THE JAMES FREDERICK AND ETHEL ANNE MEASURES CHARir TRUSTEES, REPORT AND FINANCIAL STATEMENTS for the year ended S April 2024 Registered Charty number. 266054
THE JAMES FREDERICK AND ETHEL ANNE MEASURES CHARITY TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 CONTENTS Pages Administratwe information Trustees, report including statement of Trustees, SpOnsibl11t1e$ Independent examiners. report statement of financial activities (including summary of income & expendrture account) Balance sheet Noles lo the financial statements 8-12
THE JAMES FREDERICK AND ETHEL ANNE MEASURES CHARITY ADMINISTRATIVE INFORMATION Trustees.. R Brook MPGen D A Se¢combe S M TLsrner R S Watklns Bankers.. Lloyd$ Bank PIC Caxton Gate 3 Corporation Street Birmingham B2 4LP Accountants-. Malcolm Plper & Company Limited Kingsnorth House Blenheim Way Bimiingham B44 8LS Investment managers.. EFG Harris Allday 5th Floor 103 Colmore Row Birmingham B3 3AG Registered Charity number.. 266054 Enquiries Unit 5-6 Weekin Works 112- 116 Park Hill Road Harborne Bimiingham B17 9HD Page 1
THE JAMES FREDERICK AND ETHEL ANNE MEASURES CHARITY TRUSTEES, REPORT The Trustees present their report and the unaudited financial stalernents forthe year ended 5 April 2024. The Trustees have adopted the provisions of the Slaternent of Recommended Practice ISORPI Accounting and Reporting by Charities. IFRS 1021 in preparing the annual report and financial statements of the Charty. NATURE OF THE GOVERNING INSTRUMENT The Trust Fund is registered as a Charity (registered ChaTity number 266054} and was established under a deed of trust dated 18 April 1973. TRUSTEES The Trustees who held office during the year were as folbws.. R Brook M P Green D A Seccornbe S M Turner R S Watkins IAppointed 18 October 20231 As the Charity becomes aware of individuals with an interest in the Charity's activities, or where il is perceived that a new Trustee can complement the skills held by current Trustees, and a new Trustee is required, they put in place a plan lo appoint and train them. PRINCIPAL ACTIVITY The object of the Trust is to appty the income of the Charity in providing payments of grants and donations lor charitable purposes lo charitable institub'ons, not for profit organisations and charitable foundations based in the United Kingdom. PUBLIC BENEFIT The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities and setting the grant making policy for the year. ACHIEVEMENTS AND PERFORMANCE During the year, the charity made donations to charitable institutions, not for profil org8nisalions and charitable foundations amounting to £104,00012023'. £86.9011. The Trustees are proud that they have been able to assist 45 different organisab'ons with grants during the current year. The average grant provided was £1,500. FINANCIAL REVIEW The results for the year and financial position of the Charity are shown in the Stslement of Financial Activities on page 6 and Bal8n¢e Sheet on page 7. The gross income of the Charity for the year ended 5 Apnl 2024 amounted lo £86,635 (2023- £82,114). Direct Charitable expenditure in the fomi of donations. grants and other benefits paid totalled £104,000 12023.. £86,901) and adminislralive and management expenses tolalled £20,07512023.' £19,893). This resulted In net expenditure before gains and losses on investments of £37,44012023'. £24,680). After gains on investments of £57,912 {2023'. losses of £181,500) and a profiUlloss} on disposal of investments of £1,880 12023.. £nill. the resulting surplus for the year was £21.632 {2023.' deficit £206,180) which was added to12023.' deducted from) reserves available for future distribution. Page 2
THE JAMES FREDERICK AND HEL ANNE MEASURES CHARITY TRUSTEES, REPORT {CONTINUED) INVESTMENTS The Trustees have discretion over the investment of the Fund. Investments are held specifically for the purpose of generating income and capital growth so that the Charity can maintain the present value of the fvnds, finance annual donations and meet other expenditure, in the furtheiance of its charitable objectives. The Trustees delegate the day-to-day monitoring and management of investments through the appointment of an investment manager, EFG Harris Allday. The Trustees delegate the implemenlalion of an investment strategy lo their investment managers and monitor investment returns achieved on those investments against the agreed strategy. The Trustees are aware of the continued economic uncertainty both in the UK. Europe and WorldwKIe. The UK slipped into recession during the second half of 2023 and although this did not result in significant unemployment. it demonstrated the weakness of the economy. Continued high inflation during 2023. was particularly acute in the UK and resulted in the continued higher than expected interest rates as the Treasury looked to reduce inflation back lo