Charity Registration No. 1087680 REV DR S F AND MRS JACKSON MAPPOVVDER TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
REV DR S F AND MRS JACKSON MAPPOWDER TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr N Harrison Mrs K Fttzsimmons Custodian Trustees Salisbury DiLKesan Board of Education Secretary Giles Pugh Registered address Emmaus House The Avenue Wilton SP2 OFG Charty number 1067680 Independerrt examiner Mcrf)re (South) LLP 33 The Clarendon Centre Salisbury Business Park Dairy Meadow Lan8 Salisbury Wiltshire SP12TJ Investment Manager CCLA 1nvestrrnt Management Ltd 80 Cheapside London EC2V 6DZ
REV DR S F AND MRS JACKSON MAPPOWDER TRUST CONTENTS Pago Truslees. report statement of trustees, responsibilities Independent examinerfs report Statement of financial aclivilias Balaft sheet Notes to the financial statements 8-13
REV DR S F AND MRS JACKSON MAPPOWDER TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their report and fala1 statements for the year ended 31 Dember 2024. The financial statements ara prepared in accordance with the Charities Act 2011, the Charity's Trust Deed and the AOnting 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 <FRS102) (effective 1 January 2019)- (Charrties SORP (FRS102)). the Financial Reporting Stsndard applicable in the UK and Republic of Ireld {FRS1021. The Trustaes during Ihe y8ar and their appointing b( where appropriate were: Mr N Harrison Mrs K Fttzsimmons Mr G Pugh <Secretary to the Tnjstees) Structure. governance and management The Trust is a registered charity in England and Wales wilh the CharTties Commiswn. number 1067680 and was established by the Will of Dr Esther J8ckson who died on 7th January 1997. The registered office of the Trust is Emmaus House, The Avenue. Wilton. Salisbury, SP2 OFG. The Trust is administered by the Salisbury Diocesan Board of Education {SDBEI who are also custodian tntstees and appoint the tNstees from members of Its Board. Objedves and Activrties The Trust's purpose is to provide grants for rural Sunday schools in Dorset and lo enable young people in rural DoTret aged 11-17 years to improve their religious knedge andlor lo furlher their Christian religious education andlor to broaden their religious exparrence wilhin the Christian faith. The Trl¥S beneficiaries are confined to members ofthe Church of England. The Iwstees, policy is to advertise the Trusvs exstence within the area of benefft and to welcome grant applications which are then considered by a Su1COMMittee of the trustees. The CharTWs accounting records are m8intsined by the staff of the Diocesan Board of Education vAio also prepare the annual financial ststements. The Trust's investment policy is set out in Note 8 to the Accounts. As gardS risk management the trustees consid8r Ihat, as a grant making charity, Ihe mtkst significant risk to Ihe Trust is a serpjus collapse in financial markets which they have addressed by spreading the Trusfs invastrnents in separate managed common investment funds. Achlevemenis and Performance Three grants totalling £36,444 were made in the year. One grant for £34.336 was paid to tha Salisbury Diocesan Board of Education to be put towards the costs attributable to Religious Education. An addttional grant for £1.214 was mad8 to Marshwo(Kl PCC in r81ation to use of church faciltties by Marchwood CE Primary Academy. A further grant of £893.83 was paid in the year in relation to a Studènt Pilgrimag8 involving thildren from All Saints CE Academy. Related Parties The Trust granted £34,336 (2023 - £33.663) to Salisbury Di0san Board of Edu(xtion. This charity has common trusteeship and therefore is decreed a related party. As at the year end £nil (2023- £nil) is due to Salisbury Diocesan Board of Educalion in relation to grants not paid. Financial review The Trusfs investrnent income in the year totsmed £27.532 (2023: £26.SJ1). whilst grants paid during the year totslled £36.444 {2023: £35,367). Overall, the Trust had unrestricted fvnds before transfers of dèficit £38,437 {2023 deficit £37,072). The revaluation of investmenis at the year end showed a gain of £16.136 (2023 gain of £50,327). At the year end, the value of the Trust's funds was £811,559 (2023: £795.423). The truslees have agreed to allocate £38,437 (2023: £37,072) of the unapplied total return fund to incom8 during the period.
