Charity registration number: 202629
SIR SAMUEL MICO'S CHARITIES
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
Chartered Accountants
SIR SAMUEL MICO'S CHARITIES
CONTENTS
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 3 |
| Chartered Accountants' Preparation Report | 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 14 |
| Supplementary Information for Trustees Schedule of Investments |
15 |
SIR SAMUEL MICO'S CHARITIES
REFERENCE AND ADMINISTRATIVE DETAILS
| Charity Name | Sir Samuel Mico's Charities |
|---|---|
| (part of Weymouth Town Charities) | |
| Trustees | Mr G Hepburn, Chairman |
| Mr M Wheller | |
| Mr S McLeod | |
| Mr S MacCormack | |
| Mr M Duggan | |
| Mr G D Hillman | |
| Mr K G Vincent | |
| Miss L Hamilton | |
| Principal Office | c/o Edwards & Keeping |
| Unity Chambers | |
| 34 High East Street | |
| Dorchester | |
| Dorset | |
| DT1 1HA | |
| Charity Registration Number | 202629 |
| Independent Examiner | Fraser Monro B.Sc. (Hons) FCCA |
| Fraser Monro Accounting Services | |
| 36 East Street | |
| Chickerell | |
| Weymouth | |
| Dorset | |
| DT3 4DT | |
| Other Officers | Mr H Jones, Clerk to Trustees |
| Accountants | Edwards & Keeping |
| Unity Chambers | |
| 34 High East Street | |
| Dorchester | |
| Dorset | |
| DT1 1HA |
- 1 -
SIR SAMUEL MICO'S CHARITIES
TRUSTEES' REPORT
The trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2022.
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 governing documents, 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 UK and Republic of Ireland published in October 2019.
Trustees
Mr G Hepburn, Chairman
Mr D Tate (resigned 8 February 2022)
Mr M Wheller
Mr S McLeod
Mr S MacCormack
Ms D Day (resigned 8 February 2022)
Ms C Churchill (resigned 22 September 2022) Mr M Duggan Mr G D Hillman (appointed 8 February 2022)
Mrs A E Geare (appointed 15 June 2022 and resigned 14 December 2022) Mr K G Vincent (appointed 24 May 2022)
Ms J Chandler (appointed 22 February 2023 and resigned 16 May 2023) Miss L Hamilton (appointed 22 February 2023)
Objectives and activities
Public benefit
The objectives of the charity for the public benefit are as follows:
Osmington Estate provides for the relief of seamen in Weymouth who are at least 60 years old and in conditions of need, hardship and distress and also pays for the preaching of a sermon in St Mary's Church on the Friday immediately before Palm Sunday.
Advancement in Life provides assistance for young people under 25 in Weymouth who are in need of financial assistance and are preparing for, entering upon or engaged in any profession, trade, occupation or service, by making grants, paying fees, travelling or maintenance expenses or other such means as the trustees think fit and otherwise promoting the education of such persons.
Income derived from the investments of each constituent and from rental income is applied towards these charitable objectives.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Financial review
Policy on reserves
The charity's funds are split between Osmington Estate and Advancement in Life and between unrestricted income and expendable endowment funds for the two constituents. The balance held as unrestricted income funds at 31 December 2022 was £152,170 (Osmington Estate (£5,508) and Advancement in Life £157,678). The balance held as expendable endowment funds at 31 December 2022 was £835,289 (Osmington Estate £26,425 and Advancement in Life £808,864). The charity receives income from its properties and investments which is split between Osmington Estate and Advancement in Life as appropriate as it arises. The trustees consider that sufficient funds are held to enable the charity to continue its activities for the foreseeable future.
- 2 -
SIR SAMUEL MICO'S CHARITIES
TRUSTEES' REPORT
Investment policy and objectives
There are no restrictions on the trustees' power to invest. The trustees intend that the real value of the assets of the charity should be maintained and enhanced over the long term. Investments consist of holdings in COIF Charities Investment Fund - Income Units. The investments in SVS CH Investment Grade Fixed Funds managed by Smith & Williamson were sold in the year and the proceeds reinvested in full in the existing COIF Charities Investment Fund.
Structure, governance and management
Nature of governing document
The Sir Samuel Mico's Charities form part of Weymouth Town Charities which is governed in accordance with a Scheme dated 7 June 1985 that relates to the two registered charities; The Sir Henry Edwards' Charities and The Sir Samuel Mico's Charities. The Sir Samuel Mico's Charities were registered with the Charity Commission on 4 April 1962 and consist of two separate constituents: Sir Samuel Mico - Osmington Estate (administered under a scheme dated 7 June 1985) and Sir Samuel Mico - Advancement In Life (administered under a scheme dated 7 June 1985).
