Registered number: 06603689 Charity number: 1132826 THE MAURICE UPPERTON FOUNDATION (A Company Limited by Guarantee) FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 TWP ACCOUNTING LLP Chartered Accounlanls & Stalulory Auditors The Old Rectory Church Street Weybridge Surrey KT13 8DE
THE MAURICE UPPERTON FOUNDATION IA Company Limited by Guarantee) CONTENTS Pag8 Reference and Admlnlstratlve Deta115 of the Chawltytr Ils Trustees and Adv18er5 Trnslegs. Rèport Independent Examiner's Report Statomènt of Flnanclal Actlvltlas Balance Sheet Noles to th& Flnanclal Statomonts 10- 18
THE MAURICE UPPERTON FOUNDATION IA Company Llmlted by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 31 MARCH 2024 Trnsleès H Costèr A Berry C Cosler F Davies-cosler Company roglstared number 06603689 Charity registered number 1132826 Reglst?red offlca The Old Rectory Church Street Weybridge SiirrAy KT13 8DE A¢¢ountant$ TWP Accounting LLP Chartered Accountants and Sl8tutory Auditors The Old Rectory Churcli Slreel Weybridge Surrey KT13 8DE
THE MAURICE UPPERTON FOUNDATION IA Company Limited by Guarantee) TRUSTEES. REPORT FOR THE PERIOD ENDED 31 MARCH 2024 The Trustees present their annual report together wilh the fi'nancial slalemenls of the charity for the 1 June 2023 to 31 March 2024. The Annual Report serves Ihg purposes of both a Trustees, report and a dir8clors' report under company law. The Trustees confirm that thè Annual Report and financi21 gtatemènls of thè eharilable Company comply with thè eurronl Statutory re4uiremenl6, tha requirements of the charitable cornpany's governing document and the provisions of the Slalement of Recommended Practice ISORP) applicable to tharilies preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS1021 leff8Ctive 1 J8llu8ry 20191- Since the aharily qualifies as small under section 382 of the Compani8s Act 2006, th9 Strategic Report required of m8dium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2D13 has been omitted, The following person5 were Trust8es, Dir8clor5 and M3nagemenl Cornrnittee mernbers during the period.. H Costèr F Davigs Coster A Berry Trust88 and management commlllee member only C Coster Trustee and management committee member only Objectives and activitie$ a. Poli¢ios and objo¢liv•s The Foundation w85 incorpor818d on 27 Nl8y 2008 by th8 Iru518es of the Mauric8 Uppgrlon Charitable Trust. Thal trust was 8 regislored charity set up on 13 July 2006 by the execulors ol Maurice Upperton deceased following a lengthy period of liligalion to recover assets due lo his eslate, It was governed by the Will of Maurice Upperton dated 3 Augjst 1988 which was proved al 8ristol probate registry on 12 July 1995. Its object was lo dislribule in¢ome as may be allowable after expenses to charitable inslilulions or other charitable projects in England al Ihe absolute discretion of the Irusle85. The governing document severely limited their scope lo make discretionary income distributions, and with a view to creating a more pemianenl fu1 lo meet the known wishes of Maurice Upperton th8 Irusle8s made 8 Resolution under section 75 of th8 Charities Act 1993 as amended by the Charities Act 2006 to spend the whole of the permanent endowment of the charity This was approved hy the Charity Cornmission and at a meeting of the trustees held on 15 March 2010 and il was resolved that the entire assets and liabilities of the charity be transferred lo the Maurice Upperton Foundation. This was not approved by the Charity Commission until much later, and the transfer w8s completed by 31 March 2011. In setting obj8clives and planning for aclivilies, thè Trusl8ès have givgn due consid8ralion lo g8nèrAI guidance publish8d by Ihe Charity Commission relating to public benefiL including the guidance 'Publi¢ benefit.. running a charity IPB21'.
