**CHARITY REGISTRATION NUMBER: 251090** ## **THE M & L CHARITABLE TRUST** ## **ACCOUNTS** **31 DECEMBER 2020** **COHEN ARNOLD** Chartered Accountants New Burlington House 1075 Finchley Road London NW11 0PU ## **THE M & L CHARITABLE TRUST** ## **FINANCIAL STATEMENTS** ## **Year ended 31 December 2020** ||**PAGES**| |---|---| |Trustees' annual report|**1**| |Independent examiner's report to the trustees|**4**| |Receipts and payments|**5**| |Statement of assets and liabilities|**6**| |Notes to the Accounts|**7**| ## **THE M & L CHARITABLE TRUST TRUSTEES' ANNUAL REPORT** ## **Year ended 31 December 2020** The trustees present their report and the accounts of the charity for the year ended 31 December 2020. ## **REFERENCE AND ADMINISTRATIVE DETAILS** **Registered charity name** The M & L Charitable Trust **Charity registration number** 251090 **Principal office** New Burlington House 1075 Finchley Road London NW11 0PU **The Trustees** Ms C J Kitsberg Mrs M Meimann **Independent examiner** Cohen Arnold New Burlington House 1075 Finchley Road London NW11 0PU ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** The charity is an unincorporated charity registered with the Charity Commission (Registration No. 251090). The charity is governed by its trust deed dated 9 September 1966. The day-to-day affairs of the charity are administered by the board of trustees. It is not currently the intention of the trustees of the charity to appoint new trustees. Should the situation change in the future, the trustees will apply suitable recruitment and training procedures. The power of appointing additional trustees vests with the current trustees. The induction process for any newly appointed trustee comprises an initial meeting with the serving trustees to cover investment policy, the grant making process and the powers and responsibilities of the trustee board. After appointment, new trustees will be provided with copies of accounts, annual returns and investment reports. Cohen Arnold is responsible for the accounting functions of the trust and acts as correspondent for applications and grants. Applications received by Cohen Arnold are sent to the trustees for consideration. The trust does not actively fundraise and seeks to continue to support charitable projects from careful stewardship of its investment portfolio. ## **OBJECTIVES AND ACTIVITIES** The objectives of the trust are to provide grants for the benefit of such one or more charitable institutions within or outside the UK, as the trustees may from time to time at their discretion determine. The trustees meet to consider their objectives and areas of activity for the trust, including consideration of grant making, investment, reserves and risk management policies and performance. The trust derives its income from investments and incoming donations. **- 1 -** **THE M & L CHARITABLE TRUST** ## **TRUSTEES' ANNUAL REPORT** _**(continued)**_ ## **Year ended 31 December 2020** ## **ACHIEVEMENTS AND PERFORMANCE** During the year, the Charity continued its philanthropic activities in support of culture, social welfare and health & medicine and aggregate donations were paid in the sum of £39,140 (2019: £25,255). The benefits that these charities provide include: Promoting, encouraging and education in the arts Relief of sickness and disabilities Medical research The trust has made grants in recent years as follows: |||**New**|| |---|---|---|---| ||**No.