The Mulberry Trust Dated 3 September 1971 (Charity Commission No 263296) Trustees, Annual Report and Financial Statements for the year ended 5 April 2024
The Mulberry Trust Trustees Annual Report for the year ended 5 April 2024 Objectives and Activities Objectives of the Charity The Trust was created for the benefit of the following- 1. Any body or organisalion established for charitable purposes only, and 2. Any other exclusively charitable purpose. The Trustees are lo distribute income and may distribute expendable endowment to charitable bodies or for eharilable purposes at their discretion. The life of the Trust is restricted lo 80 years after which time the endowment musl 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 Iruslees 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 lo make a difference to those causes and objects. The Trust has a particular focus on parenting, children and the family, in order lo strengthen family life and the general wellbeing of families from the very young to the very old., the elderly., the disadvantsged., homelessness,. health,. debt relief and counselling and the promotion of inlerfailh work. The Trust also supports education research and the arts, provided that this conlribules to the aims set out above. The Trust also supports certain community and environmental organisalions and areas of specific interest to individual Trustees. In order to achieve their objectives for the public benefit the Trustees make grants to charitable organisalions or for charitsble purposes working in these areas, and review the activities of these organisalions, having due regard lo the guidance published by the Charity Commission. All repeal grants made by the charity are subject lo satisfactory interim and final reports by the grant recipients. Achievements and Performance Review of Activities Grants tolalling £410,644 were made during the year ended 5 April 2024 Ilotal grants 2023.. £386,581). An analysis of the grants is given in note 12. The main grants awarded in the year were to., Pioneer Sailing Trusl1£30,0001 lo support education and disadvantaged children,. to Colchester and Tendring Youth Enquiry Service1£20,0001 lo support provision of housing advice and emergency support for young homeless people in Colchester and Tendring,. to Home Start Essex 1£15,0001 lo fund the family services manager post., to Harlow Parochial Church Council 1£20,000},' to Hospice al Home Carlisle and North Lakeland 1£20,0001 to fund one week of the hospice al home service., to Michael Roberts Charitable Trust (including Michael Roberts Charitable Trust Food Bank) 1£19,100} lo support the foodbank, the storage facility for the food bank and the admin centre and lo support the Harlow poverty alliance., Harlow Citizens Advice Bureau Trust (£15,500) to support debt relief and counselling,. to Inclusion Ventures1£15,0001 lo contribute lo the cost of a care tskerlmaintenance manager for inclusion ventures bases for working with young people.
The Mulberry Trust Trustees Annual Report for the year ended 5 April 2024 Financial Review During the year under review unrestricted expenditure exceeded unrestricted income by £363,730. A transfer of funds of £363,800 was made from the Endowment Funds lo meet the excess expenditure. There was a decrease in investment income to £73,62712023.' increase lo £83,943). Al the year end the net assets ofthe charity were £3,720,63812023'. £3,795,438). Investments held increased by £101,888. The investments and cash oflhe charity are held lo the order ofthe Trustees by Evelyn Partners (formerly known as Smith & Williamsonl. During the year the charity made a gain of £315,025 on realisation and revaluation of inveslments12023.' loss £98,053), (see note 2 to the financial stalementsl. 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 investrnent 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 strategyfor the charity, including the long-lerm plans, the finances, the governance of the charity and the succession planning for the charity. Reserves Pollcy The Trustees, policy is lo 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 Ipreviously £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 2024 the value of the portfolio increased by 8.98°/o measured on a total return basis after costs, compared to the performan of the MCSI PIMFA Balanced Index which increase by 11.7 % over the same period. The Trustees continuously monitor the perfOrrnan of the investment managers, taking into account both short-term and longer-lerm outcomes. Plans for Future Periods The Trustees short-lerm objective is to continue to make grants, as sel 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 valLJe of the funds to ensLJre the longevity of Mulberry Trust.
