Please slgn and return lo accounlanls THE MULBERRY TRUST Istered Charlt No. 1005893 Re FINANCIAL STATEMENTS AR ENDED 31 MARCH 2025
THE MULBERRY TRUST istere Charlt No. 1005893 FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 202S Page Report of the Trustees Report of the Independent Auditors Statement of Financial Activities Statement of Financial Position Statement of Cash Flows Notes to the Financial Statements I13
THE MULBERRY TRUST Istered Charl No. 1005893 Re REPORT OF THE TRUSTEES The Trustees present their report together with financial statements for the year ended 31 March 2025. Ob'ects and activities for the Public Beneflt 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 purpose5 as the Tru5tee5 see f it. In general, this involves supporting charitable causes which are situated in the geo8raphical locality of the charity. The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewin8 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 £183,833 to various individuals and organisations12024 £109.3931. Flnancial Review During the year, the charity received donations of £IOO,00012024 - £100,000) and investment income of £220,266 {2024 £205,810). After deduction of charitable donations and expenses, a net surplus of income over expenditure of E104.928 was generated12024 - £166,788). 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 a reduction of £160,681 12024 £669,885 increase) in fund balances held. The value of funds held at 31 March 2025 stood at £8,259,84312024 £8,420,524). During the year ended 31 March 2011, a de5i8nated fund was established known as Buckinghamshire CF Mulberry Fund. This fund was established under an agreement between The Mulberry Trust and Buckin8hamshire Communily Foundation {Charity No. 10738611. The fund was initially set up with the sum of £200,000 including £100,000 received from UK Government funds allocated for charitable causes. Further amounts have ben added to the fund during subsequent years. Discretion on the fund's distribution is the responsibility of the Trustees of The Mulberry Trust. Under the Trust Deed, the charity ha5 the power to invest in any way the Trustees wish. The Trustees 3150 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 rnade other gifts to the Trust. The Trust does not actively fundraise and Seeks to continue its charitable work throu8h the careful stewardship of its re50urce5. 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 risk5. Page I
THE MULBERRY TRUST Is ered Charlt No. 1005893 Re REPORT OF THE TRUSTEES CONTINUED Reference and administrative detail Charity Number.. 1005893 Principal Offlce: PO Box 4781. Marlow, 8uckin8hamshire, SL7 9DZ Independent Auditors.. Villar5 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 Mirkowskl Mrs H L Fowler Trustees, res onslbllltles in relatSon to the financlal statemen The Trustees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standard5 (United Kingdom Generally Accepted Accounting Practice). Law applicable to charities in England and Wales require5 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 incomin8 resources and application of resources of the charlty 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 Report51 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 irre8ularities. Page 2
THE MULBERRY TRUST lstered Charit No. 1005893 Re REPORT OF THE TRUSTEES CONTINUED By order of the Trustees J Frost- rustee Date . 2025 Mrs E M Frost- Trustee Date .......................................... 2025 Mrs A R Mirkowski-Trustee Oate ... 2 1 2025 Mrs H L Fowler - Trustee Date 2025 Page 3
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE MUL8ERRY TRUST Oplnlon We have audited the financial statements of The Mulberry Trust (the 'Charity'l for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Statement of Financial P051tion, the Statement of Cash Flow5 and Notes to the financial statement5, 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 IQ2 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. 8ive a true and fair view of the state of the Charity's affairs as at 31 March 2025 and of its incoming Tesources 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. 8asls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISA'S IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial Statements section of our report. We are independent of the Charity In accordance wlth 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 requirement5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatSng to 8oln8 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 uncertaintie5 relating to events or conditions that. individually or collectively, may cast signif icant doubt on the charity's ability to continue as a golng concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responslbillties and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of thls report. Other Informatlon The Trustees are responsible for the other information. The other information comprises the infoimation included in the Trustees, Report. but doe5 not include the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the othei information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Page 4
INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE MUL8ERRY TRUST CONTINUEO 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 (Accounts 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 records have not been kept; or the financi315tatements are not in agreement with the accounting records and returns,. or we have not received all the information and explanations necessary for our audit. Responslbilitles 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 preparin8 the financial statements, the Trustees are responsible for assesslng the Charity's ability to continue as going concern, disclosin8, as applicable, matters related to going concern and usin8 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 audlt of the flnanclal 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 auditor's report that includes our opinion. Reasonable assurance is a hi8h level of assurance but Is not a guarantee that an audit conducted in accordance with 15As IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the a8greg3te, they could reasonably be expected to Influence the economic decisions of users taken on the basis of these financial statements. Irre8ularities, 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 irregularitie5. includin8 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 liti8ation and claims; Performing audit work to assess the risk of management override of controls, includin8 testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. Reviewing minutes of meetings of those char8ed with governance- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; Reviewing areas of the financial statements which may indicate greater risk, testing to supportin8 documentation as necessary. Because of the inherent limitations of an audit, there 15 a risk that we will not detect all irregularitie5. 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 instances of non-compliance. The risk is also greater re8ardin8 irregularities occurrin8 due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. Page 5
INDEPENDENT AUDITOR ' REPORT TO THE TRUSTEES OF THE MULBERRY TRUST CONTINUED Auditor's responsibilities for the audit of the linancial statements {continued) We communicate with those charged with governance regarding, among other matter5, the planned scope and timing of the audit and significant audit findings, 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 501ely to the Charity's Trustees as a body, in accordance with Part 4 of the Charities {Account5 and Reports) regulations 2008. Our audit work has been undertaken so that we might state to the Charity's Trustee5 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 8FP, ACA, CTA (Senior Statutory Auditor) Villars Hayward LLP Chartered Accountants Statutory Auditors Chartered Tax Advisers Boston House Henley-on-Thames RG9 IDY Date: ..................................... 2025 Page 6
THE MULBERRY TRUST istered Chaiit No. 1005893 Re STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 MARCH 2025 Unrestrlcted Funds 2025 2024 Note INCOME AND ENDOWMENT5 FROM: Oonations and le8acies= Donations ioo,000.00 Ic,000.00 Investment income.. Oividends Interest Endowment income 91,332.45 50,235.08 78 698.94 89,537.27 39,263.49 220,266.47 205,809.84 TOTAL INCOMING RESOURCES £320,266.47 £305,809.84 EXPENDITURE ON.. Charitable activities.. Donations Property repairs Audit fees 8CF management fee 8ank charges 183,833.05 5,000.00 4,380.00 22,104.02 21.00 109,392.53 5,000.00 4,140.00 20,489.54 TOTAL RESOURCES EXPENOED 1£215,338.071 1£139,022.071 NET INCOME 104,928.40 166,787.77 Unrealised Ilosses118ains on investments (265,609.731 503,097.40 NET IREOUCTIONIIADDITION TO FUNDS Fund balances at l April 2024 (160,681.331 8.420,524.38 669,885.17 7,750.639.21 FUND BALANCES AT 31 MARCH 2025 £8,259,843.05 £8,420,524.38 Page 7
THE MULBERRY TRUST i5tered Charit No. 1005893 Re STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025 2024 FIXED ASSETS Tangible assets Investments le&3 le&4 i.000,000.00 6,825,140.50 1,000,000.00 5,840,750.23 7,825,140.50 6,840,750.23 CURRENT ASSETS Cash at bank Debtors 487,139.75 20,000.00 1,627,446.35 20,000.00 507,139.75 1,647,446.35 CREDITORS: Amounts falling due within one year {72,437.201 167,672.201 NET CURRENT ASSETS 434,702.55 1,579.774.15 NET ASSETS £8,259,843.05 £8,420.524.38 FUNDS: UNRÉSTRICTED FUNDS: Des18nated: Buckinghamshire CF Mulberry Fund Other: General Fund 3,748,329.02 2,613,869.19 4.511,514,03 5,806,655.19 TOTAL FUNDS £8,259,843.05 £8,420,524.38 The financial statements were approved by the Trustees on Signed for and on behalf of the Trustees )..1...gJl.......................... 2025 R J Frost- Trustee Page 8
THE MULBERRY TRUST istered Charit No. 1005893 STATEMENT OF CASH FLOWS FOR THE YEAR TO 31 MARCH 2025 Notes 2025 2024 Cash lusedllprovided by operating activities £1110,573.071 £153,367.07) Cash flows from investing activities: Interest income 50,235.08 39,263.49 Dividend income 91,332.45 89,537.27 Endowment income 78,698.94 77,009.08 Additions to investments 11,250,000.001 Cash lusedl / provided from investing activities Ell.029,733.531 E205,809.84 Cash flows from financing activities (Decrease) / increase in cash and cash equivalents 11,140,306.601 152,442.77 Cash and cash equivalents at the beginnin8 of the year 1.627,446.35 1,475,003.58 Cash and cash equivalents at the end of the year £487,139.75 £1.627,446.35 Page 9
