Sir Malcolm Stewart Bart. General Charitable Trust
(Charity Commission No 227785)
Accounts for the year ended 30 September 2025
Sir Malcolm Stewart Bart General Charitable Trust Registered Charity No 227785
Reference and administrative information for the year ended 30 September 2025
| Settlor: | Sir Percy Malcolm Stewart, Baronet, OBE |
|---|---|
| Name of the | Sir Malcolm Stewart Bart. General Charitable Trust |
| Charity: | |
| 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 (Retired 6 March 2025) |
| Stephen Harrison (Appointed 6 March 2025) | |
| 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. The training of new Trustees involves a formal induction | |
| programme for any newly appointed Trustee which includes an initial meeting | |
| with the Trustees to cover investments, the grant making process and the | |
| responsibilities of the Trustee board. The trust provides for a minimum of 4 | |
| Trustees to a maximum of 7 Trustees. The power to appoint new Trustees is | |
| vested in the Trustees respectively. | |
| 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 | |
| Auditor: | 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. |
Page 1
Sir Malcolm Stewart Bart General Charitable Trust Registered Charity No 227785
Trustees’ Annual Report for the year ended 30 September 2025
The Trustees present their annual report and financial statements of the Charity for the year ended 30 September 2025. 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 the trust 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.
Page 2
Sir Malcolm Stewart Bart General Charitable Trust Registered Charity No 227785
Trustees’ Annual Report
for the year ended 30 September 2025 (continued)
Objectives of the Charity (cont): The principal aims and activities for the Trustees is the upkeep of the trust 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 2025, | |
| the overall return increased by 6.16% (2024: increased by 10.7%). | |
| 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. The | |
| Trustees identified no further operational risks. Risks are reviewed and monitored | |
| on an annual basis by the Trustees in the Trustee meetings. | |
| Reserves: | The total reserves of the Charity have increased by £1,726,830 during the year |
| ended 30 September 2025 (2024: £168,424). Total unrestricted reserves now | |
| held amount to £14,493,498 (2024: £12,766,669) and are held for the | |
| maintenance and upkeep of the homes at Stewartby. The value of the | |
| investments has increased by £2,248,992 (2024: £21,550) during the year. As | |
| indicated under the Review of Financial Transactions the trustees 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 September 2025 (continued)
Reserves (cont): The reserves policy states that the Trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately three months of unrestricted charitable expenditure. The Trustees consider that this level will provide sufficient funds to cover support and governance costs.
Unrestricted Funds:
Unrestricted income funds comprise those funds which the Trustees are free to use for any purpose in furtherance of charitable objects.
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 (2024: £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.
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 received £1,864,409 in investments, which has pushed the income for the year above the audit threshold. This income is a one-off endowment and is non-recurring. The expected impact of the endowment is that it will create an increase in investment income, and it should not impact the future sustainability of the Trust.
Page 4
Sir Malcolm Stewart Bart General Charitable Trust Registered Charity No 227785
Trustees’ Annual Report
for the year ended 30 September 2025 (continued)
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.
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: .......................................... Peter Faulkner on behalf of the Trustees
Date:
Page 5
INDEPENDENT AUDITOR'S REPORT Sir Malcolm Stewart Bart General Charitable Trust For the year ended 30 September 2025
Opinion
We have audited the financial statements of The Sir Malcolm Stewart Bart General Charitable Trust (the ‘charity’) for the year ended 30 September 2025 which comprise Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flow, and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• give a true and fair view of the state of the charity’s affairs as at 30 September 2025, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
• the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
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the charity has not kept adequate accounting records; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view; and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Page 6
INDEPENDENT AUDITOR'S REPORT (Continued) Sir Malcolm Stewart Bart General Charitable Trust For the year ended 30 September 2025
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud We gained an understanding of the legal and regulatory framework applicable to the charity and the environment in which it operates and considered the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud.
We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates.
