Charlty registration number 1173614 MARSHALEEN CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
MARSHALEEN CHARITABLE TRUST LEGALAND ADMINISTRATIVE INFORMATION Trustees Mr M W Plant Mrs E V Ballard Mrs LA Plant Charity number 1173614 Princlpal address 11 Lodge Close Wribbenhall Bewdley Worcestershire United Kingdom DY12 1DN Independent examiner Omierod Rutter Limited The Oakley Kidderminster Road Droitwich Worcestershire WR9 9AY Bankers CAF Bank 25 Kings HillAvenue Kings Hill West Malling Kent ME19 4JQ SolicitOTS Thursfields 14 Church Street Kidderminster Worcester DY10 2AH Investment advisors True Potential Wealth Management LLP Gateway West Newbury West Newcastle Upon Tyne NE15 8NX Brewin Dolphin Limited The Paragon Counterslip Bristol BS18BX
MARSHALEEN CHARITABLE TRUST CONTENTS Page Trustees. report Independent examinerfs report Statement of financial activities Balance sheet Notes to the financial statements 7-13
MARSHALEEN CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MAY2024 The trustees present their annual report and financial statements for the year ended 31 May 2024. The financial statements have been prepared in accordance with the accounting policies set out in note to the financial statements and comply with the trust's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)" Objectives and activities The aim of the Charity is to provide finance and material benefits to individuals and other Charities providing animal welfare. Geographically activities will be centred upon the South Midlands. Primarily assistan¢e will be given to the smaller organisations operating within the animal welfare arena. Further objectives are that the Trust will attempt to make as many visits as possible taking on board any Covid reslrictions which may apply at the time, in order to view the work of any applicants and to monitor the outcomes of donations given. Strategi8s for achieving aims and objectives The Charity invites applications for funding initially via an application form providing the Trustees with basic information to begin the decision making process. Personal meetingslvisits are then arranged when the application, following a Trustee Meeting, will be decided upon. Public benefrt The trustees have paid due regard to guidan issued by the Charity Commission in deciding what activities the trust should undertake. Achievements and perfomian¢e Significant activities and achiovam8nts against objeGtives Up until the death of Eileen Bell no activity had taken pla within the Charity. However upon Eileen's death a legacy from her will was bequeathed to Marshaleen Charitable Trust which was invested. No further donations have been received during the year ended 31 May 2024 and the only income source is the investment portfolio. Investment performance There are no restrictions on the Charity's power to invest. The Charity via its Investment adviser5, True Potential Wealth Management, have been advised to utilise the services of Brewin Dolphin, investing via their Discretionary Fund Management Scheme. The investment slrategy is set by the Trustees who provide the Investment Managers with specific guidelines (risk, etc}. The general investment objectives provide for a diversified risk of growth and some income at a balanced risk undertaking. Dividend income is 'paid out, in order to fuel donations. Flnancial review ReseThes poliGy It is the policy of the Trustees to retain the capital value and to utilise income to support its aclivilies. The legacy income from Eileen Bell's Estate will be invested and the Capital level will be retained to generate income for the charitable purpose.
MARSHALEEN CHARITABLE TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MAY2024 Majorrisks The Trustees regularly review any major rtsks likely to affect the Charity and can confimi that the necessary steps can be taken to manage and lessen such eventualilies. The key risk to the Charity relates to its Investment Portfolio as noted for it is on this that the Trust relies for ongoing income. It is for this reason that the Porffolio is independently managed and invested across a broad range of investments to mitigate market volatility. Plans forfuture periods It is the Charity's intention to spend or indeed commit to spending the investment income. It is felt that barring a major world economic crisis, income is likely to be broadly maintained. The trustees review all funding applications that they receive against the chartty's objectives. The trustees are also actively seeking out suitable organisations to support and it is hoped that the level of grants provided will increase over the forthcoming years. structurei governance and management The trust is a Charitable Incorporated Organisation and is governed by its constitution adopted on 31 July 2016, as amended on 7 December 2020 to facilitate the appointment of new and additional trustees. The Charity is constituted under a Trust Deed dated 29th June 2017 and is registered with the Charity Commission with number 1173614. The trustees who served during the year and up to the date of signature of the financial statements were: Mr M W Plant Mrs E V Ballard Mrs LA Plant ReGlUltment and appointment of tmstegs The Trustees are entitled to appoint new Trustees giving due consideration to their skills, knowledge and experience needed for the effective adminislration of the Trust. There is a process of induction for new Trustees including meetings with the current Trustees and provision of neSSary information as to the key activities of the Trust. The key management personnel of the Charity are the Trustees who receive no remuneration. The Trustees are keen to increase the number of Trustees and are looking for potential applicants to enhance the skills of the board.
