Charity Registration No. 1067680
REV DR S F AND MRS JACKSON MAPPOWDER TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
REV DR S F AND MRS JACKSON MAPPOWDER TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
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| Trustees | Mrs J Tubbs |
|---|---|
| Mr N Harrison | |
| Custodian Trustees | Salisbury Diocesan Board of Education |
| Secretary | Giles Pugh |
| Registered address | The Diocesan Education Centre |
| The Avenue | |
| Wilton | |
| SP2 0FG | |
| Charity number | 1067680 |
| Independent examiner | Moore (South) LLP |
| 33 The Clarendon Centre | |
| Salisbury Business Park | |
| Dairy Meadow Lane | |
| Salisbury | |
| Wiltshire | |
| SP1 2TJ | |
| Investment Manager | CCLA Investment Management Ltd |
| 80 Cheapside | |
| London | |
| EC2V6DZ |
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REV DR S F AND MRS JACKSON MAPPOWDER TRUST
CONTENTS
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Page
Trustees’ report 1-3
Statement of trustees' responsibilities 4
Independent examiner's report 5-6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9-14
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REV DR S F AND MRS JACKSON MAPPOWDER TRUST
TRUSTEES’ REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees present their report and financial statements for the year ended 31 December 2020.
The financial statements are prepared in accordance with the Charities Act 2011, the Charity’s Trust Deed and the 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 lreland (FRS102) (effective 1 January 2020) — (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
The Trustees during the year and their appointing body where appropriate were:
Mrs J Tubbs Mr N Harrison
Mr G Pugh (Secretary to the Trustees)
Structure, governance and management
The Trust is a registered charity in England and Wales with the Charities Commission, number 1067680 and was established by the Will of Dr Esther Jackson who died on 7th January 1997. The Trust is administered by the Salisbury Diocesan Board of Education (SDBE) who are also custodian trustees and appoint the trustees from members of its Board.
Objectives and Activities
The Trust's purpose is to provide grants for rural Sunday schools in Dorset and to enable young people in rural Dorset aged 11-17 years to improve their religious knowledge and/or to further their Christian religious education and/or to broaden their religious experience within the Christian faith. The Trust's beneficiaries are confined to members of the Church of England.
The trustees’ policy is to advertise the Trust's existence within the area of benefit and to welcome grant applications which are then considered by a sub-committee of the trustees. The Charity’s accounting records are maintained py the staff of the Diocesan Board of Education who also prepare the annual financial statements.
The Trust’s investment policy is set out in Note 6 to the Accounts. As regards risk management the trustees consider that, as a grant making charity, the most significant risk to the Trust is a serious collapse in financial markets which they have addressed by spreading the Trust’s investments in two separate managed common investment funds.
Achievements and Performance
Three grants totalling £54,457 were made in the year. All three of these grants were paid to the Salisbury Diocesan Board of Education. One grant for £31,700 went towards the costs attributable to the Diocesan Advisers for Religious Education, and the remaining two grants, totalling £22,757, were for the costs attributable to the Foundation Governor Adviser post. (Total 2019 grants £76,880).
Related Parties
The Trust granted £54,457 (2019 £68,880) to Salisbury Diocesan Board of Education. This charity has common trusteeship and therefore is decreed a related party. As at the year end £20,642 (2019 £17,780) is due to Salisbury Diocesan Board of Education in relation to grants not paid.
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REV DR S F AND MRS JACKSON MAPPOWDER TRUST
TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020
Financial review
The Trust's investment income in the year totalled £26,585 (2019 £29,408), whilst grants paid during the year totalled £54,457 (2019 £76,880). Overall the Trust had unrestricted funds before transfers of £55,621 (2019 deficit £78,134). The revaluation of investments at the year end showed a gain of £39,623 (2019 gain of £104,757). At the year end the value of the Trust's funds was £848,038 (2019 £837,451). The trustees have agreed to allocate £55,621 (2019: £78,134) of the unapplied total return fund to income during the period.
Investment Policy
The Charity's investment policy is generally not to allow interest and dividends from investments to accumulate but to use them in fulfilling the Charity's objectives. Income is credited to the appropriate fund. The trustees review the performance of the Charity’s investments at each trustees’ meeting and, as explained above, ensure the portfolio is managed judiciously.
Reserves policy
A total return approach to investment of the permanent endowment has been adopted. The gift component of the permanent endowment being £594,000.
Principal Risks and Uncertainties
The trustees consider that as a grant making charity the most significant risk to the trust is a serious collapse in the financial markets. This has been addressed by holding all of its investments with CCLA in separate managed common investment funds. The aim being both long term capital and income growth. At 31 December 2020 the value of the investments was represented by 85% in the investment fund and 15% in the property fund.
Public Benefit
The Trustees acknowledge the duty to have due regard to the Charity Commission’s published general and relevant sub-sector guidance on public benefit.
Plans for Future Periods
To continue to provide grants in the future, in line with the Trust's objectives.
Key Management Remuneration Policy
The Trustees are regarded as the key management of the Charity. They did not receive remuneration or benefits in kind.
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REV DR S F AND MRS JACKSON MAPPOWDER TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
Going Concern
The Trustees assess whether the use of going concern is appropriate, ie. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of the period, one year from the date of approval of the financial statements. The Trustees conclude that there are no material uncertainties about the Charity’s ability to continue and accordingly the financial statements are prepared on a going concern basis. The trustees' report was approved by the Board of Trustees.
gh * . Trustee Dated: Vo SEUFENBER 02
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REV DR S F AND MRS JACKSON MAPPOWDER TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the trustees are required to:
~ select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
~ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.
