CHARITY NO: 1035161
THE FRANK MISSELBROOK FOUNDATION
REPORT OF THE TRUSTEES
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FINANCIAL STATEMENTS
For the Year Ended 5th April 2025
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THE FRANK MISSELBROOK FOUNDATION
Contents
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|Legal|and|administrative|information|2|
|Report|of the|trustees|3-4|
|Report|of the|independent|examiner|5|
|Statement|of financial|activities|6|
|Balance|sheet|7|
|Notes|forming|part|of the|financial|statements|8-10|
|Detailed|statement|of financial|activities|11|
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THE FRANK MISSELBROOK FOUNDATION
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Legal and administrative information
TRUSTEES: N J Lapage A.C.A. J F Legris BEng FCA
CHARITY NO: 1035161 CHARITY OFFICE: Ashton House 4 Oxford Mews 12 The Precinct Latimer Street Winchester Road Southampton Chandlers Ford SO14 3EE Eastleigh $053 2GB Until: 31/07/2025 From: 01/08/2025
INDEPENDENT EXAMINER: Christopher David Osmond F.C.C.A. Stone Osmond Limited 75 Bournemouth Road Chandlers Ford Eastleigh $053 3AP BANKERS: Lloyds Bank ple Above Bar Street Southampton SO14 7DT SOLICITORS: Abels 6 College Place London Road Southampton SO15 2X1
INVESTMENT MANAGERS:
Rathbones Wykeham Court Victoria Road Winchester $023 7RG
ei
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THE FRANK MISSELBROOK FOUNDATION
Report of the trustees for the year ended 5th April 2025
The trustees present their report and financial statements of the charity for the year ended Sth April 2025. The financial statements have been prepared in accordance with the accounting policies set out on page 8 and comply with the charity’s trust deed and applicable law.
Constitution and objectives
The Frank Misselbrook Foundation is constituted under a trust deed dated 7th March 1994, and is a registered charity, no 1035161. The trust deed defines the objects of the Trust as being “to apply the income and (if and when the Trustees in their absolute discretion think fit) the whole or any part or parts of the capital of the Trust Fund for or towards such charitable objects and to make donations to such charitable institution or institutions at such time or times and in such manner as the Trustees may in their absolute discretion think fit”.
The trustees confirm they have complied with the duty under Section 4 of the 2011 Charities Act having regard to the guidance published by the Charity Commission, including public benefit guidance.
Organisation
The 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, Ashton House has closed since the year end and relocated as stated on page 2,
Financial review
The financial position of the Foundation, reviewed by the trustees on a regular basis, remains satisfactory.
During the year King Edward V1 School asked the trustees to repurpose our donations. They are now used to recover the extra costs for 100% bursary pupils from Southampton, who often refuse a place due to being unable to afford them. This was made possible by selling our investment with Hargreaves Lansdowne and donating £285,000.00 to KES. This sum has been transferred from the Capital Fund to the Income Fund. .
Other grants totalling £16,190 were made for the benefit of children and young people to help with their education, or had special needs. Future plans and going concern statement
As the charity’s income is derived solely from funds invested and there are no fundraising activities the trustees are aware that income may fall, in which case grants would need to be reduced accordingly.
The charity will, however, continue to make grants for the benefit of the public.
Investment policy
The policy of the trustees is to invest to provide a balanced return from income and capital at medium risk. No social, environmental 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 distributable only in exceptional circumstances.
Risk management
The trustees have examined the potential risks which the charity faces and confirm that measures to manage these risks have been put in place.
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THE FRANK MISSELBROOK FOUNDATION
Report of the trustees for the year ended 5th April 2025 (continued)
Trustees’ responsibilities The trustees are required under the Charities Act 2011 to prepare financial statements for each financial year which give a trae 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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(a) select suitable accounting policies and apply them consistently; (b) observe the methods and principles in the Charities SORP; (c)(d) statemake whether judgements applicable and estimates accountingthat standards are reasonable and statementsand prudent; of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements,
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(e) prepare the financial statements on a going concern basis unless it is inappropriate to presume 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 ascertain the financial position of the charity and which enable them to ensure that the financial statements comply with applicable laws and regulations. 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.
