Charty Registration No. 1067680 REV DR S F AND MRS JACKSON MAPPOWDER TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
REV DR S F AND MRS JACKSON MAPPOWDER TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Canon J Tubbs (Resigned 31 August 2023) Mr N Harrison Mrs K Fitzsimmons (Appointed 1 September 2023) Custodian Trusteos S81isbury Diocesan Board of Education Secretary Giles Pugh Registered address Emmaus Hous8 The Avenue Wilton SP2 OFG Charlty number 1067680 Independent examiner Moore (South) LLP 33 The Clarendon Centre Salisbury Business Park Dairy Meadow Lane Salisbury Imiltshire SP12TJ Investment Manager CCLA Investmènt Management Ltd 80 Cheapside London EC2V 60Z
REV DR S F AND MRS JACKSON MAPPOWDER TRUST CONTENTS Page Truslees, report statement of trustees, responsibilities Independent examine$ report Statement of financial activities Balan sheet Notes to the financial ststements 8-13
REV DR S F AND MRS JACKSON MAPPOWDER TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their report and financial statements for the year ended 31 Dacember 2023. The financial ststements are prepar8d in accordance with the Charities Ad 2011. th8 Charity's Trust Deed and the Accounting and Reporting by Charilies.. Statement of Recomrnended Practice applicable to charities preparing their accounts in CordanCe with the Financial Reporting Stsndard applicable in lh8 UK and Republi of Ireland (FRS102) (effective 1 January 2019) - (Chariiies SORP (FRS102)). the Financial Reporling Standard applicable in the UK and Republic of Ireland (FRS102)- The Trustees during the year and Iheir appointing body where appropriate were.. Canon J Tubbs (Resigned 1 September 2023) Mr N Harrison Mrs K Filzsimmons (AptKJinted 1 September 2023) 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 Esth8r Jackson who died on 7th January 1997. The regislered Offi of the Twst is Emmaus House, The Avenue. Wilton, Salisbury. SP2 OFG. The Trust is administered by the Salisbury Diocesan Board of Education (SDBE) who are also custodian trustees and appoint the truslees from members of its Board. ObJectlv8s and Activities The Trusvs 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 andlor to further their Christian religious education andlor to broaden their religious experiènce within the Christian faith. The Tmsvs beneficiaries are confined to members of tha Church of England. The trustees. policy is to advertise the Trusfs existence within the area of benefit and to welcome grant applications which are then considered by a sul>¢ommittee of the trustees. The Charity's accounting records are maintained by 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 managemenl the truste8S consider that, as a grant making charity, the most Signifant risk to the Trust is a serious collapse in financial markets which they have addressed by spreading the Trust's investments in iwo separate managed common investment funds. Achievements and Performance Four grants totalling £35,637 were made in the year. One grant for £33,663 was paid to the Salisbury Di(Kesan Board of Education to be put towards the costs attribulable to Religious Education. Two grants totalling £1,107 were paid to St Mary's CE Middle School in respect of Young Leaderfs Award costs. The final grant of £867.49 was paid in the year in relation to a Student Pilgrimage involving children from All Saints CE Academy. A donation of £510 was received from the Academy towards the Student Pilgrimage. Related Parties The Trust granted £33,663 (2022- £54.425) to Salisbury Diocesan Board of Education. This charity has common trusteeship and therefore is decreed a related party. As at the year end £Nil (2022 - £nil) is due to Salisbury DioGesan Board of Education in relation to grants not paid. Financlal revlew The Trusfs inv8Stment income in the year totalled £26,501 (2022: £26.932), whilst grants paid during the year totalled £35,367 (2022.. £54.4251. Overall, the Trust had unrestricted funds before transfers of deficit £37.072 (2022 deficit £56.215). The r&valuation of investments at the year end showed a loss of £50.32712022 loss of £103,701 J. At the year end, Ihe value of the Trust's fvnds was £795,42312022: £777,706). The trustses have agreed to allocate £37,072 {2022: £56,215) of the unapplied totsl retum fund to income during the period.
