THE HAROLD AND MARJORIE MOSS CHARITABLE TRUST
UNAUDITED ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2025
The Harold and Marjorie Moss Charitable Trust
INDEX TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025
| Page | |
|---|---|
| 1 | Details of Charity's Trustees and Advisers |
| 2-3 | Trustees' Report |
| 4 | Independent Examiner's Report to the Trustees |
| 5 | Statement of Financial Activities |
| 6 | Balance Sheet |
| 7-11 | Notes to the Financial Statements |
The Harold and Marjorie Moss Charitable Trust
Details of Charity's Trustees and Advisers
Trustees David Hartles Karen Ann Wragg George Duncan Principal Address 10 Orange Street Haymarket London WC2H 7DQ Registered Charity No. 1022715 Solicitors Charles Russell Speechlys LLP 5 Fleet Place London EC4M 7RD Investment Advisers Walker Crips Investment Management Ltd Old Change House 128 Queen Victoria Street London EC4V 4BJ Independent Examiner Trevor Clarke SRG LLP 16 Black Friars Lane London EC4V 6EB Accountants and Administrators Moore Kingston Smith LLP 10 Orange Street Haymarket London WC2H 7DQ Bankers Coutts & Co 440 Strand London WC2R 0QS
Page 1
The Harold and Marjorie Moss Charitable Trust
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2025
The Trustees present their annual report and financial statements of the Trust for the year ended 5th April 2025. The financial statements have been prepared in accordance with the accounting policies set out in Note 1 and comply with the Trust’s constitution, the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).
Structure, governance and management
The charity is an unincorporated trust, constituted under a trust deed dated 31 March 1993 and is a registered charity, number 1022715. The primary assets of the trust were established by a gift under the terms of the Will of Mrs M R Moss who died in January 2002. Following the death of the settlor, the power to appoint new trustees is vested in the serving trustees by virtue of clause 13 of the trust deed, wherein a defined procedure is set down for the formalities, which must be observed when a new appointment is made.
The Trustees who served during the year were: David Hartles, Karen Ann Wragg and George Duncan.
When a new trustee is appointed the other trustees deliver induction training, which includes providing information about the charity and its objectives together with summaries of the responsibilities of the trustees. The trustees may attend external training courses as necessary.
At the annual trustees’ meeting, the trustees agree on the grant making, investment, reserves and risk management policies and performance.
Risk Management
The trustees have identified the major risk to which the charity is exposed as being poor investment performance. The trustees have mitigated this risk by ensuring that a diversified investment portfolio is established and maintained. Beyond this, with regard to risks related to the operations and finance of the charity the trustees are satisfied that systems are in place to mitigate its exposure to major risk.
Objectives and activities
The objects of the charity are to distribute both the income and capital of the trust for the charitable objects of providing financial assistance to trainee pharmacists and promote the knowledge of pharmacy for the benefit of the public by encouraging research studies focussing on the delivery of ‘community pharmacy’ based solutions and initiatives. By assisting pharmacy students in hardship to gain their qualification, many then go on to careers as patient facing pharmacists. The trustees consider that in supporting such students, the public good is being served by way of the provision of qualified healthcare professionals to the wider community and as such the trustees consider they have complied with their duty under section 4 of the 2006 Charities Act and the public benefit guidance published by the Charity Commission thereon. For a period of 21 years from the date of the Deed (ie to 31 March 2014) the trustees were able to, at their absolute discretion, accumulate all or any part of the income as an accretion to the capital of the Charity. The trustees may also distribute such accumulations at any subsequent time as if it were income of the Charity arising in the current year. However it has always been the intention of the trustees, to distribute income on an annual basis in accordance with their charitable objectives.
Grant making policy
The trustees consider the merits of hardship cases brought to their attention via university bursars, and also applications for research grants and teaching chairs, at their discretion and in accordance with the charity’s objectives.
Achievements and performance
During the year the trustees made 30 hardship grants to undergraduates and 4 postgraduate research grants. In all a total of £149,220 was expended on charitable grants, hardship awards and research.
Page 2
The Harold and Marjorie Moss Charitable Trust
TRUSTEES' REPORT (continued) FOR THE YEAR ENDED 5 APRIL 2025
Financial review
The charity is reliant on the income from its investments, which totalled £156,479 (2024: £170,017) for the year. There was also capital depreciation on investments (including realised gains and losses) of £160,685 (2024: appreciation of £150,062). The expenditure in the year totalled £215,255 (2024: £224,545) of which £199,997 was spent on direct charitable expenditure (2024: £214,289). The investment property at Staines Road was sold in a year at a loss of £37,580 due to costs of sale.
