REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
THE NELSON MANDELA LEGACY TRUST (UK) |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
THE NELSON MANDELA LEGACY TRUST (UK) |
THE NELSON MANDELA LEGACY TRUST (UK) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Reference and Administrative Details | 1 |
Report of the Trustees | 2 | to | 3 |
Independent Examiner's Report | 4 |
Statement of Financial Activities | 5 |
Balance Sheet | 6 |
Notes to the Financial Statements | 7 | to | 9 |
THE NELSON MANDELA LEGACY TRUST (UK) |
Reference and Administrative Details |
for the Year Ended 31 March 2024 |
TRUSTEES |
REGISTERED OFFICE |
REGISTERED COMPANY NUMBER |
REGISTERED CHARITY NUMBER |
INDEPENDENT EXAMINER | Ark Accountancy Limited |
Chartered Certified Accountant |
31 Cheam Road |
Epsom |
Surrey |
KT17 1QX |
THE NELSON MANDELA LEGACY TRUST (UK) (Registered number: 05293422) |
Report of the Trustees |
for the Year Ended 31 March 2024 |
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 March 2024. 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 |
The objective of the Charity as defined in the Memorandum is to support the charitable activities of: |
- The Nelson Mandela Foundation; |
- The Nelson Mandela Children's Fund; and |
- The Mandela Rhodes Foundation. |
("Mandela Legacy Organisations") |
Significant activities |
The Charity's activities are to assist and participate in initiatives and events initiated and/or undertaken by one or more of the Mandela Legacy Organisations on the basis that the Charity is named as the beneficiary (or one of them) of the relevant initiative or event. The Charity does not undertake any significant fundraising events or initiatives of its own. |
Public benefit |
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Organisation's aims and objectives. The Trustees are satisfied that the Organisation's activities as described above meet the public benefit requirements determined in the Charities Act 2011. |
Grantmaking, reserves & investments policies |
The following policies have been adopted by the Trustees: |
(i) Reserves |
The Charity will maintain minimal reserves which should be sufficient to cover its expected expenditure for at least one year. Accordingly, most of the unrestricted reserve is available to be distributed by way of a grant to one of the Mandela Legacy Organisations each year. The restricted reserve fund, if any, will be distributed in accordance with the applicable restrictions placed on the funds received. |
(ii) Investment policy |
The funds of the Charity which are not distributed by way of grant soon after receipt will be invested in rolling short-term money market or bank deposits until such date, they are required for a grant to one of the Mandela Legacy Organisations. |
(iii) Grant making |
Grants from the Charity should be made to the Mandela Legacy Organisations in South Africa in such proportions as the Trustees may determine from time to time in order to fund their respective charitable activities. |
FINANCIAL REVIEW |
Financial position |
At 31 March 2024, the Charity held unrestricted funds of £56,420 (31 March 2023: £56,874). During the year ended 31 March 2024, the Charity raised £105 (31 March 2023: £nil) in donations, all received through Just Giving. Expenditure during the year ended 31 March 2024 was £559 (2023 (£689). |
Going concern |
The Trustees have considered the Charity's going concern position in light of its activities, together with the factors likely to affect its future development, performance and position which are discussed in the above sections of this report. Given the cash outflows in the form of grants are discretionary and the Charity has no overhead expenditure, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the going concern basis has been used in preparing the annual report and financial statements. |
THE NELSON MANDELA LEGACY TRUST (UK) (Registered number: 05293422) |
Report of the Trustees |
for the Year Ended 31 March 2024 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
Recruitment and appointment of new trustees |
Trustees are appointed by the members at an annual general meeting of the Charity (AGM). One third of the Trustees are required to retire by rotation at each AGM but are eligible for re-election. Retiring Trustees may be reappointed for a maximum of three consecutive terms. The Trustees may at any time co-opt any individual who is qualified to be appointed as a Trustee, but a co-opted Trustee holds office only until the next AGM. No person other than a Trustee retiring by rotation may be appointed or reappointed at any general meeting unless that person is recommended by the Trustees, or not less than fourteen days' notice has been given by a member of the intention to propose such person as a Trustee. |
Organisational structure |
Material decisions of the Charity are taken by the Board of Trustees. The day-to-day running of the Charity is managed by Miss Catherine Scott of the Nelson Mandela Children's Fund (UK) on a part-time basis for no remuneration. |
Related parties |
The Charity is an affiliate of the Mandela Legacy Organisations and has a close relationship with the Nelson Mandela Children's Fund (UK), which provides nominal administrative services to the Charity. |
Risk management |
The principal risks and uncertainties facing the charity are a fall in income as a result of none of the Mandela Legacy Organisations undertaking any initiatives and events in the UK during the relevant financial year. |
The Trustees have sought to mitigate the impact of these risks by maintaining a low cost base and a low commitment to future costs, and working closely with the Mandela Legacy Organisations in South Africa. |
The Charity's strategy is to continue to receive funds to provide grant support to one or more of the three Mandela Legacy Organisations in South Africa in order to fund their respective charitable activities. However, due to the lack of fundraising initiatives or events, the Trustees will consider de-registering the Charity subject to further consultation with the Mandela Legacy Organisations in South Africa. |
Ensure appropriate controls are in place to provide reasonable assurance against fraud and error. |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
THE NELSON MANDELA LEGACY TRUST (UK) |
Independent examiner's report to the trustees of THE NELSON MANDELA LEGACY TRUST (UK) ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. |
Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. |
Independent examiner's statement |
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: |
1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or |
4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). |
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. |
Mary E Ryan |
Ark Accountancy Limited |
Chartered Certified Accountant |
31 Cheam Road |
Epsom |
Surrey |
KT17 1QX |
12 September 2024 |
THE NELSON MANDELA LEGACY TRUST (UK) |
Statement of Financial Activities |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
EXPENDITURE ON |
Charitable activities |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 56,874 |
THE NELSON MANDELA LEGACY TRUST (UK) (Registered number: 05293422) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 4 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 5 |
Unrestricted funds | 56,874 |
TOTAL FUNDS | 56,874 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
THE NELSON MANDELA LEGACY TRUST (UK) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
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 and on the going concern basis. |
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. |
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. |
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. |
2. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
THE NELSON MANDELA LEGACY TRUST (UK) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
3. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted |
fund |
£ |
EXPENDITURE ON |
Charitable activities |
NET INCOME/(EXPENDITURE) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 56,874 |
4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Other creditors |
Accrued expenses |
5. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.4.23 | in funds | 31.3.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 56,874 | (454 | ) | 56,420 |
TOTAL FUNDS | (454 | ) | 56,420 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 105 | (559 | ) | (454 | ) |
TOTAL FUNDS | ( |
) | (454 | ) |
THE NELSON MANDELA LEGACY TRUST (UK) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
movement | At |
At 1.4.22 | in funds | 31.3.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 57,563 | (689 | ) | 56,874 |
TOTAL FUNDS | 57,563 | (689 | ) | 56,874 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | - | (689 | ) | (689 | ) |
TOTAL FUNDS | - | (689 | ) | (689 | ) |
6. | RELATED PARTY DISCLOSURES |