**Maristow Charity CIO** (A charitable incorporated organisation) **Annual Report and Financial Statements Year ended 31 March 2022**
Charity registration number 1185904
## **Maristow Charity CIO**
Year ended 31 March 2022 Contents
||**Page**|
|---|---|
|Legal and Adminstrative Details|1|
|Trustees' Report|2-3|
|Statement of Trustees' Responsibilities|4|
|Independent Examiner's Report|5|
|Statement of Financial Activities|6|
|Balance Sheet|7|
|Merger Analysis|8|
|Notes to the Accounts|9-14|
## **Maristow Charity CIO**
Legal and Administrative Details
Year ended 31 March 2022
Maristow Charity is a Charitable Incorporated Organisation. It is a registered charity (no. 1185904) and was constituted under a governing document dated 21 October 2019.
The principal address of the charity is The Maristow Estate Office, Common Lane, Roborough, Plymouth, PL6 7BN
Main agents:
## **Independent Examiner**
D Leslie FCA Francis Clark LLP North Quay House Sutton Harbour PLYMOUTH PL4 0RA
## **Bankers**
Barclays Bank Cornwall Street PLYMOUTH
## **Investment Advisor**
Charles Stanley & Company Limited 25 Luke Street LONDON EC2A 4AR
1
## **Maristow Charity CIO**
Trustees' Report
## Year ended 31 March 2022
The Trustees present their report together with the financial statements of the charity for the year ended 31 March 2022.
The charity Trustees who acted during the year were as follows:-
Sarah, Lady Roborough Lord M J H Roborough H M G Lopes R Simpson
Trustees are appointed by the existing trustees from the local community. Nominations are made in writing and delivered to the secretary. Each nomination must be proposed and seconded by a voting member of the trust and accompanied by the written consent of the nominee.
## **Status**
The Charity was formed as a Charitable Incorporated Organisation (CIO) on 21 October 2019. During the year the charity has taken on the actvities of the unincorporated trust, The Maristow Trust, charity number 250953. The trust is no longer operating and is planned to close. The accounts for Maristow Charity have been prepared under the merger accounting provisions of the FRS 102 Charity SORP (October 2019).
## **Public benefit**
The trustees have reviewed the objects, goals, services and objectives of the charity and can confirm that Maristow Charity serves the public benefit. This trustees' annual report evidences how the charity strives to meet need.
The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
## **Aims and objectives**
The charity’s principal objectives are to maintain and preserve the building known as St Martin's Chapel and surrounding lands and tenements and such charitable purposes as the Trustees may from time to time determine.
The charity has complied with the duty in section 17(5) of the 2011 Charities Act to have due regard to public benefit guidance published by the Charity Commission when reviewing the Trust's aims and objectives and in planning future activities and setting donation and funding policies.
The charity provides donations to other charitable organisations once the Trust assets have been maintained.
## **Review of progress and achievements**
The charity maintains the properties it owns and make donations to a variety of charitable organisations.
The principal risk for the charity is that insufficient funds are generated to adequately maintain the properties it owns. The Trustees manage this risk by carrying out a rolling programme of maintenance and reviewing investment performance.
2
## **Maristow Charity CIO**
Trustees' Report
Year ended 31 March 2022
## **Reserves policy**
It is the policy of the charity to try to maintain a level of free reserves which equates to approximately 12 months expenditure. Other monies are held in reserve by the charity in order to cover any events or situations that may arise to the land and properties held by the Trust.
## **Investment policy**
The Trustees have power to invest in such assets as they see fit, and have set a policy to invest so as to maximise total return (capital growth plus income) with low level risk. The charity employs Charles Stanley as investment advisors and managers. The Trust has chosen not to adopt a formal ethical investments policy.
## **Activities and Financial Performance**
The income available for distribution in the year to 31 March 2022 amounted to £45,639 (2021: £42,574). The total donations amounted to £14,100. These donations were distributed to those charitable organisations listed in the accounts.
The investments held increased in value during the year by £123,699.
The balance of unrestricted funds at 31 March 2022 was £4,920,125 (£4,742,299) of which £4,605,982 (2021: £4,497,830) is represented by fixed assets and investments and is therefore not readlily available.