REV DR S F AND MRS JACKSON MAPPOWDER TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Investmont Policy The Charivs investment policy is generally not lo allow interest and dividends from investments to accumulate but to use them in fulfilling the Charitys objectives. Income is credited to the appropriate fund. The trustees review the performance of the Charity's investrnents at each trustees. meeting and as explained above. ensure the portfolio is managed judiciously. Rosorves policy A totsl retum approach to investment of the pemanent endowment has been adopted. The gifl 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 ten addressed by holding all of its investments with CCLA in separate managed common investrnent funds. The aim being both long term capital and income growth. At 31 December 2023. the value of the investrnents was represented by 85% in the investment fijnd and 15Yo in the propety fund. Publlc Benefft The Trustees acknowledge the dLty 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 futu. in line with the Trust's objectives. Key Managgmgnt Remungration Policy The Truslees are regarded as the key management of the Charity. They did not receive remunerdtion or benefits in kind. Going Concern The Trustees assess vthether the use of going concem is appropriate, i.e. wh8ther therg are any material uncertainties related to events or conditions that may cast signtficant doubt on the abilty ofthe 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 Charitv's abilitv to continue and accordinalv the ffinan¢ial statements are prepared on a ooino conrn basis. The trustees, report was approved by tt)e Board of Trustees. K Filzsirnmons- Trustee
REV DR S F AND MRS JACKSON MAPPOWDER TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees are r8sponsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounling 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 ihe charity and of the incoming resourc8s 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 ¢onsistently' - observe the methods and principles in the Charities SORP. make judgements and estlmat8S that are reasonable and prudent,. - state whether applicable accounting slandards have b88n followed, subject to any material departures disclosed and explained in the financial statements. and prepare the financial statements on the going concem 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 wth reasonable accuracy at any time the financial position of the charity and enable Ihem to ensure thal the finanGial statements comply with the Charities Acl 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.
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 I report to the tmstees" on my examiriation of tkie finariciai Stdierrients of The REV Df S F and JaGkson Mappowder Trust (the charity) for the year ended 31 December 2023. Responslbilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial stslernents 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 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 section 14515){b) of the 2011 Act. Independent examinerf$ Statement I have completed my examination. I confirm that no matters have coma to my attentlon in connection with the examination giving me Cause t¢ believe that in any material respect.. accounting records were not kept in respect of the charity as r8quired by section 130 of Ihe 2011 Act., or the financial statements do not accord with those records. or the financial statements do not comply with the applicable requirements conceming the fo and content of accounts set out in the Charib'es (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fairviewwhiGh is not a matterconsidered as partofan independent examination. I have no concems and have come across no olher 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. Use of my report This repo Charitie matte extert Tr solely to the Charity's Trustees. as a body, in acGordance with Chapter 3 of Part 8 of the 1. My examination has been undertaken so that I might stste to the Charity's Trustees those ired to statè to them in an independent examiner's report and for no other purpose. To the fullest by law, I do not acc8Pt or assume responsibility to anyone otherthan the Charity and the Charity's dy, for my examination. for this report, or for the opinions I have formed. 20 re Donal Chartered Accountant mre (South) LLP 33 The Clarendon Cenlre Salisbury Business Park Dairy Meadow Lane Salisbury Wiltshire SP12TJ Dated..
REV DR S F AND MRS JACKSON MAPPOWDER TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlcted Ro8trictsd Endowment funds funds funds 2023 2023 2023 Total Total 2023 2022 Ineome and endowments from: Investment income Donatlons 26,501 26,501 510 26.932 510 Total Income 510 26,501 27,011 26,932 ndlture on: Charitable activities Grants paid Support costs Govemance costs 35.637 960 985 35.637 960 985 54,425 950 Totsl expenditure 37,582 37,582 56.215 Net gainsl(losses) on investments 51,380 51.380 <108,661) Net loutgoing)lin¢oming resoue$ before transfers {37,OT2) 77,881 40,809 (137,944) Gross transfers between funds 37.072 (37,072) Net movement In funds (40.809) 40,809 (137,944) Fund balances at 31 December 2021 801,017 801,017 938.961 Fund balances al 31 Docomber 2022 841,825 841,825 801.017
