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2024-04-05-accounts

Charity Number 1002967

THE MARGARET BROWN TRUST STATEMENT OF ACCOUNTS FOR THE YEAR ENDED

5 APRIL 2024

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THE MARGARET BROWN TRUST

OFFICERS AND AGENTS

Trustees C V R Skelton
N E Wade
Mrs M R B Wright
Bankers HSBC Bank PLC
88 Westgate
Grantham
Lincolnshire
NG31 6LF
Stockbrokers Evelyn Partners
45 Gresham Street
London
EC2V 7BG
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

THE MARGARET BROWN TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 5 APRIL 2024

The Trustees present their report and the financial statements of the charity for the year ended 5 April 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

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 £19,284 and comprised £11,232 donated to the St Barnabas Hospice Trust for new beds at their hospice in Grantham and £8,052 to the Caythorpe & Ancaster Medical Equipment Trust for medical equipment.

Subsequent to 5 April 2024, a donation of £18,000 has been made to the Magpas Air Ambulance for medical equipment.

The Trustees have considered the Charity Commissions’ guidance on public benefit and the main activities are in line with this guidance.

THE MARGARET BROWN TRUST

REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 5 APRIL 2024

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 Evelyn Partners. 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.

Reserves at the year end, in the sum of £2,118,859 (2023 - £2,072,829) 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

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

Date: 30 January 2025

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 2024 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:

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.

H J Bright BA. FCA. Messrs. Moore Thompson Chartered Accountants

Bank House Broad Street SPALDING Lincolnshire PE11 1TB

Date: 31 January 2025

THE MARGARET BROWN TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024

TOTAL FUNDS TOTAL FUNDS TOTAL FUNDS TOTAL FUNDS
2024 2023
Note £ £ £ £
INCOME AND ENDOWMENTS FROM:
Investment income 2 58,145 59,875
TOTAL 58,145 59,875
EXPENDITURE ON:
Raising funds 5 16,671 16,940
Charitable activities 5 27,180 27,465
TOTAL 5 43,851 44,405
Net income 14,294 15,470
Net gains / (losses) on investments 31,737 (79,748)
NET MOVEMENT IN FUNDS 46,031 (64,278)
Reconciliation of funds:
Total funds brought forward 2,072,829 2,137,107
TOTAL FUNDS CARRIED FORWARD 2,118,860 2,072,829

The notes on pages 7 to 9 form part of these financial statements

THE MARGARET BROWN TRUST

STATEMENT OF FINANCIAL POSITION AS AT 5 APRIL 2024

Note
FIXED ASSETS
Investments
6
CURRENT ASSETS
Cash at bank and in hand:
HSBC Bank plc account
Evelyn Partners Dividend account
Evelyn Partners 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 income for the year
TOTAL FUNDS		 £
£
1,906,358
176,175
-
40,875
217,050
(4,548)
212,502
2,118,860
1,974,999
(664)
32,400
2,006,736
97,830
14,294
112,124
2,118,860
2024		 £
£
1,829,746
142,410
2,044
102,265
246,719
(3,636)
243,083
2,072,829
2,054,747
(7,975)
(71,773)
1,974,999
82,360
15,470
97,830
2,072,829
2023		 £
£
1,829,746
142,410
2,044
102,265
246,719
(3,636)
243,083
2,072,829
2,054,747
(7,975)
(71,773)
1,974,999
82,360
15,470
97,830
2,072,829
2023
246,719
(3,636)
2,054,747
(7,975)
(71,773)
2,072,829
1,974,999
97,830
82,360
15,470
2,072,829

The financial statements were approved by the Board of Trustees on 30 January 2025 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

THE MARGARET BROWN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

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:

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.

THE MARGARET BROWN TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 5 APRIL 2024

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		 2024
£
28,232
5,019
10,751
5,583
8,560		 2023
£
36,103
5,612
12,157
809
5,194
58,145 59,875

3 EMPLOYEES

The charity has no employees and therefore no employee remuneration was paid in the year (2023 - £nil).

4 TRUSTEES' REMUNERATION AND BENEFITS

The Trustees neither received nor waived any remuneration during the year ended 5 April 2024 (2023 - £nil)

The Trustees did not have any expenses reimbursed during the year ended 5 April 2024 (2023 - £nil)

5 EXPENDITURE

Raising funds - investment management stockbrokers fees
Donations - see schedule below
Governance costs:
Accountancy and administration costs
Independent examiner's fees		 2024
£
16,671
19,284
6,960
936		 2023
£
16,940
19,707
6,804
954
43,851 44,405

THE MARGARET BROWN TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 5 APRIL 2024

Donations made to institutions:
May-22
- St John's Medical Centre
Jun-22
- Magpas Air Ambulance
Jan-23
- Burton Le Coggles PC
May-23
- St Barnabas Hospice Trust
Sep-23
- Ancaster & Caythorpe Medical Equipment Trust
Donations made to individuals:
June 2022
- Mr J Fry, re a defibrillator for Brick Kiln Place, Grantham
The Trustees consider that the grants made fulfil the objects of the Trust.		 2024
£
-
-
-
11,232
8,052		 2023
£
537
16,300
1,070
-
-
19,284
-		 17,907
1,800
19,284 19,707

6 INVESTMENTS

Valuation at 6 April 2023
Additions at cost
Disposals at cost/valuation at 6 April 2023
Revaluation
Valuation at 5 April 2024
Included within the above are the following investments which represent more than 5% of the total value:
3l Infrastructure
Finsbury Growth & Income Trust plc
Fundsmith LLP
Whitbread
7 CREDITORS
Accruals and deferred income		 £
1,829,746
121,081
(76,869)
32,400		 £
1,991,468
13,234
(103,183)
(71,773)
1,906,358 1,829,746
£
125,598
129,600
129,512
112,345
£
4,548		 £
120,405
135,000
169,140
101,259
£
3,636