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← The Maidenhead Malachi Trust

2025-04-05-accounts

Charity registration number 1078091 (England and Wales)

THE MAIDENHEAD MALACHI TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

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 - 15

THE MAIDENHEAD MALACHI TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2025

The trustees present their annual report and financial statements for the year ended 5 April 2025.

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.

Public benefit

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

Grant making policy

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

Achievements and performance

Charitable activities

The Trust was able to offer 14 different grants including continuing to support work in the Diocese of Kigeme and in the reently established neighbouring diocese of Nyaruguru 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 as well as being able to allocate funds from the sale of the Queen Street property.

In the UK and overseas, Trustees were able to support a variety of projects. The total value of projects supported this year was £93,188. 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 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 £40,597, whilst loan repayments of £10,008 were received. Total expenditure was £102,456.

The investment performance was disappointing compared with last year with the main portfolio, managed by Rathbone Greenbank, decreasing in value from £481,177, to £446,219. The investment in Treasury notes sat at £404,442 at year end.

THE MAIDENHEAD MALACHI TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

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 £1,241,710 (2024 – £1,319,419) of which restricted fund balances were £0 (2024 – £0).

The investment portfolio managed by Rathbones decreased in value from £481,177 to £446,219.

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.

Reserves policy

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

The trust has been going for 25 years. The trustees have decided that over the next period, they should conduct a strategic review about the future of the trust with all possible options being considered. 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

Recruitment and appointment of trustees

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

THE MAIDENHEAD MALACHI TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025 I

Organisational structure

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

The current members of the Board of Trustees are set out on the information page. Ail 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 Administrator. The Chair and the Administrator 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.

induction and training of trustees

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.

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-3.

THE MAIDENHEAD MALACHI TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MAIDENHEAD MALACHI TRUST

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. | report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination | have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared the financial Statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. | understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice. | have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1 accounting records were not kept in respect ofthe charity as required by section 130 of the Charities Act 2011. 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 financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination. | have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to-enablea proper understanding of the financial statements to be reached.

Robert Anderson FCA

Azets Audit Services

3Mc Middlemarch Business Park

Siskin Drive

Coveniry CV3 4FJ

Dated: PTL Of / COCKE

-4-

THE MAIDENHEAD MALACHI TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 5 APRIL 2025

Unrestricted
Restricted
funds
funds
2025
2025
Notes
£
£
Income from:
Donations and legacies
3
-
8,825
Charitable activities
4
15,192
-
Investments
5
16,580
-
Total income
31,772
8,825
Expenditure on:
Raising funds
6
5,957
-
Charitable activities
8
77,784
18,825
Total expenditure
83,741
18,825
Net gains/(losses) on
investments
12
(15,740)
-
Net expenditure
(67,709)
(10,000)
Transfers between
funds
(10,000)
10,000
Net movement in
funds
(77,709)
-
Reconciliation of funds:
Fund balances at 6 April 2024
1,319,419
-
Fund balances at 5 April 2025
1,241,710
-		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
8,825
20
1,000
15,192
15,678
-
16,580
15,536
-
40,597
31,234
1,000
5,957
4,468
-
96,609
77,658
1,000
102,566
82,126
1,000
(15,740)
32,053
-
(77,709)
(18,839)
-
-
-
-
(77,709)
(18,839)
-
1,319,419
1,338,258
-
1,241,710
1,319,419
-		 Total
2024
£
1,020
15,678
15,536
32,234
4,468
78,658
83,126
32,053
(18,839)
-
(18,839)
1,338,258
1,319,419

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE MAIDENHEAD MALACHI TRUST

BALANCE SHEET

AS AT 5 APRIL 2025

2025 2024
Notes £ £ £ £
Fixed assets
Investments 14 920,662 968,026
Current assets
Debtors falling due afterone year 15 289,870 299,878
Debtors falling due within one year 15 9,500 9,500
Cash atbank and in hand 23,286 43,539
322,656 352,917
Creditors: amounts falling due within 16
one year (1,608) (1,524)
Netcurrentassets 321,048 351,393
Total assets less current liabilities 1,241,710 1,319,419
Thefunds ofthe charity
Unrestricted funds 18 1,241,710 1,319,419
1,241,710 1,319,419

The financial statements were approved by the trustees on LA; 2sa

r J Hyde Trustee

-6-

THE MAIDENHEAD MALACHI TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

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 or grantors 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.

THE MAIDENHEAD MALACHI TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

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 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.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

THE MAIDENHEAD MALACHI TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

1 Accounting policies

(Continued)

1.9 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.