The Mulberry Trust Trustees Annual Report for the year ended 5 April 2024 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 ils Trustees. Appointment of Trustees.. The Trustee body has the power to appoint new Trustees. If new or additional Iruslees are appointed they will be encouraged lo 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 lo include the power lo 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 chaiman of the charity with overall responsibility for ils running- Financial impact is high as due to small number of transactions, any manipulation could be significant. limited segregation may also increase likelihood.
The Mulberry Trust Trustees Annual Report for the year ended 5 April 2024 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
The Mulberry Trust Trustees Annual Report for the year ended 5 April 2024 Respectlvg rgsponslbllltle5 of Trustees and audltors The Trustees are responsible for pparIng the Trustees, Report and the finAncial statements in accordance with applicable law and United KiThJdom AcUting Standards Iunited Kingdom Generally Aepted Accounting Praclicel. The law applicable lo charities in England & Wales requires the Trustees to prepare financial stslements for each financial year which give a true and fair view of the stale of affairs of the Charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial slalemenls, the Trustees are required lo= select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charilies SORP make judgements and eslimales that are reasonable and prudent- ststg whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial slatemenls., prepare the financial slalements on the going concern basis unles5 It is inappropriate to presum8 that the charity will continue in opgration. The Trustees are responsible for keeping accounting records that disckjse 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 IAccounts 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= Dale.. On beh81f of the rustses
The Mulberry Trust Independent Auditors, Report to the Trustees of the Mulberry Trust for the year ended 5 April 2024 Oplnlon We have audited the financial slalemenls of The Mulberry Trust Ithe "Charity.) for the year ended 5 April 2024 which comprise Statement of Financial Activities, Balan Sheet, Slalemenl ofcash Flows, and Notes to the Financial Statements, including a SLJmmary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Praclicel, including Financial Reporting Standard 102.. The Financial Reporting Stsndard applicable in the UK and Republic of Ireland. In our opinion, the financial statements.. give a true and fair view of the slate of the charity's affairs as at 5 April 2024 and of ils income and expenditure for the period then ended., have bn 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 IUKI IISAS IUKII 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 lo our audit of the financial statements in the UK, including the FRC'S Ethical Stsndard, and we have fulfilled our other ethical responsibilities in accordan with these requirements. We believe that the audit eviden we have obtsined is sufficient and appropriate to provide a basis for our opinion. Con¢lusions relating to going ¢on¢gm In auditing the financial slalemenls, 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 concem for a period of at least twelve months from when the original financial statements were aulhorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concem are described in the relevant sections of this report. Other inforniation The Trustees are responsible for the other information. The olher information comprises the information included in the annual report other than the financial statements and our auditor's report Ihereon. Our opinion on the financial ststements does not cover the other infomation and, except lo the exlenl otherwise expliciuy ststed in our report, we do not express any form of assurance 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 slalemenls or our knowledge obtained in the audit or otherwise appears to be materially misslaled. If we identify such material inconsistencies or apparent material rnisststements, we are reqUId lo determine
The Mulberry Trust Independent Auditors, Report to the Trustees of the Mulberry Trust for the year ended 5 April 2024 Independent Audltor's Report to the Trustees Icontlnuedl 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 rnisstatement of this other information, we are reqUId lo report that fact. We have nothing lo report in this regard. Matters on which we are required to report by exception In Ihe light of the knowledge and understanding of the Charity and its environment obtsined in the course of the audit, we have not identified material misslalemenls in the Trustees, reFX)rt. We have nothing to report in respect of the following matters in relab'on to which the Charities Act 2011 requires us to report lo 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 ststements are not in agreement with the accounting CordS and returns., or certain disclosures of Trustees, remuneration specified by law are not made., or we have not obtained all the infomation and explanations ne$sary for the purposes of our audit. Responsibilities of the Trustees As explained more fully in the Slalemenl of Trustees, Responsibilities set out on page 5, the Trustees are responsible for the pparatiOn of the financial slalements 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 misststemenl, whether due to fraud or error. In preparing the financial statements, the TrLJStees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, mallers related lo going concem and using the going concern basis of accounting unless the Ttuslees either intend to liquidate the Charity or lo cease operations, or have no realistic allernalive but lo do so.
