The Manifold Charitable Trust: Annual report for the year ended 31 December 2023 Legal and administrative details Registered charity number- 229501 Principal office: 87 Douglas Road, Esher. KT10 8BG Bankers.. Covtts & Co. 440 Strand London, WC2R OQS Solicitors.. Stephenson Harwood LLP One Finsbury Circus London. EC2M 7SH Independent auditor.. Crowe U.K. LLP 4th Floor St James House St James Square Chellenham, GL50 3PR Tnjslee.. The Manifold Trustee Company Limited (company number 009856951 Trustee's report The Charity's Tnjslee submits the annual report and the audited financial ststements for The Manifold Charitsble Trust for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial slalemenls and comply with the Charity's Trust Deed and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191 (Charities SORP IFRS 10211 and the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charrties Act 2011. Structure overnance and mana ement Governlng Instrument The Manifold Charitable Trust is govemed by its Trust Deed dated 9 August 1962 and was registered as a Charity in England and Wales with the Charity Commission on 11 September 1963. Appointment of Oireetors The Trustee of the Charity is The Manrfold Tnjslee Company Limited lo)mpany no 009856951, aulhorised by the Lord Chancellor to act as a Trust Corporation. R. H. Sykes, A. Harris. A. G. Wynn. B.E.E. Smith, W.A. Waldegrave and M.J.P. Smith were directors for the whole of the year under review. New Directors are briefed by the Chaimian and the Secretary and training needs are addressed as they arise. The Directors are aware of the Govemance Code and they understand Iheif policies to be consistent with it.
The Manifold Charitable Trust Year ended 31 December 2023 Organisational structure The Manifold Charitable Trust is managed on a daY-tlaY basis by the directors of the Trustee company with the assistance of an administrator. Key management personnel, including directors of The Manifold Trustee Company Limited, are recruited when the directors consider thal an appropriate candidate becomes available and whose addition lo the Board would enhance Ihe governance and management of the Charity. Directors are appointed by the Board as a whole. There is only one employee, Alison Durden, and she is also key management personnel. The pay and remuneration of any member of stsff is sel by the Board as a whole. Risk management The principal risks faced by the Trust lie in the reduction in rental income, the perfomiance of investments and the capacity of the Trustee to make effective grants. Variations in rental income are mitigated by the Trustee engaging professionals lo ensure that the appropriate levels of rental income are achieved in a sustainable fashion. Investments are predominantly split beNveen main investment funds managed by independent fund managers. One fund is more cenlred on capital growth with a lower risk profile Ihan the other fund which is more focused on equities. As such the Trust has diverse portfolios, managed by external fund managers and has made itself less al risk to fluclualions in Ihe economy by virtue of this policy. The majority of grants are given over to Elon lo provide bursaries and the Trustee is aware of the granl making policy of the Charily when awarding the balance of the grants. The UK renial market and slate of the global economy. and the effect Ihis has on the Charity s investments, are the two largest factors that are likely to affect the Charity's perfomance and position in the future. After making enquiries, the Trustee has a reasonable expeclalion that the Charity has adequate resources lo continue ils aclivilies for Ihe foreseeable fulure and there are no material uncertainties about the going cOnM assumption. The Trustee has made no formal commitments lo making future grants lo any institution and there are sufficient liquid assets to cover the running costs of the Charity for a minimum of a year. Ob ectlves The purpose of the Charity is lo make grants to such charitsble causes as the Tnjstee sees fil. Grants are made only lo other chanlies. Most of the Trust's income is designated lo bursanes al Elon College, lo Shollesbrooke Parochial Church Council and lo the Amber Foundation which provides employment training for disadvantaged young people. The Trustee seeks to maximise sustainable income and investment yields in order to achieve these aims and objectives whilst keeping njnning costs lo a minimum. The cnleria that the Trustee uses lo assess success in the reporting period are based upon realising SLrfficient income yields for it to meet its planned financial objectives. Achlevements and erformance Operatlonal perfomiance During 2023 the Trust awarded 10 grants tolalling £369.587 apportioned roughly as follows.. For repairs lo churches and their contents For education, research and the arts For other causes 78 19 501 of these grants made were of £10.0 or less. and 50% of more than £10.000. by number. Given that 900/0 of the grants awarded, by value, were paid out to Eton College and the Amber Foundation the Trustee is satisfied that the objectives of the Charity have been meL Investment perfomiance Investment owers and lic The Trust Deed gives the Trustee the same powers of investment as those of an absolute owner. The investments are managed by investment managers that are engaged by the Charity and their perfom)ance is monitored by the directors of the Trustee Company. The Truslee has given due consideration lo the social, environmental and ethical implications of its investment policy and is of the belief that third party investment by external investment managers allows for sustainable financial retum whilst doing so in a responsible manner.
