2022-04-05-accounts - M And C Trust

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for the yea	r	ende	d 5 April	2022	2022	2022
Ob ectives		and	Activities	forthe ublic benefit continued
Investment		Policy and
Performance				The Trustees have power	under			the Settlement				Deed			to invest sums				held	in
				any form they think fit. In recognition					ofthe		value	ofexpert advice,					the Trustees
				have delegated the management					of their		investment				portfolio to		Julius Sacr
				Portfolio Managers Limited	with the stated						objective			of maximising				long-term
				total return subject to risks	normally associated							with		a balanced			approach			to
				porffolio management.
				In the year to 5April 2022 the		portfolio managed						by Julius Beer appreciated								by
				540% measured on a total	return			basis compared					with the benchmark
				appreciation of4.79/o.
Plans for future			eriods	The trustees short-term objective					is to continue				to	make		grants,		as	set out
				above. The trustees aim to		utilise			the unrestricted					and endowment				funds		to
				achieve this objective.
Structure	Governanceand			Mana ement
Settlor:				Cecil George Bernstein
Governing		Document:		The principal governing document					is a trust deed				dated 7			August	1972. The
				trust isa private charitable trust			controlled			by its trustees.
Appointment		of	Trustees:	The power to appoint trustees		vests			with the		current		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.
Reference	and Administrative details
Name ofCharity:				M &C Trust
				Charity No. 265391
Trustees:				Elizabeth Julia Marks
				Rachel Jane Lebus
				Victoria Jane Fairley
				Matthew Bernstein
Principal Office Address:				Mercer & Hole Trustees Ltd
				72 London Road, StAlbans
				Hertfordshire, AL1 1NS
Investment		Managers:		Julius Baer Porffolio Managers		Ltd
				1 St Martin's Le Grand
				London, EC1A 4AS
Bankers:				CAF Bank
				25 Kings Hill Avenue,
				West Mailing, Kent, ME194JQ

for the year ended 5 April	2022
			Expendable	Unrestricted	2022	2021
			Endowment	Income	Total	Total
		Notes	Funds	Funds
Income and endowments			E	5	E	E
Income from investments		3		102,981.72	102,981.72	87,682
Tax repayable						277
Total income and endowments				102,981.72	102,981.72	87,959
Expenditure on:
Costs of raising funds
Investment management	costs	4	29,491.01		29,491.01	26,953
Charitable activities		5	12,?59.00	163,843.30	176,602.30	156,671
Total expenditure			42 200.111	163,843.30	206,003.31	103.024
Net gain/(loss) on currency	exchange		7,626.88		7,626.88	( 6,554)
Net gains/(losses) on investments			158,572.09		158,572.09	801,903
Net income/(expenditure)			123,948.96	( 60,861.58)	63,087.38	699,684
Transfer between funds		1	~61,120.60	61,110.60
Net Movement in funds			62,778.36	309.02	63,087.38	699,684
Reconciliation offunds
Total funds brought forward			4,741,395.67		4,741,395.67	~4041,712
Total funds carried forward			4,804,174.03	309.02	4,804,483.05	4,741,396

Balance sheet 5April 2022
			2022		2021
		Expendable	Unrestricted	Total	Total
		Endowment	Income
		Funds	Funds
	Notes		6
Fixed assets
Listed investments
at market value	6	4,375,368.00		4,375,368.00	4,352,014
Current assets
Dividends receivable			844.52	844.52
Income tax recoverable		298.07		298.07	1,350
Balance with Julius Baer		421,521.31		421,521.31	379,680
Balance with CAF Bank		8,236.15		8,236.15	9,052
		430,055.53	844.52	430,900.05	390,082
Liabilities:
Legal charges		1,249.50	535.50	1,785.00
Donations					700
		1,249.50	535.50	1,785.00	700
Net current assets		428,806.03	309.02	429,115.05	389,382
Total net assets		4,804,174.03	309.02	4,804,483.05	4,741,396
Total charity funds		4,804,174.03	309.02	4,804,483.05	4741 396

for	the year ended 5 April 202	2
3.	Investment income				2022 6	2021f
	Dividends				102,981.72	87,682
4.	Cost ofraising funds				2022f	2021f
	Investment management	charges			29,491.01	26,953
	The investment management		costs are all attributable	to endowment	funds.
5.	Charitable activities				2022 6	2021f
	Charitable activities				1?6,602.30	156,671
	The breakdown ofcharitable		activities is as follow:
					2022	2021f
	Grants				153,000.00	126,000

