Charity RogiBtr•tlon No. 265281 MAUD BEATTIE MURCHIE CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS for the yoar ended 5 April 2024 MAUD BEATTIE MURCHIE CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Lynda Susan Mitchell Francesca Innos Claire Beeching Jewca Innes Marwn Anthony Michael Bayliss Charlty number 285281 Indepwdent gxamlner Jean Ellis BA FCA CTA Caswe Chambers 43 Caslle Street Liverpool L2 9TL Sollcltors 8rabners LLP Horton House ExGharvJe Flag5 L￿erpoOl L2 3YL Inveslmènt advisors Blankstone Sington v￿lker House Exchange Flags LwerpLxJI L2 3YL MAUD BEArriE MURCHIE CHARITABLE TRUST CONTENTS Page Tntstets. report lThJ8pendent examinets report Statsment of finanaal 8Ctivthes Balance sheet Notes to the financial statements &13 MAUD BEAThIE MURCHIE CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5APRIL 2024 The TnJste8$ pre8errt their report and fin8noal statem•nts forth• year endgd 5 p￿ri1 2024. The acMunts have been prepared in acc¢xdanee ￿ the a¢¢ountlro policies set out in note 1 to the accounts. Obj•ctlves and actMtle8 Charhablo objects Tho objects of the charfty are to apply tho funds held foi the benefit of such chairt8b18 inslrtulion or Institution8 or other charttable object or objects or purFQS8 or purposes as the tnBtee8 in their discretton think fit. The objects of the ch8ritsble trust were extended by resolution on 18th July 2006 to irKlude the rtiectlves of ihe Murchie Conservation Trust ￿[ch are to pronv)te charilable consgrvation purposes throughout the 4wrld by making grarrtB to charfties knvofved in the presorvalion. protectpjn and study of animal life and the tt￿nty￿de. Thwe has been no change in thes8 during y8ar. Arms of charlty Th& alm$ of the charity aro to aFply. at the discretion of the trustees. grants to the charttable objects. How achlev8m•nt of furthèrs obj8ctlY Follo￿n9 the death of the settlor grants are made at the discretion of the Iru$tees lo those in need in partk￿lar, and charitable and con8ervalion organisations. Stratsglos lor achlevlng •lms The trustees have invested the charty's fund8 In an investment portfolio in order to meet their aim8. Th8 tnJ81 Currently beneffts thosg retired mgmbers of Ihe James Beattle pl¢ stores wlx) are in need. In addition ts trustees make donalh)n$ Iw1￿# a year lo I1￿$e indNiduals and organisations in need 8$ re￿MmttKted by Wrral Soc4al Ser￿ces os part of Wesl Wlrral Social Fund. Additional small grants are made once a year to varK*US reglstered th￿tte8, as agreed by the trustgos, the list ol whth is rev*we(I pedodi¢alty ty the trustees to confim ils content and to dè¢ide whether the Issues addressgd are in lino with Ihg aims of the trust TP*se were reviewed in March 2023 the Ch￿e$ have bèen implemented. Thgre has been no chaThJe In these durfrwJ the year. statsmgnt of compllAnc• wlth Charlty Commbslon guldance The Trustees have paid due regard lo guidance issued by the Charity Commis%on in decidir¥J what actwitie8 ihe tharitable trust Should un(iertakg. The trustees are sallsfied that the infomiation provided in the rep)rt 8Th a￿ount$ meet the public benefll reporting requiremgnls. Charltabl• actlvitl•s Ther8 are no operallonal aCtNit￿ cther than those involved In the operath)n of the investment portlollo. MAUD BEA￿lE MURCHIE CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Grant maklng pollcy The (*8ritable trust is only Invohed in grant maknng and 18 run by a body of tru5te85 kn meet amualty to review Ihe pokncles and oblect¢Ves of the trust. The Trustoes have ostsblished a list of grants to be made each ytsr. The grant Ilst is reviewed ptsriodically by Ihe trustees lo confi￿￿ Its content and lo decide vthether Ihe tharitable ¢auses belng supported or grants being given are In line wilh the aims of the tru8t There are no specffic ￿5￿¢tIonS impose(l on the tru81ees by th? govemlrYJ document, conceming the way the charity can operate. Achl•vem•nts and p•rforniance R8vJew of the Charlty's achlevements The tnJstee$ are happy that by applying their Inl8nded grants to the various rea￿entS that they have been able to fu￿ their aims. Investment Pfjrfomian¢e Most ol the tnJ8t's capital is invested the stock market, arKi althcwh throughoLrt the year the total retum of th9 portfolio fell, this was within the tru8tees' acceptsble varlance of the perf¢m)ance benchmark. Ongoing nvestment advic8 is provkled ty 818nkstone singt￿ in conjunction ￿th the trustees. ¢)wn views. The market value