REV DR S F AND MRS JACKSON MAPPOWDER TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestricted Restricted Endowment funds funds funds 2022 2022 2022 Total Totsl 2022 2021 Inwme and endowments from: Investment income 26,932 26,919 26.919 Total income 28,919 26,919 26.585 nditure on: Charitable activities Grants paid Support costs Governance costs 54.425 54,425 54.307 724 810 950 950 Net gainsl(losses) on investrnents {108,661) 1108,661) 119,845 Net loutgolnglfincoming resources before transfers (56,215) (81,742) (137.957) 90.923 Gross transfers belween funds 56.215 (56,215) Net movement in funds 90,923 90,923 90.923 Fund balances at 31 December 2020 938,961 938,961 848,038 Fund balances at 31 December 2021 801,017 801,017 938.961
REV DR S F AND MRS JACKSON MAPPOWDER TRUST BALANCE SHEET AS A T 31 DECEMBER 2023 2023 2022 Notes Flxed assets Investrnents 795,423 777,706 795,423 777,706 Current assets Cash at bank and in hand 47.392 25,101 47,392 25.101 Creditors: amounts falling due within one year (990} (1.790) Net current assets 46.402 23.311 Tolal assets less Current liabÉlities 841.825 801.017 Capital funds Endowment funds- general Income funds Restn"cted funds Unrestrict8d funds 841,825 801,017 10 841,825 801.017 The financial statements were approved by the Trustees on....... . K Fitzsimmons - Trustso
REV DR S F AND MRS JACKSON MAPPOWDER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policles Charlty Informatlon The Trust is a registered charity in England and Wales. number 1067680 and was estsblished by the Will of Dr Esther Jackson who died on 7th January 1997. 1.1 Accounting convention The financial stst8ments hav8 bean prepared in a¢¢ordan¢e with the charity's trust de8d, th8 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 1021" (as amended for accounting periods commencing from 1 January 2019). The charity is a Public 88n8fit Entity as defined by FRS 102. The financial statem8nts have departed from the Charities {AccDunts and Reports) Regulallons 2008 only to the extent required to provide a true and fair vièw. This departure has involved following the Stalemènt of Rewmmended Practice for charities applying FRS 102 rather than the version of the Ststement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. Th8 financial ststements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial ststements hav8 been prepared under the historical cost conv8ntion, modified to include the revaluation of certain financial instrumgnts at fair value. The prin¢ipal a¢UntIng policies adopted are set out below. 1.2 Going concern The Trustees, assess wheth8r tha us8 of going concem is appropriate, i.e. whelher 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 concem. The Trustees, make this assessment in respect ofa period of one yearfrom the date of approval of the financial statements. The Trustees, conclude that there ara no material uncertainties about the Charity's ability to continue and accordingly the financial stat8ments are prepared on a going concern basis. They have come to Ihis ¢ondusion by assessing the current level of reseNes', 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 rosources Income is recognised when the charity is legally entitled to it after any p8rfomiance conditions have been met. the amounts can be measured reliably. and it is probable thal income will b8 r8ceived. Investment income is recognised on a cash basis,
REV DR S F AND MRS JACKSON MAPPOWDER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policies 1.5 Resources expended Liabilitias are re¢ty3nised as expenditure as soon as Ihero is a legal or ¢onstructive obligation cornmitting the charity to Ihat expenditure, it is probable that settlement will be required and the amount of the obligation Can be measured reliably. All expanditure is charged to the Statement of Financial activities on an arual5 basis, inclusive of any VAT, which cannot be recovered. All expenses are allated directly to the appli¢able expenditure headings based on actual invoic8s receivable. Support costs have been allocated between goveman¢e costs and other costs, Governance costs comprise all Costs involving the public accountabilty ofthe charity and its Compliance with regulation and good practice. No expènses require apportionment bth8en the expensa headings. 1.6 Fixed asset Investments Fixed asset investments are initially measured at transaction price exduding Iransaction ¢osts and are subsequently measured at fair value at each reporting date. Changes in fair value are recognlsed in net in¢omel(expenditure) for the year. Transactlon costs are expensed as incurred. All gains and losses are taken to the Statement of Financial Activities as th8y arise. Realised gains and losses in investments are calculated as the difference between sales prOedS and their opening canying valu8 or their pur¢hase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference beiween 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 Activitias. The Charity does not acquire put Options, derivatives or other complex financial instruments. The main form of financial risk faced by the Charity is thal of volatility in equity markets and investment markets due lo wider 8conomic conditions, the attitude of investors to investment risk and changes in sentiment conceming equities and within particular Sectors or sub-sectors. 1.7 Cash and cash equivalents Cash and ¢ash equivalents include cash in hand, deposits held at call with banks. other short-term liquid investments wlth original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.8 Finan¢ial 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 reccgnised in the charity's balance sheet when the charity becomes party to the ontractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforable right to set off the recognised amounts and there is an intsntion to settle on a net basis or to realise the asset and settle the liability Simultaneously.
