**The Mulberry Trust Dated 3 September 1971 (Charity Commission No 263296)**
**Trustees’ Annual Report and Financial Statements for the year ended 5 April 2022**
**The Mulberry Trust**
## **Trustees annual Report for the year ended 5 April 2022**
## **Objectives and Activities**
## **Objectives of the Charity**
The Trust was created for the benefit of the following:
1. Any body or organisation established for charitable purposes only, and
2. Any other exclusively charitable purpose.
The trustees are to distribute income and may distribute expendable endowment to charitable bodies or for charitable purposes at their discretion. The life of the Trust is restricted to 80 years after which time the endowment must be distributed.
The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved in the reporting period. The review helps the trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.
## **Grant Making Policy**
The grant making policy and approval of individual grants is made by the trustee body as a whole who meet regularly together with an independent consultant who undertakes research and monitoring for the trustees. The trustees' objective is to facilitate charitable causes and objects chosen by them, to create opportunities and to make a difference to those causes and objects.
The trust has a particular focus on parenting, children and the family, in order to strengthen family life and the general wellbeing of families from the very young to the very old; the elderly; the disadvantaged; homelessness; health; debt relief and counselling and the promotion of interfaith work. The trust also supports education research and the arts, provided that this contributes to the aims set out above. The Trust also supports certain community and environmental organisations and areas of specific interest to individual trustees.
In order to achieve their objectives for the public benefit the trustees make grants to charitable organisations working in these areas, and review the activities of these organisations, having due regard to the guidance published by the Charity Commission. All repeat grants made by the charity are subject to satisfactory interim and final reports by the grant recipients.
## **Achievements and Performance**
## **Review of Activities**
Grants totalling £407,276 were made during the year ended 5 April 2022 (total grants 2021: £345,160). An analysis of the grants is given in note 14.
The main grants awarded in the year were to; Michael Roberts Charitable Trust (£16,300) to alleviate social disadvantage; to Citizens advice Harlow (£15,500) to support debt advice and management; to Inclusion Ventures (£15,000) and to Think 18 (£15,000) to support inclusion and flourishing of potentially disadvantaged young people and young adults respectively; and to Chess Homeless (£15,000); Ipswich Housing Action Group (£15,000); and Off the streets (£15,000) to support homeless people.
## **Financial Review**
During the year under review unrestricted expenditure exceeded unrestricted income by £366,500. A transfer of funds of £366,500 was made from the Endowment Funds to meet the excess expenditure. There was a decrease in investment income to £73,718 (2021: £76,048).
1
## **The Mulberry Trust**
## **Trustees annual Report for the year ended 5 April 2022**
At the year end the net assets of the charity were £4,257,023 (2021: £4,678,708). Investments held decreased by £312,881. The investments and cash of the charity are held to the order of the trustees by Evelyn Partners (formerly known as Smith & Williamson). During the year the charity made a loss of £23,834 on realisation and revaluation of investments (2021: gain £1,000,014), (see note 2 to the financial statements).
## **Risks**
The trustees do not consider that they are exposed to any material risks other than fluctuations in the value of their investment portfolio. They have appointed professional investment managers and review the investment performance on a regular basis. In addition to other trustees' meetings, the trustees convene once a year to discuss the strategy for the charity, including the long-term plans, the finances, the governance of the charity and the succession planning for the charity.
## **Reserves Policy**
The trustees' policy is to make grants in accordance with their policy above. They have no power to retain income and routinely distribute this each year. They also distribute expendable endowment as they consider appropriate. The trustees decided in December 2021 that the accounts should include a reserve of £600,000 (previously £500,000) to cover grant making commitments and overhead obligations in the event of a market downturn having a significant impact on the Endowment Funds.
## **Investment Policy**
The trustees' investment portfolio is managed on a discretionary basis by Evelyn Partners. The trustees agree their strategy for asset allocation with the managers. During the year to 5 April 2022 the value of the portfolio Increased by 0.34% measured on a total return basis, compared to the performance of the MCSI PIMFA Balanced Index which rose by 7.8% over the same period. The trustees continuously monitor the performance of the investment managers, taking into account both short-term and longer-term outcomes.
## **Plans for Future Periods**
The trustees short-term objective is to continue to make grants, as set out above, for the benefit of charitable bodies. The trustees aim to utilise the unrestricted and endowment funds to achieve this objective, while maintaining the capital value of the funds to ensure the longevity of Mulberry Trust.
