2022-04-05-accounts

Charity registration number 1078091

THE MAIDENHEAD MALACHI TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

THE MAIDENHEAD MALACHI TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Dr J Hyde Mrs M Hyde S Hyde S Hyde Mr J Hyde Mr M Sabiers Charity number 1078091 Registered office 34 Trafalgar Road Moseley Birmingham B13 8BH Independent examiner Azets Audit Services 3Mc Middlemarch Business Park Siskin Drive Coventry United Kingdom CV3 4FJ

THE MAIDENHEAD MALACHI TRUST

CONTENTS

	Page
Trustees' report	1 - 3
Independent examiner's report	4
Statement of financial activities	5
Balance sheet	6
Notes to the financial statements	7 - 14

THE MAIDENHEAD MALACHI TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2022

The trustees present their annual report and financial statements for the year ended 5 April 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, 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)" (effective 1 January 2019).

Objectives and activities

The Trustees shall hold the trust fund and its income upon trust to apply them for all charitable purposes, in accordance with the laws of England and Wales, particularly by means of making grants and providing other support (whether of a financial nature or otherwise) in the UK and elsewhere in the world as the trustees may from time to time think fit.

The trust will look to fund:

1. Grants to charities, individuals and groups in the UK and internationally to relieve poverty and hardship. These will include running costs such as staff salaries and overheads.

2. The promotion of the Christian gospel by a variety of means.

3. Grants for the purpose of relieving sickness and promoting good health, particularly in under-developed nations.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

The applications for funding of projects are reviewed by the board of trustees for approval.

Achievements and performance

Charitable activities

This year has seen a fall in giving financial support due to the Trustees taking the decision to act with caution following the increased giving during the previous financial year. It was decided that each Trustee would have £5,000 to allocate rather than the usual £10,000, this decision was made on a temporary basis of 12 months and would be reassessed at the end of the financial year. That being said, the Trust was still able to offer financial support to one individual and 12 small organisations in the UK, along with a couple in South America and to the Diocese of Kigeme in Rwanda. Trustees decided that the temporary fund in response to provide financial support to individuals and small organisations affected by the impact of Covid-19 was no longer needed.

The Trust continued to follow the funding strategy of each of the trustees assigning an equal amount per year to individuals and small organisations, giving one off grants to individuals of £500 when requested and raising funds to support the ongoing work of Kigeme Diocese in Rwanda. The funding for in Rwanda included training pastors at EACU and Huye, offering support for their families and poor parishes, providing school meals, replacing the roof at Uwinkomo and contributing towards salaries for diocesan and Ubumwe staff.

In the UK, Trustees were able to support children and young people, people leaving prison, people recovering from addictions and people accessing food and baby banks. The total value of projects supported this year was £47,188. The reports received from individuals and organisations on the use of their grant made encouraging reading to the trustees who were extremely glad to be able to offer support and encouragement to so many people. All grants met the objectives of the Trust and are in line with the Charity Commission's guidance on public benefit.

Income was £34,730 whilst loan repayments of £27,000 were received. The Trust has loaned Ben and Cat Dale a further £15,000 to complete building work on their home; this will be paid pack at the current monthly rate over a longer term. Trustees agreed during the previous financial year to close the Investec account as the balance had fallen below £20,000 which meant this is no longer producing any interest and this action was completed in July 2021.

The investment performance is considered by the trustees to be satisfactory.

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THE MAIDENHEAD MALACHI TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

Financial review

The Maidenhead Malachi Trust relies for its grant making on income from its investments and funds donated by individuals and other grant-making organisations.

At the balance sheet date total fund balances were £1,430,178 (2021 - £1,425,234) of which restricted fund balances were £752 (2021 - £6,050). Excluding gains on the investment portfolio, the charity again had total charitable expenditure exceeding total income.

The investment portfolio managed by Rathbones increased in value from £505,027 to £524,655 reflecting the improving stock market performance over the period.