The Manifold Charitable Trust Year ended 31 December 2023 Investment erforman The Trust's income comes mostly from ils commercial propety- The Truslee. on the advice of the Directors, revalued the commercial propety lo £7,100,000 (from £6,350,000) in 2019. This valuation reflected market trends, the renewal of the lease and the increased rent. The Trustee perfornis an annual review of the property for consideration of impairment or increase in value. The objective of the commercial property is for an income yield of b&een 6% and 81A> . The income yield for the property for the year ended 31 December 2023 was 8°A and as such is in lin8 Wlth the objective of the property. The objective of the portfolio is for a lotsl relum of bebveen 2°A and 5%. The total for the listed investments for the year ended 310ecember 2023 was 4% and as such was in line with the objective of the portfolio. Fundralsln The Charity was not involved directly or indirectiy in any fund-raising for ils own benefit during 2023 and is unlikely to undertake any fund-raising in the near future. The Charty had no fund raising activities requiring disclosure under S162A of the Charities Act. Flnanclal review The financial slalemenls sel out the rVernent of funds during the year to 31 Oecember 2023. The upturn in the financial markets in 2023 had a positive effect on the UK stock market and the Trustee continues lo be minded lo maintain reseryes al a level whereby grants can keep pace wilh inflation. Overall this caused the increase in the Trust's funds, the nel movement in funds for the year being a surplus of £459,243 12022.. nel deficit of £371,518), after gains on investment assets of £165,38212022'. losses of £479.4731. Reserves ollc The closing funds and therefore financial position of the Charity as at 31 December 2023 were £13,678,83612022'. £13,219,593). The lolal free reserves held at the year end were £774,651 12022.. £550,665). The Twstee has made no fomal commitments to making future grants to any institution. While certain recipients have been infomied of the Trust's fulure inlenlions. Ihese are expressly subject to the caveat that ifthe Trust's income deteriorates, future grants will be reviewed. Although there is, therefore, no strict requirement to maintain reserves sufficient lo meet grants for any particular period, the Tnjsl would wish lo maintain reserves sufficient for al least one year of planned grants. The Trust's quoted investments are more than sufficient for this purpose. The Trustee plans to reinvest any income in excess of expenditure. Such reinvestment will not be done in order to accumulate reserves, but in order lo maintain and increase investment income so that over the long lem the amounts available for grants may keep pace with inflation. The designated funds shown in the notes to the financial stslements include grants offered on conditions yel lo be fulfilled. They are more than covered by liquid assets and listed investments. These lotslled £1,250,000 12022.. £1,288,550) as al the year end and will be paid away over the next five years. Publlc beneflt The Charity uses the great majority of ils resources to support individu81 school pupils with their fees through a grant to Elon College. Ordinarily over 75Vo ol the Charity's grants provide burs8ries lo enable boys whose families otherwise would not be able to support the fees to be educated at Eton College. The balance of the Charity's grants have, during the year. supported community and arts projects and architectural conservation, especially of churches and their contents. The support of the arts and the restoration of significant historic buildings advance community development. culture and heritage.