REV DR S F AND MRS JACKSON MAPPOWDER TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Investment Policy The Charity's investrnent policy is generally not to akn interest and dividends fr invèstments to accumulate but to use them in fulfilling the Charivs objectives. Income is credited to the appropriate fund. The trustees review the perfomiance of the Chaiity's investments at eath trustees, meeting as explained abov8, ensure the porffolio is managed judiciously. Re5enres policy A total retum approach to investment of the pemianent endowmènt has been adopted. The gift component of the pemianent endowm8nt being £594.000. Principal Risks and Uncertainties The trustees consider that as a grant making charity Ihe nN)st significant risk to th8 trust is a serious collapse in the financial markets. This has been addressed by holding all of its invèstments with CCLA in separate managed common inveslment funds. Tha aim being both long term capital and income growth. At 31 December 2024. the value of the investments was represented by 85Yo in the investment fuThJ aid 15% in Ihe property fund. Publlc Benefft The Trustees acknowledge the duty ts have due regard to the Charity Commission's published g8n8ral and relevant 5ub-sectOT guidance on public benefiL Plans for Future Perlods To conlint¢8 to provide grdnts in Ihe fUre. in line with the TrusY5 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. Going Concern The Twst8es assess whather the use of going concem is appropriate, i.e. whether Ihere are any Tnaterial unrtaInt[eS related to events or conditions that may cast significant doubt on Ihe ability of the Charity to continug as a going concem. The Trustees make this assessment in respect of the period. on8 year from the dale of approv81 of the financial ststements. The Trustees conclude that there are no material uncertainties about Ihe Charitv's abilifv to continue and accordinolv the financial stslements are DreDared on a ooino conceffl basis. The trustees, reFrt was approved by the Board of Trustees. K Filzsimmon5- Trustee Dated- ., obl.obl .,
REV DR S F AND MRS JACKSON MAPPOWDER TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The trustses are resrK)nsibl8 for preparing the Twstees. Report and the finanGial statemenls in accordance with applicable law and United Kingdom Accounting Slandards (United lQngdom Generally Acceptsd Accounting Practice}. The law applicable to charities in England and Wales requKes 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 Ihe incoming resources and application of resources of the charity for Ihat year. In preparing these financial slatements. the twstees are required to: - select suitable alOuntIng polic4es and then apKAy them consistenlly, - observg the methods and principles in the Charities SORP: - make judgements and estimates that are reasonable and prudent; - stat8 whether applicable accounting standards have bn followed, subject to any material departures disclosed and explained in the financial ststements" and - prepare th8 financial slatements on the going concem basi5 unless it is inappropriate to presume that the charfty will continue in operation. The trustees are responsible for keeping sufficient accounting records that disdose wth 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. tha Charity (Accounts and Reports) R8Julations 2008 and the provisions of the trust deed. They are also responsibla for safeguarding the assets of the charity and hence for laking 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 Irustees 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 Oecember 2024. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in 8c(xJrdance with the requirements of the Charities Act 2011 (Ihe 2011 Act). I report in re5peGt of my examination of the chatiws financi81 statements carri8d out under section 145 of the 2011 Act. In carrying out my examination I have follow all tha applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examlner's statsment I have completed my examination. I confirm that no matters have come to my attèntion in Connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in resp8Ct of the chatity as required by section 130 of the 2011 Act: or the financial ststemenls do not accord Y*ryth those records: or the financial statements do not comtAy with the applicable requirem8nts conceming the form and content of accounts set out in the Charities (Accounts and ReFQrts) Regulations 2(M18 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent exarnination. I have no concems 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 lo be reached. Use of my report This report is made solely to the Charivs Tnjstees. as a Lk)dy. in accordance with Chapter 3 of Part 8 of the Chariti 2011. My examination has been undertaken so that I might state to the Charity's Trustses those ma to state to them in an independent examinerfs report and for no olher purpose. To the fullest aw, I do not accept or assume responsibility to anyone olherthan the Charity and the Charity's . for my examination, this reporL or for the opinions I have formed. ntpe uste ed acDonald Chartered Accountant Mt)ore {South) LLP 33 The CI8Tendon Centrg Salisbury Business Park Dairy Meadow Lane Salisbury Willshire SP12TJ Daled. ..Il!Ob(,Io,J5
