THE MUSK-8URTON FAMILY TRUST REpoirr AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 CHARITY NUMBEIi' 1127725
THE MUSK-BURTON FAMILY TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Contents Page8 Report ofthe trustses Independent audito¢s rep)rt ststement of financial 8£tnriti8s Balance sheet Notes to the financial statements 10-15
THE MUSK-BURTON FAMILY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 The Trustees present their annual report along with the avdtted financial statemènts of the charity for the yr ended 31 March 2023. Tho financial statements have been prepared in accordanc6 ¥th accounting pol18$ set otrt on pages 10 and 11 and ¢omply with tho charity's trust deed and appIable la¥. Reference & Admlnlstrative Dotails The Ch#Tty. The Pélusk-Burton Famity Trust 112772S Charity Number.. AiJdre8S'. Fourth Floor, Unit SB The Parklands, Boiton. BL6 4SD CHARITY TRLISTEES MrAndr&w John Bal Mr8 Sarah FaaY AUDrroR BadowAndrews LLP Chartered Accountants and Statutory Auditor Cartyle House 78 Chodey New Road Bolton BL14BY PRINCIPAL BANKERS Bardays Bank PLC 1 Chur¢hll Place London E14 5HP Tel.'1020741872000 Prwate Banker.. Robert Mclntyre Execulivo.. Mitesh Mislry Ptye1
THE MUSK4URTON FAMILY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 IIARGH 2023 Trustees Andrew Ball and Sarah Falvey seNed as TnJsteos throu9hout the year ended 31 March 2023. Stru¢tur•, Govemance •nd Mana9om•nt Govgrnlng document The muskurt0n Famly Trust was registered with the Charity Commission in January 29 under char numter 1127725. It is governed by a deed of trust last updated in August 2019. Organlsatlonal structure The charity truste0$ are responsie for the general control and management of the charity. The trustees must hold at18asl hyo ordinary meetings each year and keep the minutes of the pr¢xeedings at their meetings. In the minLrtes the trustees must reeord their decisions and. where appropriate, the Teasons for those decisions. A special meeting may b8 calkd at any time by the person elected to chair meetings of the trustees or by any trustges. R•cruStment and appointment of trustO•S There must be at least twotrustee$. Apart from thefirsl trustee5. every trustee must ba appcinted by a resolution of the trustees passed al a special meeting. In selecting indfvkluals for appointmfjnt as trustees, the twstees have regard to the $kill8, knoedge and experience ne&Jed for the effectNe administration of the charty. Foll¢)wing appointsment, new trustees are Introded to Ihgir new role and given copie8 of the trust deed and a copy of the chaiily's lalesl report and statement of accounts. New tru81ees are al$0 mJe aware of the scope of their responsibilit6 und8r tho Charities Act. Objectives and Activiti89 Ouralm8 The obieets of the charity are set out in the chadty's trL1 deed and are $umm8ris•J as follows: 11 the relf of povety and need. 21 advancem@nl of education, 31 tho promotion of the con$orvion. protection and improvement of the physiGal and natural environmerrt, 41 the relief of stckness and preservation of heamh. 51 advancement of lIgIOn. in all cases by the donation of funds to individuals or or9ani8ations vtho will use them exclu$rve in ways which fall withln the objects. It should be highlighted that the charity doo$ not have key management petsonnel who receive omployment benefits. 11 is the IN$tees who make th8 kay decisions in the tru81. Prye2