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REV DR S F AND MRS JACKSON MAPPOWDER TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF THE REV DR S F AND MRS JACKSON MAPPOWDER TRUST
| report to the trustees on my examination of the financial statements of The Rev Dr S F and Mrs Jackson Mappowder Trust (the charity) for the year ended 31 December 2020.
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 | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2017 Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.
| understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 4 January 2020.
| have completed my examination.
| 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 2011 Act, or
- 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 accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
| 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.
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REV DR S F AND MRS JACKSON MAPPOWDER TRUST
INDEPENDENT EXAMINER'S REPORT (CONTINUED)
TO THE TRUSTEES OF THE REV DR S F AND MRS JACKSON MAPPOWDER TRUST
Use of my report
This report is made solely to the Charity's Trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. My examination has been undertaken so that | might state to the Charity’s Trustees those matters | am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, | do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees as a body, for my examination, for this report, or for the opinions | have formed.
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fon Matha! Chartered Accountant F Ann Mathias / 33MooreThe (South)Clarendon LLPCentreoo [Soult ) Ut: Salisbury Business Park Dairy Meadow Lane Salisbury Wiltshire SP1 2TJ Dated: aa Selvensen Lo 2
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REV DR S F AND MRS JACKSON MAPPOWDER TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2020
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| Unrestricted | Restricted | Endowment | Total | Total | ||
|---|---|---|---|---|---|---|
| funds | funds | funds | ||||
| 2020 | 2020 | 2020 | 2020 | 2019 | ||
| £ | £ | £ | £ | £ | ||
| Income and endowments from: | ||||||
| Investment income | - | ~ | 26,585 | 26,585 | 29,408 | |
| Total income | - | - | 26,585 | 26,585 | 29,408 | |
| Expenditure on: | ||||||
| Charitable activities | ||||||
| - Grants paid |
54,457 | - | - | 54,457 | 76,880 | |
| - Support costs |
714 | - | - | 714 | 714 | |
| - Governance costs |
450 | - | - | 450 | 540 | |
| Net gains/(losses) on investments | - | - | 39,623 | 39,623 | 104,757 | |
| Net (outgoing)/incoming resources | ||||||
| before transfers | (55,621) | - | 66,208 | 10,587 | 56,031 | |
| Gross transfers between funds | 55,621 | - | (55,621) | - | - | |
| Net movement in funds | - | - | 10,587 | 10,587 | 56,031 | |
| Fund balances at 31 December 2019 | - | - | 837,451 | 837,451 | 781,420 | |
| Fundbalancesat31December2020 | ~ | - | 848,038 | 848,038 | 837,451 |
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REV DR S F AND MRS JACKSON MAPPOWDER TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2020
| 2020 | 2019 | ||||||
|---|---|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |||
| Fixed assets | |||||||
| Investments | 844,488 | 804,865 | |||||
| Current assets | |||||||
| Cash at bank and in hand | 25,356 | 51,530 | |||||
| 25,356 | 51,530 | ||||||
| Creditors: amounts falling due within | |||||||
| one year | (21,806) | (18,944) | |||||
| Net current assets | 3,550 | 32,586 | |||||
| Total assets less current liabilities | 848 038 | 837,451 | |||||
| Capital funds | |||||||
| Endowment funds - general | 848,038 | 837,451 | |||||
| Income funds | |||||||
| Restricted funds | - | - | |||||
| Unrestricted funds | - | - | |||||
| 848,038 | 837,454 |
The financial statements were approved by the Trustees on th.p SLTE(VHfYy 2WBEW-) 2202/
é eran : Trustee
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REV DR S F AND MRS JACKSON MAPPOWDER TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 1 Accounting policies
Charity information
The Trust is a registered charity in England and Waies, number 1067680 and was established by the Will of Dr Esther Jackson who died on 7th January 1997.
1.1. Accounting convention The financial statements have been prepared in accordance with the charity's trust deed, 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 2020). 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 have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounis in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2. Going concern The Trustees’ assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees’ make this assessment in respect of a period of one year from the date of approval of the financial statements. The Trustees’ conclude that there are no material uncertainties about the Charity’s ability to continue and accordingly the financial statements are prepared on a going concern basis. They have come to this conclusion by assessing the current level of reserves: working capital requirements and anticipated commitments.
- 1.3. Charitable funds
The nature and purpose of each fund is explained in the funds note.
1.4 Incoming resources
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.
Investment income is recognised on a cash basis.
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REV DR S F AND MRS JACKSON MAPPOWDER TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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1 Accounting policies
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1.5 Resources expended
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is charged to the Statement of Financial activities on an accruals basis, inclusive of any VAT, which cannot be recovered.
All expenses are allocated directly to the applicable expenditure headings based on actual invoices receivable. Support costs have been allocated between governance costs and other costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. No expenses require apportionment between the expense headings.
1.6 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding 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. Transaction costs are expensed as incurred.
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses . in investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
The Charity does not acquire put options, derivatives or other complex financial instruments.
The main form of financial risk faced by the Charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk and changes in sentiment concerning equities and within particular sectors or sub-sectors.
- 1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
- 1.8 Financial instruments The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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