REGISTERED COMPANY Nu1BER. 05494606 (England and Wales) REGISTERED CHARrrY NUMBER: 1110824 REPORT F THE TRU FINAN IAL TEME OR THE Cook & Parthers Limited Manufactory House B¢ll Lane Hertford Hertfordshire SG14 IBP
MAR NTENTS OF T FINANCIAL STATEMENTS IDE Page Report of the Trust¢es I to 2 Independent Examiner's Report Stslement of Flnanelal Acllvlties Balance Sheet Notes to the Flnanclal Ststements 7 10 11 Detslled Ststement of Fln•n¢lal Activities 12 to 19
THE MARGERY MAPLETHORPE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The trust¢e8 who are also directors of the charity for the purposes of the Companies Act 2006, present their report with thc financial statements of the charity for the year ended 31 Dec¢mber 2024. 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 th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). owE[vEs AND ACTIVTTIES Objectives and ¥ims The principal activity of the ttwt 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 rcntcd accommodation. Significant actlvltles The TTUSt'8 properties were fully let during the year resulting in an overall surplus in Propety Income for the year of £39,157. ACHIEVEMENT AND PERFORMANCE Charitable aetivltles During thc year under review th¢ trust produced net incoming resources of £51,901. as wcll as unrealized inv¢stm¢nt gain of £16,528. Th¢ trust trust had no investment gain8 or1088¢8 on disposal during the year. This resulted in 8 net increase in funds of £68.429. After all such mov¢ments. the total fund balance at thc Balance sheet date was £6,390,068. Investment performance The Investment Fund is managed on a continual basis by J.M.Finn & Co Stockbrokers, who work closely with the trustees in tying to achieve the investment aims of the trust. FINANCIAL REVIEW Investment pollcy and objectives From September 2017, the investment policy was changed from purely targeting incorne and a yield of 50/0 to targeting a rcturn from income and ¢apital growth over the long tenn with a medium risk profil¢. The trustees b¢lieve this change bctter reflects reality in a low interest cnvironmeni and gives increased flexibility in investrlent decisions consistcnt with th¢ aims of the charity. Reserves pollcy The Trust seeks to maintain general working capital levcls at a position which Covers routine annual expenditure, with a sufficient surplus to meet unforeseen propety maintenance cxpcnditure. From April 2015, the property mcasurement has Chang from the cost model to the revaluation model. As a re8uIL additional res¢rves are shown representing the revaluation reserve. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing docurncnt. a deed of Int, and constitute8 a limited company• Limited by guarantee, as defined by th¢ Companies Act 2006. The organisation is a Charitable company limited by guarantee registered as a charity on 30th June 2005. In (ktober 2012, all the Charity's procedure8 and policies were incorporated in to a comprehensive manual which sets out all the polici¢s i procedures and standards by which the Charity is run . This 18 made available to all current and prospective trustees. and was incorporated on 29th June 2(K)5, and Recrultment and appolntment of new trustees New trustees are Tecniited , trained and inducted on to the Board as and when required. Page I
THE MARGERY MAPLETHORPE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Oryantsational Structure The trust has six TTU5tees and a Secretary who meet three times a year and they &r¢ r¢sponsible for the strategi¢ 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 Bookkeepin& maintenance of the records, and liaison with the Trustees Tegarding d¢¢isions on expenditure. All expenditure is authoris¢d by the Board of Trustees. REFERENCE AND ADMINISTRATIVE DETAIIS Registered Company number 05494606 (England and Wales) Registered Charlty number 1110824 Registtred orrice 24 C&qtle Street Hertford H¢rtfordshire SG14 IHP Tru$l¢es JAMonk AJMonk R M Horwood GPMonk P C Wisbey Company Secretary Mrs G Perkin8 Ind¢pend¢nt Eximiner Cook and Partners Limitcd, Chartered A¢¢ountants Cook & Partners Limited Manufactory House Bell Lane Hertford Hertfordshir¢ SG14 IBP Approved by order of thc board of trustees on ............................................. and signed on its behalf by,. R M Horwood- Trustee Pag¢ 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MARGERY MAPLETHORPE TRUST Independent eIaminer's report to the trustees of The Margery Maplethorpe Trust ('the Company,) I report to the charity tnteeS on my exan)ination of the accounts of the Company for the year end 31 December 2024. Re5pollsibilities and basis of report As the charity's trust¢¢s of the Company (and also its directors for thc purposes of company law) you are responsible for the preparation of the accounts in a¢cordan¢e with the requirfflnents of thc Compani¢s Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audit¢d under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examinalion of your charity's accounts as carried out under Section 145 of the Charities Act 2011 (kh¢ 2011 Act,). In carrying Out my examination I have followed the DIrtiOnS given by the Charity Commission under Section 145(5) (b) of the 2011 Acl. Independent examiner's $talemenl I have completed my examination. I confirni that no matt¢rs have ¢ome to my attention in connection with th¢ eAnIna110n giving me cause to beli¢ve: accounting records 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 with the accounting requiremcnts 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 the accounts have not lieen prepared in a¢¢ordance with the methods and Principles of the Statement of Recommended Practicc for accounting and reporting by charilies (applicable to charitie8 preparing their accounts in ac¢ordanc¢ with the Financial Reportin8 Standard applicable in the UK and R¢public of Ireland (FRS 102)). I have no concerns and have come acro&8 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 reachcd. Cook and Parthers Limited, Chartcred Accountants Cook & Partners Limited Manufactory House Bell Lane Hertford H¢rtfordshire SG14 IBP Date: ............................................. Page 3