## **Merger accounting**
The Trustees of the Maristow Trust and Roborough Trust agreed to change their legal form to a Charitable Incorporated Organisation. The transfer was agreed with the Charity Commision as of 1 July 2021. The Trustees have adopted merger accounting for the year ending 31 March 2022 to incorporate the results of both charities in this period. The Roborough Trust was dormant during the period and had no assets or liabilities.
3
## **Maristow Charity CIO**
Statement of Trustees' Responsibilities
Year ended 31 March 2022
## **Trustees' responsibilities**
The trustees are required 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 surplus or deficit of the charity for that period. In preparing those financial statements, the trustees are required to: -
- a) select suitable accounting policies and then apply them consistently;
- b) observe the methods and principles in the Charities SORP
- c) make judgements and estimates that are reasonable and prudent;
- d) state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements
- e) prepare the account and statement on the going concern basis unless it is inappropriate to presume that the activities of the charity will continue
The Trustees are responsible for keeping proper accounting records, which 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 applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The Trustees are also responsible for safeguarding the assets and liabilities of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Risk management**
The major risk to which the charity is exposed is poor performance of the investments held. Actual performance is regularly reviewed against established benchmarks.
Approved by the Trustees on 8 February 2023 and signed on their behalf by:
## _**Lord M J H Roborough**_
For and on behalf of the Board of Trustees
4
## **Maristow Charity CIO**
Independent Examiner’s Report to the Trustees of the Maristow Charity
## Year ended 31 March 2022
I report on the accounts of the Trust for the year ended 31 March 2022, which are set out on pages 6 to 14.
## **Respective responsibilities of trustees and examiner**
As the charity’s trustees you are responsible for the preparation of the accounts; you consider that the audit requirement of section 144(2) of the Charities Act 2011 (the 2011 Act) does not apply.
It is my responsibility to:
- examine the accounts under section 145 of the 2011 Act;
- to follow the procedures laid down in the General Directions given by the Charity Commissioner
- under section 145(5)(b) of the 2011 Act; and
- to state whether particular matters have come to my attention.
## **Basis of independent examiner’s report**
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
## **Independent examiner’s statement**
In connection with my examination, no matter has come to my attention:
- (1) which gives me reasonable cause to believe that in any material respect the requirements
- To keep accounting records in accordance with section 130 of the 2011 Act; and
- to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act.
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
## _**D Leslie FCA**_
Francis Clark LLP Chartered Accountants PLYMOUTH
- 9 February 2023
5
## **Maristow Charity CIO**
Statement of Financial Activities (including Income & Expenditure Account)
Year ended 31 March 2022
|**Notes**
**Income and endowments from**
Rent received
Woodland income
Wayleaves
Bank interest
Investments
3
**Total income**
**Expenditure on:**
Charitable activities
5
Other expenditure
7
**Total expenditure**
**Net income**
Gains on revaluation investments
Gains on revaluation of fixed assets
Gains on disposal of investments
**Net movement in funds**
Total funds brought forward
Total funds carried forward|**2022**
**£**
**57,947**
**1,452**
**29**
**19**
**69,244**
**128,691**
**14,100**
**68,952**
**83,052**
**45,639**
**123,699**
**10,000**
**(1,512)**
**177,826**
**4,742,299**
**4,920,125**|2021
£
56,165
10,672
2,001
106
59,706
128,650
34,000
52,076
86,076
42,574
(62,258)
300,000
117,800
398,116
4,344,183
4,742,299|
|---|---|---|
6
## **Maristow Charity CIO**
## Balance Sheet
## Year ended 31 March 2022
|**Notes**
**Fixed assets**
Tangible assets
8
Investments
10
**Total fixed assets**
**Current assets**
Debtors
11
Cash at bank and in hand
12
**Liabilities**
Creditors: Amounts falling
due within one year
13