Recruitment and appointment of trustees
The trustees are elected for a five year term and usually meet at least four times each year to review the activities of each of the charity's constituents. The Annual General meeting is normally held in the spring of each year. The trustees who served during the year are listed on page1.
Statement of Trustees' Responsibilities
Trustees' responsibilities in relation to the financial statements
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities 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 period. 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;
-
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; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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 applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees 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.
The annual report was approved by the trustees of the charity on 12 September 2023 and signed on its behalf by:
Mr G Hepburn Trustee
- 3 -
SIR SAMUEL MICO'S CHARITIES
CHARTERED ACCOUNTANTS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
In accordance with the engagement letter dated 30 July 2019, and in order to assist you to fulfil your duties under the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations and the provisions of the Trust deed, we have prepared for your approval the financial statements of the Sir Samuel Mico's Charities for the year ended 31 December 2022, set out on pages 6 to 14, from the accounting records and information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the trustees of the Sir Samuel Mico's Charities, as a body, in accordance with the terms of our engagement letter dated 30 July 2019. Our work has been undertaken solely to prepare for your approval the financial statements of the Sir Samuel Mico's Charities and state those matters that we have agreed to state to the trustees in this report in accordance with the guidance of ICAEW as detailed at icaew.com/compilation.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the trustees as a body, for our work or for this report. You have acknowledged in the trustees' report for the year ended 31 December 2022 that it is your duty to ensure that the charity has kept proper accounting records and to prepare financial statements under the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations and the provisions of the Trust deed, that give a true and fair view of the state of affairs of the charity at the year end and of its incoming and outgoing resources during that year. You consider that the charity is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit or an independent examination of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Edwards & Keeping Chartered Accountants
Unity Chambers 34 High East Street Dorchester Dorset DT1 1HA
12 September 2023
- 4 -
SIR SAMUEL MICO'S CHARITIES
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SIR SAMUEL MICO'S CHARITIES
I report to the trustees on my examination of the accounts of Sir Samuel Mico's Charities for the year ended 31 December 2022.
Responsibilities and basis of report
As the charity trustees of Sir Samuel Mico's Charities 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 Sir Samuel Mico's Charities's accounts carried out under section 145 of the 2011 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 Sir Samuel Mico's Charities 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 accounting 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.
Fraser Monro B.Sc. (Hons) FCCA
Fraser Monro Accounting Services 36 East Street Chickerell Weymouth Dorset DT3 4DT
26 September 2023
- 5 -
SIR SAMUEL MICO'S CHARITIES
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| Note Income and Endowments from: Investment income 2 Expenditure on: Charitable activities 3 Total Expenditure Gains/(losses) on investment assets 6 Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted income funds Osmington Estate £ Advancement In Life £ 714 58,883 (885) (51,500) (885) (51,500) - - (171) 7,383 (5,337) 150,295 (5,508) 157,678 |
Expendable endowment funds Osmington Estate £ Advancement In Life £ - 149 - - - - (3,414) (20,792) (3,414) (20,643) 29,839 829,507 26,425 808,864 |
Total 2022 £ 59,746 (52,385) (52,385) (24,206) (16,845) 1,004,304 987,459 |
Total 2021 £ 55,453 (31,346) |
|---|---|---|---|---|
| (31,346) | ||||
| 22,403 | ||||
| 46,510 957,794 |
||||
| 1,004,304 |
All of the charity's activities derive from continuing operations during the above two periods.
- 6 -
SIR SAMUEL MICO'S CHARITIES
(REGISTRATION NUMBER: 202629) BALANCE SHEET AS AT 31 DECEMBER 2022
| Note Fixed assets Investments 6 Current assets Debtors 7 Cash at bank and in hand 8 Creditors: Amounts falling due within one year 9 Net current (liabilities)/assets Net (liabilities)/assets Funds of the Charity: Total funds |
Unrestricted income funds Osmington Estate £ Advancement In Life £ - - - 9,800 826 177,594 826 187,394 (6,334) (29,716) (5,508) 157,678 (5,508) 157,678 (5,508) 157,678 |
Expendable endowment funds Osmington Estate £ Advancement In Life £ 26,425 808,864 - - - - - - - - - - 26,425 808,864 26,425 808,864 |
2022 £ 835,289 9,800 178,420 188,220 (36,050) 152,170 987,459 987,459 |
2021 £ 859,346 9,753 169,618 |
|---|---|---|---|---|
| 179,371 (34,413) |
||||
| 144,958 | ||||
| 1,004,304 | ||||
| 1,004,304 |
The financial statements on pages 6 to 14 were approved by the trustees, and authorised for issue on 12 September 2023 and signed on their behalf by:
Mr G Hepburn Trustee
- 7 -
SIR SAMUEL MICO'S CHARITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1 Accounting policies
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 issued October 2019 and the Charities Act 2011.