2
**The Mulberry Trust**
## **Trustees annual Report for the year ended 5 April 2022**
## **Structure, Governance and Management**
Settlor: John Graham Marks Governing Document: The principal governing document is a trust deed dated 3 September 1971. The trust is a private charitable trust controlled by its trustees. Appointment of Trustees: The trustee body has the power to appoint new trustees. If new or additional trustees are appointed they will be encouraged to receive appropriate training depending on their qualifications and experience. The lay trustees rely on outside advisors as necessary. Investment Powers: The trustees have wide investment powers, including power to invest in the name of nominees. An order extending these powers to include the power to delegate to investment managers was sealed by the Charity Commission on 7 April 1997. Management and Control: Following the death of the Settlor, John Marks, Timothy Marks has become the chairman of the charity with overall responsibility for its running.
3
**The Mulberry Trust**
## **Trustees annual Report for the year ended 5 April 2022**
## **Reference and Administrative Details**
|Name of Charity|The Mulberry Trust|
|---|---|
||Charity No. 263296|
|Trustees:|Ann Morwenna Marks|
||Leonie Marks|
||Charles Frederick Woodhouse|
||Timothy John Marks|
||Rupert Philip Marks|
||William Robert Marks|
||Christopher James Marks|
||Susan Elizabeth Hilary Gow|
|Principal Office Address:|Farrer & Co LLP|
||66 Lincoln’s Inn Fields|
||London, WC2A 3LH|
|Bankers and Investment Managers:|Evelyn Partners Investment Management LLP|
||45 Gresham Street|
||London, EC2V 7BG|
|Auditors:|PKF Francis Clark|
||Centenary House|
||Peninsula Park|
||Rydon Lane|
||Exeter|
||EX2 7XE|
4
## **The Mulberry Trust**
## **Trustees annual Report for the year ended 5 April 2022**
## **Respective responsibilities of trustees and auditors**
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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP
- make judgements and 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;
- 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 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.
Signed:
Date: 5 October 2022
On behalf of the Trustees
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**The Mulberry Trust**
## **Independent Auditors’ Report to the Trustees of the Mulberry Trust for the year ended 5 April 2022**
## **Opinion**
We have audited the financial statements of The Mulberry Trust (the “Charity”) for the year ended 5 April 2022 which comprise Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland.
In our opinion, the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 5 April 2022 and of its income and expenditure for the period then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
- 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 directors’ 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 original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are 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, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine
6
**The Mulberry Trust**
## **Independent Auditors’ Report to the Trustees of the Mulberry Trust for the year ended 5 April 2022**
## **Independent Auditor’s Report to the Trustees (continued)**
whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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**
In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not obtained all the information and explanations necessary for the purposes of our audit.
## **Responsibilities of the trustees**
As explained more fully in the Statement of Trustees’ Responsibilities set out on page 4, 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 they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
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.
7
## **The Mulberry Trust**
## **Independent Auditors’ Report to the Trustees of the Mulberry Trust for the year ended 5 April 2022**
## **Our responsibilities for the audit of the financial statements**
We have been appointed as auditor under S144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereafter. 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 audit procedures are capable of detecting irregularities, including fraud is detailed below.
As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the charity. The key law and regulations relevant to the charity were identified as being Charity law and the General Data Protection Regulation.
We also considered opportunities and incentives for fraud, which might arise in the understatement of expenditure, or incurring expenditure for non-charitable purposes , in the payment of fraudulent grants or management bias in accounting estimates.
Based on this we designed our audit procedures to identify irregularities. Our audit procedures involved the following:
- Enquiries with Trustees, regarding their knowledge of any non-compliance or potential noncompliance with laws and regulations that could affect the financial statements;
- Review of trustees’ meeting minutes;
- Review of the controls in relation to GDPR and enquiries to Management as to the occurrence and outcome of any reportable breaches;
- Auditing the risk of management override of controls, including through testing other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; and
- Review financial statement disclosures and testing to support documentation to assess compliance with applicable laws and regulations.
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. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to be come aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
8
## **The Mulberry Trust**
## **Independent Auditors’ Report to the Trustees of the Mulberry Trust for the year ended 5 April 2022**
## **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 (Account 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.