**Net current assets**
**Total assets**
The Funds of the Charity
Represented by:
**Unrestricted income funds**
Unrestricted funds
14/15|**£**
**£**
**2,755,000**
**1,850,982**
**4,605,982**
**5,582**
**326,299**
**331,881**
**(17,738)**
**314,143**
**4,920,125**
**4,920,125**
**4,920,125**
**2022**|£
£
2,745,000
1,752,830
4,497,830
984
255,987
256,971
(12,502)
244,469
4,742,299
4,742,299
4,742,299
2021|
|---|---|---|
Approved by the trustees on 8 February 2023 and signed on their behalf by:
## _**Lord M J H Roborough**_
7
## **Maristow Charity CIO**
Merger analysis
Year ended 31 March 2022
## **Analysis of principal SoFA components for the current reporting period**
|Total income
Total expenditure
Net income/(expenditure)
Other gains/(losses)
**Net movement in funds**|**Maristow**
**Trust (pre-**
**merger)**
**Maristow**
**Charity**
**(post-**
**merger)**
**Combined**
**total**
**£**
**£**
**£**
54,875
73,816
**128,691**
(18,184)
(64,868)
**(83,052)**
36,691
8,948
**45,639**
25,790
106,397
**132,187**
62,481
115,345
**177,826**|
|---|---|
## **Analysis of principal SoFA components for the previous reporting period**
|Total income
Total expenditure
Net income/(expenditure)
Other gains/(losses)
**Net movement in funds**|**Maristow**
**Trust**
**Maristow**
**Charity**
**Combined**
**total**
**£**
**£**
**£**
128,650
-
**128,650**
(86,076)
-
**(86,076)**
42,574
-
**42,574**
355,542
-
**355,542**
398,116
-
**398,116**|
|---|---|
## **Analysis of net assets at the date of merger**
|Net assets
Represented by:
Unrestricted funds
Total funds|**Maristow**
**Trust**
**Maristow**
**Charity**
**Combined**
**total**
**£**
**£**
**£**
4,806,236
-
**4,806,236**
4,806,236
-
**4,806,236**
4,806,236
-
**4,806,236**|
|---|---|
8
## **Maristow Charity CIO**
Notes to the Accounts
Year ended 31 March 2022
## **1 Accounting Policies**
The following principal accounting policies have been applied:
## (a) **Statement of compliance**
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 (FRS102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charities Act 2011. The following principal accounting policies have been applied:
## (b) **Basis of preparation**
Maristow Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
## (c) **Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
## (d) **Fund accounting**
Unrestricted income funds are general funds that are avaliable for use at the trustees' discretion in furtherance of the objectives of the charity
## (e) **Income**
All income is recognised in the period in which the charity is entitled to receipt and the amount can be measured with reasonable certainty. Income is only deferred when it is received in advance of the period to which it relates.
## (f) **Expenditure**
Expenditure is included in the Statement of Financial Activities on the accruals basis.
All expenditure is directly attributable to specific activities and has been included in the appropriate cost categories.
## (g) **Fixed assets and depreciation**
Assets acquired for the charity’s use are capitalised and included in the balance sheet at cost, or if donated, at the value at the date of acquisition.
Heritage assets previously acquired have not been capitalised where reliable cost information is not available and conventional valuation approaches are not reliable.
Depreciation of fixed assets is calculated to write off their cost or valuation less any residual value over their estimated useful lives using the following rates:-
Freehold land and buildings
Nil
9
## **Maristow Charity CIO**
Notes to the Accounts
## Year ended 31 March 2022
## (h) **Investments**
Investments held as fixed assets are included in the accounts at market value at the balance sheet date and the gain or loss on disposal taken to the Statement of Financial Activities.
## (i) **Taxation**
The charity is a registered charity and is therefore exempt from taxation
## (j) **Classification**
Financial assets and financial liabilities are recognised when the Charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.
## **Recognition and measurement**
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the Charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
## **2 Trustees' remuneration and expenses and related party transactions**
During the year payments totalling £5,415 were made to Lord Roborough for office management.
The Trustees did not receive any remuneration or reimbursement of expenses.