REV DR S F AND MRS JACKSON MAPPOWDER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policies Basic financial assets BasiG financial assets, which include debtors and cash and bank balances. are initially m8asured at transaction pric8 including transaction costs and are subsequently carriad at amortised cost using the effective interest method unless the arrangement constitutes a financing tRnsa¢lion, where the transaction is measured at the pres8nt value of the future receipts discounted at a market rate of inter8st. Financial assets classified as receivable wlhin one year are not amortised. Baslc flnan¢ial liabilities Basi¢ financial liabilities, including creditors and bank loans are initially recognised at transaction price un18SS the arrangement constitute5 a financing transaction, where the debt instrumènt is measured at the present value of th8 futur8 payments discounted at a market rate of interest. Financial liabillli8s classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective Ints$t rate method. Trade creditors are obllgations to pay for gwds or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if paym8nt is due viithin one year or less. If not. they are pr8sented as non-current liabilities. Trade ¢reditors are recognised initially at transaction price and subsequently measured at amortised $t using the effective interest method. Derecognltlon of flnan¢ial liabilities Financial liabilities are derecognised whèn the Charity's contractual obligations expire or are discharged or cancelled. Crhlcal accountlng estlmate8 and judgements There are no significant areas of judgement or key assumptions that affect ilems in the financial slatements with respect to the next reporting period for the year ended 310ecember 2024. The most significant areas of un¢ertainty that affect the carrying value of assets held by the Charity are the level of investment r8tum and the perfonnance of th8 investrnent markels and any outcome on the principal risks and uncertainties that face the Charity on a day-to-day basis, as explained within the investment policy and risk management sections of the Trustees, report. Imiestment income Endowment funds Total Total 2023 2023 2022 Unlisted s8curlti8S Interest e1Vable 25,553 948 25,553 26.767 165 26,501 26,501 26.932 For th8 year ended 31 December 2022 26,932 26,932 10-
REV DR S F AND MRS JACKSON MAPPOWDER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Grants paid Unrestrlcted Restricted fund5 funds 2023 2023 Total 2023 Total 2022 CAYEMIRE Grants 33.663 33.663 33.003 Grant to St Mary's CE Middle School re trip to Salisbury Cathedral Grant to St Mary's CE Middle Schwl re Young Leaderfs Award Grant re Student Pilgrimage Foundation Govemor Advisor 425 425 682 682 867 867 21.422 35.637 35.637 54,425 For the year ended 31 December 2022 54.425 54.425 Independent oxaminefs remuneration Fees payable to the ¢harlty's Independant •xamin•r. 2023 2022 985 950 Trustees The trustees are regarded as key management. None of Ihe trustees (or any persons connected with them) received any remuneration or benefits from the charity during th8 yèar. No truslees received remuneration or reimbursement of 8xpènses. Employees The averag8 number of employees during the year was: 2023 number 2022 number Fixed asset Investments Usted investments Cost or valuatlon At 1 January 2023 Valuation changes Disposals 777.706 50.327 (32.610) At 31 December 2023 795,423 11
REV DR S F AND MRS JACKSON MAPPOWDER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Fixed asset investments (continued) Carrylng amount At 31 December 2023 795,423 At 31 December 2022 777.706 Original Cost 366,529 Unrealised gains l (losses) at 31 December 2023 428,894 The Trust's policy is to hold all its invastments in the CBF Church of England common investment funds with the aim of long temi capitsl and income growth. At 31 December 2023, the vaSue of the investments was represented by 850k in the Investment Fund and 15% in the Property Fund. Creditors: amounts falling due within one year 2023 2022 Accruals 990 1,790 990 1.790 All creditors in 2022 and 2023 relate to endowment funds. 10 Fund a¢counting Funds held by the Charity are.. Unrestrictsd funds - these are funds available for any purpose of the charity. However. in accordance with the terms of Mrs Jackson's will unaxpended income must be transferred to capital. Permanent Endowment funds - these represent funds that are a category of restricted funds, the capital of which must be held pemianently and may not be spent. This represents the initial gift r8C8ived from Mrs Jackson's will. Th8 unapplied total ratum fund comprises that part of the totsl retum on the Charity's permanent endowment investments which has not yet been allocat8d by the trustees to either the general fund or the pemianent endowment fund. It can be carried forward if not needed or allocated to be spent as income or reinvested in the permanent endowment fund in a particular year. 11 Endowment fund$ Endowment funds represent assets which must be held parmanently by tha charity. Income 8rising on the endowment funds ¢an be used in a¢cordance wilh the objects of the charity and is included as unrestricted income. Any capilal gains or losses arising on the assets form part of the fund. 12-
REV DR S F AND MRS JACKSON MAPPOWDER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11 Endowment funds {continued) Movement in funds Incoming Resources Transfers Revaluatlons resources expended gains and 108$es Balance at 1 January 2023 Balance at 31 December 2023 Permanent endowments Endowment Unapplied Totsl 594,000 207,017 594,000 247,826 26.501 (37,072) 51,380 801,017 26.501 (37,072) 51,380 841,826 Movement In funds (prior yaar) Incomlng Resources Tran8fers R•valuation$ rePUrCeS expended galns and losses Balan¢e at 1 January 2022 Balance at 31 December 2022 Pemianent endowments Endowmenl Unapplied Total 594,000 344,961 594.000 207.017 26,932 (56,215) 1108,661) 938,961 26.932 (56,2151 (108,661) 801,017 12 Analygls of not assets between funds Unrestricted Restricted Permanont Funds Funds Endtswment Total Total 2023 2023 2023 2023 2022 Fund balances at 31 December 2023 are Investments Current assetsl(liabilitiesl 795,423 46,402 795,423 46,402 777,706 23,311 841.825 841,825 801,017 13 Related party transactions The Trust granted £33,663 (2022 £54,425) to Salisbury Di0$8n Board of Edu¢ation, this charity has common trustaeship and therefore is decreed a related paty. As at the year end £nil12022 - £nil) is due to Salisbury Diocesan Board of Education in relation to grants not paid. 13-