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← The Violet Mauray Charitable Trust

2022-04-05-accounts

Charity Registration No. 1001716

THE VIOLET MAURAY CHARITABLE TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2022

THE VIOLET MAURAY CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs E Ross Mr P Stephany Mr S Karlin Mrs L Karlin Curtis Charity number 1001716 Registered office PO Box 76480 London N10 9FB Email address violetmauraytrust@gmail.com Accountant HW Fisher LLP Acre House 11-15 William Road London NW1 3ER Independent Examiner Joel Courts HW Fisher LLP Acre House 11-15 William Road London NW1 3ER Bankers HSBC Bank Plc 90 Baker Street London W1U 6AX Investment advisors Rathbone Investment Management Limited 8 Finsbury Circus London EC2M 7AZ

THE VIOLET MAURAY CHARITABLE TRUST

CONTENTS

Page
Trustees' report 1 - 2
Statement of trustees' responsibilities 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 9

THE VIOLET MAURAY CHARITABLE TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2022

The trustees present their report and financial statements for the year ended 5 April 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Deed, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The charity's objects are to assist in the funding of any charitable object or purpose.

The trustees are familiar with the Charity Commission's public benefit guidance - both the "benefit" and the "public" aspect - and, when relevant, take this guidance into account when considering specific donations. As a result, the trustees would normally only consider making donations to other charities registered with the Charity Commission.

The trustees are also familiar with the 13 charitable purposes listed in the Charities Act 2011 and, whilst they will consider making donations to charities within any of these sectors, as shown by the actual donations paid and reported in note 3 to the financial statements, there may be a tendency to focus more on some sectors than others.

Achievements and performance including financial review

Income

During the year the trust generated income resources of £53,802 (2021: £50,640).

Donations made

During the year the trust paid 15 (2021: 4) donations amounting to £88,000 (2021: £36,000).

Reserves and Distribution Policy

Following the creation of the charity in 1990 and its receipt of funds from the executors, substantial additional private donations were received over the next few years. Both the executors and these other donors advised the trustees that they would prefer all these funds to be held for the long-term. In addition, they wished the trustees to add to the charity's funds by capitalising a proportion of the annual income for a number of years thereby increasing the future income available for distribution.

In 2003, the trustees reviewed the charity's financial position and concluded that the value of the investment portfolio had reached an appropriate size and that henceforth, subject to the receipt of suitable applications, the entire net income would be distributed.

Given the source of the funds - a mixture of settled capital, private donations, undistributed income and realised and unrealised gains and loss on investments - the trustees have concluded that it is appropriate to classify the entire fund as an expendable endowment fund.

Therefore, the trustees have now decided that, whilst they continue to distribute all of the net income, they will also take into account the long-term trend of the value of the portfolio and will distribute that portion of the gains which they consider to be in excess of that which is required to maintain its inflation adjusted value.

Risk Management

The trustees have considered the major risks to which the charity may be exposed, in particular those relating to the management of the investment portfolio, and are satisfied that controls are in place to mitigate exposure to those risks.

Position at the Reporting Date

At 5 April 2022, the charity's funds amounted to £2,617,563 (2021: £2,528,862), an increase of £88,701 (2021: £384,758) in the year.

THE VIOLET MAURAY CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

Structure, governance and management

The Violet Mauray Charitable Trust was set up by the executors of the estate of the late Mrs. Violet Mauray in accordance with the terms of her will. The governing document is a trust deed dated 16 November 1990. The surviving executor and thereafter the trustees may appoint new trustees who will be required to attend appropriate training courses.

The trustees manage the charity, regularly review the performance of the investment portfolio and meet to consider donation applications. Donations are made on an ad hoc basis. The present membership of the Board and the other administrative details of the charity are set out on the legal and administrative information page. All trustees act in an honorary capacity.

The trustees who served during the year and up to the date of signature of the financial statements were: Mrs E Ross

Mr P Stephany Mr S Karlin Mrs L Karlin Curtis Mr J Stephany (Resigned 29 July 2021) Mr R Stephany (Resigned 29 July 2021) Mrs A Karlin (Resigned 29 July 2021) Ms C Stephany (Resigned 29 July 2021)

On behalf of the trustees.

P.Stephany .............................. Mr P Stephany Trustee 27 Jan 2023 Dated: .........................

THE VIOLET MAURAY CHARITABLE TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 5 APRIL 2022

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 and Wales 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 charity and of the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that 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.

THE VIOLET MAURAY CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE VIOLET MAURAY CHARITABLE TRUST

I report to the trustees on my examination of the financial statements of The Violet Mauray Charitable Trust (the charity) for the year ended 5 April 2022.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all 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 financial statements in accordance with Accounting and Reporting by Charities preparing their financial statements 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 now been withdrawn.

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

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 financial statements to be reached.