Audit procedures performed by the engagement team included:
• discussions with management, including considerations of known or suspected instances of non- compliance with laws and regulations and fraud;
• gaining an understanding of management's controls designed to prevent and detect irregularities; and
• identifying and testing journal entries.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-andassurance/Standards-and-guidance/Standards-and-guidancefor-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-foraudit.aspx. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
…………………………………….. Steve Robinson, Senior Statutory Auditor Mercer & Hole LLP, 72 London Road, St Albans, Herts, AL1 1NS
Date:
Mercer & Hole LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
Page 7
Sir Malcolm Stewart Bart. General Charitable Trust
Registered Charity No 227785
Statement of Financial Activities
for the year ended 30 September 2025
| Notes Income and endowments from Investments settled from the Cordelia M Baxter Settlement Income from charitable activities Service charges receivable from tenants 2 Investment Income Investment income Interest from investment managers (gross) Other income Bank deposit interest (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) Total funds brought forward Total funds carried forward |
2025 £ 1,864,409.00 127,101.75 66,764.76 1,391.20 7,522.00 109.94 2,067,298.65 363,500.69 5,605.56 369,106.25 1,698,192.40 75,960.14 (4,647.20) (42,675.00) 28,637.94 1,726,830.34 12,766,668.43 14,493,498.77 |
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 |
|---|---|---|
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 11 to 16 form part of these accounts. All funds of the Charity are unrestricted.
Page 8
Sir Malcolm Stewart Bart. General Charitable Trust
Registered Charity No 227785
Balance sheet
at 30 September 2025
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 |
2025 2024 £ £ 9,746,950.00 9,934,450 10,487.50 10,488 3,475.12 4,526 4,586,914.00 2,337,922 14,347,826.62 12,287,386 36,725.58 35,632 72,692.21 19,657 66,803.48 447,715 346.37 873 176,567.64 503,877 (30,895.49) (24,594) 145,672.15 479,283 14,493,498.77 12,766,669 14,493,498.77 12,766,669 |
|---|---|
The accounting policies and the notes on pages 11 to 16 form part of these accounts.
Approved by the Trustees on ..……..……................................ and signed on their behalf by
- …………………………….……….. Peter Faulkner - Trustee
Page 9
Sir Malcolm Stewart Bart. General Charitable Trust Registered Charity No 227785
Statement of Cash Flows
for the year ended 30 September 2025
| Cash flow from operating activities: Net cash provided by (used in) operating activities Cash flows from investing activities: Dividends and interest Proceeds from sale of investments Purchase of investments Investment management Net cash provided by investing activity Change in cash and cash equivalents in the year Cash and cash equivalent brought forward Cash and cash equivalent carried forward Representing: Balance with Barclays Bank Balance with Rathbones Balance in petty cash |
2025 Total Funds £ ( 81,437.46) |
|---|---|
| 66,209.56 4,836,885.74 ( 5,143,460.76) (6,599.17) |
|
| (246,964.63) | |
| ( 328,402.09) 468,244.15 |
|
| 139,842.06 | |
| 66,803.48 72,692.21 346.37 |
|
| 139,842.06 |
Page 10
Sir Malcolm Stewart Bart. General Charitable Trust Registered Charity No 227785
Notes to the accounts
at 30 September 2025
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 2025 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.
Page 11
Sir Malcolm Stewart Bart. General Charitable Trust Registered Charity No 227785
Notes to the accounts
at 30 September 2025
(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.
h) Realised gains and losses
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 2025 as compared with the market value at 30 September 2024 or subsequent cost.
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.
Page 12
Sir Malcolm Stewart Bart. General Charitable Trust
Registered Charity No 227785
Notes to the accounts
| at 30 September 2025 (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 Replacement windows 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 Audit Independent examination Legal costs Depreciation Trustees' expenses Consultants charges Administration costs Income tax not recoverable Total costs of charitable activities |
2025 2024 £ £ 125,353 111,693 1,749 1,556 127,102 113,249 363,501 379,762 follows - £ £ £ £ 97,596 112,920 35,640 34,988 53,093 44,019 41,205 39,363 6,600 6,883 1,767 4,388 1,200 2,400 1,425 - 1,048 765 2,767 6,135 3,565 4,646 870 846 12,257 18,277 1,796 1,305 44,172 53,039 1,463 1,463 1,758 1,259 1,183 515 2,038 1,920 213,847 222,211 311,443 335,131 11,400 10,800 9,000 - - 3,600 894 - 1,051 1,390 3,426 800 - 572 26,287 23,003 - 4,466 52,058 44,631 363,501 379,762 2025 2024 |
|---|---|
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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 £113,214.59 (2024: £98,025), including employer's national insurance contributions of £3,209.03 (2024: £3,633) and pension costs of £2,220.82 (2024: £3,276).
There are no employees with emoluments above £60,000 (2024: None).
