| Settlor: | Sir Percy Malcolm Stewart, Baronet, | Sir Percy Malcolm Stewart, Baronet, | OBE | |||||||
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| Name of | the | |||||||||
| Charity: | Sir Malcolm Stewart Bart. General | Charitable | Trust | |||||||
| The principal governing document |
is a deed poll dated 10July 1945.The | |||||||||
| settlement is a private charitable trust controlled |
by its Trustees. | |||||||||
| Trustees: | David John Szymanski (Chairman) |
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| Malcolm Doggett Savory | ||||||||||
| Miss Debra Jayne Hassall | ||||||||||
| Peter John Faulkner | ||||||||||
| Duncan Edwards |
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| Mrs Hannah Lawes |
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| Keith Stewart | ||||||||||
| When new or additional trustees are |
appointed | by the existing trustees | they | will | ||||||
| be encouraged to receive appropriate |
training | depending | on their qualifications | |||||||
| and experience | ||||||||||
| Principal | Office | |||||||||
| Address: | Mercer & Hole Trustees Limited |
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| 72 London Road, StAlbans, Herts |
AL1 1NS | |||||||||
| Solicitors: | Birketts LLP, Kingfisher House, |
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| 1 Gilders Way, Norwich, Norfolk, NR3 1UB |
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| Reporting | ||||||||||
| Accountants: | Mercer & Hole Trustees Limited |
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| 72 London Road, StAlbans, Herts |
AL1 1NS | |||||||||
| Independent | ||||||||||
| Examiners: | Steve Robinson | |||||||||
| Mercer & Hole LLP | ||||||||||
| 72 London Road, StAlbans, Herts |
AL1 1NS | |||||||||
| Bankers: | Barclays Bank pic, Chancery Lane |
&Goslings | ||||||||
| 147Holbom, London EC1N 2NU |
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| Bursar: | Miss Debra J Hassall | |||||||||
| Investment | ||||||||||
| Managers: | Rathbones, 8 Finsbury Circus, London EC2M |
7AZ | ||||||||
| The Trustees 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 such manager |
(including | power to appoint | a corporate | body | ||||||
| as nominee to hold the investments | ofthe Charity). | |||||||||
| In accordance with this power Rathbones have |
been acting throughout | the | period | |||||||
| covered by these accounts. |
| forthe year e | nded 30 | September 2022 (continued) |
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| The principal aims and activities for the trustees is the upkeep of the homes and |
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| gardens at Stewartby and to provide a safe and friendly environment for the |
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| people who occupy the homes. In order to achieve their objectives, the trustees |
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| use the trust funds to maintain the homes and gardens and the general running |
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| costs of the estate. The homes are gradually being modernised as appropriate |
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| planning permissions are obtained and as funds permit. |
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| Objectives of | the | |
| Charity: | The objects ofthe trust (see above) are clearly ofpublic benefit both directly and | |
| indirectly. The Trustees have complied with the duty in part 1,chapter 1, section |
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| 4ofthe Charities Act 2011 to have due regard to public benefit guidance | ||
| published by the Charity. |
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| 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 its |
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| charitable activities are focussed on achieving its objectives and are undertaking |
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| a modernisation programme, subject to planning permissions and funds |
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| available, ofthe homes and pathways to further its work towards the benefit of its |
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| beneficiaries. | ||
| The Trustees met three times this year to review the running of the Sir Malcolm |
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| Stewart homes, the investment of the trust funds, the financial situation and any |
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| other matters adising. They received reports from the bursar who liaises on a |
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| regular basis with the other trustees. | ||
| The day to day running of the homes is in the hands ofthe wardens who live on |
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| site and report to the bursar. The bursar is responsible for supervising the |
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| maintenance ofthe estate. |
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| The investment objectives/performance are stated below. |
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| Investment | ||
| Policy: | The investment policy agreed with Rathbones, the Investment Manager, is to |
