THE MULBERRYTRUST istered Charit No. 1005893 Re FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE MUIBERRYTRUST istered Chari No. 1005893 FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Trustees Report of the Independent Auditors 4-6 Statement of Financial Activities Statement of Financial Position Statement of Cash Flows Notes to the Financial Statements I13
THE MULBERRY TRUST istered Charit No. 1005893 REPORT OF THE TRUSTEES The Trustees present their report together with financial statements for the year ended 31 March 2024. Ob-ects and activities for the Public Benefit The objects of the Trust are to hold the capital and income of the Trust Fund and to apply these for or towards such charitable purposes as the Trustees see fit. In general, this involves supporting charitable causes which are situated in the geographical locality of the charity. The Trustees confirm that they have referred to the guidance conta ined in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting grant making policies. Achievements and Performance During the year the charity made donations of £109,393 to various individuals and organisations12023 - £136,328). Financial Review During the year, the charity received donations of £IOO.00012023 - £100,000) and investment income of £205,810 12023 £173,969). After deduction of charitable donations and expenses, a net surplus of income over expenditure of £166,788 was generated 12023 - £107,162). While a large surplus of income over expenditure was generated in the year, donations made to the charity do not form part of the funds available for distribution. These funds are instead invested in order to generate income for the charity from which donations are made. The Trustees continue to maintain their authority in accordance with the Trust Deed to distribute the funds of the charity as they so wish. After realised and unrealised gains and losses on investments, there has been an increase of £669,885 (2023 £191,558 decrease) in fund balances held. The value of funds held at 31 March 2024 stood at £8,420,52412023 £7,750,639). During the year ended 31 March 2011, a designated fund was established known as Buckinghamshire CF Mulberry Fund. This fund was established under an agreement between The Mulberry Trust and Buckinghamshire Community Foundation (Charity No. 10738611. The fund was initially set up with the sum of £200,000 including £lOO,000 received from UK Government f unds allocated for charitable causes. Further amounts have ben added to the f und during subsequent years. Discretion on the fund's distribution is the responsibility of the Trustees of The Mulberrv Trust. Under the Trust Deed, the charity has the power to invest in any way the Trustees wish. The Trustees also have full discretion over the level of reserves held by the charity. Structure overnance and mana ement The Mulberry Trust is a charitable Trust governed by its Trust Deed dated 27 October 1991. The Trust was established by an initial gift from R J Frost and Mrs E M Frost who have subsequently made other gifts to the Trust. The Trust does not actively fundraise and seeks to continue its charitable work through the careful stewardship of its resources. New Trustees are appointed by the existing Trustees. The Trust deed provides for a minimum of three and maximum of eight Trustees. The Trustees meet regularly to agree broad strategy and consider grant making, investment, reserves and risk management policies. The day to day administration of the Trust's activities is dealt with by R J Frost, Trustee. All Trustees give of their time freely and no Trustee remuneration or expenses were paid in the year. Risk Mana ement The Trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks. Page I
THE MULBERRY TRUST iStered Charit No. 1005893 REPORT OF THE TRUSTEES CONTINUED Reference and administrative details Charity Number: 1005893 Principal Office: PO Box 4781, Marlow. Buckinghamshire, SL7 9DZ Independent Auditors: Villars Hayward LLP Boston House, Henley-on-Thames. Oxfordshire, RG9 IDY Bankers: National Westminster Bank plc. 22 Market Square, Aylesbury, Buckinghamshire, HP20 ITW Trustees: The Trustees serving during the year and since the year end were as follows.. Mrs E M Frost R J Frost Mrs A R Mirkowski Mrs H L Fowler Trustees, res onsibilities In relatlon to the financial statements 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). 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 period. In preparing these financial statements the Trustees are required to- Select suitable accounting policies and apply them consistentlv,. Observe the methods and principals in the Charities SORP; Make judgements and estimates that are reasonable and prudent; State whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements- 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 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 Reports) Regulations 2008 and 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. Page 2
THE MULBERRY TRUST istered Charl No. 1005893 REPORT OF THE TRusfEES CONTINUED 8y order of the Trustees R J Frost-Trustee 17. 01. . 2024 Mrs E M Frost-Trustee Date . 11. . 2024 Mrs A R Mlrkowski- Trustee . 2024 Mrs H L Fowler- Trustee 17. •1. . 2024 Page 3
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE MULBERRY TRUST Opinion We have audited the financial statements of The Mulberry Trust Ithe 'ChariWI for the year ended 31 March 2024 which comprise the Statement of Financial Activities. the Statement of Financial Position. the Statement of Cash Flows and Notes to the financial statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion. the financial statements: give a true and fair view of the state of the Charity's affairs as at 31 March 2024 and of its incoming resources and application of resources, for the year then ended: have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS (UKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilitie5 for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements we have concluded the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to event5 or conditions that. individually or collectively. may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilitie5 of the Trustees with respect to going concern are described in the relevant sections of this report. other information The Trustees are responsible for the other information. The other information comprises the information included in the Trustees, Report, but doe5 not include the financial Statements and our auditorfs report thereon. Our opinion on the financial staternents does not cover the other information and. except to the extent otherwise explicitly stated in our report. we do not express any form of 355urance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the 3udit or otherwise appears to be rnaterially misstated. If we identify such material inconsistencies or apparent material misstatement5. we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the wo", we have performed, we conclude that there 15 a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page 4
INOEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE MULBERRY TRUST CONTINUED Matters on which we are required to report by exception In light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified any material misstatements in the Trustees, Report. We have nothing to report in respect of the following matters in relation to which the Charities IAccounts and Reports) Regulations 2008 require us to report to you if, in our opinion: the information given in the financial statements is inconsistent in any material respect with the Trustees, report,. or sufficient accounting record5 have not been kept,. or the financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanations necessary for our audit. Responsibilities of Trustees As explained more fully in the Trustees, responsibilities statement (set out on page 21, the Trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so. Audltor's responslbllitles for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that include5 our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance 'Nith ISAS IUKI will always detect a material mi5Statement when it exists. Misstatements can arise f rom fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Enquiry of management and those charged with governance around actual and potential litigation and claims,. Performing audit work to assess the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale af significant transactions outside the normal course of business and reviewing accounting estimates for bias. Reviewing minutes of meetings of those charged with governance,. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations,. Reviewing area5 of the financial statements which may indicate greater risk, testing to supporting documentation as necessary. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instance5 of non-compliance. The risk is also greater regarding irregularities occurring due to fraLJd rather than error, as fraud involves intentional concealment, forgerv, collusion, omission or misrepresentation. Page 5
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE MULBERRY TRUST CONTINUED Auditorfs responsibilities for the audit of the financial statements (continued) We communicate with those charged with governance regarding, among other matter5, the planned scope and timing of the audit and significant audit f indin£s, including any significant deficiencies in internal control that we identify during our audit. A further description of our responsibilities for the audit of the financial statements Is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Independent Auditors Report. Use of our report This report is made Solely to the Charity's Trustees as a body, in accordance with Part 4 of the Charities (Accounts and Reports) regulations 2008. Our audit work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity's Trustees as a body, for our audit work. for this report, or for the opinions we have formed. Nicholas M Smith BFP, ACA, CTA (Senior Statutory Auditor) Villars Hayward LLP Chartered Accountants Statutory Auditors Chartered Tax Advisers Boston House Henley-on-Thames RG9 IDY Date: ..................................... 2024 Page 6
THE MULBERRY TRUST istered Charit No. 1005893 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Funds 2024 2023 Notes INCOME AND ENDOWMENTS FROM: Donations and legacies: Donations ioo,000.00 ioo,000.00 Investment income.. Dividends Interest Sundry Endowrnent income 89,537.27 39,263.49 89,528.70 7,002.13 605.70 76 832.39 77 009.08 205,809.84 173,968.92 TOTAL INCOMING RESOURCES £305,809.84 £273,968.92 EXPENDITURE ON.. Charitable activities: Donations Property repair5 Audit fees BCF management fee 109,392.53 5,000.00 4,140.00 20,489.54 136,328.00 5,000.00 3,960.00 21,519.36 TOTAL RESOURCES EXPENDED £139,022.07 £166,807.36 NET INCOME 166,787.77 107,161.56 Unrealised gainslllosse51 on Snvestments Revaluation of tangible fixed assets 503,097.40 114,136.441 (284,583.311 NET ADDITION/IREDucfioNI TO FUNDS Fund balances at l April 2023 669,885.17 7,750,639.21 (191,558.191 7,942,197.40 FUND BALANCES AT 31 MARCH 2024 £8,420,524.38 £7,750,639.21 Page 7
THE MULBERRY TRUST istered Charit No. 1005893 STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2024 2024 2023 Notes FIXED ASSETS Tangible assets Investments le&3 le&4 1,000,000.00 5,840.750.23 1,000,000.00 5,337,652.83 6,840,750.23 6,337,652.83 CURRENT ASSErs Cash at bank Debtors 1.627,446.35 20,000.00 1.475,003.58 1.647,446.35 1.475,003.58 CREDITORS: Amounts falling due withln one year 167.672.201 162,017.201 NET CURRENT ASSETS 1,579,774.15 1,412,986.38 NET ASSETS £8,420,524.38 £7,750,639.21 FUNDS: UNRESTRICTED FUNDS: Designated: Buckinghamshire CF MLblberry Fund Other: General Fund 2,613.869.19 2,398,604.01 5,806,655.19 5.352,034.30 TOTAL FUNDS £8.420.S24.38 £7,750,639.21 The financial statements were approved by the Trustees on............... Signed for and on behalf of the Trustees . 2024 R J Frost- Trustee Page 8
THE MUIBERRYTRUST istered Chari No. 1005893 STATEMENT OF CASH FLOWS FOR THE YEAR TO 31 MARCH 2024 Notes 2024 2023 Cash lusedllprovided by operating activities £(53,367.071 £141,021.66) Cash flows from investing activities: Interest incorne 39.263.49 7,002.13 Dividend income 89,537.27 89,528.70 Endowment income 77.009.08 76,832.39 D15posal of Investments 301,640.56 Purchase of investments {303,739.691 Cash used in investin8 activities £205.809.84 £171,264.09 Cash flows from financln8 activities Decrease in cash and cash equivalents 152.442.77 130,242.43 Cash and cash equivalents at the beginning of the year 1.475.003.58 1,344,761.15 Cash and cash equivalents at the end of the year £1,627,446.35 £1,475,003.58 Page 9
