## **MIDHURST PENSIONS TRUST**
**ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **MIDHURST PENSIONS TRUST**
## **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
||**Page**|
|---|---|
|Trustees' Annual Report|1 - 4|
|Independent Examiner's Report|5|
|Statement of Financial Activities|6|
|Balance Sheet|7|
|Schedule of Investments and Income|8|
|Notes to the Financial Statements|9 - 12|
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## **MIDHURST PENSIONS TRUST**
## **TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2024**
The Trustees are pleased to present their report together with the financial statements of the charity for the year ended 5 April 2024. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the charity's governing document, 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 and activities**
The Primary objectives of the Trust are to provide for persons in necessitous or straitened circumstances who have been, are, or shall be employed (a) by the Settlor's father the Third Lord Cowdray deceased, (b) by the Settlors's mother Lady Anne Cowdray deceased, (c) by any other family company, or (d) on the Cowdray Estate or the parents, wives, widowers, children or more remoter issue of the persons so employed for charitable purposes generally.
The Trustees carry out their objectives by making distributions to charitable individuals in line with the above definitions and also by regularly considering appeals from other charities and making policy and funding decisions.
## **Public Benefit**
The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 and have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities and setting the donations policy for the year. The benefit that arises is the provision of funding to organisations that demonstrate charitable purpose.
## **Achievements and performance**
During the year the Trustees made grants totalling £17,100 [2023: £17,884] in furtherance of their objectives and continue to make grants to charitable organisations both on a one-off and recurring basis. The larger grants awarded during the year are stated in the notes to the financial statements.
The Trustees are pleased with the progress made in the financial year ended 5 April 2024 and look forward to expanding their work with many other charities in the years to come.
## **Financial review**
The Trustees received £110,889 in investment income in the current year [2023: £61,511] and the Trustees have achieved their intention of spending the income on charitable activities.
Net incoming resources for the year were £52,953 [2023: incoming £5,489]. In addition the Trust realised a gain on investments of £0 [2023: gain £30,597] and made an unrealised gain of £518,349 [2023: loss £335,271]. The net incoming movement on funds was £571,302 [2023: outgoing £299,185].
## **Investment policy**
The Trustees have instructed the Investment Manager that the portfolio is to be invested to produce a suitable mixture of income in order that the level of grants may be maintained and capital growth to secure the future of the Charity over the coming years. The Trustees are confident that the future income stream is secure.
The investment policy is monitored by regular investment reports and meetings with the Investment Manager. A breakdown of the investments held during the financial year ended 5 April 2024 can be seen on page 8.
## **Risk Management**
The major risks to which the Charity is exposed have been identified and steps taken to mitigate those risks.
The main risk to the Charity concerns the investments held. The Trustees have mitigated this risk by engaging Cazenove Capital to manage the investments and monitor the portfolio and financial risks to the Charity. The Trustees regularly review the valuation of investments and the income stream generated.
The Trustees have satisfied themselves that the trust is a going concern and has adequate resources to continue in operational existence for the foreseeable future. The charitable activities are funded by the investment portfolio and although Covid-19 did have a negative impact on this, the portfolio has recovered with sufficient value to support continued grant making.
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## **MIDHURST PENSIONS TRUST**
## **TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2024**
## **Reserves policy**
It is the intention of the Trustees to sustain the unrestricted funds at a level which will provide sufficient funds for the level of grants paid and to cover the Charity's management and administration costs.
At the Balance Sheet date the unrestricted reserves amounted to £7,011,646.
## **Future Plans**
The Trustees do not envisage any material change to the operation of the Charity in the long-term and the investments will continue to be managed on a similar basis as they are now. Notwithstanding this, the Trustees remain flexible in terms of the type of organisations they support.
## **Structure, governance and management**
The Trust has charitable status and was set up by The Fourth Viscount Cowdray by Deed dated 25 June 1965.
The management of the Charity is vested in the Trustees and they actively review the perceived major risks which the Charity faces and the Trustees are satisfied that the systems are in place to mitigate those risks.