THE MULBERRY TRUST istered Charit No. 1005893 Re NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting Policies The principal accounting policie5 are summari5ed below. The accounting policies have been applied consistently throughout the year and in the preceding year. {al Basls of accountin8 The financial statements have been prepared under the historical cost convention, as modified by the inclusion of fixed asset investment5 at market value. The financial statements have been prepared in accordance with Accounting and Reportin8 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 (effective I january 2015} - (Charities SORP IFRS10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 and the Charities Act 2011 and UK Generally Accepted Practice as it applies from I january 2016. The financial statements 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 view" This departure has involved following the Accounting and Reporting by Charitie5'. 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 Piactice effective from l April 2005 which has since been withdrawn. Ib) Fund account5ng Unrestricted f Llnds are available for use at the discretion of the Trustees in f urtherance 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 purpose5 by the Trustees. Icl Incomln8 resources Income is reco8nised when the charlty has entitlement to the funds, any performance conditions attached to the itemlsl 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 particular categories of Income: Grant income is recognised when the charity has entitlement to the funds. any performance conditions 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 full in the Statement of Financial Activitie5 when receivable. Investment income 15 included when receivable. {dl Resources expended Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings.. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. 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 stered Charit No. 1005893 Re NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 (el Fixed assels Tangible assets comprise the freehold property owned by the cha rity which is 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 def icit arising f rom 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 Position date and the gain or loss taken to the Statement of Financial Activities. If) 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 financial 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 arlsen in the charitv. TangSble flxed assets Fre hold Pro ert Cost At l April 2024 I,000,o.00 At 31 March 2025 £1,000,000.00 Depreclatlon At l April 2024 Char8e for the year At 31 March 2025 Net 8ook Value At 31 March 2025 £1,000,000.00 At 31 March 2024 £i,000.000.00 2025 2024 Historical cost £619.903.50 £619.903.50 Page 11
THE MULBERRY TRUST i5tered Chari No. 1005893 Re NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 Investments 2025 2024 Listed investments lincludin8 unit Trusts1: Market value at l April 2024 Unrealised Ilossesl/gains on investments Additions to investments 5.840.750.23 {265.609.731 1,250,000.00 5,337,652.83 503.097.40 Market value at 31 Maich £6,825,140.50 £5,840,750.23 Historical c05t at 31 March £4.845,191.63 £3,595,191.63 Debtors 2025 2024 HM Revenue and Customs- Gift Aid relief due £ 20,000.00 £ 20,000.00 Creditors: Amount5 falling due within one year 2025 2024 Accrued expenses £ 72,437.20 £ 67,672.20 Designated Fund: Buckinghamshire CF Mulberry Fund The Buckin8hamshire CF Mulberry Fund was established under an agreement between Buckinghamshire Community Foundation Iregistered charity no. 10738611 and The Mulberry Trust during the year ended 31 March 2011. An initial sum of £IOO.000 was transferred to the fund and matched by a receipt of £lOO,000 from UK Government fund5 durin8 that year. During the year ended 31 March 2025 an additional £1,250,000 was paid into the fund. The total fund balance at 31 March 2025 was £3,748,329 12024.. £2,613,869). Additional sums may be added at any time in the f uture. The funds are held in a charity portfolio mana8ed by external fund manager5. Page 12
THE MUL8ERRY TRUST istered Charit No. 1005893 Re NOTES TO THE FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 Reconciliation of net income to net cash flow from operating activities 2025 2024 Net income 104.928.40 166,787.77 Ad-ustments for: Interest Oividends Endowment income Ilncreasel/decrease in debtors Increaselldecreasel in creditors 150,235.081 191,332.451 178.698.941 {39,263.491 189,537.271 177,009.081 120,000.001 5,655.00 4,765.00 Cash lusedl/provided by operatin$ activities EII 10,S73.071 £153.367.071 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 donatlons. The Trust Deed gives the Trustees the right to distribute these funds as they See fit. Page 13