Sir Malcolm Stewart Bart. General Charitable Trust (Charity Commission No 227785) Accounts for the year ended 30 September 2021 Mercer Hole Trustees Sir Malcolm Stewart Bart General Charitable Trust Registered Charity No 227785 Reference and administrative information for the year ended 30 September 2021 Settlor: Sir Percy Malcolm Stewart, Baronet, OBE Narne of the Charity: Sif Malcolm Stewart Bart. General Charitable Trust The principal goveming document is a deed poll dated 10 July 1945. The settlement is a private charitsble trust controlled by ils Trustees. Trustees: David John Szymanski {Chairmanl Malcolm Doggett Savory Miss Debra Jayne Hassall Peter John Faulkner Duncan Edwards Mrs Hannah Lawes Keith Stewart When new or additional Iruslees are appointed by Ihe existing trustees they will be encouraged to receive appropriate training depending on their qualifications and experience Principal Office Address: Mer¢er & Hole Trustees Limited. Gloucester House, 72 London Road, St Albans, Herts AL1 1 NS Solicitors: 8irketts LLP, Kingfisher House, 1 GildeTS Way, No￿lch, Norfolk, NR3 1 UB Reporting Accountants: Mercer & Hole Trustees Limited, 72 London Road, Sl Albans, Herts AL1 1NS Independent Examiners: Steve Robinson Mercer & Hole LLP 72 London Road, St Albans, Herts AL1 1NS Bankers: Barclays Bank plc, Chancery Lane & Goslings 147 Holborn, London EC1N 2NU Bursar: Miss Debra J Ha$sall Investment Managers: Ralhbones, 8 Finsbury Cir¢u$, London EC2M 7AZ The Tnjstees have wide powers of investment. On 31 October 2000 the Trustees obtained an order under section 26 of the Charities Act 1993 to appoint an Investment Manager and to delegate their investment powers to $u¢h manager (including power to appoint a COTporate body as nominee to hold the investments of the Charity). In accordan￿ with this power Rathbones have been acting throughout the period covered by these accounts. Page 1 Sir Malcolm Stewart Bart General Charitable Trust Rogistered Charity No 227785 Trustses, Annual Report for the ygar ended 30 September 2021 The trustees present their annual report and firtancial statements of the charty for the year ended 30 September 2021. The financial statements have been prepared in accordance with the accounting policies set oul on pages 9 and 10 lo the accounts and compty with the charity's trust deed, the Charities Act 2011 and Accounting ané Reporting by Charities.. Stalemenl of Recommended Practice applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republtc of Ireland published in October 2019. Objectives of tho Charity: The Charity was established by deed dated 10 July 1945 as amended by supplemenlal deeds dated 26 January 1949 and 31 January 1951. 2. The 1945 deed provides the objects of the Charity shall in general be to advance religion and education. to relieve povety and promote other charitable purposes beneficial to the community and in parbcular the following purposes. To establish a chapel for the village of Stewartby {including a mausoleum as a memorial to Sir Malcolm Stewart). The chapel having been constructed was transferred lo a separate Charity with consent of the Charity Commissioners known as the Slewartby United Church in 1981. The charitable objects set out in the next clause by the 1951 deed were given preceden￿ lo the Chapel Trust. The 1951 deed provides that funds should only be made available for the Chapel Trust after fLJII provision has been made for the objects relating to the under-menlioned homes and their occupiers. The establishment maintenance and upkeep of home5 at Slewartby for the occupation and use for persons in need as ft)Ilows- la) Existing or former seNants of or connected with London Brick Company Limited lor relatives or dependanls of such persons) and in considering candidates for benefit regard shall be had to length of Servi￿ of such person lor the person to whom the candidate is related or dependantl with the Company. Ib) The maintenance and support of poor persons occupying such homes. {c) If such persons shall be insufficient in number then for any persons whatever in need. (dl Should the above trusts fail totally or in part lo apply the capital and income of the Charity for any other charitable purposes for the benefit of the inhabitants of Slewartby. le) Subject to the above trusts the Trustees shall hold the apital or income should the prior purposes fail to apply the Same towards such purpose or purposes falling within the legal definition of charity as they determine. Page 2 Sir Malcolm Stswart Bart General Charitable Trust Registered Charity No 227785 Trustees, Annual Report for the year ended 30 September 2021 Icontinuedl The principal aims and activitie5 for the trustees is the upkeep of the homes and gardens at Stewartby and to provide a safe and friendly environment for the people who occupy the homes. In order to achieve their objectives, the trustees use the trust funds to maintain the homes and gardens and the general running Costs of the estate. The homes are gradually being modernised as appropriate planning permissions afe obtained and as funds permit. Objectives of the Charity: The objects of the trust (see above) are cleady of public benefit both direcuy and indirectly. The Trustees have complied with the duty in part 1. chapter 1. secl¢on 4 of the Charities Act 2011 to have due regard lo public benefit guidance published by the Charity. 