Charity Registration No. 1150473
Company Registration No. 08136861 (England and Wales)
SIMON'S MANGO TREE LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
PAGES FOR FILING WITH REGISTRAR
SIMON'S MANGO TREE LTD
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
M Brunner
S Derbie
Charity number
1150473
Company number
08136861
Registered office
3 Princes Avenue
Greenford
Middx
UB6 9BS
Accountants
The HHC Partnership Ltd
52 High Street
Pinner
Middlesex
HA5 5PW
SIMON'S MANGO TREE LTD
CONTENTS
Page
Trustees' report
1 - 2
Accountants' report
3
Statement of financial activities
4
Balance sheet
5
Notes to the accounts
6 - 8
SIMON'S MANGO TREE LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 JULY 2020
- 1 -
The trustees present their report and financial statements for the year ended 31 July 2020.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the overning document detailed within the Memorandum and Articles, as amended by special resolutions dated12 November 2012 and 2 January 2013, the Companies Act 2006 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005.
Objectives and activities
The
objects are to advance education,
rel
ieve
sickness and promote health in Ghana in particular but not exclusively by the provision of financial, physical and educational assistance to hospitals and schools in Ghana by such means as the trustees deem fit.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
The trustees have actively promoted the objectives of the charity, and provided much needed funds and resources to beneficiaries.
Achievements and performance
The trustees have continued the development of the charity both with regard to fund raising and application of the charitable funds to the beneficiaries.
Financial review
The charity remains dependent upon donations to fund its activities, and the trustees much appreciate the support provided by the many donors.
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The charity was incorporated on 10 July 2012 as a company limited by guarantee and registered as a charity by the Charities Commission on 14 January 2013.
The trustees, who are also the directors for the purpose of company law, and who served during the year
and up to the date of signature of the financial statements
were:
M Brunner
S Derbie
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £10 in the event of a winding up.
The company must have a minimum of one director, but no maximum. The quorum for a meeting of the members is a minimum of two, or one tenth of the total membership at the time, whichever is greater.
The trustees'
r
eport was approved by the Board of Trustees.
SIMON'S MANGO TREE LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
- 2 -
M Brunner
Director
Dated: 29 March 2021
SIMON'S MANGO TREE LTD
CHARTERED ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SIMON'S MANGO TREE LTD FOR THE YEAR ENDED 31 JULY 2020
- 3 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Simon's Mango Tree Ltd for the year ended 31 July 2020, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/
This report is made to the charity's trustees, as a body, in accordance with the terms of our engagement letter dated 2 April 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Simon's Mango Tree Ltd and state those matters that we have agreed to state to the charity's trustees, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Simon's Mango Tree Ltd and the charity's trustees as a body, for our work or for this report.
It is your duty to ensure that Simon's Mango Tree Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of Simon's Mango Tree Ltd. You consider that Simon's Mango Tree Ltd is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.
We have not been instructed to carry out an audit or a review of the financial statements of Simon's Mango Tree Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
The HHC Partnership Ltd
29 March 2021
Chartered Accountants
52 High Street
Pinner
Middlesex
HA5 5PW
SIMON'S MANGO TREE LTD
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 JULY 2020
- 4 -
Unrestricted
Unrestricted
funds
funds
2020
2019
Notes
£
£
Income from:
Donations and legacies
3
22,160
22,394
Investments
4
4
5
Total income
22,164
22,399
Expenditure on:
Charitable activities
23,378
17,773
Net (expenditure)/income for the year/
Net movement in funds
(1,214)
4,626
Fund balances at 1 August 2019
14,469
9,843
Fund balances at 31 July 2020
13,255
14,469
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
SIMON'S MANGO TREE LTD
BALANCE SHEET
AS AT
31 JULY 2020
31 July 2020
- 5 -
2020
2019
Notes
£
£
£
£
Current assets
Cash at bank and in hand
13,255
14,469
Net current assets
13,255
14,469
Income funds
Unrestricted funds
13,255
14,469
13,255
14,469
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 July 2020.
The trustees acknowledge their responsibilities for ensuring that the
charity
keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the 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 company.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the Trustees on 29 March 2021
M Brunner
Trustee
Company Registration No. 08136861
SIMON'S MANGO TREE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
- 6 -
1
Accounting policies
Charity information
Simon's Mango Tree Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is 3 Princes Avenue, Greenford, Middx, UB6 9BS.
1.1
Accounting convention
The accounts have been prepared in accordance with the charity's Trust Deed, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in
sterling
, which is the functional currency of the charity.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.3
Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
1.4
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
SIMON'S MANGO TREE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
1
Accounting policies
(Continued)
- 7 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors
and
bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p
aymen
ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of
operations
from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
2
Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Donations and legacies
Unrestricted
Unrestricted
funds
funds
2020
2019
£
£
Donations and gifts
22,160
22,394
SIMON'S MANGO TREE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
- 8 -
4
Investments
Unrestricted
Unrestricted
funds
funds
2020
2019
£
£
Interest receivable
4
5
5
Trustees
None of the trustees (or any persons connected with them) received any remuneration during the year.
6
Employees
There were no employees during the year.
7
Cash generated from operations
2020
2019
£
£
(Deficit)/surpus for the year
(1,214)
4,626
Adjustments for:
Investment income recognised in statement of financial activities
(4)
(5)
Cash (absorbed by)/generated from operations
(1,218)
4,621
8
Analysis of changes in net funds
The charity had no debt during the year.