Charlty registration number 1039857 THE MK ROSE CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE MK ROSE CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs S Gould MrA Freeman Charlty numb•r 1039857 Prfncipal address 40 Lodge Crescent Hagley Stourbridge West Midlandy United Klngdom DY9 ONB Accountants Azets St David's Court Union Street Wolverhampton West Mldlands United Kingdom WV13JE Sollcltorn HSggs & Sons 3 Waterfront Business Park 8rl6rloy HS11 West Midlands Unlted Klngdom DY5 1LX Investment advlsor8 EFG Harris Allday 33 Great Charles Street Birmingham 83 3JN United Kingdom
THE MK ROSE CHARITABLE TRUST CONTENTS Page Trustees report Independent examinerfs report Statement of financial activities Balance sheet Note8 to the financial statements 6-13
THE MK ROSE CHARITABLE TRUST TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their annual reF)Ort and financial stataments for the year ended 31 December 2023. The accounts have been prepared in accordance with th8 accounting pollcles Set out In not8 1 to the OUnt$ and Comply wlth the charitws 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 prepaTlng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Iland (FRS 102)- (as amended for accounting periods comm8nclng from 1 January 2019> Objectlves and actlvftlos 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 decidè. Pref8r8nc8 is giv8n to Jewlsh charlt188, Includlng those in Isra61, and selected Charltles in and around Birmingham. The trustees achleve the charity objectives by focusing on providing grants to those d)ariti8S that fulfil the criteria. Mr Alan Freernan advises on actlviiies In Israel. The trustees in conjunction with th• trusts brok•rs, EFG Harrls Allday. andeavour to Invest so that maxlmum retum, wlth safety, Is obtained for the benefit of charities and charrtable causes supported. The char5ty dellver8 public benefit by means of these gr8nts. The trustees have paid due regard to guidance Issued by the Charrty Commi$8ion in deciding what activiti88 the charlty Should undertake. Achlevamonts and perfornian¢o The grants awarded during the period were £291,188 {2022.' £319,200). Fln•n¢lal revlew The attached financial statements set out the financial perfomiance of the Trust. The Trust held total fund balances at 31 December 2023 of £1,360,278 (2022: £1,625,505). It18 the pollcy of the charlty that unrestricted fvnds which have not been designated for a specific use should be maintained at a level equivalent to be88n threa and SIX month's expendlture. The Irustees conslder that reserves at this level will ensure that, in the event of a signfficanl drop in fvnding, they will be ab18 to continue the charity's current activities while conslderatlon Is glven to ways In which additional funds may be raised. This level of reseNes has been mainlained throughout the year. The trustees have assessed th8 major risks to which the charity is 8xposed, and ar8 satlsfied that systems are In place to mltigate 8xp¢>sure to the major risks. StNcturo9 governance and monogement The charity 1$ 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 govemed and managed by the two trustee8. The trustees give their lime voluntsrily, and are reimbursed for clalmed expenses. Th8 truste8s who s8r¥ed durlng the year and up to the date of signature of the financial ststements wer8: Mrs S Gould MrA Freeman In the event of a trustee vacancy, the app)Intment of a new trustee is based on an assessment of appropriate skills by int8Niew. Potential new trustees would be subject to refence requests and If suc$S1u1 undergo a perlod of training and induction.
THE MK ROSE CHARITABLE TRUST TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees as app MrsSG Trusteo Tntsteo 28 October 2024
THE MK ROSE CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MK ROSE CHARITABLE TRUST I report to the trustees on my examinalion of the financial stat8ments of Th8 MK Rose Charilable Trust (the charity) for the year ended 31 December 2023. Rosponsibllities and basls of report As the trustees of the Gharity you are responsible for the PparatIOn of the financial stat8m8nts in accordance with the requlrements of the Charftles Act 2011 (the 2011 Act). I report in respect of my 8xamination of th8 charity's financlal ststements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under sects'on 145{5)(b} of the 2011 Act. Independent examlnef8 8tstement I have COTnpleted my examination. I confirm that no matters have CMe to my attention in connection with the axamination giving me cause to b81i8ve that in any material respect., ac¢ounts'ng records were not kept in respect of the charity as required by section 130 of the 2011 Act. or the financial statement5 do not accord with those records,. or the financlal statement5 do not comply with the applicable requirement$ ¢on¢eming the form 8nd content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any r8quirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concems and have come across no other rnarters In connèctlon wlth the examinatlon to whlch attentlon should be drawn in this report in order to enable a proper understandlng of the finanGial 81atemenl8 to be reached. Nlck Webb FCA Azets Audlt S•rvlc•• St David's Court Union Street Wolverhampton West Midlands VVV13JE United Kingdom Dated: 28 October 2024
THE MK ROSE CHARITABLE TRUST STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrnstrlcted Unrestricted funds funds 2023 2022 Notos Income from: Investments 73.711 75,291 Charitable activtties 3&4 305.384 334,385 Net galnsl(losses) on investments (33,554) (340,588) Not movoment In funds {265,227) (599,680) Fund balances at 1 January 2023 1,825.505 2.225,185 Fund balan¢•8 at 31 D•c•mb•r 2023 1,360.278 1,625,505 The statement of financial aGtivitie3 Include8 all galn8 and1088e8 recogni8ed in the year. All income and expenditure derive from contlnulng actlvltles.