5. The Trustees have the power to spend income and capital. Achievements and performance: The Charity's main activities and who it tries to help are described above. All of ils charitable activities are focussed on achieving its objectives and are undertaking a modernisation programme, subject to planning permissions and funds available, of the homes and pathways to further its work towards the benefit of ils beneficiaries. The Trustees mel three times this year lo review the running of the Sir Malcolm Stewart homes, the investment of the trust fvnds, the financial situation and any other matters arising. They received reports from the bursar who liaises on a regular basis with the other Iruslee5. The day to day running of the homes is in the hands of the wardens who live on site and report to the bursar. The bursar is responsible for supervising the maintenance of the estate. The investment objectiveslperformance are stated below. Investment Pollcy: The investment policy agreed with Ralhbones, the Investment Manager, is to generate optimum income for the maintenance of the homes whilst al the same time seeking long term capital growth. For the year ended 30 September 2021. the overall return is a growth of 23.499VA 12020 0.9510/01. Given the volatile stockmarket conditions. the Iruslees are satisfied with the performance over the year. Risk Management". Apart from the risks a$$o¢ialed with property and the running of the homes which are covered by comprehensive insurance, the Trustees do not consider that the Charity is exposed to any major risk, other than market risks in relation to its share portfolio. The Trustees have delegated management of the portfolio to professional managers. though they review their performance regularty. Reserves: The total reserves of the Charity have increased by £215.070 during the year ended 30 September 2021. Total unTeslricled reserves now held amount to £12,833,746 and are held for the maintenance and upkeep of the homes at Slewartby. The value of the ir¢veslments has increased resulting in a appreciation of £415,451 during the year. As indicated under the Review of Financial Transactions Isee below) the Iruslees are taking steps to bring income and expenditure into balance. Page 3 Sir Malcolm Stewart Bart General Charitable Trust Registered Charity No 227785 Trustees. Annual Report for the year ended 30 Septernber 2021 (continued} Unrestricted Funds: Included in the unrestricted fvnds is a painting received as part of the distribution from the Estate of Sir Ronald Stewart, who died on 26 January 1999, valued for probate at.. Oswald Birley 'Portrait of Sir Malcolm Stewarf 500 The Birtey is hung in the Community Hall. In addition, in 2001102 3 portrait bust of Sir Ronald Stewart was commissioned at a cost of £9,988 and this brings the total value of the works of art, as shown on page 8 ofthe accounts to £10,488. Sir Ronald had been chairman of the trustees for many years and was a major benefactor of the trust. Review of Flnancial Transactions- Against the background of substantial annual deficits, a reduelion in the number of ex London Brick employees applying for bungalows and the need lo modemise the Trust's housing stock, the Iruslees have decided lo redu¢e the size of the estate. They have decided that any bungalows on the wesl hand end of the estate (Nos 2544 and 61-861 should be sold on very long leases as retirement homes when vacated by the present beneficiaries unless needed by new well qualified beneficiary applicant, Purchasers are required lo pay servi charges for the rnaintenance of the estate and for the piovision of warden services, as are any benefi¢iaries moving into bungalows on the rest of the estate. Trustees, Responsibilities: The Iruslees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable lo charities in England & Wales requires the trustees to prepare financial s131ements for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial slatemenls. the Iruslees are required lo.. select suitable accounting policies and then apply them consistenUy', observe the method$ 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 finan¢ial statements,. