Reglsterod Company Number . 05009290 Iengland Wales) R¢gl8tered Chaflty Nurnber: 1102736 THE SIR JOHN MIDDLEMORE CHARITABLE TRusr IA Company Llmited by Guarantee) REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE SIR JOHN MIDDLEMORE CHARITABLE TRUST Contents Page Dlrectors. Report Independent Examinels Report Statement of Financial Activities Balance Sheet Notes to the Financlal Statements 8-15
THE SIR JOHN MIDDLEMORE CHARITABLE TRUST REFERENCE AND ADMINISTrATIVE INFORMATION Year ended 31 March 2024 Charity name The Sir John Middlemore Charitable Trust Charity re8iStration number 1102736 Company registration number s9290 Registered office 20 Cavendish Drive Stourbridge England DY9 OLS Board of dlrectors Mrs D Mabbett Mrs L Trevethick Mrj Holmes Mrs YJ Brown Mr P Norman IChairper50nl (Vlce Chairperson) (Hon. Treasurer) Company secretary Mrs Tsoden Independent exarnlner Mr P Smith FCA J W Hlnks LLP Chartered Accountants 19 Highfield Road Ed8baston Birmingham West Midlands B15 3BH Bankers CAF Bank Ltd PO8ox289 West Mailing Kent ME19 4TA Sollcitors The Wllkes Partnership Solicitors 41 Church Street Blrmlngham B3 2RT Investment managers Qullter Cheviot Two Snowhill Blrmin8ham B4 6GA
THE SIR JOHN MIDDLEMORE CHARITABLE TRUST DIREcfoRS' REPORT Yearended 31 March 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report and financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions 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 IFRS 1021 (effective l January 20191. Structure, Governance and Management Governing Dotument The organi5ation is a charitable company limited by guarantee, incorporated on 7 January 2004 and registered as charity on 19 March 2004. The charitable company is established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the charltable company belng wound up members are required to contribute an amount not exceedin8 £10 each. On 2 November 2004, the Charlty Commission of England and Wales approved a scheme to merge two existin8 charities, Middlemore Homes (Charlty No. 2082241 and Crowley's Foundation for Gir15 (Charity No. 5289691, with the new charity being entitled The Sir John Middlemore Endowment and retaining the registered charity number of Middlemore Homes. From that date, all the property of The Sir John Middlemore Endowment. other than the investment portfolios, has been administered and accounted for as part of the property of The Sir John Middlemore Charitable Trust, the corporate trustee of the Sir John Middlemore Endowment with effect from 2 November 2004. in accordance with the above scheme. The investment portfolio retained byThe Sir John Middlemor.e Endowment has been accounted for as a permanently endowed fund of The Sir John Middlemore Charitable Trust from 2 November 2LNI4. Recrultment und Appointment oADlrectors The directors of the charitable company are also charity trustees for the purpose of charity law and under the charitable company's Articles of A550ciatlon are known a5 members of the Board of Directors. Under the requirement5 of the Memorandum and Articles of Association the members of the Board of Director5 are elected to serve for a period of three years after which they must stand for re-election at the next Annual General Meetin8. Mrs L Trevethick retires by rotation and being eligible, offers herself for re-election. Objectlves and Actlvltles The charitable company's objects are: The relief of need amon8St chlldren and young people livin8 in Birmingham and elsewhere, and in partlcular, but without Ilmltation, by providing support to children, young people and their families and carers, through education, guidance, counsellin8 and practical assistance, or by such other means as the directors shall think fit, A major review of the aim5 and objectives of the Trust was held by the Dirertors in 2012 and it was decided the most effective woy to continue the work of the charity was by the dispersal of. grants to organisations who work with disadvantaged children and young people aged up to 18 and young people with disabilities aged up to 25 within the West Midlands Region. The moximum grant is usually up to £2,000 and organisation5 making applications for grant5 will usually only be considered if they have an annual income of le55 than £250,000. The tru5tee5 have had regard to guidance on public benefit from the Charity Commission.
