trustees to attend bi-annual trustee board meetings |
- keep trustees regularly informed with a quarterly newsletter |
- invite trustees to attend fundraising events when appropriate |
Risk management |
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Company Secretary |
Auditors |
Bridge House |
2 Bridge Avenue |
Maidenhead |
Berkshire |
SL6 1RR |
Solicitors |
DDO Solicitors |
36 Upper Brook Street |
London |
W1K 7QJ |
Bank |
HSBC Maidenhead |
35 High Street |
Maidenhead |
SL6 1QJ |
STATEMENT OF TRUSTEES' RESPONSIBILITIES |
The trustees (who are also the directors of The Monkey Business Foundation Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
The Monkey Business Foundation Limited (Registered number: 08187347) |
Report of the Trustees |
for the Year Ended 31 December 2021 |
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued |
Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to |
- | select suitable accounting policies and then apply them consistently; |
- | observe the methods and principles in the Charity SORP; |
- | make judgements and estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. |
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
In so far as the trustees are aware: |
- | there is no relevant audit information of which the charitable company's auditors are unaware; and |
- | the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. |
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on |
Report of the Independent Auditors to the Members of |
The Monkey Business Foundation Limited (Registered number: 08187347) |
Opinion |
We have audited the financial statements of The Monkey Business Foundation Limited (the 'charitable company') for the year ended 31 December 2021 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the charitable company's affairs as at 31 December 2021 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. |
Other information |
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Trustees has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of trustees' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
The Monkey Business Foundation Limited (Registered number: 08187347) |
Responsibilities of trustees |
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. |
Our responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We exercise professional judgement and maintain professional scepticism throughout the audit. It is our responsibility to identify and assess the risks of material misstatement in the financial statements, whether due to fraud or error, to design and perform audit procedures responsive to those risks and to obtain evidence that is sufficient and appropriate to provide a basis for our opinion. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occuring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. |
Use of our report |
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
2 Bridge Avenue |
Maidenhead |
Berkshire |
SL6 1RR |
The Monkey Business Foundation Limited |
Statement of Financial Activities |
for the Year Ended 31 December 2021 |
31.12.21 | 31.12.20 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Other trading activities | 3 |
Investment income | 4 |
Total |
EXPENDITURE ON |
Raising funds |
Raising donations and legacies | 5 | 215,094 | - | 215,094 | 5,785 |
Charitable activities | 6 |
Total |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 95,073 |
The Monkey Business Foundation Limited (Registered number: 08187347) |
Balance Sheet |
31 December 2021 |
31.12.21 | 31.12.20 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 13 |
CURRENT ASSETS |
Debtors | 14 |
Investments | 15 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 16 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 17 |
Unrestricted funds | 95,073 |
TOTAL FUNDS | 95,073 |
The financial statements were approved by the Board of Trustees and authorised for issue on |
The Monkey Business Foundation Limited |
Cash Flow Statement |
for the Year Ended 31 December 2021 |
31.12.21 | 31.12.20 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 20 | 662,385 | (166,967 | ) |
Net cash provided by/(used in) operating activities | 662,385 | (166,967 | ) |
Cash flows from investing activities |
Purchase of current asset investments | (248,687 | ) | - |
Interest received | 19 | 168 |
Net cash (used in)/provided by investing activities | (248,668 | ) | 168 |
Change in cash and cash equivalents in the reporting period |
413,717 |
(166,799 |
) |
Cash and cash equivalents at the beginning of the reporting period |
163,383 |
330,182 |
Cash and cash equivalents at the end of the reporting period |
