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2021-02-28-accounts

THE MURIEL JONES FOUNDATION

Trustees’ Report

and Financial Statements

for the year ended 28 February 2021

Registered Charity Number 1135107

FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021

THE MURIEL JONES FOUNDATION

INDEX

Page
Charity information 1
Trustees’ report 2
Auditors’ report 4
Statement of financial activities 6
Balance sheet 7
Statement of cash flows 8
Accounting policies 9
Notes to the accounts 11

THE MURIEL JONES FOUNDATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021

REFERENCE AND ADMINISTRATIVE DETAILS

Trustees

Richard Brindle Katie Brindle Coutts & Co to 05 July 2021 Ludlow Trust Company Limited from 05 July 2021

Principal office

1[st] Floor Tower Wharf Cheese lane Bristol BS2 0JJ

Charity registered number

1135107

Auditor

Geoffrey Frost BSc(Hons) FCA Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY

Bankers

Coutts & Co 440 Strand London WC2R 0QS

Investment Advisers

Coutts & Co 440 Strand London WC2R 0QS

Page 1

FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021

THE MURIEL JONES FOUNDATION

TRUSTEES’ REPORT

The trustees have pleasure in presenting their annual report for the purposes of the Charities Act 2011, together with the accounts for the period ended 28 February 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

STRUCTURE GOVERNANCE AND MANAGEMENT

The Muriel Jones Foundation is a registered charity constituted under a Deed of Settlement dated 24 February 2010.

The Foundation is controlled by the trustees. The current trustees are detailed on page 1. The settlors jointly during their lifetime or the survivor or them during his or her lifetime shall exercise the statutory power to appoint trustees and have the power to remove any trustee. Subject to this the power to appoint trustees shall be exercisable by the trustees from time to time.

New trustees are selected on the basis of the contribution that they will make to the governance of the Foundation and the skills that they will contribute. They are provided with copies of the Charity Commission’s guidance to trustees and given an introduction to the activities of the charity by the existing board. Existing trustees are provided with training as and when required.

The administration of the charity was undertaken by Coutts & Co during the year in its capacity as trustee.

The trustees have assessed the major risks to which the charity is exposed. The trustees believe that by ensuring controls exist over key financial systems incorporating Coutts & Co’s systems and controls they have established effective systems to mitigate those risks.

OBJECTIVES AND ACTIVITIES

The Deed of Settlement states that the objects of the Foundation are to further such objects or purposes which are exclusively charitable according to the law of England and Wales in any part of the world and in such manner as the trustees may in their absolute discretion think fit.

The trustees shall apply the income and, in their absolute discretion, the capital of the Foundation in promoting the objects.

The Foundation achieves this object for the public benefit by provision of grants and donations. In determining the means by which the Foundation shall achieve its object the trustees have had regard to the guidance on public benefit issued by the Charity Commission.

ACHIEVEMENTS AND PERFORMANCE

During the period under review the trustees awarded a total of 23 grants to 17 recipients to a range of charitable organisations in accordance with the Foundation’s grant making policy as shown in note 6.

In the opinion of the trustees the Foundation, by making grants only to charitable organisations which themselves are for the benefit of the public, is in turn meeting its own obligation to deliver public benefit.

Investment policy. There are no restrictions on the charity’s power to invest. The investment strategy is agreed between the trustees and the investment managers, and is regularly reviewed. This is the subject of a policy statement which has been completed by the trustees, is also kept under review, and forms an integral part of the agreement with the investment manager to provide investment management services. The statement was last reviewed on 21 May 2014.

The policy of the Foundation is to invest prudently in a managed portfolio of equities, fixed income and alternative investments to generate income and capital growth which contributes towards the Foundation’s grant programme. The main investment objective of the charity is to produce a better return than cash and protect future purchasing power against inflation.

Investment performance was in line with expectations for the period.

Page 2

FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021

THE MURIEL JONES FOUNDATION

TRUSTEES’ REPORT

FINANCIAL REVIEW

During the period ended 28 February 2021 the Foundation’s incoming resources on the income fund amounted to £1,078,549 (2020: £764,740) consisting of investment income and transfers from capital. Expenditure amounted to £1,117,558 (2020: £795,297).