REV DR S F AND MRS JACKSON MAPPOWDER TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Notes Unrestricted Restricted Endowment funds funds funds 2024 2024 2024 Totsl Total 2024 2023 Income and endowments from: Investrnent income Donations 27.532 27,532 26,501 510 Total Incom• 27.532 27,532 27,011 enditure on: Charitable activttie5 Grants paid Support costs Governanc8 costs 36,444 1.008 35,637 Total expendlture 38,437 38,437 37.582 Net gainslllosses) on investments 16,136 16.136 51,380 Net (outgoing)fin¢oming resources before transfers (38.437) 43.668 S,231 40,809 Gross transfe between knds 38.437 (38,437} Net movement in funds 5.231 5.231 40,809 Fund balances at 31 December 2023 841.826 841.826 801,017 Fund balances at 31 December 2024 847,057 847,057 841,826
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 Restricted Endowment funds funds funds 2023 2023 2023 Total Totsl 2023 2022 Income and endowments from: Investrnent income Donations 26.501 26.501 510 26.932 510 Tolal income 510 26.501 27.011 26.585 enditure on: Charitable activities Grants paid Support costs Governance costs 35,637 960 985 35.637 960 985 54,425 950 Net gainsl(losses} on invastrn8nts 51.380 51.380 (108.661) Net (outgolng)Ilncomlng resources before transfers (37.072) (77,881) {40.809) (137.944) Gross transfers beeen funds 37.072 (37.072) Net movement in funds 40.809 40.809 (137,944) Fund balances at 31 Dernber 2022 801,017 801,017 938.961 Fund balances at 31 December 2023 841.826 841.826 801,017
REV DR S F AND MRS JACKSON MAPPOWDER TRUST BALANCE SHEET AS A T 31 DECEMBER 2024 2024 2023 Fixed assets Investments 811,559 795.423 811.559 795,423 Current assets Cash at bank and in hand 37,521 47,392 37.521 47,392 Creditor5: amounts falling due wlthln one year (2,023) (990) Nel current assets 35.498 46,402 Total assets less current liabilities 847.057 841,825 Capltal funds Endowment funds- general Income funds Restricted funds UnrestriGted funds 11 847.057 841,825 847.057 841.825 (!.tè! Oè I Iw5 The financial statements Yre approved by the Trnstegs on... K Fitzsimmons - Trustee
REV DR S F AND MRS JACKSON MAPPOWDER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Charity information The Trust is a registered charity in England and Wales. number 1067680 and was 8Stablished 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 charivs trusl deed. tha Charities Act 2011 and °Aco)unting and Reporting by Charit18s: Statement of Recommended Practice applicable lo charilies preparing théir accx)unts in aC[rdanCe with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland (FRS 102)° (as amended for a¢¢ounting periods commencing from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from the Charities {Accounts and Reports) Regulations 2008 only to tho 8xtent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for tharthe5 applwrtg FRS 102 rather than the version of th8 Statement of Recommended Practi whith is referred to in the Regulations but which has since bean withdrawn. The financial statements are prepared in sterling. which is the functional (Jxrency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the histrxil cost convenlion, modified lo indude the revaluation of certain financial instruments at fair value. The principal accounting policies adopted ar8 set out below. 1.2 Golng concorn The Trustees. assess whether the use of gOg concem ts appropriate, i.e. whether therg arè any material uncertainlies related to events or conditions that may casl significant doubt on the abilty of the Charity to Continue as a going concem. The Trustees, make this assessment in res of a pericrfl of one year from the date of approval of the financial statements. The Trustees. conclude that there are no material uncertainties atout the Charity's ability to continue and accordingly the financial statements are propared on a going concern basis. They have ccxne to this conclusi)n by assessing the current level of reserves: working casxtsl requirem8nts and anticipated commitments. 1.3 Charltable funds The nature and purpose of each fund is explained in th8 funds note. 1 A Incomlng resources Income is recognised when the charity is18gally entiued to itafteT any performance condilions have been met, Ihe amounts can be measured reliably. and it is probable thal income will be received. Investment incom8 is recognised on a cash basB.
