ACCOUNTS FOR THE YEAR ENDED 31[ST] DECEMBER 2020
THE MARGERY MAPLETHORPE TRUST
REVIEW OF RESULTS AND OVERALL FINANCIAL POSITION
The accounts for the year ended 31[st] December 2020 are presented to the Board for their approval.
There are number of points to highlight as follows:
INCOME & RESOURCES
- Investment Income – The investment income for the year totalled £14,593 (£19,855 in 2019). This represents a 2.8% rate of return which is lower than the previous year. This is almost certainly due to Dividend Distribution policies being affected by Covid-19
This represents a reasonable rate of return bearing in mind the current market, the reserves policy and the investment policy set in place by the Board of Trustees.
The fund benefitted from a rise in the stock market over the year, resulting in unrealised gains of £11,629.
-
Mitre Court – the property was fully let during the year and created a surplus of £22,893 (£23,907 in 2019).
-
Maplethorpe Court – the property was fully let during the year creating a surplus of £11,712 compared to a surplus in 2019 of £16,792 . The reduction in surplus was a result of additional general repairs and maintenance.
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Fusion – the property was fully let during the year and the end result is a surplus of £13,011 compared to £8,326 in 2019.
Overall Result
As summarised on page 15, after taking into account all sources of income including gains on investments, there is a net surplus for the year of £40,311 compared to £101,787 in 2019. Of this surplus, in cash terms £60,000 was transferred into the JM Finn Investment Fund for the acquisition of further investments.
BALANCE SHEET AND OVERALL FINANCIAL POSITION
The properties are included at a net market value of £4,436,552.
The balance sheet remains strong, with available liquid investments to finance general maintenance and refurbishment expenditure as and when required.
Total funds carried forward are £5,065,356
Mark Jones
REGISTERED COMPANY NUMBER: 05494606 (England and Wales) REGISTERED CHARITY NUMBER: 1110824
REPORT OF THE TRUSTEES AND
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
FOR
THE MARGERY MAPLETHORPE TRUST
Cook & Partners Limited Statutory Auditor Manufactory House Bell Lane Hertford Hertfordshire SG14 1BP
THE MARGERY MAPLETHORPE TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Report of the Independent Auditors | 4 to 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 to 8 |
| Notes to the Financial Statements | 9 to 13 |
| Detailed Statement of Financial Activities | 14 |
THE MARGERY MAPLETHORPE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of 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
Objectives and aims
The principal activity of the trust during the year was that of a charity, the object of which was to provide for the relief of aged poor persons in the areas of the Urban district of Ware, the Borough of Hertford, and the Rural districts of both Ware and Hertford , through the provision of good value rented accommodation.
Significant activities
The Trust's properties were fully let during the year resulting in an overall surplus in Property Income for the year of £47,616..
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year under review the trust produced net incoming resources of £54,722 as well as unrealized investment gains of £11,629 .The trust suffered Realised Investment losses of £26,039.This resulted in a net increase in funds of £40,311..
The total fund balance at the Balance sheet date was £5,065,356
Investment performance
The Investment Fund is managed on a continual basis by J.M.Finn & Co Stockbrokers ,who work closely with the trustees in trying to achieve the investment aims of the trust.
FINANCIAL REVIEW
Investment policy and objectives
From September 2017,the investment policy was changed from purely targeting income and a yield of 5% to targeting a return from income and capital growth over the long term with a medium risk profile. The trustees believe this change better reflects reality in a low interest environment and gives increased flexibility in investment decisions consistent with the aims of the charity.
Reserves policy
The Trust seeks to maintain general working capital levels at a position which covers routine annual expenditure , with a sufficient surplus to meet unforeseen property maintenance expenditure.
From April 2015, the property measurement has changed from the cost model to the revaluation model. As a result, additional reserves are shown representing the revaluation reserve.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The organisation is a Charitable company limited by guarantee , and was incorporated on 29th June 2005, and registered as a charity on 30th June 2005.
In October 2012, all the Charity's procedures and policies were incorporated in to a comprehensive manual which sets out all the policies , procedures and standards by which the Charity is run . This is made available to all current and prospective trustees.
Recruitment and appointment of new trustees
New trustees are recruited , trained and inducted on to the Board as and when required.