The Manifold Charitable Trust Year ended 31 December 2023 The Trustee confirms that reference has been made lo Ihe guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Tnjst's aims and objectives and in planning future activities and setting the granl-making policy for the year. Plans for the future Since the death of Sir John Smith the Trust is, in accordance wilh his wishes as founder, allocating the major part of ils grants lo education in the form of grants lo Eton College for the provision of bursaries, and plans lo continue lo do so. statement of Trustee's responsibility The Trustee is responsible for preparing the Trustee's Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Siandardsl. The law applicable lo charities in England and Wales requires the Tnjstee lo prepare financial statements for each financial year which give a Irue and fair view of the stsle of affairs of the Charity and of the incoming resources and application of resources of the Charily for that period. In preparing these financial slatemenls, the Trustee is required to.. select suitable accounting policies and then apply them consistently.. observe the methods and principles in the Charities SORP.. make judgements and eslimales thal are reasonable and prudent- slate whether applicable accounting slandards have been lollowed, subject lo any material departures disclosed and explained in the financial statements., prepare the financial sialemenis on the going concem basis unless il is inappropriate lo presume that the Charity will contsnue in business. The Trustee is responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions, disclose with reasonable accuracy at any lime the financial position of the Charity and enable the Trustee lo ensure that the financial slalemenls comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Charity's conslitulion. The Trustee is also responsible for safeguarding the assets of the Charity and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularrties. Audltor A resolution lo reappoint Crowe U.K. LLP as auditor lo the Charity for the year ending 31 December 2024 was passed al the annual general meeting of the Trustee in June 2024. Signed on behalf of the Trustee - The M8nrfold Trustee Company Limited B. E. E. Smith - Director Date 28th June 2024
The Manifold Charitable Trust Year ended 31 December 2023 Independent Auditorfs report to the Trustee of The Manifold Charitable Trust Oplnlon We have audited the financial staterTbents of The Manrfold Charitable Trust for the year ended 31 Decernber 2023 which comprise the Statement of Financial Activities. Balance Sheet. Statement of Cash Flow and notes lo the financial statements. including a summary of SnifIcant 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 Iuniled Kingdom Generally Accepted Accounting Practs'cel. In our opinion the financial statements- give a true and fair view of the state of the Charitys affairs as al 31 December 2023 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 Unrted Kingdom Generally Accepted Accounting Practs'ce., and have been prepaied in accordance wrth th8 requirements of the Charities Act 2011. Ba81s for oplnlon We conducted our audit in accordance with Intemalional Standards on Audiling IUKI IISAS IUKII and applicabl8 law. Our responsibilities under those standards are further described in the Audilor's responsibilities for the audit of the financial slalements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant lo our audit of the financial statements in Ihe UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical r8sponsibililies in accordance with these requirements. W6 believe that the audit evidence we have obtained is suificienl and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concem In auditing the fin8nc181 statements. we have concluded that the Trustee's us8 of the golng concem b8sls of accounting in the preparation of the financial stalaments 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 lo continue as a going concern for a period of al least twelve months from when Ihe financial stslemenls are aulhorised for issue. Our responsibilities and the responsibilrties of the Trustee with respect to going concem are described in the relevant sections of this reF)Ort. Othgr Inforniatlon The Charity's Trustee is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and we do not express any fomi of assurance or conclusion thereon. In connection with our audit of the financial slalemenls. our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial stslemenls or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we idenltfy such material inconsistencies or apparent material misstatements. we are required to detemine whether the is a material misslalemenl in the financial statements or a material misstslement of the other infom)alion. If, based on the work we have performed, we conclude that there is a material misstatement of this other infomialion, we are required to report that fact. We have nothing lo report in this regard.