REV DR S F AND MRS JACKSON MAPPOWDER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies 1.5 Resources exponded Liabilities are recc3nised as expenditure as soon as there is a lègal or constructive obligation committing the charty lo Ihat expenditure, it is probable ihat settlement will be required and the amount of the obligation can be m&asured reliably. All expenditure is tharged to the Statement of Financial activtties on an accruals basis. inclusive of any VAT, which cannot be rec¢)vered. All 8xp8ns8s are allocated diredly lothe applicAbl8 expenditure headings based on actual invoices receivable. Support costs have keen allocated betwe8n govemance costs and other costs. Govemance costs comprise all costs invdving the public accountability ofthe charity and its Complian with regulation and good practice. No expenses requir8 apwrb"onmenl between eXpSe headings. 1.6 Fixed asset investments Fixed asset investmants are initialty measured at trans8ction pri exdudrng transaction costs and are subsequenUy Theasured at fair value at each reporting date. Changas in fair value are recognised in net incomel(expenditure) for the year. Transaction wsts are expensed as incurred. All gains and losses are taken to the Ststement of Financial Activities as they arise. Realised gains and losses in inveStmts are calculated as Ihe d[fferen between sales [ceedS and their opening carrwng value or their purchase value rf acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the differen beljveen the fair value al the year end and their carrying value. R8alis8d and unrealised investment gains and losses are combined in the SLment of Finanoal Adivities. The Charity d$ not affjuire put opt"ons. derivatives or olher complex financial instnjments. The main form of financial risk faced bythe Charity is that ofvolatiltty in equity markets and investment markets dua to wid8r economic conditions, the attitude of investors to investment risk and changes in sentiment conMIng equities and within particular SlOrS or sub-sectors. 1.7 Cash and ¢a$h equivalents Cash and cash equivalents include cash in hand. deposits held at call with banks. other short-temi liquid investments with original maturTbes of three months or less. and bank overdrafts. Bank overdrafts are shown within borrclwings in current liabilities. 1.8 Financial instruments The charity has elected to apply the provisions of Seclion 11 'BasiG Financlal Instrnrnents, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instrnmenls. Financial instruments are reccgnised in the charitys balance sheet when the charity b8com8s party to the contractual provisions of the instrument. Financial assets and liabiltties are offset. with the net amounts presented in the financi81 statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to s8ttle on a net basis or lo realise the asset and settle the liabilty simultaneously.
REV DR S F AND MRS JACKSON MAPPOWDER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policies Inancial assets Basic financial assets. which include debtors and cash and bank balances, are initially measured at transaction price in¢luding transaction costs and are subsequenlly carried at amortised cosl using the effective interest method unless the aangement constitutes a financing transaction. where the transaction is measured at the presont valua of the future receipts discounted at a market rate of irtteresl. Financial assets classified as recgNabl8 within on8 y8ar are nol amortised. Basic financial liabilities Basic financial liabililies. includirvJ creditors and bank loans are inrtially re¢ogn¥sed at transaction price unless the arrangement conslitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted al a marf(et rale of inleffest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently Carried al a)rtised cost, using the effective interest rale method. Trade creditors are obligations to pay for goods services that have been acquired in the ordinary ¢ourse 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-currenl liabilities. Trade cTeditors are recognised inikn'ally at transaction price and subsequentty measured at amortised cost using th& effectiv8 int8rest malhod. Derecognltlon of financlal Ilabllllles Financial liabilities are derecognised when the charitys contraGlual obligations expire or are discharged or cancelled. Critical accounting estimates and judgements There are no significart areas of judgement or key assumptions that affect items Tn Ihe financial sta18m8nts with resp8Ct to the next reporting period for the year ended 31 December 2024. Th8 most significant areas of uncertainty that affect the carrying value of assets held by the Charity are the level of investrnent retum and the performance of the inveslment markets and any oulwme on the prinopal risks and uncertainties that face the Charity on a day-toqlay basis, as explained within the investment policy and risk management sections or the Trustees. rerK)rt. Investment incomo Endowment funds Total Totsl 2024 2024 2023 Unlisted securities Interest receivable 25,208 2,324 25.208 2.324 25.553 27.532 27.532 26.501 For the year ended 31 December 2023 26.501 26.501 10-