Page 1
THE MARGERY MAPLETHORPE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
STRUCTURE, GOVERNANCE AND MANAGEMENT Organisational structure
The trust has six Trustees and a Secretary who meet three times a year and they are responsible for the strategic direction and policy of the Charity.
The Trustees come from a variety of professional backgrounds relevant to the work of the Charity.
The Secretary undertakes the day to day provision of administrative services, including Bookkeeping,maintenance of the records , and liaison with the Trustees regarding decisions on expenditure.All expenditure is authorised by the Board of Trustees.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
05494606 (England and Wales)
Registered Charity number
1110824
Registered office
24 Castle Street Hertford Hertfordshire SG14 1HP
Trustees
J A Monk A J Monk Mrs K M Sanders R M Horwood G P Monk P C Wisbey
Company Secretary
Mrs G Perkins
Auditors
Cook & Partners Limited Statutory Auditor Manufactory House Bell Lane Hertford Hertfordshire SG14 1BP
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of The Margery Maplethorpe Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
Page 2
THE MARGERY MAPLETHORPE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
The auditors, Cook & Partners Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Approved by order of the board of trustees on 10 March 2021 and signed on its behalf by:
R M Horwood - Trustee
Page 3
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE MARGERY MAPLETHORPE TRUST
Opinion
We have audited the financial statements of The Margery Maplethorpe Trust (the 'charitable company') for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
-
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 December 2020 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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the charitable company has not kept adequate accounting records; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Page 4
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE MARGERY MAPLETHORPE TRUST
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
**ERROR - CLIENT SCREEN - DETECTING IRREGULARITIES - TEXT SHOULD BE ENTERED HERE
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Cook & Partners Limited Statutory Auditor Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Manufactory House Bell Lane Hertford Hertfordshire SG14 1BP
10 March 2021
Page 5
THE MARGERY MAPLETHORPE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Rents Received Investment income 2 Total EXPENDITURE ON Raising funds 3 Charitable activities Rents Received General Total Net gains/(losses) on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2020 Unrestricted fund £ 1 108,426 14,593 123,020 62,964 - 5,334 68,298 (14,411) 40,311 5,025,045 5,065,356 |
2019 Total funds £ - 111,328 19,855 131,183 64,404 5,180 - 69,584 40,188 101,787 4,923,258 5,025,045 |
|---|---|---|
The notes form part of these financial statements
Page 6
THE MARGERY MAPLETHORPE TRUST
BALANCE SHEET 31 DECEMBER 2020
| Notes FIXED ASSETS Tangible assets 6 Investments 7 CURRENT ASSETS Debtors 8 Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 10 Unrestricted funds TOTAL FUNDS |
2020 Unrestricted fund £ 4,502,888 524,173 5,027,061 3,840 36,818 40,658 (2,363) 38,295 5,065,356 5,065,356 5,065,356 5,065,356 |
2019 Total funds £ 4,502,888 484,229 4,987,117 10,292 30,543 40,835 (2,907) 37,928 5,025,045 5,025,045 5,025,045 5,025,045 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.
The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.
The notes form part of these financial statements
continued...
Page 7
THE MARGERY MAPLETHORPE TRUST
BALANCE SHEET - continued 31 DECEMBER 2020
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 10 March 2021 and were signed on its behalf by:
R M Horwood - Trustee
The notes form part of these financial statements
Page 8
THE MARGERY MAPLETHORPE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost 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.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings
- 25% on cost
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Freehold and long leasehold properties
This consists of Maplethorpe Court , together with the associated land, 9 flats within the Mitre Court development , and 3 flats within the Fusion Development,Broadmeads ,Ware.
Land is not depreciated.
In accordance to the revaluation model no depreciation is charged to the buildings. The properties will be revalued on a yearly basis by the trustees with gains or losses shown on the Statement of Financial Activities based on market values.
The policy is in accordance with FRS102 ,and is considered to show a true and fair view of the properties held by the Company.
The company has a policy of regular maintenance and repair which is charged in the Statement of Financial Activities and the asset is unlikely to suffer from economic obsolescence.
Investments
Investments are shown at Market Value.
Realised Gains and Losses are included in the accounts on the date on which a contractual obligation is entered into.
continued...
Page 9
THE MARGERY MAPLETHORPE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2020
1. ACCOUNTING POLICIES - continued
Freehold and long leasehold properties
Unrealised Gains and Losses are computed by reference to the market value of the investments at the balance sheet date compared to the brought forward cost or valuation.