Joel Courts

Joel Courts HW Fisher LLP Chartered Accountants Acre House 11-15 William Road London NW1 3ER

30 Jan 2023

Dated: .........................

THE VIOLET MAURAY CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 5 APRIL 2022

Notes
Income from:
Investments
Total Income
Expenditure on:
Investment management fees
Independent examiner's fee
Donations paid
3
Total expenditure
Total income less expenditure
Net gains on investments
6
Net income for the year - net movement in funds
Fund balances at 6 April 2021
Fund balances at 5 April 2022		 2022
£
53,802
53,802
11,202
4,533
88,000
103,735
(49,933)
138,634
88,701
2,528,862
2,617,563		 2021
£
50,640
50,640
11,177
4,080
36,000
51,257
(617)
385,375
384,758
2,144,104
2,528,862

All activities on the statement of financial activities in 2022 and 2021 relate to the single expendable endowment fund.

The statement of financial activities includes all gains and losses recognised in the year.

THE VIOLET MAURAY CHARITABLE TRUST

BALANCE SHEET

AS AT 5 APRIL 2022

2022
Notes
£
Fixed assets
Investments
7
Current assets
Cash at bank and in hand
162,601
Creditors: amounts falling due within one year
Accruals
(4,428)
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds - general
The financial statements were approved by the Trustees on .........................
..............................
..............................
Mr P Stephany
Mr S Karlin
Trustee
Trustee
28 Jan 2023
P.Stephany		 £
2,459,390
158,173
2,617,563
2,617,563
2,617,563		 2021
£
109,714
(4,200)		 £
2,423,348
105,514
2,528,862
2,528,862
2,528,862

THE VIOLET MAURAY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

1 Accounting policies

Charity information

The Violet Mauray Charitable Trust is a a registered charity. The charity meets the definition of a public benefit entity under FRS102. The registered office is PO Box 76480, London, United Kingdom, N10 9FB.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Trust Deed dated 16 November 1990, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

The financial statements are prepared in sterling, which is the functional currency of the charity and using the historical cost convention, modified to include quoted investments at their market value. Monetary amounts in these financial instruments are rounded to the nearest £.

Investments are stated in the balance sheet at the closing mid-market value at the year end date. Any gain or loss on either disposal or revaluation is included in "Net gains/(losses) on investments" in the Statement of Financial Activities.

1.2 Going concern

The trustees are confident that the charity can continue as a going concern for a period of at least 12 months from the date of approval of these financial statements. The trustees have a reasonable expectation that the charity has adequate resources to continue in operation for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing these financial statements.

1.3 Charitable funds

The trust fund is accounted for as a single expendable endowment fund.

1.4 Incoming resources

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

Any income tax deducted at source from investment income which can be reclaimed from HM Revenue & Customs is included in investment income in the same period as the net income.

1.5 Resources expended

Donations paid are charged in the year when the offer is conveyed to the recipient.

1.6 Cash and cash equivalents

Cash and cash equivalents include short-term deposits with banks and balances with stockbrokers.

1.7 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its 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 recognized at transaction value and subsequently measured at their settlement value.

2 Critical accounting estimates and judgements

The Trustees do not believe there to be judgements or estimates that would be considered critical to the financial statements.

THE VIOLET MAURAY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

3 Donations paid

Donations to institutions:
Age UK
Against Malaria Foundation
Cancer Research
Childhood Trust
Combat Stress
Crisis
Cure Parkinson's Trust
CWPLUS
DEC Ukraine Appeal
Keech Hospice Care
Refuge
RNLI
Save The Children
Solace Women's Aid
The National Society for the Prevention of Cruelty to Children
The Trussell Trust
UNICEF
Water Aid		 2022
£
-
6,000
2,000
5,000
4,000
4,000
2,000
12,000
15,000
12,000
-
2,000
5,000
6,000
-
5,000
2,000
6,000
88,000		 2021
£
9,000
-
-
-
-
-
-
-
-
-
9,000
-
-
-
9,000
9,000
-
-
36,000

4 Trustees

None of the trustees (or any persons connected with them) received any remuneration, expenses or benefits from the charity during the year.

5 Employees

There were no employees during the current or prior year.

6 Net gains/(losses) on investments

Revaluation of investments
Gain/(loss) on sale of investments		 2022
£
160,170
(21,536)
138,634		 2021
£
274,861
110,514
385,375

THE VIOLET MAURAY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

7 Fixed asset investments

Listed investments
£
Cost or valuation
At 6 April 2021 2,423,348
Additions 219,041
Valuation changes 160,170
Disposals (343,169)
At 5 April 2022 2,459,390
Carrying amount
At 05 April 2022 2,459,390
At 05 April 2021 2,423,348

8 Related party transactions

There are no related party transactions during the reporting period (2021 - none).