Charity registration number 283920 (England and Wales)
M J C STONE CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
M J C STONE CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
A Stone C Stone L Stone N J Farquhar
Charity number (England and Wales) 283920 Principal address 8, St Albans Grove London W8 5PN Independent examiner Katie Squire ACA, Anova The Barn, Meadow Court Faygate Lane Faygate Horsham West Sussex RH12 4SJ
M J C STONE CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 13 |
M J C STONE CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees present their annual report and financial statements for the year ended 31 December 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable trust's governing document, settlement deed dated 28th September 1981, the Charities Act 2011 and "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)" (effective 1 January 2019).
Objectives and activities
The advancement of education, the relief of poverty, the promotion of religious and such other public objects being charitable as the trustees may decide.
Strategies for achieving aims and objectives
The charitable trust makes grants to core charities on an annual basis. Grants to other charities are made on receipt of applications and after discussions between the trustees.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charitable trust should undertake.
Achievements and performance
Significant activities and achievements against objectives
The trustees have power to apply both income and capital for the advancement of health and medical research, (2024: £2,550 ,2023: £27,050), the promotion of religion, (2024: £1,621, 2023: £1,585) and such other charitable objects as the trustees may determine. The trustees wish to retain an adequate capital base to fund these donations into the foreseeable future.
Financial review
Grants paid or pledged are as detailed in note 7 to the accounts and in total amounted to £19,246 (2023: £76,883). The net result is an excess of income over expenditure of £59,011 (2023: £17,003 excess expenditure over income).
Reserves policy
It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity. They provide sufficient funds to cover management, administrative and support costs and to fulfil applications for grants as and when they arise. At the balance sheet date the total reserves amount to £1,078,967 (2023: £1,019,956).
Investment policy
The charitable trust maintains a portfolio of investments which are managed by Close Brothers.
Major risks
The trustees have examined the major strategy, business and operational risks, which the charity faces and confirm that the systems have been established to mitigate these risks.
Structure, governance and management
The trustees who served during the year and up to the date of signature of the financial statements were: A Stone
C Stone L Stone N J Farquhar
Recruitment and appointment of trustees
All trustees are members of the Stone family and are unlikely to change in the future. The trustees have the power to appoint new trustees.
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M J C STONE CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees' report was approved by the Board of Trustees.
A Stone Trustee
17 September 2025
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M J C STONE CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF M J C STONE CHARITABLE TRUST
I report to the trustees on my examination of the financial statements of M J C Stone Charitable Trust (the charitable trust) for the year ended 31 December 2024.
Responsibilities and basis of report
As the trustees of the charitable trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the charitable trust’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the charitable trust as required by section 130 of the Charities Act 2011.
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Katie Squire ACA, Anova
The Barn, Meadow Court Faygate Lane Faygate Horsham West Sussex RH12 4SJ 17 September 2025
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M J C STONE CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations and legacies | 3 | - | 5,000 |
| Investments | 4 | 29,581 | 26,644 |
| Total income | 29,581 | 31,644 | |
| Expenditure on: | |||
| Raising funds | 5 | 10,110 | 9,582 |
| Charitable activities | 6 | 23,272 | 80,686 |
| Total expenditure | 33,382 | 90,268 | |
| Net gains/(losses) on investments | 12 | 62,812 | 41,621 |
| Net income/(expenditure) and movement in funds | 59,011 | (17,003) | |
| Reconciliation of funds: | |||
| Fund balances brought forward | 1,019,956 | 1,036,959 | |
| Fund balances carried forward | 1,078,967 | 1,019,956 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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M J C STONE CHARITABLE TRUST
BALANCE SHEET
AS AT 31 DECEMBER 2024
| Notes Fixed assets Investments 14 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current liabilities Total assets less current liabilities The funds of the charitable trust Unrestricted funds 16 |
2024 £ £ 1,082,796 3,051 (6,880) (3,829) 1,078,967 1,078,967 1,078,967 |
2023 £ £ 1,020,513 2,313 (2,870) (557) 1,019,956 1,019,956 1,019,956 |
|---|---|---|
The financial statements were approved by the trustees on 17 September 2025
A Stone Trustee
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M J C STONE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
Charity information
M J C Stone Charitable Trust is a charitable trust registered in England and Wales, charity number 283920. Its principal place of business is 8 St Albans Grove, London, W8 5PN.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charitable trust's governing document, its settlement deed dated 28 September 1981, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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)" (effective 1 January 2019). The charitable trust is a Public Benefit Entity as defined by FRS 102.
The charitable trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the charitable trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charitable trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charitable trust.
1.4 Income
Investment income is accounted for on a receivable basis. Donations and interest income are recognised when they are received.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
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M J C STONE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
1 Accounting policies
(Continued)
1.6 Fixed asset investments
Investments are included in the accounts at market value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charitable trust’s contractual obligations expire or are discharged or cancelled.
1.8 Taxation
The trust is a registered charity and is exempt from taxation on its income and capital gains provided that its activities are deemed to be of a charitable nature.
