2024-04-05-accounts - The Mark Nickerson Charitable Settlement

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THE MARK NICKERSON CHARITABLE SETTLEMENT

Registered Charity No. 1180831

ACCOUNTS FOR THE YEAR ENDED

5 APRIL 2024

THE MARK NICKERSON CHARITABLE SETTLEMENT FINANCIAL STATEMENTS 5 APRIL 2024

Contents	Page
Trust Information	1
Trustees' Annual Report	2
Independent Examiner's Report	3
Statement of Financial Activities	4
Statement of Assets and Liabilities	5
Notes to the financial statements	6

THE MARK NICKERSON CHARITABLE SETTLEMENT FINANCIAL STATEMENTS 5 APRIL 2024

TRUSTEES

Elizabeth Nickerson Emma Nickerson Caroline Nickerson

PRINCIPAL OFFICE

7 Quy Court Stow-Cum-Quy Cambridge CB25 9AU

INVESTMENT MANAGERS

Investec Wealth & Investment Limited 30 Gresham Street London EC2V 7QN

BANKERS

Handelsbank The Octagon 27 Middleborough Colchester CO1 1TG

INDEPENDENT EXAMINER

Paul Chubbock FCCA Chater Allan LLP 7 Quy Court Stow-Cum-Quy Cambridge CB25 9AU

CHARITY NUMBER

1180831

THE MARK NICKERSON CHARITABLE SETTLEMENT REPORT OF THE TRUSTEES 5 APRIL 2024

The Trustees are pleased to present their annual report and financial statements for the year ended 5 April 2024, which have been prepared in accordance with the Trust Deed and accounting policies set out in note 1 and comply with the Charities Act 2011 and Statements of Recommended Practice applicable to charities.

Structure, Governance and Management

The Charitable Settlement was established by Mark Nickerson and Elizabeth Nickerson and is governed by a Settlement Deed dated 11 July 1986. The Settlement is registered as a charity with the Charities Commission. The Trustees are appointed according to the Trust Deed and meet to decide on the annual donations awarded. The Trustees are responsible for the preparation of the annual financial statements ensuring the Trust maintains proper accounting records. They are also responsible for safeguarding the assets of the Trust and thereby taking reasonable steps to ensure the prevention and detection of fraud and irregularities.

Objectives and Activities

The Charity’s Objects under Clause 3 of the Settlement Deed is to benefit such charitable objects as the Trustees, in their absolute discretion, decide. The Trustees may distribute income or capital of the Settlement.

Achievements and Performance

The Trustees awarded donations of £34,425 in the year.

Financial Review

The Settlement funds its expenditure by income from investment returns. The Trustees report a surplus of £5,550 over the running costs and donations made in the year. There are unrestricted reserves to carry forward of £267,459. Investments are held with Investec Wealth & Investment Limited and invested in a diverse portfolio.

Reserves Policy

The Trustees anticipate that the donation levels will be maintained and may gradually increase with the reserves over time but any decrease in income will lead to a reduction in donations. The Trustees are aware that the policy recommended by the Charity Commission suggests a reserve based on three months turnover and it is the Trustees' policy to continue to keep the reserves above this level.

Public benefit

The Trustees confirm they have given due consideration to the Charity Commission guidance on public benefit.

THE MARK NICKERSON CHARITABLE SETTLEMENT INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES

I report to the charity trustees on my examination of the accounts of the charity for the year ended 5 April 2024.

Responsibilities and basis of report

As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the charity as required by section 130 of the Act; or
the accounts do not accord with those records; or
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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 concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Paul Chubbock FCCA Chater Allan LLP Chartered Accountants & Statutory Auditors 7 Quy Court Stow-Cum-Quy Cambridge CB25 9AU

Date:

THE MARK NICKERSON CHARITABLE SETTLEMENT ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024 STATEMENT OF FINANCIAL ACTIVITIES

Income: Donations Investment income Expenditure: Charitable Activities Accountancy Investment management charges Donations Net gains/(losses) on investments Net movement in funds Total funds brought forward Total funds carried forward	2024 Unrestricted funds £ 25,230 7,512 32,742 1,410 2,247 34,425 38,082 10,890 5,550 261,909 267,459	2023 Unrestricted funds £ 21,335 6,540
		27,875 1,080 2,282 34,400
		37,762 (23,052)
		(32,939) 294,848
		261,909

THE MARK NICKERSON CHARITABLE SETTLEMENT STATEMENT OF ASSETS AND LIABILITIES 5 APRIL 2024 2024 £	2023 £
INVESTMENT ASSETS Brought forward 251,997 Additions 77,492 Disposals (85,657) At cost 243,832 Revaluation surplus/(deficit) 6,321 At market value 250,153 CASH FUNDS Cash at bank 18,506 CREDITORS - amounts falling due within one year Accruals (1,200) 267,459 REPRESENTED BY Unrestricted funds 267,459 Approved by the Trustees on 2024 …………………………………………………. Trustee Elizabeth Nickerson …………………………………………………. Trustee Emma Nickerson …………………………………………………. Trustee Caroline Nickerson	241,832 51,136 (40,971)
	251,997 (1,638)
	250,359 12,750 (1,200)
	261,909
	261,909

THE MARK NICKERSON CHARITABLE SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS 5 APRIL 2024

ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared under the historical cost convention except for investments, which are included at market value, and in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Statement of Recommended Practice "Accounting and Reporting by Charities" FRS 102 (2015).

Going concern basis

The Trustees consider that the going concern basis is appropriate as they consider the reserves levels and expected investment income to be at sufficient levels to ensure that the Trustees can meet their financial obligations for the next 12 to 18 months and on that basis the Charity is a going concern.

Financial Reporting Standard 102 - Reduced Disclosure Exemptions

The Trustees have taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102:

the requirement of Section 7 Statement of Cash Flows.

Investments

Investment assets are stated at market value.

Income

Income is accounted for when interest and donations are received.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party.

Donation expenditure

Donation expenditure is recognised when amounts are awarded.

Taxation

The Trust is a registered charity in the United Kingdom and no taxation is payable on its income.