THE MAURICE UPPERTON FOUNDATION IA Company Limited by Guarantee) Achlevements and performance a. A¢hièvem8nts of our early year5 Since the Charity's inception we have sUPPOrted many young people, between the ages of ten years to Iwenty-fi've year5 old. We have had many mor9 applicants and all wgrg considgrad. Most of the applications hav& comè from word of mouth. All but one of our recipients were resident or at school in Wesl Sussex, the exception being from South Wales. We have covered all scholarship areas of Music, Drama, Academ, Art and Sport. Some of our recipients had talent in more than one area. To illustrate, we have supported Ac8demic applicants, (with additional talent in Music, and Arll, Ballet, Triple Threat Performing Arts students and one Tennis player. The schools we have been involved with have been a variety of Perfomiing Arts and Private Schools. with Iwc) training sports academi8s for thg young Tennis Player from South Wales. The Geographical areas of our schools have been West Sussex, Brighton, London, Berkshire and on8 in Spain, The longest tim8 of support was our very first applicant who was sUPPOrt8d eight years in total. She obtsined 4A's in h8r A Level subjeds and went to Durham Univorsily whoro sho achiovod a 1st Class dogroe in Ancionl Hislory and has complolod a Maslcrs with Distinction in Classics. She then went on lo a year's teacher Iraining in Liverpool and is now leaching al a school in Berkshire. S)e is also an Assessor for the Duke of Edinburgh's Award Scheme. Another of our sludenis achleved a BA in Theatre Studies in Summer 2020, and she is now working in London. We also supported a talented young man who had been accepted to study at the London School of Muslcal Theatre but was slruggllng lo complete the necessary funding for th9 course. He has now completed the cour59 and is working in th8 8ns8mblg of Les Misgrab18s in the Wgst End, London. Throughout th& perlod we supported six slud8nls al Chrisl's Hospital with their music18sson f89s. More muslcians wlll be supported into the next academic year. The Found81ion continues lo be commilled a5 a Dcfiation Governor to supporting a young student at Christ's Hospital. He started al the school in Sepl8mb8r 2021. and is very successfully taking advantage ol all that the school has lo offer. A Ma1 new project The Foundation is also currently involved in a new project where it is a lounding partner in the City of London Lord Mayor's Royal Mathematical School Scholarship at Christ's Hospital. This Is a scholarship in perpeluily to support a sixth form student which will allow Ihe Foundation lo make a siynifi¢anl impact on social mobility for students from a disadvantaged background. The students gain a valuabl8 sl8pping stone between GCSES and university in a supportive and academic environment where Ih8y ar8 also b8 able to explore their talents within a wide range of 8Xtracurricular opportunities including the creative arts, music and sport. This projecl is tilled The Maurice Upperton RMS Scholarship and the fi'rst sludenl starts in September 2024. We have also supported a student in higher education to do a posl-graduale Law degree at Ihe University of Law. Lastly. it continues lo be very tirne consuming and challenging lo find suit?ble beneficiarles as 51ipulated by Ihe Trust's founder and to maintain checks on the 8xisling beneficiaries. It Iher8for& continues lo be the Iruslees, pr8f8renc8 lo build up Ihe rental yield in their investment company, Adrian Properties Limited, lo create a larger income stream from which the trustees would be able to employ personnel lo perform these administrative tasks under their guidan. This would also have the advantage of securing the income base lo give the trustees confidence th81 they would continue to be able lo fund beneficiaries through to the end of their educational programme and eventually lo be able lo expand the activities of the charity. I policigs and procgdure5 have b99n r8view8d, refined and updated, particulady with GDPR in Mind.