There were no other related party transactions that require disclosure
10
## **Maristow Charity CIO**
Notes to the Accounts
|Year ended 31 March 2022
**3 Investments**
Dividends
**5 Charitable donations**
St Luke's Hospice
Age UK
St John's Ambulance
Tavistock Foodbank
Shekinah
Yelvercare
Plymouth Foodbank
Altnaharra and Farr Church of Scotland
Be Well Collective
Ashburton Foodbank
The Encephalitis Society
Leusdon Memorial Hall
The Red Squirrel Survival Trust
Families for Children Trust
Salvation Army
Glass Door Homeless
Save the Children
Grief Encounter and Ruth Strass Foundation
CHSW
**6 Net outgoing resources**
Net outgoing resources for the year include:
Independent examination fees|**2022**
**£**
**69,244**
**69,244**
**2022**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**2,500**
**-**
**100**
**2,500**
**4,000**
**5,000**
**14,100**
**2022**
**£**
**1,920**|2021
£
59,706
59,706
2021
£
5,000
2,000
2,000
4,000
2,000
6,000
2,000
200
500
2,000
250
300
1,250
5,000
1,500
-
-
-
-
34,000
2021
£
1,884|
|---|---|---|
11
## **Maristow Charity CIO**
Notes to the Accounts
Year ended 31 March 2022
|**7 Support costs**
Accountancy - Independent Examination
General repairs
Woodland expenses
Insurance
Chapel expenses
**Management Fees:**
Estate office
Investment fees
Professional fees
Bank charges
**8 Tangible fixed assets**
Valuation brought forward at 1 April 2021
Additions to fixed assets at cost
Revaluation
**Valuation carried forward at 31 March 2022**|**2022**
2021
**£**
£
**1,920**
1,884
**20,002**
14,781
**8,888**
6,568
**8,013**
4,941
**6,548**
3,457
**5,416**
5,415
**8,874**
7,738
**9,264**
7,291
**27**
-
**68,952**
52,075
**Freehold Investment Property**
**£**
2,745,000
-
10,000
**2,755,000**|
|---|---|
The freehold investment property is included at the Trustees' best estimate of market value. The historical cost of these properties amounted to £590,149.
## **9 Heritage assets**
The charity owns Maristow Chapel which is used for monthly church services. As there are no conventional valuation approaches available this asset has not been capitalised.
12
## **Maristow Charity CIO**
Notes to the Accounts
Year ended 31 March 2022
|**10 Investments**
**Market Value at 1 April 2021**
Additions to investments at cost
Disposals at carrying value
Net gain on revaluation
**Market Value at 31 March 2022**|**Listed**
**Investments**
**£**
1,752,830
188,840
(214,387)
123,699
1,850,982|
|---|---|
Investments are revalued at middle market value at the year end. Single investments that comprise more than 5% of the portfolio are as follows:
|M & G Charifund Investment Fund
**11 Debtors**
Trade Debtors
Prepayments and accrued income
**12 Cash at bank and in hand**
Barclays reserve account
Barclays current account
Donation account
Charles Stanley income account
Charles Stanley capital account
Roborough Trust bank account
Petty cash|**% of Total**
**Portfolio**
**57**
**2022**
**£**
**4,827**
**755**
**5,582**
**2022**
**£**
**237,783**
**48,887**
**-**
**11,861**
**27,577**
**147**
**44**
**326,299**|**£**
**1,055,151**
2021
£
18
965
983
2021
£
151,590
59,851
23,487
10,648
10,220
147
44
255,987|
|---|---|---|
13
## **Maristow Charity CIO**
Notes to the Accounts
Year ended 31 March 2022
|**13 Creditors: Amounts falling due within one year**
Creditors
Accruals and deferred income
**Balance at**
**31 March**
**2021**
**14 Funds**
**Unrestricted funds**
General
4,742,299
**4,742,299**
**15 Analysis of net assets between funds**
Tangible fixed assets
Intangible fixed assets
Current assets
Current liabilities|**Incoming**
**resources**
**£**
260,878
**260,878**|**2022**
**£**
**739**
**16,999**
**17,738**
**Resources**
**expensed**
**£**
(83,052)
**(83,052)**|2021
£
13
12,489
12,502
**Balance at**
**31 March**
**2022**
**£**
4,920,125
**4,920,125**
**Total**
**unrestricted**
**funds at 31**
**March 2022**
£
2,755,000
1,850,982
331,881
(17,738)
**4,920,125**|
|---|---|---|---|
14