Docusign Envelope ID: 18C7A136-62A0-4A41-A436-0E5DB687626F
Charity number: 1199594
MARGARET MASON CHILDREN 1ST TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
Docusign Envelope ID: 18C7A136-62A0-4A41-A436-0E5DB687626F
MARGARET MASON CHILDEN 1[ST] TRUST
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 4 |
| Independent Examiner's Report | 5 - 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 - 14 |
Docusign Envelope ID: 18C7A136-62A0-4A41-A436-0E5DB687626F
MARGARET MASON CHILDREN 1ST TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2024
Trustees
Margaret Mason Hugh Mason Tim Smith
Charity registered number
1199594
Principal office
1 Nottingham Road, Long Eaton, Nottingham, NG10 1HQ
Accountants
Mercer & Hole LLP, 72 London Road, St Albans, Hertfordshire, AL1 1NS
Bankers
NatWest Bank, 250 Bishopsgate, London, EC2M 4AA
Page 1
Docusign Envelope ID: 18C7A136-62A0-4A41-A436-0E5DB687626F
MARGARET MASON CHILDREN 1ST TRUST
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2024
The Trustees present their report and financial statements for the year ended 31 July 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed. They have also 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 (FRS 102) (Second Edition)’, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.
Structure, governance and management
The Trust is a Charitable Incorporated Organisation registered on 8 July 2022. The charitable object is to enhance the development and education of pre-school children in England and Wales for the public benefit by providing grants/funding towards the cost of their childcare.
Trustees who served during the year:
Margaret Mason Hugh Mason Tim Smith
The Trustees monitor all risks to which the Trust may be exposed and are satisfied that systems are in place to mitigate all material risks.
Objectives and activities
Objectives
The objective of the Charity is to enhance the development and education of pre-school children in England and Wales.
Page 2
Docusign Envelope ID: 18C7A136-62A0-4A41-A436-0E5DB687626F
MARGARET MASON CHILDREN 1ST TRUST
TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 JULY 2024
Objectives and activities (continued)
Activities
The charity made three grants during the year totaling £17,304 to institutions providing day care services.
Public benefit
The charity has complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission.
Achievements and performance
The trustees have worked towards establishing the principles of the charity and working across the early years sector to garner support. Whilst the charity has made three direct grants during the year it has been instrumental in establishing a framework for support through co-ordination of available spaces in Children’s Day Care centres.
It is the aim of the charity to expand this during the coming year and extend its activities across a wider area. This indirect activity has set a foundation for the future and as progress is made further direct support can be targeted.
Grant making policy
The policy is for the board of trustees to consider grants and make awards where the grants will directly support the aims of the charity.
Financial review
The charity received donations in the period totalling £15,750. Out of this income the charity made three grants totalling £17,304.
The trustees are not aware of any material uncertainties about the trust’s ability to continue as a going concern.
Reserves Policy and Financial Position
The Trustees recognise the importance of ensuring that sufficient reserves are retained to maintain adequate working capital to fund operational activity, to provide for unseen circumstances and to invest in the development of the charity.
The Trustees aim to maintain reserves equivalent to £10,000. The policy will be reviewed before the start of each financial year.
Net assets at 31 July 2024 are £19,641 (2023: £22,099).
The trustees are not aware of any material uncertainties about the trust’s ability to continue as a going concern.
.....................................
Margaret Mason Trustee/Chairperson
Date: 19/5/2025
Page 3
Docusign Envelope ID: 18C7A136-62A0-4A41-A436-0E5DB687626F
MARGARET MASON CHILDREN 1ST TRUST
TRUSTEES’ REPORT (continued) FOR THE YEAR ENDED 31 JULY 2024
Trustees' responsibilities statement
The Trustees are responsible for preparing the Trustees’ Annual 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/Northern Ireland 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 year.
In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently
-
observe the methods and principles in the Charities SORP 2019 (FRS 102);
-
make judgements and estimates that are reasonable and prudent
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. `
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.
......................................
Margaret Mason Trustee/Chairperson
Date: 19/5/2025
Page 4
Docusign Envelope ID: 18C7A136-62A0-4A41-A436-0E5DB687626F
MARGARET MASON CHILDREN 1ST TRUST
INDEPENDENT EXAMINERS REPORT FOR THE YEAR ENDED 31 JULY 2024
Independent Examiner’s Report to the Trustees of the Margaret Mason Children 1st Trust for the year ended 31 July 2024
I report to the Trustees on my examination of the financial statements of the Margaret Mason Children 1[st] Trust (‘the charity’) for the year ended 31 July 2024 which comprise the Statement of Financial Activities, the Balance Sheet and related notes.
This report is made solely to the Charity’s Trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the Charity’s Trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the Charity’s Trustees as a body, for my work, for this report, or for the opinions I have formed.
Responsibilities and basis of report
As the Trustees of the Charity, you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s financial statements 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.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the financial statements present a ‘true and fair’ view, and my report is limited to those specific matters set out in the independent examiner’s statement.
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 financial statements do not accord with those records; or
-
the financial statements 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.
Page 5
Docusign Envelope ID: 18C7A136-62A0-4A41-A436-0E5DB687626F
MARGARET MASON CHILDREN 1ST TRUST
INDEPENDENT EXAMINER'S REPORT (continued) FOR THE YEAR 31 JULY 2024
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 financial statements to be reached.
