**Charity registration number 1039857 (England and Wales)**
## **THE MK ROSE CHARITABLE TRUST**
# **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **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|
||St David's Court|
||Union Street|
||Wolverhampton|
||West Midlands|
||United Kingdom|
||WV1 3JE|
|**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 - 13|
## **THE MK ROSE CHARITABLE TRUST**
## **TRUSTEES REPORT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
The trustees present their annual report and financial statements for the year ended 31 December 2024.
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 charitable 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 £391,750 (2023: £291,168).
## **Financial review**
The attached financial statements set out the financial performance of the Trust. The Trust held total fund balances at 31 December 2024 of £1,036,216 (2023: £1,360,278).
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.
- 1 -
## **THE MK ROSE CHARITABLE TRUST**
## **TRUSTEES REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
The Trustees report was approved by the Board of Trustees.
Mrs S Gould **Trustee**
Mr A Freeman **Trustee**
23 October 2025
- 2 -
## **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 2024.
## **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.
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
## **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:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011.
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination.
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.
## Nicholas Webb FCA
## **Azets Audit Services**
St David's Court Union Street Wolverhampton West Midlands WV1 3JE United Kingdom
Dated: 23 October 2025
- 3 -
## **THE MK ROSE CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
|||**Unrestricted Unrestricted**|**Unrestricted Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2024**|**2023**|
||**Notes**|**£**|**£**|
|**Income from:**||||
|Investments|**2**|52,808|73,711|
|**Expenditure on:**||||
|Charitable activities|**3 & 4**|404,758|305,384|
|Net gains/(losses) on investments|**7**|27,888|(33,554)|
|**Net movement in funds**||(324,062)|(265,227)|
|Fund balances at 1 January 2024||1,360,278|1,625,505|
|**Fund balances at 31 December 2024**||1,036,216|1,360,278|
The statement of financial activities includes all gains and losses recognised in the year.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 4 -
## **THE MK ROSE CHARITABLE TRUST**
## **BALANCE SHEET**
## _**AS AT 31 DECEMBER 2024**_
|**Notes**
**Fixed assets**
Investments
**9**
**Current assets**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**10**
**Net current assets**
**Total assets less current liabilities**
**The funds of the charity**
Unrestricted funds
**11**|**2024**
**£**
**£**
1,024,101
14,515
(2,400)
12,115
1,036,216
1,036,216
1,036,216|**2023**
**£**
**£**
1,311,214
51,264
(2,200)
49,064
1,360,278
1,360,278
1,360,278|**2023**
**£**
**£**
1,311,214
51,264
(2,200)
49,064
1,360,278
1,360,278
1,360,278|
|---|---|---|---|
||||1,360,278|
||||1,360,278|
||||1,360,278|
The financial statements were approved by the trustees on 23 October 2025
Mrs S Gould **Trustee**
Mr A Freeman **Trustee**
- 5 -
**THE MK ROSE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **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 or grantors 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.
- 6 -
## **THE MK ROSE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **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.