THE MAURICE UPPERTON FOUNDATION IA Company Limited by Guarantee) Structure, governance and management a. Constitution The Maurice Upperton Foundation is registered as a charilable company limited by guarantee and was sel up by a Memorandum of Association. The company is constiluled under a Memorandum of Association dated 27 May 2008 and is a registered charity number1132826. The principal object of the company is lo provide financial assislance to children and young paopla who have shown the talent, aptiluda and commitment that will enable them to gain great benefil from a first class education yet are prevented from achieving this through lack of resources. In s8lting our objectives and planning our activities we have given careful consideration lo the Charity Commission's general guidanc8 on public bfin8fit and in particular to ils supplem8Nlary public b8nefil guidance ¢)n advancing gducation. b. Methods of appointment or election of Truslees The management of the charity is the responsibility of ihe Trustees who are elected and co opted under the lenms of the Memorandum of Assoclatlon. Organlsatlonal structur• and d•c131on-makln9 pollcles The board cortsisls of four dir&clors who have mel r8gularly durlng the year. Th&y have examined where there may b6 risks which the charity could face and confirm that systems hav8 been established lo enable steps lo be taken to lessen these risks. Financial roViOW Golng concern After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue lo adopt the going concern basis in preparing th8 financial statements. Further delails regarding the adoption of the going concern basis can be found in the accounting policies. b. Reserves pollcy Basi practice holds thai reseNes gqual Ihrea months of an organisaiion's running costs. Thg Directors note thai a ioial lunresiricied fvndsl amount of £174,193 is sufficient to meet the demands of the organisalion's running wsts. Financial activities The financial activities are summarisgd on page 7 of the accounts. During the period the charity CeiVed lolal incoming resources of £153,ODO122123 - £180,000) The charity exp8nded £4.218122123 - £4.6801, excluding charitabl8 donations and write offs.
THE MAURICE UPPERTON FOUNDATION IA Company Limited by Guarantee) Statement of Trustees. responslbllltles The Trustees Iwho are also the directors of the eharity lor the purposes of company lawl are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company 18w requires the Trustees lo prepare fin8nci81 statements for e8ch fin8n¢i81 . Under ¢omp8ny law, the Trustees rnusl not approv8 the financial 5talements unless they are salisfied Ihal they give a true and fair view of th8 Stat8 of affairs of the charity and of its incoming resources and application of resources. including its income and expenditure. for that period. In preparing these fi'nancial slalements, the Trustees are required to,, select suitable accounting policies and then apply them consistently., obs8rv8 tha mglhods and principlas of th8 Charili8s SORP IFRS 102)., make judgments and accounting eslimales that are rea50n8ble and prudent., stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial slalemenls., prepare the financial slalemenls on the going concem basis unless il is inappropriate lo presumè that the charity will continue in bLisiness. The Trustees are reswnsible for keeping adequate accounting records that are sufficient lo show and explain ihe charity's transactions and disclose with reasonable accuracy al any time the financial Fosilion of the charily and enable them to ensure that the linancial slalernenls comply wllh the Companies Act 2006. They are also responslble for safeguardlng the assets of the charlty and hence for taking reasonable slgps for th8 prevention and detection of fraud and olh8r irr8gularilies, Approved by order of the mernbers of the board of Trustees on 12 December 2024 and slgned on thelr behalf by.. M Cost•r Truslee