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| generate optimum income for the maintenance of the homes whilst at the same |
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| time seeking long term capital growth. For the year ended 30 September 2022, |
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| the overall return decreased by 15.018/0 (2021 23.499%). Given the volatile |
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| stock market conditions, the trustees accept the performance over the year. |
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| Risk Management: | Apart from the risks associated with property and the running ofthe homes which |
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| are covered by comprehensive insurance, the Trustees do not consider that the |
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| Chadity is exposed to any major risk, other than market risks in relation to its |
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| share porffolio. The Trustees have delegated management of the portfolio to |
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| professional managers, though they review their performance regularly. |
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| Reserves: | The total reserves of the Charity have increased by f284,136 during the year |
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| ended 30 September 2022. Total unrestricted reserves now held amount to |
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| 213,117,882 and are held for the maintenance and upkeep of the homes at |
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| Stewartby. The value of the investments has decreased resulting in a |
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| depreciation of F31,801 during the year. As indicated under the Review of |
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| Financial Transactions (see below) the trustees are taking steps to bring income |
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| and expenditure into balance. |
| for the year end | ed 30Se | ptember 2022 (continued) | |||
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| Trustees' | |||||
| Responsibilities | lcont): | The trustees are responsible for |
keeping accounting |
records that disclose with |
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| reasonable accuracy at any time |
the financial position |
ofthe charity and | enable | ||
| them to ensure that the financial | statements comply with the Charities Act 2011, |
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| 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 2019applicable to |
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| charities preparing their accounts |
in accordance with FRS 102. |
| Unrestricted | |||||||
|---|---|---|---|---|---|---|---|
| funds | |||||||
| Notes | 2022 | 2021 | |||||
| 6 | E | ||||||
| Income and endowments | from | ||||||
| Income from charitable activities |
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| Service charges receivable | from tenants | 78,118 | 61,736 | ||||
| Investment Income |
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| Dividends | 51,547 | 43,337 | |||||
| Interest from investment | managers | (gross) | 467 | ||||
| Other income | |||||||
| (Loss)/Gain on sale ofprogramme |
related | investment | 5,232 | ||||
| 130,152 | 99,841 | ||||||
| Expenditure on |
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| Costs ofcharitable activities |
2 | 306,098 | 290,143 | ||||
| Cost ofgenerating funds- |
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| Investment manager's fees |
11,128 | 10,079 | |||||
| Total expenditure | 317,226 | 300,222 | |||||
| Net incoming(outgoing) resources and investment asset disposals |
before | revaluations | ~187074 | ~200,3,01 | |||
| Net gains/(losses) on |
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| Investments | 5 | (412,008) | 415,451 | ||||
| Property - sales | 37,347 | ||||||
| Property - revaluation at |
30 | September 2022 | 4 | 845,871 | |||
| 471,210 | 415,451 | ||||||
| Net income/(expenditure) | 284,136 | 215,070 | |||||
| Total funds brought forward |
12,833,746 | 12,618,676 | |||||
| Total funds carried forward | 1311?,882 | 12,033,740 |
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Notes | 6 | |||||
| Fixed Assets | ||||||
| Freehold Property at | market | value: | ||||
| Sir Malcolm Stewart | Homes | and Community | ||||
| Hall and land at Stewartby, | at market value | 10,353,450 | 9,894,780 | |||
| Works ofArt | 10,488 | 10,488 | ||||
| Tangible assets | 7,756 | 10,194 | ||||
| Investments | 2,365,154 | 2,396,955 | ||||
| Total Fixed Assets | 12,736,848 | 12,312,417 | ||||
| Current Assets | ||||||
| Debtors and prepayments | 24,761 | 26,773 | ||||
| Balance with investment | managers | 81,311 | 136,225 | |||
| Cash at bank | 313,179 | 421,794 | ||||
| Cash in hand | 873 | 873 | ||||
| Liabilities: amounts | falling | due within one year | 420,124 ~30,000 |
587,665 ~66,336 |
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| Net Current Assets | 381,034 | 521,329 | ||||
| Total Net Assets of | Trust | 13,117,882 | 12,833,746 | |||
| Represented by |
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| Unrestricted funds |