of th8 portfollo on 5thApril 2024 was £728,201 12023.. £693,392). The Irustses have reylewed th& portfolio and are $ati8fted with the over811 p8rforn)ance during the year. Flnanclal revlew Revlew of Ilnanclal posltlon The charltabfe trult's ove￿1 fund balances for the year total £794.562 c¥Jmparsd wlth £781.885 for 2023. The tNste05 conshler their investments 88 expen¢Jable endowm8rts, providing a relalrvely secure and predictable stream of inc(wne from which lo make gr8nts. The trustges aim to dlstribule a18rge percentage of the tncome. net of expgnses, in each finan081 year. However, any unrealised galns and the income levels on the investments held are continually tevlewed ty th8 Iru$tse8 at their meetings to ensure that they have sufficient nds to meet thelr objectives. R•8eNes policy A8 a gr8nt making charity, reserves are held as Investrnents to generate an intome from whlch to award grants. MAUD BEAThIE MURCHIE CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5APRIL 2024 Investmènt pollGy The charty's Inveslm8nt objgctive8 are to maximise income gener8tSon 80 far as possible whI18t malntaining thg trust's wllal value In re81 terms. 1118 anticipated that income weld will be in lin8 With the ch￿n benchmarks. The operatlon of the investrnent wlfollo has been dekgated to the Inve8tmenl Managers wbth ￿0M there i¥ a disrydionary agreement. The Portfolio is being managed on the tru8tee$' reqUir￿ent fvr a balar￿ betsveen income and capllal growth wrth a moderate degree of risk. There are ￿ specific re8trKtions on the trustees, Inveslmenl powers. The trustses. have dgude(I lo impose restrictions of thelr t)wn and do not Thish to b8 invested in pharma¢eutical companles as they are all involved in animal resgarch. The Investment Maryr pmvldes srK monthly reports v#hich compares the perfom)ance of tha portlollo to the benchm8rk which is based on the foll0v￿ng indices: Market Bal￿ed Index London - FfAAII Sha FTSE FfsE Mld 250 FfA Brit Govt- All SIG¢ks The8e reFQrts include a statement confimiing adherence to the inv&stment policy of the charflat4e trust or provides ¢Jetsils of exceP￿on& together with explan8ts"ons. The report ￿11 also include a comparison of the rtfolio retum in relallon to the benchmark. Major (￿la￿on8 will be examined and explalned. Rlgk Manag•ment The Tnths have as8essed the major risks to which the ch8rltable trttsl 1$ exposed, and are satisfi8d that systems a￿ in place lo mltlgale exposu￿ to the major ri8k8. The trustee8 recognL8e the risk assooated ￿ investmonl in mainstream finanod markets and acc¥ thi$ risk in retum for the prospèct of additsonal returns over longet periods of time. Pl•n$ forthe fulurg The trustees are satisfied that Iheir cuffent pok.ues 8re suffioent to meet Iheir obje¢tives bui they wll continue to ew the position at thalr meetings. Structurfr. govemance and management Governlng document & charitabl• constltutlon The Charitatle Trust was estsblSshed by a tharitable trust deed, created by Mrs Innes Maud B8attio Murchie on the 11th August 1972. The trust was origlnalty conslituted by the introdLKtion of a balance of cash and 5,000'A' Restricied Sharos of 25p fully paid of James Beatt￿ Limited. The charitsblg trust 18 an unincorporated tharilable trust. MAUD BEAThIE MURCHIE CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Trust•es The Trustees served durfng the year wera.. Lynda Susan Mllchell Fran￿sCa Inn8s cl•￿ 8eeching Je83ica Innes Marvin Anth￿Y Mithael Ba￿185 Recrulkn•nt and appolnlmgnt of tru8t•e8 Following the death of the 8ettk)r cffl 9th March 2006 F4>wer to apF tho A(*D￿ting and Reporting by Charities". Statement ot Recommended Practice Issugd on 1 April 2005 vA)ich 18 referred to in th6 extAnt regulations but has now been withdrawn. l understand that this has been done in order for financlal statements to PTovlde a true and fair view in accordance with Generally Accapted Accounting Practice effective for reporting periods teglnning on or after 1 January 2015. I have Lvmple18d my examlnation. l (yJnfimi Ihgt no matters have come to my attention in conn8ction wrth th8 examination glvin9 me cau8e to belleve that in any material respect.. Act., or tong records were not kept in respeGt of the charitable trust as requirod by soctbn 130 ofthe 2011 the financial statements do not accord with those r&ords' or the financial statements do not compty wlih the applicable fequir8menls ¢Dnceming the form and content of accounts set