**|**commitments**|**Paid**| |||**£**|**£**| |2016|9|13,192|24,192| |2017|13|8,596|13,596| |2018|12|14,255|25,255| |2019|11|28,140|39,140| |2020|23|32,720|38,720| The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when setting their grant making policy for the year, in line with the trust's aims and objectives. The trustees are satisfied that all grants made during the year are for the benefit of the public and that the benefits of each and every grant is clearly identifiable. The financial results of the charity's activities for the year to 31 December 2020 are fully reflected in the attached accounts. ## **FINANCIAL REVIEW** The accounts have been prepared in accordance with the charity trust deed and applicable law. Principal sources of funds are through donations and investment income. ## **Reserves policy** The trustees aim to distribute the income received for the benefit of the charities they support. It is the policy of the charity to maintain unrestricted funds, which are the free reserve of the charity, at a level which the trustees think appropriate after considering the future commitments of the charity and the likely costs of the charity for the next year. As at 31 December 2020 the charity had unrestricted funds comprising cash balances of £5,540, investments held at cost of £2,387,673 and a long-term loan of £50,000. ## **Grant making policy** Grants are made to charitable institutions and organisations which accord with the objects of the charity. The trustees are approached for donations by a wide variety of charitable institutions operating all over England (and also abroad). The trustees consider all requests which they receive and make donations based on the level of funds available. **- 2 -** THE M & L CHARITABLE TRUST TRUSTEES, ANNUAL REPORT (cothérf) Year ended 31 December 2020 Inve5tmeDt powers and policy and objeetives The tnjstees invest in a diverse spread of equilies aiming for a balance between irkcome and capital growth. Incoming resources for the year from investhients and ¢ash iotalled £89,793 (2019: £93,760). Incoming donations totalled £80.25012019= £132,500). Under the memorandum and articles of &ssociation. the ¢haritv has the FM)wer to make any inveslmenL which the trustees see fil. The trustees regularly review the charity's FX>Sition and needs in respect of the investment policy. PL4NS FOR FUTURE PERIODS The trustees are satisfied with theirgrant making priorities and it is their intention io continue to supw>rt charitable institutions. PRINCIPAL RISKS AND UNCERTAIIYTIES Risk M*nagemellt The trustees have examined the major strategic. b￿sinesS and o￿atIonal risks which the charity faces and confirrn that systems have been established io enable regular retM)rts to be produced so that th¢ necessary steps can be taken io manage ih¢5e risks. FIXED ASSET INVESTMENTS The movements in fixed assets investments are fully ￿flected in note 6 10 the accounts. The charity's investments are included at co￿. The market va]ue of the charity's investments may be less than their ost. The trustee5' annual r¢F¥)rt was approved on 4 (ktober 2021 and signed on behalfof the board oftrustees by.. MRS M MEJMANN Trustee ## **THE M & L CHARITABLE TRUST** ## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE M & L CHARITABLE TRUST** ## **Year ended 31 December 2020** I report to the trustees on my examination of the accounts of The M & L Charitable Trust ('the charity') for the year ended 31 December 2020. ## **RESPONSIBILITIES AND BASIS OF REPORT** As the trustees of the charity, you are responsible for 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 2011 Act and in carrying out my examination I have followed all the applicable directions given by the Charity Commission under section 145(5)(b) of the Act. ## **INDEPENDENT EXAMINER'S STATEMENT** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 