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2021-12-31-accounts

REGISTERED COMPANY NUMBER: 05494606 (England and Wales) REGISTERED CHARITY NUMBER: 1110824

REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

THE MARGERY MAPLETHORPE TRUST

Cook & Partners Limited Manufactory House Bell Lane Hertford Hertfordshire SG14 1BP

THE MARGERY MAPLETHORPE TRUST

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Page
Report of the Trustees 1 to 2
Independent Examiner's Report 3
Statement of Financial Activities 4
Balance Sheet 5 to 6
Notes to the Financial Statements 7 to 12
Detailed Statement of Financial Activities 13

THE MARGERY MAPLETHORPE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021

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 2021. 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 £39,784.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

During the year under review the trust produced net incoming resources of £46,210 as well as unrealized investment gains of £68,725 The trust benefitted from Realised Investment gains of £489 .This resulted in a net increase in funds of £115,424.The trust also benefitted from an increase in the valuation of the Long Leasehold properties of £1,098,448. After all such movements, the total fund balance at the Balance sheet date was £6,279,228

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 2021

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 (resigned 15.6.21) R M Horwood G P Monk P C Wisbey

Company Secretary

Mrs G Perkins

Independent Examiner

Cook and Partners Limited , Chartered Accountants

Cook & Partners Limited Manufactory House Bell Lane Hertford Hertfordshire SG14 1BP

Approved by order of the board of trustees on 10 March 2022 and signed on its behalf by:

R M Horwood - Trustee

Page 2

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MARGERY MAPLETHORPE TRUST

Independent examiner's report to the trustees of The Margery Maplethorpe Trust ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2021.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts 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 charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner'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:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Cook and Partners Limited , Chartered Accountants

Cook & Partners Limited Manufactory House Bell Lane Hertford Hertfordshire SG14 1BP

10 March 2022

Page 3

THE MARGERY MAPLETHORPE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Rents Received
General
Investment income
2
Total
EXPENDITURE ON
Raising funds
3
Charitable activities
General
Total
Net gains/(losses) on investments
NET INCOME
Other recognised gains/(losses)
Gains on revaluation of fixed assets
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2021
Unrestricted
fund
£
(1)
-
113,440
17,427
130,866
76,400
8,256
84,656
69,214
115,424
1,098,448
1,213,872
5,065,356
6,279,228		 2020
Total
funds
£
1
108,426
-
14,593
123,020
62,964
5,334
68,298
(14,411)
40,311
-
40,311
5,025,045
5,065,356

The notes form part of these financial statements

Page 4

THE MARGERY MAPLETHORPE TRUST

BALANCE SHEET 31 DECEMBER 2021

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		 2021
Unrestricted
fund
£
5,601,336
633,386
6,234,722
3,840
43,029
46,869
(2,363)
44,506
6,279,228
6,279,228
6,279,228
6,279,228		 2020

Total
funds
£
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

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

Page 5

continued...

THE MARGERY MAPLETHORPE TRUST

BALANCE SHEET - continued 31 DECEMBER 2021

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 2022 and were signed on its behalf by:

R M Horwood - Trustee

The notes form part of these financial statements

Page 6

THE MARGERY MAPLETHORPE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

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

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 7

THE MARGERY MAPLETHORPE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

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

Dividends and Interest
3.
RAISING FUNDS
Investment management costs
Portfolio management		 2021
£
17,427
2021
£
2,745		 2020
£
14,593
2020
£
2,153

4. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2021 nor for the year ended 31 December 2020.

5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Rents Received
Investment income
Total
EXPENDITURE ON
Raising funds
Charitable activities
General
Total
Net gains/(losses) on investments		 Unrestricted
fund
£
1
108,426
14,593
123,020
62,964
5,334
68,298
(14,411)

continued...

Page 8

THE MARGERY MAPLETHORPE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2021

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
Long
leasehold
£
COST OR VALUATION
At 1 January 2021
4,436,552
Revaluations
1,098,448
At 31 December 2021
5,535,000
DEPRECIATION
At 1 January 2021 and 31 December 2021
-
NET BOOK VALUE
At 31 December 2021
5,535,000
At 31 December 2020
4,436,552
Cost or valuation at 31 December 2021 is represented by:
Long
leasehold
£
Valuation in 2021
1,098,448
Valuation in 2015
2,557,118
Cost
1,879,434
5,535,000		 Improvements
to
property
£
66,336
-
66,336
-
66,336
66,336
Improvements
to
property
£
-
-
66,336
66,336		 Fixtures
and
fittings
£
804
-
804
804
-
-
Fixtures
and
fittings
£
-
-
804
804		 Unrestricted
fund
£
40,311
5,025,045
5,065,356
Totals
£
4,503,692
1,098,448
5,602,140
804
5,601,336
4,502,888
Totals
£
1,098,448
2,557,118
1,946,574
5,602,140

continued...

Page 9

THE MARGERY MAPLETHORPE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2021

7. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 January 2021
Additions
Disposals
Revaluations
At 31 December 2021
NET BOOK VALUE
At 31 December 2021
At 31 December 2020
There were no investment assets outside the UK.
Cost or valuation at 31 December 2021 is represented by:
Valuation in 2021
Cost
8.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Rent Arrears
Prepayments		 Listed
investments
£
524,173
61,655
(21,752)
69,310
633,386
633,386
524,173
Listed
investments
£
109,213
524,173
633,386
2021
2020
£
£
2,940
2,940
900
900
3,840
3,840

continued...

Page 10

THE MARGERY MAPLETHORPE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Accrued expenses
10.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above ar
Unrestricted funds
General fund
TOTAL FUNDS		 e as follows:
Incoming
resources
£
130,866
130,866		 At 1.1.21
£
5,065,356
5,065,356
Resources
expended
£
(84,656)
(84,656)		 2021
£
2,363
Net
movement
in funds
£
1,213,872
1,213,872
Gains and
losses
£
1,167,662
1,167,662		 2020
£
2,363
At
31.12.21
£
6,279,228
6,279,228
Movement
in funds
£
1,213,872
1,213,872

Comparatives for movement in funds

Unrestricted funds
General fund
TOTAL FUNDS
Comparative net movement in funds, included in the above are a
Incoming
resources
£
Unrestricted funds
General fund
123,020
TOTAL FUNDS
123,020		 At 1.1.20
£
5,025,045
5,025,045
s follows:
Resources
expended
£
(68,298)
(68,298)		 Net
movement
in funds
£
40,311
40,311
Gains and
losses
£
(14,411)
(14,411)		 At
31.12.20
£
5,065,356
5,065,356
Movement
in funds
£
40,311
40,311

continued...

Page 11

THE MARGERY MAPLETHORPE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2021

10. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 At 1.1.20
£
5,025,045
5,025,045		 Net
movement
in funds
£
1,254,183
1,254,183		 At
31.12.21
£
6,279,228
6,279,228

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
£
253,886
253,886		 Resources
expended
£
(152,954)
(152,954)		 Gains and
losses
£
1,153,251
1,153,251		 Movement
in funds
£
1,254,183
1,254,183

11. RELATED PARTY DISCLOSURES

The trust paid £NIL (2020 £360) 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 12

THE MARGERY MAPLETHORPE TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021

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
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		 2021
£
(1)
17,427
113,440
130,866
73,655
2,745
2,892
15
4,749
-
7,656
600
84,656
46,210
489
68,725
115,424		 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

This page does not form part of the statutory financial statements

Page 13