Charity registration number 1001716 (England and Wales)
THE VIOLET MAURAY CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
THE VIOLET MAURAY CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mrs E Ross Mr P Stephany Dr S Karlin Mrs L Karlin Curtis Charity number 1001716 Registered office PO Box 76480 London N10 9FB Independent Examiner Joel Courts HW Fisher Professional Services Limited 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 2025
The trustees present their annual report and financial statements for the year ended 5 April 2025.
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 charitable trust aims to fund worthy, well-run and financially stable charities who are achieving real impact in the world.
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.
Achievements and performance including financial review
Income
During the year the trust generated income resources of £65,438 (2024: £61,515).
Donations made
During the year the trust made no donations (2024: 13) but has paid significant donations post year end (2024: £80,000).
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 2025, the charity's funds amounted to £2,520,538 (2024: £2,576,077), a decrease of £55,539 (2024: an increase of £147,704) in the year.
- 1 -
THE VIOLET MAURAY CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
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 Dr S Karlin Mrs L Karlin Curtis
On behalf of the trustees.
P Stephany
..............................
Mr P Stephany
Trustee 30 Jan 2026 Dated: .........................
- 2 -
THE VIOLET MAURAY CHARITABLE TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 5 APRIL 2025
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:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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.
- 3 -
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 2025.
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.
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
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 that in any material respect:
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1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view which is not a matter considered as part of an independent examination.
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 Professional Services Limited
Chartered Accountants Acre House 11-15 William Road London NW1 3ER United Kingdom
01 Feb 2026 Dated: .........................
- 4 -
THE VIOLET MAURAY CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2025
| Notes Income from: Investments Total Income Expenditure on: Investment management fees Bank charges Independent examiner's fee Foreign tax on dividend Donations paid 3 Total expenditure Total income less expenditure Net (loss)/gains on investments 6 Net (deficit)/income for the year - net movement in funds Fund balances at 6 April 2024 Fund balances at 5 April 2025 |
2025 £ 65,438 65,438 11,289 66 5,389 1,891 - 18,635 46,803 (102,342) (55,539) 2,576,077 2,520,538 |
2024 £ 61,515 |
|---|---|---|
| 61,515 | ||
| 10,609 64 5,511 1,656 80,000 |
||
| 97,840 | ||
| (36,325) 184,029 |
||
| 147,704 2,428,373 |
||
| 2,576,077 |
All activities on the statement of financial activities in 2025 and 2024 relate to the single expendable endowment fund.
The statement of financial activities includes all gains and losses recognised in the year.
- 5 -
THE VIOLET MAURAY CHARITABLE TRUST
BALANCE SHEET
AS AT 5 APRIL 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Fixed assets | |||||
| Investments | 7 | 2,319,085 | 2,551,280 | ||
| Current assets | |||||
| Cash at bank and in hand | 212,033 | 34,988 | |||
| Creditors: amounts falling due within one year | |||||
| Accruals | 5,451 | 5,191 | |||
| Other creditors | 5,129 | 5,000 | |||
| Net current assets | 201,453 | 24,797 | |||
| Total assets less current liabilities | 2,520,538 | 2,576,077 | |||
| Income funds | |||||
| Expendable endowment fund | 2,520,538 | 2,576,077 | |||
| 2,520,538 | 2,576,077 |
| 30 Jan 2026 | |
|---|---|
| The financial statements were approved by the Trustees on ......................... | |
| P Stephany | Kalli |
| .............................. | .............................. |
| Mr P Stephany | Dr S Karlin |
| Trustee | Trustee |
- 6 -
THE VIOLET MAURAY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
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 charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. 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. The principal accounting policies adopted are set out below.
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 cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
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.
- 7 -
THE VIOLET MAURAY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
3 Donations paid
| Donations to institutions: AMREF Health Africa Action Aid Give Directly UK Holocaust Education Trust Malaria Consortium New Israel Fund Refugee Action Refuge The Royal National Lifeboat Institution (RNLI) St Mungo's The Trussell Trust United Jewish Israel Appeal Water Aid |
2025 £ - - - - - - - - - - - - - - |
2024 £ 5,000 2,500 5,000 10,000 5,000 10,000 2,500 5,000 2,500 2,500 17,500 10,000 2,500 |
|---|---|---|
| 80,000 |
4 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the current or prior year.
5 Employees
There were no employees during the current or prior year.
6 Net gains/(losses) on investments
| 2025 £ Revaluation of investments (119,159) Gain/(loss) on sale of investments 16,817 (102,342) |
2024 £ 214,880 (30,851) |
|---|---|
| 184,029 |
- 8 -
THE VIOLET MAURAY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2025
7 Fixed asset investments
| Listed investments | |
|---|---|
| £ | |
| Cost or valuation | |
| At 6 April 2024 | 2,551,280 |
| Additions | 406,608 |
| Valuation changes | (119,159) |
| Disposals | (519,644) |
| At 5 April 2025 | 2,319,085 |
| Carrying amount | |
| At 05 April 2025 | 2,319,085 |
| At 05 April 2024 | 2,551,280 |
8 Related party transactions
There are no related party transactions during the current or prior year.
- 9 -
Issuer
HW Fisher
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