Charity Number 1002967
## **THE MARGARET BROWN TRUST STATEMENT OF ACCOUNTS**
**FOR THE YEAR ENDED**
**5 APRIL 2021**
`
## **THE MARGARET BROWN TRUST**
## **OFFICERS AND AGENTS**
|**Trustees**|C V R Skelton|
|---|---|
||N E Wade|
||J D Andrew (Retired 10/03/2021)|
||Mrs M R B Wright (Appointed 10/03/2021)|
|**Bankers**|HSBC Bank PLC|
||88 Westgate|
||Grantham|
||Lincolnshire|
||NG31 6LF|
|**Stockbrokers**|Smith & Williamson Investment|
||Management Limited|
||25 Moorgate|
||London|
||EC2R 6AY|
|**Solicitors**|Roythornes Limited|
||Enterprise Way|
||Pinchbeck|
||Spalding|
||Lincolnshire|
||PE11 3YR|
|**Independent Examiner**|Messrs. Moore Thompson|
||Chartered Accountants|
||Bank House|
||Broad Street|
||Spalding|
||Lincolnshire|
||PE11 1TB|
|**Principal Address**|3 Castlegate|
||Grantham|
||Lincolnshire|
||NG31 6SF|
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## **THE MARGARET BROWN TRUST**
## **REPORT OF THE TRUSTEES**
**FOR THE YEAR ENDED 5 APRIL 2021**
The Trustees present their report and the financial statements of the charity for the year ended 5 April 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**
The object of the Trust is to apply capital and income for charitable purposes as the Trustees see fit. Such purposes include:
1. The provision of guide dogs for the blind;
2. Cancer research;
3. The provision of kidney machines and allied equipment; and
4. The provision of specialist medical equipment for Huntly Hospital, Huntly.
Since the Trust makes individual significant donations, rather than funding long term projects, the Trustees consider that the return on investments is the only major risk to which the Charity is exposed. This risk is controlled by setting appropriate policies as referred to below.
## **Achievements and performance**
Donations towards charitable causes in the local area during the year are shown in note 5.
During the year, the Trustees have considered applications for charitable donations and have approved projects which are in line with the Charity’s objectives.
Donations made and agreed during the year amounted to £69,568 and included £22,104 donated to the Lincs & Notts Air Ambulance in respect of onboard medical equipment.
A donation of £6,012 was made to the British Red Cross in Grantham for heavy duty wheelchairs, £4,960 was donated to St Barnabas Hospice in respect of IT equipment for their in-patient unit, £854 to the G.R.O.W. charity in respect of items for the garden project at Grantham Hospital and £9,672 for the provision of medical equipment to someone within the local community.
The following donations, which were agreed by the Trustees during the year, have been paid since 5 April 2021:
£4,283 to St John’s Medical Centre in Grantham for blood pressure monitoring equipment; £7,380 to St Barnabas Hospice for medical observation equipment;
£3,600 to local parish councils for the provision of defibrillators; and
£10,703 to Ancaster & Caythorpe Medical Equipment Trust for micro-suction ear cleaning equipment.
Subsequent to the year end, the Trustees made a donation of £11,476 in respect of equipment which provides support for someone in their home.
The Trustees have considered the Charity Commissions’ guidance on public benefit and the main activities are in line with this guidance.
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## **THE MARGARET BROWN TRUST**
## **REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 5 APRIL 2021**
## **Financial review including reserves policy**
The Trustees aim to maintain the capital value of the Trust in real terms through capital growth from financial investments. Subject to retaining sufficient funds to cover administration costs, the Trustees aim to apply all the income received for charitable purposes.
The Charity is funded by investment income, primarily administered by Smith & Williamson Investment Management Limited. These investments are made to achieve a balance between capital growth and income with low risk. The Trustees have the authority to make any investments they consider appropriate.
As reported in the accounts for the previous year, the value of the Trust’s investments recovered subsequent to 5 April 2020 following a significant decrease due to the impact of the Covid-19 pandemic on the global economy.
Reserves at the year end, in the sum of £2,114,670 (2020 - £1,805,737) are considered by the Trustees to be adequate to service the activities of the Trust.
## **Structure, governance and management (including reference and administrative details)**
The Margaret Brown Trust was constituted by the Will of Miss M.S. Brown, declaration of trust dated 23 April 1991, and is a Registered Charity, no. 1002967.
