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|`Settlor:`|`SirPercyMalcolmStewart,Baronet,OBE`||
|---|---|---|
|`Nameofthe`|||
|`Charity:`|`SirMalcolmStewartBart.GeneralCharitableTrust`||
||`Theprincipalgoverningdocumentisa deedpolldated10July`|`1945.The`|
||`settlementisa privatecharitabletrustcontrolledbyitsTrustees.`||
|`Trustees:`|`DavidJohnSzymanski(Chairman)`||
||`MalcolmDoggettSavory`||
||`MissDebraJayneHassall`||
||`PeterJohnFaulkner`||
||`DuncanEdwards`||
||`MrsHannahLawes`||
||`KeithStewart`||
||`Whenneworadditionaltrusteesareappointedbytheexistingtrusteestheywill`||
||`beencouragedtoreceiveappropriatetrainingdependingontheirqualifications`||
||`andexperience`||
|`PrincipalOffice`|||
|`Address:`|`Mercer& HoleTrusteesLimited,GloucesterHouse,`||
||`72LondonRoad,StAlbans,HertsAL11NS`||
|`Solicitors:`|`BirkettsLLP,KingfisherHouse,`||
||`1GildersWay,Norwich,Norfolk,NR31UB`||
|`Reporting`|||
|`Accountants:`|`Mercer& HoleTrusteesLimited,`||
||`72LondonRoad,StAlbans,HertsAL11NS`||
|`Independent`|||
|`Examiners:`|`SteveRobinson`||
||`Mercer& Hole`||
||`72LondonRoad,StAlbans,HertsAL11NS`||
|`Bankers:`|`BarclaysBankplc,ChanceryLane& Goslings`||
||`147Holborn,LondonEC1N2NU`||
|`Bursar:`|`MissDebraJ Hassall`||
|`Investment`|||
|`Managers:`|`Rathbones,8 FinsburyCircus,LondonEC2M7AZ`||
||`TheTrusteeshavewidepowersofinvestment.`||
||`On`
`31October2000theTrusteesobtainedanorderunder`|`section26ofthe`|
||`CharitiesAct1993`
`toappointanInvestmentManagerand`|`todelegatetheir`|
||`investmentpowerstosuchmanager(includingpowertoappoint`|`acorporatebody`|
||`asnomineetoholdtheinvestmentsoftheCharity).`||
||`InaccordancewiththispowerRathboneshavebeenactingthroughouttheperiod`||
||`coveredbytheseaccounts.`||
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||`3.`|`Theprincipalaimsandactivitiesforthetrusteesistheupkeepofthehomesand`|
|---|---|---|
|||`gardens`
`atStewartbyand`
`toprovide`
`asafeandfriendlyenvironmentforthe`|
|||`peoplewhooccupythehomes.`
`Inordertoachievetheirobjectives,thetrustees`|
|||`usethetrustfundstomaintainthehomesandgardensandthegeneralrunning`|
|||`costsoftheestate.Thehomesaregraduallybeingmodernisedasappropriate`|
|||`planningpermissionsareobtainedandasfundspermit.`|
|`Objectivesofthe`|||
|`Charity:`||`Theobjectsofthetrust(seeabove)areclearlyofpublicbenefitbothdirectlyand`|
|||`indirectly.TheTrusteeshavecompliedwiththedutyinpart1,chapter1,section`|
|||`4oftheCharitiesAct2011tohavedueregardtopublicbenefitguidance`|
|||`publishedbytheCharity.`|
|||`TheTrusteeshavethepowertospendincomeandcapital.`|
|`Achievementsand`|||
|`performance:`||`TheCharity'smainactivitiesandwhoittriestohelparedescribedabove.Allofits`|
|||`charitableactivitiesarefocussedonachievingitsobjectivesandareundertaking`|
|||`a`
`modernisation`
`programme,`
`subject`
`to`
`planning`
`permissions`
`and`
`funds`|
|||`available,ofthehomesandpathwaystofurtheritsworktowardsthebenefitofits`|
|||`beneficiaries.`|