THE SIR JOHN MIDDLEMORE CHARITABLE TRUST DIRECTORS, REPORT (continued) Year ended 31 March 2024 Achievements and Performance During the year 40 grant applications were awarded totalling £60.673. The organisation actively continues to raise awareness within the West Midlands Region of the Trust's grant making policy and procedure and regularly reviews the financial policy to maximi5e the Trust's income. Flnanclal Revlew In 2018, the charity wa5 a beneficiary in the will of the Late Ann Edington Griffith5 and received £43,302. We are extremely grateful for this Legacy which has been included in the accounts as the Frances Lyn Bettrid8e designated fund. The charitable company's expenditure exceeded the income for the period Ibefore movement on investments and transfers) by £14,230.12023- £9,731). Prln¢ipol Funding Sources The principal funding source for the charitable company was the income generated from The Sir John Middlemore Endowment Fund. Investment Policy Income objectlve The main objectives for the Charity's Investment portfollo are to: Provide a level of income to rneet the current needs of the Trust, commensurate with managing risks within the portfolio. Maintain the Charitws endowment in real terms over a rolling 5-year period, Income requirement An income requirement of £53,000 per annum has been agreed and all income generated by the portfolio 15 paid out on a monthly bas15. Tlme horlzon The time horizon for the Investment portfollo Is considered to be long term11.e. more than flve years). Liquldlty requlrements The charity holds cash reserves sufficient to meet Immediate cashflow requirements. The longer-term investment portfolio should be invested in assets that are easily reali5able in normal market conditions. Ethlcalond other con5tralnts The directors seek to ensure that investment5 are consistent with the purposes and values of the Trust. A5 such, investments in companies whose busine55 15 in Alcohol, Armaments, Gambling, Tobacco and Pornography is not permitted within the portfolio. Approoch to investments Investments are made taking a long-term view, using a range of investment vehicles to achieve stability and growth within a well-diversified portfolio. The directors have a preference for direct investments where possible, though It is understood that collective investrnent schemes will be used to provide the most efficient means to access a particular market or a55et classes and for reasons of diversification. However, the investment fund should always be marketable and will not, in the absence of specific authority acquire investment5 where marketability is limited. The Trust will not participate in any underwriting arrangement. Further warrant5 or options, or any dirert investments quoted on the AIM or OFEX markets are not permitted.
THE SIR JOHN MIDDLEMORE CHARITABLE TRUST DIRECTORS, REPORT {continuedl Year ended 31 March 2024 Investment monoger The directors have appointed Quilter Cheviot to manage the assets of the portfollo In accordance with the prlnclples set out in thls statement and within the guidelines set down from tlme to time by the dlrectors. The directors will monltor the performance of the manager against the ststed investment benchmark on an annual basis. Custody of assets: the investment assets are held in Quilter Cheviovs nomlnee company who produce an annual verification as part of the audlt process. ReSenS Pollry The directors have examined the tharitsble company's requirements for reseeS in Ilght of the main risks to the organlsation. It has established a pollcy whereby the unrestrlcted funds, not committed or invested in tangible fixed assets held by the charitsble company. should be at a sufPicient level for It to meet the management costs for the making of charitable grants. statement of Dlrectors, Responslbllltles The dirertors (who are also the trustees for the purposes of charlty lawl are responsible for preparing the Directors, Report and the flnanclal statements In accordance with appllcable law and Unlted Klngdom Accountlng Stsndards Iunlted Kingdom Generally kcepted Accountlng Practlcel. Company law requires the directors to prepare flnanclal statements for each flnancial year whlch glve a true and fair vlew of the state of affalrs of the charltable company and of the incoming resources and appllcatlon of resources, Includlng the Income and expendlture, of the charitable company for that period. In preparing these financlal statements the directors are requlred to: Select sultable accounting policles and then apply them consistently* observe the methods and princlples In the Charltles SORP,. make judgements and estimates that are reasonable and prudent,. State whether appllcable UK Accountlng Standards have been followed, subJect to any materlal departures dlsclosed and explalned in the financial statements; and prepare the financial ststements on the goln8 concern basis unless It Is Inappropriate to presume that the charltable company wlll contlnue In buslness. bl The dlrectors, are responslble for keeplng proper accounting cordS which dlsclose with reasonable accuracy at anv tlme the financlal posltlon of the charltable company