THE MUSK4URTON FAMILY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 Our objectlv08 Our ¢Jbj8ctNes are 50t to refie¢t the chaTIty's aim8. Each year the trustees r8Vi8w our obie¢tives and activitie5 io ensure they continue to refw our aims. Actmtles and achlevements How our activitlgs dellvèr publlc benefft The Trustees sgek to provide funding for appropriate tharitable causes 8nd aim8 whh aro in accordance with the Charity's objectNes. Dufing the year, grants of£215,17612022'. £1,271,176) were made by the Trust¢e$ lo other registered chafities. As detailgd in note 10. the Trusle&s have commrtled to pay grants of £520,00012022: £760,000) in fvlure years. The trustees patd due ward to guKlan¢o issued by the Charlty Ccffimi88¥)n in de¢iding what actlvtties the charity should undertake. Flnanclal Rgvlew R8s•rv•s policy The reseNes are being tr1d to fund the ongoing commitment lo the sekcted charities of the Trustees and to ensure these are Capab of being sustsined for the long term. As at 31 March 2023 the reserves stood at £8.931.987 {2022.' £9.614,543>. Princlpal fundlng sour¢es The charity's main source of in¢ce is investment income generated from capital resources a¢¢umutated since 2009. The investment income from this portfolio generated ineome of £250,92712022.' £238,254) during the year, a$ s¥en in note 2. Investment pollcy and obJectlv8s The Trustees $9gk to InvBst in a balanced ritsk portfolio to try and a¢hi8ve a level of return suffiGient to fund the normal18vg1$ of charilabb donations in any on&year pefi¢xl. Future Plans The Trustees seek to attract fvther charltable fiJnd8 through giving. The Trustees will conlknue to con8idw all requests for donations and will seek lo make donations for chartsble purposes that fvlly meet wrth the Charity's aims and objoctives. P*Jo 3
ThE MUSK4URTON FAMILY TRUST TRLISTEES REPORT CONTDI....... Siatemont of Trustees, responslbllities Unrted Kingdom law applicable to chari1188 in EngLqnd & Wales requires the trustees to prepare ffinaneial statements for each financial year which give a true and fair view of the stale of affairs of the chaty and of the incoming resources and application of resources of the charrty for that perhjd. In preparing these financial stalemenls, the trte$S should fon(Y•V best pte and.. select suitable accounting wlicies and then appty them consist6Tty: make judgements and eslwnates that are reasonable and prudent,. state whether opplicable actsjunting standards and statements of recorrfflended practic& have been foll¢)wed', and prepare the financial statements on the going concem basis unless il is inapproprie to piesume that the Charity will continue lo ts objectNes. The trustees are spOnSible for keeping proper accounting rerdS that disclose with aSOnable aceuraty at any the financial position of the chanty and which gnable them to ascertain its fina181 po$rtion and to &nsure that the financial statements Mp with the Charrties Act 2011, the Charrty {Accounl$ and Report81 Regulations 2008 and the provlsions of the trust deed. They are also respon3ib18 for $af&guarding the assets of the charity and hence for taking reasonable steps foi the prevention and deleclton of fraud and dher 1rreglrlarit. So far as the trustees ar6 aware, thore is no relevant audf( infornation of vthich the Charty's audf(or are unaware. Addilionalty, the trustees have taken all the necessary steps that they ought lo have taken as InJ$tees In order lo make themsolves aware of all relevant audit infcimation and lo establish that the Charty's auditor are aware of that Information. The trustees have compld wth the duly in Section 4 of the 2006 Charitios Act to have due regard to guidance published by the Charty Commis8fCfi. Audltor A resolution for the revappoinlmenl of Barfow Andrews LLP 18 to be prop)sed at the forthcoming Annual General Meeting. The trustses recorr*nend that BarfowAndrew8 LLP remain in officè until furth•r notice. Approval This report wa5 apwoved by the trustees on 31 July 2024 an¢J signed on their behalf. MrAJ Ball Trustee Trustee Page 4