|||`TheTrusteesmetthreetimesthisyeartoreviewtherunningoftheSirMalcolm`|
|||`Stewarthomes,theinvestmentofthetrustfunds,thefinancial situationandany`|
|||`othermattersarising.Theyreceivedreportsfromthebursarwholiaiseson`
`a`|
|||`regularbasiswiththeothertrustees.`|
|||`Thedaytodayrunningofthehomesisinthehandsofthewardenswholiveon`|
|||`siteand`
`report`
`tothebursar.Thebursar`
`isresponsibleforsupervising`
`the`|
|||`maintenanceoftheestate.`|
|||`Theinvestmentobjectives/performancearestatedbelow.`|
|`Investment`|||
|`Policy:`||`TheinvestmentpolicyagreedwithRathbones,theInvestmentManager,`
`isto`|
|||`generateoptimumincomeforthemaintenanceofthehomeswhilstatthesame`|
|||`timeseekinglongtermcapitalgrowth.Fortheyearended30September2020,`|
|||`theoverall`
`return`
`is`
`agrowth`
`of0.951%`
`(20197.937%).Giventhevolatile`|
|||`stockmarketconditions,thetrusteesaresatisfiedwiththeperformanceoverthe`|
|||`year.`|
|`RiskManagement:`||`Apartfromtherisksassociatedwithpropertyandtherunningofthehomeswhich`|
|||`arecoveredbycomprehensiveinsurance,theTrusteesdonotconsiderthatthe`|
|||`Charity`
`isexposedtoanymajorrisk,otherthanmarketrisks`
`inrelationto`
`its`|
|||`shareportfolio.`
`TheTrusteeshavedelegatedmanagementoftheportfolioto`|
|||`professionalmanagers,thoughtheyreviewtheirperformanceregularly.`|
|`Reserves:`||`ThetotalreservesoftheCharityhavedecreasedby£242,353duringtheyear`|
|||`ended`
`30September2020.Totalunrestrictedreservesnowheldamount`
`to`|
|||`£12,618,676andare`
`held`
`forthemaintenanceandupkeep`
`ofthehomes`
`at`|
|||`Stewartby.`
`The`
`value`
`of`
`the`
`investments`
`has`
`decreased`
`resulting`
`in`
`a`|
|||`depreciation`
`of£79,126during`
`theyear.`
`As`
`indicatedundertheReview`
`of`|
|||`FinancialTransactions(seebelow)thetrusteesaretakingstepstobringincome`|
|||`andexpenditureintobalance.`|
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|||`Unrestricted`||
|---|---|---|---|
|||`funds`||
||`Notes`|
`2020`|`2019`|
|||`£`|`£`|
|`Incomeandendowmentsfrom`||||
|`Incomefromcharitableactivities`||||
|`Servicechargesreceivablefromtenants`|`1`|`58,859`|`60,194`|
|`InvestmentIncome`||||
|`Dividends`||`50,798`|`79,987`|
|`Interestfrominvestmentmanagers(gross)`||`1,073`|`1,007`|
|`Otherincome`||||
|`(Loss)/Gainonsaleofprogrammerelatedinvestment`||`-`
`___110,730`|`(2,447)`
`__138,744`|
|`Expenditureon`||||
|`Costsofcharitableactivities`|`2`|`264,995`|`515,964`|
|`Costofgeneratingfunds- `
`Investmentmanager'sfees`||`8,962`|`___11,991`|
|`Totalexpenditure`||`273,957`|`527,955`|
|`Netincoming(outgoing)resourcesbeforerevaluations`||||
|`andinvestmentassetdisposals`||`(163,227)`|`_(389,214)`|
|`Netgains/(losses)on`||||
|`Investments`|`5`|`(79,126)`|
`135,207`|
|`Property- sales`||`-`|`1,050,000`|
|`Tangibleasset`||`-`|`2,927`|
|||`(79,126)`|`_1,188,134`|
|`Netincome/(expenditure)`||`(242,353)`|
`798,920`|
|`Reconciliationoffunds`||||
|`Totalfundsbroughtforward`||`12,861,029`|`12,062,109`|