PKF Francis Clark Statutory Auditor Centenary House Peninsula Park Rydon Lane EXETER EX2 7XE
Date: 28 October 2022
_PKF Francis Clark is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006_
9
## **The Mulberry Trust**
## **Statement of Financial Activities for the year ended 5 April 2022**
|||||**2022**|||**2021**|
|---|---|---|---|---|---|---|---|
|||**Endowment**|**Unrestricted**|**Total**|**Endowment**|**Unrestricted**|**Total**|
|||**Funds**|**Funds**||**Funds**|**Funds**||
||**Note**|**£**|**£**|**£**|**£**|**£**|**£**|
|**Income and endowments**||||||||
|Investment income|3|-|**73,718**|**73,718**|-|76,048|76,048|
|Other income||-|-|**-**|-|-|-|
|Donations|4|-|-|**-**|987,139|110,812|1,097,951|
|||––––——|––––——|–––——|––––——|––––——|––––——|
|Total income||-|**73,718**|**73,718**|987,139|186,860|1,173,999|
|||––––——|––––——|–––——|––––——|––––——|––––——|
|**Expenditure on:**||||||||
|Costs of generating funds|5|**29,279**|**-**|**29,279**|23,821|-|23,821|
|Charitable activities|6|**2,159**|**440,131**|**442,290**|1,422|378,185|379,607|
|||––––——|––––——|–––——|––––——|––––——|––––——|
|**Total expenditure**||**31,438**|**440,131**|**471,569**|25,243|378,185|403,428|
|||––––——|––––——|–––——|––––——|––––——|––––——|
|**Net income/(expenditure)**||||||||
|**before net gains/(losses)**||||||||
|**on investments**||**(31,438)**|**(366,413)**|**(397,851)**|961,896|(191,325)|
770,571|
|Net gains/(losses) on||||||||
|Investments||**(23,834)**|**-**|**(23,834)**|1,000,014|-|1,000,014|
|||––––——|––––——|––––——|––––——|––––——|––––——|
|**Net income/(expenditure)**||**(55,272)**|**(366,413)**|**(421,685)**|1,961,910|(191,325)|1,770,585|
|**Transfer between funds**|8|**(366,500)**|**366,500**|-|(191,400)|191,400|-|
|||––––——|––––——|––––——|––––——|––––——|––––——|
|**Net movement in funds**||**(421,772)**|**87**|**(421,685)**|1,770,510|75|1,770,585|
|**Reconciliation of funds**||||||||
|Total funds brought forward||**4,678,515**|**193**|**4,678,708**|2,908,005|118|2,908,123|
|||––––——|––––——|––––——|––––——|––––——|––––——|
|**Total funds carried forward**||**4,256,743**|**280**|**4,257,023**|4,678,515|193|4,678,708|
|||══════|══════|══════|══════|══════|══════|
10
## **The Mulberry Trust**
## **Balance Sheet for the year ended 5 April 2022**
|||**2022**|**2021**|
|---|---|---|---|
|||**Total**|**Total**|
||**Note**|**£**|**£**|
|**Fixed assets**||||
|Investments at market value|2|**4,099,812**|4,412,693|
|**Current assets**||||
|Investment managers’ bank account||**172,865**|270,774|
|Accrued income||**3,126**|7,500|
|Other Debtors||-|-|
|||––––——|––––——|
|||**175,991**|278,274|
|**Liabilities**||||
|**Creditors: amounts falling due within one year**||||
|Investment managers’ charges||**6,897**|-|
|Legal charges||-|373|
|Accountants’ charges||**2,266**|2,060|
|Auditors’ remuneration||**3,255**|2,960|
|Charity Consultancy Services||**6,362**|6,866|
|||––––——|––––——|
|||**18,780**|12,259|
|||––––——|––––——|
|**Net current assets/(liabilities)**||**157,211**|266,015|
|||––––——|––––——|
|**Net assets**||**4,257,023**|4,678,708|
|||══════|══════|
|**Allocation of the charity net assets:**||||
|The net assets are held for the||||
|various funds as follows:-||||
|**Expendable endowment**|12|**3,656,743**|4,178,515|
|**Designated reserve**|12|**600,000**|500,000|
|**Unrestricted income funds**||**280**|193|
|||––––——|––––——|
|**Total charity funds**||**4,257,023**|4,678,708|
|||══════|══════|
Approved by the trustees on 5 October 2022 and signed on their behalf by
Timothy Marks Trustee
11
## **The Mulberry Trust**
## **Statement of Cash Flows for the year ended 5 April 2022**
|||**Total**|**Total**|
|---|---|---|---|
|||**Funds**|**Funds**|
||**Note**|**2022**|**2021**|
|**Net cash provided by/ (used in) operating activities**11||**(460,674)**|691,160|
|Cashflows from investing activities:||||
|Dividends and interest from investments||**73,718**|76,048|
|Proceeds from sale of investments||**651,243**|848,467|
|Purchase of investments||**(362,196)**|(468,853)|
|Transfer of shares from PTC|4|-|(987,139)|
|||––––——|––––——|
|**Net cash provided by/(used in) investing activities**||**362,765**|(531,477)|
|||══════|══════|
|Change in cash and cash equivalents in the reporting|period|**(97,909)**|159,683|
|Cash and cash equivalents brought forward||**270,774**|111,091|
|||––––——|––––——|
|**Cash and cash equivalents carried forward**||**172,865**|270,774|
|||══════|══════|
|**Representing:**||||
|Investment managers’ bank accounts||**172,865**|270,774|
|||––––——|––––——|
|||**172,865**|270,774|
|||══════|══════|
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## **The Mulberry Trust**