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE MUSK-BURTON FAMILY TRUST Oplnlon ha audhed ffingnual 8tatem8nts of The mSk-BUrton Famlly TNBt lor the ye&r endeh 31 March 2023 wlMrJh comprlse th8 $tstement of finanrA818ctMtiès, the balance sheet and the not&s to th& finanuol Stslets, induding a summary ol significant accounting policw. Th& financial reporb.ng framèwork that has been applieLI in their preparation is apPCable law and United Kngdom AcUntr.ng Stsndards. including Finanual Rewting Standard 102 The Financial Rewrtlng Standard applKable in the UK andRYibl gfirel8ndlUnited Kirgdc4n Gen8ralyAwted Accnuntw Piackn). In our opinion, the finandal statsments.. glve a truè fair view of the state of thtr charity's 8ffaw¥ as at 31 March 2023 and of its irKoming rgsourw arKI applicabon of resour$. forth& year thèn ènded., have been properly pr•parBd n OK0orKe1th United Kingdom G&neralty Ac¢Éptsd AoUnt1rJ PractKe'. and have baan ppard in accordan wth the requlremanls ofthè CharTties Act 2011. Bao1¥ for oplnlon conducted our audit in accordan Intemauonal Stsndard8 on Audibng IUKI IISAS IUKII and appllcabK• law. Our sponsibiltyes under those stsndard5 are fUrtr desrrribed in the Audttorfs respons1bilrtS for Ihe audit of th8 finandal $taterngnts section ol our r8wL Wa aro irKlependent of the charty In accordance with tha 8th1 requirgments that are relevant to OUT audit of the finaneAal ststements in the UK, induding the FRC'S Ethical Stsndard, and VR have fvlfilkd our other ethical responsibilities in acwrdance wtth these requir8monts. Wg b&li&wa that the audr( we have obtsin is suffldenl and approwiats lo prowdg a basis for ouropinion. Conclu81onB r•lAtlng to golng ¢on¢•m In audn9 the finBnci81 statements, ncJdI that the trustees, use ofthe golng ¢on¢em b8$L8 of ace<)untiro in the preparntion of the fina81 staknentg is arOlate. Based on the work we have performed, w8 have not klentifd any material unc8rtainti•s relating to events or wnditions that. indiwidually or colleclvsly, m8y ¢8$1 significant doubt on the charity's ability to conlnu8 as a going ¢ontsm fora period of at least ¥8 months from when Ihe financaal stathents are authonsad ftsr issue. Our resporibilthe8 and re8ponslbS1es ol trustae¥ wryth re8ped to going concem are describèd in Iha rel8vant section¥ ol thr& report. Other Infornilllon The other information tc4nprise5 Ihe infomiat'on induded in the annu81 rOrt, oth8r than the financkql staternants and our auditol$ report th•roon. The trustg9s arg responsible for the olhor Inftsmatn contsinl within the annual report Our opinion on the finane4al statements doe8 not coverthe other Informathm artd, exptto the extentothewwiso explirity stated in our rèport. we do not express any form of assufancg conclusion thereon. Our ro$pon$ibility is to read the other infomation WKI, kn dolng so. consider whelher Oth Ink)mition is materially incon5iStent wth thg financial staternents or our knowledga obtalnad In the uurse ol the audit, or otherwse appears to bè materially mi$$tsted. If w8 Klentify such material incOnsteneS or apparent material misststements, afft r69uith to deterynine Ythether this gS risÈ to a material misstatement Sn the financial stslements Ihemselves. If, based on the work we have perfotrn¢d..we ¢onclud8 that theT6 a material mt%statement ol cth8r information, reqUred to ieport that fact Vve have nthing to rgport in this regard. Pag8 5
