Sir Malcolm Stewart Bart. General Charitable Trust
(Charity Commission No 227785)
Accounts
for the year ended 30 September 2024
Sir Malcolm Stewart Bart General Charitable Trust Registered Charity No 227785
Reference and administrative information
for the year ended 30 September 2024
| Settlor: | 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 10 July 1945. The | |
| settlement is a private charitable trust controlled by its Trustees. | |
| Trustees: | David John Szymanski |
| Malcolm Doggett Savory | |
| Debra Jayne Hassall | |
| Peter John Faulkner (Chairman) | |
| Duncan Frank Edwards | |
| Hannah Caroline Lawes | |
| Keith Harold 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, St Albans, Herts AL1 1NS | |
| Solicitors: | Birketts LLP, Kingfisher House, |
| 1 Gilders Way, Norwich, Norfolk, NR3 1UB | |
| Reporting | |
| Accountants: | Mercer & Hole Trustees Limited |
| 72 London Road, St Albans, Herts AL1 1NS | |
| Independent | |
| Examiner: | Steve Robinson |
| Mercer & Hole LLP | |
| 72 London Road, St Albans, Herts AL1 1NS | |
| Bankers: | Barclays Bank plc, |
| 326 – 328 High Holborn, London WC1V 7PE | |
| Bursar: | Miss Debra J Hassall |
| Investment | |
| Managers: | Rathbones, 30 Gresham Street, London EC2V 7QN |
| 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 of the Charity). | |
| In accordance with this power Rathbones have been acting throughout the period | |
| covered by these accounts. |
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Sir Malcolm Stewart Bart General Charitable Trust Registered Charity No 227785
Trustees’ Annual Report
for the year ended 30 September 2024
The Trustees present their annual report and financial statements of the Charity for the year ended 30 September 2024. 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 trust deed, 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 the UK and Republic of Ireland published in October 2019.
Objectives of the Charity:
The Charity was established by deed dated 10 July 1945 as amended by supplemental deeds dated 26 January 1949 and 31 January 1951.
The 1945 deed provides that the objects of the Charity shall in general be to advance religion and education, to relieve poverty and promote other charitable purposes beneficial to the community and in particular the following purposes:
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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 to a separate Charity with consent of the Charity Commissioners known as the Stewartby United Church in 1981. The charitable objects set out in the next clause by the 1951 deed were given precedence to the Chapel Trust. The 1951 deed provides that funds should only be made available for the Chapel Trust after full provision has been made for the objects relating to the under-mentioned homes and their occupiers.
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The establishment maintenance and upkeep of homes at Stewartby for the occupation and use for persons in need as follows:
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(a) Existing or former servants of or connected with London Brick Company Limited (or relatives or dependants of such persons) and in considering candidates for benefit regard shall be had to length of service of such person (or the person to whom the candidate is related or dependant) with the Company.
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(b) The maintenance and support of poor persons occupying such homes.
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(c) If such persons shall be insufficient in number then for any persons whatever in need.
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(d) Should the above trusts fail totally or in part to apply the capital and income of the Charity for any other charitable purposes for the benefit of the inhabitants of Stewartby.
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(e) Subject to the above trusts the Trustees shall hold the capital 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.
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Sir Malcolm Stewart Bart General Charitable Trust Registered Charity No 227785
Trustees’ Annual Report
for the year ended 30 September 2024 (continued)
Objectives of the Charity (cont): 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.
The objects of the Trust (see above) are clearly of public benefit both directly and indirectly. The Trustees have complied with the duty in part 1, chapter 1, section 4 of the 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, of the 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 arising. 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 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 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 2024, | |
| the overall return increased by 10.70% (2023: increased by 3.30%). | |
| Risk Management: | Apart from the risks associated 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 regularly. | |
| Reserves: | The total reserves of the Charity have decreased by £168,424 during the year |
| ended 30 September 2024 (2023: £182,789). Total unrestricted reserves now | |
| held amount to £12,766,669 (2023: £12,935,093) and are held for the |
|
| maintenance and upkeep of the homes at Stewartby. The value of the | |
| investments has increased resulting in an appreciation of £21,550 (2023: | |
| depreciation of £48,782) during the year. As indicated under the Review of | |
| Financial Transactions the trustees are taking steps to bring income and | |
| expenditure into balance. |
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Sir Malcolm Stewart Bart General Charitable Trust Registered Charity No 227785
Trustees’ Annual Report
for the year ended 30 September 2024 (continued)
Unrestricted Funds: Included in the unrestricted funds 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 Stewart” 500
The Birley is hung in the Community Hall.