The Manifold Charitable Trust Year ended 31 December 2023 Matters on which we are required to report by exceplion We have nothing lo report in respect of the following matters in relats'on to which the Charities (Accounts and Reports} Regulations 2008 require us lo report to you rf, in our opinion= the infomialion given in the financial ststemenls is inconsistent in any material respect with the Trustee Report., or sufficient accounting records have not been kept. or the financial statements are not in agreement with the accounting records and retums.. or we have not received all the information and explanations we required for our audit.. the Trustees were not entitled lo prepare the financial ststemenls in accordance with th8 small companies regime and lake advantage of the small companies, exemptions in preparing the Trustees, report and from the requirement to prepare a strategic report. Re8ponslbllltles of the Trustee AS explained more fully in the Stslement of Trustee's Responsibility set out on page 4. the Trustee 15 responsible for the preparation of the financial stalernents and for being satisfied that they give a true and fair view. and for SLJch intemal control as the Trustee determines is necessary to enable the preparatson of financial statements that ara frea from material misstslemenl, whether due to fraud or eOr. In preparing the financial stalemenls, the Trustee is responsible for assessing the Charity's ability lo continue as a going concern, disclosing, as applicable, matters relaled lo going concern and using the going concem basis of accounting unless the Trustee either intends to liquidate the Charity or lo cease operations, or have no realistic alternative bul to do so. Audltor's rèsponslbllltl•s for the audlt of tho flnanclal statemènts We have been appointed as auditor under sKtion 144 of the Charities Ad 2011 and report in aCrdance with the Act and re18vanl regulations made or having effect Ihereunder. Our objectives are to obtain reasonable assurance about whether the financial stslements as a whole are free from material misslalement, whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misstatement when it exists. Misstslemenls 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. Details of the exlenl to which the audit was considered capable of dele¢ling irregularities. including fraud and non- compliance with laws and regulations are sel out below. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. www.frc.o -ukJauditorsres nsibilities. This descripts'on forms part of our auditor's report. Extent to which the audit was considergd capable of dglgding irregularities. including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due lo fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide 8 basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the Charity operates, focusing on those laws and regulations that have a direct effect on the detemiination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities Act 2011 and the Charities SORP IFRS 1021. We assessed the required compliance with these laws and regulations as part of our audit procedLJres on the related financial statement items.
The Manifold Charitable Trust Year ended 31 December 2023 In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which mighl be fundamentsl lo the Charity's ability lo operate or lo avoid a material penalty. We also considered the opportunities and incentives thal may exist within the Charity for fraud. Auditing standards limit the required audit procedures to idenlrfy non-compliance with these laws and regulations lo enquiry of the Trustee and other management and inspection of regulatory and legal correspondence, rf any. We identified the greatest risk of material impact on the financial slalements from irregularities, including fraud, to be the override of controls by management. Our audit procedures lo respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities. sample testing on the posting of journals, reviewing accounting eslimates for biases. reviewing regulatory correspondence including that with the Charity Commission. reading minutes of meetings of those charged with govemance. Owing lo the inherent limitations of an audit. there is an unavoidable risk that we may not have detected some material misslalemenls in the financial slalemenls. even though we have properly planned and performed our audit in accordance with auditing stsndards. For example, the further removed non-compliance with laws and regulations lirregularitiesl is from the events and transactions reflected in the fin8nci81 stalemenls, the less likely the inherently limited procedures required by auditing stsndards would idenlfy it. In addition. as with any audit, there remained a higher risk of non-delection of irregularities. as these may involve collusion, forgery. intentional omissions, misrepresentations, or the override of inlemal eonlrols. We are not responsible for preventing non-compliance and cannot be expected lo deleel non-eompliance with all laws and regulations. These inherent limitations are particularfy significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed lo avoid detection. including deliberate failure lo record transactions, collusion or the provision of intenlional misrepresentalions. Use of our report This report is made solely lo the Charity $ Trustee. a$ a body. in a¢¢ordan¢e with Part 4 of the Charities IAc¢ounl$ and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale lo the Charity's Trustee those matters we are required lo slate lo them in an auditor's report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility lo anyone other than the Charity and the Charity's Trustee as a body, for our audit work, for this report, or for the opinions we have fomied UL ILP Crowe U.K. LLP Slalulory Auditor 4th Floor, Sl James House Si James Square. Chellenham Glouceslershire, GL50 3PR Date.. 15 July 2024 Crow8 U.K. LLP Is 8ligible for appointmènt as an auditor of th& Chanty by virlu• of its èlig1.11ty for appointmènt 8S auditor of a company under section 1212 of tho Companies Act 201K.
