CHARITY NO: 1035161 THE FRANK MISSELBROOK FOUNDATION REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS For the Year Ended 5th April 2024 FRANK MISSEI LBROOK FOUNDATION Contents Page Legal and administrative information Report of the trustees Report of the independent examiner Statement of financial activities Balance sheet Notes fonning part of the financial statements 8-10 Detailed statement of fmancial activities 11 Page., I TIIK FRANK MISSELBROOK FOUNDATION al and administrative information TRUSTEES: N J Lapage A.C.A. J F Legris BEng FCA CHARITY NO: 1035161 CHARITY OFFICE: Ashton House 12 Tlie Precinct Winchester Road Chandlers ford Eastleigh S053 2GB DEPENDENT EXAMINER: Christopher David Osmond F.C.C.A. Stone Osmond Limited 75 Bourncmouth Ro&d Challdlers Ford Eastleigh S053 3AP BATrIKERS: Lloyds Bank plc Above Bar Street Soiithainpton 8014 7DT SOLICITORS: Abels 6 College Pl&ce London Road Southampton S015 2XL LNVEI STMENT MANAGERS: Rathbones Fiennes House 32 Southgate Street Winchester S023 9EH Hargreaves Lansdown Kendal House 4 Brighton Mews Cliftoii Brist'ol BS8 2NX Page: 2 THE FRANK MISSELBROOK FOUNDATION ort of the trustees for the ear ended 5th A ril 2024 The trustees present their report and fmancial statements of the charily for the year ended 5th April 2024. The financial statements have been prepared in accordance with the accounting policies set out on page 8 and comply with the cbarity's trust deed and applicable law. Constitution and objectives The Frank Misselbrool< Foundation is constituted under a trust deed dated 7th March 1994, alld is a registered charity, no 1035161. The trnst deed defmes the objects of the Trust as being "to apply the income and (if and when the Trustees in their absolute discr¢tion think fit) the whole or any part or parts of the capital of the Trust Fund for or towards such charitabl¢ objects and to make donations to such charitable institution or Inst1￿￿onS at such time or times and in such manner as the Trustees n]&y in their absolute discretion thinlc fit" The trust¢os confirm they have cornplied with the duty under Section 4 of the 2011 Charities Act having reg&rd to the guidan¢e published by th¢ Charity Cotnmission, including public benefit guidance. Organisation Tlie trustees, as named on page 2, have served for the periods as shown and since the year end. The appointment of trustees is governed by the regulations of the charity, Financial review The financial position of the Foundatioffj reviewed by the trustees on EL regLdar basis, remains satisfactory. During the year fjnancial assistance was provided for the benefit of I I pupils attending King Edward Vl School totalling £29,362. Other Erants totalling £11,988 were made for the benefit of children and youllg people to help with their education, or had special needs. Future plans and going collcern statement As the charity's inC0￿e is derived sol¢ly from funds invested al￿ there are no fundrai8ing activities the trustees are aware that illcome tnay fall, in which case grants would need to be reduced accordingly. The charity will, however, continue to rnake grants for the benefit of the public, Investment policy The policy of the Irustees is to invest to PTovide a balanced return from income and capital at rn¢dium rislc. No social, ellv1rornnenl￿ or ethical considerations are taken into account. Reserves policy The trustees policy on reserves is that they regard the income fund as available for distribution in whole or in part and the capital fund as diskn'ibutable only in exceptiollal circumstances. Risk management The trustees have examined the potential risks wbich the charity faces and confirm that measures to manage these risks have been put in place. Page: 3 TH￿1 FRANK MISSELBROOK FOUNDATION ort of the trustees for the ear ended 5th A ril 2024 eontinued) Trustees responsibilities The trustees are r¢quired under the Charities Act 2011 to prepare fmancial statsments for each financial year which give a truo and fair view of the charity's financial activities during the Ye￿ and of its f]nancial position at the end of the year. In preparing fmanrial statements giving a true and fair view the trustees should follow best practice