Investment policy and performance
Funds to be invested by the Trustees may be invested in such shares and stocks, land or other immovable property or any other investments authorised by the Trustee Act 2000, and the Trustees shall have full and unrestricted powers to invest trust monies as if they were entitled to the Trust Fund beneficially. The trustees shall also appoint professional investment advisors to manage the investment portfolio. The advisor should have at least 15 years experience of investment management and who is an authorised person within the meaning of the Financial Services Act 1986. The trustees are permitted to hold investments in the Trust Fund to be held in the name of any clearing bank, any trust corporation or any stock broking company, which is a member of the Stock Exchange as nominee for the trustees.
Reserves Policy
The charity has free reserves comprising the net assets of the unrestricted fund of £3,883,416 (2024 : £4,140,454). It is the policy of the trustees to maintain reserves at a sufficient level to generate enough income to distribute as grants. The trustees believe the current free reserves to be adequate for this purpose. However the trustees anticipate that funding for future research projects may give rise to substantial commitments for a number of years and accordingly and until this is assessed, an initial (as yet un-quantified) reserve could therefore be warranted.
Plans for the future
The trustees are hoping to increase the Charity's profile further to enable them to make more grants and more PhD awards.
Trustees’ responsibilities in relation to the financial statements
The 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 charity’s financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charity will continue in operation.
The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the trust deed. The trustees are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Signatories
David Hartles
George Duncan
Karen Wragg
Date
Page 3
The Harold and Marjorie Moss Charitable Trust
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES
DRAFT
I report on the accounts of the Harold and Marjorie Moss Charitable Trust for the year ended 5 April 2025, which are set out on pages 5 to 11.
Respective responsibilities of trustees and examiners
The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year (under section 144 (2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
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examine the accounts (under section 145 of the Charities Act 2011 (the 2011 Act);
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to follow procedures laid down in the General Directions given by the Charity Commissioners (under section 145(5)(b) of the 2011 Act); and
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to state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
1 which gives me reasonable cause to believe that in any material respect the requirements
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to keep accounting records in accordance with section 130 of the 2011 Act; and
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to prepare accounts which accord with the accounting records and to comply with the accounting records of the 2011 Act have not been met; or
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2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Independent Examiner
Name: Trevor Clarke
Relevant professional qualification or body: FCCA
Address: SRG LLP, 16 Black Friars Court, London EC4V 6EB
Date:
Page 4
The Harold and Marjorie Moss Charitable Trust
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025
| Page Income and Expenditure Income Investment Income 9 Expenditure Costs of raising funds Investment management costs Direct charitable expenditure Grants and governance costs 9 Total Expenditure Net income and Net Movement before gains and losses on investments Gains and Losses on Investments Realised gains/(losses) - investments Unrealised gains/(losses) - investments 10 Unrealised gain on property Realised loss on property 11 Net Movements in Fund Unrestricted fund balance brought forward at 6 April 2024 Unrestricted fund balance carried forward at 5 April 2025 6 |
£ £ 156,479.61 15,258.44 199,997.22 (215,255.66) (58,776.05) (43,952.99) (116,728.74) - (37,580.16) (257,037.94) 4,140,453.93 3,883,415.99 Total Unrestricted Funds 2025 |
£ £ 170,017.05 10,256.00 214,289.12 (224,545.12) (54,528.07) 11,834.30 138,228.15 276,000.00 - 371,534.38 3,768,919.55 4,140,453.93 Total Unrestricted Funds 2024 |
£ £ 170,017.05 10,256.00 214,289.12 (224,545.12) (54,528.07) 11,834.30 138,228.15 276,000.00 - 371,534.38 3,768,919.55 4,140,453.93 Total Unrestricted Funds 2024 |
|---|---|---|---|
| (54,528.07) 11,834.30 138,228.15 276,000.00 - |
|||
| 371,534.38 3,768,919.55 |
|||
| 4,140,453.93 |
Page 5
The Harold and Marjorie Moss Charitable Trust
BALANCE SHEET AT 5 APRIL 2025
| Page FIXED ASSETS Listed Investments at Market Value 10 Investment Property 11 Total Fixed Assets CURRENT ASSETS Cash Held 10 CREDITORS: Amounts falling due within one year 10 NET CURRENT ASSETS NET ASSETS FUNDS Unrestricted Funds 5 |
£ £ 3,496,588.00 - 3,496,588.00 427,774.96 427,774.96 (40,946.97) 386,827.99 3,883,415.99 3,883,415.99 2025 Unrestricted |
£ £ 3,507,276.00 456,960.00 3,964,236.00 219,727.41 219,727.41 (43,509.48) 176,217.93 4,140,453.93 4,140,453.93 2024 Unrestricted |
£ £ 3,507,276.00 456,960.00 3,964,236.00 219,727.41 219,727.41 (43,509.48) 176,217.93 4,140,453.93 4,140,453.93 2024 Unrestricted |
|---|---|---|---|
| 4,140,453.93 | |||
| 4,140,453.93 |
Approved on behalf of the Trustees this …................... and signed on their behalf by:
D F Hartles ….................................... Trustee
Page 6
The Harold and Marjorie Moss Charitable Trust
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
1 Accounting policies
1.1 General information
The Harold and Marjorie Moss Charitable Trust is an unincorporated trust governed by a trust deed and registered with the Charity Commission in England. The principal address is 10 Orange Street, Haymarket, London WC2H 7DQ. The objectives of the trust are set out on page 2.