The Trustees have received appropriate briefing on their responsibilities under the law relating to charities and their duty to ensure that their charitable activities are for the public benefit. The appointment of new trustees is vested in the Settlor during their life. The selection of future trustees will have regard to the skills, knowledge and experience needed for the effective administration of the Charity. Induction and training for trustees is provided where relevant.
## **Reference and administrative information**
A registered charity, registered with the Charity Commissioners for England and Wales as number 245230.
Principal Office: 4th Floor, 7 Swallow Street London W1B 4DE
The Trustees are Cowdray Trust Limited and Rathbones Trust Company Limited.
The Directors of Cowdray Trust Limited are: The Hon H M T Gibson (Chairman) The Viscount Cowdray The Hon C A Pearson The Hon P N Gibson The Hon B C Gurdon Mr J R E Smith Mr R C P Troughton (Retired 13 June 2024) Mrs S J Burrell Mrs C A Bullough (Appointed 30 August 2024) Mr S J Atkinson Mrs F A Rice Mr M P Harris Mr K Wright
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## **MIDHURST PENSIONS TRUST**
## **TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2024**
The Directors of Rathbones Trust Company Limited are: Mr R P Stockton (Chairman) Mr B R Newbigging (Managing Director) Miss L J Cousins Mr A Richmond Mr J Hurrell Mr T Harris Mrs K Roberts
Solicitors: Currey & Co LLP 33 Queen Anne Street London W1G 9HY Independent Examiner: Harriet Sergeant Martin and Company Audit Limited 25 St Thomas Street Winchester Hampshire SO23 9HJ
Banker: Royal Bank of Scotland 119 - 121 Victoria Street London SW1E 6RA
Banker: Schroder & Co 1 London Wall Place London EC2Y 5AU
Investment Manager: Cazenove Capital 1 London Wall Place London EC2Y 5AU
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## **MIDHURST PENSIONS TRUST**
## **TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2024**
## **Statement of Trustees' Responsibilities**
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and regulations.
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable regulations). Under that law the trustees must not approve the financial statements unless they are satisfied that they 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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP (FRS 102);
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records which are sufficient to show and explain the charity's transactions and 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 Charities (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.
## 23 October 2024
Approved by the Trustees on ______________________ and signed on their behalf by:
## **Cowdray Trust Limited**
## **Rathbones Trust Company Limited**
**Director**
**Director**
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## **MIDHURST PENSIONS TRUST**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024**
I report to the charity trustees on my examination of the accounts of the charity for the year ended 5 April 2024 which are set out on pages 6-12 .
## **Responsibilities and basis of report**
As the charity's trustees 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 charity's accounts carried out under section 145 of the 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:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the Act; or
- 2 the accounts do not accord with those records; or
- 3 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.
Harriet Sergeant Martin and Company Audit Limited 25 St Thomas Street Winchester Hampshire SO23 9HJ
Date:
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## **MIDHURST PENSIONS TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024**
|**2024**
**Note**
**Unrestricted**
**funds**
**£**
**Income from:**
Investments
**4**
110,889
**Total**
110,889
**Expenditure on:**
Raising funds
**5**
2,369
Charitable activities
**6**
55,567
**Total**
57,936
**Net income/(expenditure)**
52,953
**Other recognised gains/(losses):**
Gains/(losses) on investment assets
**10**
518,349
**Net movement in funds**
571,302
**Reconciliation of funds:**
Total funds brought forward
**13**
6,440,344
**Total funds carried forward**
7,011,646|**2024**
