Charity registration number 1078091
THE MAIDENHEAD MALACHI TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
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 4a Castlebar Park London W5 1BX 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 - 16 |
THE MAIDENHEAD MALACHI TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2023
The trustees present their annual report and financial statements for the year ended 5 April 2023.
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:
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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.
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The promotion of the Christian gospel by a variety of means.
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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, it was decided that each Trustee would have £10,000 to allocate. The Trust was able to offer 10 different grants as well as continuing to support work in the Diocese of Kigeme in Rwanda. 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 money sent to Rwanda this year, included money for Murico Parish which was sent to MMT by St Martin’s, Coventry. One individual also included money to support the training of pastors. Two of the trustees visited Rwanda in 2022 to attend the installation of a new Bishop as Kigeme Diocese was split in to Nyaruguru Diocese and Kigeme Diocese. Whilst there, they were able to support a project for street children in Nyamagabe, the building of kitchen gardens designed to dramatically increase the growth of vegetables, contribute to the Samaritan Fund at the hospital, which covers hospital costs for the poor and uninsured and leave a small amount to be spent in each Archdeaconery
In the UK, Trustees were able to support a variety of projects. The total value of projects supported this year was £37,100.
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 a number of people. All grants met the objectives of the Trust and are in line with the Charity Commission's guidance on public benefit. Income was £34,640 whilst loan repayments of £8,871 were received. The reduction in loan repayments was due to the interest rates on the loans being linked to the bank rate which increased steadily in the year. Total expenditure was £58,760.
The investment performance was rather disappointing as due to stock market volatility, the value of the portfolio was reduced by £50,094 compared with an increase of £24,473 in the previous year.
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THE MAIDENHEAD MALACHI TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
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 £1,338,258 (2022 - £1,430,178) of which restricted fund balances were £0 (2022 - £752). As well as the losses on the investment portfolio, the charity again had total charitable expenditure exceeding total income.
The investment portfolio managed by Rathbones decreased in value from £524,655 to £470,199 reflecting the volatility in the stock market performance over the period.
Last year’s report included the decision to sell the property in Queen Street, Maidenhead. This has proved a very slow process. Considerable interest was expressed in the property and an offer was accepted from a purchaser who allegedly had proof of funds. However, progress was extremely slow and eventually the potential purchaser, revised their offer to a considerably lower amount. The trustees rejected this offer and, post the end of the charity’s financial year, a second purchaser has been identified and hopefully this sale will go through to a successful conclusion.
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. Once the sale of Queen Street, Maidenhead is completed, the trustees will consider how the funds released should be used.