The Mulberry Trust Independent Auditors, Report to the Trustees of the Mulberry Trust for the year ended 5 April 2024 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, bul is not a guarantee that an audit conducted in accordan with ISAS IUKI will always delecl a material misstslemenl when il 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 stalemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo detect material misslalements in respect of irregularities, including fraLJd. The extent to which our audit procedures are capable of delecling irregularities, including fraud is detailed below. As part of our audit planning we obtained an understsnding 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 understslement of expenditure, or incurring expenditure for non-charilable purposes , in the payment of fraudulent gr8nts or management bias in accounting estimates. Based on this we designed our audit procedures to identify irregularities. Our audit procedLJres involved the following.. Enquiries with Trustees, regarding their knowledge of any non-complian or potential non- compliance 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 lo 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 lesling 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 lo a material misstatement in the financial slalements. 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 delecling a material misstatement due lo 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 al.. www.frc.org.uklaudilorsresponsibilities. This description forms part of our auditor's report.
The Mulberry Trust Independent Auditors, Report to the Trustees of the Mulberry Trust for the year ended 5 April 2024 Use of our Report This report is made solely lo the Charty'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 slate to the Charity's Trustees those matters we are required to state to them in an auditor's report and for no other purF)ose. To the fullest exlenl permitted by law, we do not accept or assume responsibility lo 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 fomed. PKF Francis Clark Slatulory Auditor Centenary House Peninsula Park Rydon Lane EXETER EX2 7XE Date.. 5/12124 PKF Francis Clark is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
The Mulberry Trust Statement of Financial Activities for the year ended 5 April 2024 2024 Total Endowment Unrestricted Funds Fund5 2023 Totsl Endowment Unrestricted Fund5 Funds Notè Income and endowments Investment income 73.627 73.627 83,943 83,943 Totsl income 73.627 73.627 83,943 83,943 Expenditure on.. Costs of generating funds Charitable activities 23,899 2,196 23.899 437,357 439,553 25,334 2,094 25,334 420,047 422,141 Total oxpenditurg 26,095 437,357 463,452 27,428 420,047 447,475 Net incomellexpenditurg) before net gainsl{lossesl on investments (26,0951 1363,730} (389,825) {27,428) 1336,1041 {363,5321 Net gainslllossesl on Investments 315,025 315.025 198,0531 198,0531 Net incomellexpenditurel 288,930 1363,730) 174,800) {125,4811 1336,1041 {461,5851 Transfer between funds {363.8001 363.800 1335,9001 335,900 Net movement in funds (74,8701 70 174,800) 1461,3811 120411461,5851 Reconciliation of funds Total funds brought forward 3,795,362 76 3,795,438 4,256,743 280 4,257,023 Total funds carrled for•vard 3,720,492 146 3,720,638 3,795,362 76 3,795,438 10
The Mulberry Trust Balance Sheet for the year ended 5 April 2024 2024 Total 2023 Total Noto Fixed assets Investments al mark8t value 3,681,502 3,579,614 Current assgts Cash at bank and with investment managers Accrued income 61.584 886 232,469 3,804 62,470 236,273 LlabllltSes Credltor5: amounts falllng due wlthln one year Investment managers, charges Accountants, charges Audrtors, remuneration Charity consultancy services 5,934 2,581 3,899 10,920 6,232 2,463 3,537 8,217 23,334 20,449 Net current assetsl{Ilabllltios1 39,136 215,824 Net assets 3,720,638 3,795.438 Allocatlon of the charity net assets: The nel assets are heid for the various funds as follows.. Expendable endowment 11 3.120,492 3,195,362 Deslgnated reserve 11 600.000 600,000 Unrestrlcted Income funds 146 76 Total charlty fund$ 3,720,638 3.795.438 Approved by the Trustees on and signgd on their behalf by Timothy Marks Trustee 11