THE MARGERY MAPLETHORPE TRU STATEMENT OF FINANCIAL A TlVtTIES 2024 Unrestricted fund 2023 Total Notes INCOME AND ENDOWMENfs FROM Charitwble actlvltl Rents Received 124,774 118.559 Investment income Total 142 651 EXPENDITURE ON Raising fimds 88.690 91,714 Chlritsble aetlvltl General Total Net gains on investments 16.528 NET INCOME 68,430 65,218 RECONCILIATION OF FUNDS Total fimds brought forward 6,321.638 6,256,420 TOTAL FUNDS CARRIED FORWARD 6 390 068 6321638 Th¢ notes fonn part of these financial ststements Page 4
RY MAPLETH BALANCE SHEET 2024 Unrestricted fund 2023 Total Notes FIXED ASSETS Tangible ass¢ts Investments 5,661.284 5.638,762 601385 6,305,120 6,240,147 CURREIYT ASSETS Debtor5 Cash at bank 9.(X)2 8,855 87,492 84,035 CREDITORS Amounts falling due within one year (2,544) (2,544) NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES 6,390,068 6,321,638 iYET ASSETS 6 390 068 6 321638 FUNDS Unre8tri¢t¢d fund8 io 6 390 068 6 321638 TOTAL FUNDS 6.390 068 6 321638 The charitable company is entitled to exemption from audit under Section 477 of thc Companies Act 2006 for the year ended 31 December 2024. The members have not required the company to obtain an audit of its finan¢ial statements for the year ended 31 December 2024 in accordanc¢ with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that the chaTitable company keeps accounting record$ that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of thc stste of affairs of the charitsble company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the r¢quirements of Sections 394 and 395 and which otherwise comply with the rcquirements of the Companies Act 2006 relating to financial statements, so far as applirAbl¢ to the charitable company. (b) The notes forni part of these financial statements Page 5 ontinued...
THE MARGERY MAPLETHORPE TRUST BALANCE SHEET- continued 31DE R 2024 These financial statements have been prepared in accordance with the provisions applicabl¢ to charitable companies Subject to the small companies regime. The financial statements were approved by the Board of Thistees and authorised for issue on . and were signed on its behalf by.. R M Horwood- Trustee The notes forni part of these financial statements Page 6
THE MARGERY MAPLETHORPE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Basls of preparing the financial statements The financial statements of the charltable company, which is a public benefit entity under FRS 102, have been prepared in &ccordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice appli¢abl¢ to charitics preparing their accounts in accordance with the Financial Reporting Standard applicable in th¢ UK and Rcpublic of Ireland (FRS 102) (effective l January 2019),. Financial Reporting Standard 102 'Th¢ Financial Reporting Standard applicable in the UK and Republic of treland, and the Compani¢s Act 2006. The financial slatemcnts have be¢n prepared under the historical cost convention, with the exception of investments which are included at market value, a8 modified by th¢ revaluation of certain ass¢ls. Incom¢ All income is recognised in the Statement of Financial Activitie¥ once the charity has cntitlement to the funds, it is probable that the income will be received 8nd the amount can be measwed reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that Cxpenditte, it is probable that a transfer of economic benefits will be required in settlement and the amount of th¢ obligation can be measured reliably. Expendittir¢ is a¢¢ounted for on an accNals basis and has been classified under headings that aggregatc all cost relat¢d to the Category, Where costs cannot b¢ directly attributed to particular headings they have been allocated to a¢tivities on a basis Consistent with the use of resources. Tangible fixed assets Depreciation is provided at the following annual rates in ordcr to WTite off each a85et over its estimated useful life. Fixtures and fittings 250/0 on cost Taxatlon The charity 1$ ¢x¢mpt from corporation tax on its charitabl¢ activities. Fund aecountlng Unrestricted funds can be used in accordance with thc charitable obj¢¢tives at the discretion of the trust¢¢s. Freehold gnd long leasehold propertles This consists of Maplethorpe Court , together with the associated land. 10 flats within the Mitre Court dcvelopm¢nt, and 3 flats within th¢ Fusion Development, Broadmeads, Ware. Land is not d¢pTeciated. tn accordance to th¢ revaluation model no depreciation 18 charged to the buildings. The properties will be revalued on a yearly basis by the ttustees with gains or Ios8es shown on the Statement of Financial Activilies based on market value5. The policy is in accordance with FRS102, and is considered to Show a trne and fair view of the properties held by thc Company. Th¢ company has a poEicy of regular maintenance and repair which 18 charged in the Statement of Financial Activities and the asset Is unlikely to suffer from economic obsolesc¢nc¢. Investments Investments are sllown at Market Valu¢. Realised Gain8 and Losses are included in the accounts on the date on which a contractual obligation is entered into. Page 7 continue(L..