Additions to the capital fund were received during the year under review amounting to £nil (2020: £nil). A gain of £177,167 (2020: £186,127) on investment transactions and holdings with a loss on foreign exchange transactions and balances of £1,785 (2020 loss: £759) during the year.

The charity had an overall decrease in funds of £858,621 (2020 decrease: £483,084) for the year.

Reserves policy. The Foundation is operated as a grant giving charity and is funded by additions to its capital fund, income arising from its investments and gains arising on its investment portfolio. The trustees have the power to alter the level of grant expenditure from year to year insofar as they shall think fit.

The balance sheet shows total funds of £4,355,090 (2020: £5,213,711), with free reserves amounting to £10,961 (2020: £16,544). In the light of this the trustees consider the level of the Foundation’s free reserves to be adequate but not excessive.

PLANS FOR FUTURE PERIODS

The trustees will continue to accept applications for grant funding in pursuance of their grant-making policy outlined above.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees 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 Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

By order of the trustees:

Julian Doughty on behalf of Ludlow Trust Company Limited Trustee

22 December 2021 Date

Page 3

FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021

THE MURIEL JONES FOUNDATION

INDEPENDENT AUDITORS’ REPORT

Independent Auditors’ Report to the Tustees of The Muriel Jones Foundation

Opinion

We have audited the financial statements of The Muriel Jones Foundation (the ‘charity’) for the year ended 28 February 2021 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Page 4

FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021

THE MURIEL JONES FOUNDATION

INDEPENDENT AUDITORS’ REPORT

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Blue Spire Limited, Statutory Auditor

Cawley Priory South Pallant Chichester West Sussex PO19 1SY

22 December 2021 Date

Blue Spire Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

Page 5

THE MURIEL JONES FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021

STATEMENT OF FINANCIAL ACTIVITIES

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
1
Investments
2
Total
EXPENDITURE ON:
Raising funds - Investment management fees
3
Charitable activities
4
Total
Net gains/(losses) on investments
6
Net income/(expenditure)
Transfers between funds
11,12,13
OTHER RECOGNISED GAINS/(LOSSES)
Gains/(losses) on foreign exchange
7
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
11,12
Total funds carried forward
11,12		 Income
Fund
£
-
83,558
83,558
-
1,084,132
1,084,132
-
(1,000,574)
994,991
-
(5,583)
16,544
10,961		 Capital
Fund
£
-
-
-
33,426
-
33,426
177,164
143,738
(994,991)
(1,785)
(853,038)
5,197,167
4,344,129		 2021
Total
Funds
£
-
83,558
83,558
33,426
1,084,132
1,117,558
177,164
(856,836)
-
(1,785)
(858,621)
5,213,711
4,355,090		 2020
Total
Funds
£
-
126,845
126,845
41,010
754,287
795,297
186,127
(482,325)
-
(759)
(483,084)
5,696,795
5,213,711

None of the charity’s other activities were acquired or discontinued during the above financial year.

The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.

Page 6

THE MURIEL JONES FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021

BALANCE SHEET AS AT 28 FEBRUARY 2021

Note
FIXED ASSETS
Investments
8
CURRENT ASSETS
Cash at hand and in bank
Total current assets
CURRENT LIABILITIES
Creditors: amounts falling due within one year
9
Net current assets/(liabilities)
Net assets/(liabilities)
THE FUNDS OF THE CHARITY
Capital (expendable endowment)
11
Income
12
Total charity funds		 £
£
3,804,513
558,208
558,208
7,631
550,577
4,355,090
4,344,129
10,961
4,355,090
2021		 £
£
5,089,067
133,536
133,536
8,892
124,644
5,213,711
5,197,167
16,544
5,213,711
2020		 £
£
5,089,067
133,536
133,536
8,892
124,644
5,213,711
5,197,167
16,544
5,213,711
2020
5,213,711
5,197,167
16,544
5,213,711

The notes on pages 11 to 16 form part of these accounts.