577,100 |
163,383 |
The Monkey Business Foundation Limited |
Notes to the Financial Statements |
for the Year Ended 31 December 2021 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. |
The financial statements are presented in the currency of the primary economic environment in which the entity operates (its functional) currency), as such, the results and statement of financial position are presented in Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound unless otherwise stated. |
The trustees have reviewed the key stakeholders and the funds available and consider that the charity has adequate resources in place to continue trading for the next twelve months. |
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. |
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. |
Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred. |
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. |
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. |
Taxation |
The charity is exempt from corporation 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. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
Financial instruments |
The charitable company only has financial assets and liabilities of a kind that qualify as basic financial instruments, which are initially recognised at transaction value and subsequently measured at their settlement value. |
The Monkey Business Foundation Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
2. | DONATIONS AND LEGACIES |
31.12.21 | 31.12.20 |
£ | £ |
Donations |
Other donations | (1,000 | ) | 2,000 |
3. | OTHER TRADING ACTIVITIES |
31.12.21 | 31.12.20 |
£ | £ |
President's Dinner | - | 34,870 |
4. | INVESTMENT INCOME |
31.12.21 | 31.12.20 |
£ | £ |
Deposit account interest |
Interest receivable - trading | 9 | - |
5. | RAISING DONATIONS AND LEGACIES |
31.12.21 | 31.12.20 |
£ | £ |
Bank and credit card charges | 2,166 | 1,752 |
Event management fees | - | 1,240 |
President's Dinner | 212,928 | 2,793 |
215,094 | 5,785 |
6. | CHARITABLE ACTIVITIES COSTS |
Grant |
funding of |
activities | Support |
(see note | costs (see |
7) | note 8) | Totals |
£ | £ | £ |
Charitable Activities | 42,596 | 11,640 | 54,236 |
7. | GRANTS PAYABLE |
31.12.21 | 31.12.20 |
£ | £ |
Charitable Activities | 42,596 | 101,450 |
The Monkey Business Foundation Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
8. | SUPPORT COSTS |
Human | Governance |
Finance | resources | Other | costs | Totals |
£ | £ | £ | £ | £ |
Charitable Activities | 2,953 | (14,000 | ) | 6,568 | 16,119 | 11,640 |
Support costs, included in the above, are as follows: |
31.12.21 | 31.12.20 |
Charitable | Total |
Activities | activities |
£ | £ |
Insurance | 1,238 | 885 |
administration fees | 1,715 | 1,685 |
Donation to Working Options | - | 152,287 |
Social security | (14,000 | ) | - |
Website and IT costs | 1,139 | 1,071 |
Irrecoverable VAT | 5,429 | 1,898 |
Auditors' remuneration | 5,500 | 5,481 |
Auditors' remuneration for non audit work | 10,619 | 8,380 |
11,640 | 171,687 |
9. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
31.12.21 | 31.12.20 |
£ | £ |
Auditors' remuneration | 5,500 | 5,481 |
Auditors' remuneration for non audit work | 10,619 | 8,380 |
10. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020. |
Trustees' expenses |
Trustees expenses were reimbursed for the year ended 31 December 2021 were NIL (2020: NIL). At the year end date £Nil (2020: NIL) was due to Mr PJ Monk in relation to expenses reimbursed at cost. |
11. | STAFF COSTS |
There were no employees during the year. |
12. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES (31.12.2020) |
Unrestricted | Restricted | Total |
funds | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Other trading activities |
Investment income |
Total |
EXPENDITURE ON |
Raising funds |
Raising donations and legacies | 5,785 | - | 5,785 |
The Monkey Business Foundation Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
12. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES (31.12.2020) - continued |
Unrestricted | Restricted | Total |
funds | funds | funds |
£ | £ | £ |
5,785 | - |
Charitable activities |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 338,957 | - |
TOTAL FUNDS CARRIED FORWARD | 95,073 | - | 95,073 |
13. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
MARKET VALUE |
At 1 January 2021 and 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 | 100 |
At 31 December 2020 | 100 |
There were no investment assets outside the UK. |
The company's investments at the balance sheet date in the share capital of companies include the following: |