REV DR S F AND MRS JACKSON MAPPOWDER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Granls paid Unrestricted Restricted funds funds 2024 2024 Total 2024 Total 2023 CAYEWRE Grants 34,336 34.336 33.663 Grant tc St Mary's CE Middle School re tfip to Salisbury Cathedral Grant to St Mary's CE Middle School re Young L8aderfs Award 425 682 Grant re Student Pilgrimage Grant to MarchwcM)d PCC re use of f1[ItieS by Marchwotsj CE Primary Academy. 867 1,214 1,124 36.444 36,444 35,637 For the year ended 31 December 2023 35.637 35,637 Independent examinerfs remunerdtion Fees payable to the charity's independent examlner: 2024 2023 985 985 Trustees The twstees are regarded as kay m2nag8ment. None of the trustees (or any persons corTnect8d Yth them) received any remuneration or beneffits from the charity during the year. No trustses received remuneration or reimburs8m8nt of expenses. Employees The average number of employees during the ye* was: 2024 2023 number number Flxed asset Investmenls Listed investments Cost or valuation At 1 January 2024 Valuation chang&s Disposals 795,423 16,136 At 31 Dember 2024 811,559
REV DR S F AND MRS JACKSON MAPPOWDER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Fixed asset investments (Contlnued) Carrying amount At 31 December 2024 811.559 At 31 December 2023 795,423 Original Cost 366,529 Unrealised gains l (losses) at 31 Dernber 2024 445,030 The Trusfs policy is to hold all its inveslments in the CBF Churth of England common investrnent funds with the aim of long tenn capital and income growth. At 31 December 2024. th8 value of the investments was represented by 8511k in Ihe Investmenl Fund and 15% in the Property Fund. Cr6dilor5: amounts falling due withln ono year 2024 2023 wals 2.023 990 2.023 990 All creditors in 2023 and 2024 relate to eI0VInt funds. 10 Fvnd accountlng Funds held by the Charity are: Unrestricted funds- Ihese are funds available for any purpose of the chatity. However. in accordance wilh Ihe tems of Mr3 Jackson's will unexpended income must be transferred to capital. Pemianent Endowment funds - these represent funds that are a calegory of Tesliicted funds, the capital of whith must be held pemanently and may not be spent. This repres8nts the initial gift received from Mrs Jackson's will. The un8pplied total Tetum furMI comprises that partof the lotal return on the Charivs pennanent endovm)ent investments whtch has not yet been allOted by the trustees to either the general fund or the perniangnt endowmenl fund. It can be carried forward rf nol needed or allocxted to be spant as income or reinvested in the petmanenl endowment fund in a particular year. 11 Endowment funds Endowment funds represent assets which must be held pefmanenlly by the Charity. Income arising on the endowment fijnds can be used in accordan wilh the objects of the charity and is included as unrestrtcted incomg. Any capilal gains or losses arising on the assets form part of Ihe fund. 12-
REV DR S F AND MRS JACKSON MAPPOWDER TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 11 Endowment funds (contlnued) Movoment In fvnds Balance at 1 January 2024 Incoming Resources resources expended Transfers Revaluations Balance at gains and 31 losses December 2024 Permanent endowments Endowment Unapplied Totsl 594,lJOO 247.826 594,000 253,057 27.532 (38.43n 16,136 841,826 27,532 (38,437) 16,136 847,057 Movement in funds (prior year) Incomlng ResourGes Transfers Rovaluations resources expended galns and losses Balance at 1 January 2023 Balance at 31 December 2023 Pèrmanent endowments Endowment Unapplied Totsl 594.000 207,107 594,000 247,826 26,931 (37.072) {51,380) 801,017 26,501 137.072) (51,380) 841.826 12 Analysls of net assots between funds Unrestricted Restrictsd Pernianent Funds Funds Endowment Total Total 2024 2024 2024 2024 2023 Fund balances at 31 December 2024 are Investments Current assetsl(liabiltties) 841.826 5.231 841,826 5.231 795,424 46,402 847,057 847,057 841,826 13 Related party transactions The Trust granted £34,336 (2023 - £33,663) lo Salisbury DiocEsan Board of Education, this charity ha5 common trusteeship and thereforè is decreed a related party. As at the year end £nil (2023 - £nil) is due to Salisbury Diocesan Board of Edurntion in relation to grants not paid. 13-