THE MAURICE UPPERTON FOUNDATION IA Company Limited by Guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE PERIOD ENDED 31 MARCH 2024 Independent Examlnefs Report to the Trustees of The Maurlce Upperton Foundatlon I'the charlty'} I reF)orl lo th8 charity Trustees on my examination of the accounls of th8 charity for the period 8nded 31 fv18rch 2024. Responslbllltles and Basls of Report As the Trustees of the charity land ils directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 Ilhe 2006 Acl'l. Having satisfi1 myself that the accounts of the ¢harily are not required lo be audiied under Part 16 of ihe 2006 Act and are eligible for indep8ndenl examination. I report in resp8ct of my 8xamin81ic>n of th8 charity's accounts carri8d out under section 145 of the Charit18S Act 2011 I'lhe 2011 Acl'}. In carrying out my examination I have followed the Directions giver) by the Chanly Commission under section 14515ljbl of the 2011 Act, Independènt Examin&r's Stst&m8nt I have completed my &xamin8lion. I confirrn that no matters have corn8 to my allgnlion in connection with th8 8x8rninalion giving rn8 Cause lo believe.. accounting records were not kept in respect of Ihe charity as required by section 386 cf Ihe 2006 Acl- or the accounts do not accord with those records., or the accounts do not comply with the a¢untIng requlremerls of section 396 of the 2006 Act other than any requirement that the 8c.c.ounlq give 8 '1nJe and f2irf view whirh Ss not p matter conqidered 84 P8rt of en indep8nd8nl ex8mSn8tion', or th8 accounts hav8 not b88n prepared in accordanc8 with the methods and principles Df the slement of Fiecomm8nded Practice for accounting and reporting by charities lapplicable lo charities preparing their accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland {FRS 10211. I have no concerns and have come across no other matters In connecllon wllh the examination lo whlch allenllon should be dffjwn In this report In order to enable 8 proper understsnding of the accounts lo b8 reached. This report is rnade solely lo the charity's Trustee5, as a body, in accordanc9 with Part 4 of the Charities IAccoun15 and Reports) Regulations 2008. My work has been undertaken so that I might stale lo the charrty's Trustees those matters l am required to slate lo them in an Independent Exarniner's Report and for no other purpose. To the fullest exlenl permitted by law, I do not accept or assume responslbllily lo anyone other than the charlty and Ihe charlty's Trustees as a body. for my work or for ihls report. Signed.. Da18d.. 13 December 2024 Philip Munk FCA, FCCA TWP Accounting LLP Chartered AGcount8nts and Statutory Auditors The Old Rectory Church Street Weybridge Suiiey KT13 8DE
THE MAURICE UPPERTON FOUNDATION IA Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE PERIOD ENDED 31 MARCH 2024 Unrestricted Total Total Endowment funds funds fvnds funds 10 months ended 10 months ended 10 months ended 12 months ended 31 March 31 March 31 March 31 May 2024 2024 2024 2023 Note Donalitsns and legacies Expendilure on- Chari18b18 aclivi118S 153,000 153,000 180.000 194,476 194,476 8.900 Total expendlture 194,476 194,476 8,900 Not mov•mont In funds 141,476) 141,4761 171,100 Reconriliation of funds: Total funds brought forward Nel movetnenl in fundg 3.311.993 215,669 141,476} 3,527,662 (41,4761 3,356,562 171.100 Total funds Carrled forward 3,311.993 174,193 3,486,186 3.527,662 The Slalemenl of Financial ActlvitSes in¢lude$ all gain$ and bsses recognis8d In the perS0d. The notes on pages 10 to 18 form part of these financi81 slalements.
THE MAURICE UPPERTON FOUNDATION IA Company Limited by Guarantee) REGISTERED NUMBER: 06603689 BALANCE SHEET AS AT 31 MARCH 2024 31 March 2024 31 May 2023 Note Fixed a$sets Inveslmenls 3,200.000 3,200,000 3,200,000 3,200.000 Currant ass•ts D&blors 10 265.491 31,526 292,491 45,421 Cash at bank and in hand 297.017 337,912 Credllors.. amounts falllng due wlthin one year 110.8311 110.2501 Nel current assets 286,186 327,662 Total assets less current Ilabilitles 3,486.186 3,527,662 Total nat assèts 3,486,186 3,527,662 Charlty fund8 Endowment funds 12 3,311,993 174,193 3.311,993 Unrestricted funds 12 215,669 Total lunds 3,486.186 3,527,662 Thè charity was entitled lo exemption from audit under secllon 477 of the Companies Act 2006. The m8mbers have Trol required th8 company lo obtain 8n audit for the period in qu8stion in accordancg With section 476 of Companies Act 2006. The Trustees acknowledge their responsibiliiies for complying with the requirements of the Act wth respect lo accounting records and preparation of financial slal8m8nts. The financial slalements have been prepared in accordan with the provi5ion5 applicable lo entities subject to the small companies rggime. The financial slalements were approved and authorised for issue by the Trustees and signed on their behalf by.. H Coster Trustee Dale_. 12 December 2024
THE MAURICE UPPERTON FOUNDATION IA Company Limited by Guarantee) REGISTERED NUMBER: 06603689 BALANCE SHE {CONTINUEDI AS AT 31 MARCH 2024 Tha nolos on pag88 10 to 18 form part of these financial 81alements.