INDEPENDENT AUDITOR'S REPORT TO THE TrUSTEES OF THE MUSK4URTON FAMILY TRUST (CONTINUED) Matt•rn on whl¢h we are r•qulr•d to Port by oxception Wp have nothir@ to report in res olthe ftsliowlw matters in relatiC towhich Ihe Charths A¢t2011 requires to rgport to you if, in our tpinion.. adequats accounting [PrdS havè not been kep( or ad•quat• for our audtt hth not bTr reC4d from bra•$ nat wsited by us.. or the fin8n¢ial ststements are not in 8greementwith the accounhng r•eord$ and r8tums', or the inforn)ation gfven in the trust66s' report is inconsistent in aTly material respgrA with the finanek?I statements., or we have not leIVed dl the inforrnation aThJ 8xplanatKJns M rUl lor our aud RPOr1b11tla• of tru•t••8 As expkinad more in ststement ol trustee$, responsibilits. tnte9¥ are responsibl¢ for the PParaOn of financial stalgrnents and for being satisfie(l that they give a true and f8ir vw. and lor such inlemal contrd as the trustogs determine is ne$Sary to anab the pr¶tion of ffnanaal statsmènts Ihat are free rnatsriAI mi8Statemort wher due to fraud orerror. In preparing finanThal stat8m•nis, Ihe trustees arg ra9pon5le for asgessSng the c41arity's abfflty to continue as a going con&8m. disdosing, as appli¢able, matters related to goiTrJ concern and usin9 the gcing concern basis of acLounb'ng Un$$ the Iru$tees either intènd to C8as8 opèrations, or have no rfroli8b"¢ ¥ltemabvo but to ¢Jo 80. AudIt0# M¥pon•lblllti•¥ forthe •udSt of th• financlal slat•m•nts Qurobjectives are to obtain reasonab assuran about trther ts financ1 statements a$ a Who are frae from material mi5Statem8n( wh8th8r due to fraud or error. and to issua an auditorfs report that Indudes our opinh)n. Reasonab assuranc Is a high levd ol assurance. lyjt is not a guarantee that an audit conducted in a(tordancé wilh ISAS IUKI will ah48ys detect a material rni88tsknent oxists. Misstataments ¢an arise frcrtn Iraud Or error and are eoMider8d malgrial if. indfvklu811y or in the aggregate, they could reasonabty expected to influtrtrx the economt dgasions of users tsken on the basis ofthese financkgl statsrnents. Irregularibes. indudirrfj traud. are instances of non-¢ornpllan wth18ws and gUlationS. We desvjn Vocdu$ in fir wi ourrgsponsibilit'es, ouljined above, tod•tectmatsrial mksststèments in respectof irragulartss indudiNJ fraud. Ourapproach tts ideThbfyirKJand 8$3es&ng risks cifmatsrial misstotam8rrt In Tespectof irregularitw. incJding fraud and nonp[lanc• wrth lawg and regulations. was as folkn.. Ihe engagement pathr ensured that ts engag8mant tsam ¢clkntivaly had the appropriat• COM1•ne•, capabilits.ès and Skills to idenllfy or recognise non-complianc8 Wth applieabL8 laws ond regulations,. idènb.fièd the laws and règulats'on$ appficab18 to tho charity through diswssiorts with trustees aThJ other m8nag8ment, and from our commercial knowledge and exp&ienee ofthe charity sector, wg Iu$ed on spaufic laws aNI regulations which we Cons8r@¢I may have a diract material effect on th8 finana81 statements or the operations of the tharity, induding th059 specific to the charity sector.. we assessed the extent of ts)mplian¢e wfth the law 8n¢.re9ulations idenb.fièd above through making enquirie3 of managernent and KlenITr laws and regulations w8r8 ctynmunicaiad within atyjlt team rogulaty and the team wmain&l alertto Instanc8s of non-compliance Ihroughout tha Aud We assessed the suscepb"brfity of the charity's finanL¥al ststement8 lo mattsrh?I misstatement. irKluding obtaining an understanding of how fraud mKJht oceur. by. making enquiri8s ofmanag8rnent as lo wharo they ¢cnsid8red thera wa8 suscepkn'bllty to fraud. theIrknOdge of actual, suspecad and all8ged fra1,. and considering the intmal rAntrob in pla to rngate risks of fraud and non<0MlnCe with and rogulalions. Pige 6