## **Notes to the financial statements for the year ended 5 April 2022**
## **Notes to the accounts**
## **1. Accounting Policies**
## **a. Basis of preparation**
The financial statements have been prepared in accordance with 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) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. There are no material departures from FRS 102.
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’. The departure has involved following Accounting and Reporting applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has been withdrawn.
The Charity meets the definition of a public benefit entity under FRS102.
The financial statements have been prepared on a going concern basis and the Trustees are not aware of any material uncertainties that would cast doubt on the Charity’s ability to continue as a going concern. Grants are awarded only when there are sufficient reserves and income therefore the Trustees consider that the going concern assumption remains appropriate.
The accounts are prepared in Sterling, which is the functional currency. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention as modified by the revaluation of investments.
## **b. Fund accounting**
The endowment funds represent the original capital gift to the charity, plus subsequent additions to the endowment, less amounts which have been transferred to the unrestricted funds for distribution. The trustees are entitled to use the endowment in furtherance of the general objectives of the charity at their discretion, and they transfer funds from the endowment to the unrestricted funds as required. Any gifts made to the charity as additions to the endowment are treated as expendable endowment unless otherwise directed by the donor.
Unrestricted funds represent the income arising from the endowment, and in accordance with the trust deed must be expended for charitable purposes within a reasonable period of receipt. Any gifts made to the charity for immediate distribution are added to the unrestricted income funds.
## **c. Income**
Dividend income is shown gross. Interest on Government securities is paid gross to the trust and shown gross. Excess foreign tax deducted abroad is recognised when it is repaid.
## **d. Investments**
All investments held are listed on a recognised stock exchange and are included in the accounts at their market value at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year.
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## **The Mulberry Trust**
## **Notes to the financial statements (continued) for the year ended 5 April 2022**
## **1. Accounting Policies (continued)**
## **e. Grants payable**
Grants are included in the accounts on an accruals basis, and unconditional grant commitments payable within one year after the balance sheet date are included in the Statement of Financial Activities. Grants which have been promised subject to satisfactory performance are not included until payable
## **f. Resources expended**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Governance costs are the costs associated with the governance arrangements of the charity which relate to the general running of the charity as opposed to those costs associated with fundraising or charitable activity. The costs will normally include internal and external audit, legal advice for trustees and costs associated with constitutional and statutory requirements e.g. the cost of trustee meetings and preparing statutory accounts. Included within this category are any costs associated with the strategic as opposed to day to day management of the charity's activities.
## **g. Foreign exchange**
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of transaction. All differences are taken to the Statement of Financial Activities.
## **h. Realised gains and losses**
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
## **i.**
## **Expenditure and irrecoverable VAT**
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
- Expenditure on charitable activities includes costs of exhibitions and other educational activities undertaken to further the purposes of the charity;
- Costs of generating funds represent the investment management costs
- Other expenditure represents those items not falling into any other heading.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
## **j. Debtors**
Trade and other debtors are recognised at the settlement account due after any discount offered. Prepayments are valued at the amount prepaid after taking account of any discounts offered.