1.2 Basis of Accounting
The financial statements have been prepared under the historical cost convention, with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policy. The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective January 2015) — (Charities SORP FRS 102) and the Charities Act 2011.
The Trust meets the definition of a public benefit entity under FRS 102.
The functional currency of the trust is considered to be pounds sterling because that is the currency of the primary economic environment in which the Trust operates. The financial statements are also presented in pounds sterling.
There are no significant areas requiring material judgements, estimates or assumptions.
1.3 Transition to FRS 102
No material adjustments were required to the opening fund balances at the date of transition on adoption of FRS 102 and the Charities SORP FRS 102. The transition date was 6 April 2014.
1.4 Cash flow statement
The trust has taken advantage of the exemption in “Bulletin 1; Amendments to 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” from the requirement to produce a cash flow statement on the grounds that it is a small charity. The trust has adopted this Bulletin early.
1.5 Preparation of the accounts on a going concern basis
The trustees consider that there are no material uncertainties about the trust’s ability to continue as a going concern for at least twelve months from the date of approving the accounts. The trustees have considered the investment performance during the year and the level of current commitments. The most significant areas of uncertainty that affect the future carrying value of assets held by the Trust are the level of investment return and the performance of investment markets. The accounts have been prepared on a going concern basis.
1.6 Income recognition
All income is recognised once the trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.
Rental income is recognised in the period to which it relates on an accruals basis.
Page 7
The Harold and Marjorie Moss Charitable Trust
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 5 APRIL 2025
1.7 Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the trust to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Costs of raising funds comprise the costs associated with managing the investment portfolio.
Expenditure of charitable activities includes grants made and governance costs.
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the trust. Unconditional grant offers are accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust.
Governance costs represents those costs of strategic management of the Trust and of complying with constitutional and statutory requirements.
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
1.8 Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently at their fair value as at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
1.9 Gains and Losses on Investments
All gains and losses are taken to the Statement of Financial Activities when they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
1.10 Cash at bank
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.11 Financial instruments
The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
1.12 Fund Accounting
The unrestricted fund comprises funds to be used in pursuance of the Trust’s objectives at the discretion of the Trustees.
Page 8
The Harold and Marjorie Moss Charitable Trust
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 5 APRIL 2025
| 2 Investment income Income from securities: UK Overseas Bank interest (Gross) Client account interest Rental income (Gross) 3 Charitable Activities Charitable activities include the following items: Grants Governance costs Grants Undergraduate hardship grants to individuals PhD student awards to individuals PhD refund received Governance costs Accountancy and administration fees Consultancy fees Independent Examiners Fees Legal fees |
2025 Unrestricted £ 129,094.87 13,580.92 142,675.79 9,720.39 3,977.13 106.30 156,479.61 149,220.00 50,777.22 199,997.22 136,620.00 12,600.00 - 149,220.00 29,672.22 14,375.00 5,650.00 1,080.00 50,777.22 |
2024 Unrestricted £ 132,531.52 16,176.72 |
|---|---|---|
| 148,708.24 3,808.81 - 17,500.00 |
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| 170,017.05 | ||
| 163,618.14 50,670.98 |
||
| 214,289.12 | ||
| 156,320.00 10,140.00 2,841.86 - |
||
| 163,618.14 | ||
| 21,607.38 12,500.00 4,440.00 12,123.60 |
||
| 50,670.98 |
4 Trustee remuneration or payments to associated bodies
Karen Wragg, trustee, was formally engaged by the trustees in respect of the provision of specialist consultancy services which he performs on a self-employed basis. Karen represents the initial point of contact with the UK pharmacy schools with regard to hardship and PhD student award applications. Thereafter she handles the review process in determining student eligibility for award consideration and finally submits formal recommendations to the trustees each year in this regard. She was engaged at a fee of £12,500 per annum, reviewed annually. £12,500 was outstanding at the year end.