INDEPENDENT AUDrroR'S REpoFrr TO THE TRUSTEES OF THE MUSK-8URTON FAMILY TRUST (CONTINUED) To •J¢treBS tho rfsk offraj through managementbias oNPrle of controlE, M4.. performed anYb¢al proc•Jurps to IdenJfy any unusual or un8yctgd reonship.. and tesbj joumal ontri85 b 4•ntrfy unusual trgnsa¢J In rwnee to th• risk ol irregular and nryKornpliancg th la ¥nd reg9On9. de8vJn&J procedurls IndudgJ, butre Trjt Smtted to.. agreèlng fjn•nual slatement (sdosur•8 to undwtyin9 supporuro do¢wnentabon" and re8dlng Ihe minutes of Mting8 ofthca• charged g0voman. aNI •nqulrfng tsfm8nagemt o¥ to arKJ potsntial lrfigation and dolm$. Tharo ar¢ inherent limrt8tions In our alIt wocJuw dexribed 8bov8. Th• more mov•d that la% arKF legularffj aro from fiNP(la1 trarwctions, thè lik8 k Isthatw¥ would become 8wgw of nonwcornplianL)•. •ILKfilng ¥tsTrJardB al80 lim the audit ptoEedurg8 Tequlred to Idèntify nlIan with lows and regtn$ to aUlry of the dirKM and other managamont and the inseti of regulatory and I81 fft5pondenca, if8ny. I1rfal Misstatem that arise dufy to fraud can be haTIO ¢etec4 than Ihose Ihat ¥ts• frvm error as thay may Invd¥o deliberate con¢ealment or coll1n. A lurlhèr descripbon of our wpcwibilities for the aLbJit of tho finafflcial stat•mwts i& locabj on tha Flnancial Remiig Council's bSitti aL Mvw.frc.oi .uklauditorsres nsibililies. This de8crtion part of our aLKlltof$ rowt ofour r•port report is made so18ty to th• ¢harlty'$ tyus1. 88 a btr, In accordgnce w6th Part 4 of the Chant1•8 (AC)urtts and Rèptsrt81 RogulatloN 20)8. Ouf audrt work ha8 undertak•n 80 that mi?M stat• to th8 charity'$ trLkFtees thosg mattgrs we are requir b state to Ih8rn in an auditorfs report gnd for no other purpoga. To the lst extent permitted ty gw, we (lo or asswnè resp)n8iblty to anyone otherthan the and ts dwrity's InJ5t805 as a body. bjrour
udit wo. for thés rèport, orfor th& cyrYoN8 we hav8 fonn•d.
AlS•on Cv•w• S•nior Ststutory Auditor For and on behall of Barfgw AndMv• LLP Chartered A¢countants and St#tulory Audltor Cartylo Hou, 78 Chovl•y Now R¢)ad. Bolton 31 July 2024 BarfowAndrewB LLP Is dglbb for appoinknent ag otyjitor oflhe charty by oflts ellglbilty lor arrintrnent a8 a11 of a company under section f212 ofths Companies AC*2. Pa9è 7
THE MUSK-BURTON FAMILY TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023 Totsl Funds 2023 Totsl Funds 2022 As rntstat•d Income from: Invesknents Sundry inrne 250.927 238,255 Total income 250.927 238,817 Expendlture: Costs of raBing funds.. Investsnent management costs 81.226 Exp8nditure on charilable a¢tlviti$s 253,767 1,314,328 Total •xpondlturg 309,635 1,375.554 Not oxpanditure before gains on Investments (58,708) (1.136.7371 Other recognls•d gal {Losses)IGains on investment assets (623,848) 379,461 Ngt mov•mont in funds (682,556) {757.276} Fund balances at 1 Aprll 2022 9,614.543 10,371,819 Fund balances at 31 March 2023 8,931,987 9.614.543 The statement-of financial activities includes all gains and losses rewni$ed in.the year. All income and expenditure derive5 from continuing a¢livities and relates to'unTestricled funds. Page 8
ThE MUSK-BURTON FAMILY TRUST BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Nolos Fixod assets Tangible assets 307,172 314,485 Current ass•ts Inve$tment 888ets 9,157,397 10,075,818 9,157.397 10.075,818 Llabilities Creditor5 falling due within one ygar (312,582) 1295,7601 Not current ass8ts 8,844,815 9.780.058 Creditors falling dug after one year (220,0001 1480.0001 Not a866ts ,931,987 9,614,543 The funds of th• chartty Unrestricted funds 8,931.987 8.614.543 Totsl chartty funds 8,931.987 9,614.543 Approved by the board of trustees on 31 Juty 2024 and signed on their beham by.. MrAJ Ball Trustee Mfs Sar Trustee P¥J8 9