Basis of preparation
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the notes to these accounts.
Sir Samuel Mico's Charities meets the definition of a public benefit entity under FRS 102.
Exemption from preparing a cash flow statement
The charity opted to adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Going concern
The financial statements have been prepared on a going concern basis. The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. The trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.
Sir Samuel Mico's Charities relies heavily on income from Investments. Due to COVID-19 it is likely that the value of their investments will decrease, and the effective rate of return in future years will be lower than in previous years. Sir Samuel Mico's Charities will regularly review their investments and make decisions that are in the best interest for the future of the Charities.
Income and endowments
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 reliably measured.
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.
Legacy gifts are recognised on a case by case basis following the grant of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity.
Deferred income
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when:
- The donor specifies that the grant or donation must only be used in future accounting periods; or - The donor has imposed conditions which must be met before the charity has unconditional entitlement.
Investment income
Interest on funds held on deposit are included upon notification of the interest paid or payable by the Bank. Investment income is accounted for when receivable and includes the related tax recoverable. This is normally upon notification by the investment advisor of the dividend or interest yield of the investment portfolio.
- 8 -
SIR SAMUEL MICO'S CHARITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
Expenditure
All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs are allocated or apportioned to the applicable expenditure headings in the statement of financial activities. Expenditure includes vat which cannot be recovered, and is reported as part of the expenditure to which it relates. Expenditure is classified under the following activity headings:
i) Charitable activities
Charitable activities include the issue of grants for the advancement of young people of Weymouth, the payment of a pension for the poor, decayed seaman, the provision of an annual service and reception at St Mary's Church and costs supporting these activities. Governance costs include the preparation of the statutory accounts, the cost of trustees' meetings and cost of legal advice to trustees on governance or constitutional matters.
Investment properties
Investment property is carried at fair value, derived from the current market prices for comparable real estate. Changes in fair value are recognised in the Statement of Financial Activities. In accordance with SORP FRS102 depreciation is not provided on investment property.
Fixed asset investments
Fixed asset investments are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
Debtors
Debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid after taking account of any discounts due.
Cash and cash equivalents
Cash at bank and cash in hand includes cash held on investment accounts.
Creditors
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due.
Fund structure
Unrestricted income funds can be spent on any purpose within the charity's objects at the discretion of the trustees and is split between Osmington Estate and Advancement in Life.
Expendable endowment funds represent the capital value of the properties and investments held by the charity, including all subsequent gains and losses, and is expendable at the discretion of the trustees to be applied for the purpose for which it was given. Expendable endowment funds are also split between Osmington Estate and Advancement in Life.
Transfers are made between income and capital funds to maintain endowment funds at their current value at the balance sheet date.