Following the completion of the work to 30 June 2024, the resposibility for these consultancy services changed to Andy Townson, husband of Karen Wragg, to recognise his now significant input into the grant award process, on the same fee basis as Karen was engaged previously. Fees of £9,375 have been accrued into these accounts.
Moore Kingston Smith LLP acquired Shipleys LLP in October 2024. Moore Kingston Smith LLP staff perform all administrative functions for the charity. David Hartles is a member of Moore Kingston Smith LLP and has received no direct remuneration neither does he charge his trustee time within the professional fees charged to the charity. Moore Kingston Smith LLP fees for 2025 totalled £41,988.78 (2024: £21,607) of which £12,316.56 related to the property sale. The amount outstanding at the year end was £6,348.48 (2024: £nil).
Continued over page
Page 9
The Harold and Marjorie Moss Charitable Trust
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 5 APRIL 2025
| 2025 | 2024 |
|---|---|
| Unrestricted | Unrestricted |
| £ | £ |
4 Trustee remuneration or payments to associated bodies (continued)
George Duncan is a consultant of Charles Russell Speechlys LLP. Legal services were provided by Charles Russell Speechlys LLP in the year at a cost of £22,744 (2024: £11,795) of which £21,664 were fees in relation to the property sale which were capitalised, and no fees were outstanding at the year end (2024: £nil).
No trustees receive any remuneration for the role of being a trustee, and no expenses were reimbursed. The trust has no employees.
| 5 Analysis of cash Adam & Co current account Adam & Co reserve deposit account Walker Crips income deposit account Income receivable Walker Crips managed deposit account 6 Analysis of liabilities Accountancy fees Independent Examiner's fees Legal fees Rent prepaid Grants Consultancy fees Stockbroker's fees 7 Fixed asset investments Market value at 6 April 2024 Acquisitions at cost Cost of sales from disposals Unrealised gain/(loss) in the year Market value at 5 April 2025 Investments at market value comprised: UK Equities UK fixed interest Overseas equities and fixed interest |
7,000.00 416,702.72 2,137.15 770.70 1,164.39 427,774.96 6,348.48 8,950.00 - - - 21,875.00 3,773.49 40,946.97 2025 £ 3,507,276.00 400,632.98 294,592.93 - 116,728.05 - 3,496,588.00 2,561,872.00 725,720.00 208,996.00 3,496,588.00 |
7,000.00 38,639.48 7,726.86 166,361.07 |
|---|---|---|
| 219,727.41 | ||
| 15,149.40 3,300.00 6,960.00 3,798.08 3,084.00 7,500.00 3,718.00 |
||
| 43,509.48 | ||
| 2024 £ 3,528,588.00 286,873.73 446,413.88 - 138,228.15 |
||
| 3,507,276.00 | ||
| 2,466,009.00 753,678.00 287,591.00 |
||
| 3,507,276.00 |
At 5 April 2025, one shareholding was valued in excess of 5% of the total portfolio, being 2,500 shares in AstraZeneca Plc with a value of £270,200 representing 7.73% of the portfolio.
Page 10
The Harold and Marjorie Moss Charitable Trust
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 5 APRIL 2025
2025 2024 Unrestricted Unrestricted £ £ Investment property 380 Staines Road, Bedfont Middx. Shop and upper parts let to Boots Ltd on FRI lease. - 456,960.00 The property was sold in the year, as follows: Sales proceeds 450,000.00 Less: Legal Fees - 14,703.60 Administration fees - 12,316.56 Valuers fees - 3,600.00 Net proceeds 419,379.84 Cost b/fwd - 456,960.00 Loss on sale - 37,580.16
8 Investment property
Page 11