## **k. Cash and cash equivalents**
Cash and cash equivalents includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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## **The Mulberry Trust**
## **Notes to the financial statements (continued) for the year ended 5 April 2022**
## **l. Creditors and provisions**
Creditors and provisions are recognized when the charity has a present obligation resulting from a 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 and provisions are normally recognized at their settlement amount after allowing for any discounts due.
|**2.**
**Fixed asset investments**|**2022**|**2021**|
|---|---|---|
||**£**|**£**|
|Market value at 6 April 2021|**4,412,693**|2,805,154|
|Additions|**362,196**|1,455,992|
|Disposals|**(651,243)**|(848,467)|
|Net investment (losses)/gains|**(23,834)**|1,000,014|
||––––——|––––——|
|**Market value at 5 April 2022**|**4,099,812**|4,412,693|
||**══════**|**══════**|
|Investments in the UK|**1,647,176**|2,041,302|
||══════|══════|
|Investments outside the UK|**2,452,636**|2,371,391|
||══════|══════|
|Historical cost at 5 April 2021|**2,687,553**|3,249,848|
||══════|══════|
## **3. Investment income**
Investment income of £73,718 was received during the year (2021: £76,048), of which £63,901 was received from investments listed in the UK and £9,817 from investments listed outside the UK (2021: £63,523 and £12,525 respectively).
|**4.**|**Donations**|**2022**|**2021**|
|---|---|---|---|
|||**£**|**£**|
|Donation of shares and cash||-|1,097,951|
|||––––——|––––——|
|||-|1,097,951|
|||══════|══════|
Prior year - The Mulberry Trust received a donation of shares and cash. The market value of shares donated at the date of transfer was £987,139. The shares were recognised in the endowment fund.
|**5.**|**Costs of generating funds**|**2022**|**2021**|
|---|---|---|---|
|||**£**|**£**|
|Investment management fees||**29,279**|23,821|
|||––––——|––––——|
|||**29,279**|23,821|
|||══════|══════|
15
## **The Mulberry Trust**
## **Notes to the financial statements (continued) for the year ended 5 April 2022**
|**6.**|
**Charitable Activities**|**2022**|**2021**|
|---|---|---|---|
|||**£**|**£**|
|Grants and donations (note 14)||**407,276**|345,160|
|Support and Governance costs (below)||**35,014**|34,447|
|||––––——|––––——|
|||**442,290**|379,607|
|||══════|══════|
|_Support costs_||||
||Legal charges|**2,159**|1,422|
||Grant Administration|**24,780**|25,452|
||Subscription to Association of Charitable Foundations|**988**|960|
||Sundry expenses|**1,498**|1,562|
|_Governance costs_||||
||Accountants’ charges|**2,266**|2,060|
||Auditors’ remuneration|**3,250**|2,912|
||Other|**-**|-|
||Trustees’ expenses|**-**|-|
||Bank charges|**73**|79|
|||––––——|––––——|
|||**35,014**|34,447|
|||══════|══════|
## **7. Related Parties**
During the year the trustees made grants to charities which included £10,000 to Essex Community Foundation (ECF) (2021:£10,000).
Mr Rupert Marks is a Hon. Vice President of Essex Community Foundation (ECF).
## **8. Transfers between funds**
The trustees have transferred £366,500 (2021: £191,400) from their expendable endowment to fund grants which they have agreed.
## **9. Trustees remuneration and expenses**
During the year no (2021: one) trustees were reimbursed travel expenses of £nil (2021: nil). Trustees remuneration was £nil (2021: £nil).
## **10. Grant commitments**
As at 5 April 2022, there were no binding grant commitments.