Approved by the trustees on Brand “TL Armen LOZ b
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N J LAPAGE
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THE FRANK MISSELBROOK FOUNDATION ee NE EEO EE DPRUIVER POUUNDALION
Independent examiners’ report to the Trustees | of the Frank Misselbrook Foundation a ES ESS CIDTOOK Houndation
I report on the financial statements of the charity for the year ended Sth April 2025 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 trustees consider that an audit is not required this year under section 144 of the Charities Act 2011 (the 2011 act).
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It is my responsibility to: ¢ examine the accounts under section 145 of the 2011 Act; * — to follow procedures laid down in the General Directions given by the Charity Commission under section 145(S)(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 Commission. 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 the 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:
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2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Christopher David Osmond F.C.C.A, AccountantsStone Osmond Limited 75 Bournemouth Road Chandiers Ford Eastleigh SO53 3AP a |i\re ;
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THE FRANK MISSELBROOK FOUNDATION
Statement of Financial Activities for the year ended 5th April 2025
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|2025|2024|
|Unrestricted|Funds|Total|
|Note|Capital|Income|Total|Funds|
|INCOMING RESOURCES|£|£|£|£|
|2|Investment income|0|38,712|38,712|38,551|
|Total incoming resources|0|38,712|38,712|38,551|
|RESOURCES EXPENDED|
|3|Costs of generating funds|(|8,463)|0|(|8,463)|¢|8,844)|
|4|Charitable|activities|0|(|304,548)|(304,548)|(¢|44,564)|
|Totai resources expended|(|8,463)|(|304,548)|(313,01|{)|(|53,408)|
|Net incoming/outgoing resources|(|8,463)|(|265,836)|(|274,299)|(|14,857)|
|Transfer|between|funds|(|285,000)|285,000|0|0|
|OTHER RECOGNISED|LOSSES &|GAINS|
|7|(Losses/gains) on|investments|(58,222)|0|(58,222)|115,084|
|NET MOVEMENT IN FUNDS|(|351,685)|19,164|(|332,521)|100,227|
|Funds|brought|forward|1,705,356|116,120|1,821,476|1,721,249|
|10|FUNDS CARRIED FORWARD|1,353,671|135,284|1,488,955|1,821,476|
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THE FRANK MISSELBROOK FOUNDATION SSS EEE PELL DP RUY BS BUUNDATION
Balance Sheet as at 5th April 2025
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FIXED ASSETS Investments |
z | 2025 £ 1,329,556 |
2024 £ 1,754,072 |
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| CURRENTASSETS | ||||||
| 8 | Debtors Cash atbankandon deposit |
2,309 162,298 |
2,440 69,991 |
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| 9 | CURRENTLIABILITIES Creditors |
( | 164,607 5,208) |
( | 72,43 5,027) |
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| NETCURRENTASSETS | 159,399 | 67,404 | ||||
| 10 | NETASSETS | 1,488,955 | 1,821,476 | |||
| FUNDS | ||||||
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Unrestricted capital Unrestricted income |
1,353,671 135,284 |
1,705,356 116,120 |
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| 1,488,955 | 1,821,476 |
Approved by the trustees on 22 net WN Crmrrm\ 202b
N J LAPAGE Trustee
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THE FRANK MISSELBROOK FOUNDATION Notes forming part of the financial statements for the year ended 5th April 2025
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I Summary of significant accounting policies (a) General information and basis of preparation The Frank Misselbrook Foundation is an unincorporated charity in England, The address of the registered office is given in the charity information on page 2 of these financial statements. The nature of the charity’s operations and principal activities are given on page 3. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 2019) — (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. Thecash charity flow statement has appliedin these Update financialBulletinstatements.1 as published on 2nd February 2016 and therefore does not include a The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1, The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
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(b) Investment income Investment income is accounted for in the period in which the charity is entitled to receipt.
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({c) Resources expended Expenditure is included on an accruals basis. Raising funds comprise those costs directly attributable to managing the investment portfolio and raising investment income. Grants are recognised as an expended resource at the date of payment. Governance comprises costs for the running of the charity itself as an organisation.