its 20h target. The stock market finished the year stronger than had been anticipated and this has resulted in a degree of recovery from the fall in value of the investment portfolio experienced in the prior year. During the year under review, the investment portrolio saw unrealised gains on investments due lo these market forces tolalling £57,192 (2023.. losses lotalling £181,500). RESERVES POLICY In the opinion of the Trustees the Charity's assets are available and sufficient to fulfil the oblvJations of the Charity The level of reserves held is sufficient to enable the Charity to operate at its current level for the foreseeable future. PLANS FOR FUTURE PERIODS The Trustees intend lo continue with the provision of donations, grants and other benefits_ They intend to review these on an annual basis and re-consider the returns achieved from investments. The key uncertainty facing the Charity is the impact ofthe economic uncertainty on interest and dividend income. The Trustees have undertaken a review of finances, which are monrtored and projected daity, and we have Concluded that the impact on our Current and future performance is manageable. Page 3
THE JAMES FREDERICK AND ETHEL ANNE MEASURES CHARITY TRUSTEES, REPORT (CONTINUED) TRUSTEES, RESPONSIBILITIES The Trustees are responsible for preparing the Trustees, Report and finaneial statements in accordan with applicable law and United Kingdom accounb'ng standards (United Kingdom Generally Actspted Accounting Practice). The law applicable lo Charities in England and Wales law requires the Trustees to prepare financral slalements for each financial year which give a true and fair view of the stale of affairs of the Charty and of the incorning resources and application of the resources of the Charity for that year. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consislenlty., obSee the methods and princ¢ples in the Charities SORP IFRS 1021 make judgements and estimates that are reasonabfe and prudent.. act in accordance with the rules of the Charity. the Charity Commission and the Trust Deed., state whether applicable accounting standards have been followed. subject lo any material departures discussed and explained in the financial statements., prepare financial statements on the going corrn basis unless it is inappropriate to presume that the Charity will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They a also responsible for safeguarding the assets of the Charty and hence for taking 8$Onab steps for the prevention and detection of fraud and other irregularities. STATEMENT OF DISCLOSURE OF INFORMATION TO INDEPENDENT EXAMINER We, the Trustees ofthe Charity who hetd office al the date of approval ofthese finanaal stslements. as set out above, each confirm so frar as we are awa, that.. there is no Televanl information of whh the Chanty's Independent Examiner is unaware.. and we have taken all the steps that we ought lo have taken as Trustees in order to make ourselves aware of any relevant infomiatK)n and to establish that the Charity's Independent Examiner is aware of that information. Approved by the Trustees on 16 October 2024 and signed on its behalf by.. Q.£. R S Watklns Trustee Page 4
REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES OF THE JAMES FREDERICK AND ETHEL ANNE MEASURES CHARITY INDEPENDENTEXAMINER'S REPORTTOTHE TRUSTEES OF THEJAMES FREDERICKAND ETHEL ANNE MEASURES CHARITY. I report to the Charlty Trustees on my examination of the accounts of the Charity for the year ended 5 April 2024. whh are sel out on pages 6 10 12. RESPONSIBILITIES AND BASIS OF THE REPORT As the Charity's Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Acl'l. I report in respect of my examination of the Charity's accounts carried out under sect¢on 145 of the Act and in carrying out my examination I have folbwed all the applicable Directions given by the Charty Commission under section 145151{b} of the Act INDEPENDENT EXAMINER'S STATEMENT I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause lo believe that in any material respect.. a¢Unty'g records were not kept in respect of the Charity as required by section 130 of the Act,. or 12) the accounts do not accord with these records; or 13) the accounts do not comply with the applicable requiren*nts concerning the form and content of accounts set out in the Charities IA¢counts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examinalion. I have no concerns and have come a¢ross no matters in connecb'on with the examination to which attention should be drawn in this report in order to enable a proper understsnding of the a¢¢ounts to be reached. Peter Whftehead FCA Malcolm Piper & Company Llmlted Chartered Accountants Klngsnorth Houso Blenheim Way Birmingham B44 8LS Date: 16 October 2024 Page S