It was with great sadness that the Trustees took the decision to shut the Quench bookshop in Maidenhead in February 2022. The shops had been struggling financially for years due to a number of factors and it was decided to close the Maidenhead shop and focus resources on the Wokingham shop. This has left the the shop unit empty within the building that the Trust owns. For a while the Trustees explored the option to rent the unit out to a local church to use for community activities, but after some discussion it was decided that it was the right time to sell the property and estate agents have been tasked with this job. Rather than see the closure of Quench Maidenhead as a failure we instead look back over the past 20 years that the Trust has been involved and see the facility which has been provided to the town and churches in it.

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 considers 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.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The board of trustees have examined the major strategic, business and operational risks to which the charity is exposed, particularly related to the operations and finances of the trust, and are satisfied that systems are in place to mitigate its exposure to them.

Plans for future periods

Given the current difficult financial conditions, the Trust will focus on trying to maximise its income whilst ensuring that the assets of the Trust are not put at significant risk. The Trust continues to remain committed to relieving individuals from the pressures of poverty and will seek new ways to do this in the coming financial year.

Structure, governance and management

The charity was established by a charitable trust deed on 29th September 1999.

The trustees who served during the year were: Dr J Hyde Mrs M Hyde S Hyde S Hyde Mr J Hyde Mr M Sabiers

Trustees are appointed and elected in accordance with the terms set out in the governing document.

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THE MAIDENHEAD MALACHI TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

The charity is headed by its trustees who are ultimately responsible for day to day operations. Decisions made in formal trustee meetings are communicated to staff who perform direct and administrative roles, and overseen by the trustees.

The current members of the Board of Trustees are set out on the information page. All appointments were approved at the Charity's AGM and there were no other movements during the year.

The trustees meet on a regular basis and delegate the day-to-day organisation of the Trust to the Chair and Secretary. The Chair and the Secretary report to the trustees on a regular basis.

New trustees may be co-opted by the existing trustees and undergo familiarisation training in the nature and objects of the charity and financial accounting matters.

New trustees benefit from an induction and training period to enable them to acclimatise to the way that the charity operates. This may include attending meetings with existing trustees and staff and taking part in the day to day operations of the charity to facilitate a greater understanding of its objectives and activities.

The trustees' report was approved by the Board of Trustees.

..............................

Dr J Hyde Trustee

Date: .............................................

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THE MAIDENHEAD MALACHI TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE MAIDENHEAD MALACHI TRUST

I report to the trustees on my examination of the financial statements of The Maidenhead Malachi Trust (the charity) for the year ended 5 April 2022.

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 I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 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.

I 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 1 January 2015.

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 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.

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.

Robert Anderson FCA

Azets Audit Services

3Mc Middlemarch Business Park Siskin Drive Coventry CV3 4FJ

Dated: .........................

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THE MAIDENHEAD MALACHI TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 5 APRIL 2022

Unrestricted Restricted funds funds 2022 2022 Notes £ £ Income from: Donations and legacies 3 471 752 Charitable activities 4 7,078 - Investments 5 26,429 - Total income 33,978 752 Expenditure on: Raising funds 6 4,845 - Charitable activities 7 43,364 6,050 Total expenditure 48,209 6,050 Net gains/(losses) on investments 11 24,473 - Net movement in funds 10,242 (5,298) Fund balances at 6 April 2021 1,419,184 6,050 Fund balances at 5 April 2022 1,429,426 752	Total Unrestricted Restricted funds funds 2022 2021 2021 £ £ £ 1,223 - 16,792 7,078 6,912 - 26,429 24,764 - 34,730 31,676 16,792 4,845 4,333 - 49,414 122,335 23,601 54,259 126,668 23,601 24,473 103,982 - 4,944 8,990 (6,809) 1,425,234 1,410,194 12,859 1,430,178 1,419,184 6,050	Total 2021 £ 16,792 6,912 24,764
		48,468
		4,333
		145,936
		150,269
		103,982
		2,181 1,423,053
		1,425,234