In addition, in 2001/02 a 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 of the accounts to £10,488 (2023: £10,488).
Sir Ronald had been Chairman of the Trustees for many years and was a major benefactor of the Trust.
Review of Financial Transactions: Against the background of substantial annual deficits, a reduction in the number of ex London Brick employees applying for bungalows and the need to modernise the Trust’s housing stock, the Trustees have decided to reduce the size of the estate. They have decided that any bungalows on the west hand end of the estate (Nos 25-44 and 61-86) should be sold on very long leases as retirement homes when vacated by the present beneficiaries unless needed by a new well qualified beneficiary applicant. Purchasers are required to pay service charges for the maintenance of the estate and for the provision of warden services, as are any beneficiaries moving into bungalows on the rest of the estate.
Trustees’ Responsibilities: The Trustees 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 Practice).
The law applicable to charities in England & Wales 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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
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Sir Malcolm Stewart Bart General Charitable Trust Registered Charity No 227785
Trustees’ Annual Report
for the year ended 30 September 2024 (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 requirements 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: Peter Faulkner on behalf of the Trustees
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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 (the Trust) for the year ended 30 September 2024, which are set out on pages 1 to 14.
Responsibilities and basis of report
As the Charity Trustees of the Trust 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 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 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:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable 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.
Signed: ……………………
Date:
……………………
Steve Robinson FCA Mercer & Hole LLP 72 London Road St Albans Herts AL1 1NS
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Sir Malcolm Stewart Bart. General Charitable Trust
Registered Charity No 227785
Statement of Financial Activities
for the year ended 30 September 2024
| Notes Income and endowments from Service charges receivable from tenants 2 Investment income Interest from investment managers (gross) Total income Expenditure on Costs of charitable activities 3 Cost of generating funds - Investment manager's fees Total expenditure Net incoming(outgoing) resources before revaluations and investment asset disposals Net gains/(losses) on Investments 6 Property - sales Property - revaluation at 30 September 2024 5 Net income/(expenditure) Reconciliation of funds Total funds brought forward Total funds carried forward |
2024 £ 113,249 49,779 1,512 164,540 379,762 10,466 390,228 (225,688) 210,703 (17,606) (135,833) 57,264 (168,424) 12,935,093 12,766,669 |
2023 £ 95,958 65,046 741 |
|---|---|---|
| 161,745 | ||
| 314,236 10,598 |
||
| 324,834 | ||
| (163,089) | ||
| 6,643 2,781 (29,124) |
||
| (19,700) | ||
| (182,789) 13,117,882 |
||
| 12,935,093 |
The Charity has no recognised gains or losses other than the results for the period as set out above. The accounting policies and the notes on pages 9 to 15 form part of these accounts. All funds of the Charity are unrestricted.
Page 7
Sir Malcolm Stewart Bart. General Charitable Trust
Registered Charity No 227785
Balance sheet
at 30 September 2024
| Notes Fixed Assets Freehold Property at market value: Sir Malcolm Stewart Homes and Community Hall and land at Stewartby, at market value 5 Works of Art 5 Tangible assets 5 Investments 6 Total Fixed Assets Current Assets Debtors and prepayments 7 Balance with investment managers Cash at bank Cash in hand Liabilities:amounts falling due within one year 8 Net Current Assets Total Net Assets of Trust Represented by Unrestricted funds 9 |
2024 2023 £ £ 9,934,450 10,548,711 10,488 10,488 4,526 5,915 2,337,922 2,316,372 12,287,386 12,881,486 35,632 49,991 19,657 (10,798) 447,715 59,230 873 872 503,877 99,295 (24,594) (45,688) 479,283 53,607 12,766,669 12,935,093 12,766,669 12,935,093 |
|---|---|
The accounting policies and the notes on pages 9 to 15 form part of these accounts.
Approved by the Trustees on ..……..……................................ and signed on their behalf by
…………………………….………..
Peter Faulkner - Trustee
Page 8
Sir Malcolm Stewart Bart. General Charitable Trust Registered Charity No 227785
Notes to the accounts
at 30 September 2024
Accounting Policies
1. a) Basis of preparation
The Sir Malcom Stewart Bart General Charitable Trust is a registered charity in England. The address of the registered office is given in the charity information on page 1 of these financial statements. The charity's operations and objectives are set out on pages 2 and 3. The Trust constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Charities Act 2011 and UK Generally Accepted Accounting Practice. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The Trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next accounting period.