2. INVESTMENT INCOME
3.
| Dividends and Interest RAISING FUNDS Investment management costs Portfolio management |
2020 £ 14,593 2020 £ 2,153 |
2019 £ 19,855 2019 £ 2,101 |
|---|---|---|
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2020 nor for the year ended 31 December 2019.
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Charitable activities Rents Received Investment income Total EXPENDITURE ON Raising funds Charitable activities Rents Received Total Net gains on investments |
Unrestricted fund £ 111,328 19,855 131,183 64,404 5,180 69,584 40,188 |
|---|---|
continued...
Page 10
THE MARGERY MAPLETHORPE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 6. TANGIBLE FIXED ASSETS COST At 1 January 2020 and 31 December 2020 DEPRECIATION At 1 January 2020 and 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019 7. FIXED ASSET INVESTMENTS MARKET VALUE At 1 January 2020 Additions Disposals Revaluations At 31 December 2020 NET BOOK VALUE At 31 December 2020 At 31 December 2019 |
Long leasehold £ 4,436,552 - 4,436,552 4,436,552 |
Improvements to property £ 66,336 - 66,336 66,336 |
Fixtures and fittings £ 804 804 - - |
Unrestricted fund £ 101,787 4,923,258 5,025,045 Totals £ 4,503,692 804 4,502,888 4,502,888 Listed investments £ 484,229 109,018 (54,665) (14,409) 524,173 524,173 484,229 |
|
|---|---|---|---|---|---|
There were no investment assets outside the UK.
continued...
Page 11
THE MARGERY MAPLETHORPE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Rent Arrears Prepayments 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accrued expenses 10. MOVEMENT IN FUNDS At 1.1.20 £ Unrestricted funds General fund 5,025,045 TOTAL FUNDS 5,025,045 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 123,020 (68,298) TOTAL FUNDS 123,020 (68,298) Comparatives for movement in funds At 1.1.19 £ Unrestricted funds General fund 4,923,258 TOTAL FUNDS 4,923,258 |
2020 £ 2,940 900 3,840 2020 £ 2,363 Net movement in funds £ 40,311 40,311 Gains and losses £ (14,411) (14,411) Net movement in funds £ 101,787 101,787 |
2019 £ 9,392 900 10,292 2019 £ 2,907 At 31.12.20 £ 5,065,356 5,065,356 Movement in funds £ 40,311 40,311 At 31.12.19 £ 5,025,045 5,025,045 |
|
|---|---|---|---|
continued...
Page 12
THE MARGERY MAPLETHORPE TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2020
10. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 131,183 131,183 |
Resources expended £ (69,584) (69,584) |
Gains and Movement losses in funds £ £ 40,188 101,787 40,188 101,787 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.1.19 £ 4,923,258 4,923,258 |
Net movement in funds £ 142,098 142,098 |
At 31.12.20 £ 5,065,356 5,065,356 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 254,203 254,203 |
Resources expended £ (137,882) (137,882) |
Gains and Movement losses in funds £ £ 25,777 142,098 25,777 142,098 |
|---|---|---|---|
11. RELATED PARTY DISCLOSURES
The trust paid £360 (2019 £720) to Longmores Solicitors, a firm of which Mr R Horwood is a partner. The amount covers Tenancy Agreement fees . These transactions are deemed to be at arms length and on a commercial basis
Page 13
THE MARGERY MAPLETHORPE TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020
