OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-04-05-accounts

Charity number: 1184634

The Medway Mission to Mariners

Trustees’ report and financial statements For the year ended 5 April 2021

The Medway Mission to Mariners

Contents

Page
Report of the trustees 1 - 4
Independent examiners report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8-15

The Medway Mission to Mariners

Trustees report

For the year ended 5 April 2021

The Trustees present their annual report together with the financial statements of The Medway Mission to Mariners (the “Charity”) for the year ended 5 April 2021. The Charitable Incorporated Organisation was constituted on 29[th] July 2019 but did not commence to operate until 6[th] April 2020 when the assets and liabilities of the Medway Mission to Seamen Trust were transferred to it.

Objectives and activities

a. Policies and objectives

The objects of the Charity are the relief of those men, women and their families in need who:

In the United Kingdom but with priority given to those in need in the unitary authority of Medway by the provision of grants to individuals and other charitable organisations to promote spiritual, moral and physical wellbeing.

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting the grant making policy for the period.

b. Grant making policies

The Charity issues grants in accordance with its objects. Grants this year have contributed towards the additional costs for personal protective equipment and other costs at Pembroke House, Gillingham, and at Sir John Hawkins Hospital, Chatham, and to The Mission to Seafarers to be spent in the local area.

Achievements and performance

a. Review of activities

The results for the year are set out on page 6 and show that the gross income for the year was £21,930 and grants made in the year were £34,500, after governance costs, the deficit on unrestricted funds amounted to £14,470, leaving a balance on unrestricted fund of £17,653.

b. Investment policy and performance

The constitution allows for the trustees to invest in any of the securities authorised by law for the investment of trust funds. All investments are to be registered in the name of the Nominee Trustee.

The stockbrokers appointed are Charles Stanley & Company Limited, 25 Luke Street, London EC2A 4AR.

1

The Medway Mission to Mariners

Trustees report (continued)

For the year ended 5 April 2021

Achievements and performance (continued)

c. Bankers

The Charity's bankers are National Westminster Bank PLC, 148 High Street, Chatham, Kent ME4 4DU.

d. Independent examiner

The independent examiner is Susan Robinson on behalf of Kreston Reeves LLP, Chartered Accountants, Montague Place, Quayside, Chatham Maritime, Chatham, Kent, ME4 4QU.

Financial review

a. Reserves policy

No specific reserves are kept by the Charity. At 5 April 2021, the endowment funds amounted to £854,224 and the unrestricted funds totalled £17,653.

Structure, governance and management

a. Constitution

The Charity was founded on 29th July 2019 as a Charitable Incorporated Organisation by way of a deed of constitution, and took over the activities of the Medway Mission to Seamen Trust with effect from 6[th] April 2020.

Charles Stanley and Company Limited of 25 Luke Street, London EC2A 4AR have been appointed as Nominee Trustee.

The Charity is registered with the Charity Commission, number 1184634, and the registered office of the Charity is Woodside, Hookwood Park, Limpsfield, Surrey, RH8 0DU.

2

The Medway Mission to Mariners

Trustees report (continued)

For the year ended 5 April 2021

Structure, governance and management (continued)

b. Method of appointment or election of Trustees

The charity trustees of the Trust were:

D A Lapthorn (Chairman) (Re-appointed 10/06/21) S D Roper (Hon. Treasurer & Secretary) (Re-appointed 18/11/21) Revd. J A Randall (Re-appointed 18/11/21) T Harrison (Resigned 18/11/21) J Baker Lt Commander Stephen Small (Re-appointed 18/11/21) I Spreadborough (Re-appointed 10/06/21) Revd. P Alexander (Re-appointed 10/06/21) Revd. N Bourne C Cartmell (appointed 18/11/21)

The trustee are appointed for a period of one to three years and retire by rotation and then appointed for a term of three years. In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the organisation. All the current trustees were trustees of the Medway Mission to Seamen Trust.

c. Organisational structure

The Trustees meet twice a year and all decisions are made or ratified at these meetings.

d. Risk management

The Trustees have assessed the risks to which the Charity is exposed and systems have been put in place to mitigate these risks.

3

The Medway Mission to Mariners

Trustees report (continued)

For the year ended 5 April 2021

Trustees' responsibilities

The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice applicable to smaller charities.

Law applicable to charities in England/Wales requires the Trustees to prepare the financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and application of resources for that period. In preparing these financial statements the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity’s transactions and 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 Charity (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.

This report was approved by the Trustees on 18[th] November 2021 and signed on their behalf by:

----- Start of picture text -----
Trustee
----- End of picture text -----

Trustee

4

The Medway Mission to Mariners

Independent examiner's report For the year ended 5 April 2021

Independent examiner's report to the Trustees of Medway Mission to Mariners Trust (the ‘Charity’)

I report to the Charity Trustees on my examination of the accounts of The Medway Mission to Seamen Trust for the year ended 5 April 2021.