THE MARGERY MAPLETHORPE TRUST NOTES TO THE FINANCIAL STATEMENTS- continlled FOR THE YEAR E DECEMBER 2024 ACCOUNTING POLICIES - conlinued Freehold and long leasehold propertles Unrealised Gains and Loss¢s are computed by reference to the market value of the investments at the balance sheet dat¢ compared to the brought forward cost or valuation. INVESTMENT INCOME 2024 2023 Dividends and Interest RAISING FUNDS Investment management costs 2024 2023 Portfolio management 2023 2022 Dir¢¢t housing costs TRUSTEES, REMUNERATION AND BENEFITS There were no tThte¢s, remuneration or other benefits for the year cndcd 31 December 2024 nor for the year ended 31 Decembcr 2023. Trustee5' expenses There were no trustees, cxpenses paid for the year ended 31 December2024 nor for the year ended 31 December 2023. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcfivITIES Unrestricted fjjnd INCOME AND ENDOWMENTS FROM Charitable gctlvltles Rents Receiv¢d 118,559 Jnveslment income 16.888 Totsl EXPENDITURE ON Raising filnds 91.714 Charltable activities Gelleral 1,831 Totsl 93.545 Page 8 continued...
THE MARGERY MAPLETHORPE TRUST E FINANCIAL STATEMENTS- eontinued COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- continued U[estrIC*d fund Net gains on investments NET INCOME 65,218 RECONCILIATION OF FUNDS Total funds brought forward 6,256,420 TOTAL FUNDS CARIUED FORWARD 6 321638 TANGIBLE FIXED ASSETS Improvements Fixtures Long leaschold property fittings Tota18 COST OR VALUATION At l January 2024 Additions 5.535.000 103,762 804 5,639.566 At 31 December 2024 5 535 000 126 284 804 5 662 088 DEPRECIATTON At l January 2024 and 31 Ik¢¢rnber 2024 804 804 NET BOOK VALUE At 31 December 2024 5 535 0(Y) 126.284 5 661284 At 31 December 2023 103 762 5 638 762 Cost or valuation at 31 December 2024 is repres¢nt by: Improvements to property Fixtures Long le&sehold fittings Totals Valuation in 2024 Valuation in 2021 Valuation in 2015 Cost 22,522 22,522 1,098,448 2,557,118 1984 000 1.098,448 2,557,118 1879 434 103 762 804 5 535 OC() 126 284 804 5 662 088 Page 9 continued...
THE MARGERY MAPLETHORPE TRUST THE FINANCIAL STATEMENT FIXED ASSET INVESTMENTS The inv¢stment portfolio includes investhient assets held in the UK and the United Ststrs of Arnerica. DEBTORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2024 2023 Rent Arrears Prepayments 5,252 5.245 CREDITORS: AMOUNTS FALLING DUE THIN ONE YEAR 2024 2023 Accrued expenses 10. MOVEMENT IN FUNDS Net movement in funds At 31.12.24 At 1.1.24 Unrestrkted funds General fund 6,321,638 68,430 6.390.068 TOTAL FUNDS 6321638 6.390 068 Net movcm¢nt in fund8, in¢luded in th¢ above are as follows: Incomin8 resources Resourc expended Gain8 and los¥¢s Movement in funds Unrutrlcted funds General fund 142,651 (90,749) 16,528 68,430 TOTAL FUNDS 142651 Comparatfves for movement In fuDds Net movement in fimds At 31.12.23 At l.l.23 Unrestrleted funds Genernl fid 6256,420 65.218 6.321,638 TOTAL FUNDS 6321638 Page 10 continued...