THE MK ROSE CHARITABLE TRUST BALANCE SHEEr AS AT 31 DECEMBER 2023 2023 2022 Not•8 FIX as#6ts Investmen18 1,311,214 1,599,952 Curr•nt a88et• Cash at bank and in hand 51,264 27,553 CrndStorn: amounts falllng due wlthln on• year 10 12,200} (2,000) Net current a88ets 49.064 25.553 Total •u•t8 l•s• currnnt Ilablllti 1.380,278 1,625.505 Incgm• fund• Unre¥trlded funds 1.360,278 1,625.505 1.380,278 1,825,505 da rove uld MrA Fréeman Tru•tOe Tru•tse
THE MK ROSE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollcl•s Charfty Infomiallon The MK Rose Charitsble Trust is a charity constituted urKler Trust Deed dated 3 Jun8 1 and updated by Truslee Resolution dated 2 November 2018, registered wlth the Charity Commission in England and Wales. Th8 charitls place of business is 40 Lodge Crescent, Hagley, Stourbridge, DY9 ONB. 1.1 Accountlng convonllon The accounts have been prepared in accordance with the charitys Tnjst Deed dated 3 June 1994 updated by a Truste8 Résolution dat8d 2 November 2018, the Charities Act 2011 and °Accounting and Reporting by Charities: Statement of Reo)mmended Practice appli¢abl8 to chariti8s preparlng their accounts Sn acLordance with the Financial Reportlng Standard appllcable in th8 UK and Republic of Ireland {FRS 102)° (as amended for accounling periods commencing from 1 January 2019). The charity 1$ a Publlc Benefll Enfjty as defined by FRS 102. The charity has takan advantage of the provlslons In the SORP for charities applying FRS 102 Update Bulletln 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charlty. Monetary amounts in these financlal statements are rounded to the ne8rest £. The accounts have been prepared under the hlstorlcal cost convention. modffied to include certain financial Instruments at fair value. The principal accounting policies adopted are set out below. 1.2 Golng concam At the time of approving the financial statements, the twstees have a reasonable expectation that the charity has adequate resources lo continue in operational existence for the foreseeab16 future. Thus the trustees continue to adopt the going concern bas18 of accounting in preparing the financial statefflents. 1.3 Charftablo fund8 Unrestricted funds are available for use at the dlscretion of the trustees in furtherance of thelr Charitable objectives. Restricted lunds are suble¢t to speclfic condition8 by donors as to how they may be used. The purp0888 and uses of the restricted funds are Set out in the notes to the financlal statement8. 1.4 In¢om• Income is recognised when the charty is legally entitled to It after any performance condiiions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are ra¢ognis6d on recelpt. Other donations are reo)gnised once the Chaflty has been notif*d of the donation, unless performance conditions require deferral of the amount. Income tax recoverable In rèlation to donatlons recelved under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are re¢ognised on re¢8iPt or 0th8rwis8 rf 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 2023 Accountlng polleles (Continued) 1.6 Exp?ndlturo Expenditure is cOgniSed once th8r8 is a legal or construciive obligation to transfer economlc benefft to a thlrd party. it is probable that a transfer of economic beneffts will be required in settlement, and the amount of the obligation can be measured reliably. Expendilure is Classified by activity. Th8 Costs of each actlvlty are made up of the total of direct costs and shared Costs, induding support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs whlch contrlbute to more than one activity and support costs which are not attributable to a single activity are apportioned betrween those activities on a basis Consistent with the use of r880urc8s. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the assèt's use. Charitable activitl8s consist8 of granl maklng actlvliles. 