- 9 -
SIR SAMUEL MICO'S CHARITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
2 Investment income
| Income from dividends; Dividends receivable from listed investments Interest receivable and similar income; Interest receivable on bank deposits Rent receivable Interest receivable on fixed interest securities |
Unrestricted income funds Osmington Estate £ Advancement In Life £ 561 4,375 7 423 - 54,000 146 85 714 58,883 |
Expendable endowment funds Advancement In Life £ - - - 149 149 |
Total 2022 £ 4,936 430 54,000 380 59,746 |
Total 2021 £ 5,115 4 50,142 192 |
|---|---|---|---|---|
| 55,453 |
- 10 -
SIR SAMUEL MICO'S CHARITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
3 Expenditure on charitable activities (including governance and support costs)
| Grants to beneficiaries Church service and reception Scholarships Office costs, incl. telephone and post Software costs Professional fees - Independent examination Professional fees - Accountancy Professional fees - Clerk's fees Legal and other professional fees Insurance Bank charges and interest General expenses |
Unrestricted income funds Osmington Estate £ Advancement In Life £ - 39,205 885 - - 6,400 - 962 - 25 - 270 - 1,998 - 1,575 - - - 600 - 81 - 384 885 51,500 |
Total 2022 £ 39,205 885 6,400 962 25 270 1,998 1,575 - 600 81 384 52,385 |
Total 2021 £ 20,281 - 3,660 690 179 510 1,975 1,575 1,750 592 96 38 |
|---|---|---|---|
| 31,346 |
4 Grant-making
Analysis of grants and scholarships
| Analysis of grants and scholarships | |
|---|---|
| Analysis Grants Scholarships |
To individuals £ 39,205 6,400 |
| 45,605 |
5 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
- 11 -
SIR SAMUEL MICO'S CHARITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
6 Fixed asset investments
| 6 Fixed asset investments |
|||
|---|---|---|---|
| Investment properties Listed investments |
Expendable endowment funds Osmington Estate £ Advancement In Life £ - 650,000 26,425 158,864 26,425 808,864 |
2022 £ 650,000 185,289 835,289 |
2021 £ 650,000 209,346 |
| 859,346 |
Investment properties
| At fair value At 1 January 2022 At 31 December 2022 Provision At 1 January 2022 At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021 |
Investment properties - Advancement In Life £ 650,000 |
|---|---|
| 650,000 | |
| - | |
| - | |
| 650,000 | |
| 650,000 |
The investment property is included at a fair value of £650,000. There are no recorded details of the historic cost of the property. The last valuation was carried out by the management committee and they believe this value to still be applicable.
There has been no valuation of investment property by an independent valuer.
The investment property is a freehold property.
- 12 -
SIR SAMUEL MICO'S CHARITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
Listed Investments
| At fair value Market value at 1 January 2022 Loss on revaluation Additions Disposals Market value at 31 December 2022 |
Expendable endowment funds Osmington Estate £ Advancement In Life £ 29,839 179,507 (2,729) (19,690) 7,862 12,924 (8,547) (13,877) 26,425 158,864 |
Total listed investments £ 209,346 (22,419) 20,786 (22,424) |
|---|---|---|
| 185,289 |
The listed investments are traded and have been valued at their market value.
The proceeds received from the investment disposals in the year were £20,637 (£7,862 Osmington Estate and £12,775 Advancement in Life). The realised loss on disposals totals £1,787 (£684 Osmington Estate and £1,103 Advancement in Life), and additions of £150 were made on Advancement in Life, making the disposals in the year £22,274 (£8,546 Osmington Estate and £13,728 Advancement in Life).
The Gains/ (losses) on investment assets shown on the Statement of Financial Activities includes the unreailsed loss of £22,419 and the realised loss of £1,787.
7 Debtors
| 7 Debtors |
|||
|---|---|---|---|
| Trade debtors Owed by Sir Henry Edwards' Charities Owed by Osmington Estate |
Unrestricted income funds Osmington Estate £ Advancement In Life £ - 3,466 - - - 6,334 - 9,800 |
2022 £ 3,466 - 6,334 9,800 |
2021 £ - 1,795 7,958 |
| 9,753 |
8 Cash at bank and in hand
| 8 Cash at bank and in hand |
|||
|---|---|---|---|
| COIF deposit Barclays account CAF account |
Unrestricted income funds Osmington Estate £ Advancement In Life £ 826 30,992 - 11,116 - 135,486 826 177,594 |
2022 £ 31,818 11,116 135,486 178,420 |
2021 £ 31,818 11,116 126,684 |
| 169,618 |
- 13 -
SIR SAMUEL MICO'S CHARITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
9 Creditors: amounts falling due within one year
| Accruals Owed to Advancement Rental deposit held SHE - loan - Adv in Life Deferred income |
Unrestricted income funds Osmington Estate £ Advancement In Life £ - 5,966 6,334 - - 10,250 - - - 13,500 6,334 29,716 |
2022 £ 5,966 6,334 10,250 - 13,500 36,050 |
2021 £ 2,557 7,958 10,250 148 13,500 |
|---|---|---|---|
| 34,413 |
10 Related party transactions
During the year the charity made the following related party transactions:
Sir Henry Edwards' Charities
(Connected charity run by the same trustees) Included within debtors at 31 December 2022 is nil (2021: £1,795) owed by Sir Henry Edwards' Charities.
Mr H E Jones
(Clerk to the trustees and also a partner at Edwards and Keeping, chartered accountants) Accountancy fees of £1,998 (2021: £1,975) are reflected in the financial statements in relation to Edwards and Keeping fees.
- 14 -