and to enable them to ensu that the financial statements comply with the requirements of the Companies Act 2006. They are also responslble for safeguardSng the assets of the charitable company and hence for tsking reasonable steps for the prevention and detectlon of fralsd and other Irregularltles. The dlrectors, are responsible for the maintenance and Integrlty of the corporate and flnancial informatlon Included on the charltable company's website. Legislatlon in the UnSted Kingdom governlng the preparation and dlssemlnatlon of the flnancial ststements may differ from legislation In otherjurlsdictions. The dlrectors, report has been prepared In accordance wlth special provisions of S415A of the Companles Att 2006 relatlng to small companles. Approved by the Board of Dlrectors on 10 June 2024 and slgned on its behalf by: Mrs L Trevethlck Ivlce Chalrl
THE SIR JOHN MIDDLEMORE CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORTTO THE MEMBERS OF THE SIR JOHN MIDDLEMORE CHARITABLE TRUST I report on the accounts of the charitable company for the year ended 31 March 2024, which are set out on pages 5 to 15. Re5pon51bllities and basb of report As the charity trustees of the company land also its directors for the purposes of company lawl you are responsible for the preparation of the account5 in accordance with the requirement5 of the Companies Act 20061'the 2006 Act'l. Having satisfied myself that the account5 of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company's accounts as carried out under section 145 of the Charities Act 20111'the 2011 Act'l. In carrying out my examination I have followed the Directions 8iven by the Charlty Commission under settion 1451Sllb) of the 2011 Act. Independent examlner's statement 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.. accounting cOrdS were not kept In respect of the company as required by section 386 of the 2006 Act,. or the accounts do not accord with those records,. or the accounts do not comply wlth the accountin8 requlrements of section 396 of the 2006 Act other than any requirement that the accounts 8ive a 'true and fair vlev/ which is not a matter considered as part of an independent examination,. or the accounts have not been prepared In accordance wlth the methods and princlples of the Statement of Recommended Practice for accounting and reporting by charitie5. I have no concerns and have come across no other matter5 in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the account5 to be reached. Peter Sffllth FCA J W Hinks LLP Chartered Accountants 19 Highfield Road Edgbaston Birmingham West Midlands B15 3BH Date: Iojune 2024
THE SIR JOHN MIDDLEMORE CHARITABLE TRUST STATEMENT OF FINANCIAL AcfiviTIES (Incorporating the Income and Expenditure Account) for the year ended 31 March 2024 Permanent Restricted endowment Funds Funds Unrestricted Fund5 2024 Totsl 2023 Total Notes Income and endowments Donations and legacie5 Investment income 232 55,842 232 60.748 72,393 4,906 Totsl Incorne 56.074 4,906 60,980 72,393 Expendlture Costs of ralsln8 funds Investment management costs 5,769 5,769 6,181 Charltable artlvltles Grants Support Costs 55,523 8,768 5,150 60,673 8,768 67,080 8,863 Total expendlturo 64,291 5,150 5.769 75,210 82,124 Net income/lexpendlturel for the year before Investment 8alns and transfers 18,2171 12441 15,7691 114,2301 19,7311 Transfers between funds li 12,9321 12,8371 5,769 Net Income/lexpendlture) before Investment galns and losses 111,149 13,0811 114,2301 19,7311 Realised and unreali5ed gain5 on investments 5,433 12,0301 24.022 27,425 1149,7011 Net movement on funds 15,7161 15,1111 24,022 13,195 1159,4321 Reconclllatlon of funds Fund balances at l April 2023 57,228 137,840 1.222,266 1,417.334 1,576,766 Fund balances at 31 March 2024 51,512 132,729 1.246.288 1,430,529 1,417,334 The notes on pages 8 to 15 form part of these financial statement5.
THE SIR JOHN MIDDLEMORE CHARITABLE TRUST BALANCE SHEEr Company No: 05009290 as at 31 March 2024 Notes 2024 2024 2023 2023 Flxed assets Investments 1,412,543 1,392,193 Current assets Cash at bank and In hand 19,066 26,221 19,066 26,221 Credltors: Amounts falling due wlthin one year io {1,0801 11,0801 Net current assets 17,986 25,141 Net assets 1,430,529 1.417,334 Reserves Restrlcted fvnds Permanent Endowment fund Frances Lyn Bettridge Memorial Trust fund 13 1,246,288 1,222,266 12113 132,729 137,840 Unrestrlrted funds General fund Ann Ed8ln8ton Griffiths fund li li 10.538 40.974 19,390 37,838 1,430,529 1,417,334