Responsibilities and basis of report

As the Trustees of the Charity 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 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:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. 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.

S Robinson BA FCA FCIE DChA MCMI

Kreston Reeves LLP

Chartered Accountants Chatham Maritime

5

The Medway Mission to Mariners

Statement of financial activities For the year ended 5 April 2021

Statement of financial activities
For the year ended 5 April 2021
Endowment Unrestricted 2021 2020
Note Funds Funds Total Total
£ £ £ £
Income and endowments
Investments 2 - 21,930 21,930 -
Expenditure
Cost of grant making
- Royal Naval Benevolent Trust for
Pembroke House, Gillingham - (21,000) (21,000) -
- Hospital of Sir John Hawkins - (8,500) (8,500) -
- Mission to Seafarers - (5,000) (5,000) -
Charitable activities (34,500) (34,500) -
- Trustees expenses - (500) (500) -
- Bank charges - - - -
- Independent examiner's fee - (1,400) (1,400) -
Cost of raising funds
- Investment management costs (6,950) - (6,950) -
Total expenditure (6,950) (36,400) (43,350) -
Net income/(expenditure) before
gains and losses on investments (6,950) (14,470) (21,420) -
Net gains and losses on investments 165,475 - 165,475 -
Net movements in funds 158,525 (14,470) 144,055 -
Total funds transferred from Medway
Mission to Seamen Trust 695,699 32,123 727,822 -
Total funds carried forward 854,224 17,653 871,877 -

6

The Medway Mission to Mariners

Balance sheet
For the year ended 5 April 2021
Note
Fixed assets
Investments
3
Current assets
Cash at bank
4
Current liabilities
Creditors
5
Net current assets
Total assets
Represented by
Endowment funds
Capital fund
7
Unrestricted funds
Income and expenditure account
8		 2021
Total
£
838,662
36,448
(3,233)
33,215
871,877
854,224
17,653
871,877		 2020
Total
£
-
-
-
-
-
-
-
-

Approved by the Board of Trustees on 18th November 2021 and signed on its behalf by

Trustee

Trustee

7

Notes to the financial statements For the year ended 5 April 2021

1) Accounting policies

Basis of preparation

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 have been prepared to give a ‘true and fair’ view and 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 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 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

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 pound.

The Medway Mission to Mariners constitutes a public benefit entity as defined by FRS 102.

Funds Structure

General funds are unrestricted funds which 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.

Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Charitable activities are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.

8

The Medway Mission to Mariners

Notes to the financial statements For the year ended 5 April 2021

1) Accounting policies (continued)

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Gains/(losses) on investments’ in the Statement of financial activities.

Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

9

The Medway Mission to Mariners Notes to the financial statements For the year ended 5 April 2021

2) Investment Income
Dividends
3) Investment Summary
Market value 6 April 2020
Acquisitions
Disposals at opening market value
Net gains on revaluation
Market value 5 April 2021
Historical cost 5 April 2021
4) Cash at Bank
Current account
Charles Stanley deposit
5) Creditors
Accruals
6) Endowment Funds
Capital Fund
Transfer from Medway Mission to Seamen Trust
Gains on sales of investments
Revaluation of investments
Brokers fees
Exchange loss on sale/acquisition of investments
Balance carried forward 5 April 2021		 2021
£
21,930
2021
£
660,885
94,227
(67,748)
151,298
838,662
630,025
2021
£
17,221
19,227
36,448
2021
£
3,233
2021
£
695,699
14,177
151,298
(6,781)
(169)
854,224		 2020
£
-
2020
£
-
-
-
-
-
-
2020
£
-
-
-
2020
£
-
2020
£
-
-
-
-
-
-

10

The Medway Mission to Mariners Notes to the financial statements For the year ended 5 April 2021

7) Unrestricted Funds
2021
£
Income and expenditure account
Transfer from Medway Mission to Seamen Trust
32,123
Deficit for the year
(14,470)
Balance carried forward 5 April 2021
17,653
8) Analysis of net assets between funds
Endowment Unrestricted
Funds Funds
£
£
Fund Balances at 5 April 2021 are
represented by
Investments
838,662
-
Current assets
17,270
19,178
Current liabilities
(1,708)
(1,525)
Total net assets
854,224
17,653
Unrealised gains included above
On investments
208,637
-
Total unrealised gains at 5 April 2021
208,637
-
Reconciliation of movements in
unrealised gains on investments
Unrealised gains at 6 April 2020
56,530
-
In respect of disposals
809
-
Gains on revaluations in the year
151,298
-
Unrealised gains at 5 April 2021
208,637
-		 2020
£
-
-
-
Total
£
838,662
36,448
(3,233)
871,877
208,637
208,637
56,530
809
151,298
208,637

11

The Medway Mission to Mariners

Notes to the financial statements For the year ended 5 April 2021

9) Trustees' remuneration and expenses

During the year, no Trustees received any remuneration (2020 £Nil). During the year, no Trustees received any benefits in kind (2020 £Nil). During the year, 1 Trustee received re-imbursement of expenses amounting to £500 (2020 £Nil).