| INCOME AND ENDOWMENTS Donations and legacies Grants Investment income Dividends and Interest Charitable activities Rents Received Total incoming resources EXPENDITURE Raising donations and legacies Direct Housing Costs Investment management costs Portfolio management Charitable activities Secretarial Costs Sundries Donations Legal costs Support costs Finance Bank charges Governance costs Auditors Remuneration Total resources expended Net income before gains and losses Realised recognised gains and losses Realised (losses)/gains on fixed asset investments Unrealised (losses/gains on fixed asset investments Net income |
2020 £ 1 14,593 108,426 123,020 60,811 2,153 2,891 13 510 1,320 4,734 - 600 68,298 54,722 (26,040) 11,629 40,311 |
2019 £ - 19,855 111,328 131,183 62,303 2,101 2,814 13 - 1,683 4,510 40 630 69,584 61,599 1,727 38,461 101,787 |
|---|---|---|
This page does not form part of the statutory financial statements
Page 14
THE MARGERY MAPLETHORPE TRUST
GENERAL INCOME AND EXPENDITURE ACCOUNT
- (Non housing activities)
FOR THE YEAR ENDED 31[ST] DECEMBER 2020
| 2020 INCOME £ Investment Income (net) Other Investment Income EXPENDITURE Donation 510 Audit Fee 600 Brokers Fees 2,153 Secretary’s salary and expenses 2,891 Legal and Professional 1,320 Bank charges - Sundry Expenses 13 GENERAL SURPLUSfor the year (48.7%) Property Revenue Accounts: Mitre Court Surplus Maplethorpe Court Surplus Fusion Surplus Total Surplus for the year |
2019 £ £ 14,426 167 14,593 58 630 2,101 2,814 1,625 40 13 7,487 7,106 (63%) 22,893 11,712 13,011 £54,722 |
£ 19,855 - 19,855 7,281 12,574 23,907 16,792 8,326 £61,599 |
|---|---|---|
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THE MARGERY MAPLETHORPE TRUST
PROPERTY REVENUE ACCOUNT – MITRE COURT
FOR THE YEAR ENDED 31[ST] DECEMBER 2020
| INCOME Rents Receivable EXPENDITURE Management: Agents’ Fees and Commission Administration:- Secretary’s Salary and Expenses Audit Fee Electricity Service Charge General Maintenance GENERAL SURPLUSfor the year |
2020 £ 2,891 600 - (52%) |
£ 43,998 (2,418) (3,491) (13,000) (2,196) £22,893 |
2019 £ 2,646 590 - (55%) |
£ 43,474 (2,501) (3,236) (12,500) (1,330) £23,907 |
|---|---|---|---|---|
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THE MARGERY MAPLETHORPE TRUST
PROPERTY REVENUE ACCOUNT – MAPLETHORPE COURT
FOR THE YEAR ENDED 31[ST] DECEMBER 2020
| 2020 £ INCOME Rents Receivable EXPENDITURE Management:- Agents’ Fees and Commission Administration:- Insurance 1,784 Secretary’s Salary and Expenses 2,891 Audit Fee 600 ____ General Maintenance and Insurance GENERAL SURPLUS for the year (26.7%) |
2019 £ £ 43,891 (2,658) 1,658 2,646 590 ____ (5,275) (24,246) £11,712 (37%) |
£ 45,985 (2,674) (4,894) (21,625) £16,792 |
|---|---|---|
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THE MARGERY MAPLETHORPE TRUST
PROPERTY REVENUE ACCOUNT – FUSION FOR THE YEAR ENDED 31[ST] DECEMBER 2020
| 2020 £ INCOME Rents Receivable EXPENDITURE Management:- Agents’ Fees and Commission Administration:- Secretary’s Salary and Expenses 2,891 Audit Fee Advertising 600 - Ground Rent Service Charge General Maintenance GENERAL SURPLUSfor the year (63.3%) |
2019 £ £ 20,537 (1,130) 2,646 590 20 (3,491) - (2,221) (684) ______ £13,011 (38%) |
£ 21,867 (1,262) (3,256) (1,800) (5,750) (1,473) ______ £8,326 |
|---|---|---|
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THE MARGERY MAPLETHORPE TRUST
SCHEDULE OF INVESTMENTS 31[ST] DECEMBER 2020
| Capital | Market | Net | |
|---|---|---|---|
| Investments | Cost | Value | Income |
| £ | 31.12.20 | £ | |
| ASML Holdings NV Euro | |||
| 30 shares | 10,341 | 10,661 | |
| AstraZeneca order | |||
