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2022-12-31-accounts

Charity registration number 1039857

THE MK ROSE CHARITABLE TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

THE MK ROSE CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs S Gould
Mr A Freeman
Charity number 1039857
Principal address 40 Lodge Crescent
Hagley
Stourbridge
West Midlands
United Kingdom
DY9 0NB
Accountants Azets
1st Floor
Copthall House
1 New Road
Stourbridge
West Midlands
United Kingdom
DY8 1PH
Solicitors Higgs & Sons
3 Waterfront Business Park
Brierley Hill
West Midlands
United Kingdom
DY5 1LX
Investment advisors EFG Harris Allday
33 Great Charles Street
Birmingham
B3 3JN
United Kingdom

THE MK ROSE CHARITABLE TRUST

CONTENTS

Page
Trustees report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6 - 12

THE MK ROSE CHARITABLE TRUST

TRUSTEES REPORT

FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees present their annual report and financial statements for the year ended 31 December 2022.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed dated 3 June 1994 updated by a Trustee Resolution dated 2 November 2018, the Charities Act 2011 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)” (as amended for accounting periods commencing from 1 January 2019)

Objectives and activities

The charity's objects are to support by distribution of income and the capital of the trust, if so desired, to such charities and charitable causes as the trustees may decide. Preference is given to Jewish charities, including those in Israel, and selected charities in and around Birmingham.

The trustees achieve the charity objectives by focusing on providing grants to those charities that fulfil the criteria. Mr Alan Freeman advises on activities in Israel.

The trustees in conjunction with the trusts brokers, EFG Harris Allday, endeavour to invest so that maximum return, with safety, is obtained for the benefit of charities and causes supported.

The charity delivers public benefit by means of these grants. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

The grants awarded during the period were £319,200 (2021: £365,000).

Financial review

The attached financial statements set out the financial performance of the Trust. The Trust held total fund balances at 31 December 2022 of £1,625,505 (2021: £2,225,185).

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The charity is constituted by Deeds of Trust the latest being dated 3 June 1994 and updated by a Trustee Resolution dated 2 November 2018. The Trust is governed and managed by the two trustees. The trustees give their time voluntarily, and are reimbursed for claimed expenses.

The trustees who served during the year and up to the date of signature of the financial statements were: Mrs S Gould Mr A Freeman

In the event of a trustee vacancy, the appointment of a new trustee is based on an assessment of appropriate skills by interview. Potential new trustees would be subject to reference requests and if successful undergo a period of training and induction.

THE MK ROSE CHARITABLE TRUST

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees report was approved by the Board of Trustees.

Mrs S Gould Trustee

Mr A Freeman Trustee

29 August 2023

THE MK ROSE CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE MK ROSE CHARITABLE TRUST

I report to the trustees on my examination of the financial statements of The MK Rose Charitable Trust (the charity) for the year ended 31 December 2022.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Nick Webb FCA Azets Audit Services

1st Floor Copthall House 1 New Road Stourbridge West Midlands DY8 1PH United Kingdom

Dated: 29 August 2023

THE MK ROSE CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022

Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
2022 2021
Notes £ £
Income from:
Investments 2 75,291 93,415
Expenditure on:
Charitable activities 3 334,385 369,679
Net gains/(losses) on investments 7 (340,586) 130,457
Net movement in funds (599,680) (145,807)
Fund balances at 1 January 2022 2,225,185 2,370,992
Fund balances at 31 December 2022 1,625,505 2,225,185

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

THE MK ROSE CHARITABLE TRUST

BALANCE SHEET

AS AT 31 DECEMBER 2022

Notes
Fixed assets
Investments
8
Current assets
Cash at bank and in hand
Creditors: amounts falling due within
one year
10
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds		 2022
£
£
1,599,952
27,553
(2,000)
25,553
1,625,505
1,625,505
1,625,505		 2021
£
£
2,109,636
117,099
(1,550)
115,549
2,225,185
2,225,185
2,225,185		 2021
£
£
2,109,636
117,099
(1,550)
115,549
2,225,185
2,225,185
2,225,185
2,225,185
2,225,185
2,225,185

The financial statements were approved by the Trustees on 29 August 2023

Mrs S Gould Mr A Freeman Trustee Trustee

THE MK ROSE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

Charity information

The MK Rose Charitable Trust is a charity constituted under Trust Deed dated 3 June 1994 and updated by a Trustee Resolution dated 2 November 2018, registered with the Charity Commission in England and Wales. The charity's place of business is 40 Lodge Crescent, Hagley, Stourbridge, DY9 0NB.

