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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
I￿13

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