and,. (a) select suitsble accounting policies and apply them congistently. (b) observe the methods and principles in the Charities SORP" (c) make judgements and estirnates that are reasonable alld prudent, (d) state whether appli¢able accounting standards and gtatements of recommended practice have been followed, subject to any departures dis¢losed and explained in the finallcial statements" (e) prepare the financial statementg on a going concern basis unless it is inappropriate to presurne that the Ch8rity will continue in operation. The truste¢s are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the Charity and which en&ble them to ascertain the financiY41 position of the charity and which enable them to ensure that the financial staternents comply with applicable laws and regulations. They are also responsible for safeguarding the a3set8 of the charity and hence for taking reasonable steps For the prevention and detection of fraud and other I￿egULarlties, Approved by the truste¢s on 314 ¢¥. 4 J LAPAG Page: 4 THE FRANK IIqISSll4 LBROOK fi OUNDATION Inde endent examiners re ort to the Trustees of the Frank Misselbrook Foundation I report on the financial gtatements of the charity for the year ended 5th April 2024 which are set out on pages 6 to 10. Respective responsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the accounts, The charity's tnIstoes consider that audit is not required this year under section 144 of the Cbarities Act 2011 (the 201 l act), It is my responsibility to.. examine the accounts under section 145 of ￿e 2011 Act. to follow procedures laid down in the Gelleral Directions given by the Charity Commission w]der section 145(5Kb) of the 2011 Act. and to state whether particular matters have come to iny attention, Basis of independent examiner's report My examination was carried out in accordance with the General Directions given1ry the Charity Commission. An examination includ¢s a review of the accounting records Icept by the charity w]d a comparison of the accounts presented with those rewrds. It also includes consideration of ally unusual items or disclosures in the accounts, and the seeking of explanations frorn you as trl￿teeS 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"tr￿e and fair view" and the report is limited to those mat'ters set out in the statement below. Independent exAminer's statement In connection with my examination, no matter ha5 come to my attention: which gives rne re&sonable cause to believe that in any material respect, the requireJJents,' to keep accounting records in a¢coTdan¢e with section 130 of the Charities Act 2011, and to prepare accounts which accord with the accounting reGords and to comply with the ac¢ountiDg requirements of the Charities Act 201 I have not been met. or to which, in my opinion, attention should be drnwn in order to enable aproper understanding of the financial statements to be reached. Christopher avid Osmond F.C.C.A. Stone Osmond Limited Aeeountants and Statutory Audltors 75 Bournemouth Road Chandlers Ford Eastleigh S053 3AP Page: 5 THE fiRAI¥K MISSELBROOK FOUM)ATION Statement of Financial Activities for the ear ended 5th A ril 2024 2024 Unrestricted Funds Capital Ineome 2023 Tota Funds Note Total INCOMING RESOURCES Investment income Total incorning r¢sources 38,551 RESOIJRCES EXPEIIDED Costs of generatsng fund8 Charitable activities 8,844) 8,844) ( 8,572) 44564) ( 44,564) ( 48,860) Total resources expended 8844) ( 44,564) { 53408) ( 57432) NEI T INCOMING RESOURCES 8,844) ( 6,013) ( 14,857) ( 7,077) OTHER RECOGNISED LOSSES & GA]NS Gains1(losses)gains on investments 115084 115084 162 886) NET MOVEMENT FUNDS 106,240 6,013) 100,227 ( 169,963) Fwids brought forward 1,599,116 122,133 1,721249 1,891,212 io FUNDS CARRIED FORWARD 1,705,356 116,120 1,821,476 1,721,249 Page: 6 THll4 FRANK MISSELBROOK f4 OUNDATION Balance Sheet as at 5th A ril 2024 Notes 2024 2023 FIXED ASSEI TS Investments 1,754,072 1642 463 CURRENT ASSETS .Debtors Cash at bank and on deposit 2,440 4,236 72,431 84,047 CURRENf LIABILITIES Creditors 5,261 NET CURRII IYL ASSETS 67,404 78,786 io NKT ASSETS 1,821,476 1,721,249 FUNDS Unrestricted capital Unrestricted income 1,705,356 116 