THE MAURICE UPPERTON FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 General infomiation The Maurice Upperton Foundalion106603689) is incorporated and a registered charity {1132826) in England and Wales. The company is lirniled by guaranlee of £1 and does not have share capital. In Ihe event of the charity being wound up, the liability in respect of the guar8nle8 is limited lo £5 per member of the charity- The address of the registered office is given in the charity information on page 1 of these financial slalemenls. Accounting PDlities 2.1 Bafjis of preparation of financial statements The financial statements have been prepared in accordance with the Charitl8s SORP IFRS 102} - Accounting and Reporting by Charities,, Statement of Recomm8nded Practice aoplicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicabl8 in the UK and Republic of Ireland IFRS 1021 effective 1 January 2019 the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 20D6. Th8 Mauricg Upperton Foundation m891s the d8finition of a public benefit 8nlily und8r FRS 102. As591s and liabiliti8$ are initially recognised at historical cost or Irans8clion value unless othenvise staled in the relevant accounting policy. Th9 financial $ls1gmgnts are pr9par9d on g going ¢onc9m basi$ undgr the hislori¢g1 Gosl oonv9ntion, modifi9d lo inoludg certain items al fair value. The financial slalernenls are presented in sleding which is the functional currency of the charity and rounded to Ihe nearest £. The financial stslemenls are pres8nled for a period shorter than one year. froTN 1 June 2023 10 31 March 2024, The Comparative amunls presented in the financial slalemenls (including the related notes) are not entirely comparable as they relate lo the period from 1 June 2022 10 31 May 2023. Cagh flow The charity has taken advantage of the exemplion of 'Updale 8ullelin 1, in preparing these financial slatemenls as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland Th8 slgnificanl accounting policAes applied in the preparation of th8se financial slalemenls are sel out below.. 2.2 Income All income is recognised once the charity has entillemenl lo the incorne, il is probable that the income will be received and Ihg amount of incorne receivable can b8 measured reliably. 2.3 Expenditurè Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in selllement and the amount of the obligation can be measured reliably. Expenditure is classified by 8Ctivily. The ry)sts of e8ch activity are made up of the tot81 Df direct c05tS and shared costs, including support costs involved in undertaking each acbvily. Direct costs attributable lo a single activity are allocated directly lo that aclivity. Shared costs whh contribute lo more than one activity and support costs which are nc>t attrihlltablp. In a singlA artivity ar8 apportion8d bgtwean Ihnse ac.livitios an a basis c.on4islenl 1th the 1190 of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. Paoe 10
THE MAURICE UPPERTON FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 Accountlng pollcles Icontlnued) 2.3 Expenditure {¢ontinuedl Expendire on charitabl8 activities is incurred on dir8Ctly undertaking the activities which further the charitls objectives, as well as any associated support costs. Gov9rn8ncg C0515 are th058 iUrred in connection with adrninistralion of the chariiy and compliance with constitutional and statutory requirements. Grants payable are charged in the period when the offer is made except in those cases where the offer is conditional, such grants being r8cognis8d as expenditure wh8n the conditions attaching are fulfilled. Grants offered subj8cI to conditions which have not been mel al the period end are noted as a commitment, bul nol accrued as expenditure. 2.4 Taxatlon Thg charity is considergd to p855 th8 tests sel out in Paragraph 1 Schgdulg 6 of Ihg Finance Act 2010 and Ih8refore it meets the defi'nition of a charilable CL)mpany for UK corporation lax purposes. Accordingly, the charity is potentially exempt from laxalion In respect of Incc*ne or capital gains recelved within calegorle$ covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of th& TaxatDn of Chargeable Gains Act 1992. to the exlenl Ihal such Incom8 or gains are applied exclusively lo charitable purposes. 