The Mulberry Trust Statement of Cash Flows for the year ended 5 April 2024 Total Funds 2024 Total Funds 2023 Note Net cash provided byl (used in) operating activities 10 (457.649) 1446,4841 Cashflows from investing activities.. Dividends and interest from investments Proceeds from sale of investments Purchase of investments 73,627 723,392 (510,255) 83,943 1,010,247 1588,1021 Net cash provided byllused inl investing activities 286,764 506,088 Change in cash and cash equivalents in the reporting period (170,885) 59,604 Cash and cash equivalents brought fonNard 232,469 172,865 Cash and cash equivalents carried fonvard 61,584 232,469 Representing- Investment managers, bank accounts 61,584 232,469 61,584 232,469 12
The Mulberry Trust Notes to the financial ststements for the year ended 5 April 2024 Notes to the accounts Accountlng Pollcles Basls of preparatlon The financial statements have been prepared in accordance with Accounting and Reporting by Charities.- Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021- Icharilies SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} and the Charities Act 2011. There are no material departures from FRS 102. The financial statements have been prepared lo give a'lrue and fair, view and have departed from the Charities (Accounts and Reports) regulations 2008 only to the exlenl required to provide a 'true and fair view,. The departure has involved following Accounting and Reporting applicable in the UK and Republic of Ireland IFRS 1021 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. Fund accountlng The endowment funds represent the original capitsl gift lo the charity, plus subsequent additions to the endowment, less amounts which have been transferred lo the unreslricled funds for dislribulion. The Trustees are entitled lo use the endowment in furtherance of the general objectives of the charity at their discretion, and they transfer funds from the endowment lo the unreslricled funds as required. Any gifts made lo the charity as additions to the endowment are Irealed 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 musl be expended for charitable purposes within a reasonable period of receipt. Any gifts made lo the charity for immediate distribution are added lo the unreslricled income funds. Income Dividend income is shown gross. Interest on Government securities is paid gross lo the Trust and shown gross. Exs8 foreign lax dedLJCted abroad is recognised when it is repaid. Investments Al investments held are listed on a recognised stock exchange and are included in the accounts at their market value atthe balance sheet dale. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year. 13
The Mulberry Trust Notes to the financial ststements for the year ended 5 April 2024 1. Accountlng Pollcles Icontlnued) Grants payable Grants are included in the accounts on an accruals basis, and unconditional grant commitments payable within one year after the balance sheet dale are included in the Stslemenl of Financial Aclivilies. Grants which have been promised subject lo satisfactory performance are not included until payable. 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. Governan 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 stalulory 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 lo day lo day management of the charity's activities. 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 al the dale of transaction. All differences are taken to the Statement of Financial Activities. Realised gains and losses Al gains and losses are taken to the Statement of Financi81 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. Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation lo make a payment to a third paty, it is probable that selllemenl will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings- Expenditure on charitsble 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 wsls 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. Debtors Trade and other debtors are recognised at the settlement account due after any discount offered. Prepayments are valued al the amount prepaid after taking account of any discounts offered. 14