These financial statements were approved by the board and signed on their behalf

Julian Doughty on behalf of Ludlow Trust Company Limited Trustee

22 December 2021 Date

Page 7

THE MURIEL JONES FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021

STATEMENT OF CASH FLOWS

Note
£
£
Net cash flow from operating activities (see below)
(1,118,819)
Cash flow from investing activities
Purchase of investments
(2,728,487)
Proceeds from sales of investments
4,190,205
Investment income
83,558
Unrealised (gains)/losses on foreign exchange
(1,785)
Net cash flow from investing activities
1,543,491
Net increase/(decrease) in cash and cash equivalents
424,672
Cash and cash equivalents at 1 March 2020
133,536
Cash and cash equivalents at 28 February 2021
558,208
Cash and cash equivalents consist of:
Cash at bank and in hand
558,208
Cash and cash equivalents at 28 February 2021
558,208
Reconciliation of net income to net cash flow from operating activities
£
£
Net income for the period
(858,621)
Adjusted for:
Investment income
(83,558)
(Gains)/losses on investments
(177,164)
Unrealised (gains)/losses on foreign exchange
1,785
Increase/(decrease) in creditors
(1,261)
(260,198)
(1,118,819)
2021
2021		 £
£
(795,791)
(3,638,972)
3,935,387
126,845
(759)
422,501
(373,290)
506,826
133,536
133,536
133,536
£
£
(483,084)
(126,845)
(186,127)
759
(494)
(312,707)
(795,791)
2020
2020		 £
£
(795,791)
(3,638,972)
3,935,387
126,845
(759)
422,501
(373,290)
506,826
133,536
133,536
133,536
£
£
(483,084)
(126,845)
(186,127)
759
(494)
(312,707)
(795,791)
2020
2020
(795,791)

Page 8

THE MURIEL JONES FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021

ACCOUNTING POLICIES

General information, scope and basis of the financial statements

The Muriel Jones Foundation is a registered charity, established under a trust deed, in England and Wales. The address of the principal office is given in the charity information of these financial statements and the nature of the charity’s operations and principal activities are detailed in the trustees' report.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Incoming resources

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Charity and it is probable that they will be fulfilled.

Investment income is earned through holding assets for investment purposes such as shares and cash deposits. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the Charity’s right to receive payment is established.

Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following expenditure headings:

● Raising funds; these include investment management fees charged by the charity's investment managers

● Charitable activities; these include grants to third parties and the costs of administering the charity inclusive of governance costs

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

Support and governance costs are those that assist the work of the charity but do not directly represent charitable activities. They are incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in the governance of the charity and primarily associated with the constitution and statutory requirements.

VAT

The charity is not registered for VAT and is unable to recover VAT incurred. On this basis costs are recorded inclusive of VAT within the SOFA.

Taxation

The Charity is an exempt Charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in sections 521 to 536 Income Tax Act 2007 (ITA 2007), as such no income tax is payable on the Charity's activities.

Page 9

THE MURIEL JONES FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021

ACCOUNTING POLICIES

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Where investments are denominated in currencies other than Sterling, transactions are translated at the rate prevailing at the date of the transaction and year end values are calculated using the exchange rate prevailing at the year end.

Debtors receivable and creditors payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Cash and cash equivalents

Cash and cash equivalents includes cash at bank and in hand and cash balances within the investment portfolio available for investment transaction purposes.

Fund accounting

Unrestricted income funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Capital (endowment) funds comprise the original gifts introduced by the settlor trustees and associated gift aid, together with the accumulated realised and unrealised surpluses arising on investments acquired with those gifts, less any donations made out of capital. The capital funds are expendable at the discretion of the trustees. Investment management charges and legal advice relating to the fund are charged against the fund. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income.

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Page 10

THE MURIEL JONES FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021

NOTES TO THE FINANCIAL STATEMENTS

1. Donations and legacies

Income
Fund
£
Donations
-
Gift aid receivable
-
-
2. Income from investments
Income
Fund
£
Interest received on cash deposits
240
Income from listed investments
83,318
83,558
3. Raising funds - Investment management fees
Income
Fund
£
Investment management fees
-
-		 Capital
Fund
£
-
-
-
Capital
Fund
£
-
-
-
Capital
Fund
£
33,426
33,426		 2021
Total
Funds
£
-
-
-
2021
Total
Funds
£
240
83,318
83,558
2021
Total
Funds
£
33,426
33,426		 Income
Fund
£
-
-
-
Income
Fund
£
2,271
124,574
126,845
Income
Fund
£
-
-		 Capital
Fund
£
-
-
-
Capital
Fund
£
-
-
-
Capital
Fund
£
41,010
41,010		 2020
Total
Funds
£
-
-
-
2020
Total
Funds
£
2,271
124,574
126,845
2020
Total
Funds
£
41,010
41,010