out in the charikn.es (Accounts and Reports) Regulations 2008 other than any requirement that the account8 gve a tru8 and fair view vknich 18 not a matter considergj as part of an irKlependent examinalion. I have Th) conc8ms and have ¢ome aeross no other matters in connecllon wlth the examIne￿On to ￿lch ?ttenllon should be drawn in this reFQrt in older to enable a proper understanding of the fin•nThal statements lo be reached. Jean Elli$ BA FCA CTA CasUe Chambers 43 Ca811e Street Llverpool L2 9TL 1811112024 MAUD BEA￿lE MURCHIE CHARITABLE TRUST STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5APRIL 2024 R•venue funds C•pllal funds Total 2024 Total 2023 com• Inbwtments 37.e25 37,625 44,638 Rai&ng funds 2,853 2,853 7,609 Ch8rllable activities 28.456 5.118 33,574 31,393 Other 195 Total resourcos exp9nd 28,550 7.971 36.521 39,197 Net gal￿ on investments io 11,573 11,573 190,9991 Net movemgnl In funds 9,075 3.602 12.677 185,5581 Fund balance$ al 6April 2023 191.897 589,988 781,885 867.443 Fund balance* at S Aprfl 2024 200.972 593.5 794,562 781.885 Tha statement of financial 8¢tNitles indudes all g81n$ and loFsg8 r￿OgniSed in year. All income and 8xpenditure d8rive from continuing acliwltes. MAUD BEAThIE MURCHIE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Ac¢ouTrtlng pollcl•8 Charlty Infoim8Uon The Charitable Tru¥t w88 establl$hed ty a ch8ritable trust deed. creatèj ty Mrs Innes Ilaud Beattle Murchle on the 11thAugust 1972. 1.1 A¢countlng conv•ntion The a¢counts have been prep*ed in aeeordanc8 with the charrtable trusfs trust deed. the Charit186 Act 2011 and "Accounting 8nd Reportlng by Charities: Statement of Recommended Practice applicable to tharilie8 preparing their accounts in accordarkc£ with the Finanool Reporting Standard appllcable in the UK and ReputAic of Ireland IFRS 1021° {a3 amend8d for accounting periods ctynmgncgng from 1 January 20161. The charitable trust 15 a Public Benefit Entity as defined by FRS 102. Thg dwritabfe trust has taken advantage of the provlsions in the SORP for Chari￿88 applylrKJ FRS 102 Update ulletln 1 not to prepare a Stsl8ment of Cash Flow8. The actsjunts are prepared in slerllNJ, which is th8 functional cuffency crf the chwilable Iru8t. Monetsry amoun18 In these )Inanrial statèments are rounded to nearest £. The flnancial statement$ have departed from the Chwilies lACe￿nts Rgwrts) Regulations 2008 only to th8 extent required to provide o and fair vlew. This departure has irwolved follovlng the Statsmenl of Recommended PractirR for charities applwng FRS 102 rather than the version of the Statement of Recommended Practice ￿ch is referred to in the ReguJation5 but whith ha8 since been wthdrawn. The ac¢ounts have been prepared under the hl8torical cost convention. The principal ac¢ounting poleies adopted are set out below. 1.2 Golng conc•m At the lime of approvlng the fin8naal stalemer7ts, the Trustees have 8 reasonable expectation that the itable trust has adequate resources to continue in operational exlslence for the foreseeable fuknr&. Thus the Trusle88 continue to adopt the golng concem basis of accoun￿g in preparlng the finanual slalements. 1.3 Charftabl• fund8 The chority onty consists of Lmre8tricled funds whith are aval&*￿ for use at the difLretlon of the Tru8teos in furtherance ot their charitable objeclives unless the funds have been designated for other purF¥)ses. 1A In¢oming r•sources Income Is recognlsed vA)en the charitabl8 trust rs legally entfjlled to it after any p8rfomance con￿￿On$ have been me( the amounts can be measured rgliably, and it is probable Ihat income will be r￿eived. It is not 8nb'cyat8d that any ftjrther cash donations or legacies are to be made to the charitabl8 trust. 1.5 Resources expended Expenditure, induding grants made. 18 recegnisatAa when and lo trt extent that the ￿ebilitY 1$ incurrod. MAUD BEAThIE MURCHIE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEPAENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2024 Aetountlng pollcl•$ {ContiTruedl 1.6 Flxed as8•t investments Fixed asset investrnents are inilally measurod at tr•nsadion price includwig transaction costs, a￿3 ara subsequenuy measured at fair value at each r8POrting date. Change8 in fair value are recognised in net incomellexpendilure) for the year. Falr value on fixed ass8t Investments 1$ measurgd at tho balance shget dale a8 fofiows: Listed $¢curllle$ al mid market value,. Llsted securth.es held in fofftign currenL¥gS at m*J market value and translatsd Into thelr Btsrfing equiv￿ent at the accounting date" Govemmont Se¢urlUes at mld maiket Val￿ and do indudo interest accrued. Unreallsed galns and losse$ are induded on the slatsment of financial adivitses. 