THE MARGERY MAPLETHORPE TRUST E FINANCIAL TA MENT - continue io. MOVEMENT IN FUNDS - contlnued CompaTativ¢ n¢t movemcnt in funds. included in the above are as follows: Incoming resou¢8 Rcsources expcndcd Gains and losses Movement in funds Unrestricted funds General fund 135,447 (93.545) 23,316 65,218 TOTAL FUNDS A cuent year 12 month8 and prior year 12 months combined position is as follows: Net movement in funds At 31.12.24 Atl.1.23 Unrestricted thnds General fund 6,256.420 133,648 6.390,068 TOTAL FUNDS 56,420 6.390 068 A current year 12 months and prior year 12 months combined net movement in fund8, included in the above are as follows: Incomin rcsources Resources expended Gains and losses Movement in funds Unrestrltted funds General fund 278,098 (184,294) 39,844 133,648 TOTAL FUNDS 278 098 184 294) ii. RELATED PARTY DISCLOSURES Th¢ trust pald £Nil (2023 £360) to Longmores Solicitor4 & finn of which Mr R Horwood is a partner. The amount covers Tenancy and Secretary Agreement fees. These transactions are deemed to be at anns length and on a commercial basis. Pagell
THE MARGERY MAPLETHORPE TRUST ILED TATEMENT OF F CIAL AcfiviTIE 2024 2023 COME AND ENDOWMENTS Dve5trnent fftncome Dividends and Interest 17,877 16.888 Charitable actlvltl Rents Received 124 774 118559 Total Incoming r¢sources 142,651 135.447 EXPENDITURE Ralslng donotlons and legaclej Direct Housing Costs 85,618 88,911 Investmen¢ mgnagtment costs Portfolio management 3,072 2,803 Charltable actlvAtle8 Secretarial Costs Insurance Sundries Legal costs 1.150 274 35 724 274 35 198 1.459 1,231 Support eos18 Governance eosts Auditors Remuncration 600 600 Total resources expcnd¢d N¢1 income before galns and losses 51,902 41,902 Re8lis¢d recognlsed galns and losses Realiscd (losses)/gains on fed assct investments Unrealiscd (losseslgains on fixed asset invesiments (138) N¢t Income This page does not forni part of the statutory fllwicial stakments Page 12
THE MARGERY MAPLETHORPE TRUST GENERAL OME AND EXPENDITiiRE ACCO NT ST 2024 2023 ENCOME tnvesth)ent Incozne (nct) 17,171 16,186 Other Investment Income 17,875 16,887 EXPENDITURE Donation In$uran¢¢ 274 274 Audit Fee 600 600 Broker8 Fees 3,072 2,803 Secretary's salary and expenses 1,150 724 Lcgal and Professional 198 Sundry Expenses GENERAL SURPLUS for the year (71.30/0) 12,744 (72.60/0 12.253 Property R¢venue Accounts: Mitre Court Surplus 15.633 12,632 Mapl¢th0C Court Surplus 12,234 10.797 Fusion Surplus Totsl Surplu$ for Ihe year This page does not forni part of th¢ statutory fuwicial statements Page 13
THE MARGERY MAPLETHORPE TRUST PROPERTY REVE ST 2024 2023 COME Rents Receivable 49,464 46,539 EXPENDITURE Management: Agents, Fees and Commission (2.968) (2,792) Administration:_ SeClary's Salary and Expenses Audit Fcc Membership Fee Legal Fecs Insurance 5,207 5,434 600 314 600 373 (6,596) (6,834) Service Char8C General M&intcnance (17,192) (14,185) GENERAL SURPLUS for the year (31.60/0) (27.10/0) This page does not fom] part of the statutory financial statements Page 14
THE MARGERY MAPLETHORPE TRUST RTY REVENUE ACC ETHORPE ST 2024 2023 INCOME R¢nts Receivable 52.141 49,532 EXPENDITURE Manag¢ment: Ag¢nts' Fees and Commission (3,128) (2,972) Administration: Insurancc Secretary's Salary and Expenses Audit Fee Membership Fee Legal Fee8 4,075 5.207 600 314 3,795 5,434 600 373 (10,196) (10,562) General Maintenance and Insuranc¢ 201 GENERAL SURPLUS for the year (23.50/0) (21.80/0) £ILZ2Z This page does not forni part of the statutory financial Ststements Page 15