THE SIR JOHN MIDDLEMORE CHARITABLE TRUST 8ALANCE SHEET Company No: 05009290 as at 31 March 2024 The charitable company is entitled to exemption from audlt under section 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not requlred the charltable company to obtain an audit of its Flnanclal Statements for the year ended 31 March 2024 accordance with sectlon 476 of the Companies Act 2006. The trustees acknowledge thelr responslbilltles for lal ensuring that the charitable company keeps accountlng records which comply wlth section 386 and s87 of the Companles Act 2006, and Ib} preparlng financial statements whlch glve a true and falrvlew of the state of affalrs of the charltable company as at 31 March 202+and of Its Incomlng resources and appllcation of rewurces, Including the net Income or expendlture for the year then ended In accordance with the requlrements of sectlons 394 and 395, and whlch otheise comply wlth the requirements of the Companle5 Act 2006 relatlng to the financlal statements $0 far as applicable to the Charitsble company. The financlal statements have been prepared in accordance wlth the spe¢lal provlslons of Part 15 of the Companles Act 2006 relating to small companles. The financial stateménts were approved by the board of Trustees on 10 June 2024 and are signed on It5 behalf by.. Mrs L Trevethl¢k Vlce Chalr Mrj Holmes Hon Treasurer
THE SIR JOHN MIDDLEMORE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 Accounting pollcles Ba515 of accounting The financial statements of the charitable companyi which is a publlc benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charitie5: Statement if Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in UK and Republic of Ireland IFRS 1021 leffective l January 20191,, Financial Reporting Standard 103 'the Financial Reporting St'andard applicable in UK and Republic of Ireland, and the Companies Act 2006. The Financial Statement5 have been prepared under the historical cost convention with the exception of investments which are included at market value. The charitable company has taken advantage of the following disclosure exemption5 in preparing these financial statements, as permitted by FRS 102 'the Financial Reportin8 Standard applicable in The UK and Republit of Ireland,: The requirements of sertion 7 of Cash Flows. Income All income is recognised In the Statement of Financial Actlvltles once the charlty has entitlement to the funds, It is probable that the income will be received and the amount can be measured reliably. Expendfture Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost5 related to the category. Where costs cannot be directly attributed to a particular headin& they have been allocated to activities on a basis consistent with the use of resources. Support Costs are those ¢05ts incurred dlrectly in support of expenditure on the objects of the Charitable Company. Grants awarded are recognised as resources expended In the year in whlch they are made,, grants awarded but subsequently not taken up are re-credited to funds in the year in which they are recognised as being abaftdoned. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charitable company and include independent examination fees and costs linked to thp strategic management ofthe charitable company. Investments Investments are stated at market value at the balance sheet date. The Statement of Financial Activities included the net gains and losses arising on the revaluation and disposal of investments throughout the year. Fund Accountln8 Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted fund5 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 explanations of the nature and purposes of each fund is included in the notes to the financial statements.
THE SIR JOHN MIDDLEMORE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 Donations and le8acles 2024 2023 Donatlon 232 The donatlon was received for the Memory of Beryl Pay. Investment Income Unrestrkted funds Regtrkted funds Endowment funds 2024 Total 2023 Total Quoted fixed asset investments 55,842 4,906 60,748 72,393 Of the total income r.ecelved In 2023 of £65,060 relates to unrestricted funds and £7,333 relates to restricted funds.
THE SIR JOHN MIDDLEMORE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 Comparative5 for the Statement of Financial Actlvltles Permanent Restrlcted endowment Funds Funds Unrestrlrted Funds. 2023 Total Income and endowrnents Investment income 65,060 7,333 72,393 Total Income 65,060 7,333 72,393 Expendlture Costs of ralsln8 funds Investment management costs 6,181 6,181 Charltable actlvitles Grants awarded Support Costs 57,350 8,863 9,730 67,080 8,863 Total expendfture 66,213 9,730 6,181 82,124 Net Incomel(exp.endlturel for the year before Investment galns and transfers 11.1531 12,3971 16,1811 19,7311 Transfer5 between funds 238 16,419 6.181 Net In£ome/lexpendlture) before Investment salns and losses 19151 18.8161 {9,7311 Reallsed and unreali5ed gains/ Ilossesl on investments 13.145} 128.4381 1118,1181 1149,7011 Net movement on funds {4,0601 {37,254) 1118.1181 1159.4321 Reconclllatlon of funds Fund balances at l April 2022 61,288 175.094 1,340,384 1,576.766 Fund balance5 at 31 March 2023 57.228 137.840 1,222.266 1,417,334 10
THE SIR JOHN MIDDLEMORE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 Investment management Costs 2024 2023 Commissions and contract charges 5.769 6,181 Charltable artlvltles Grant makln8 actlvltles 2024 2023 Grants Grants awarded12023: 40 in number, 2023., 41 in number) 60,673 67,080 60,673 67,080 Support Costs Trust administration Governance costs Inote 81 7,330 1,438 7,300 1,563 Grant making actlvftles 69,441 75,943 Of the total 8rants made in 2024 £5,15012023: £9,730) related to restricted funds. stsff costs No expenses or remuneration are paid to the Director5 of the charltable company. The charltable compony does not employ any staff. Governance costs 2024 2023 Independent examlnatlon fee Dlrectors, profe5sional1Sability insurance Other administratlon costs 1,080 305 53 1,080 413 70 1,438 1,563