16
## **The Mulberry Trust**
## **Notes to the financial statements (continued) for the year ended 5 April 2022**
## **11. Reconciliation of net movement in funds to net cashflow from operating activities**
**----- Start of picture text -----**
|||||||
|---|---|---|---|---|---|
|2022|2021|
|£|£|
|Net movement in funds|(421,685)|1,770,585|
|Deduct interest income shown in investing activities|(73,718)|(76,048)|
|Deduct gains/add back losses on investments|23,834|(1,000,014)|
|(Increase)/decrease in debtors|4,374|2,008|
|(Decrease)/Increase in creditors|6,521|(5,371)|
|––––——|––––——|
|(460,674)|691,160|
|══════|══════|
|12.|Funds|
|Designated fund|Brought|Transferred Expended|2022|2021|
|Forward|
|£|£|£|£|£|
|Grants and costs reserved|500,000|100,000|-|600,000|500,000|
|––––——|––––——|––––—— ––––——|––––——|
|500,000|100,000|-|600,000|500,000|
|══════|══════|══════ ══════|══════|
|2021 Comparative|
|Designated fund|Brought|Transferred Expended|2021|2020|
|Forward|
|£|£|£|£|£|
|Grants and costs reserved|500,000|-|-|500,000|500,000|
|––––——|––––——|––––—— ––––——|––––——|
|500,000|-|-|500,000|500,000|
|══════|══════|══════ ══════|══════|
**----- End of picture text -----**
The Designated Fund's purpose is to safeguard the charity in the event of a market downturn having a significant impact on the endowment funds.
The endowment funds represent the original capital gift to the charity, plus subsequent additions to the endowment, less amounts which have been transferred to the unrestricted funds for distribution. The trustees are entitled to use the endowment in furtherance of the general objectives of the charity at their discretion, and they transfer funds from the endowment to the unrestricted funds as required. Any gifts made to the charity as additions to the endowment are treated as expendable endowment unless otherwise directed by the donor.
Unrestricted funds represent the income arising from the endowment, and in accordance with the trust deed must be expended for charitable purposes within a reasonable period of receipt. Any gifts made to the charity for immediate distribution are added to the unrestricted income funds.
## **Analysis of net assets between funds**
**----- Start of picture text -----**
|||||||
|---|---|---|---|---|---|
|Unrestricted|Endowment Designated|Total|Total|
|Funds|Funds|Funds|Funds|
|2022|2021|
|£|£|£|£|£|
|Investments|-|3,499,812|600,000|4,099,812|4,412,693|
|Current assets|3,127|172,864|-|175,991|278,274|
|Current liabilities|(2,847)|(15,933)|-|(18,780)|(12,259)|
|––––——|––––——|––––——|––––——|––––——|
|280|3,656,743|600,000|4,257,023|4,678,708|
**----- End of picture text -----**
17
## **The Mulberry Trust**
## **Notes to the financial statements (continued) for the year ended 5 April 2022**
## **2021 Comparative Analysis of net assets between funds**
||**Unrestricted**|**Endowment Designated**|**Endowment Designated**|**Total**|**Total**|
|---|---|---|---|---|---|
||**Funds**|**Funds**|**Funds**|**Funds**||
|||||**2021**|**2020**|
||**£**|**£**|**£**|**£**|**£**|
|Investments|-|3,912,693|500,000|**4,412,693**|2,805,154|
|Current assets|7,500|270,774|-|**278,274**|120,599|
|Current liabilities|(7,307)|(4,952)|-|**(12,259)**|(17,630)|
||––––——|––––——|––––——|––––——|––––——|
||**193**|**4,178,515**|**500,000**|**4,678,708**|3,740,910|
||══════|══════|══════|══════|══════|
## **13. Related party transactions**
During the year The Mulberry Trust received a donation of shares as set out in note 4 from The PTC Charitable Trust, a charity in which there are mutual trustees.
## **14. Grants made in the year**
During the year the trustees made institutional grants totalling £407,276 (2021: £345,160).
There are no support costs attributed to grants made. Governance costs comprise all costs incurred by the charity and no apportionment is made between grant making activities and running of the charity.