MARSHALEEN CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MA Y2024 statement of trust. responsibilities The trustees are responsible for preparing the Tnjstses, 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 and Wales requires the trustees to prepare financial statsments for each finanaal year which give a true and fair view of the state of affairs of the trust and of the incoming resources and application of resour5 of the trust for that year. In preparing these finanaal statements, the trustees are required to.. - select suitable accounting policies and then apply them consistently: - observe the methods and principles in the Charities SORP., - make judgements and estimates that are reasonable and pNden( state ether applicable accounting standards have been followed, subject to any material departures disclosed arKI explained in the financial ststements,. and prepare the financAal statements on the going ¢oncem basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping SLfficient aCcnting records that disdose with reasonable accuracy at any time th8 financial position of the trust and enable them to ensure that the financial statements comply viith the Charities Act 2011, the Charity (ACUnts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The port was approved by the Board of Trustees. Mr M W Plant Trustee
MARSHALEEN CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MARSHALEEN CHARITABLE TRUST I report to the trustees on my examination of the ffnancial statements of Marshaleen Charitable Trust (the trust) for the year ended 31 May 2024. Responsibillties and basis of report As the trustees of the trust you are responsible for the pparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). I report in resped of my examination of the trusys ffnancial Statements Carried out under sectlon 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examinerfs statement Your attention is draym to th8 fact that the charity has prepared financial ststements in accordanc8 With Accounting and Reporting by Charities preparing their ac£ounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in prefence to the Accounting and ReF)oiting by Charities: Statement of Recommended Practi issued on 1 April 2005 which is referred to in the extant regulations but has now withdrawn. l understand that this has been done in order for financial statements to provide a true and fair vlew in accordance with Generally Apted Accounting Prac11 effective for reporting periods beginning on or after 1 January2015. I have completed my examination. I confimi that no matters have come to my attention in connection wrth the examination giving me cause to believe that in any material respecL' accounting records were not kept in sPect of the trust as required by section 130 of Ihe 2011 Act; or the finaneAal ststements do not accord with those records; or the financial ststements do not comply with the applicAble requirements conceming the fomi and content of accounts set out in the Chartties (Accounts and Reports) Regulations 2IXJ8 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no con¢ems and have come across no other matters in conn8Ction with the examinaOn to which attention should be drawn in this report in order to enable a proper understsnding of the financial statements to be reached. TonyArcher The Oakley Kiddeminster Road Droitwrch Worcestershire IMt9 9AY eoir
MARSHALEEN CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MAY2024 Unrestricted funds 2024 Unrestricted funds 2023 Notes Income from: Investments 26.644 28,719 Expendlture on: Raising funds Charitable activities 18,104 20,132 17,380 1,921 Total expenditure 38,236 19,301 Net gainsl(losses) on investments 10 77,745 (38,472) Net Incomel{expenditure) and movement in funds 66,153 {29,054) Reconcillatlon of funds: Fund balances at 1 June 2023 1,150,071 1,179,125 Fund balances at 31 May 2024 1,216,224 1,150,071 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
MARSHALEEN CHARITABLE TRUST BALANCE SHEET ASAT31 MAY2024 2024 2023 Fixed assets Investrnents 12 1,139,775 1,010,230 Current assets Cash at bank and in harKJ 77,823 141,149 Credltors: amounts falllng due within one year 13 (1,374) (1,308) Net current assets 76,449 139.841 Total assets less current liabllities 1,216,224 1,150.071 Net assets excludlng pension liability 1.216,224 1,150,071 The funds of the trust Unrestricted fvnds 1,218,224 1.150,071 1.216,224 1,150,071 Th cia tatements were approved by the trustees on 2.9. 02 Mr M W Plant Trustee
MARSHALEEN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY2024 Accounting policies Charity inforniation Marshaleen Charitable Trust is a Charitable Incorporated Organisation and is governed by its Constitution adopled on 31 July 2016, as amended on 7 December 2020. The principal address is 11 Lodge Close, Wribbenhall, Bewdley, DY12 1DN. 1.1 Accounting convention The financial statements have been prepared in accordance with the trusvs governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effedive 1 January 2019)" The trust is a Public Benerrt Entity as defined by FRS 102. The Irust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of Ihe Statement of Recommended Praclice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical Cost convention, [modified to include the revaluation of freehold properties and to include investment properties and rtain financial instruments at fair valuel. The principal arKounting policies adopted are set out below. 1.2 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are Subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trust. 1.3 Incomo In¢ome is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. other donations are recognised once the trust has been nolified of the donation, unless performance conditions require deferral of the amount. Income tax re¢overable in relation to donations received L5nder Gift Aid or deeds of covenant is recognised at the lime of the donation. Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, Ihe amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