THE MARGERY MAPLETHORPE TRUST PERTY R cc ION ST 2024 2023 INCOME Rents Receivable 23.170 22.488 EXPENDITURE Management:. Agents, Fccs and Commi&8ion (1,390) (1.321) Administration:. Secretary's Salary and Expense8 Audit Fee Membership Fee8 Legal Fees tnsurance 1,562 600 94 1,630 600 129 (2.398) (2.470) Ground Rent Servi¢e Charge (900) (5,562) (1,800) {5,680) General Maintenance {1,630) (4,999) GENERAL SURPLUS for the year (48.70/0) 2Q (27.7/0) This page does not fonn part of the statutory financial statements Page 16
EMAR Capital Investments Market Value 31.12.24 Net Income C05t ASML Holdings NV Euro 30 shares 10,341 16,845 135 Astrazeneca order 120 shares 9,341 12,562 280 BB Healthcare Trust 9000 Redeemable Ord USDO.001 13,192 12,762 496 BHP Billlton PLC 980 Ord USD 0.50 14,268 19.130 1,106 CG Portfollo Fund 60 shydre 12,679 11.200 289 Cooper Cos lnc.com 40 Sharcs Acquir 26.11.21 11,852 11,754 Croda Internatlon#l 270 Ord £0.10609 13.031 9,140 294 Diageo PLC 700 Ord 28 1011108p shares 3,898 17,763 555 Digital 9 Infrgstructure PLC 12000 Shares 13,177 2,268 Dolwals Group PLC 2,333 sbares 2,979 1,574 98 Experlan PLC 5(X) Ord USD 0.10 12,926 17,225 231 Flrst Sentier Investors 2100 shares 12.408 13,571 Genus PLC 550 Ord £ 0.10 13,138 8,525 176 Glvaud¥dn 3 shares 9,256 10,473 116 GlaxoSmlthKline PLC I,360 Ord 25p share 22,482 18,312 816 Halma order 400 shares 9,437 10,756 86 Howden Joinery Group 1500 Ord Share 11.745 11,903 317 This page does not form part of the statutory financial statements Page 17
THE MARCERY MAPLETHORPE TRUST ST Capltal Investments Cost Market Value 31.12.24 Net Ineome Henderson Investment Funds Ltd 18,500 25,058 20,665 756 Intertek Group 220 Ord £O.O I 11,786 10,402 281 Inyeseo Fund Manager 10.350 IP Monthly Inc. 10,804 10.195 655 Japan Income & Growth Trust 6700 shares 12.818 12.496 107 Johnson & Johnson 170 COM STK USDI 6,998 19,646 555 JP Morgan Am¢rl¢gn Investment Trust 3100 shar¢8 14,925 35,030 248 Legal & General 2900 Ord GBP 0.025 9,245 8,962 805 Lloyds Bank 24,5 Ord GBP 0.10 18,496 13,410 711 Mallland InternAtionAI Servlces Llmlt¢d 8500 Ord shar 12,833 12,103 424 Mlerosoft Corp i io usso.ooi 12,909 37,050 226 Ml Twentyfour 150 Gross Bond 16,648 14,832 828 Prudentlgj 650 Ord £0.05 11,652 4,141 108 RELX PLC 700 Ord £0.1444 12,011 25,403 420 Rathbone Unit Trust 28,000 24.297 24,088 817 Rio Tinto 360 Ord l Op Shares 9,498 17,003 1.217 This page does not forni part of the statutory financial statements Page 18
THE GER LETHORPE TRUST ST Capilal Investments Cost Market Value 31.12.24 Net Income SVS Chur¢h House Investment management 9,478 11,021 10.526 507 Smlths DS 2,800 Ord £0.10 15,826 19.311 641 Syncona Llmlted Ord NVP 6750 shares 15,080 7.128 Unllev¢r Ple 455 Ord 1.4p Shares 4,666 20,693 668 VAsa Ine STK Cl4$8 A Share8 100 shares 15,549 25,255 143 The Renewables Infrastructure GRP I 1000 shares 15.635 9.438 814 M&G Seeurlttes Ltd Global Dlvldend 5500 sharc$ 15,958 19,542 579 Melrose Indugtries PLC 2,333 Shares 9,069 12,920 128 Splrax Sarco Englneering 175 Shares 14,846 11,996 283 Schnelder Electrlc SE 115 Shares 22 Total IDV¢StmeDts This pa8e does not forni part of the statutory financial statements Page 19