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

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THE MAIDENHEAD MALACHI TRUST

BALANCE SHEET

AS AT 5 APRIL 2022

Notes Fixed assets Investment properties 12 Investments 13 Current assets Debtors falling due after one year 15 Debtors falling due within one year 15 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Income funds Restricted funds 17 Unrestricted funds	2022 £ £ 467,706 594,655 1,062,361 312,777 18,172 38,218 369,167 (1,350) 367,817 1,430,178 752 1,429,426 1,430,178	2021 £ £ 467,706 575,027 1,042,733 316,871 20,006 46,944 383,821 (1,320) 382,501 1,425,234 6,050 1,419,184 1,425,234	2021 £ £ 467,706 575,027 1,042,733 316,871 20,006 46,944 383,821 (1,320) 382,501 1,425,234 6,050 1,419,184 1,425,234
			1,042,733 382,501
			1,425,234
			6,050 1,419,184
			1,425,234

The financial statements were approved by the Trustees on .........................

..............................

Dr J Hyde Trustee

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THE MAIDENHEAD MALACHI TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022

1 Accounting policies

Charity information

The Maidenhead Malachi Trust is a charitable trust.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, 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) (effective 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 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 amounts 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 freehold properties and to include investment properties and 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 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.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

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.

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THE MAIDENHEAD MALACHI TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

1.6 Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.7 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.

1.8 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.

1.9 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.

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.

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THE MAIDENHEAD MALACHI TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

1 Accounting policies

(Continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

	Unrestricted	Restricted	Total	Restricted
	funds	funds		funds
	2022	2022	2022	2021
	£	£	£	£
Donations and gifts	471	752	1,223	16,792

4 Charitable activities

	2022	2021
	£	£
Interest received on loans for charitable purposes	7,078	6,912

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THE MAIDENHEAD MALACHI TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

5 Investments

	Unrestricted	Unrestricted
	funds	funds
	2022	2021
	£	£
Rental income	14,583	13,125
Income from listed investments	8,337	7,983
Interest receivable	3,509	3,656
	26,429	24,764

6 Raising funds

	Unrestricted	Unrestricted
	funds	funds
	2022	2021
	£	£
Investment management	4,845	4,333
	4,845	4,333

7 Grants payable

During the year grants were made to various institutions within the remit of the charity's objectives.

Total grants amounted to £47,188 (2021: £144,605).

Grants totalling £11,838 (2021: £23,601) were made to Rwanda of which £6,050 (2021: £23,601) related to amounts funded from the restricted fund.

Of the remaining grants of £35,350 this included:

• £6,000 to St Peters Church, Stevenage

• £5,000 to Rev Ian Smale

• £2,750 to PCC All Saints Church, London

• £2,500 each to Azalea, Lifescentre Salford, The Golddigger Trust Centre for Young People, Treasures Foundation and Hope and Vision Communities

• £2,000 each to Yeldall Manor, Church Mission Society and St Mary's Church, Willsden

• £1,250 each to Narthex Sparkhill and Brum Baby Bank

• £600 of grants each individually under £1,000

There were 15 separate grants (2021: 34). One was to an individual and the remainder to institutions.

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THE MAIDENHEAD MALACHI TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

8 Support costs

Repairs and renewals Printing and postage Legal and professional Analysed between Charitable activities	Support costs Governance costs £ £ 876 - - - - 1,350 876 1,350 876 1,350	2022 £ 876 - 1,350 2,226 2,226	Support costs Governance costs £ £ - - 11 - - 1,320 11 1,320 11 1,320	2021 £ - 11 1,320
				1,331
				1,331

Governance costs includes payments to the accountants of £1,350 (2021: £1,320) for the independent examination.

9 Trustees

Expenses of £0 (2021 - £11) were reimbursed to one trustee during the year. These expenses related to postage and stationery.

No trustees received any remuneration during the current or previous year.

10 Employees

The average monthly number of employees during the year was:

	2022	2021
	Number	Number
Total	-	-

No employees received remuneration in excess of £60,000.