- 7 -
## **THE MK ROSE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **2 Income from investments**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
||**£**|**£**|
|Income from listed investments|35,026|53,156|
|Other income|1,500|-|
|Interest receivable|16,282|20,555|
||52,808|73,711|
- 8 -
**THE MK ROSE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **3 Grants payable**
|||**2024**|**2023**|
|---|---|---|---|
|||**£**|**£**|
|Grants to institutions:||||
|Grants paid to UK based charities with explicit permission to support charity|*|||
|work in Israel||||
|New Israel Fund|*|40,000|45,000|
|Jewish Care||5,000|5,000|
|Cancer Research UK||5,000|5,000|
|Save a Child||10,000|10,000|
|Food Bank Aid||10,000|10,000|
|UJIA (Israel)||70,000|50,000|
|Israel Special Kids Fund|*|10,000|23,500|
|Jerusalem Film Festival|*||10,000|
|Innovation Africa (Israel)|*||15,000|
|Birmingham Childrens Hospital||9,000|5,000|
|Teenage Cancer Trust||5,000|5,000|
|Crisis Management Centre|||3,000|
|Handicapped Childrens Action Group||5,000|4,000|
|St Basils||5,000|3,000|
|Lets feed Brum||5,000|3,000|
|St Peters Willersey|||750|
|Chickenshed|||3,168|
|Macular Society||5,000|3,000|
|Mary Steven's Hospice, Birmingham||5,000|3,000|
|Towards the Horizon|*|100,000|25,000|
|Midlands Art Centre||5,000|3,000|
|Rett UK|||2,000|
|Homestart Wyre Forest||5,000|5,000|
|Manchester Jewish Museum||3,000|3,000|
|Motor Neurone Disease Association||5,000|5,000|
|Birmingham Jewish Community Care||5,000|3,000|
|Cystic Fibrosis Trust||5,000|3,000|
|Birmingham Royal Ballet||7,000|7,000|
|Prostate Cancer Research Centre||5,000|5,000|
|Midlands Air Ambulance||5,000|5,000|
|Tiny Tickers|||3,000|
|DEC Turkey-Syria Earthquake|||10,000|
|PCC of Willersey||1,000|750|
|Dementia UK||5,000|5,000|
|Nash Parochial Church Council||1,000|750|
|Cancelled Cheque to PCC of Willersley|||(750)|
|Gesher Trust||6,000||
|Project Luangwa||6,000||
|Holocaust Education Trust||15,000||
|St Peter's & St Paul's Charing||1,750||
|Driven Forward Community Fridge||2,000||
|National Archives Trust||10,000||
|Lifta School Jerusalem|*|5,000||
|St John Eye Hospital||2,000||
|Hope House Children Hospice||1,000||
- 9 -
## **THE MK ROSE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **3 Grants payable**
**(Continued)**
Ukranian Medical Charity
|2,000
391,750||
|---|---|
||291,168|
## **4 Support costs**
|General administration
Financial advisor fees
Accountancy
Analysed between
Charitable activities|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
2,909
-
-
7,412
-
2,687
2,909
10,099
2,909
10,099|**2024**
**£**
2,909
7,412
2,687
13,008
13,008|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
2,852
-
-
8,744
-
2,620
2,852
11,364
2,852
11,364|**2023**
**£**
2,852
8,744
2,620|
|---|---|---|---|---|
|||||14,216|
|||||14,216|
Amounts included in Accountancy fees for Independent Examination are £1,200 (2023: £1,200)
## **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 £198 (2023: £262) during the year.
- 10 -
## **THE MK ROSE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **6 Employees**
The average monthly number of employees (excluding trustees) during the year was:
||**2024**|**2023**|
|---|---|---|
||**Number**|**Number**|
|Total|-|-|
There were no employees whose annual remuneration was more than £60,000.