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. Page 4 **Sir Malcolm Stewart Bart General Charitable Trust Registered Charity No 227785** ## **Trustees’ Annual Report** ## **for the year ended 30 September 2021 (continued)** **Trustees’ Responsibilities (cont):** The trustees are responsible for keeping 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 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. **Confirmation:** The Trustees confirm that the accounts comply with the requirement of the Charity’s governing document and the requirements of SORP 2019 applicable to charities preparing their accounts in accordance with FRS 102. ## **Signed:** .......................................... **Date: DJ Szymanski on behalf of the trustees** Page 5 Independent Examiner's Report to the Trustees of Sir Malcolm Stewart Bart General Charitable Trust I report to the trustees on my examination of the accounts of Sir Malcolm Stewart Bart General Charitable Trust {Ihe Trust) for the year ended 30 September 2021, which are set on pages 7 to 14. Responsibilitios and basls of report As the ¢hanty trustees of the Trust you are responsible for the preparation of the accounts in a￿OrdanCe with the requirements of the Charities Act 2011 {'the Act'i. I report in respect of my examination of the Trust'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 Chartty Commi$sEon under section 145{51(bl of the Act. Independent examine￿$ Statement I have completed my examination. I confimi that no material mattefs have come to my attention in connection wiÉh the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Trust as required by section 130 of the ACL or 2. the accounts do not accord with those records; or 3. the accounts do not compty wf(h the applicable requirements conceming the fom and conlenl of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair view which is not a matter considered as part of an independent examination. I have no Con￿rnS and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be rea¢hed. Signed: Steve Robinson FCA Mercer & Hole LLP 72 London Road Sl Albans Herts AL1 1NS Page 6 Sir Malcolm Stewart Bart. General Charitable Trust Registered Charity No 227785 Statement of Financial Activities for the year ended 30 September 2021 Unrestricted funds 2021 Notes 2020 Income and endowments from Income from charitable activities Service charges receivable from tenants Investment Income Dividends Interest from investment managers (gross) Other income ILossyGain on sale of pmgramme ￿trated investment 61,736 58.859 43,337 50,798 1,073 5,232 110,730 Expendlture on Costs of charitable activities Cost of generating funds- Investment managerfs fees Total expenditure Net incoming(outgoing) resources before revaluations and investment asset disposals Net gainslllossesl on Investments 290.143 264.995 10.079 300 222 8,962 273,957 200.381 163,227 415.451 415,451 79,126 79.126 Net incomellexpendlture) Reconclliatlon of funds Total funds brought forward Totsl funds carried forward 215,070 1242,353) 12.618.676 12.861,029 12 833 746 12,618,676 The charity has no recognised gains or losses other than the results for the period as set out above. The a¢¢ounting policies and the notes on pages 9 to 14 form part of these accounts. Page 7 **Sir Malcolm Stewart Bart. General Charitable Trust** ## **Registered Charity No 227785** ## **Balance sheet** ## **at 30 September 2021** |
**Notes**
**Fixed Assets**
Freehold Property at market value:
Sir Malcolm Stewart Homes and Community
Hall and land at Stewartby, at market value
**4**
Works of Art
**4**
Tangible assets
**4**
Investments
**5**
**Total Fixed Assets**
**Current Assets**
Debtors and prepayments
**6**
Balance with investment managers
Cash at bank
Cash in hand
**Liabilities:**amounts falling due within one year
**7**
**Net Current Assets**
**Total Net Assets of Trust**
**Represented by**
Unrestricted funds (page 7)|**2021**
2020
**£**
£
**9,894,780**
10,027,676
**10,488**
10,488
**10,194**
13,428
**2,396,955**
1,952,351
**12,312,417**
12,003,943
**26,773**
22,828
**138,225**
605,951
**421,794**
33,378
**873**
873
**587,665**
663,030
**(66,336)**
(48,297)
**521,329**
614,733
**12,833,746**
12,618,676
**12,833,746**
12,618,676| |---|---| The accounting policies and the notes on pages 9 to 14 form part of these accounts. Approved by the Trustees on ..……..……................................ and signed on their behalf by …………………………….……….. DJ Szymanski - Trustee Page 8 Sir Malcolm Stewart Bart. General Charitable Trust Regl$terod Charity No 227785 Accounting policies at 30 Soptember 2021 a) Basis of preparation The financial ststemenls have been prepared under the historical cost convention with items re¢ognised al cost or transaction valLtre unless Othe￿Se slated in the relevant notelsl to these accounts. The financial slalements have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporbng by Charities preparing their accoun15 1 accordance with the Financial Rèporttng Standard applicable in the UK and Republic of Ireland IFRS 1 [121 issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. The trust constitutes a public benefit entity as defined by FRS 102 The trustees consider that