P Maberly FCA
Mercer & Hole LLP – Chartered Accountants
72 London Road St. Albans Hertfordshire AL1 1NS
19/5/2025
Page 6
Docusign Envelope ID: 18C7A136-62A0-4A41-A436-0E5DB687626F
MARGARET MASON CHILDREN 1ST TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2024
| INCOME Note Donations 1 TOTAL EXPENDITURE Charitable activities Governance costs 3 5 TOTAL Net gains / (losses) on investments NET INCOME / (EXPENDITURE) Transfers between funds 8 NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: Total funds at 8 July 2022 TOTAL FUNDS AT 31 MARCH 2023 |
Unrestricted funds Total funds Total funds 2024 £ 2024 £ 2023 £ 15,750 15,750 25,000 |
|---|---|
| 15,750 15,750 25,000 |
|
| 17,308 900 17,308 900 2,001 900 18,208 18,208 2,01 - - - (2,458) (2,458) 22,099 - - - (2,458) (2,458) 22,099 22,099 22,099 - 19,641 19,641 22,099 |
The notes on pages 9 to 14 form part of these financial statements.
Page 7
Docusign Envelope ID: 18C7A136-62A0-4A41-A436-0E5DB687626F
MARGARET MASON CHILDREN 1ST TRUST
BALANCE SHEET FOR THE YEAR ENDED 31 JULY 2024
| Note CURRENT ASSETS Cash at bank and in hand CREDITORS:amounts falling due within one year 7 NET CURRENT ASSETS NET ASSETS CHARITY FUNDS Unrestricted funds 8 TOTAL FUNDS |
£ 20,541 20,541 (900) |
2024 £ 19,641 19,641 19,641 19,641 |
£ _22,999 _ |
2023 £ 22,099 22,099 22,099 22,099 |
|
|---|---|---|---|---|---|
| 22,999 (900) |
19/5/2025 The financial statements were approved by the Trustees on and signed on their behalf, by:
……………………………. M Mason
The notes on pages 9-14 form part of these financial statements.
Page 8
Docusign Envelope ID: 18C7A136-62A0-4A41-A436-0E5DB687626F
MARGARET MASON CHILDREN 1[ST] TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
1. ACCOUNTING POLICIES
1.1 Basis of preparation of financial statements
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 (FRS 102) (Second Edition)’ and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from October 2019.
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The Trust meets the definition of a public benefit entity under FRS 102.
1.2 Fund accounting
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.
1.3 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.
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity.
Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled.
Page 9
Docusign Envelope ID: 18C7A136-62A0-4A41-A436-0E5DB687626F
MARGARET MASON CHILDREN 1[ST] TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
ACCOUNTING POLICIES (continued)
1.5 Going concern
The Trustees are not aware of any material uncertainties about the Trust’s ability to continue as a going concern.
1.6 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.
1.7 Judgements in applying accounting policies
The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means the actual outcomes could differ from those estimates. The key source of estimation uncertainty that could have an impact on the financial statements relates to the values of investments held.
Page 10
Docusign Envelope ID: 18C7A136-62A0-4A41-A436-0E5DB687626F
MARGARET MASON CHILDREN 1[ST] TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
1. INCOME
| Donations received Total 2023 |
Unrestricted funds Restricted funds Total funds Total funds 2024 £ 2024 £ 2024 £ 2023 £ 15,750 - 15,750 25,000 15,750 - 15,750 25,000 25,000 - 25,000 |
|---|---|
2. ANALYSIS OF GRANTS
| Grants payable Total 2023 |
Grants to Institutions Grants to Individuals Total Total 2024 £ 2024 £ 2024 £ 2023 £ 17,304 - 17,304 2,000 |
|---|---|
| 2,000 - 2,000 |
Page 11
Docusign Envelope ID: 18C7A136-62A0-4A41-A436-0E5DB687626F
MARGARET MASON CHILDREN 1[ST] TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JUY 2024
2. ANALYSIS OF GRANTS (continued)
Included within grants are amounts payable to three institutions (2023: 1) as follows:
| Band Daycare Higher Folds Community Nursery Breedon House Nursery Total |
2024 2023 £ £ 5,000 4,000 8,304 2,000 - - |
|---|---|
| 17,304 2,000 |
3. ANALYSIS OF RESOURCES EXPENDED BY EXPENDITURE TYPE
Grants paid and committed (note 2) Support costs Charitable activities Total |
2024 £ 2023 £ 17,304 2,000 4 1 |
|---|---|
| 17,308 2,001 17,308 2,001 |
Page 12
Docusign Envelope ID: 18C7A136-62A0-4A41-A436-0E5DB687626F
MARGARET MASON CHILDREN 1[ST] TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
4. TRUSTEE COSTS
During the year, no Trustees received any remuneration or benefits in kind (2023: £nil).
5. INDEPENDENT EXAMINER’S REMUNERATION
| Examination of the financial statements | 2024 2023 £ £ 900 900 |
|---|---|
| 900 900 |
6. STAFF COSTS
The charity has no employees.
7. CREDITORS DUE WITHIN ONE YEAR
| Accruals | 2024 2023 £ £ 900 900 |
|---|---|
| 900 900 |
8. SUMMARY OF FUNDS
| General funds | Brought Forward 1.8.23 Incoming resources Resources Expended Transfers in/(out) Gains/ (Losses) Carried Forward 31.7.24 £ £ £ £ £ £ 22,099 15,750 (18,208) - - 19,641 22,099 15,750 (18,208) - - 19,641 |
|---|---|
Page 13
Docusign Envelope ID: 18C7A136-62A0-4A41-A436-0E5DB687626F
MARGARET MASON CHILDREN 1[ST] TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
9. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Current assets Creditors due within one year |
Total funds Total funds 2024 £ 2023 £ 20,541 22,999 (900) (900) 19,641 22,099 |
|---|---|
10. RELATED PARTY TRANSACTIONS
- During the year the charity made a donation of £8,306 to Breedon House
Nurseries Ltd – a related party (2023: £nil)
.
11. CONTROLLING PARTY
The charity was controlled by its trustees in the year.
Page 14