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 the accounting records 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. ## **DAVID GOLDBERG, FCA DCHA** Independent Examiner New Burlington House 1075 Finchley Road London NW11 0PU 4 October 2021 4 ## **THE M & L CHARITABLE TRUST** ## **RECEIPTS AND PAYMENTS** ## **Year ended 31 December 2020** |||**2020**||2019| |---|---|---|---|---| |||Unrestricted||| |||funds**Total funds**||Total funds| ||**Note**|**£**|**£**|£| |**Receipts**||||| |Voluntary receipts:||||| |Donations||80,000|80,000|132,000| |Income tax on gift aid donations||250|250|500| |||────────|────────|────────| |||80,250|80,250|132,500| |Investment income:||||| |Bank interest received||17|17|95| |Income from investments||89,776|89,776|93,665| |||────────|────────|────────| |||89,793|93,760|93,760| |||────────|────────|────────| |||170,043|170,043|226,260| |**Asset and investment sales**||||| |Receipts from sale of investments||–|–|521,324| |Long term loans||50,000|50,000|–| |Other monetary assets||87,896|87,896|–| |||────────|────────|────────| |||137,896|137,896|747,584| |||────────|────────|────────| |**Total receipts**||307,939|307,939|747,584| |||════════|════════|════════| |**Payments**||||| |Grants and donations|**4**|(38,720)|(38,720)|(39,140)| |Governance costs|**5**|(3,078)|(3,078)|(2,228)| |||────────|────────|────────| |||(41,798)|(41,798)|(41,368)| |**Investment purchases**||(260,613)|(260,613)|(626,899)| |**Other monetary assets**||–|–|(87,896)| |||────────|────────|────────| |**Total payments**||(302,411)|(302,411)|(756,163)| |||────────|────────|────────| |||────────|────────|────────| |**Net of receipts/(payments)**||5,528|5,528|(8,579)| |||════════|════════|════════| |Cash funds last year end||12|12|8,591| |||────────|────────|────────| |**Cash funds this year end**||5,540
|5,540|12| |||════════|════════|═════| **The notes on page 7-8 form part of these financial statements.** **-5 -** THE M & L CHAIUTABLE TRUST STATEMENT OF ASSETS AND LIABILITIES 31 December 2020 2020 2019 Unrestrieted Unrestricted funds funds ote Cash at Bank 5.540 12 5,540 12 Other monetary assets Cash in investmeni account 87.896 87,896 Investment assets Quoted.%hares Unquoted thares 2.370,488 17.185 2.109.874 17,185 2.387.673 2.127,059 Liabilities Long iemi loans (50.000) These accounts were approved by the iKyard of trustees and authorised for issue on 4 October 2021, and are signed on beha]f of the board by: MRS M MEJMANN Trustee The DOte$ ￿ge 7-8 forth part of ibese fillaDci*I **THE M & L CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **Year ended 31 December 2020** ## **1. GENERAL INFORMATION** The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is New Burlington House, 1075 Finchley Road, London, NW11 0PU. ## **2. STATEMENT OF COMPLIANCE** The Accounts are prepared on a receipts and payments basis in accordance with section 133 of the Charities Act 2011. Items of income and expenditure are recognised in the accounts when received and paid. Assets and liabilities are stated on a historical basis. ## **3. GOING CONCERN** There are no material uncertainties about the charity's ability to continue. ## **4. GRANTS AND DONATIONS** All grants and donations were paid to charitable institutions for the purposes of culture, social welfare and health and medicine. ## **5. GOVERNANCE COSTS** |**GOVERNANCE COSTS**||| |---|---|---| ||**2020**|2019| ||**£**|£| |Fees for independent examination of the financial statements|2,160|2,160| |Other finance costs|918|21| ||`───────`|`───────`| ||3,078|2,181| **- 7 -** **THE M & L CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **Year