5. Fixed and Tangible Assets
Fixed assets
The Trustees have revalued the freehold land and buildings at 30 September 2025 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 £ 9,934,450 (146,250) 1,425 (42,675) 9,746,950 |
Works of Art £ 10,488 - - - 10,488 |
2025 2024 Total Total £ £ 9,944,938 10,559,200 (146,250) (480,250) 1,425 1,821 (42,675) (135,833) 9,757,438 9,944,938 |
|---|---|---|---|
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 4,363 54 4,417 482 |
Tractors & Mowers £ 29,828 29,828 27,022 701 27,723 2,105 |
Minibus £ 15,764 15,764 14,580 296 14,876 888 |
2025 2024 Total Total £ £ 50,491 50,491 50,491 50,491 45,965 44,576 1,051 1,389 47,016 45,965 3,475 4,526 |
|---|---|---|---|---|
Page 14
Sir Malcolm Stewart Bart. General Charitable Trust
Registered Charity No 227785
Notes to the accounts
at 30 September 2025
(continued)
6. Fixed Asset Investments
| Quoted Investments Market value 30 September 2024 Additions Disposals Net realised investment gains/(losses) Net unrealised investment gains/(losses) Accumulated dividends Investments settled from the Cordelia M Baxter Settlement Market value 30 September 2025 7. Debtors and prepayments Service charge due from tenants Dividend receivable Insurance prepayment 8. Liabilities: amounts falling due within one year Maintenance expenditure Salaries Bursar Groundsman's supplies Water charges Street/Porch lights Communial Hall heating and lighting Electricity for garage block Vacant home charges Minibus expenses Contribution to Church expenses Accountants' charges Audit fee Independent examiner's charges Investment managers charges Solicitors fees Administration costs |
2025 2024 £ £ 2,337,922 2,316,372 5,143,461 801,614 (4,836,886) (992,135) (40,189) 2,094 116,149 208,609 2,048 1,368 1,864,409 - 4,586,914 2,337,922 2025 2024 £ £ 1,749 1,555 - 101 34,977 33,976 36,726 35,632 2025 2024 £ £ 2,990 3,420 2,835 3,219 138 - - 2 325 - 1,046 - 183 - 313 1,489 253 - 300 - 10,800 10,800 9,000 - - 3,000 1,625 2,618 894 - 194 46 30,896 24,594 |
|---|---|
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Sir Malcolm Stewart Bart. General Charitable Trust Registered Charity No 227785
Notes to the accounts
at 30 September 2025
(continued)
9. Funds
| The unrestricted funds are represented by: Accumulated Surplus Revaluation Reserve |
2025 2024 £ £ 11,062,660 9,293,155 3,430,839 3,473,514 14,493,499 12,766,669 |
|---|---|
10. Related Party Transactions
Debra Hassall received payments of £35,640 (2024: £34,988) for her services as the Bursar. Trustee expenses were reimbursed in the year totalling £3,496 (2024: £800).
The above payments are permitted by the Trust Deed and no other Trustee received payment for their services as Trustee.
Trustees are required to disclose all relevant interests and register them with the Trustees and in accordance with the Trust's policy withdraw from decisions where a conflict of interest arises. Neither the Trust or Trustees have any conflicts of interest. All transactions were conducted on an arm's length basis.
The Charity is a residual beneficiary of the Cordelia M Baxter Settlement. During the year, following the death of the life tenant, the Charity received income of £1,864,409 (2024: £nil) from the Cordelia M Baxter Settlement. Malcolm Savory and Peter Faulkner, trustees of the Malcolm Stewart Bart Charitable Trust, also serve as trustees of the Cordelia M Baxter Settlement. The trustees consider that the income received by the Charity arose in the ordinary course of administering the Settlement in accordance with its governing terms.
The Charity's property is registered in the names of the Trustees.
11. Auditors renumeration
The remuneration constituted an audit fee of £9,000 including VAT (2024 independent examination fee: £3,600).
12. Controlling Party
The Charity is controlled by its Trustees but no one Trustee has overall control.
The key management personnel is also made up of the Trustees, whose overall total remuneration is £nil (2024: £nil).
13. Income from the Cordelia M Baxter Settlement
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 received £1,864,409 in investments, which has pushed the income for the year above the audit threshold.
14. Post balance sheet events
There were no post balance sheet events to note.
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