The Manifold Charitable Trust Year ended 31 December 2023 Statement of Financial Activities for the year ended 31 December 2023 Unre$tri¢ted funds N(Aes 2023 2022 INCOME FROM Investments 686 827 645 405 TOTAL INCOME EXPENDITURE ON Ralslng funds 10,404 12,030 Charltabl• actSvltl•s 525 420 TOTAL EXPENDITURE Net galn81110881 on Snv•stm&nl8 10 N•t Incom•ll•xp•ndltur•l and n•t mov•m•nt In funds 4S9,243 (371.518) Fund balance brought lorward at 1 January 13 219593 73591 111 Fund balanc• earrl•d forward at 310•e•mbor The notes on pages 11 to 17 fomi part of these financial statements.
The Manifold Charitable Trust Year ended 31 December 2023 Balance sheet as at 31 December 2023 Notes 2023 2022 Fixed assets Investment properties Freehold property 7.100.000 7. 100.000 Other Investments Listed investments 10 5 804 185 5 568 928 12,904,185 12.668.928 Current assets Cash at bank 856.466 517.797 other debtors- dividend income 30.999 45,916 Other debtors- rental income Total ¢urr•nt assots Tl Credltors: amounts falling due within one year 11 167 814 Not curront assèts 774 651 Net assets Fund8 Tol81 funds 21 The financial statements on pages 8 to 17 were approved by the directors of The Manifold Trustee Company Limited, Trustee of The Manrfold Charitable Trust on-. 28th June 2024 B.E.E. Smith - Director The notes on pages 11 to 17 fomi part of these financial statements.
The Manifold Charitable Trust Year ended 31 December 2023 Cash flow statement for the year ended 31 December 2023 2023 2022 Net cash used In operatlng actlvltles Cash flovts from Snvestlng a¢tlvStles: Dividends, interest and rents from investments Net cash provided by investing activities {348.1581 (692, 131) 645 405 645 405 Change In cash and cash equivalents Sn the reporting period 338.669 (46. 726) Cash and cash equivalents at the beginning of Iho reporting period 517 797 564 523 Cash and cash equivalents at the end of the reporting period Reconciliatlon of net Incorne lo net cash flow from operating actlvltles 2023 2022 Not Intomèlld•flcltl for th• r•portlng p•rlod1os th• Statom•nt of Financlal Activitl8sl Adjustments for: (Gainsllloss on investments Additions to investments 459,243 (3TI,518) (165,3821 12,906,587) 2,836,712 {686,8271 14,917 479,473 Disposal of investments Dividends, interest and rents from investments Decreasellincreasel in debtors Increaselldecreasel in creditors (645,405) (100,976J Net cash used In operatlng actlvltles Analysis of cash and cash oquivalgnls 2023 2022 Cash in hand Totsl cash and cash equivalents The notes on pages 1110 17 fomi part of these financial stalements. 10
The Manifold Charitable Trust Year ended 31 December 2023 Notes to the financial statements for the year ended 31 December 2023 Principal accounting policies 1.1 Charity information The Manifold Charitable Trust is registered as an unincorporated charity with the Charity Commission, England and Wales Iregislered no. 229501 }- The address of ils principal and regislered office is 51 Hanover Gardens, London, SE11 5TN. 1.2 Basis of preparation The financial statements have been prepared in accordance with Accounling and Reporting by Charities.. Statement of Recommended Practice applicable to charrties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191- (Charities SORP IFRS 10211 and the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102 and the Charities Act2011. The financial statements have been prepared under historical cost convention with the exception of investments which are included al market value. The Manifold Charitable Trust meets the definition of a public benefit entity under FRS 102. 1.3 Going concern After making enquiries, the Trustee has a reasonable eXpeCtaOn that the Charity has adequate resources lo continue ils activities for the foreseeable future and there are no material uncertainties about Ihe going concern assumption. Accordingly, the going concern basis continues lo be adopted in preparing the financial statements as outlined in the Sialemenl of Trustee's responsibility. 1.4 Investment Income Investment income is accounted for in the year in which il is receivable. Rental income is accounted for in advance on the dale il falls due. 1.5 Grants payable Grants payable have been recognised in the financial stslements when the Charity has formally approved the application for grant monies, at a Directors, Meeting and this has been communicated lo the third paty. 1.6 Debtors Other debtors are recognised al the settlement amount after impaimients. 1.7 Cash and cash equlvalents Cash is represented by cash in hand and deposits with financial inslitutsons. 1.8 Credltors Creditors are recognised where the Charity has 8 present oblig8tion resurting from 8 past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised al their settlement amount after allowing for any trade discounts due.