THE MVSK-BURTON FAMILY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 STATEMEwf OF ACCOUNTING POUCIES 1.1 Th& Musk-Burton Family Trust is a charfty established undertrust deed. The principal Offi is Regency House. 43 Chorloy Road, Bolton. 1.2 Basls of preparation of the financial $tst¥mts The ac¢ounts have been prepared in accordance with FRS 102 'Th8 Financral Reporting Standard applicable in the UK and Republic of Iland. C'FRS 102.} las amended for ac¢ounting periods commencing from 1 January 20191. °Accounling and Reporting by Charities.. the Statement of Recommgndgd Practi for charities applying FRS 102., and the Charili8s Act. The charity is a Publle Benefft Entity as defined by FRS 102. The accounts are prepared in sterfing, which Is the functional currery of the charity. Monetary rKunts in these finanaal $lalemenl8 are rounded lo the nearest £. The finanGial statements have been prepared under the historical cost convention. Modffiod lo include certain financial instrumerts at fair value. The principal aCcounn9 p)1163 arè Set out t•low. 1.3 Prior p8riod error A prior period adjustment has been undertakan to recognise grants payable in which the charity was committed to in the pwous financial years. A ¢Jetall¢d analysis of the 8dju8tment has been included in the financi81 statement8 as p8r note 12. 1.4 Going concem At the time of approving the aunIs, the tmslee5 have a reason0bEe 8xpectati¢)n that the charty has adequat8 resources to continuo in operational exlslence for the foreseeable future. Thus the tvu$tees continue lo adopt the 90ing ncern basis of accounting in preparing the accounts. 1.5 Charitable funds Unre$tri¢ted fund3 represent aUMulated Iorne less dI[t charitable and other expenditure. They are expendable at the discreti?n of the trust885. 1.6 Ineome Income is regnISed when the eharity is legalty entitled to it after any yrform•rKe condf(icq)s have been mel, th8 amounts can be measured rdiably. and rt Ss preèable th* incDm& will be received. Donations are ac¢ounted for when recgNed by the charity and investment income Is recegniged in the accounts at the ex4ividend date. 1.7 Expenditure Expenditure is recognl8ed on an accruals basis. Chari(able expgnditure comprfses thosg costs incurred by the charity in the delivery of its actiwties and services for Its beneficiaries. It include5 both costs that can be alb)cated direclty to such actNitiès and those costs of an intJiro¢t nature necessary to support them. Grants payable are accounted for when the trustees have ac¢gPted a Lggal or moral obligation and accounted for 88 $oUrS expended in statement of financial actNili8s. Govemance ¢o$ts include those co$1$ associated with meetlng the constsiutional and statutory uirements of the charty and inGlude the audit fees and ¢ost$ linked to the Strateg management of the charty. Value Added Tax is not r8coverabl• by the Charty and as such is Induded In thè relevant costs In thé Statement of Finanelal Activities. P•3è 10
THE MUSK-BURTON FAMILY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 1.8 Tanglble flxed assets and depreclatlon Tangible fixed assets are initialty meaSUd at cost and subsequently measured al cost or v8luation, nel of depreatIOn and any impaimient lossps. Depreciation Is recogni8èJ so as to write off the cost or valuation of assets less their residual valuas ovgr their useful Irves on Ihg fo11¢7•ving basis- Buildings - 2% $traighl line The gain or loss arising on the disposal of an asset is delernin as the drflerence beeTh the salè proceed5 and the carrying value of thg osset, and is recognised in the statement of financial actils. 1.9 Impairniènt of flxed 4ssots At each reporting Feriod end dal8, the charty reviews the carrying amounts of its tangible assets to detemiine whether there is any indication that those assets hav& suffgrgd an impaimknl loss. If any such indication est8. the recoverable amount of the asset is esllmaled in der to deteminè the 8xtenl of the impainnent108s Irf any). 