**2023**
**Total**
**Prior year**
**funds**
**total funds**
**£**
**£**
110,889
61,511
110,889
61,511
2,369
2,434
55,567
53,588
57,936
56,022
52,953
5,489
518,349
(304,674)
571,302
(299,185)
6,440,344
6,739,529
7,011,646
6,440,344|
|---|---|
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## **MIDHURST PENSIONS TRUST**
## **BALANCE SHEET AS AT 5 APRIL 2024**
||**Note**|**2024**|**2023**|
|---|---|---|---|
|||**Total**|**Prior year**|
|||**funds**|**funds**|
|||**£**|**£**|
|**Fixed Assets:**||||
|Investments|**10**|6,377,815|5,859,466|
|**Total Fixed Assets**||6,377,815|5,859,466|
|**Current Assets:**||||
|Cash at bank|**11**|640,498|584,648|
|**Total Current Assets**||640,498|584,648|
|**Liabilities:**||||
|Creditors: Amounts falling due within one year|**12**|(6,667)|(3,770)|
|**Net Current Assets or Liabilities**||633,831|580,878|
|**Total Net Assets or Liabilities**||7,011,646|6,440,344|
|**The Funds of the Charity:**||||
|Unrestricted funds|**13**|7,011,646|6,440,344|
|**Total Charity Funds**||7,011,646|6,440,344|
23 October 2024 Approved by the Trustees on ______________________ and signed on their behalf by:
## **Cowdray Trust Limited**
**Director**
|**Rathbones Trust Company Limited**|**Rathbones Trust Company Limited**|
|---|---|
|Signed by:
-
| DruMaingh
51396B5CF7F4403...|DocuSigned by:
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|**Director**||
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## **MIDHURST PENSIONS TRUST**
## **SCHEDULE OF INVESTMENTS AND INCOME FOR THE YEAR ENDED 5 APRIL 2024**
|**Holding**
**Market Value**
**Additions**
**Disposals**
**Profit**
**Holding**
**Book Value**
**Market Value**
**06 April 2023**
**06 April 2023**
**Cost**
**Proceeds**
**(Loss)**
**05 April 2024**
**05 April 2024**
**05 April 2024**
**£**
**£**
**£**
**£**
**£**
**£**
Gryphon Investment Funds
East River Fund
25,660.00
5,847,401
25,660.00
3,647,766.23
6,365,987
Schroder Private Equity Funds II
Cls A Shares Euro
6,372.61
12,065
6,372.61
2,176.69
11,828
**TOTAL:**
**5,859,466**
**3,649,942.92**
**6,377,815**|**Percentage**
**of total**
99.81 %
0.19 %
**100.00 %**|**Gross**
**Income**
**£**
105,617.33|
|---|---|---|
|||**105,617.33**|
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## **MIDHURST PENSIONS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **1 Statutory Information**
Midhurst Pensions Trust is a registered charity. The registered number and principal office address can be found in the Report of the Trustees'.
## **2 Accounting Policies**
## **a) Basis of financial statements preparation**
The financial statements of the charity, which is a public benefit entity, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following 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 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been removed.
The Trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern.
## **b) Nature of funds**
All funds held are unrestricted and the Trustees are free to use them in accordance with the charitable objects.
## **c) Fixed asset investments**
Investments are stated at market value at the Balance Sheet date. Overseas investments are translated into sterling at the rates ruling at the year end. The Statement of Financial Activities (SOFA) includes the net gains and losses on revaluation and disposals throughout the year.
## **d) Income**
Income is recognised in the SOFA once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **e) Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.
## **f) Charitable grants**
Grants payable are recognised in the SOFA when they are approved by the Trustees and the recipient has been informed of the amount to be paid.
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## **MIDHURST PENSIONS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **g) Foreign currencies**
Transactions denominated in a foreign currency are translated into sterling at the rate of exchange ruling at the date of the transaction. At the Balance Sheet date monetary assets and liabilities denominated in a foreign currency are translated at the rate ruling at that date. All exchange differences are dealt with in the SOFA.
## **h) Irrecoverable VAT**
Irrecoverable VAT is written off to the same expense category in which the actual expenditure was incurred.