The Mulberry Trust Notes to the financial ststements for the year ended 5 April 2024 Cash and cash equlvalents Cash and cash equivalents includes cash and short term highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. Credltors and provlslons 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 lo a third party and the amount due lo settle the obligation can be measured or eslimaled reliably. Creditors and provisions are normally recognized al their settlement amount after allowing for any discounts due. Fixed asset investments 2024 2023 Market value at 6 April 2023 Additions Disposals Net investment Ilossesllgains 3,579,614 510,255 1723,392} 315,025 4,099,812 588,102 {1,010,2471 198,0531 Market value at S April 2024 3,681,502 3,579,614 Investments in the UK 1,399,330 1,645,410 Investments outside the UK 2,282,172 1,934,204 Historical cost at 5 April 2024 2,566,872 2,626,077 Investment Income Investment income of £73,627 was receivable during the year 12023.. £83,943), of which £22,477 was from investments listed in the UK and £51,150 from investments listed outside the UK {2023= £58,841 and £25,102 respectively). Costs of generating funds 2024 2023 Investment management fees 23,899 25,334 23,899 25,334 15
The Mulberry Trust Notes to the financial ststements for the year ended 5 April 2024 Charltable Actlvltles 2024 2023 Grants and donations (note 12) Support and governance costs Ibelowl 400,644 38,909 386,581 35,560 439,553 422,141 Support costs Legal charges Grant adminislralion Subscription lo Association of Charitable Foundations Sundry expenses Govemance costs Accountants, Charges Auditors, remuneration Bank charges 2,196 28,519 1,078 560 2,094 25,712 1,037 755 2,581 3,899 76 2,342 3,537 83 38,909 35,560 Related Parties During the year the Trustees made grants to charities which included £30.000 to The Pioneer Sailing Trust 12023= £30,000). Mr Rupert Marks and Mr. Tim Marks are Trustees of Pioneer Sailing Trust. Transfers between funds The Trustees have transferred £363,800 12023= £335.9001 from their expendable endowment to fund grants which they have agreed. Trustees remuneratlon and expenses During the year £Nil 12023.. £Nill Trustees were reimbursed travel expenses of £Nil 12023.. £Nill. Trustees remuneration was £Nil12023.' £Nil). Grant commitments As al 5 April 2024, there were no binding grant commitments. 16
The Mulberry Trust Notes to the financial ststements for the year ended 5 April 2024 10. Reconclllatlon of net movement In funds to net cashflow from operatlng actlvltles 2024 2023 Net movement in funds Deduct interest income shown in investing activities Deduct gainsladd back losses on investments Ilncreaselldecrease in debtors Increaselldecreasel in creditors 174,800} 173,627} 1315,025) 2,918 2,885 1461,5851 183,9431 98,053 16781 1,669 1457,649) 1446,4841 Funds Designated fund Brought Forward Transferred Expended 2024 2023 Grants and ¢ost$ rgsgrvgd 600,000 600,000 600,000 600,000 600,000 600,000 2023 Comparative Designated fund Brought Forward Transferred Expended 2023 2022 Grants and Costs reserved 600,000 600,000 600,000 600,000 600,000 600,000 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 unreslricled funds for dislribulion. The Trustees are enlilled lo use the endowment in furtherance of the general objectives of the charity al their discretion, and they transfer funds from the endowment lo the unreslricled funds as required. Any gifts made lo the charity as additions lo the endowment are Irealed as expendable endowment unless otherwise directed by the donor. Unreslricled funds represent the income arising from the endowment, and in accordance with the trust deed musl be expended for charitable purposes within a reasonable period of receipt. Any gifts made lo the Charity for immediate distribution are added lo the unreslricled income funds. Analysis of net assets between funds Unrgstricted Endowment Dgsignated Funds Funds Funds Total Funds 2024 Total 2023 Investments Current assets Current liabilities 3,081,502 61,584 {22,594} 600,000 3,681,502 3,579,614 62,470 236,273 123.3341 120,4491 886 (7401 146 3,120,492 600,000 3.720,638 3,795,438 17