1.10 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 Income from donations and legacies

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2025 2025 2025 2024 2024 2024
£ £ £ £ £ £
Donations and gifts - 8,825 8,825 20 1,000 1,020

4 Income from charitable activities

Interest received on loans for charitable purposes
Analysis by fund
Unrestricted funds		 Total
2025
£
15,192
15,192		 Total
2024
£
15,678
15,678

THE MAIDENHEAD MALACHI TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

5 Income from investments

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Income from listed investments 8,720 9,422
Interest receivable 7,860 6,114
16,580 15,536

6 Raising funds

**Unrestricted ** Unrestricted
funds funds
2025 2024
£ £
Investment management 5,957 4,468
5,957 4,468

7 Expenditure on charitable activities

Charitable Charitable
activities activities
2025 2024
£ £
Direct costs
Grant funding of activities (see note 8) 93,187 69,282
Share of support and governance costs (see note 9)
Support 1,808 7,844
Governance 1,614 1,532
96,609 78,658
Analysis by fund
Unrestricted funds 77,784 77,658
Restricted funds 18,825 1,000
96,609 78,658

THE MAIDENHEAD MALACHI TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

8 Grants payable

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

Total grants amounted to £93,188 (2024 £69,282).

Grants totalling £18,813 (2024: £1,000) were made to Rwanda of which £18,813 (2024: £1,000) related to amounts funded from the restricted fund.

The unrestricted grants of £74,375 included:

There were 14 separate grants (2024: 15). One was to an individual and the remainder were to instituitions.

9 Support costs allocated to activities

Charitable
activities
2025
£
Rates
-
Insurance (refunded)
(422)
Administrative Support
2,120
Bank charges
110
Governance
1,614
3,422
2025
Governance costs comprise:
£
Accountancy
1,614
1,614
10
Trustees		 Total
2024
£
5,379
965
1,500
-
1,532
9,376
2024
£
1,532
1,532

No expenses were reimbursed to any trustees during the year (2024 - £0).

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

THE MAIDENHEAD MALACHI TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

11 Employees

The average monthly number of employees during the year was:

2025 2024
Number Number
Total - -

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

Remuneration of key management personnel

There was no remuneration of key management personnel.

12 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2025 2024
Gains/(losses) arising on: £ £
Revaluation of investments (30,602) 18,201
Sale of investments 14,862 2,519
Sale of investment properties - 11,333
(15,740) 32,053

13 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 Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

THE MAIDENHEAD MALACHI TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

14 Fixed asset investments

Listed
investments
Other
investments
Treasury bills
Cash in
portfolio
£
£
Cost or valuation
At 6 April 2024
473,400
70,000
335,183
89,443
Additions
79,312
-
1,607,619
(1,686,931)
Valuation changes
(30,472)
-
(130)
4,333
Cash transfer out
-
-
-
(30,000)
Investment manager charges
-
-
-
(5,957)
Disposals
(80,166)
-
(1,491,138)
1,586,166
At 5 April 2025
442,074
70,000
451,534
(42,946)
Carrying amount
At 05 April 2025
442,074
70,000
451,534
(42,946)
At 05 April 2024
473,400
70,000
335,183
89,443
15
Debtors
2025
Amounts falling due within one year:
£
Other debtors
9,500
2025
Amounts falling due after more than one year:
£
Other debtors
289,870
Total debtors
299,370		 Total
£
968,026
-
(26,269)
(30,000)
(5,957)
14,862
920,662
920,662
968,026
2024
£
9,500
2024
£
299,878
309,378

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

Creditors: amounts falling due within one year
2025 2024
£ £
Accruals and deferred income 1,608 1,524

THE MAIDENHEAD MALACHI TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

17 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Rwandan Dioceses
Previous year:
Rwanda - Kigeme Diocese		 At 6 April
2024
Incoming
resources
Resources
expended
£
£
£
-
8,825
(18,825)
At 6 April
2023
Incoming
resources
Resources
expended
£
£
£
-
1,000
(1,000)		 Transfers
£
10,000
Transfers
£
-		 At 5 April
2025
£
-
At 5 April
2024
£
-

18 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

General funds
Previous year:
General funds		 At 6 April
2024
Incoming
resources
Resources
expended
£
£
£
1,319,419
31,772
(83,741)
At 6 April
2023
Incoming
resources
Resources
expended
£
£
£
1,338,258
31,234
(82,126)		 Transfers
Gains and
losses
£
£
(10,000)
(15,740)
Transfers
Gains and
losses
£
£
-
32,053		 At 5 April
2025
£
1,241,710
At 5 April
2024
£
1,319,419

19 Capital commitments

Amounts contracted for but not provided in the financial statements:

There were no commitments outstanding at the year end.

THE MAIDENHEAD MALACHI TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2025

20 Related party transactions

Transactions with related parties

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

Donations totalling of £8,825.00 were received from the Hyde family, who are Trustees of the charity.