1.6 FIx0d a•••l Inv•*tments Fixed asset Investments are inillally measured at transaction price including transaction costs, and are subsequently measured at fair value at each reportlng date. Changes In falr value are reco9nl8ed In net Incomel{expendlture) for the year. 1.7 Cash and cash equivalents Cash and cash equlvalents inctude cash in hand. deposits held at call with banks. Baslc flnanelal asJo18 Basic financial assets, which include debtors and rAsh and bank balances, ara Inltlally measured at transaction price including transaction costs and are subsequently carried 8t amortlS8d ¢ost using the effective interest mathod unléss the arr8ng8m8nt constitutes a financlng transactlon, where the transaction is measured at the present value of the future receipts discounted at a market rale of interest. Financial assets dassified a$ receivabla within one yaar arè not amortlsed. Basle flnanelal Ilabllttle$ B8si¢ financial liabilities, incjuding creditors and bank loans are initially recognised at transaction prlce unless the arrang8m8nt constltutes a flnanclng transaction. where the debt instrument is measured at the present value of the fvture payments discounted at a markat rate of interest. Financial liabilities classified as payable wlthln one year are not amortised. Debt instruments are subsequenlly carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or servi$ that have been acquired in the ordinary cours8 of operatlons from suppllers. 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 recognlsed Inltlally at transaction price and subsequently measured at amortised cost using the effedive int8rest method. Dere¢ognftlon of nnanclal Ilabllftles Financial liabilities are derecognised when the charity's Contractual obligations expira or are dSs¢harged or cancelled. 1.8 Taxation Th8 Trust is exempt from tax on its charitabl8 activities. 1.9 Debtors and Credltors recelvable I payable wlthln 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 2023 Investments Unr6strleted Unrestrf¢ted lunds funds 2023 2022 Income from listed investments Interest receivable 53.156 20.555 59,701 15,590 73,711 75,291
THE MK ROSE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Grants payabl• 2023 2022 Grants to institutions.. Grants paid to UK based charftles wSth expliLIt permission to support tharity work In Israel New Israel Fund Jewish Care Lifta School, JenJsal8m Cancer Research UK Save a Chlld Food Bank Aid UJIA Israel Speclal Klds Fund Jerusalem Film Festival Innovation Africa Bimingham Childrens Hospital Teenage Cancer Trust MATI Crisis Management Centre Handicapped Childrens Action Group St Basils Lets feed Brum St Peters Wllersey St Mary's Church Chickenshed Macular Society Multlple SGlerosis Society Mary Steven's Hospice, Birniingham JACC Towards the Horizon Midlands Art Centr8 Rett UK Homestart Wyre Forest Manchester Jewish Museurn Motor N8uron8 Disease Association Shelter UK Blrmlngham Jewish Community Care Cystic Fibrosis Trust Bimiingham Royal Ballet Prostate Cancer Research Cèntre Midlands AirAmbulance Tiny Tickers Chatlng PCC DEC Turkey-syrla Earthquake PCC of Willersey Dementia UK Cameys Community Hospice Charity Partnership Blue Marine Foundation Adam Teva VDin 45,000 5.000 50.CK)O 5,000 10,500 5,0(10 2,000 5,000 10,000 10,000 50,000 23,500 10,000 15,000 5,000 5,000 20.000 10,000 1 S,000 S,O(M) 5,OCNJ 20.O¢JO 3,000 4,000 3,000 3,000 750 2,000 3,000 3,000 750 20,OIXI 3,000 2,000 3,000 5,(X)O 50,000 5,000 3,168 3,000 3,1)00 25,000 3,000 2,000 5,000 3,000 5,000 6.000 5,000 5.000 5.000 3,000 3,000 7,000 5,000 3,0(M) 3,000 750 3,000 3,000 7,000 5,000 5,000 3,000 10,000 750 5,000 2.000 1,000 1,000 10,000 10.000