|`Totalfundscarriedforward`||`12,618,676`|`12,861,029`|
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|`Balancesheet`
`at30September2020`||||
|---|---|---|---|
|||`2020`|`2019`|
||`Notes`|`£`||
|`FixedAssets`||||
|`FreeholdPropertyatmarketvalue:`||||
|`SirMalcolmStewartHomesandCommunity`
`HallandlandatStewartby,atmarketvalue`
`WorksofArt`
`Tangibleassets`
`Investments`|`4`
`as`|`10,027,676`
`10,488`
`13,428`
`1,952,351`|`9,570,000`
`10,488`
`17,723`
`2,866,406`|
|`TotalFixedAssets`||`12,003,943`|`12,464,617`|
|`CurrentAssets`||||
|`Debtorsandprepayments`|`6`|`22,828`|`20,618`|
|`Balancewithinvestmentmanagers`||`605,951`|`308,330`|
|`Cashatbank`||`33,378`|`103,136`|
|`Cashinhand`
`Liabilities:amountsfallingduewithinoneyear`|`7`|`873`
`663,030`
`48,297`|`1,400`
`433,484`
`37,072`|
|`NetCurrentAssets`||`614,733`|`396,412`|
|`TotalNetAssetsofTrust`||`12,618,676`|`12,861,029`|
|`Representedby`||||
|`Unrestrictedfunds(page7)`||`12,618,676`|`12,861,029`|
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|||`2020`|`2020`|`2019`||
|---|---|---|---|---|---|
|||`£`|`£`|`£`|`£`|
|`le`|`Servicechargesreceiveablefromtenants`|||||
||`Servicechargereceivedfromtenants`||`57,871`||`59,305`|
||`Servicechargeduefromtenants`||`988`||`889`|
||||`58,859`||`60,194`|
|`2.`|`Costsofcharitableactivities`|||||
||`Costsofcharitableactivities`||`264,995`||`515,964`|
||`Thebreakdownofcostsofcharitableactivitiesis`|`asfollows`|
`-`|||
||`UpkeepofhomesatStewartby`|||||
||`Maintenanceexpenditure`||`47,360`||`297,682`|
||`(includingMaintenanceassistant'ssalary)`|||||
||`Salaries`|||||
||`Bursar`|`41,895`||`34,385`||
||`Wardens`|`33,065`||`34,585`||
||`Groundsman`|`37,296`||`35,969`||
||`CommunityHallcleaner(incsupplies)`|`6,301`||`5,269`||
||`Groundsman'ssupplies`|`6,385`||`4,243`||
||`Othergardenexpenditure`|`1,560`||`1,810`||
||`Watercharges`|`1,272`||`2,138`||
||`Street/Porchlights`|`3,478`||`2,772`||
||`CommonRoomHeating/lighting`|`2,385`||`2,542`||
||`SundryExpenses`|`508`||`539`||
||`VacantHomecharges`|`17,497`||`12,509`||
||`Electricityforgarageblock`|`1,871`||`1,631`||
||`Insurance`|`20,684`||`19,647`||
||`Minibusexpenses`|`1,383`||`3,675`||
||`Benefitstotenants`|`872`||`1,925`||
||`ContributiontoChurchexpenses`|`1,200`||`18,942`||
||||`177,652`||`182,581`|
||||`225,012`
||`480,263`|
||`Expenditure`|||||
||`Accountants'charges`|||||
||`Trustaccounts`|`13,200`||`9,360`||
||`VEdaycelebrationcosts`|`1,575`||`-`||
||`Auditor'scharges`|||||
||`Independentexamination`|`1,800`||`-`||
||`Accountsaudit(prioryears)`|`4`||`4,560`||
||`Legalcosts`|`-`||`151`||
||`Depreciation`|`4,295`||`5,706`||
||`Trustees'expenses`|`133`||`551`||
||`Administrationcosts`|`18,976`||`15,373`||
||||`39,983`||
`35,701`|
||`Totalcostsofcharitableactivities`||`264,995`||`515,964`|
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|||`Freehold`||`Works`|||||
|---|---|---|---|---|---|---|---|---|
|||`Landand`||`of`||`2020`||`2019`|