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 ICChllTINUED) FOR THE YEAR ENDED 5APRIL 2023 Thè th•nty 18 h•ad•d Lry it5 InAte86 WPW) uNim8lety row4• tr Doff6 made in b)Jstees. The rnIt m•n•rn ofthts 8owd afTnAts¢s w• s•t (Art th• p•y. AJI sl>p(ntrA•n11 w•r• •pprov•d atth• Charitys AGM thern w•rn no other rrthi¢ments Iring 1h• y•w. Th• trustses meot on a rewlar basis d•l•gate th& tywis•lion of the Trpxt to Iho Chalr Secr•tary. Th• Chr th• S•• r•port lo th• Inthos on * regulw b•th. Naw trustse6 my b0 ¢MPted by tho •xb¥lng lJurt•M Irrin9 In nJr• qnd obl•Lts fthe chjrlty and COLml¥19 mth. truBts•8 b•n•fft frorn an Irthth tr•ning perfod to them kn rc4m•ti to the th•t the chlty 4Jp•r8t¢¥. This m•y indud• knnding metsb.ngs wilh wAIBIkn9 1su6tses 51aff thn9 part in the doy to day operati$ ofth• thwity to Ixlllt • undw1t¥.n9 rfls I)bJ•th •cli¥)t"•s. Th• Iw•••' rwt •wo¥ed by th• OtTr1•. JHY TThst••
THE MAIDENHEAD MALACHI TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MAIDENHEAD MALACHI TRUST I reFort to the tru8tees C my exarrdnaiKY) ofth8 IlnwK401 ofThe Moldenh&ad Mal&hl Tnffjt (the chaityl for yw 5Awll 2023. R•8pon8lblllJ•8 •nd ba•18 of r•port A8 the trust888 of the charity you are resE1bkn lor ts tnparakn clthe stat8m8nts kn Ordance thg fgqulrements of tho ChwlUesAL# 2011 Ith& 2011 hd). I roport kn rn8POCt of my oxamination of tho dwiV8 fmnLyal stateAnont8 Lznied rxrt urNJor 8ocllon 145 of th8 2011 Act. In carylng my exarrdnatkn I have fc41ow8d al th• ¥spW4e DIT&ah)ns gfven ty the Chwty CommtB&on undar 88ction 144SXb) oftha 2011 ACL Ind•p•nd•nt •x•mln•r'• •t•lwMnt Your attenllon Is dravm to th8 fact that Iha ch•lty th rrf•p8d flnarKlal sla1wn In Ko)rdance with in111¥j and Rewlryj by Charltles prep8riNJ th81r accounts in 8ttordance with the Fin8nual Reportlng StandaTd appllcable In thg UK and Rowbllc of Ireland IFRS 1021 In prpferpnc8 to the AL%11d 8rKJ Rwrtkg by Charili88'. Slatemenl of Rocommernjed Pracvco 188ued ¢n 1 Apil 21J05 whKh 1$ rnfoned to kn the extant wuWons but has been sYlthdr8wn. l underBtsnd that this has tthn done in 081 for finandal slatements lo proid8 o true and tsir In ance wlth Ggneralty Awepted AmxrfrvJ Prathfj fjfffjtho for rgwrllrvJ pwk¥Js bgginning on or after 1 J8rnry 2015. I havg comklgted my exgnknauon. l ¢onfim) that no m8tters o)m8 to my attenllon In cnlIon wAh Ih examlnalon glvlng me ¢au80 to bdiov• that In any matort81 GounllThJ rgcords wgrg not kept kn rgspo¢1 of the charlty 8$ roq1 ty 8ocllon 130 of th8 2011 Act.. or the flnancial 8tstements do not Cord wlth thJ8e rec. or the financlal statèment8 do not Compty the appkth rtyuKements conc•nlrKJ th8 form and Contsnt of accounls 8el out In the Charltb88 (AOnts and ReFJtsI Regulallon6 2(KJ8 dher than Y requir•mgnl that lh8 accounts give a true and falr thch Is not a matter consklertsd as part of an Iriwrthl ex8mln8Uon. I have no conc8frA 8nd have ccn8 acros8 no other m8tter8 in ccrfffi8don wlth th8 MInaOn lo whkh attentk)n Should b& drawn h th1$ (eport In 0r k) w68trJ• 8 ¢Jpr8landlr¥J of firwthl •tat8ment8 to be reached. RobortAndgr80n FCA Az•ts Aud5t S•rvl¢•• 3Mc Mlddl¢m8r¢h Bu8ln088 Park S18kJn Diivo Coventy CV3 4FJ zs
THE MAIDENHEAD MALACHI TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2023
| Unrestricted Restricted funds funds 2023 2023 Notes £ £ Income from: Donations and legacies 3 - 5,100 Charitable activities 4 13,113 - Investments 5 16,427 - Total income 29,540 5,100 Expenditure on: Raising funds 6 4,362 - Charitable activities 7 48,492 5,906 Total expenditure 52,854 5,906 Net gains/(losses) on investments 11 (67,800) - Net (outgoing)/incoming resources before transfers (91,114) (806) Gross transfers between funds (54) 54 Net movement in funds (91,168) (752) Fund balances at 6 April 2022 1,429,426 752 Fund balances at 5 April 2023 1,338,258 - |