The financial statements are presented in sterling which is the functional currency of the charity, and rounded to the nearest pound.
b) Going Concern
The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
c) Funds Structure
The unrestricted funds represent the original capital gift to the Charity, plus subsequent additions. The Trustees are entitled to use the unrestricted funds in furtherance of the general objectives of the Charity at their discretion.
d) Income
All incoming resources are recognised once the charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.
Dividend income is included net of non-recoverable UK tax credits. Interest from investment managers is received gross and shown gross.
e) Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required and that the amount of the obligation can be measured reliably.
Expenditure consists of;
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Costs of raising funds relating to investments costs.
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Expenditure on charitable activities includes activities undertaken to further the purposes of the Charity and their associated support costs.
f) Freehold Property
The freehold property is included in the accounts at a valuation as determined by the Trustees at 30 September 2024 based on recent sales made by the Trust. The buildings are maintained at a high standard for continuous occupation and no depreciation is charged as it would be immaterial in view of the length of the estimated residual life of the properties.
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Sir Malcolm Stewart Bart. General Charitable Trust Registered Charity No 227785
Notes to the accounts
at 30 September 2024
(Continued)
g) Fixed asset investments
- Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The main form of financial risk faced by the Charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
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h) Realised gains and losses
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Realised gains represent the profit by comparing the net proceeds of sale of investment with the market value of that investment as at 30 September 2024 or subsequent cost. Unrealised gains represent the difference in market value at 30 September 2024 as compared with the market value at 30 September 2023 or subsequent cost.
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i) Valuation, capitalisation and depreciation of other fixed assets The values of the Minibus, Tractor, Cultivator and Mower are depreciated at 25% per annum and the fixtures 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.
j) Debtors
- Debtors are amounts owed to the Charity and they are measured on the basis of their recoverable amount.
k) Liabilities
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Charity to the expenditure. All expenditure is accounted for on an accruals basis.
- l) Cash at bank and cash in hand
Cash at bank is held to meet the day to day running costs of the Charity as they fall due.
m) Service charges
With effect from 1 July 2010 the trustees introduced a service 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 services, maintenance of the grounds, administrating the trust and running the community hall and minibus for the year ended 30 September 2011. The service charge for a two bedroomed property was £1,800 and £1,200 for a one bedroom property. With effect from 1 April 2014 this is now adjusted by the movement in the Retail Price Index in the previous year to 30 June.
- n) Pension 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 4. There were no outstanding contributions at the year-end. The costs of the defined contribution scheme are included within support costs and charged to the unrestricted funds.
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Sir Malcolm Stewart Bart. General Charitable Trust
Registered Charity No 227785
Notes to the accounts
at 30 September 2024
(continued)
| 2. Service charges receiveable from tenants Service charge received from tenants Service charge due from tenants 3. Costs of charitable activities Costs of charitable activities The breakdown of costs of charitable activities is as Upkeep of homes at Stewartby Maintenance expenditure Bursar Wardens Groundsman Community Hall cleaner (inc supplies) Groundsman's supplies Other garden expenditure Water charges Street/Porch lights Common Room Heating/lighting Sundry expenses Vacant Home charges Electricity for garage block Properties insurance Trustees indemnity insurance Minibus expenses Benefits to tenants Contribution to Church expenses Expenditure Accountants' charges Trust accounts Independent examination Depreciation Trustees' expenses Consultants charges Administration costs Income tax not recoverable Total costs of charitable activities |
2024 2023 £ £ 111,693 94,502 1,556 1,456 113,249 95,958 379,762 314,236 follows - £ £ £ £ 112,920 89,570 34,988 36,754 44,019 30,256 39,363 35,904 6,883 5,860 4,388 7,046 2,400 4,308 765 874 6,135 3,713 4,646 3,230 846 541 18,277 12,462 1,305 1,992 53,039 32,587 1,463 1,463 1,259 1,468 515 2,962 1,920 1,200 222,211 182,620 335,131 272,190 10,800 10,800 3,600 3,000 1,390 1,841 800 266 572 - 23,003 26,139 4,466 - 44,631 42,046 379,762 314,236 2024 2023 |
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Sir Malcolm Stewart Bart. General Charitable Trust Registered Charity No 227785
Notes to the accounts
at 30 September 2024
(continued)
4. Employees and Emoluments
The Trustees employ five members of staff (four full time equivalent); two wardens, one groundsman, one bookkeeper, and one cleaner. Their combined salary costs amounted to £98,025 (2023: £82,667), including employer's national insurance contributions of £3,633 (2023: £5,238) and pension costs of £3,276 (2023: £1,197).