Principal address: 3 Castlegate, Grantham, Lincolnshire, NG31 6SF Trustees: Mr C V R Skelton, Mr N E Wade and Mrs M R B Wright (appointed 10 March 2021), Mr J D Andrew (retired 10 March 2021)
The Trustees who served during the year are shown above. In the event of a Trustee ceasing to hold office, the remaining Trustees have the authority to appoint a replacement. The Trustees manage the affairs of the Trust and give consideration to making distributions, as appropriate. There have been no changes in the policies of the Charity during the year. The Trustees are not paid any remuneration or expenses.
## **Administration**
The administration function is carried out by Duncan & Toplis Limited, 3 Castlegate, Grantham, Lincolnshire, NG31 6SF.
## **C V R Skelton**
**on behalf of the Board of Trustees**
## **30 November 2021**
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## **INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE MARGARET BROWN TRUST**
## **Independent Examiner’s report to the Trustees of The Margaret Brown Trust**
I report to the Charity’s Trustees on my examination of the accounts of the Charity for the year ended 5 April 2021 which are set out on pages 5 to 9.
## **Responsibilities and basis of report**
As the Charity’s Trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent Examiner’s statement**
I have completed my examination.
I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 Accounting records were not kept in respect of the charity as required by section 130 of the Act; or
- 2 the accounts do not accord with those records; or
- 3 the accounts do not comply with applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other then any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have identified no other matters in connection with the examination to which attention should be drawn in the report in order to enable a proper understanding of the accounts to be reached.
**K J Maggs BA FCA Messrs. Moore Thompson Chartered Accountants Bank House Broad Street SPALDING Lincolnshire PE11 1TB**
## **31 January 2022**
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## **THE MARGARET BROWN TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021**
|||**TOTAL FUNDS**|**TOTAL FUNDS**|**TOTAL FUNDS**|**TOTAL FUNDS**|
|---|---|---|---|---|---|
|||**2021**||**2020**||
||Note|£|£|£|£|
|**INCOME AND ENDOWMENTS FROM:**||||||
|Investment income|2||45,014||61,375|
|**TOTAL**|||45,014||61,375|
|**EXPENDITURE ON:**||||||
|Raising funds|5||15,452||16,947|
|Charitable activities|5||76,912||27,114|
|**TOTAL**|5||92,364||44,061|
|**Net (expenditure)/income**|||(47,350)||17,314|
|**Net gains/(losses) on investments**|||356,283||(215,111)|
|**NET MOVEMENT IN FUNDS**|||308,933||(197,797)|
|**Reconciliation of funds:**||||||
|Total funds brought forward||1,805,737||2,003,534||
|**TOTAL FUNDS CARRIED FORWARD**||2,114,670||1,805,737||
The notes on pages 7 to 9 form part of these financial statements
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## **THE MARGARET BROWN TRUST**
## **STATEMENT OF FINANCIAL POSITION AS AT 5 APRIL 2021**
|Note
**FIXED ASSETS**
Investments
6
**CURRENT ASSETS**
Cash at bank and in hand:
HSBC Bank plc account
S&W Dividend account
S&W Investment account
**CURRENT LIABILITIES: amounts falling due within one year**
Creditors
7
**NET CURRENT ASSETS**
**NET ASSETS**
**FUNDS:**
**UNRESTRICTED FUNDS:**
**CAPITAL FUND**
Opening balance
Net movement in market value of shares sold in the year
Net gains/(losses) on revaluation of investments
to market value at year end_(note 6)_
**INCOME FUND**
Opening balance
Net (expenditure)/income for the year
**TOTAL FUNDS**|£
£
1,940,244
149,499
2,364
52,153
204,016
(29,590)
174,426
**2,114,670**
1,644,514
1,908
354,375
2,000,797
161,223
(47,350)
113,873
**2,114,670**
**2021**|£
£
1,616,545
154,976
3,587
35,021
193,584
(4,392)
189,192
**1,805,737**
1,859,625
16,981
(232,092)
1,644,514
143,909
17,314
161,223
**2020**|£
£
1,616,545
154,976
3,587
35,021
193,584
(4,392)
189,192
**1,805,737**
1,859,625
16,981
(232,092)
1,644,514
143,909
17,314
161,223
**2020**|
|---|---|---|---|
|||193,584
(4,392)||
|||1,859,625
16,981
(232,092)||
||||**1,805,737**|
||||1,644,514
161,223|
|||143,909
17,314||
||||**1,805,737**|
The financial statements were approved by the Board of Trustees on 30 November 2021 and were signed on its behalf by:
## **C V R Skelton - Trustee**
The notes on pages 7 to 9 form part of these financial statements
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**THE MARGARET BROWN TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2021**
## **1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**
## **a) General information**
The Margaret Brown Trust is a charitable trust registered in England and Wales. The Charity's registered number and principal address can be found on the Charity Commission website.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
The financial statements are presented in pounds sterling (£) which is the functional currency of the Charity.