THE JAMES FREDERICK AND ETHEL ANNE MEASURES CHARITY STATEMENT OF FINANCIAL ACTIVITIES {Including summary of income and expenditure account) AS AT 5 APRIL 2024 Unrestricted Restricted fund fund 2024 Unrestrlcted Restrlcted Total fund fund 2023 Total Income Investments Dividends and income from investments other interest received 54.612 214 31.768 41 86,380 2S5 51,848 30,266 82,114 Total Income 54.826 31,809 86,635 51,848 30,266 82,114 Expondlturo on: Charitsble activities Donations. grants and other benefits paid 174,000) 130,CwJO} (104,0001 158,901} 128,000) {86,9011 Other Support costs (note 51 Governance costs (note 61 (12,3391 12,4001 {5,336) {17.675} 113,365} {2.4001 12,400} 14,128) {17.493} 12.4001 Totsl expendlture 88,739 35,336 124.075 74,666 32,128 106,794 Net lexpendlture) before galns and losses 133,9131 13.527) 137,440) 122,8181 11,8621 124,680) Net gains l {Yossesl on investments 57,770 1578) 57.192 1107,3881 {74,1121 {181,5001 Profit and loss on disposal of investments 1201 1,900 1,880 Net surpluslldeficit) and Net movement in funds 23,837 12,2051 21,632 1130,2061 175,9741 1206,1801 Total funds brought forward at 6 April 2023 1.517,866 739,202 2,257,068 1,648,072 815,176 2,463,248 Total funds carried forward at 5 April 2024 1,541,703 736,997 2.278,700 1,517.866 739.202 2,257,068 All gains and losses recognised in the year are included above. These unaudited financial statements have trn sufy'ect to lrtdependent Examination. See rewrt on page 5. The notes on pages 8 to 12 form part of the finarla1 statsn*nts. Page 6
THE JAMES FREDERICK AND ETHEL ANNE MEASURES TRUST BALANCE SHEET AS AT S APRIL 2024 2024 2023 Note FIXED ASSETS Investments Listed investments Note 8 2,233.001 2,130,011 CURRENT ASSETS Cash and bank account Current account 48,099 129,457 CURRENT LIABILITIES: Other eredilor$ Note 9 12,400) 12,4001 NET CURRENT ASSETS 45.699 127,057 NET ASSETS 2,278.700 2.257,068 CHARITY FUNDS Note 10 Unrestricted funds 1,541,703 1,517,866 Restricted funds 736.997 739,202 TOTAL CHARITY FUNDS 2,278.700 2,257,068 These financial statements We approved and authorised for issue by the Board on 16 OCtor 2024. Signed on half of the board of Trustees". e. t,LNJ-IL, R S Watklns - Tru8ts8 Seccombe- Trustee These unaudited financial staternents have been subject lo independent examination. See report on page 5. The notes on pages 8 to 12 form part of the financral statements. Page 7
THE JAMES FREDERICK AND ETHEL ANNE MEASURES CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 1 ACCOUNTING POLICIES Charity status The charity is a constituted under a Trust Deed in the United Kingdom and regISted with the Charity Commission in England. The address of the Pfin¢ipal office is given in the Charity Information on page 1 of these financial statements. The nature of the Charty's operation and principal activities are given on page 2. b. Basis of accountlng The financial statements have been prepared in accordance with the Statement of Recommended Practice {SORPI, 'A¢¢ounting and Reporting by Charities. as applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard 102 IFRS 102} applicable in the United 'ngdoM and Republic of Ireland and the Charities A¢t2011. The financial statements are prepared on a going COnM basis under the hislorical cost convention. modified lo include investments and investment properties al market value. The Trust, as a small charity, is exempt from the requirements to prepare a Statement of Cash flows. The presentation currency of the financial statements is the pound sterling (£1. The significant accounting policies applied in the preparation of these financial statements are sel out below. These policies have been consistenuy applied lo all years presented unless otherwise slated. e. Fund accounting Unrestricted funds which are available ft)r use at the discrets.on of the Trustees in furtherance of the general objective of the Charity and which have not been designed for other purposes. Restricted funds represent specific assets and funds which are held for specific grant making purposes and thus needs to be kept separate from other investments and funds which can be applied to a wider criteria of needs. Income arising from reslricled investments can be used in accordance with the strict objectives of those restricted funds and cannot be mixed with unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the funds are charged against the fund. d. Incomg rgcognition All income is included in the SOFA when the Charity is legally entitled lo the income after any Performan conditions have been met., the amount can be quantified with reasonable accuracy,. and tt is probable that the income will be received. Investment inco is eamed through holding assets for investment purposes such as shares and investment fvnds. It includes div¢dends and interest and is all allocated to Funds in accordance with the Trust Deed. Page 8