There are no employees with emoluments above £60,000 (2023: None).
5. Fixed and Tangible Assets
Fixed assets
The Trustees have revalued the freehold land and buildings at 30 September 2024 based on recent sales of the bungalows.
| Book values Opening balance Less: Sale of homes during the year Upgrading windows expenditure Revaluation Closing balance |
Freehold Land and Buildings £ 10,548,712 (480,250) 1,821 (135,833) 9,934,450 |
Works of Art £ 10,488 - - - 10,488 |
2024 2023 Total Total £ £ 10,559,200 10,363,938 (480,250) (144,500) 1,821 368,886 (135,833) (29,124) 9,944,938 10,559,200 |
|---|---|---|---|
Tangible assets
| Cost Opening balance Closing balance Depreciation Opening balance Charge for year Closing balance Net book values Closing balance |
Furniture fittings and equipment £ 4,899 4,899 4,303 60 4,363 536 |
Tractors & Mowers £ 29,828 29,828 26,086 936 27,022 2,806 |
Minibus £ 15,764 15,764 14,185 395 14,580 1,184 |
2024 2023 Total Total £ £ 50,491 50,491 50,491 50,491 44,576 42,735 1,389 1,841 45,965 44,576 4,526 5,915 |
|---|---|---|---|---|
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Sir Malcolm Stewart Bart. General Charitable Trust Registered Charity No 227785
Notes to the accounts at 30 September 2024 (continued)
6. Fixed Asset Investments
| Quoted Investments Market value 30 September 2023 Additions Disposals Net realised investment gains/(losses) Net unrealised investment gains/(losses) Accumulated dividends Market value 30 September 2024 7. Debtors and prepayments Service charge due from tenants Income tax recoverable Dividend receivable Property vacant home charges reimbursements Insurance prepayment 8. Liabilities: amounts falling due within one year Maintenance expenditure Salaries Bursar Maintenance Assistant Groundsman's supplies Water charges Street/Porch lights Vacant home charges Replacement windows Benefits to residents Accountants' charges Independent examiner's charges Surveyors charges Investment managers charges Administration costs |
2024 2023 £ £ 2,316,372 2,365,154 801,614 1,027,162 (992,135) (1,082,587) 2,094 (6,588) 208,609 13,231 1,368 - 2,337,922 2,316,372 2024 2023 £ £ 1,555 1,456 - 4,466 101 522 - 370 33,976 43,177 35,632 49,991 2024 2023 £ £ 3,420 5,578 3,219 2,666 - 102 - 64 2 - - 759 1,489 - - 18,779 - 8 10,800 10,800 3,000 2,400 - 1,821 2,618 2,560 46 151 24,594 45,688 |
|---|---|
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Sir Malcolm Stewart Bart. General Charitable Trust Registered Charity No 227785
Notes to the accounts
at 30 September 2024
(continued)
9. Funds
| The unrestricted funds are represented by: Accumulated Surplus Revaluation Reserve |
2024 2023 £ £ 9,293,155 9,325,746 3,473,514 3,609,347 12,766,669 12,935,093 |
|---|---|
10. Related Party Transactions
Debra Hassall received payments of £34,988 (2023: £36,754) for her services as the Bursar. Trustee expenses were reimbursed in the year totalling £800 (2023: £266).
The above payments are permitted by the Trust Deed and no other Trustee received payment for their services as Trustee.
The Charity's property is registered in the names of the Trustees.
11. Independent Examiner's remuneration
The remuneration constituted an independent examination fee of £3,600 including VAT (2023: £3,000).
12. Controlling Party
The Charity is controlled by its Trustees but no one Trustee has overall control.
13. Post Balance Sheet Event
The Charity is a residual beneficiary of the Cordelia M Baxter Settlement. Following the death of the life tenant on 18 August 2024, the Charity expects to receive funds from this settlement, but the amount has not been finalised.
An accrual has not, therefore, been made in respect of these funds.
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