## **7 Gains and losses on investments**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2024**|**2023**|
|Gains/(losses) arising on:|**£**|**£**|
|Revaluation of investments|10,883|(14,377)|
|Sale of investments|17,005|(19,177)|
||27,888|(33,554)|
## **8 Taxation**
The charity is exempt from tax on income and gains falling within section 505 of the Income and Corporation Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
- 11 -
## **THE MK ROSE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **9 Fixed asset investments**
|||**Listed**|
|---|---|---|
|||**investments**|
|||**£**|
|**Cost or valuation**|||
|At 31 December 2023||1,311,214|
|Additions||86,402|
|Valuation changes||10,883|
|Disposals||(384,398)|
|At 31 December 2024||1,024,101|
|**Carrying amount**|||
|At 31 December 2024||1,024,101|
|At 31 December 2023||1,311,214|
||**2024**|**2023**|
||**£**|**£**|
|50,000 (150,000) UK Treasury 0.125% 30/01/26|48,008|139,532|
|50,000 UK Treasury 3.5% 22/10/25|49,564|49,606|
|15,000 (60,000) UK Treasury 4.125% 22/07/30|50,773|87,723|
|0 (25,000) BT Group PLC 5.75% 07/12/28|-|26,397|
|25,000 HSBC Holdings PLC 5.75% 20/12/27|25,407|25,992|
|0 (50,000) Intl Personal Finance 7.75%|-|50,425|
|50,000 CQS New City High Yield Fund|26,000|25,300|
|0 (40,000) GCP Asset Backed Income Fund|-|26,240|
|0 (55,000) Henderson Diversified Income Trust|-|38,500|
|40,000 (66,666) Downing Ren & Infra TST ETF|30,800|36,000|
|65,000 (56,666) Sequoia Economic Infra Inc Fund Ltd|51,220|55,510|
|500 (700) Unilever PLC GBP 0.031111|22,740|26,600|
|2,500 Smith & Nephew PLC US0.20|24,785|26,963|
|10,000 (17,000) Sainsbury(J) GBP0.28571428|27,360|30,260|
|3,229 (2,500) National Grid PLC GBP 0.12431289|30,676|26,450|
|5,700 Aviva PLC GBP|26,722|24,778|
|20,000 M&G plc|39,570|44,480|
|10,000 Dunedin Inc Grwth Inv Tst GBP 0.25|27,100|28,200|
|12,000 Fidelity European Values GBO 0.025|42,240|43,200|
|15,500 Henderson Far East Income Ltd|35,572|33,325|
|0 (6,500) Manchester London Inv Tst|-|35,555|
|4,000 Scottish Mortgage Inv Trust GBP 0.05|38,200|32,320|
|2,000 RIT Capital Partners PLC|39,720|37,640|
|50,000 Bankers Investment Trust|57,500|51,200|
|0 (25,000) Hipgnosis Songs Fund Ltd|-|18,000|
|22,000 Londonmetric property|39,622|41,920|
|3,415.303 Baille Giff Pacific|41,940|37,568|
|1,000 Avon Rubber Protection PLC|14,700|8,500|
|10,000 Mercantile Inv Tst plc|23,800|22,150|
|0 (45,000) Life Science Reit plc|-|28,440|
|0 (30,324) Atrato Onsite Energy plc|-|25,130|
- 12 -
## **THE MK ROSE CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
|**9**
**Fixed asset investments**
40,000 Gore Street Energy Storage Fund plc
50,000 Cordiant Digital INFRA LTD
25,000 Regnan UK SUST WTR And Waste F ACC
18,800 WS Guinness GBL
5,000 JPM US Select Fund C Net
10,000 Fidelity Asia Pacific Opp|**(Continued)**
19,240
35,360
45,000
38,200
31,000
28,075
28,892
25,675
56,350
29,600
1,024,101
1,311,214|**(Continued)**
19,240
35,360
45,000
38,200
31,000
28,075
28,892
25,675
56,350
29,600
1,024,101
1,311,214|
|---|---|---|
|||1,311,214|
## **10 Creditors: amounts falling due within one year**
|**Creditors: amounts falling due within one year**|||
|---|---|---|
||**2024**|**2023**|
||**£**|**£**|
|Accruals and deferred income|2,400|2,200|
## **11 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
|**At**
General funds
**Previous year:**
**At**
General funds|**1 January**
**2024**
**Incoming**
**resources**
**Resources**
**expended**
**Gains and**
**losses**
**At 31**
**December**
**2024**
**£**
**£**
**£**
**£**
**£**
1,360,278
52,808
(404,758)
27,888
1,036,216
**1 January**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**Gains and**
**losses**
**At 31**
**December**
**2023**
**£**
**£**
**£**
**£**
**£**
1,625,505
73,711
(305,384)
(33,554)
1,360,278|
|---|---|
## **12 Related party transactions**
Other than reimbursement of trustees expenses, there were no disclosable related party transactions during the year (2023- none).
- 13 -