1.1 Accounting convention

The accounts have been prepared in accordance with the charity's Trust Deed dated 3 June 1994 updated by a Trustee Resolution dated 2 November 2018, the Charities Act 2011 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)” (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

THE MK ROSE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Charitable activities consists of grant making activities.

1.6 Fixed asset investments

Fixed asset investments are initially measured at transaction price including transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.8 Taxation

The Trust is exempt from tax on its charitable activities.

1.9 Debtors and creditors receivable / payable within one year

Debtors and creditors receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

THE MK ROSE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

2 Investments

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Income from listed investments 59,701 72,913
Interest receivable 15,590 20,502
75,291 93,415

3 Grants payable

2022 2021
£ £
Grants to institutions:
New Israel Fund 50,000 81,000
Jewish Care (Israel) 5,000 5,000
Lifta School, Jerusalem (Israel) 10,500 10,500
Cancer Research UK 5,000 1,000
Save a Child 2,000 7,500
Food Bank Aid - 10,000
UJIA 20,000 20,000
Union of Jewish students - 10,000
Jerusalem Film Festival 10,000 10,000
Innovation Africa (Israel) 15,000 15,000
Birmingham Childrens Hospital 5,000 5,000
Crossroads (Israel) - 22,000
Teenage Cancer Trust 5,000 5,000
IASA emergency fund (Israel) - 10,000
MATI (Israel) 20,000 25,000
Crisis Management Centre - 3,000
CFI (Israel) - 7,500
Handicapped Childrens Action Group 2,000 2,000
St Basils 3,000 3,000
Lets feed Brum 3,000 2,000
St Mary's Church 750 750
Chickenshed 20,000 18,000
Macular Society 3,000 1,000
Multiple Sclerosis Society 2,000 2,000
Kemp Hospice - 3,000
Emily Jordan Foundation - 3,000
NICE - 2,000
Mary Steven's Hospice, Birmingham 3,000 2,000
Deafblind - 2,000
Arthritis Research UK - 3,000
CF Dream Holidays - 3,000
JACC 5,000 -

THE MK ROSE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

3
Grants payable
NSPCC
Towards the Horizon
Midlands Art Centre
Rett UK
Homestart Wyre Forest
Manchester Jewish Museum
Motor Neurone Disease Association
Shelter UK
MacMillan Cancer Support
Holocaust Ed Trust
Mary Steven's Hospice, Stourbridge
Birmingham Jewish Community Care
Cystic Fibrosis Trust
Birmingham Royal Ballet
Prostate Cancer Research Centre
Birmingham Symphony Orchestra
Midlands Air Ambulance
Fight for Sight
Sight Concern
Tiny Tickers
Charing PCC
PCC of Willersey
Dementia UK
Carneys Community
Hospice Charity Partnership
Blue Marine Foundation
Adam Teva V'Din (Israel)
Woodland Trust
Crisis Skylight Birmingham		 (Continued)
-
3,000
50,000
-
5,000
3,000
-
2,000
6,000
3,000
5,000
5,000
5,000
5,000
5,000
3,000
-
500
-
15,000
-
2,000
3,000
2,000
3,000
3,000
7,000
5,000
5,000
5,000
-
2,000
3,000
3,000
-
3,000
-
3,000
3,000
2,000
750
1,250
1,500
-
2,000
-
1,000
-
1,000
-
10,000
-
10,000
-
700
-
3,000
-
319,200
365,000		 (Continued)
-
3,000
50,000
-
5,000
3,000
-
2,000
6,000
3,000
5,000
5,000
5,000
5,000
5,000
3,000
-
500
-
15,000
-
2,000
3,000
2,000
3,000
3,000
7,000
5,000
5,000
5,000
-
2,000
3,000
3,000
-
3,000
-
3,000
3,000
2,000
750
1,250
1,500
-
2,000
-
1,000
-
1,000
-
10,000
-
10,000
-
700
-
3,000
-
319,200
365,000
365,000

THE MK ROSE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

4 Support costs

General administration
Legal and professional
Accountancy
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
2,950
-
-
9,429
-
2,805
2,950
12,234
2,950
12,234		 2022Support costs Governance
costs
£
£
£
2,950
2,761
-
9,429
-
-
2,805
-
1,918
15,184
2,761
1,918
15,184
2,761
1,918		 2021
£
2,761
-
1,918
4,679
4,679

Amounts included in Accountancy fees for Independent Examination are £2,350 (2021: £1,860)

5 Trustees

None of the trustees (or any persons connected with them) received any remuneration from the charity during the year.

The trustees did receive a reimbursement of expenses for meeting costs of £300 (2021: £170) during the year.

6 Employees

The average monthly number of employees (excluding trustees) during the year was:

2022 2021
Number Number
Total - -

There were no employees whose annual remuneration was more than £60,000.