ended 31 December 2020** ## **6. FIXED ASSET INVESTMENTS** |**FIXED ASSET** **INVESTMENTS**|||| |---|---|---|---| ||Quoted|Unquoted|| ||Shares|Shares|**Total**| ||£|£|**£**| |**Fair value**|||| |At 1 January 2020|2,109,875|17,185|**2,127,060**| |Additions|260,613|–|**260,613**| |Disposals|–|–|–| ||`─────────────`|`─────────`|`─────────────`| |**At 31 December 2020**|2,370,488|17,185|**2,387,673**| ||`═════════════`|`═════════`|`═════════════`| |**Carrying amount**|||| |**At 31 December 2020**|2,370,488|17,185|**2,387,673**| ||`═════════════`|`═════════`|`═════════════`| |At 31 December 2019|2,109,875|17,185|**2,127,060**| ||`═════════════`|`═════════`|`═════════════`| The charity's investments are included at cost. The market value of the charity’s investments may be less than their cost. ## **7. RELATED PARTIES** Charitable donations totalling £78,000 were paid to the charity from companies in which one of the trustees is a director and £2,000 from the trustees. **- 8 -** ## **THE M & L CHARITABLE TRUST** ## **NOTES TO THE ACCOUNTS** **Year ended 31 December 2020** THE FOLLOWING SCHEDULE IS FOR THE TRUSTEES’ INFORMATION ONLY AND DOES NOT FORM PART OF THE ANNUAL ACCOUNTS **M & L CHARITABLE TRUST SCHEDULE OF INVESTMENTS FOR THE YEAR ENDED 31 DECEMBER 2020** |**M & L CHARITABLE TRUST**
**SCHEDULE OF INVESTMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2020**||||| |---|---|---|---|---| |**Agrifirma Brazil Ltd (Genagro)**
Unquoted Shares NPV
22/02/2013 Redemption of deferred
shares (Genagro)
**Closing cost**
**Anglo American PLC**
**Ordy USD0.549451**
29/02/2012 Purchase
**Closing cost**
**Bellway PLC**
**Ord 12.5p**
24/11/2015 Purchase
**Closing cost**
**British Land Co PLC**
**Ord 25p**
09/12/2014 Purchase
27/05/2015 Purchase
03/08/2015 Purchase
10/11/2015 Purchase
24/11/2015 Purchase
20/01/2016 Purchase
22/01/2016 Purchase
20/02/2018 Purchase
**Closing cost**
**Centrica PLC**
**Ord GBP0.061728395**
17/06/2013 Purchase
31/12/2013 Purchase
18/09/2015 Purchase
Total
10/05/2018 Sale
**Closing cost**
**City of London Investment Trust**
**Ord GBP 0.25**
27/01/2020 Purchase
23/10/2020 Purchase
**Diageo**
**Ord GBP 0.28**
11/09/2019 Purchase
13/09/2019 Purchase
09/12/2019 Purchase
02/10/2020 Purchase
**Intu Properties PLC**
**Ord GBP0.50**
10/06/2015 Purchase
04/01/2019 Purchase
**Closing cost**
**Johnson Matthey PLC**
**Ord GBP1.109245**
7/06/2017 Purchase
Total
16/01/2018 Sale
**Closing cost**
**Legal & General Group PLC**
**Ord GBP0.025**
30/01/2014 Purchase
05/03/2015 Purchase
10/08/2015 Purchase
15/12/2017 Purchase
22/08/2018 Purchase
18/09/2018 Purchase
11/09/2019 Purchase
20/12/2019 Purchase
31/12/2019 Purchase
Closing cost
**Morgan Sindall Group PLC**
**Ord 5P**
30/06/2017 Purchase
11/05/2018 Purchase
02/10/2020 Purchase
**Closing cost**
**Nestle**
**(Regd) PV CHF10 (1,200 before 2012)**
17/05/2012 Purchase
18/04/2017 Purchase
**Closing cost**
**Persimmon PLC**
**Ord GBP0.10**
21/03/2014 Purchase
02/04/2015 Redemption
20/01/2016 Purchase
27/02/2017 Purchase
15/12/2017 Sale
10/05/2018 Purchase
23/12/2019 Sale
**Closing cost**
**Reckitt Benckiser Group**
ORD GBP0.1
11/09/2019 Purchase
**The Berkeley Group Holdings PLC**
**Ordy 5p**
01/07/2013 Purchase
22/09/2015 Purchase
14/10/2015 Purchase
14/10/2015 Purchase
24/11/2015 Purchase
05/01/2016 Sale
21/01/2016 Purchase
16/01/2017 Purchase
22/08/2018 Sale
11/09/2019 Sale
**Closing cost**
**Marston**
**Ord GBP0.07375**
05/04/2018 Purchase
12/09/2019 Sale
**Closing cost**
**TOTAL:**|**Holding**
38,900.00|**Historical**
**Additions**
**Disposals**
**Historical**
**Cost**
**Cost**
**01-Jan-20**
**31-Dec-20**
**£**
**£**