4. Charitable activities

Grants (see note 6)
Support and governance costs:
Bank transaction fees
Auditors remuneration
5. Auditors remuneration
Auditors remuneration - audit		 Income
Fund
£
1,081,697
35
2,400
1,084,132
Income
Fund
£
2,400		 Capital
Fund
£
-
-
-
-
Capital
Fund
£
-		 2021
Total
Funds
£
1,081,697
35
2,400
1,084,132
2021
Total
Funds
£
2,400		 Income
Fund
£
751,642
245
2,400
754,287
Income
Fund
£
2,400		 Capital
Fund
£
-
-
-
-
Capital
Fund
£
-		 2020
Total
Funds
£
751,642
245
2,400
754,287
2020
Total
Funds
£
2,400

Page 11

THE MURIEL JONES FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021

NOTES TO THE FINANCIAL STATEMENTS

6. Grants to institutions England and Wales unless annotated
2021 2020
No. £ No. £
Animals Asia Foundation 1 100,000 1 100,000
Anti-Slavery International 1 50,000 -
Bath Cats and Dogs Home 1 50,000 -
Celtic FC Fundation Scotland 1 5,000 -
Chrons and Colitis - 1 200
Clifton College Development Trust 1 1,857 -
Crossflow Limited 5 102,930 2 71,684
Downside Abbey General Trust - 1 2,719
Downside School 1 5,628 1 4,532
Downside Up Limited 1 15,000 2 17,955
Epatoma Foundation Bahamas 3 42,322 7 70,552
Fair Frome 1 5,000 -
FareShare 1 75,000 1 50,000
Felix Project - 1 1,000
Greenpeace Environmental Trust 1 100,000 -
Guide Dogs for the Blind - 1 30,000
Horris Hill Prepatory School - 1 2,000
Kiva Microfunds United States 1 103,960 -
Medecins San Frontieres (UK) 1 200,000 1 200,000
Prada-Willi Syndrome Association UK 1 25,000 1 1,000
Reprieve 1 100,000 1 100,000
World Land Trust 1 100,000 1 100,000
1,081,697 751,642

7. Foreign currency exchange gains and losses

Gains(losses) on foreign exchange Income
Fund
£
-
-		 Capital
Fund
£
(1,785)
(1,785)		 2021
Total
Funds
£
(1,785)
(1,785)		 Income
Fund
£
-
-		 Capital
Fund
£
(759)
(759)		 2020
Total
Funds
£
(759)
(759)

Page 12

THE MURIEL JONES FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021

NOTES TO THE FINANCIAL STATEMENTS

8. Investments

Market value brought forward at 1 March 2020
Cost of investments purchased
Disposals at carrying value
Unrealised gains/(losses) on investments
Market value carried forward at 28 February 2021
Gains/(losses) on investments:
Unrealised gains/(losses) on investments
Realised gains/(losses) on investments
Analysis of investment holdings:
Listed investments
9. Creditors falling due within one year
Investment manager's fees
Auditors fees		 2021
£
5,089,067
2,728,487
(4,074,081)
61,040
3,804,513
2021
£
61,040
116,124
177,164
2021
£
3,804,513
3,804,513
2021
£
5,231
2,400
7,631		 2020
£
5,199,355
3,638,972
(3,734,739)
(14,521)
5,089,067
2020
£
(14,521)
200,648
186,127
2020
£
5,089,067
5,089,067
2020
£
6,492
2,400
8,892

10. Related party transactions and employment costs

Fees payable to Coutts & Co, which is a trustee of the charity during the year, as detailed in note 3 of these financial statements are authorised under section 6 of the settlement deed. At the balance sheet date £5,231 (2020: £6,492) was accrued in respect of investment management.