The Mulberry Trust Notes to the financial ststements for the year ended 5 April 2024 2023 Comparatlve Analysls of net assets between funds Unrestrlcted Endowment Deslgnated Funds Funds Funds Total Funds 2023 Total 2022 Investments Current assets Current liabilities 2,979,614 232,469 116,721) 600,000 3.579,614 4,099,812 236,273 175,991 120.449) 118,7801 3,804 13,7281 76 3,195,362 600,000 3,795,438 4,257,023 12. Grants made in the year During the year the trustees made institutional grants tolalling £410,64412023= £386,581 }- 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.. 2024 2023 Amount No of grants Amount No. of grants Parenting, the family and children's work The elderly Homelessness The community Debt relief and counselling Christianity Inlerfailh Education Health Mental health Alleviation of poverty The arts Legal assistance Disadvantaged children Emergency relief Emergency relief.. Refugee l Asylum Environment 32,125 15,500 20,000 53,903 19,000 10,000 5,000 59,222 34,550 34,500 18,750 23,166 5,000 66928 13,000 13,750 23,500 25,000 13,000 19,000 10,000 11,000 66,178 26,000 46,428 17,800 15,000 5,000 62,425 2,500 15,000 15,000 13 15 410,644 386,581 Grant returned in the year 110,000) 400,644 386,581 18
The Mulberry Trust Notes to the financial ststements for the year ended 5 April 2024 12. Grants made In the year {contlnued} The Trustees made the following institutional gmnts during the year: 2024 2023 A Place lo Be CIO Action for Family Carers Ambitious about Autism Arts 4 Dementl8 Bag Books Bayswaler Institute Brentwood Schools Christian Workers Trust Challengers Chance lo Shine Chess Homeless Churchgate School Hadow Colchester and Tendring Youth Enquiry Servi Disasters and Emergency Committee Dr Edwin Doubleday Trust Fresh Start New Beginnings (Brave Futures). Frozen Light Harlow Citizens Advice Bureau Harlow Parochial Church Council 1st Mary's Church) Heallhwalch Essex Home Start Essex Home Start Essex - Ulllesford Hope House Essex Hospi at Home Carlisle and North Ice & Fire Theatre Inclusion Ventures Interfaith Scotland Jaywick Community Resource Centre Jigsaw Trust Magic Lantern Maldon and District CAB Michael Roberts Charitable Trust {Harlow Food Bank) Millrace Foundation MRCT MSF UK National Theatre National Youth Choirs of Great Britain New Cul Arts NSPCC for Childline Pleasan¢e Theatre Prisoners, Advice Service Rainbow Services {Harlowl Red Balloon Educational Trust Redbridge Carer's Support Service School Readers Signpost Colchester Solomon Academic Trust St Clare Hospice 8.000 8.000 7.500 7.500 2.222 10,000 7,500 2,200 3,000 6,000 3,750 6,000 15,000 1,000 5,000 6.000 15.000 1.000 20,000 2,500 500 500 (10.0001 10.000 15.500 20,000 3.750 15,000 1.625 5,000 15,500 20,000 10,000 5,000 20,000 7,500 20,000 7.500 15,000 5.000 12.875 4,000 12,875 10,000 8,000 7,000 2,000 4,500 17,800 6.000 7.000 2.000 3,000 17.100 8,000 10.000 1.000 3.000 8.000 2,666 5.000 8.000 10.000 10,000 1,550 3,000 8.000 4,000 8,000 4,000 5,000 13,250 7,000 5,000 5.000 13,250 7.000 5.000 19
The Mulberry Trust Notes to the financial ststements for the year ended 5 April 2024 12. Grants made In the year {contlnuedl 2024 2023 St Francis Hospice Sl John's Arc Sl Martin in the Fields Charity Sl Paul's Harlow Suffolk Refugee Support Suffolk Wildlife Trust Support Through Court The Bearr Trust The British Red Cross Society The Bugatti Trust The Gibberd Garden The Landworkers Alliance Ltd The Panathlon Foundation The Pioneer Sailing Trust The Seed Box Think 18 Williams Syndrome Foundation 3,000 2.000 5.000 4,000 6.856 3,000 2,000 5,000 6,856 2,000 5,000 15,000 5.000 5.000 1,000 5.000 1,000 5,000 8,000 4,800 30,000 7,500 15,000 1,000 386,581 4,800 30.000 10,000 1,000 400.644 'During the year to 5 April 2024, a grant, received by Fresh Start New Beginnings (Brave Fuluresl in March 2022, was returned. 20