20,007.10
20,007.10
(2,822.33)
(2,822.33)

**17,184.77**
**-**
**-**
**17,184.77**

45,369.00
45,369.00

**45,369.00**
**-**
**-**
**45,369.00**

47,593.52
47,593.52

**47,593.52**
**-**
**-**
**47,593.52**

45,761.69
45,761.69

26,167.12
26,167.12

21,097.05
21,097.05

79,860.76
79,860.76

61,737.35
61,737.35

79,748.14
79,748.14

82,113.01
82,113.01

70663.17
70,663.17

**467,148.29**
**-**
**-**
**467,148.29**

222,826.08
222,826.08

50,849.28
50,849.28

48,164.09
48,164.09

**321,839.45**
**321,839.45**
)
-321839.45
(321,839.45)
**-**
**-**
**-**
**-**

88,007.64
88,007.64

56,739.46
56,739.46

**-**
**144,747.10**
**-**
**144,747.10**

**126,219.57**
126,219.57

**59,408.64**
59,408.64

**89,597.98**
89,597.98

57,531.45
57,531.45

**275,226.19**
**57,531.45**
**-**
**332,757.64**

62,507.92
62,507.92
)
(62,507.92)
(62,507.92)
**-**
**-**
**-**
**-**

49,360.79
49,360.79

**49,360.79**
**49,360.79**
-49360.79
(49,360.79)

**-**
**-**
**-**
**-**

15,009.80
15,009.80

115,137.00
115,137.00

15,141.00
15,141.00

188,079.87
188,079.87

294,490.17
294,490.17

46,800.03
46,800.03

74,200.10
74,200.10

60,160.07
60,160.07

89,759.64
89,759.64

**898,777.68**
**-**
**-**
**898,777.68**

49,995.92
49,995.92

74,680.58
74,680.58

58,334.25
58,334.25

**124,676.50**
**58,334.25**
**-**
**183,010.75**

41,687.50
41,687.50

54,972.50
54,972.50

26,870.33
26,870.33

**123,530.33**
**-**
**-**
**123,530.33**

53,837.26
53,837.26
(3,990.00)
(3,990.00)

78,664.56
78,664.56

60,536.45
60,536.45
)
(139,201.01)
(139,201.01)

68,894.80
68,894.80
)
(118,742.06)
(118,742.06)
**-**
**-**
**-**
**-**

127,553.40
127,553.40

**127,553.40**
**-**
**-**
**127,553.40**

47,545.98
47,545.98

293,874.05
293,874.05

84,165.82
84,165.82

7,940.17
7,940.17

60,546.46
60,546.46
)
(425,585.85)
(425,585.85)

373,993.19
373,993.19

35,997.14
35,997.14
)
(252,269.63)
(252,269.63)
)
-226207.33
(226,207.33)
**-**
**-**
**-**
**-**

40,377.27
40,377.27
)
(40,377.27)
(40,377.27)
**-**
**-**
**-**
**-**
**2,127,059.68**
**260,612.80**
**-**
**2,387,672.48**|**_Disposal_**
**_Proceeds_**
**31-Dec-20**
**£**|**_Profit/(Loss) on_**| |||||
**_Disposal_**
**31-Dec-20**
**£**| ||**38,900.00**
1,600.00|||| ||**1,600.00**
2,000.00|||| ||**2,000.00**
6,000.00
3,000.00
2,500.00
9,750.00
7,500.00
10,250.00
11,000.00
10,900.00|||| ||**60,900.00**
62,000.00
15,000.00
21,000.00|||| ||**98,000.00**
(98,000.00|||| ||**-**
20,500.00
17,200.00|||| ||**37,700.00**
3,750.00
1,800.00
2,910.00
2,150.00|||| ||**10,610.00**
19,500.00
(19,500.00|||| ||**-**
1,650.00|||| ||**1,650.00**|||| ||**1,650.00**
6,600.00
42,000.00
5,500.00
71,000.00
115,000.00
18,500.00
30,000.00
19,600.00
29,200.00|||| ||**337,400.00**
4,000.00
5,500.00
5,000.00|||| ||**14,500.00**
1,200.00
1,500.00
445.00|||| ||**3,145.00**
4,200.00
-
4,000.00
3,000.00
(7,000.00
2,500.00
(6,700.00|||| ||**-**
2,000.00|||| ||**2,000.00**
2,250.00
8,850.00
2,650.00
250.00
2,000.00
(13,750.00
10,810.00
1,260.00
(7,550.00
(6,770.00|||| ||**-**
40,000.00
(40,000.00|||| ||**-**|||| ||||**_-_**|**_-_**|