The charity has no employees, all administration being carried out by the trustees who were not remunerated nor received any benefit except for the fees noted above in the year under review or the comparative year.

There were no other related party transactions to disclose.

Page 13

THE MURIEL JONES FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021

NOTES TO THE FINANCIAL STATEMENTS

11. Capital Fund
Brought forward
Amounts received in the year
LESS:
Investment management fees
Transfers out of capital
Gains/(losses) on investments
Gains/(losses) on foreign exchange
Comprising:
Investments
Current assets
Current liabilities
12. Income fund
Brought forward
Investment income
Cost of charitable activities
Transfer from capital
Balance carried forward
Comprising:
Investments
Current assets
Current liabilities		 £
£
5,197,167
-
(33,426)
(994,991)
(1,028,417)
177,164
(1,785)
4,344,129
2021
£
3,804,513
544,847
(5,231)
4,344,129
£
£
16,544
83,558
(1,084,132)
(1,000,574)
994,991
10,961
2021
£
-
13,361
(2,400)
10,961
2021
2021		 £
£
5,690,704
-
(41,010)
(637,895)
(678,905)
186,127
(759)
5,197,167
2020
£
5,089,067
114,592
(6,492)
5,197,167
£
£
6,091
126,845
(754,287)
(627,442)
637,895
16,544
2020
£
-
18,944
(2,400)
16,544
2020
2020		 £
£
5,690,704
-
(41,010)
(637,895)
(678,905)
186,127
(759)
5,197,167
2020
£
5,089,067
114,592
(6,492)
5,197,167
£
£
6,091
126,845
(754,287)
(627,442)
637,895
16,544
2020
£
-
18,944
(2,400)
16,544
2020
2020
16,544
2020
£
-
18,944
(2,400)
16,544

13. Transfers between funds

The transfer of funds from the expendable endowment (capital) fund to unrestricted Income fund was implemented by the trustees in order to provide resources for grant awards in furtherance of the charity's objectives.

Page 14

THE MURIEL JONES FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021

NOTES TO THE FINANCIAL STATEMENTS

14. Financial instruments

The carrying amounts of the Charity's financial instruments are as follows:

14. Financial instruments
The carrying amounts of the Charity's financial instruments are as follows:
2021
Total
Funds
£
Financial assets
Measured at fair value through net income/(expenditure):
Fixed asset investments
3,804,513
3,804,513
The income, expense, net gains and net losses attributable to the Charity's financial instruments are summarised as follows:
2021
Total
Funds
£
Income and expense
Financial assets measured at fair value through net income/(expenditure)
Income from listed investments
83,318
Investment management fees
(33,426)
49,892
Net gains and losses (including changes In fair value)
Financial assets measured at fair value through net income/(expenditure)
Unrealised gains/(losses) on investments
61,040
Realised gains/(losses) on investments
116,124
177,164		 2020
Total
Funds
£
5,089,067
5,089,067
2020
Total
Funds
£
124,574
(41,010)
83,564
(14,521)
200,648
186,127

Fixed asset investments are held at fair value with valuations obtained by reference to market prices from the appropriate stock exchange, bid prices and last traded prices where applicable.

Page 15

THE MURIEL JONES FOUNDATION

FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021

NOTES TO THE FINANCIAL STATEMENTS

15. Comparative statement of financial activities
Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
1
Investments
2
Total
EXPENDITURE ON:
Raising funds - Investment management fees
3
Charitable activities
4
Total
Net gains/(losses) on investments
6
Net income/(expenditure)
Transfers between funds
11,12,13
OTHER RECOGNISED GAINS/(LOSSES)
Gains/(losses) on foreign exchange
7
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
11,12
Total funds carried forward
11,12		 Income
Fund
£
-
126,845
126,845
-
754,287
754,287
-
(627,442)
637,895
-
10,453
6,091
16,544		 Capital
Fund
£
-
-
-
41,010
-
41,010
186,127
145,117
(637,895)
(759)
(493,537)
5,690,704
5,197,167		 2020
Total
Funds
£
-
126,845
126,845
41,010
754,287
795,297
186,127
(482,325)
-
(759)
(483,084)
5,696,795
5,213,711

Page 16