1.7 Cash and Gash equlvalonts Cash and cash equlvalents include cash In hand, deposits held at call with banks, olher S￿)rt-t8￿ Irquld investrnonls ￿th orlglnal maturities of three months or less, and bank overdr8ft8. In the ￿likelY event bank overdrafts occur they wll be Included I￿1h1n borrowings in current Irabilitie8. Bas1¢ flnanclol ass•ts 8asic financial assets. which include debtors and cash and bank b8lanee$, are Initially measured at transaction price induding Iransadion costs and are subsequently carrigd at amorbsed cost u8Sng the effectNe interest method unless th8 arrangement COn8titutes a finanang transaction, where the transaction Is measured at the present value of the future recelpls dK8counled al a market rate of interest. Fln8nryal assets da8sified a$ recelvable wtthin one ygar are nol amortised. 80s1¢ Ilnan¢lal Ilabilitlfrs Basic financial liabllfties, inclu(fing cr8dltOTS and bank loans are Inrbally fftcognised at transaction prlce Un￿$$ the a￿angement constitutes a finanaro transactlon, %there the debt instrument is measured at the present value of the future payrnenls di￿ounted at a market rate of Interest. Financial liablllt*s clas￿fied as payabla within one year are not amortised. Investments 2024 2023 In￿me from Il$18d investrnents Interest on Gilts and Other Loan Stocks Interest ¢Jn Unil Trust Funds Interest receivabl8 32,259 42,935 143 1,349 211 4.973 393 37.625 44,638 MAUD BEATTIE MURCHIE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Ralslng funds 2024 2023 Inveslment management 2,853 2,853 7,609 Charftablo acthiltl•s 2024 2023 Grant fvndlng of actlvrtie5 (see note 5) Shar8 of govemance costs (see note n 24,130 9.444 22,813 8,580 33.574 31,393 Anatysf8 by fund Unrestricted fvnds- ggneral Unrestricted fund5- capitsl 28,456 5,118 26,743 4.650 33,574 31.393 For the year ended 6 Aprll 2023 Unrestricted funds- general unfestr￿0d funds- caprtal 26.743 4,650 31.393 Grants payab 2024 2023 Grants lo insiitut1c￿.' rral Borough Coundl Hoylake Cottage Hosi%tal Tnjst Guide Dogs Age UK Wrral Other grants under £600 890 1.070 5,570 1,140 10,910 5,973 12,590 19,580 18.563 Grants lo I￿ll￿dUal8 4,550 4.250 24,130 22,813 10- MAUD BEA￿lE MURCHIE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2024 Trust••s Nona of the Trustees {or any persons connected with them) recdved ary remuneration or b￿éffts from the tharitable trust during the year. Support costs Support Govgrnancè costs costs 2024 2023 BaiB of allocatlon Independent examination Accountsncy 792 8,652 720 Govemance 7,860 Govemance 8.652 9,444 8,580 Analysed belwe8n Charitsble actlvities 8,580 Govemanc* costs indudes payments to the independent examiner of £792 R023- £720} for independent examination fees. Employoes Th8re were no employees durlng the year. Other Unrnstrl¢tod Unrestricted nds fund8 general general 2024 2023 FInal￿Ing costs 195 10 Net galnslllossu} on Invèslments 2024 Revaluation of investments Gainl(loss) on sale of investments 4,511 7,062 177,755) 113.2441 11.573 (90.999} 11 MAUD BEArriE MURCHIE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2024 11 Flxed assot Investm•nls LFst•d Invegtm•nts Cost or valuatk)n At 6 Aprfl 2023 Additions Valuation changes PTofiV{loss) on sales Disposals 693,392 200,529 4,511 (1TI,293) At 5Awil 2024 728.201 Carrylng amount At 05 April 2024 728,201 At 05 April 2023 693.392 12 Financlal Instruments 2024 2023 Carrylng amount of flnanckl assets Equity instruments measur8d at markèt value 728,201 693.392 Carrylng amount of flnanclal Ilabllltles Measured at amortlsed cost 5,724 1.200 13 D•btor6 Amounts f•lllng dufr wlthln ono year.. 2024 2023 Incc¥ne Tax repayment ¢laim 142 142 14 Cr•dltors: amounts falllng du• wlthln one yur 2024 2023 AccoLntancy charges 5,724 1,200 12- MAUD BEAThIE MURCHIE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2024 15 Anatysl• of not aB$ets beiw•en funds R•v•nue 2024 Capltal 2024 Total 2024 Total 2023 Fund balances al 5 Pgril 2024 are represented by.. Investments Current asselslllialxltliès) 728.201 {134,611) 728.201 86,361 693,392 88,493 200.972 200,972 593.590 794,562 781,885 16 Related party tran$a¢tloTrs There were no disclo$8ble r8lated paty tran8at*ons du￿ng the year <2023- non8). 13-