| 120 shares | 9,341 | 8,789 | |
| BB Healthcare Trust | |||
| 9000 Redeemable Ord USD0.001 Acquired | 13,192 | 15,975 | 443 |
| 02.12.19 | |||
| BHP Billiton PLC | |||
| 980 Ord USD 0.50 | 14,268 | 18,865 | 899 |
| BP PLC | |||
| 2,870 Ord $USD 0.25 | 16,903 | 13,535 | 473 |
| Sold | (16,903) | (13,535) | |
| CG Portfolio Fund | |||
| 60 shares | 12,679 | 12,359 | |
| Croda International | |||
| 270 Ord £0.10609 Acquired 12.08.19 | 13,031 | 17,809 | 243 |
| Diageo PLC | |||
| 700 Ord 28 101/108p shares | 3,898 | 20,146 | 489 |
| Experian PLC | |||
| 500 Ord USD 0.10 Acquired 02.12.19 | 12,926 | 13,885 | 186 |
| First Sentier Investors | |||
| 2100 shares | 12,408 | 12,434 | |
| Genus PLC | |||
| 550 Ord £ 0.10 | 13,138 | 23,078 | 160 |
| Givaudan | |||
| 3 shares | 9,256 | 9,251 | |
| GlaxoSmithKline PLC | |||
| 1,700 Ord 25p share | 22,482 | 22,814 | 1,360 |
| HSBC Holdings PLC | |||
| 2,395 Ord $USD 0.50 | 15,868 | 14,176 | |
| Sold | (15,868) | (14,176) | |
| Halma order | |||
| 400 shares | 9,437 | 9,796 |
This page does not form part of the statutory financial statements Page 20
THE MARGERY MAPLETHORPE TRUST
SCHEDULE OF INVESTMENTS 31[ST] DECEMBER 2020
| Capital | Cost | Market | Net |
|---|---|---|---|
| Investments | £ | Value | Income |
| 31.12.20 | £ | ||
| Henderson Investment Funds Ltd | |||
| 18,500 | 25,058 |
27,510 | 847 |
| Intertek Group | |||
| 220 Ord £0.01 Acquired 18.04.19 | 11,786 | 12,425 | 233 |
| Invesco Fund Manager | 562 | ||
| 10,350 IP Monthly Inc. | 10,804 | 11,209 | |
| Johnson & Johnson | |||
| 170 COM STK USD1 | 6,998 | 19,566 | 443 |
| JP Morgan American Investment Trust | |||
| 3100 shares | 14,925 | 17,887 | |
| JP Morgan Chase and Co | |||
| 13,000 shares | 15,251 | 19,890 | 585 |
| Sold | (15,251) | (19,890) | |
| Legal & General | |||
| 2900 Ord GBP 0.025 | 9,245 | 10,382 | 685 |
| Lloyds Bank | |||
| 24,500 Ord GBP 0.10 | 18,496 | 8,928 | |
| Microsoft Corp | |||
| 110 US$0.001 Acquired 21.11.19 | 12,909 | 17,893 | 153 |
| MI Twentyfour | |||
| 150 Gross Bond Acquired 29.11.19 | 16,648 | 17,187 | 617 |
| M & G PLC | |||
| 650 shares £0.05 | 1,606 | 1,542 | 103 |
| Sold | (1,606) | (1,542) | |
| Murray International Trust | |||
| 2,690 Ord 25p Shares | 11,210 | 30,397 | 1,439 |
| Prudential | |||
| 650 Ord £0.05 Acquired 18.04.19 | 11,652 | 8,755 | 162 |
| RELX PLC | |||
| 700 Ord £0.1444 Acquired 18.04.19 | 12,011 | 12,548 | 320 |
| Rathbone Unit Trust | |||
| 13,000 Acquired 02.12.19 | 13,311 | 13,904 | 412 |
| Rio Tinto | |||
| 530 Ord 10p Shares | 13,983 | 28,991 | 635 |
This page does not form part of the statutory financial statements Page 21
THE MARGERY MAPLETHORPE TRUST
SCHEDULE OF INVESTMENTS 31[ST] DECEMBER 2020
| Capital Investments Royal Dutch Shell PLC 985 “B” Shares EURO 0.07 Sold SVS Church House Investment management 9,478 Smiths DS 2,800 Ord £0.10 Syncona Limited Ord NVP 6750 shares Tate and Lyle Plc 1250 Ordinary 25p shares Sold Unilever Plc 455 Ord 1.4p Shares Victrex PLC 510 Ord £0.01 Visa Inc STK Class A shares 100 shares Total Investments £ |
Cost £ 8,683 (8,683) 11,021 15,826 15,080 4,113 (4,113) 4,666 13,089 15,549 ______ 420,664 £ |
Market Value 31.12.20 22,059 (22,059) 11,820 13,346 17,618 9,503 (9,503) 19,984 11,965 15,996 ______ 524,173 £ |
Net Income £ 1,424 247 370 661 236 39 ______ 14,426 |
|---|---|---|---|
This page does not form part of the statutory financial statements Page 22