120 1,599,116 122,133 1,821,476 1,721249 Approved by the trllstees on NJLAPAGE Trustee Page.. 7 THE FRAI¥K MISS￿1 LBROOIC FOUNDATION Notes formin art of the financial statements for the ear ended 5th A ril 2024 Summary of signifjcallt accoullting policies (a) General information and basis of preparation The Frank Misselbrook Foundalion 18 an unincorporated charity in England. The adthess of the registered otyice is given in th¢ charity information on pag¢ 2 of these financial statements. The nature of tb¢ charity's operation8 and principal activities are given on pag¢ 3. The charity constitutes a public benefit entity as defmed by FRS 102, The financial statements have been prepared in accordance with Accounting and Reporting by ChaTities', St3tem¢nt of Recommended Prn¢tice applicable to charities preparing their accounts in accordanGg with th¢ Financial Reporting Standard applicable in the UI< and Republic of Ire1¥￿d (FRS 102) (effective l Januaiy 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Chariti¢s Act 2011, The charity has applied Update Bulletin l as published on 2nd February 2016 and therefore does not inrlude a cash flow stateinent in these fmancial 8tstements. The fmancial statements are prepared on a going concern basis under the historical c05t convention, Inodifjed to include certain items at fair value, Th¢ financial statements are presented in sterling which is the functiona] cumcy of the charity and rounded to the nearest £1, The significtmt accounting policies applied in the preparation of these financial stateinents are set out below, Th¢s¢ policies have been consistently applied to all year8 presented unles8 othenvise 8tated. (b) Investment ineome Investroent tncome i5 accounted for in the period in which the charity is entitled to receipt, (e) Resources expended Expenditure is included on an accruals basis. Raising fund8 comprise those Costs directly attributable to Jnanaging th¢ inv¢slJnent portfolio and raising investrnent inconle. Grdnls are recogllised as all expended resource at the date of payment. Governance cojnprises costs for the iimning of the charity itself as an organisation. (d) Fixed asset inV￿tments Investrllents are included at closing mid-maTliet value at the balance sheet date. Any gain or loss on revaluatRon is taken to the Statement of Financial Aciiviti¢s. (e) Funds Unrestricted funds are tbose fLTnds the trLiStees can use for any purpose in fl￿ther￿nCe of the ¢haTitable objects, Uiyestricted funds include the capital fund which the trustees, at their discretion, intend to irAvest, (O Debtors Trade and oth￿. debtors are recognised at the settlement amount due after any trade discount o'ffered, Prepayments are valued at the amount prepaid after taking account of any trade discounts due, (g) Cash at bAnk Cash at bank con]prises funds held by the charity's bankers and investtnent tnanagers. (h) Creditoi's and provisions Creditors and pi'OVAsions are recognised where the charity bas a present obligation resulting froin a past event that will probably result irA the transfer of fl￿d8 to a third party and the amount due to s¢ttle tbe obligation can be m¢asured or estimated reliably. Creditors and provisions are nortnally recognised at their settlement amount after allowing for any trade discounts due. (i) Ffinancial instruments The trust only has financial 8ssets and financial liabilities of a kind that qualify as basic fInan¢ial instruments, Basic financial instrwnents are initially recognised at transaction value and subsequently measured at their settlement valu¢ with the exception of banlc loans which are siibsequently nleasiired at the ¢￿'ryIng value plus accrued inteiEst less repayments. The financing charge to expenditure is at a constatLt rate calculated using tbe effective interest method. Page: 8 THll4 FRANK MtSSELBROOK f4 OUNDATION Not¢s forrnin art of the financial statements for the ear ended 5th A ril 2024 2024 2023 Investment income Dividends - UK and overseas equities Dividends - UK unit trusts Interest- UIC and overseas fixed interest securities 19,233 13,349 33,857 13,402 50,355 Cost of generating funds Investment management fees Charitable activiti Grants pald: pupils at I