THE JAMES FREDERICK AND ETHEL ANNE MEASURES TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 5 APRIL 2024 1 ACCOUNTING POLICIES {Continued) e. Expendlture recognition All expenditure is a¢¢ounted for on an accruals basis and has been classified under headings that aggregate all c0515 related lo the category. Where costs cannot be directly attributed to particular headings, they have been allocated lo aclivib.es on a basis consistent with use of the resources. Expenditure is recognised where there is a legal or constructive obligation lo make payments lo third parties, it Is probable that settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings.. Expenditure on Charitab activities includes donations, grants and beneffts pald., Investment management costs relate to costs of professional investment managers and Other expenditure represents those items not falling into the above categories. f. Investments Investments are slated al market value at the balance sheet date. The SOFA includes the nel gains and losses arising on revaluations and disposals throughout the year. g. Debtors and creditors Tecelvable I payable wlthin one year Debtors and creditors wth no slated interest rale and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in exFendilure. h. Tax The Chafity is exempt from taxation under section 506{11 of the Taxes Act 1988 on the basis that the fund is recognised as a Charty by the Inland Revenue according to the tems of the Trust Deed dated 18 April 1973. 2 TRUSTEES. REMUNERATION No remuneration has been paid or is payable to the Trustees either directty or indirectly in the current or prior year. There were no trustees, expenses paid for in the year ended 5 April 2024 nor for the year ended 5 April 2023. The Charity maintain$ Trustees, Indemnity Insurance for the Trustees which is included in Support and Administration Costs and amounted to £40012023.. £4001. 3 INVESTMENT INCOME 2024 2023 Dividend and Interest Incorr 86,635 82,114 Included in investment income is £31,80912023.' £30,266) which is reslricled income. Page 9
THE JAMES FREDERICK AND ETHEL ANNE MEASURES CHARITY NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 5 APRIL 2024 4 DONATIONS The charity made 45 donab'on$ totalling £104,000 during the year12023.. £86,901). Unrestricted donations totalled £74,00012023 £58,901) and restricted donations amounted to £30,000 12023.. £28,000). Donations rnade in excess of £5,000 during the year are detailed below.. Unrestricted Restricted Snitterfield Village Hall Coventry University 20,000 15,000 SUPPORT COSTS 2024 2024 2024 2023 2023 2023 Unrestrlcted Restrlcted Tolal Unrn8trlct8d Restrlcted Total Support and administration expenses 2,809 936 3,745 3,340 1,113 4.453 Investment management costs 9,530 4,400 13,930 10.025 3,015 13,040 12,339 5,336 17,675 13.365 4,128 17,493 6 GOVERNANCE COSTS 2024 2024 2024 2023 2023 2023 R*stslct¢d Totsl Unrnstrieted Restricted Total Independent examiners fee 2,400 2,400 2,400 2,400 7 EMPLOYEES There were no fvll or part time employees during the year {2023'. Nill. Page 10
THE JAMES FREDERICK AND ETHEL ANNE MEASURES TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 5 APRIL 2024 8 INVESTMENTS Market value blfvid 06.04.23 Additions Market value clfvid 05.04.24 Change in market value Disposals Listed Inveslrnents 2,130.011 93.116 147,3181 57.192 2,233,001 Total Funds 2,130.011 93.116 147,3181 57.192 2,233,001 All investments held are listed Investments. The fair value of listed investments is detemined by reference to the quoted price for identical assets in an active market at the balance sheet date. 9 CREDITORS: AMOUNTS FALLING DUE WITHIN 1 YEAR 2024 2023 Other Creditors 2,400 2,400 10 STATEMENT OF FUNDS At 8 April 2023 Net gain I {lossl on Expenditurg Investments At 5 April 2024 Income Unrestricted fund 1,517,866 54,826 188,7391 57,750 1.541,703 Restricted fund 739.202 31,809 135,3361 1.322 736,997 Total funds 2,257.068 86.635 1124,0751 59,072 2,278,700 Details of the natu of funds are given in note 1c. The restricted funds comprise entirety funds transferr8d in during the previous financial year relating lo the Howard Wagstaff Memorial Trust now held in a separate restricted account called the Howard Wagstaff Fund. These funds continue lo be applied for the same purposes and causes as had previously been the case for that charity and in accordance with a letter of wishes from the Trustees of that Trust confirming the obiects'ves of the settlors of that Trust. Page 11
THE JAMES FREDERICK AND ETHEL ANNE MEASURES CHARITY NOTES TO THE FINANCIAL STATEMENTS (Gontinued FOR THE YEAR ENDED S APRIL 2024 11 BALANCE SHEET RECONCILIATION OF FUNDS Unrestrlcted Re6tr1cted Total Investments 1.509,383 723.618 2,233,001 Cash and bank account 34,721 13,378 48,099 Other Creditors 12,400) {2,400} Net Assets 1,541,704 736.996 2,278,700 Page 12