1.10 Investment$ Inveslm8nts are initialty mea$urgd at transaction price and are subsequentty measured at fair value al each reporting date. Market valug is used as a representation of fair value. Changes In fair value are recogni8ed in the stslement of finanaal actNitles snd transadion costs are expense$ as incurred. 1.11 Cash and cash equivalents Cash and ¢ash equivalents include ¢a$h in hand and deposits held at call within investment portfclos. 1.12 Financial instruments The charty has eknted lo appty the provisions of Section 11 'BaS Financial Instnrnents, and Section 12'01her Financial In8trum&nls Issues, of FRS 102 to all of ils financial instruments. Financial instruments are recognised in the ¢harW$ balance sheet en the charty becomes party to the contractual provi$p)n$ of the instrument. Financial assets and liabilities are offset. with the nel amounts presented in the flnancial statements, when Ihere 5$ a legally enforceable right to sel off the Tgnised arnounts and there is an intention to 8ettb on a net basis or lo realise tha asset and settle the Itability s1mu1tanwus. Bask flnanclal assets Basic financial assets. which include ¢a$h and bank balances. are measured at transaetion prite. including transaction costs. ""Otlie" r financial assets Financial assets classffied as other financial assets ar& stated at fair value with any galns or losses arising on rèmeasurement recognised in the sL3tement of financial activf(ies. FinarKial assets ar8 derecognised onty when the contractual rights lo the cash fl¢)ws from the asset gxpire or are seltled, or wh8n the charity transfers the finanaal asset and substanlialty all the risks and rewards ofownarship to anotherentty. or ifsome signrfi¢ant risks and rewards of ownership are retained but control of the asset has transferred to another party thal is able lo sell the asset in its enlirety lo an unrelated third paty. Baslc flnanclal Ilabilltles Basic financlal Ilabllities, which include olher creditors. $re recognk8ed at transactlon price. Pège11
THE MUSK.8URTON FAMILY TRUST NOTES TO THE FINANCIAL STATEMEfrirs FOR THE YEAR ENDED 31 MARCH 2023 TOTAL FUNDS 2023 TOTAL FUNDS 2022 2. INVESTMEiif INCOME Interest receNed and Similar income- Dividends and other income received Sundry inco 250,927 238.254 562 250.927 238,817 TOTAL FUNDS TOTAL FUNDS 3. EXPENDITURE ON CHARrrABLE ACTivmES 2023 2022 Donation8 made.. SAT-7 UK Claire House Chiljren's Hospice Cross Roads, Derbyshire Mi8snS Macmillan Cancer Research St Luke's {Cheshirel Hospi¢e Ray of Hope Amazon MKldle East Media Compassion UK NSPCC RISE Chrisllan Solldarity Worfdwide 24,000 100.800 23,000 100,800 25,000 3.000 300.OC(I S00,OCK) 10.000 12.000 376 3,000 10,000 17.000 376 60,000 180.0 123,0 215,176 1,277,176 Propety Insurance ForewJn exchange IgainlfftJs$ ountsncy fees Depreciati¢Jn Sundry Expenses 451 11581 18.346 7,313 18.266 7,313 652 241.407 1,303,128 Gov8rnant• ¢osts Audit Trusteè fee$ 5,160 7,200 4,000 7,200 12,360 11,200 Total charitable expendlture 2S3,767 1.314.328 Page 12
THE MUSK4uirfoN FAMILY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PélARCH 2023 4. TRUSTEE8 During the year the Trust paKI £7,200 of fees to Mrs S Faw, a Iruslee, for herwork on behatf of the charity. The Trust has also paid £18.266 offees to C¢iwgill Holloway LLP in whith trustoe Mr A J Ball 1$ a Partner. for acctsJntanGy services durlng the year. No Iruslee expenses were incurred during the year to 31 March 2023. Land and bulldln98 5. FIXED ASSETS Cost At 1 Apr 2022 at 31 March 21Y23 365,676 Depr¢clation At 1 April 2022 Deprèciation charged in the year At 31 Mareh 2023 51.191 7,313 58,504 Carrylng amount At 31 March 2023 307,172 At 1 April 2022 314,485 6. INVESTMENT ASSETS All investmonts are managed by Barclays Investmènt Solutns Limited and as at 31 MarGh 2023 the valuation of