Total Unrestricted Restricted funds funds 2023 2022 2022 £ £ £ 5,100 471 752 13,113 7,078 - 16,427 26,429 - 34,640 33,978 752 4,362 4,845 - 54,398 43,364 6,050 58,760 48,209 6,050 (67,800) 24,473 - (91,920) 10,242 (5,298) - - - (91,920) 10,242 (5,298) 1,430,178 1,419,184 6,050 1,338,258 1,429,426 752 |
Total 2022 £ 1,223 7,078 26,429 |
|---|---|---|
| 34,730 | ||
| 4,845 | ||
| 49,414 | ||
| 54,259 | ||
| 24,473 | ||
| 4,944 - |
||
| 4,944 1,425,234 |
||
| 1,430,178 |
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 2023 2022 Inveslment prry> Ir)Y•¥trn¢nts 13 14 ,c4Jo 540.199 487,7th8 594.855 9W.199 1,062,381 ¢uTr•ntaM•ts D•btors lolting du• alt•r w y• D•btors I•ln9 duè ¥thin on• y•¥ Cath at bwk In hwd 16 307.700 13.145 312,777 18,172 38,218 389.187 Cr•dltors: •mow¢• fthllng 17 11.4501 {1,3501 367,817 1.338.258 1,430,178 In¢)om• fvnd• R•strl¢t•d fvrN Unr••trkt•d fund8 18 752 1,429,426 1,338,258 1,338258 1,430,178 Th• fift•1 •t•t•m•nts w•r• •pww•d by th• Tr4At••• ......... ............. Cri Ptyd•
THE MAIDENHEAD MALACHI TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
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 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.
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.
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THE MAIDENHEAD MALACHI TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
1 Accounting policies
(Continued)
1.6 Investment property
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
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THE MAIDENHEAD MALACHI TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
1 Accounting policies
(Continued)
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
| Restricted | Unrestricted | Restricted | Total | |
|---|---|---|---|---|
| funds | funds | funds | ||
| 2023 | 2022 | 2022 | 2022 | |
| £ | £ | £ | £ | |
| Donations and gifts | 5,100 | 471 | 752 | 1,223 |
4 Charitable activities
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Interest received on loans for charitable purposes | 13,113 | 7,078 |
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THE MAIDENHEAD MALACHI TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
5 Investments
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Rental income | 3,611 | 14,583 |
| Income from listed investments | 9,316 | 8,337 |
| Interest receivable | 3,500 | 3,509 |
| 16,427 | 26,429 |
6 Raising funds
| **Unrestricted ** | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Investment management | 4,362 | 4,845 |
| 4,362 | 4,845 |
7 Grants payable
During the year grants were made to various institutions within the remit of the charity's objectives.
Total grants amounted to £43,006 (2022 £47,188).
Grants totalling £5,906 (2022: £11,838) were made to Rwanda of which £5,096 (2022: £6,050) related to amounts funded from the restricted fund.
Of the remaining grants of £37,100 this included:
-
£10,000 to Azalea
-
£6,000 to St Peters Church, Stevenage
-
£5,000 each to Rev Ian Smale, Lifecentre Salford and The Golddigger Trust
-
£2,500 each to Yeldall Manor and The Church Mission Society
-
£1,100 of grants each individually under £1,000
There were 10 separate grants (2022: 15). 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 2023
8 Support costs
| Support costs Governance costs £ £ Repairs and renewals - - Printing and postage 92 - Rates 7,000 - Insurance 687 - Legal and professional fees 2,132 - Accountancy - 1,480 9,911 1,480 Analysed between Charitable activities 9,911 1,480 |
2023 Support costs Governance costs £ £ £ - 876 - 92 - - 7,000 - - 687 - - 2,132 - - 1,480 - 1,350 11,391 876 1,350 11,391 876 1,350 |
2022 £ 876 - - - - 1,350 |
|---|---|---|
| 2,226 | ||
| 2,226 |
Governance costs includes payments to the accountants of £1,480 (2022: £1,350) for the independent examination.