7 Net gains/(losses) on investments

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Revaluation of investments (326,435) 90,169
Gain/(loss) on sale of investments (14,151) 40,288
(340,586) 130,457

THE MK ROSE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

8 Fixed asset investments

Listed
investments
£
Cost or valuation
At 31 December 2022 2,109,636
Additions 196,922
Valuation changes (326,435)
Disposals (380,171)
At 31 December 2022 1,599,952
Carrying amount
At 31 December 2022 1,599,952
At 31 December 2021 2,109,636
2022 2021
£ £
75,000 (150,000) UK Treasury 0.5% 22/07/22 - 75,171
75,000 (0) UK Treasury 0.125% 30/01/26 135,454 73,192
60,000 (70,000) UK Treasury 4.125% 22/07/30 201,895 269,814
50,000 Intl Personal Finance 7.75% 49,625 51,906
54,890.768 Baillie Gifford Corp 40,081 49,555
50,000 CQS New City High Yield Fund 26,500 27,900
40,000 GCP Asset Backed Income Fund 33,600 38,800
55,000 Henderson Diversified Income Trust 38,610 45,210
35,187 Twentyfour Sel Monthly Inc Fund 26,425 33,392
66,666 (50,000) Downing Ren & Infra TST ETF 75,666 51,750
56,666 Sequoia Economic Infra Inc Fund Ltd 49,753 61,086
10,000 Aviation plc - 8,850
700 (1,100) Unilever PLC GBP 0.031111 29,274 27,619
2,500 Smith & Nephew PLC US0.20 27,738 32,338
17,000 (22,000) Sainsbury(J) GBP0.28571428 37,009 46,886
20,000 Marston's PLC GBP 0.07375 - 15,400
5,000 National Grid PLC GBP 0.12431289 49,870 52,990
5,700 (7,500) Aviva PLC GBP 25,240 30,780
20,000 M&G plc 37,570 39,900
10,000 Dunedin Inc Grwth Inv Tst GBP 0.25 29,200 32,600
12,000 Fidelity European Values GBO 0.025 38,340 40,860
15,784 Schroder Oriental Income Fund GBP 0.01 - 42,380
15,500 Henderson Far East Income Ltd 42,354 45,725
50,000 Jupiter EMG & Frontier Income Trust - 50,750
15,996.802 Liontrust SUS FUT GBL 38,864 49,368
6,500 Manchester London Inv Tst 21,580 38,220
4,000 (5,000) Scottish Mortgage Inv Trust GBP 0.05 28,912 53,500
25,000 (41,500) Aberdeen Diversified Inc & Gwth Tst - 25,125
2,000 (2,600) RIT Capital Partners PLC 42,500 55,000
50,000 Bankers Investment Trust 49,500 61,500
2,666 (6,000) Pennon Group Plc 23,687 31,112

THE MK ROSE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

8
Fixed asset investments
25,000 Hipgnosis Songs Fund Ltd
40,000 (61,639) LXI REIT PLC GBP 0.01
90,000 Regional Reit plc
25,000 Warehouse Reit plc
25,000 Tritax Eurobox PLC EUR 0.01
3,415.303 Baille Giff Pacific
42,511 Taylor Maritime Invs Ltd
1,000 Avon Rubber Protection PLC
10,000 Mercantile Inv Tst plc
70,000 Life Science Reit plc
30,324 Atrato Onsite Energy plc
10,000 Chrysalis Investment Ltd
40,000 Gore Street Energy Storage Fund plc
50,000 Cordiant Digital INFRA LTD
25,000 Regnan UK SUST WTR And Waste F ACC
9
Financial instruments
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
10
Creditors: amounts falling due within one year
Accruals and deferred income		 (Continued)
21,575
31,250
45,040
58,000
53,100
84,510
-
44,200
15,350
29,250
37,261
46,687
-
43,221
10,750
11,210
19,200
26,850
50,610
70,875
28,853
33,205
7,690
24,500
44,400
47,200
42,200
24,675
1,599,952
2,109,636
2022
2021
£
£
1,599,952
2,109,636
2022
2021
£
£
2,000
1,550		 (Continued)
21,575
31,250
45,040
58,000
53,100
84,510
-
44,200
15,350
29,250
37,261
46,687
-
43,221
10,750
11,210
19,200
26,850
50,610
70,875
28,853
33,205
7,690
24,500
44,400
47,200
42,200
24,675
1,599,952
2,109,636
2022
2021
£
£
1,599,952
2,109,636
2022
2021
£
£
2,000
1,550
2,109,636
2021
£
2,109,636
2021
£
1,550

11 Related party transactions

Other than reimbursement of trustees expenses, there were no disclosable related party transactions during the year (2021- none).