the￿ are no malerlal uncertalnlies about the charity's ability to continue as a going concern. The Iruslees do not consider that the￿ are any sources of estirnalion uncertainty al the reporting dale that have a significant risk ol causing a material adjustment to the Carrying amounts of assets and liabilities within the next accounting period. bl Funds Structure The unrestricted funds represent the original capital gtft to the charity, plu5 subsequent additions. The trustees are entitled lo use the unrestricted funds in furtherance of the general objectives of the charity at their discretson. ¢1 Income All incoming resources are recognised once the charity has entitlement to the resources. il is certain that the resources wll be received and the monetary value of in¢oming resources Can be measured with sufficient reliability. Dividend income is in¢luded nel of non-recoverable UK tax credits. Interest from investment managers is received gross and sho¥Nn gross. dl Expenditure Expenditure is recognised once there is a legal or conslruclive obligation lo make payment to a third paty. it is probable that settlement wll be required and that the amount of the obligation can be measured reliably. Expenditure consists of.. Costs of raising funds relating lo investrnenls Costs Expenditure on charitable activities includes activities undertaken to further the purpose8 of the charity and their associated support costs. el Freehold Property The freehold property is included in the accounts at a valuation by the trustees at 30 September 2021 based on re¢enl sales made by the Trust. The building5 are maintained al a high standard for continuous occupation and no depreciation is charged as il would be immaterial in view of the length of the estimated residual life of the properties. Page 9 Sir Malcolm Stewart Bart. General Charitable Trust Registered Charity No 227785 Accounting pollcles #t 30 September 2021 Fixod asset invo$tmants Investments are a lorm of basic financial instrument and are initially recognised al their transaction value and subsequently measured al their fair value as at the balance sheet dale using the closing quoted maTkel price. The statement ol financial activities includes the nel gains and105ses arising on revaluation and disposals throughout the year. The main form of financial risk faced by the charity is that of volatility in equity market5 and investment markets due to wder economic conditions, the attibjde of investors to investment sk, and changes in sentiment concerning equities and within particular sectors or sub sector5. gl Rgalised galns and105ses Reali5ed gains represent the profit by comparing the nel proceeds of sale of investment with the market value of that investment as at 30 September 2020 or subsequent COSt. Unrealised gains represent the difference in market value 8130 September 2021 as compared with the market valuè at 30 September 2020 or subsequent cost. h} Valuation. eapltali$ation and depreciation of other fixgd assets The values of the Minibus, Tractor, Cultivator and Mower are depreciated al 25% per annum and the flxlure5 and fittings at 10% per annum. The charity capitalises new assets with a value in excess of £250. Anything below this figure is written off as incurred. The works of art are not depreciated In view of their estimated residual value. 11 Debtors Debtors are amounts owed lo the Charity and they are measured on the basis of their recoverable amount. J) Llabllltle$ Liabilities are recognlsed as resources expended as soon as there is a legal or constructive obligatlon committing the charity to the expendlture. All expenditure is accounted for on an accruals basis. k) Cash at bank and cash in hand Cash al bank is held to meet the day lo day running costs of the charity as they fall due. 11 Sgrvlce charges With effect from 1 July 2010 the Iru5tees introduced a Se￿iCe charge payable by occupiers of all properties allocated after 1 July 2010. The initial service charge was based on the budget for expenditure incurred by the trust in insuring the property. providing wardens servi¢es, maintenance of the grounds, administrating the trust and running the community hall and minibus for the year ended 30 September 2011. The service charge fc*r a ￿ bedroomed property was £1.800 and £1.200 for a one bedroom property. With effe¢l from 1 April 2014 this is now adjusted by the movement in the Retail Price Index in the previous year to 30 June. ml Penslon contibution Employees of the charity are entitled to join a defined contribution 'money purchase, scheme. The charity contribution is restricted to the contributions disclosed in note 3. There were no outstsnding contributions al the yearend. The ¢osls of the defined contribution scheme are included within support costs and charged to the unre51ricled funds. Page10 Sir Malcolm Stewart Bart. General Charitable Trust Registered Charity No 227785 Notes to the