There were no employees whose annual remuneration was more than £60,000.

11 Net gains/(losses) on investments

	Unrestricted	Unrestricted
	funds	funds
	2022	2021
	£	£
Revaluation of investments	24,473	103,982

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THE MAIDENHEAD MALACHI TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

12 Investment property

Investment property
	2022
	£
Fair value
At 6 April 2021 and 5 April 2022	467,706

Investment property comprises the property at Queen Street, Maidenhead, Berkshire. Having reviewed current commercial property prices in Maidenhead, the trustees see no reason to modify the current valuation in the accounts.

13 Fixed asset investments

Listed investments Other investments Cash in portfolio £ £ Cost or valuation At 6 April 2021 495,232 70,000 9,795 Additions 23,511 - 46,361 Valuation changes 24,473 - - Investment manager charges - - (4,845) Disposals (46,361) - (23,511) At 5 April 2022 496,855 70,000 27,800 Carrying amount At 05 April 2022 496,855 70,000 27,800 At 05 April 2021 495,232 70,000 9,795 14 Financial instruments 2022 £ Carrying amount of financial assets Debt instruments measured at amortised cost 330,949 Instruments measured at fair value through profit or loss 973,084 Carrying amount of financial liabilities Measured at amortised cost 1,350 15 Debtors 2022 Amounts falling due within one year: £ Corporation tax recoverable - Other debtors 18,172 18,172	Total £ 575,027 69,872 24,473 (4,845) (69,872)
	594,655
	594,655
	575,027
	2021 £ 335,871 936,095
	1,320
	2021 £ 1,006 19,000
	20,006

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THE MAIDENHEAD MALACHI TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2022

15 Debtors Amounts falling due after more than one year: Other debtors Total debtors	(Continued) 2022 2021 £ £ 312,777 316,871 330,949 336,877	(Continued) 2022 2021 £ £ 312,777 316,871 330,949 336,877
		336,877

The debtors relate to loans granted under mortgage terms to enable recipients to purchase properties in circumstances that might not be available to them under normal circumstances. The nature of these instruments therefore means that a substantial part of the loan is categorised as falling due after more than one year.

16 Creditors: amounts falling due within one year

										2022	2021
										£	£
	Accruals and deferred income									1,350	1,320
17	Restricted funds
	The income funds		of the charity include			restricted	funds comprising the following			unexpended	balances of
	donations and grants held on			trust for specific purposes:
					Movement in funds				Movement	in funds
		Balance at			Incoming	Resources		Balance at	Incoming	Resources	Balance at
		6 April 2020			resources	expended		6 April 2021	resources	expended	5 April 2022
			£		£		£	£	£	£	£
	Rwanda -
	Kigeme
	Diocese		12,859		16,792	(23,601)		6,050	752	(6,050)	752
18	Analysis of net	assets between funds
			Unrestricted			Restricted		Total	Unrestricted	Restricted	Total
					2022	2022		2022	2021	2021	2021
					£		£	£	£	£	£
	Fund balances at 5
	April 2022 are
	represented by:
	Investment properties				467,706		-	467,706	467,706	-	467,706
	Investments				594,655		-	594,655	575,027	-	575,027
	Current assets/(liabilities)				367,065	752		367,817	376,452	6,049	382,501
				1,429,426		752		1,430,178	1,419,185	6,049	1,425,234

Restricted funds relate solely to charitable activities carried out overseas in Rwanda.

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THE MAIDENHEAD MALACHI TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2022

19 Capital commitments

There were no commitments outstanding at the year end.

20 Related party transactions

There was no remuneration of key management personnel.

Transactions with related parties

During the year the charity entered into the following transactions with related parties:

Quench Christian Bookshops is a registered charity number 1145529. Dr J R G Hyde and Mrs M L Hyde are trustees of this charity and rent was received from it in the sum of £14,583 (2021: £14,584).

During the year Dr J Hyde made donations of £0 (2021: £7,600) to the charity.

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