2.5 Invostm•nts Fixed asset investments are a foim of financial instrument and are initially recoJni5ed al their tr8nsaclion c05t and subsequently measured ot fair value al the Balancg Sheet date, unless the valug cannot be measured rgliably in which Case It is measured al cost less impaimienl. Investment gains and losses, vihelher realised or unrealised, are combined and presented as 'Gainsl{Lossesl on iDveslmenls' in the Slalemenl of Financial Activities. The investment held by the charity is its 1 OOYO shareholding in a private limiled company, Adrian Properties Limiled, Adrian Properties Limited is an investment propety company. The fair value ol the investment in the charity is determined by laking the ulerIyIng valuation of the properties held by the inveslmenl property company less any potential lax and liquidation costs if those properties were sold. 2.6 D•btors Trade and other debtors are r8cognised al the settlement amount after any trad8 discount offer8d. Prepayments are valuod al the amount prgpaid nel ol any trade discounts dug. 2.7 Cash at bank and in hand Cash al bank and in hand includes cash and short-term highly liquid investments with a short malurily of Ihree months or less from the dale of acquisilion or opening of the deposit or similar account. Paoe11
THE MAURICE UPPERTON FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 Accountlng pollcles Icontlnued) 2.8 Liabilities and provisions Liabilities are recognised when th8re is an obligation at the Balance Sheet da18 as a result of a past 8venl, il is probable that a transfer of economic beneh'l will be required in seltlemenl, and the amount of the selllement can be eslimaled reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to sellle the debl or the amounl il has received as advanced payments for the goods or services it musl provide. Provisions are measured 8t Ihe best 8Stimale of th8 amounts required lo selue the obligation. Where th8 8ffect of the lim8 value of money is material, th8 provision is based on the present value of those amounls, discounted al th8 pre-tax discount rat8 that reflects the risk5 SP8cific lo th8 liability, Th8 unwinéing of the discount is r8cognised in the Statement of Financial Activities as a finance cost. 2.9 Fund accounting General funds are unreslrlcled ffunds thlch are avallable for use al the discretion of1he Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. The Endowment fund was created by the gift of shares in Adrian Properties Limiled, Any increase or decrease in the und8rfying value of Adrian Properties knmiled is r8flect8d in th8 Endowmgnt Fund. Incom• from donatlons Unrestrlctgd funds 10 months end8d 31 March 2024 Tots fun 10 mont ende 31 Marc 202 Donations 153,000 153,000 Unr¥blriLl8d funds 12 months end8d 31 May 2023 Tuld fun 12 mont ende 31Ma 202 Donations 180,000 180,000 Paoe 12
THE MAURICE UPPERTON FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 Analysis of grants Grants to Individuals 10 months 8nd8d 31 March 2024 Tots fun 10 mont ende 31 Marc 202 Grants 10 instilullons & individuals 190,258 190,258 Grants to Individuals 12 months ended 31 May 2023 Tola fun¢ 12 mont ende 31Ma 202 Grants to inslilulions & individuals 4,220 4,220 Analysls of expendllure on charltable actlvltles Summary by fund type Unreslricled fiinds 10 months ended 31 March 2024 Tol.. 10 monl ende 31 Marc 202 Education 194,476 194,476 Unrgslricl8d funds 12 months end8d 31 May 2023 Tob. 12 mont ende 31Ma 202 Edijralinn 8,900 8.900 Paoe 13
THE MAURICE UPPERTON FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 Analysis of expenditure by activities Grant funding of activilies 10 months ended 31 March 2024 Tots fun 10 mont ende 31 Marc 202 Support costs 10 months ended 31 March 2024 Education 190,258 4,218 194,476 Grant funding of activilie5 12 month ended 31 May 2023 Tots fun 12 mont ende 31Ma 202 Support Costs 12 months ended 31 May 2023 Educ81iDn 4,220 4,680 8,900 Analysis of support costs Total funds 10 months ended 31 March 2024 Education 10 months ended 31 March 2024 Governance costs 4,218 4,218 Total funds 12 month5 8nd8d 31 May 2023 Education 12 month5 gnd8d 31 May 2023 Govemance costs 4,680 4,680 Paoe 14