THE SIR JOHN MIDDLEMORE CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 Investments Total 2024 Trtal 2023 Quoted Investrnents Market value at l April 2023 Additions Proceeds of disposals ILossI/Gains on revaluations and disposals 1,349,775 1,539,092 196,871 533,183 1203,5351 1572,7991 27,425 1149,7011 Market value at 31 March 2024 Cash on dep051t held by investment manager5 1,370,536 1,349,775 42.007 42,418 Total Investments at 31 March 2024 1,412.543 1,392,193 Historfc cost 1.298,172 1,303.823 UK equitles UK fixed Interest securitles Over5ea5 Equities Overseas fixed interest securltles Alternatlve Investments 291,091 263,635 479,456 47,097 289,257 329,217 139,750 433,425 20,802 426,581 Market value at 31 March 2024 1,370.536 1,349,775 There are no material restrictions upon the realisation of these investments. The follow investments were over 5% ofthe portfolio value.. Royal London Bonds Fund ICVC Royal London Sterling Credlt Z 6.7%. Fidelity Investment Fund5 Fidelity Moneybuilder Income Fund1- 6.3% 91,457 86,811 12
THE SIR JOHN MIDDLEMORE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 Investments Icontinued) The fair value of listed investment5 is detemiined by reference to the quoted price for identical a55ets in an active market at the balance sheet date. All Investment5 are carried at their fair value. Investments in equities and fixed a55et securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of falr value for quoted investments is equivalent to the market value using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value). The main risk to the Charity from flnanclal instruments Iles in the comblnation of uncertain investment markets and volatility in yield. The Charity is reliant on dividersd yield to finance its work. Liquidity risk is anticipated to be low as all assets are traded. The charity's investments are mainly traded in Markets with 800d liquidity and high trading volumes. The Charity has no material investment holding5 in markets subjert to exchange controls or trading restrictlon5. The Charity manages these investment risks by retaining expert advisors and operating an investment policy that provides for a high degree of diversification of holdings Wlthin investment classes that are quoted on recognised stock exchanges. The Charity does not make use of derivatives and similar complex financlal Instruments as it takes the view that investments are held for their longer-term yield total return and historic studies of quoted financial instruments have shown that volatility in any particular 5 year perlod will normally be corrected. io Credltors: amounts falllng due wlthln one year 2024 2023 Accruals 1,080 1,080 1.080 1,080 13
THE SIR JOHN MIDDLEMORE CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 li Unrestrkted funds Ann Edglngton Griffiths fund General fund Total 2023 Balance at l April 2023 Net income for the year before transfers Transfer to permanent endowment fund Unrealised Loss on investments 37.838 240 {2,537) 5,433 19,390 18,4571 13951 57,228 18,2171 12,9321 5,433 Balance at 31 March 2024 40,974 10,538 51,512 Iz Restrlrted Income funds Frances Lyn Bettrld8e Mernorlal Trust Fund Balance at l Aprll 2023 Net expenditure for the year before transfers Transfer to Permanent Endowment fund Realised and unrealised10ss on investments 137,840 12441 12,8371 12,0301 Balance at 31 March 20Z4 132,729 The purpose of the Frances Lyn Bettridge Memorlal Trust Fund is to provide grants for holldays, lelsure activities, toys and equipment for disadvantaged children and young people. 14
THE SIR JOHN MIDDLEMORE CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS for the yeaf ended 31'March 2024 Analysis of net asset5 between fund5 Permanent Unre5tr1cted Restrlcted endowment funds fund fund Total 2023 Total 2022 Investments Net current a55ets1lliabilitiesl 33,526 17.986 132,729 1,246,288 1.412,543 1,392,193 17,986 25,141 51,512 132,729 1,246.288 1,430,529 1,417,334 Permanent Endowment fund This fund represents the investment portfolio held within The Sir John Middlemore Endowment. the registered charity of which the charitable company is the 501e trustee. With effect from 2 November 2004, this fund has been accounted for as a permanent endowment fund of the charitable company,. the underlying capital cannot be spent. The income from the permanent endowment fund 15 to be used for the general purposes of the charitable companv. 14 Trustee Remuneratlon and Related Party Transartlons No person related to the charity had any personal interest In any contract or transaction entered into by the charity during the year. Is Taxatlon As a charitable companyfft The Sir John Middlemore Charitable Trust, is exempt from tax on income and gain5 fallin8 Wlthin sections 481489 of the CTA 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applled to its charitable objects. No tax charges have arisen within the charitable company. 15