## **b) Basis of preparing the financial statements**
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements 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 Charities Act 2011. The financial statements are prepared under the historical cost convention, modified to include certain items at fair value.
The financial statements are prepared on a going concern basis.
## **c) Income recognition**
All incoming resources are included in the Statement of Financial Activities (SoFA) when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
## **d) Expenditure recognition**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
- Raising funds includes investment management costs; and
- Charitable activities includes donations and support costs
Support costs are those costs incurred that assist the work of the charity and include governance and administrative costs.
## **e) Investments**
Investments are recognised initially at cost, including transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably.
## **f) Debtors and creditors receivable/payable within one year**
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairments are recognised in expenditure.
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**THE MARGARET BROWN TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 5 APRIL 2021**
## **1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued**
## **g) Funds**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund.
In the opinion of the Trustees, all of the Trust's assets are unrestricted and available for distribution. The 'Capital' and 'Income' funds are separated to assist the Trustees in considering distributions of the Trust's income and capital.
## **2 INVESTMENT INCOME**
|UK dividends
UK Unit trust dividends
Overseas dividends
UK interest
Non-UK interest|**2021**
£
24,249
7,058
4,153
8,396
1,158|**2020**
£
37,025
10,694
4,283
7,882
1,491|
|---|---|---|
||45,014|61,375|
## **3 EMPLOYEES**
The charity has no employees and therefore no employee remuneration was paid in the year (2020 - £nil).
## **4 TRUSTEES' REMUNERATION AND BENEFITS**
The Trustees neither received nor waived any remuneration during the year ended 5 April 2021 (2020 - £nil)
The Trustees did not have any expenses reimbursed during the year ended 5 April 2021 (2020 - £nil)
## **5 EXPENDITURE**
|Raising funds - investment management stockbrokers fees
Donations - see schedule below
Governance costs:
Accountancy and administration costs
Independent examiner's fees
Professional fees|**2021**
£
15,452
69,568
5,940
804
600|**2020**
£
16,947
20,610
5,724
780
-|
|---|---|---|
||92,364|44,061|
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**THE MARGARET BROWN TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 5 APRIL 2021**
|Donations made to institutions:
June 2019
- Don't Lose Hope
August 2019
- Rotary Club of Grantham Kesteven
September 2019
- Stoke Rochford & Easton PC
February 2020
- Hougham PC
March 2020
- Westborough & Dry Doddington PC
March 2020
- Harmston and Westborough PC
July 2020
- G.R.O.W.
July 2020
- Mr Andrew Sheardown
September 2020
- British Red Cross
September 2020/April 2021/March 2020
- St Barnabas Hospice Trust
October 2020
- Lincs & Notts Air Ambulance
April 2021
- Great Gonerby PC
April 2021
- St. John's Medical Centre
April 2021
- Brant Broughton Parish Council
April 2021
- Ancaster & Caythorpe Medical Equipment Trust|**2021**
£
-
-
-
-
-
-
854
9,672
6,012
12,340
22,104
1,800
4,283
1,800
10,703|**2020**
£
1,400
500
1,600
1,600
1,600
1,600
-
-
-
12,310
-
-
-
-
-|
|---|---|---|
||69,568|20,610|
The Trustees consider that the grants made fulfil the objects of the Trust.
## **6 INVESTMENTS**
|**INVESTMENTS**|||
|---|---|---|
|Valuation at 6 April 2020
Additions at cost
Disposals at cost/valuation at 6 April 2020
Revaluation
Valuation at 5 April 2021|**2021**
£
1,616,545
66,726
(97,402)
354,375|**2020**
£
1,856,042
19,503
(26,908)
(232,092)|
||1,940,244|1,616,545|
Included within the above are the following investments which represent more than 5% of the total value:
|||**2021**|**2020**|
|---|---|---|---|
|||**£**|**£**|
||3l Infrastructure|114,058|95,208|
||Finsbury Growth & Income Trust plc|129,300|114,000|
||Fundsmith LLP|152,058|117,789|
||Reckitt Benckiser Group plc|97,470|92,250|
||Whitbread|116,141|68,478|
|**7 **|**CREDITORS**|**2021**|**2020**|
|||**£**|**£**|
||Accruals and deferred income|29,590|4,392|
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