The material grants may be broadly categorised as follows:
|||**2022**||**2021**|
|---|---|---|---|---|
||**No. of grants**|**Amount No of grants Amount**|||
|||**£**||**£**|
|Parenting, the family and children’s work|4|**25,177**|2|20,000|
|The elderly|4|**22,500**|4|17,000|
|Homelessness|6|**61,500**|3|35,000|
|The community|5|**17,000**|6|36,500|
|Debt relief and counselling|3|**22,500**|2|18,500|
|Christianity|1|**10,000**|1|10,000|
|Interfaith|1|**7,000**|1|7,000|
|Education|13|**52,627**|13|65,200|
|Health|3|**24,000**|4|30,000|
|Mental health|8|**56,928**|8|65,660|
|Alleviation of Poverty|2|**16,300**|1|15,300|
|The arts|2|**4,500**|3|6,000|
|Legal assistance|1|**5,000**|1|4,000|
|Extraordinary Covid|1|**10,000**|2|15,000|
|Disadvantaged children|7|**61,244**||-|
|Emergency Relief: Ukraine|1|**5,000**||-|
|Environment|2|**6,000**||-|
|||––––——||––––——|
|||**407,276**||345,160|
|||══════||══════|
18
## **The Mulberry Trust**
## **Notes to the financial statements (continued) for the year ended 5 April 2022**
## **14. Grants made in the year (continued)**
The Trustees made the following institutional grants during the year:
||**2022**|**2021**|
|---|---|---|
||**£**|**£**|
|Action for Family Carers|**10,000**|10,000|
|Ambitious about Autism|**7,500**|-|
|Age Concern Colchester|**-**|5,000|
|Arts 4 Dementia|**7,500**|5,000|
|Bag Books|**2,200**|2,200|
|Basildon Community Resource Centre|**7,000**|7,000|
|Brentwood Schools Christian Workers Trust|**6,000**|6,000|
|Challengers|**5,000**|5,000|
|Chance to Shine|**-**|5,000|
|Chess Homeless|**15,000**|15,000|
|Churchgate School Harlow|**1,000**|1,000|
|Claremont Project|**-**|3,000|
|Disasters and Emergency Committee (Ukraine)|**5,000**|-|
|Dr Edwin Doubleday Trust|**500**|500|
|Duchenne Trust|**-**|4,000|
|Essex Community Foundation|**10,000**|10,000|
|Fresh Start New Beginnings|**10,000**|10,000|
|Frozen Light|**5,000**|-|
|Gingerbread|**5,000**|-|
|Harlow Citizens Advice Bureau|**15,500**|15,000|
|Harlow Parochial Church Council (St Mary’s Church)|**20,000**|20,000|
|Home Start Essex|**10,000**|28,160|
|Home Start Essex- Uttlesford|**5,177**|-|
|Hope House Essex|**6,500**|-|
|Hospice at Home Carlisle and North|**18,000**|20,000|
|Inclusion Ventures|**15,000**|-|
|Ipswich Housing Action Group|**15,000**|-|
|Jaywick Community Resource Centre|**11,244**|-|
|Jigsaw Trust|**10,000**|7,500|
|Magic Lantern|**8,000**|10,000|
|Maldon and District CAB|**7,000**|-|
|Michael Roberts Charitable Trust (Harlow Food Bank)|**2,000**|22,300|
|MRCT|**16,300**|-|
|National Theatre|**8,000**|8,000|
|National Youth Choirs of Great Britain|**1,050**|1,000|
|New Cut Arts|**-**|1,000|
|NSPCC for Childline|**8,000**|8,000|
|Off the Streets|**15,000**|-|
|Prisoners’ Advice Service|**3,000**|3,000|
|Rainbow Services (Harlow)|**8,000**|-|
|Redbridge Carer's Support Service|**4,000**|4,000|
|School Readers|**5,000**|5,000|
|Signpost|**11,000**|-|
|Solomon Academic Trust|**7,000**|7,000|
|Sports Leaders UK (British Sports Trust)|**9,000**|10,000|
|St Clare Hospice|**5,000**|5,000|
|St Francis Hospice|**3,000**|3,000|
|St John's Arc|**1,000**|2,000|
|St Martin in the Fields Charity|**5,000**|5,000|
19
## **The Mulberry Trust**
## **Notes to the financial statements (continued) for the year ended 5 April 2022**
## 14. **Grants made in the year (continued** )
|Suffolk Refugee Support
Suffolk Wildlife Trust
Support Through Court
The Bugatti Trust
The Chapman Centre Trust
The Gibberd Garden
The Seed Box
The Wilderness Foundation
The Pioneer Sailing Trust
Think 18
Time to change West Cumbria CIC Limited
TuVida
Williams Syndrome Foundation
Young Enterprise for Young Money|**6,856**
-
**1,000**
-
**5,000**
4,000
**1,000**
1,000
**-**
15,000
**5,000**
5,000
**7,500**
-
**5,000**
-
**-**
30,000
**15,000**
15,500
**5,000**
-
**1,000**
-
**1,000**
1,000
**4,449**
-|
|---|---|
||**407,276**
**345,160**|
20