8 | 13,117,882 | 12,833,746 |
| Notes to the accounts | ||||||
|---|---|---|---|---|---|---|
| at 30September 2022 | ||||||
| (continued) | ||||||
| 2022 | 2021 | |||||
| E E |
E f |
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| Service charges receiveable from tenants | ||||||
| Service charge received from tenants | 77,039 | 60,378 | ||||
| Service charge due from tenants | 1,080 | 1,358 | ||||
| ~78 118 | 61,736 | |||||
| Costs ofcharitable activities |
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| Costs ofcharitable activities |
306,098 | 290,143 | ||||
| The breakdown ofcosts |
ofcharitable | activities is as follows- | ||||
| Upkeep ofhomes at Stewartby | ||||||
| Maintenance expenditure |
62,779 | 53,222 | ||||
| (including Maintenance assistant's |
salary) | |||||
| Salaries | ||||||
| Bursar | 38,995 | 42,315 | ||||
| Wardens | 33,644 | 33,500 | ||||
| Groundsman | 37,900 | 38,351 | ||||
| Community Hall cleaner |
(inc supplies) | 5,694 | 5,924 | |||
| Groundsman's supplies |
7,696 | 3,979 | ||||
| Other garden expenditure |
7,864 | 4,322 | ||||
| Water charges | 824 | 1,157 | ||||
| Street/Porch lights |
4,160 | 3,377 | ||||
| Common Room Heating/lighting |
2,606 | 3,478 | ||||
| Sundry Expenses | 467 | 457 | ||||
| Vacant Home charges | 19,075 | 30,563 | ||||
| Electricity for garage block | 2,918 | 3,081 | ||||
| Properties insurance |
22,730 | 21,359 | ||||
| Trustees indemnity insurance |
1,264 | 970 | ||||
| Minibus expenses | 1,473 | 3,297 | ||||
| Benefits to tenants | 2,542 | 431 | ||||
| Contribution to Church expenses |
1,200 | 900 | ||||
| 191,052 | 197,481 | |||||
| 253,831 | 250,703 | |||||
| Expenditure | ||||||
| Accountants' charges |
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| Trust accounts | 15,600 | 10,800 | ||||
| Independent examination |
2,400 | 1,800 | ||||
| Auditor's charges (not previously |
provided) | 4,560 | ||||
| Depreciation | 2,438 | 3,235 | ||||
| Trustees' expenses | 2,585 | |||||
| Administration costs |
24,684 | 23,605 | ||||
| 52,267 | 39,440 | |||||
| Total costs ofcharitable | activities | 306,098 | 290,143 |
| Freehold | Works | Works | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Land and | of | 2022 | 2021 | ||||||
| Buildings | Art | Total | Total | ||||||
| 6 | K | 6 | F | ||||||
| Book values | |||||||||
| Opening | balance | 9,894,780 | 10,488 | 9,905,268 | 10,038,163 | ||||
| Less: Sale ofhomes | during the | year | (419,080) | (419,080) | (330,000) | ||||
| Upgrading | windows | expenditure | 31,879 | 31,879 | 197,105 | ||||
| Revaluation | 845 871 | 845 871 | |||||||
| Closing balance | 10,353,450 | 10,488 | 10,363,938 | 9,905,268 | |||||
| Tangible | assets | ||||||||
| Furniture | |||||||||
| fittings | and | Tractors | 2022 | 2021 | |||||
| equipment | 8 Mowers | Minibus | Total | Total | |||||
| f | f | K | |||||||
| Cost | |||||||||
| Opening | balance | 4,899 | 29,828 | 15,764 | 50,491 | 50,491 | |||
| Additions | |||||||||
| Disposals | |||||||||
| Closing balance | 4 | 899 | 29828 | 15 | 764 | 50,491 | 50,491 | ||
| Depreciation | |||||||||
| Opening | balance | 4,163 | 23,176 | 12,958 | 40,297 | 37,062 | |||
| Charge for year | 74 | 1,663 | 701 | 2,438 | 3235 | ||||
| Closing balance | 4,237 | 24,839 | 13,659 | 42,735 | 40,297 | ||||
| Net book | values | ||||||||
| Closing balance | 662 | 4,989 | 2, | 1D5 | 7756 | 10.194 |
| to the accounts eptember 2022 ued) |
to the accounts eptember 2022 ued) |
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| Fixed Asset Investments | ||||
| 2022f | 2021 | |||
| Quoted Investments | ||||
| Market value 30September 2021 | 2,396,955 | 1,952,351 | ||
| Additions | 1,216,406 | 455,744 | ||
| Disposals | (835,199) | (426,591) | ||
| Net realised investment |
gains/(losses) | (175,428) | 25,341 | |
| Net unrealised investment |
gains/(losses) | ~236,626 | 390,110 | |
| Market value 30September | 2022 | 2,365,154 | 2,395,955 | |
| Debtors and prepayments | 2022f | 2021f | ||
| Service charge due from | tenants | 1,079 | 7,092 | |
| Income tax recoverable | 1,728 | 1,728 | ||
| Dividend receivable |
659 | 512 | ||
| Property vacant home charges reimbursements | 1,638 | |||
| Insurance prepayment |
19,657 | 17,441 | ||
| 24,761 | 26773 | |||
| Liabilities: amounts falling due within one year |
2022f | 2021f | ||
| Maintenance expenditure |
966 | 2,473 | ||
| Salaries | ||||
| Bursar | 3,008 | 3,688 | ||
| Wardens | 7,459 | |||
| Groundsman | 9,355 | |||
| Community Hall cleaner |
(inc supplies) | 1,346 | ||
| Groundsman's supplies |
1,143 | 384 | ||
| Street/Porch lights |
1,176 | 572 | ||
| Sundry Expenses | 20 | |||
| Electricity for garage block | 681 | 501 | ||
| Vacant home charges | 579 | 194 | ||
| Replacement windows |
9,784 | |||
| Benefits to residents | 247 | 18 | ||
| Accountants' charges |
21,600 | 16,800 | ||
| Independent examiner's |
charges | 6,000 | 3,600 | |
| Auditor's charges | 4,561 | |||
| Investment managers charges |
2,881 | 2,548 | ||
| Administration costs |
1,009 | 2,933 | ||
| 39,090 | 66,336 |
| Funds | Funds | |||
|---|---|---|---|---|
| The unrestricted funds are represented |
by: | 2022 | 2021 | |
| 8 | F | |||
| Accumulated | Surplus | 9,479,411 | 10,041,145 | |
| Revaluation | Reserve | 3,838,471 | 2 702,600 | |
| 13,117,882 | 12,633746 |