|||`Buildings`||`Art`||`Total`||`Total`|
|||`£`||`£`||`£`||`£`|
|`Bookvalues`|||||||||
|`Openingbalance`||`9,570,000`||`10,488`||`9,580,488`||`8,645,488`|
|`Less:Saleofhomesduringtheyear`|||`-`||`-`||`-`|`(115,000)`|
|`Upgradingwindowsexpenditure`||`457,676`|||`-`|`457,676`||`-`|
|`Revaluation`|||`-`||`-`||`-`|`1,050,000`|
|`Closingbalance`||
`10,027,676`|
|
`10,488`|
|
`10,038,164`|
|
`9,580,488`|
|`Tangibleassets`|||||||||
||`Furniture`||||||||
||`fittingsand`|`Tractors`||||`2020`||`2019`|
||`equipment`|`&Mowers`||`Minibus`||`Total`||`Total`|
||`£`|`£`||`£`||`£`||`£`|
|`Cost`|||||||||
|`Openingbalance`|`4,899`|`29,828`||`15,764`||`50,491`||`53,696`|
|`Additions`|`-`||`-`||`-`||`-`|`11,400`|
|`Disposals`|`-`||`-`||`-`||`-`|`(14,605)`|
|`Closingbalance`|
`4,899`|
`29,828`|
|
`15,764`|
|
`50,491`|
|
`50,491`|
|`Depreciation`|||||||||
|`Openingbalance`|`3,991`|`18,001`||`10,776`||`32,768`||`40,845`|
|`Disposals`|`-`||`-`||`-`||`-`|`(13,783)`|
|`Chargeforyear`|`91`|`2,957`||`1,247`||`4,295`||`5,706`|
|`Closingbalance`|
`4,082`|
`20,958`|
|
`12,023`|
|
`37,063`|
|
`32,768`|
|`Netbookvalues`|||||||||
|`Closingbalance`|`817`
|`8,870`
|
|`3,741`
|
|`13,428`
|
|`17,723`
|
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|`at30`|`September2020`||||
|---|---|---|---|---|
|`(continued)`|||||
|`5.`|`FixedAssetInvestments`||||
|||`2020`|`2019`||
|||`£`|`£.`||
||`QuotedInvestments`
`Marketvalue30September2019`
`Additions`
`Disposals`
`Netrealisedinvestmentgains/(losses)`
`Netunrealisedinvestmentgains/(losses)`|`2,866,406`
`283,861`
`(1,118,790)`
`(87,281)`
`8,155`|`2,724,004`
`331,222`
`(324,026)`
`(5,864)`
`141,070`||
||`Marketvalue30September2020`|`1,952,351`|`2,866,406`||
|`6.`|`Debtorsandprepayments`|`2020`|`2019`||
|||`£`|`z`||
||`Servicechargeduefromtenants`|`4,279`||`3,290`|
||`Incometaxrecoverable`|`1,728`||`1,728`|
||`Dividendreceivable`|`296`||`424`|
||`Insuranceprepayment`|`16,525`|`15,176`||
|||`22,828`|`20,618`||
|`7.`|`Liabilities:amountsfallingduewithinoneyear`|`2020`|`2019`||
|||`£`|`£`||
||`Maintenanceexpenditure`|`4,586`||`3,102`|
||`Salaries`||||
||`Bursar`|`3,224`||`2,940`|
||`Wardens`|`5,014`||`6,282`|
||`MaintenanceAssistant`|||`86`|
||`Groundsman`|`6,050`||`5,839`|
||`CommunityHallcleaner(incsupplies)`|`870`||`833`|
||`Groundsman'ssupplies`|`1,724`||`580`|
||`Street/Porchlights`|`545`||`545`|
||`CommunialHallheatingandlighting`|||`131`|
||`SundryExpenses`|||`20`|
||`Electricityforgarageblock`|||`244`|
||`Vacanthomecharges`|`220`||`110`|
||`Minibusexpenses`|`165`|||
||`ContributiontoChurchexpenses`|`300`||`300`|
||`Benefitstoresidents`|`13`||`8`|
||`Servicechargesrepayable`|`4,454`|||
||`Accountants’charges`|`6,000`||`3,600`|
||`Independentexaminer'scharges`|`1,800`|||
||`Auditor'scharges`|`9,124`||`9,120`|
||`Investmentmanagerscharges`|`2,263`||`3,108`|
||`Administrationcosts`|`1,945`||`224`|
|||`48,297`|`37,072`||
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