Analysis of	charitable ex	penditu	re:
			Expendable	Unrestricted
Governance	costs		Endowment	Income	Total
			Funds	Funds	Funcls
			2022	2022	2022	2021
Accountant's	charges		5,220.00	5,220.00	10,440.00	12,330
Independent	examination	fees		1,800.00	1,800.00	1,800
Secretarial charges				426.80	426.80	120
Legal fees - RadcliffesLeBrasseur			976.50	418.50	1,395.00	16,313
Legal fees - Cripps LLP			6,562.50	2,812.50	9,375.00
Bank charges				165.50	165.50	108
			12,759.00	10,843.30	23,602.30	30,671
Total charitable activities					176,602.30	156,671


ed asset investments		2022 6	2021f
Market value at 5April	2021	4,352,014.00	3,827,392
Additions		670,825.71	1,830,085
Disposals		( 806,043.80)	( 2,107,367)
Net realised investment	gains/(losses)	64,093.92	232,796
Net unrealised investment gains/(losses)		94,478.17	569,107
Market value at 5April	2022	4,375368.00	4,352,014
Historical cost at 5April	2022	3930,950	3,902,283

alysis ofne	t assets between fund	s
		Endowment	Unrestricted	Total
		Funds 6	Funds	Fundsf
2022
Investments	assets	4,375,368.00		4,375,368.00
Net current	assets	428,806.03	309.02	429,115.05
		4,804,174.03	309.02	4,004403.05
2021
Investments	assets	4,352,014		4,352,014
Net current	assets	389,382		389,382
		4,741,396		4,743 396

				Expendable	Unrestricted	Unrestricted
				Capital	Income		2021
			Notes	Funds f	Funds f		Totalf
Income and endowments	from
Investment income					87,682		87,682
Tax repayable						277	277
Total income and endowments					87	959	87,959
Expenditure on
Costs ofraising funds
Investment management	costs			26,953			26,953
Charitable activities				17,584	139,087		158821
Total expenditure				44 537	139,087		183,624
Net gain on currency exchange				( 6,554)			( 6,554)
Net gain on investments				801,903			801,903
Net expenditure Transferred from endowment		for		750,812 ~52, 128	( 51,128) 51 128		699,684
Net Movement in Funds				699,684			699,684
Reconciliation offunds
Total funds brought forward				4041 712			4,041,712
Total funds carried forward				4,741,396			4,741,396

.Grants made and Grant	commitments
		Paid	Provided	Charged in	Charged in
		in the	but not paid	SOFA	SOFA
One year grants		year F	at 5/4/22	2022 8	2021 f
Aphasia Re-Connect		4,500		4,500	3,500
Become		4,500		4,500	3,500
Blesma		4,500		4,500	3,500
Carers Trust		5,000		5,000	7,000
Community Security Trust		8,500		8,500	7,000
Deafblind UK		4,500		4,500	3,500
Freedom From Torture		5,000		5,000	5,600
Handicapped Children's	Action Group	4,500		4,500	3,500
Holocaust Education Trust		8,500		8,500	7,000
Hot Line Meals Service		3,000		3,000	2,100
Independent Age		4,500		4,500
Jerusalem Foundation		8,500		8,500	7,000
Jewish Care		8,500		8,500	7,000
Jewish Women's Aid		8,500		8,500	7,000
Kids N'Action		4,500		4,500	3,500
London Jewish Cultural	Centre
(JW3 Development)		8,500		8,500	7,000
Milly Days					700
Mulberry Bush Organisation		5,000		5,000	5,600
Nightingale Hammerson		8,500		8,500	7,000
NNLS Asylum Seeker Drop-in		4,500		4,500	3,500
Norwood		8,500		8,500	7,000
OXPIP		4,500		4,500	3,500
Peeple		4,500		4,500	3,500
Refugee Resource		4,500		4,500	3,500
Space4Autism		4,500		4,500	3,500
WaveLength		4,500		4,500	3,500
World Jewish Relief		8500		8,500	7,000
Total one year grants		153,000		153,000	126,000
Total for the year		153,000		153,000	126 OMr

Summary ofgrants to institutes made in th	e year:
	F
Health	36,000
Education	8,500
Youth Work	13,500
Community	25,500
Social Care	22,000
Relief for Poverty	31,000
Other	16,500
	153,000