## **3 Remuneration of Trustees**
In the financial year to 5 April 2024 the Trustees did not receive any remuneration or have their expenses reimbursed by the Charity. Cowdray Trust Limited charged administration expenses of £31,360 [2023: £28,303].
|**4**
**Investment income**
**2024**
**£**
Income from investments
105,617
Deposit interest
5,272
110,889
**5**
**Expenditure on raising funds**
**2024**
**£**
Investment management fees
2,369
2,369
**6**
**Charitable activities**
**Direct costs**
**Support costs**
**2024**
**(see note 7)**
**(see note 8)**
**Total**
**£**
**£**
**£**
Charitable expenditure
17,100
38,467
55,567
**7**
**Direct costs**
**Analysis of grants made**
**Grants to**
**Grants to**
**institutions**
**individuals**
**£**
**£**
Relief of those in need, by reason of youth, age, ill-health,
disability, financial hardship or other disadvantage
-
17,100
-
17,100|**2023**
**£**
58,835
2,676|
|---|---|
||61,511|
||**2023**
**£**
2,434|
||2,434|
||**2023**
**Total**
**£**
53,588|
||**Total**
**£**
17,100|
||17,100|
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## **MIDHURST PENSIONS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
|**8**
**Support costs**
Administration expenses
Bank charges
Rathbones Trust Company Limited fees
Portfolio Stewardship fees|**2024**
**£**
31,360
-
4,200
2,907
38,467|**2023**
**£**
28,303
2
4,200
3,199|
|---|---|---|
|||35,704|
During the year administration expenses of £31,360 were charged by Cowdray Trust Limited (trustee). The amount of £800 plus VAT was charged by Harriet Sergeant of Martin and Company Audit Limited for her Independent Examination of these Financial Statements.
## **9 Staff costs**
There are no employees so consequently no staff costs have been incurred.
|**10**
**Fixed asset investments**
Market value brought forward
Less disposal proceeds
Net gains/(losses) on investments
Market value carried forward
**Geographical analysis**
United Kingdom investments
Overseas investments|**2024**
**£**
5,859,466
-
518,349
6,377,815
**2024**
**£**
6,365,987
11,828
6,377,815|**2023**
**£**
6,239,517
(75,377
(304,674|
|---|---|---|
|||5,859,466|
|||**2023**
**£**
5,847,401
12,065|
|||5,859,466|
The investments were revalued each year up to 5 April 1999. Therefore, there is no historic cost figure available. The book value of the investments at 5 April 2024 was £3,649,943.
Net gains/(losses) on investments includes realised gains for the year of £0 [2023: gain £30,597] and unrealised gains on revaluation to market value of £518,349 [2023: loss £335,271].
|**11**
**Cash at bank**
Royal Bank of Scotland
Schroder & Co
National Westminster Bank|**2024**
**£**
457,687
182,434
377
640,498|**2023**
**£**
391,357
192,914
377|
|---|---|---|
|||584,648|
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## **MIDHURST PENSIONS TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
|**12**
**Creditors: Amounts falling due within one year**
Administration Expenses
Portfolio Stewardship fees
**13**
**Movement in funds**
Unrestricted funds:
Balance brought forward
Net movement in funds
Balance carried forward|**2024**
**£**
3,760
2,907
6,667
**2024**
**£**
6,440,344
571,302
7,011,646|**2023**
**£**
571
3,199|
|---|---|---|
|||3,770|
|||**2023**
**£**
6,739,529
(299,185)|
|||6,440,344|
Net movement in funds included in the above are as follows:
||||**Gains and**|**Movement**|
|---|---|---|---|---|
||**Income**|**Outgoings**|**losses**|**in funds**|
||**£**|**£**|**£**|**£**|
|Unrestricted Funds|110,889|(57,936)|518,349|571,302|
## **14 Related Party Transactions**
During the year, Millbank Financial Services Limited ('MFS') charged fees of £430 [2023: £476] for their Portfolio Stewardship service and Cowdray Trust Limited charged administration expenses of £5,268 [2023: £4,639]. The Hon H M T Gibson, The Hon C A Pearson and Mr M P Harris (Directors of Cowdray Trust Limited) are Directors of MFS.
It should be noted that a sibling of The Hon H M T Gibson, the father of Mrs C A Bullough and the mother of Mr R C P Troughton (Directors of Cowdray Trust Limited) are Directors of MFS, namely The Hon W K Gibson, The Hon C A Pearson and Mrs S H Troughton respectively.
Mr R C P Troughton retired as Director of Cowdray Trust Limited on 13 June 2024.
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