The Manifold Charitable Trust Year ended 31 December 2023 1.9 Fund accounting General funds are unrestricted fvjnds whith are available for use al the discretion of the Trustee in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Designated funds comprise unreslricled funds that have been set aside by Ihe Trustee for pa'CUlar purposes. The aim and use of each designated fund is sel out in the notes to the financial stslemenls. 1.10 Investment property This is accounted for al market valu8. The Truste8 performs an annual review of the property for consideration of impairment or increase in value. In 2023 a desktop review was undertaken by the directors of the Trustee. This included a consideration of the mart(et trends and other available data, including the renewal of the lease on the property and the increased rent. 1.11 Unlt trust Investments Investments shown are accounted for al market value as at the Balance Sheet date. Gains or losses arising on the revaluation of inveslments are credited or charged lo the Statement of Financial Aclivilies. 1.12 Penslon costs The cost of any pension would be charged to Ihe Stalemenl of Financial Activities and would be disclosed in Note 8 to the financial slalemenls if applicable. 1.13 Resources expended Resources expended are split belween expenditure on raising funds and charitable activits. It is clear into which category the various items of direct expenditure fall and indirect expendilure is split on the basis of staff lime spent on the vanous tasks. Govemance costs contsin ihose costs associated with conslilulional and slatulory requirements. 1.14 Taxatlon As a registered Charity, the entity is entitled lo taxation exemptions on all its income and gains. property applied for ils charitable purposes. 1.15 Flnanclal Instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured at their settlement value. 1.16 Slgnlflcant estlmates and judgements In the preparation of these financial slalements management has not been required to make signifi'cant judgements or estimates other than the current valuation of the property taking into account market trends and other available data. 2. Analysls of Incomlng resources 2023 2022 Income from investrn8nts Rental income 550,000 550,000 133.261 95,405 Dividends Bank interest 12
The Manifold Charitable Trust Year ended 31 December 2023 Analysis of resources expended Grants and donations Staff Insurancel costs repairs on rental property professional fees Audit. Bank accountancy charges & office costs Total 2023 Total 2022 Expenditure on gengrating incomg Generating rental income Investment management (1.317) 12,045 10,728 11,323 1439} 115 (3241 T07 Sub40ts1 1.756 12,045 115 12.030 Expendlture on charitablg a¢tlvltle$ Grants awarded 369.587 12.635) 366,952 $16,665 - Governan¢e 15.610 15,610 8,755 Sub4otal 369,587 2,635 15.610 382 562 525.420 TOTAL 369.587 4,391 12.045 15,610 115 392,966 537.450 Support costs tolalled £23,37912022'. £23,842) and included staff, office and govemance costs. 4. Statement of Funds Designated funds of the Charity include grants offered on condits'ons yet to be fulfilled. A transfer has been made to the designated fund to reflect the increased commitments made in the year. They are more than Covered by liquid assets and listed inveslmenls. Funds designated lo Eton bursaries and other such relevant grants are ring fenced as although they are not committed lo as al 31 December 2023 they will be in the future. Ngt (expgnditurg11 incomg At31 December 2023 At l January 2023 Invgstmgnt gains Transfgrs Designated funds Grants committed 1,288,550 {286,587 248,037 1.250,000 UnroStri¢ted funds General fund 11931043 165382 12428 836 21 13