10) Related party transactions

The Charity has not entered into any significant related party transactions during the year (2020 £Nil) and there are no balances outstanding with any related parties at the Balance sheet date (2020 £Nil).

12

THE MEDWAY MISSION TO SEAMEN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2021 (continued)

11) INVESTMENT SUMMARY

11) INVESTMENT SUMMARY NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5TH APRIL 2021
(continued)
Accenture PLC
115 US$0.000025 A shares
American Tower Corpn
75 US$0.01 Common stock
Baillie Gifford & Co
330 Japanese Small Companies B Nav Units
Blackrock Fund Managers Ltd
24,792.70 Continental Europe Income D Units
British Land Co
2,390 Ordinary 25p shares
Compass Group
885 Ords 0.1105
Cullen Funds
2,920.62 North America High Dividend Value Equity
Diageo PLC
880 Ordinary 28p101/108shares
First Trust Global Funds
1,330 US Equity Income UCITS ETF A USD
Genuit Group PLC
2,330 Ordinary 0.1p shares
Glaxo Smithkline PLC
1,410 Ordinary 25p shares
Home Reit PLC
26,000 £0.01 Ords
Hill & Smith
839 25p Ords
Intertek Group
'250 1p Ords
International Flavours & Fragrances
110 Common Stock $0.125
CC Japan Income & Growth Trust
12,158 £0.01 Ords
Carried forward		 Market value
Acquisitions
Disposals
Profit/(loss)
Change in
Market value
Book value
Income
Book value
Income
2020
Valuation
2021
2021
2021
2020
2020
£
£
£
£
£
£
£
£
£
£
14,269
9,004
23,273.15
11,681.33
219.45
11,681.33
212.47
11,974.00
1,232
13,205.64
11,974.00
0.00
0.00
0.00
21,154.88
(1,097)
20,057.40
21,154.88
0.00
0.00
0.00
32,726
10,537
43,263.26
29,956.21
1,149.90
29,956.21
1,541.08
0
0.00
0.00
0.00
0.00
752.01
9,735
3,496
13,230.75
14,901.57
0.00
14,901.57
354.01
0
0.00
0.00
0.00
0.00
254.43
21,630
4,831
26,461.60
4,170.86
614.95
4,170.86
603.42
15,884
12,256
28,139.28
24,718.32
555.28
24,718.32
874.37
12,524.36
687
13,211.10
12,524.36
0.00
0.00
0.00
21,001
(2,986)
18,014.16
10,427.38
1,128.00
10,427.38
1,128.00
26,230.00
3,410
29,640.00
26,230.00
215.80
0.00
0.00
7,559
4,791
12,350.08
10,397.17
77.19
10,397.17
271.83
15,716.67
(1,417)
14,300.00
15,716.67
0.00
0.00
0.00
8,881
10,471.42
1,590.39
0.00
0.00
163.00
12,000.04
163.33
12,705
16,820.09
4,114.98
0.00
0.00
170.21
20,199.91
547.11
144,391
87,599.91
27,291.51
5,705.37
44,742.06
255,146.42
193,852.75
4,293.78
138,452.79
6,702.06
-13 -

THE MEDWAY MISSION TO SEAMEN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2021

(continued)