THE MULBERRY TRUST istered Charit No. 1005893 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting Policies The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding year. (a) Basis of accountlng The financial statements have been prepared under the historical cost convention, as rnodified by the inclusion of fixed asset investments at market value. The financial statements have been prepared in accordance with 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 IFRS1021 leffective l January 20151 (Charities SORP IFR5102}I, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFR51021 and the Charities Act 2011 and UK Generally Accepted Practice as it applie5 from l January 2016, The f inancial staternents have been prepared to give a "true and fair view" and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair vie. This departure ha5 involved following the 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 IFRS1021 (effective l January 20151 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from I April 2005 which has since been withdrawn. (b) Fund accounting Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity. Unrestricted funds include a revaluation reserve representing the restatement of investment assets at market values. Designated funds are unrestricted funds which have been designated for specific purposes by the Trustees. (cl Incoming resources Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the Stemlsl of income have been met, it is probable that the income will be received, and the amount can be measured reliably. The following specific policies are applied to partlcular categories of income: Grant income is recognised when the charity has entitlement to the funds, any performance conditlolls attached to the grants have been met, it is probable that the income will be received, and the amount can be measured reliably and 15 not deferred. Donations and gifts are included in fLtII in the Statement of Financial Activities when receivable. Investment income is included when receivable. (d) Resources expended Expenditure is recognised once there is a legal Dr constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the arnount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: Charitable expenditure comprise5 those costs incurred by the charity in the delivery of its activities and services for its beneficiarie5. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Page 10
THE MULBERRY TRUST istered Charit No. 1005893 NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 (e) Fixed assets Tangible assets comprise the freehold property owned by the charity which 15 included in the financial statements at cost and subsequently revalued to fair value from time to time as the Trustees deem necessary. Any aggregate surplus or deficit arising from changes in fair value are charged or credited through the Statement of Financial Activities. Investments held as fixed assets are revalued at market value at the Statement of Financial P051tion date and the gain or loss taken to the Statement of Financial Activities. {n Going Concern The Trustees have carefully assessed the ability of the charity to continue to continue as a going concern and deem this to be an appropriate basis for the preparation of the f inancial statements. Taxation As a charity, The Mulberry Trust is exempt from tax on income and gains to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity. Tangible f ixed assets Freehold Pro ert Cost At l April 2023 1,000,000.00 At 31 March 2024 £1,000,000.00 Depreciation At l April 2023 Chargefortheyear At 31 March 2024 Net Book Value At 31 March 2024 £1,000,000.00 At 31 March 2023 £1,000,000.00 2024 2023 Historical cost £619,903.50 £619,903.50 Page 11
THE MULBERRY TRUST istered Charit No. 1005893 Re NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Investments 2024 2023 Listed investments (including unit Trusts): Market value at l April 2023 Realised gainslllossesl on investments Unrealised gains/llossesl on investments Disposal of investments Purchase of investment5 5,337,652.83 5,634,273.45 114,136.441 1284,583.31} 1301,640.561 303,739.69 503,097.40 Market value at 31 March £5,840.750.23 £5,337,652.83 Historical cost at 31 March £3,595,191.63 £3.595,191.63 Debtors 2024 2023 HM Revenue and Customs- Gift Aid relief due £ 20,000.00 Creditors: Amounts falling due within one year 2024 2023 Accrued expenses £ 67,672.20 £ 62,017.20 Designated Fund: Buckinghamshire CF Mulberry Fund The Buckinghamshire CF Mulberry Fund was established under an agreement between Buckinghamshire Community Foundation (registered charity no. 10738611 and The Mulberry Trust during the year ended )1 March 2011. An initial sum of £IOO,000 was transferred to the fund and matched by a receipt of £lOO,000 from UK Government funds during that year. The total fund balance at 31 March 2024 was £2,613.86912023.' £2,398.6051. Additional sums may be added at anytime in the future. The funds are held in a charity Portfolio managed by external fund managers. Page 12
THE MULBERRY TRUST istered Chari No. 1005893 NOTES TO THE FINANCIALSTATEMENTS CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Reconclllation of net Income to net cash flow from operatlng artivitles 2024 2023 Net income 166.787.77 107,161.56 Ad'ustments for: Interest Dividends Endowment income Ilncrease)/decrease in debtors Increa5e/ldecreasel in creditors {39,263.49} 189,537.27) 177,009.081 120.000.001 5.655.00 17,002.131 189,528.701 176,832.391 20,000.00 5,180.00 Cash lused)/provided by operating activities £153,367.07) £141,021.66) Use of Donated Funds Although disclosed as income, funds included as "donations" are intended to be invested to generate income for the charity. As a result, it is not usual for these donations to be paid out as donations. The Trust Deed givD5 the Trustees the right to distribute these funds as they see fit. Page 13