The Manifold Charitable Trust Year ended 31 December 2023 Net (expenditurey income At 1 January 2022 Investment At 31 December (loss) 2022 Transfers Designated funds Grants committed 1,495, 170 (454,608) 247,988 1,288,550 Unrestricted funds General fund 12 095 941 247 988 479 473 11931043 47 47 5. Net assets by fund Fixed asset investments Net current assets Totsl 2023 Designated funds 1.250.000 1.250.000 Unrestricted funds 11654185 774 651 12 428 836 Fixed asset Net ¢urffjnt investments assets Tot81 2022 Designated funds 7,288,550 7,288,550 Unrestricted funds 17 380378 550 665 17 931043 14
The Manifold Charitable Trust Year ended 31 December 2023 Grants made Total grants of £369,587 were made during the year. Grants of £286.587 were given over to Elon College to provide bursaries. £45,000 to the Amber Foundation to provide employment training for disadvantaged yOLJng people and £13,000 was donated to Shottesbr(KJke Church to contribute to rnnning costs. The Trustee considered that none of the remaining grants that were made were material. Auditorfs remuneration 2023 2022 Fees paid lo the auditor- in respect of audit services Fees paid lo the auditor- in respect of other services 800 550 Employee's remunerntlon and expenses 2023 2022 Salaries Social security costs (4.391) 4,996 100 Staff costs for 2023 lotslled £7,333. During the year 8 historic accnjal of £11,724 relating to employee's remuneration was released which gives rise lo the negative figure in this year's statement of financial activities. The directors of the Trustee company received no remuneration. expenses or beneffts in kind12022.' nill. No employee received more than £60,000 in either financial year. During the year, pension banefils were accnJing lo no employees12022'. none}. and no former employees {2022: none). The average number of employees dunng the year was 1 {2022'. 11 and they are key personnel. Freehold Investment property 2023 2022 Market value at 1 January and 31 December 7,100.000 T, 100,000 10. Listed investments 2023 2022 Market value al 1 January Additions 5.568,928 2.906,587 {2.836.712) 165 382 6,048,401 Disposals Gainsl{lossl on investments Market valug at 31 D9Mbor 479 473 Historical cost at 31 December 4 918 080 All these investments are listed and held in the United Kingdom.
The Manifold Charitable Trust Year ended 31 December 2023 11. Creditors: amounts falling duo within one year 2023 2022 VAT 28,552 73,671 1,34t Other creditors - grants- see below Accnjals and deferred income other creditors movomont 2023 2022 Balance as at 1 January Grants awarded during the year Total grants paid during the year Balance as at 31 December 369,587 295 916 513,608 513 608 12. Related party transactlons There were no related paty transactions in either year. 13. uitlmate controlllng party The Trustee company manages the Charity in accordance with the Tnjst Oeed. By virtue of their control of the composition of the board of directors of the Trustee company. the shareholders represent the ultimate controlling party of The Manifold Charitsble Trust. 16
The Manifold Charitable Trust Year ended 31 December 2023 14. Financial instruments 2023 2022 Flnan¢S8l assets Financial assets measured at fair value 5 804 185 5 568 928 Financial assets measured at fair value comprise of listed investments. 15. Operating leases The future minimum lease payments lo be received under non-cancellable operaling leases were as follows.. 2023 2022 Not later than one year 275 000 On 20 May 2020 the lease was renewed for five years from December 2019. 17