the investment portfolio was as b810w'. UK 2023 Non41K 2023 Total 2023 Totsl 2022 A8$0ts Investment valued by referen¢& to a recogni8ed stock exchange Investments in strategic property fund 2,668,314 5,505,328 8,173,642 9,023,777 556,510 556,510 668,685 3,224,824 5.505,328 8,730,-152- 9.692,462 Cash held a$ part of the invesknent portfolio 427.245 427,245 383,358 3,fj52.069 5,505,328 9,157,397 10,07S,816 Analysls of Movoment of Investments Assets 2023 2022 Carying value {market value} al beginning of period Additions to in$ents at cost Disposal proceed$ Nel IL088IIGaln 9,692,462 1,692.036 12,030.4981 (623.8481 9,527,673 1.207.298 11,421.9701 379.461 Carying value {market value) al end of period 8,730,152 9.692.462 P898 13
THE MUSK4URTON FAMILY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 PMRCH 2023 HNANCIAL INSTRUMENTS 2023 2022 The fair value of financial Investrnénts ha8 been estimated using the follOng falr value hrarchy. Valuation tschnlque us•d Level 1 Level 2 Level 3 2.248,893 6.481,259 2,245.388 7,447.074 8,730,152 9.692.462 The intention of a fair value me88ur8ment is to esllme the price at Nthich an asset coukl be 8xchanged in the market conditions pValling at the measurement dale. The measurement assumes the 9hange 18 an orderty transaction {that is, rt 18 not a forced transaction. Inve4untary IK4uidation or distress sale) between kncwledgeable. willing Part1PanIS on an independenl bas1S. The puwe of the faSr value hierarchy is to priorittse the inputs thal should be used to measure the fair value of assets. The highest priortty gfven to quoted prices at Wh)h a tran$aclicfi can be entar8d into and the lowest prionty to unobseNable inputs. In accordance vAlh FRS102, the trustees classify fair value mga$uremenl under ts following vels: Level 1- Th? unadjusted qutxed price in an actlve market for an identic21 in$trumenL Level 2-Valuatbn techniquas using obseNabb inputs other than quoted price8 wkhln16¥al 1. Level 3-Valuatlon le¢hnKiues using Un0er¥ab[e Inputs. 2023 2022 As reststed CREDITORS: •mounts falllng due within ona y•ar AccruaS5 Grants payable 12,582 300,000 15,760 280,000 312.582 295.760 2023 2022 As ro$tated CREDITORS: am¢unts falllng after ono year Grants payable 220,000 480,0 è14
THE MUSK.BURTON FAMILY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 As rg$t)ted 10. coTrifRACTUAL AND OTHER COMMITMENTS A8 at 1 April 2022 New commilm8nts Payments made 760,000 80,000 1300,000} 20,000 1.025.000 1285.000> As al 31 Ptharch 2023 520,000 760.000 Falling due wi(hin one year Inole 8) Falling due after more than one year (note 91 300,OIX) 220,01)0 280.000 480.000 520,000 760.000 11. EMPLOYEES There were no employees ofthe Charity in the year er 31 March 2023 {2022.' NIL>. 12. PRIOR PERIOD ERROR Recon¢ili*tion ol changes In net funds Noto¥ 1 Aprll 2021 31 March 2022 Adjustments to prfor y•ar Total adjustment$ Funds as previousty reported (20,0001 10.391,819 1760,0001 10.374,543 Funds as adjusted 10.371,819 9,614,543 R¢¢onciliatlon of net movement in lunds for tho prnvlou8 flnancial perlod Notss 2022 Adju$lrnents to prlor yèar Total adjustments Net MoveEnt in funds a8 proU8 stated - (740,0001 (17,2761 Net mOVnt in funds as adjusted (757,2761 1. Following a review of the prior year finarlcial statements, an adjUStnt has been identrlied in regards lo the recognrtK>n of grants payab. Expenditure was undetslaled by £740,000. creditors less than one year were under¥tsled by £280.000 and eredilors more than one year were underststed by £480,000. Itwas also noted Ihat£20,000 of grants payable should have been recognised in the yearending 31 March 2021. This has been amended in the financial statements lo decrease funds brought forward as at 1 April 2021 by £20,000. Pag¢ 15