THE MK ROSE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Grants payable Icontlnued) Woodland Trust Crisis Skylight Birmingham SL Mary's Church - Nash Parochial Church Council Cancelled Cheque to PCC of Wllersley 700 3.000 750 {750) 291,168 319,200 Support colts Support Govamance ¢0818 C08ts 2023 Support Governance GO8ts C08t8 2022 General administration 2,852 2,852 2,950 2,950 Financial advisor fee8 Accountancy 8,744 2,620 8,744 2,620 9,429 2,805 9,429 2,805 2,852 11.364 14,216 2,950 12.234 15,184 Analysed bebNeen Charitable activities 2,852 11,364 14,216 2,950 12,234 15,184 Amounts included In Accountancy fees for Independent Examination are £2,450 {2022', £2,250) Tru8tee8 None of the trustees (or any persons connected with thern) received any remuneration from the charity during the year. The trustees did receive a reimbursement of 8XP8nses for meetlng costs of £282 (2022.. £300) during the year. Employ••s The average monthly numb81 of employees (excluding trustees) during th8 y8ar was: 2023 Number 2022 Numbor Total There were no employees whosè annual remunératlon was more than £60.000. 10-
THE MK ROSE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Not galn81(lOss1 on investments Unrestrlcted Unrnstrlctod funds funds 2023 2022 Revaluation of investments Gainl(loss) on sale of investments {14,37n (328,435) (19,177) (14.151) (33,554) (340,586) Taxallon The charlty Is exempt from tax on irorne and gains falling withln sectlon 505 of the Income and Corporation Taxes Act 1988 or section 252 of the Taxatlon of Charg8abl8 Gains Act 1992 to the extent that these are applled to Its charltable objects. 11
THE MK ROSE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Fixed asset Invostments Listed Investments Cost or valuatlon At 31 December 2022 Additions Valuation change8 DIspo8als 1.599,952 137.124 (14,377) (411,485) At 31 December 2023 1.311.214 Carylng amount At 31 December 2023 1,311,214 At 31 December 2022 1,599,952 2023 2022 150.01)J UK Treasury 0.1250fi 30101126 50,000 UK Treasury 3.5% 22110125 25,000 (60,000) UK Treasury 4.1250A 22107130 25,000 BT Group PLC 5.750A 07112128 25,000 HSBC Holdlng8 PLC 5.750A 20112127 50,000 Intl Personal Finance 7.75° 0 (54,890.768) Balllle Gifford Corp 50,000 CQS New City High Yield Fund 40,0 GCP Asset Backed Income Fund 55.000 Henderson Diversffied Income Trust 0 {35,187) Twentyfour Sel Monthly Inc Fund 40000 (66,866) Downing Ren & Infra TST ETF 65,000 (58.686) S8quola Economic Infra Inc Fund Ltd 700 Unilever PLC GBP 0.031111 2,500 Smith & Nephew PLC USO.20 10.000 (17,000) Sainsbury{J) GBPO.28571428 2,500 (5,CKJo} National Grid PLC GBP 0.12431289 5,700 Aviva PLC GBP 20,CYJO M&G plc 10.000 Dunedin Inc Gth Inv Tst GBP 0.25 12,000 Fidelity European Values GBO 0.025 15.500 Henderson Far East Income Ltd 15,996.802 Liontrust SUS FUT GBL 6,500 Manthester London Inv Tst 4,000 Scottish Mortgage Inv Trust GBP 0.05 2.000 RIT Capital Partners PLC 50.OQhJ Bankers Investrient Trust 2,866 (6,000) Pennon Group Pl¢ 25,000 Hipgnosis Songs Fund Ltd 40.000 LXI REIT PLC GBP 0.01 0 (90,000) Regional Reit plc 139,532 49,606 87,724 26,397 25,992 50,425 135,454 201.895 49,625 40,081 26,500 33.600 38,610 28,425 75.666 49,753 29,274 27,738 37.009 49,870 25,240 37,570 29.200 38,340 42,354 38.864 21.580 28,912 42,500 49.500 23.687 21.575 45,040 53.100 25,300 26,240 38.500 36,000 55,510 26,800 26,963 30.260 26.450 24.778 44,480 28,200 43,200 33,325 35,555 32,320 37,640 51.200 18,000 41,920 12-
THE MK ROSE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Flxed asset investments (Continued 25,000 Tritax Eurobox PLC EUR 0.01 3,415.303 Baille Giff Pactfic 1,OIYJ Avon Rubber Protection PLC 10.CNJO Mercantile Inv Tst plc 45,000 (70,000) Life Science Reit plc 30,324 Atrato Onsile 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 vifR And WdSte F ACC 18,800 WS Guinness GBL 15,350 37.261 10,750 19,200 50,610 28.853 7.690 44.400 42,200 24,675 37,568 8,500 22,150 28.440 25,130 35,360 38,200 28,075 25,675 1.311,215 1,599.952 10 Cr•dltor8'. amounts falllng du8 wlthln on• yoar 2023 2022 Accruals and déferred income 2,200 2.000 11 Related party tran8a¢tlon8 Other than reimbursement of truste8s exp8n8e8, there were no diBclosable related party transaction8 during the year (2022- none). 13-