9 Trustees
Expenses of £92 (2022 - £0) 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:
| The average monthly number of employees during the year was: | ||
|---|---|---|
| 2023 | 2022 | |
| Number | Number | |
| Total | - | - |
| No employees received remuneration in excess of £60,000. |
There were no employees whose annual remuneration was more than £60,000.
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THE MAIDENHEAD MALACHI TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
11 Net gains/(losses) on investments
| Unrestricted Unrestricted | Unrestricted Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Revaluation of investments | (50,094) | 24,473 |
| Revaluation of investment properties | (17,706) | - |
| (67,800) | 24,473 |
12 Taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
13 Investment property
| Fair value At 6 April 2022 Net gains or losses through fair value adjustments At 5 April 2023 |
2023 £ 467,706 (17,706) |
|---|---|
| 450,000 |
Investment property comprises the property at Queen Street, Maidenhead, Berkshire. As part of the sales process, as a registered charity, a section 119 valuation was undertaken that valued the property at £450,000. It is hoped that the sale will achieve at least this amount and ideally more. However, the balance sheet has been adjusted to reflect the section 119 valuation.
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THE MAIDENHEAD MALACHI TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
14 Fixed asset investments
| Listed investments Other investments Cash in portfolio £ £ Cost or valuation At 6 April 2022 496,855 70,000 27,800 Additions 146,654 - (146,654) Valuation changes (50,094) - - Investment manager charges - - (4,362) Disposals (134,060) - 134,060 At 5 April 2023 459,355 70,000 10,844 Carrying amount At 05 April 2023 459,355 70,000 10,844 At 05 April 2022 496,855 70,000 27,800 15 Financial instruments 2023 £ Carrying amount of financial assets Debt instruments measured at amortised cost 318,700 Instruments measured at fair value through profit or loss 973,084 Carrying amount of financial liabilities Measured at amortised cost 1,450 16 Debtors 2023 Amounts falling due within one year: £ Other debtors 11,000 Prepayments and accrued income 2,145 13,145 2023 Amounts falling due after more than one year: £ Other debtors 307,700 Total debtors 320,845 |
Total £ 594,655 - (50,094) (4,362) - 540,199 540,199 594,655 2022 £ 330,949 936,095 1,350 2022 £ 18,172 - 18,172 2022 £ 312,777 330,949 |
|---|---|
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THE MAIDENHEAD MALACHI TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
16 Debtors (Continued)
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.
17 Creditors: amounts falling due within one year 2023 2022 £ £ Accruals and deferred income 1,450 1,350
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THE MAIDENHEAD MALACHI TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023
18 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:
Rwanda - Kigeme Diocese
| Movement in funds | Movement in funds | Movement in funds | Movement in funds | |||||
|---|---|---|---|---|---|---|---|---|
| Balance at | Incoming | Resources | Balance at | Incoming | Resources | Transfers | Balance at | |
| 6 | April 2021 | resources | expended | 6 April 2022 | resources | expended | 5 April 2023 | |
| £ | £ | £ | £ | £ | £ | £ | £ | |
| 6,050 | 752 | (6,050) | 752 | 5,100 | (5,906) | 54 | - |
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THE MAIDENHEAD MALACHI TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
19 Analysis of net assets between funds
| Analysis of net assets between funds | ||
|---|---|---|
| Unrestricted Restricted 2023 2023 £ £ Fund balances at 5 April 2023 are represented by: Investment properties 450,000 - Investments 540,199 - Current assets/(liabilities) 348,059 - 1,338,258 - |
Total Unrestricted Restricted 2023 2022 2022 £ £ £ 450,000 467,706 - 540,199 594,655 - 348,059 367,065 752 1,338,258 1,429,426 752 |
Total 2022 £ 467,706 594,655 367,817 |
| 1,430,178 |
Restricted funds relate solely to charitable activities carried out overseas in Rwanda.
20 Capital commitments
There were no commitments outstanding at the year end.
21 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 £3,610 (2022: £14,583).
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