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(d) Fixed asset investments Investments are included at closing mid-market value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.
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(e) Funds Unrestricted funds are those funds the trustees can use for any purpose in furtherance of the charitable objects. Unrestricted funds include the capita! fund which the trustees, at their discretion, intend to invest.
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(f) Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due.
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(g) Cash at bank Cash at bank comprises funds held by the charity’s bankers and investment managers.
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(h) Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
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(i) Financial instruments[that][qualify][as][basic][financial][instruments.]
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The trust only has financial assets and financial liabilities of[a][ kind] Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at the carrying value plus acctued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.
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SEETHE FRANK MISSELBROOK FOUNDATIONLBRUUSK BPUUNDALION
Notes forming part of the financial statements for the year ended 5th April 2025
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|2|2025|2024|
|Investment income|£|£|
|Dividends — UK and overseas|equities|18,526|19,233|
|Dividends|~- UK. unit|trusts|11,804|13,349|
|Interest|— UK and overseas|fixed|interest|securities|8,382|5,969|
|38,712|38,551|
|3|Cost of generating|funds|£|Fo|
|Investment management fees|8,463|8,844|
|4|Charitable|activities|£|£|
|Grants|paid:|
|pupils|at King Edward VI|School|285,000|29,362|
|pupil|at St Swithen’s|School|4,000|8,000|
|Special|needs and other grants|12,190|3,988|
|Governance|(note|5)|3,358|3,214|
|304,548|44,564|
|5|Governance|£|£|
|Independent|examiners|fee|1,448|1,390|
|Accountancy and administration|fees|1,389|1,373|
|VAT|521|451|
|The|3,358|3,214|
|charity|had|no employees|during|the year|(2024:|Nil)|
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|6|Trustees|remuneration|
|The|trustees received no remuneration nor received any other benefits|(2024: £Nil) and no expenses were reimbursed|
|(2024: £Nil) during the year,|Mr N|J Lapage was paid £300 (2024:|£500)|for the provision|ofbookkeeping|services.|
|7|2025|2024|
|Investments|£|£|
|Market value|at 6th April|1,754,072|1,642,463|
|Acquisitions|at cost|25,371|389,759|
|Proceeds from|disposals|(|391,665)|(|393,234)|
|Gains/(losses)|in|the year|(58,222)|{15,084|
|Market value|at Sth April|1,329,556|1,754,072|
|Historical|cost at Sth April|1,145,106|1,318,482|
|8|Debtors|£|£|
|Prepayments|and accrued|income|2,309|2,440|
|9|Creditors|£|£|
|Accruals|5,208|5,027|
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THE FRANK MISSELBROOK FOUNDATION
| Notes formingpartofthefinancialstatements for theyearended 5th April2025 | Notes formingpartofthefinancialstatements for theyearended 5th April2025 | Notes formingpartofthefinancialstatements for theyearended 5th April2025 | Notes formingpartofthefinancialstatements for theyearended 5th April2025 | Notes formingpartofthefinancialstatements for theyearended 5th April2025 | 2025 | 2025 | |
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| 10 | Analysis oftotal netassets byfund | Unrestricted capital |
Unrestricted income |
Total | |||
| £ | £ | £ | |||||
| Fixed assets Net currentassets |
1,329,556 24,115 |
0 135,284 |
1,329,556 159,399 |
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| 1,353,671 | 135,284 | 1,488,955 | |||||
| 11 | Outlinesummaryoffunds movements Fund balancesbroughtforward Incomingresources Outgoing Resources Gainsand losses Transferbetween funds |
( ( { |
£ 1,705,356 0 8,463) 58,222) 285,000) |
¢ | £ 116,120 38,712 304,548) 6 285,000 |
( ¢ |
£ 1,821,476 38,712 313,011) 58,222) 0 |
| Fundbalancescarriedforward | 1,353,671 | 135,284 | 1,488,955 |
12 Related Parties; There were no related party transactions in the year. Controlling entity: The charity is controlled by the trustees,
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