# ## ## |Settlor:||Sir Percy Malcolm Stewart, Baronet,|Sir Percy Malcolm Stewart, Baronet,|OBE||||||| |---|---|---|---|---|---|---|---|---|---|---| |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)||||||||| |||Malcolm Doggett Savory||||||||| |||Miss Debra Jayne Hassall||||||||| |||Peter John Faulkner||||||||| |||Duncan
Edwards||||||||| |||Mrs Hannah
Lawes||||||||| |||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||||||||| |||72 London Road, StAlbans,
Herts|AL1 1NS|||||||| |Solicitors:||Birketts LLP, Kingfisher
House,||||||||| |||1 Gilders Way, Norwich,
Norfolk,
NR3 1UB||||||||| |Reporting||||||||||| |Accountants:||Mercer & Hole Trustees
Limited||||||||| |||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||||||||| |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)| |---|---|---| |||The principal
aims and activities 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
are obtained
and as funds permit.| |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| |||4ofthe Charities Act 2011 to have due regard to public benefit guidance| |||published
by the Charity.| |||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| |||charitable
activities are focussed on achieving
its objectives and are undertaking| |||a
modernisation
programme,
subject
to
planning
permissions
and
funds| |||available,
ofthe homes and pathways
to further
its work towards the benefit of its| |||beneficiaries.| |||The Trustees
met three times this year to review the running
of the Sir Malcolm| |||Stewart homes,
the investment
of the trust funds,
the financial
situation
and any| |||other
matters
adising.
They received
reports
from the bursar
who liaises on a| |||regular basis with the other trustees.| |||The day to day running
of the homes
is in the hands
ofthe wardens
who
live on| |||site and
report
to the
bursar.
The
bursar
is responsible
for supervising
the| |||maintenance
ofthe estate.| |||The investment
objectives/performance
are stated below.| |Investment||| |Policy:||The investment
policy agreed
with
Rathbones,
the Investment
Manager,
is to| |||generate
optimum
income for the maintenance
of the homes
whilst at the same| |||time seeking
long term capital
growth.
For the year ended 30 September 2022,| |||the
overall
return
decreased
by 15.018/0 (2021 23.499%). Given
the volatile| |||stock market conditions,
the trustees accept the performance
over the year.| |Risk Management:||Apart from the risks associated
with property
and the running
ofthe homes which| |||are covered
by comprehensive
insurance,
the Trustees
do not consider that the| |||Chadity
is exposed
to any
major
risk, other than
market
risks
in relation
to its| |||share
porffolio.
The Trustees
have delegated
management
of the portfolio
to| |||professional
managers,
though
they review their performance
regularly.| |Reserves:||The total reserves
of the Charity
have increased
by f284,136 during
the year| |||ended
30 September
2022. Total
unrestricted
reserves
now
held
amount
to| |||213,117,882 and are held
for the maintenance
and
upkeep
of the homes
at| |||Stewartby.
The
value
of
the
investments
has
decreased
resulting
in
a| |||depreciation
of F31,801 during
the year.
As
indicated
under
the
Review
of| |||Financial Transactions
(see below) the trustees are taking steps to bring income| |||and expenditure
into balance.| ## ## ## ## |for the year end|ed 30Se|ptember 2022 (continued)|||| |---|---|---|---|---|---| |Trustees'|||||| |Responsibilities|lcont):|The trustees
are responsible
for|keeping
accounting|records
that disclose
with|| |||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,||| |||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|| |||charities
preparing
their accounts|in accordance
with FRS 102.||| ## ## ## ## ## ## ## |||||||Unrestricted|| |---|---|---|---|---|---|---|---| |||||||funds|| ||||||Notes|2022|2021| |||||||6|E| |Income and endowments|from||||||| |Income from charitable
activities|||||||| |Service charges receivable||from tenants||||78,118|61,736| |Investment
Income|||||||| |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|||||||| |Costs ofcharitable
activities|||||2|306,098|290,143| |Cost ofgenerating
funds-|||||||| |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|||||||| |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| |Net Current Assets|||||381,034|521,329| |Total Net Assets of|Trust||||13,117,882|12,833,746| |Represented
by||||||| |Unrestricted
funds||||8|13,117,882|12,833,746| ## ## ## ## ## ## ## ## ## ## ## |Notes to the accounts||||||| |---|---|---|---|---|---|---| |at 30September 2022||||||| |(continued)||||||| ||||||2022|2021| ||||||E
E|E
f| |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||||||| |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||||||| |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)|||| |---|---|---|---|---| |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| ## ## ##