MARSHALEEN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY2024 Accountlng policies {Contlnued) 1.4 Expenditure Liabilities are recognised as expenditure as soon as Ihere is a legal or constructive obligation committing the charity to that expenditure, a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all ¢ost related to the category. Where costs cannot be directly attributed lo particular heading5 they have been allocated to activities on a basis consistent with the use of resources. 1.5 Flxed asset investments Fixed asset investments are initially measured at transaction price excluding transaction Costs, and are subsequently measured at fair value al each reporting date. Changes in fair value are recognised in net incomel(expenditure) for thè year. Transaction costs are expensed as incurred. 1.6 Cash and cash equivalents Cash and cash equivalents include cash in hand, dep05its held at call with banks, other short-term liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Basic r Inancial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction prrce including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement conslitLrtes a financing transaction, where the transaction is measured at the present value of the future reiptS discounled at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Baslc financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement conslitutes a financing transaction, where the debt instrument is measured at the present value of the fvture payments discounted at a market rate of interest. Financial liabilities Classified'as payable within one year are not amortised. Debt instruments are subsequently Carried at amortised cost, using the effective interest rate method. Trade creditors are obligalions to pay for goods or services that have been a¢quired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effedive interest method. Inanclal liabilities Derecognition of r Financial liabilities are derecognised when the trusfs contractual obligations expire or are discharged or cancelled. 1.7 Employee benefits The cost of any unused holiday entiuement is recognised in the period in which the employee's servi$ are received. Termination benefits are recognised immediately as an expense when the trust is demonstrably committed to temiinate the employment of an employee or lo provide termination benefits.
MARSHALEEN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY2024 Critical accounting estimates and judgements In the application of the trust's accounting policies. the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Income from investments Unrestrlcted Unrestrlcted funds funds 2024 2023 Investment income Interest receivable 26,432 212 28,536 183 26,644 28.719 Expenditure on raising funds Unrestricted Unrestricted funds funds 2024 2023 Investment management fee 18,104 17,380
MARSHALEEN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY2024 Expenditure on charitable actlvlties Total 2024 Total 2023 Direct costs Bank charges Sundry office expenditure 71 1,187 67 546 1,258 613 Grant funding of activities (see note 6) 17,500 Share of support and governance costs Isee note 71 Governan¢e 1,374 1,308 20,132 1,921 Analysis by fund Unreslricted funds 20,132 1,921 Grants payable Total 2024 Grants to institutions.. Farm Animal Sanctuary 17,500 Support costs allocated to activities 2024 2023 Governance costs 1.374 1,308 Analysed between: Total 1,374 1,308 2024 2023 Governance Costs comprise: Independenl examiner fee 1,374 1,308 1,374 1,308 10-
MARSHALEEN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY2024 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year. Employees The average monthly number of employees during the year was: 2024 Number 2023 Number Total There were no employees whose annual remuneration was more than £60,000. 10 Gains and losses on investments Unrestrictsd Unrestricted funds funds 2024 2023 Gainsl(losses) arising on.. Revaluation of investments Sale of investments 63,915 13,830 (16,768) (21,704) 77,745 {38,472) 11 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 11
MARSHALEEN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY2024 12 Flxed asset investments Listed Cash withln.i_ investments portfolio Total Cost or valuation At 1 June 2023 Additions Valuation changes Movement in year Disposals 999,102 278,435 63,915 688 (204,402) 11,128 1,010,230 278,435 63.915 (8,403) (204,402) (9,091) At 31 May 2024 1,137.738 2,037 1,139,775 Carying amount At 31 May 2024 1,137,738 2,037 1,139,775 At 31 May 2023 999,102 11,128 1,010,230 2024 2023 Investments at fair value comprise- UK equities Overseas equities Overseas bond5 Property other 289,034 462,402 168,052 13,857 204.393 252,338 393,857 159,954 13,348 179,605 1,137,738 999,102 The fair value of listed investments is determined by reference to the quoted price for identical assets in an active market at the balance sheet date. 13 Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income 1,374 1,308 12-
MARSHALEEN CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY2024 14 Unrestricted funds The unreslricted funds of the charity comprise the unexpended balanS of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 June 2023 Incoming Resources resources expended Gains and losses At 31 May 2024 General funds 1,150,071 26,644 (38.236) 77,745 1,216,224 Prevlous year: At 1 June 2022 Incoming resources Resources expended Gains and losses At 31 May 2023 General fijnds 1,179,125 28,719 (19,301) (38,472) 1,150,071 15 Related party transactions There were no disclosable related party transactions during the year (2022 - none). 13-