accounts at 30 September 2021 {continued} 2021 2020 Servlce charges recelveable from tenants Service charge received from tenants Service charge due from tenants 60,378 1,358 61,736 57,871 988 58,859 Costs of charitable actlvltles Costs of charitable aclivtties 290.143 264.995 The breakdown of costs of charitable actlvltles 1$ as follows- Upkeep of home5 at Stewartby Maintenance expenditure 53,222 Fil 47,360 (including Maintenance assistant's salary) Salaries Bursar Wardens Groundsman Community Hall cleaner linc supplies) Groundsman's supplies Other garden expenditure Water charges SlreeUPorch lights Common Room Healingllighling Sundry Expenses Vacant Home charges Electricity for garage block Insurance Minibus expenses Benefits to tenants Contribution lo Church expenses 42,315 33,500 38,351 5,924 3,979 4,322 1,157 3.377 3.478 467 30,563 3,081 22,339 3,297 431 41,895 33,065 37,296 6.301 6.385 1.560 1.272 3.478 2.385 508 17.497 1,871 20.684 1.383 872 900 1.200 197.481 250.703 177,652 225,012 Expendlture Accountants, Charges Trust accounts VE day celebration costs Auditol's charges Independent examination Accounts audit Depreciation Trustees, expenses Administration costs 10,800 13,200 1,575 1,800 1,800 3.235 4.295 133 18,976 23,605 39,440 39,983 Total costs of charitable activities 290,143 264,995 Page11 Sir Malcolm Stewart Bart. General Charitable Trust Registergd Charity No 227785 Notes to the accounts at 30 September 2021 l¢ontlnuodl Employees and Emolumgnts The trustees employ three warden$, one maintenance staff. one cleaner. one bookkeeper and a groundsman. Their combined salary Costs amounted lo £88,02812020.' £81,746). including ernployer's national insurance contribution of £4,629 {2020.. £4,129) and pension ¢osls of £3,315 {2020'. £3,728). There are no employees wlh emolumen15 above £60.000. Flxed and Tangible Assets Fixed assets The trustees have revalued the freehold land and buildings a130 Septembe¥ 2021 based on the recent sales of bungalows. Freehold Land and Bulldings Works of 2021 Total 2020 Total Book value$ Opening balance Less.. Sale of homes during the year Upgrading windows expendtture Revaluation Closing balance 10.027.675 {330.0001 197.105 10,488 10,038,163 1330.0001 197.105 9.580.488 457.676 9.894,780 10.488 9 905268 10 038 164 Tangible a55ets Furnlture fittings and oquipment Tractors & Mowers 2021 Totsl 2020 Total Minibus Cost Opening balance Additions Disposals Closing balance 4,899 29.828 15,764 50,491 $0,491 4,899 29,828 15,764 50,491 50,491 Dgpraclatio Opening balance Disposals Charge for year Closing balance 4,081 20,958 12,023 37,062 32,768 82 2.218 935 3,235 40,297 4.295 12.958 Net book values Closing balance 736 6.652 Page 12 Sir Malcolm Stewart Bart. General Charitable Trust Registered Charity No 227785 Notes to the accounts at 30 September 2021 leontinuedl Fixed Asset Investments 2021 2020 Quoted Investment$ Market value 30 September 2020 Additions Disposals Nel realised investment gain51llossesl Net unre81ised investment gainslllossesl Markel value 30 September 2021 1.952.351 455,744 1426,5911 25,341 390,110 2,396,955 2,866.406 283,861 11.118,790) 187,281) 8,155 1,952,351 Debtor8 and prepayments 2021 2020 Service charge due from tenants Income lax recoverable Dividend receivable Insurance P￿paYment 7,092 1,728 512 17,441 26,773 4,279 1.728 296 16,525 22,828 Liabilltles: amounts falling due withln one year 2021 2020 Maintenance expenditure Salaries Bursar Wardens Groundsman Community Hall cleaner linc supplies) Groundsman's supplies StreeVPorch lights Sundry Expenses Electricity for garage block Vacant home charges Minibus expenses Repl8Trment windows Contribution lo Church expenses Benefits to residents Sejvice Charges repayab Accounlanls, charges Independent examinels charges Auditorfs charges Investment managers charge5 Administration costs 2fv73 4.586 3,688 7,459 9,355 1.346 384 572 20 501 3.224 5,014 6,050 870 1,724 545 220 165 9,784 300 13 4,454 6.000 1,800 9,124 2,263 1,945 48,297 18 16,800 3,600 4,561 2,648 2,933 66,336 Page 13 Sir Malcolm Stewart BarL General Charitsble Trust Registered Charlty No 22778S Notes to the accounts at 30 September 2021 {continued} Related Party Transa¢tions Hanson Building Products Ltd provided the payroll setvices for the year without charge and were reimbursed payroll costs of £83,963 during the year. Debra Hassall received payment of £42,315 {2020'. £41.8951 for her services as the Bursar. No trustee expenses were reimbursed in the year12020." £133). The above payments are permitted by the trust deed and no other trustee received payment for their services as trustee. The charity's propety is registeied in the names of the trustees. Audltor's Remuneratlon The auditorf5 remuneration conslituled an independent examinatson fee of £1,800 including VAT 12020.. £1,800). 10. Controlllng Party The charity is controlled by its trustees but no one Iruslee has overall control. Page 14