2 Critical accounting estimates and judgements
In the application of the charitable trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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M J C STONE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
3 Income from donations and legacies
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Donations and gifts | - | 5,000 | |
| 4 | Income from investments | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Income from listed investments | 20,936 | 22,387 | |
| Interest receivable | 8,645 | 4,257 | |
| 29,581 | 26,644 | ||
| 5 | Expenditure on raising funds | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Investment management | 10,110 | 9,582 | |
| 6 | Expenditure on charitable activities | ||
| Unrestricted | Unrestricted | ||
| funds | funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Direct costs | |||
| Grant funding of activities (see note 7) | 19,246 | 76,883 | |
| Share of support and governance costs (see note 8) | |||
| Support | 1,866 | 1,883 | |
| Governance | 2,160 | 1,920 | |
| 23,272 | 80,686 | ||
| Analysis by fund | |||
| Unrestricted funds | 23,272 | 80,686 |
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M J C STONE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
| 7 Grants payable ENVIRONMENTAL/CO UNTRYSIDE HEALTH/ME DICAL RELIGION OTHER 2024 2024 2024 2024 £ £ £ £ Grants to institutions: Friends of Killhope 15 - - - RSPCA 24 - - - Songbird Survival 36 - - - Atlantic Salmon Trust 5,000 - - - King Edward VII Hospital - 50 - - Macmilland Cancer - 2,500 - - Gloucester Cathedral (Parish Giving Scheme) - - 1,621 - The Amos Trust CIO 10,000 5,075 2,550 1,621 10,000 |
Total 2024 £ 15 24 36 5,000 50 2,500 1,621 10,000 |
|---|---|
| 19,246 |
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M J C STONE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
7 Grants payable
(Continued)
| Previous year: ENVIRONMENTAL/COUNTR YSIDE HEALTH/ME DICAL RELIGION OTHER RELIEF OF POVERTY 2023 2023 2023 2023 2023 £ £ £ £ £ Grants to institutions: Friends of Killhope 15 - - - - Horseworld Trust 24 - - - - RSPCA 20 - - - - Song Bird Survival 1,000 - - - - Brain Tumour Society - 50 - - - Guys & St Thomas's Charity - 10,000 - - - King Edward VII Hospital - 10,000 - - - Royal Hospitak for Neuro-disability - 1,000 - - - Spinal Injuries - Martin Mountain - 2,000 - - - Sight Research UK - 2,000 - - - Gloucester Cathedral - 2,000 - - - Centre for Social Justice - - 1,585 - - DEC - Ukraine Appeal - - - 10,000 - Hospitality Action - - - 4,000 - The Lewy Body Association - - - 5,000 - Hospitality Action - - - 1,000 - Guideposts Trust Ltd - - - 1,689 - Fine Cell Work - - - 500 The Country Food Trust - - - - 25,000 1,059 27,050 1,585 22,189 25,000 |
Total 2023 £ 15 24 20 1,000 50 10,000 10,000 1,000 2,000 2,000 2,000 1,585 10,000 4,000 5,000 1,000 1,689 500 25,000 |
|---|---|
| 76,883 |
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M J C STONE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
| 8 Support costs allocated to activities Secretarial costs Bank charges Adminstrative and office rent Governance costs Analysed between: Charitable activities 9 Net movement in funds The net movement in funds is stated after charging/(crediting): Fees payable for the independent examination of the charity's financial statements 10 Trustees No remuneration has been received by the trustees during the year. 11 Employees |
2024 £ 1,200 16 650 2,160 4,026 4,026 2024 £ 1,080 |
2023 £ 1,200 33 650 1,920 |
|---|---|---|
| 3,803 | ||
| 3,803 | ||
| 2023 £ 1,020 |
||
The average monthly number of employees during the year was:
| The average monthly number of employees during the year was: | |||
|---|---|---|---|
| 2024 | 2023 | ||
| Number | Number | ||
| Total | - | - | |
| There were no employees whose annual remuneration was more than £60,000. | |||
| 12 | Gains and losses on investments |
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| Gains/(losses) arising on: | £ | £ |
| Revaluation of investments | 71,038 | 493 |
| Sale of investments | (8,226) | 41,128 |
| 62,812 | 41,621 |
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M J C STONE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
13 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
14 Fixed asset investments
| Listed investments £ Cost or valuation At 1 January 2024 & 31 December 2024 1,007,960 Carrying amount At 31 December 2024 1,007,960 At 31 December 2023 1,007,960 Creditors: amounts falling due within one year Trade creditors Accruals and deferred income |
Cash in portfolio £ 12,553 12,553 12,553 2024 £ 4,720 2,160 6,880 |
Total £ 1,020,513 |
|---|---|---|
| 1,020,513 | ||
| 1,020,513 | ||
| 2023 £ - 2,870 |
||
| 2,870 |
15 Creditors: amounts falling due within one year
16 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| At General funds Previous year: At General funds |
1 January 2024 Incoming resources Resources expended Gains and losses At 31 December 2024 £ £ £ £ £ 1,019,956 29,581 (33,382) 62,812 1,078,967 1 January 2023 Incoming resources Resources expended Gains and losses At 31 December 2023 £ £ £ £ £ 1,036,959 31,644 (90,268) 41,621 1,019,956 |
|---|---|
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M J C STONE CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024
17 Related party transactions
In the current year £nil (2023: £5,000) was donated by Charles Stone, trustee of the charity. At 31 December 2024 the balance owed to/from Charles Stone was £nil (2023: £nil).
The sum of £1,850 (2023: £1,850) has been included in the accounts for the year ended 31 December 2024 as a contribution to the secretarial, postage, stationery, office rent and other overheads incurred in running the charitable trust. These are payable to a Limited Liability Partnership in which two of the trustees are members. At 31 December 2024 the balance of £3,700 (2023: £1,850) is still outstanding.
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