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
I￿13

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