THE MAURICE UPPERTON FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 Independent Examinerfs rernuneration 10 months ended 31 March 2024 12 months ended 31 May 2023 Independent examinal¥)n fee 3,570 3,480 Trusteés. remuneration and èxpènses The charity has no employees other than the Trustees, who did not r8C8ive any remun8ralion or other benefits12023 - £NILI. During the period 8nded 31 March 2024, total Truslees incurred gxpenses on behalf of th8 charty amounting lo £52812023 £630). Durlng the period ended 31 March 2024. the charity reSmbursed A Bery, one of the trustees. for an amount of £13.95 12023 £13,951 for tr8vel expenses. Also during the period Ihe charity reimbursed C Cosler, one of the trustees, for an amount of £24.2512023 £105.60) for travel expenses for duties as a governor 81 Chrisl's Hospi181, Flxed asset Investments Investments in subsidiary compani8S Cost or valuation Al 1 Jun8 2023 3,200.000 Al 31 March 2024 3,200.000 Net book value Al 31 March 2024 3,200,000 At 31 May 2023 3,200,000 Paoe 15
THE MAURICE UPPERTON FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 Fixed asset inve5tment5 (continued) All the Iixed asset investments are held in the UK. The charity owns the whole of the issued ordinary share capital of Adrian Properties Limited {company number 004291721, a company registered in England and Wlales. The acllvity of the company wnllnues to be that of an investment property company. The company itself has a subsldlary, Martin Prescott Investments Limited, which 15 dormant. Adrian Proporligs Limilod dogs nol ¢ary oul any Qharilablg aGtiviligs, and thgroforg group a¢counts ar9 not requirgd to bg prepared. In the 10 month perfod to 31 hlarch 2024, unaudited profll after lax lor the perlod amounted lo £14,67812023 - £40,434), out of whlch donalioris of £153,00012023- £180,000) were Awarded lo the charity. 11 Is the intention that the balanc8 of retained profi'ts will 8venlually bè gift aidèd. Total shareholders, funds as al 31 March 2024 were £3,571,569 {31 May 2023 - e3,556,8911. The trustees have eslimaled the fair value of these shares as al 31 March 2024 as £3,200,000131 May 2023 - £3,200,000). having considered th8 valuation of the underfying nel assets held in Adrian Properties Lirni18d, less any lax and liquidatic costs if those assets were sold. 10. Dobtors 31 Marc 2024 31 May 2023 Due within on8 year Income receivable 153,005 112,486 180,005 112,486 Other debtors 265,491 292,491 11. Credltors: Amounts lalllng due wlthln one year 31 March 2024 31 May 2023 Accruals and deferred income 10,831 10,250 Included within other credil9rs 15 £7,261 131 May 2023 £6,770} owed lo Ihe Iru5tee5 for gxpenses incurred Dn behalf of the company. Paoe 16
THE MAURICE UPPERTON FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 12. Statement of funds statement of funds . current period Balance al 1 June 2D23 Balance al 31 March 2024 Income Expenditure Unrestrlcted funds General Funds- all funds 215,669 153,000 {194,4761 174,193 Endowment funds Endowment Funds - all funds 3,311,993 3,311,993 Totsl of funds 3,527,662 153,000 1194,4761 3,486,186 Statement of funds . prlor perlod Balance al 1 June 2D22 Balance at 31 May 2023 Incom8 Expenditure Unrestricted funds General Funds- all funds 44.569 180.000 I8.0) 215,669 Endowmont fund• Endowment Funds - all funds 3,311.993 3,311,993 Total of funds 3.356,562 180.000 I8,0) 3.527.662 Paoe 17
THE MAURICE UPPERTON FOUNDATION IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024 13. Analysis of net assets between funds Analysis of net a95ets betsveen funds - current period Endo¥Ament funds 31 March 2024 Unrestricted funds 31 hAarch 2024 Tola fund 31 Marc 202 Fixed asset inv8stments 3,200,000 3,200.000 Current ass&ls 111,993 185,024 297,017 Creditors due within one year 110,831} 110,8311 Totsl 3,311,993 174,193 3,486,186 Analysis of net assèts betwgen funds . prior pèriod Endowment funds 31 May 2023 Unrestricte¢J fund$ 31 May 2023 Tola fund 31Ma 202 Fixed asset inveslmenis 3,200,000 111,993 3,200,000 337.912 Current assets 225,919 Creditors due wllhin one year 110,250) {10,2501 Totsl 3,311,993 215,669 3,527,662 14. Related party Iransattions The Trustees neither received nor waived any remuneration during the year. InfDrmalion reagrding the Trusle&s 8xpens8s are disclosed in note 8. During the year, the charity received donation from Adrian Properties Limited of £153,00012023 - £180,000). The balance due frorn Adrian Propertie5 Limilgd al th8 year end was £112,486131 May 2023 - £112,486) and is included within olh8r debtors. H Cogter and F Davies-cosler, who are Ihe trusteeg of the charity are also the directors of Adrian Properties Limited, The amounts are unsecured, interesl free and repayable on demand, 15. Controlling party The charity was under the control of the Trustees during the year. Paoe 18
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