Registered office: Bridge House, 2 Bridge Avenue,Maidenhead, Berkshire SL6 4BZ |
Nature of business: Event co-ordinantion |
% |
Class of share: | holding |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
The Monkey Business Foundation Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
VAT |
15. | CURRENT ASSET INVESTMENTS |
31.12.21 | 31.12.20 |
£ | £ |
Listed investments | 248,687 | - |
Listed investments are shares held in various investment funds and fixed interest overseas corporate bonds which are valued at market price and managed by LGT Vestra, an investment management company. |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Trade creditors |
Accruals and deferred income |
17. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.1.21 | in funds | 31.12.21 |
£ | £ | £ |
Unrestricted funds |
General fund | 52,477 | 826,856 | 879,333 |
Grocery Aid grant | 42,596 | (42,596 | ) | - |
784,260 |
TOTAL FUNDS | 784,260 | 879,333 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 1,053,590 | (226,734 | ) | 826,856 |
Grocery Aid grant | - | (42,596 | ) | (42,596 | ) |
( |
) | 784,260 |
TOTAL FUNDS | ( |
) | 784,260 |
The Monkey Business Foundation Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
17. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net | Transfers |
movement | between | At |
At 1.1.20 | in funds | funds | 31.12.20 |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 183,447 | (142,434 | ) | 64,645 | 105,658 |
Grocery Aid grant | 90,865 | (101,450 | ) | - | (10,585 | ) |
WorKingOptions | 64,645 | - | (64,645 | ) | - |
338,957 | (243,884 | ) | - | 95,073 |
TOTAL FUNDS | 338,957 | (243,884 | ) | - | 95,073 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 35,038 | (177,472 | ) | (142,434 | ) |
Grocery Aid grant | - | (101,450 | ) | (101,450 | ) |
35,038 | (278,922 | ) | (243,884 | ) |
Restricted funds |
Sacla- Woman of the Year sponsorship | 2,000 | (2,000 | ) | - |
TOTAL FUNDS | 37,038 | (280,922 | ) | (243,884 | ) |
18. | CONTINGENT LIABILITIES |
The MonKey Business Foundation administer scholarships that contribute to the cost of a university education for selected individuals, that would not normally be able to afford the cost of university, over a three year period. The level of scholarships awarded but not paid before the year end is £Nil (2020:Nil). |
19. | RELATED PARTY DISCLOSURES |
the company was controlled throughout the current and previous year by the Trustees collectively. This is due to the fact that the company has no shareholders and the Trustees have equal voting rights at general meetings. |
MonKey Business Trading Limited is a wholly owned subsidiary of MonKey Business Foundation Limited, of which Mr P Monk (a Trustee) is also a director. at the year end there was a balance of £99,607 of which the charity owed the company (2020: £99,607 debtor). MonKey Business Trading Limited donated Nil to MonKey Business Foundation Limited for the year end 31 December 2021 (2020: NIL). |
Mr P Monk is also a director of InVentaBrand Consulting Limited, a company registered in the UK. During the year invoices totalling £1,649.63 were raised (2020: £1,649.46) to InVentaBrand Consulting Limited in relation to costs for the activities of MonKey Business Foundation Limited, this was then recharged at cost to the charity. |
The Monkey Business Foundation Limited |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
20. | RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES |
31.12.21 | 31.12.20 |
£ | £ |
Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) |
784,260 |
(243,884 |
) |
Adjustments for: |
Interest received | (19 | ) | (168 | ) |
(Increase)/decrease in debtors | (154,020 | ) | 23,103 |
Increase in creditors | 32,164 | 53,982 |
Net cash provided by/(used in) operations | 662,385 | (166,967 | ) |
21.. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.21 | Cash flow | At 31.12.21 |
£ | £ | £ |
Net cash |
Cash at bank | 163,383 | 413,717 | 577,100 |
163,383 | 413,717 | 577,100 |
Liquid resources |
Deposits included in cash | - | - | - |
Current asset investments | - | 248,687 | 248,687 |
- | 248,687 | 248,687 |
Total | 163,383 | 662,404 | 825,787 |
22. | RESTRICTED FUNDS |
The charity have the following restricted funds |
WorKingOptions |
This fund is specially for the work of WorKingOptions. |
Sainsburys scholarships |
This fund is to provide financial support for awarded individuals over a 3 year university programme. |
Sacla- Woman of the Year |
This fund is to award the winner of the Woman of the Year competition a sum to support them with their higher education. |