11) INVESTMENT SUMMARY

11) INVESTMENT SUMMARY NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5TH APRIL 2021
(continued)
Brought forward
Johnson & Johnson
160 Common stock $1
Kion Group AG
294 Ords
Matthews International Funds
2,689.88 Asia Dividend I GBP Dist units
National Grid
2,209 Ordinary 12.431289p shares
Nextera Energy Inc
380 Common stock $0.01
Reckitt Benckiser Group PLC
220 Ords £0.10
Relx PLC
615 £0.1444 Ords
Rio Tinto
350 Ordinary 10p shares
Royal Dutch Shell
1310 "B" shares 0.07 Euro
Schroeder Unit Trusts
27,345.97 Asian Income Maximiser Z Dis
Smiths (DS)
4,020 10p Ords
T Bailey Fund Services
10,250.534 TB Evenlode Income C Dis Units
Vodafone Group PLC
10,334 Ordinary $0.2095238 shares		 Market value
Acquisitions
Disposals
Profit/(loss)
Change in
Market value
Book value
Income
Book value
Income
2020
Valuation
2021
2021
2021
2020
2020
£
£
£
£
£
£
£
£
£
£
144,391
87,599.91
27,291.51
5,705.37
44,742
255,146.42
193,852.75
4,293.78
138,452.79
6,702.06
17,501
1,302
18,803.04
15,143.95
410.70
15,143.95
404.65
8,887
1,640.14
10,778
21,304.42
16,592.90
6.97
14,952.76
201.27
38,573
16,220
54,792.86
34,999.99
792.18
34,999.99
1,381.38
18,595
479
19,074.72
14,526.23
1,082.41
14,526.23
1,056.56
17,182
3,820
21,001.40
12,964.47
346.41
12,964.47
330.41
13,754
539
14,293.40
13,377.14
384.12
13,377.14
381.04
17,961
7,993.79
404.54
913
11,285.25
5,536.98
425.51
9,588.43
718.78
13,164
6,017
19,180.00
11,583.18
1,040.24
11,583.18
1,724.28
11,347
4,987.27
1,159
17,493.74
14,422.94
518.33
9,435.67
1,176.88
11,696
2,869
14,564.46
15,913.07
947.75
15,913.07
1,092.38
10,239
6,388
16,626.72
15,724.71
0.00
15,724.71
651.24
19,621
3,670
23,290.24
24,852.09
655.94
24,852.09
197.94
11,473
2,340
13,812.42
10,005.61
832.99
10,005.61
777.41
354,383
94,227.32
35,285.30
6,109.91
101,234.66
520,669.09
399,496.01
11,737.33
341,520.09
16,796.28

THE MEDWAY MISSION TO SEAMEN TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2021 (continued)

11) INVESTMENT SUMMARY

Global Investment Funds
BNY Mellon Fund Managers Ltd
24,143.55 Units Real Return Instl W GBP Dis
Charities Official Investment Fund
2,230.43 Income shares
Ninety One Fund Managers UK
23,838.729 Units Diversified J2 Income
International Public Partnernship
16,295 1p Ord shares
Maitland Institutional Services Ltd
49,109.4427 Units Charles Stanley Monhly High Incom
Polar Capital Funds
6321.5007 Units Global Insurance E
RIT Capital Partners
1,265 Ordinary £1 shares
Schroeder Unit Trusts
29,858.7315 Strategic Credit L Dis
Schroeder Unit Trusts
46,875 US Equity Income Maximiser Z Dis
Veritas Funds PLC
164.9652 Units Global Equity Income
Fixed interest securities
Treasury 2½% Index Linked Stock 2024
£7,640 Stock
SUMMARY
Equities
Global Investment Funds
Fixed Interest Securities		 Market value
Acquisitions
Disposals
Profit/(loss)
Change in
Market value
Book value
Income
Book value
Income
2020
Valuation
2021
2021
2021
2020
2020
£
£
£
£
£
£
£
£
£
£
23,588
4,155
27,743.35
24,785.75
561.52
24,785.75
588.24
32,051
7,933
39,983.69
6,709.92
1,167.84
6,709.92
1,144.87
21,786
2,346
24,131.95
24,958.28
919.00
24,958.28
1,010.30
23,465
3,943
27,408.19
21,506.13
1,184.65
21,506.13
1,155.32
e
43,347
4,070
47,416.54
49,845.08
1,931.99
49,845.08
2,107.15
29,253
7,281
36,534.48
12,902.74
557.56
12,902.74
573.37
30,614
14,559.45
3,856.25
10,386
30,296.75
13,572.36
680.76
20,868.18
661.30
25,213
3,571
28,783.83
29,727.12
1,241.35
29,727.12
1,230.36
21,773
6,684
28,457.81
25,203.25
1,377.43
25,203.25
798.98
27,870
32,080.65
4,210.62
0
0.00
0.00
0.00
25,010.00
1,221.67
278,961
0.00
46,640.10
8,066.87
50,368.97
290,756.59
209,210.63
9,622.10
241,516.45
10,491.56
27,542
(306)
27,236.60
21,318.30
570.25
21,318.30
561.06
27,542
0.00
0.00
0.00
(305.60)
27,236.60
21,318.30
570.25
21,318.30
561.06
354,383
94,227.32
35,285.30
6,109.91
101,234.66
520,669.09
399,496.01
11,737.33
341,520.09
16,796.28
278,961
0.00
46,640.10
8,066.87
50,368.97
290,756.59
209,210.63
9,622.10
241,516.45
10,491.56
27,542
0.00
0.00
0.00
(305.60)
27,236.60
21,318.30
570.25
21,318.30
561.06
660,886
94,227.32
81,925.40
14,176.78
151,298.03
838,662.28
630,024.94
21,929.68
604,354.84
27,848.90