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2021-04-05-accounts

Registered Charity Number: 287231

THE MIZPAH TRUST

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

5 APRIL 2021

THE MIZPAH TRUST

CONTENTS PAGE
Trustees and Advisers 2
Report of the Trustees 3
Independent Examiner’s Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Accounts 8- 11

1

THE MIZPAH TRUST

TRUSTEES AND ADVISERS

Registered Charity number: 287231
Trustees A C O Bell
J E Bell
A P O Bell
Registered Office and Foresters House
Management Address Humbly Grove
South Warnborough
Hook
Hampshire
RG29 1RY
Independent examiner Samantha Wells FCA
Lindeyer Francis Ferguson Limited
North House
198 High Street
Tonbridge
Kent
TN9 1BE
Investment Managers Close Brothers Asset Management
10 Crown Place
London
EC2A 4FT
Bankers Barclays Bank plc
Liverpool Street
London

2

THE MIZPAH TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2021

The trustees present their annual report, together with the financial statements for the year ended 5 April 2021. The trustees confirm that the Annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the governing document and the provisions of "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) (Charities SORP (FRS 102)).

Purposes of the Trust

The Mizpah Trust was constituted by a Deed of Settlement dated 23 March 1983 between A C O Bell and the Trustees and is registered with the Charity Commissioners with the registration number 287231.

The purpose of the Trust is to provide grants to other charities/voluntary bodies and individuals for general charitable purposes and operating in the following areas; the relief of poverty, overseas aid/famine relief and the promotion of the Christian religion.

The Trustees are authorised to apply both capital and income of the Trust for or towards such charitable purposes at such times, and in such manner as the Trustees shall, in their absolute discretion, think fit subject to, during the Settlor’s lifetime, obtaining his prior consent.

Commentary on the Accounts

Details of the Trust’s income and expenditure in the year are given in the Statement of Financial Activities on page 6 and the Trust’s financial position on 5 April 2021 is set out in the Balance Sheet on page 7.

During the year, the Trustees continued to distribute funds in accordance with the Trust Deed, making grants to charitable organisations of £57,500 (2020: £69,500).

It is the Trusts’ policy to distribute any available funds proactively and not to respond to unsolicited requests for donations. The Trustees concentrate their giving on a few beneficiaries about which they are well informed. They focus on helping the poor and promotion of the Christian faith. The way in which they do this is primarily through education.

The Trustees have had due regard to guidance published by the Charity Commission on public benefit when reviewing the Trust’s objectives and planning future activities.

Reserves Policy

The trustees have no financial commitments and so their reserves policy is to set no funds aside for any particular purpose. The amount of unrestricted free reserves held at the year end amounted to £542,872 (2020: £268,464).

3

THE MIZPAH TRUST

REPORT OF THE TRUSTEES (CONTIINUED) FOR THE YEAR ENDED 5 APRIL 2021

Trustees

The names of the Trustees who served throughout the year are as follows:

A C O Bell J E Bell A P O Bell

The existing trustees have the power to appoint new trustees. There are no restrictions on the number of Trustees or their terms of office.

Trustees’ Responsibilities Statement

The Trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose 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 (Accounts and Reports) Regulations 2008 and the provisions of the charity’s governing document. It is 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.

This report was approved by the Trustees on 23 November 2021 and signed on their behalf by:

A C O Bell

4

THE MIZPAH TRUST

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE MIZPAH TRUST

Independent examiner’s report to the trustees of The Mizpah Trust

I report to the trustees on my examination of the accounts of The Mizpah Trust (‘the Trust’) for the year ended 5 April 2021, which are set out on pages 6 to 10.

Responsibilities and basis of report

As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 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 to believe that in any material respect:

  1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts 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 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 accounts to be reached.

Samantha Wells FCA CTA Chartered Accountant

Dated: 25 November 2021

Lindeyer Francis Ferguson Limited North House, 198 High Street Tonbridge, Kent TN9 1BE

5

THE MIZPAH TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2021

Note
£
£
INCOME FROM:
Donations
2(b)
103,020
Donations from trusts
13,698
116,718
Investments
Gross interest on uninvested cash
218
Dividends Received
7,910
8,128
Total Income
124,845
EXPENDITURE ON:
Charitable activities:
Grants made to charitable organisations:
3
For the relief of poverty
2,000
Promotion of the Christian Faith
3,500
Medical research
500
Education
51,500
Other
-
Grants given to individuals
-
57,500
Support costs
Travel Expenses
-
Governance costs
Independent examiner's fee
1,660
59,160
Raising funds:
Investment management fee
2,562
Total expenditure
61,722
Net gains on investments
211,285
Net income/(expenditure) and net movement in funds
274,408
RECONCILIATION OF FUNDS
Funds brought forward at 6 April 2020
268,464
Funds carried forward at 5 April 2021
542,872
2021
Donations including gifts of shares from
settlors		 £
£
118,919
773
119,692
350
4,382
4,732
124,424
3,000
5,000
1,000
60,500
-
69,500
3,551
1,500
74,551
600
75,151
11,638
60,911
207,553
268,464
2020		 £
£
118,919
773
119,692
350
4,382
4,732
124,424
3,000
5,000
1,000
60,500
-
69,500
3,551
1,500
74,551
600
75,151
11,638
60,911
207,553
268,464
2020
350
4,382
3,000
5,000
1,000
60,500
-
124,424
74,551
600
69,500
3,551
1,500
75,151
11,638
60,911
207,553
268,464

6

THE MIZPAH TRUST BALANCE SHEET AS AT 5 APRIL 2021

Note
CURRENT ASSETS
Cash at bank and in hand
Investments
2(a)
CURRENT LIABILITIES
Accruals
NET ASSETS
CHARITY FUNDS:
Unrestricted Funds
4
Approved by the trustees on 23 November 2021.
A C O Bell
J E Bell		 2021
£
10,530
533,942
544,472
( 1,600)
542,872
542,872
Trustees		 2020
£
-
269,964
269,964
( 1,500)
268,464
268,464

7

THE MIZPAH TRUST NOTES TO THE ACCOUNTS For the year ended 5 April 2021

1 Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows.

1.1 Status

The Mizpah Trust is a charity registered with the Charity Commission in England & Wales. Its registered address is Foresters House, Humbly Grove, South Warnborough, Hook, Hampshire, RG29 1RY.

1.2 Basis of Preparation

The financial statements have been prepared in accordance with "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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The Mizpah Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

There are no material uncertainties about the charity's ability to continue, and so the going concern basis of accounting has been adopted.

The financial statements are presented in pounds sterling and rounded to the nearest pound.

1.3 Income

Income is recognised when the charity is entitled to it, it is probable that it will be received and it can be measured reliably. For donations, this is usually on receipt.

Investment income is included in the accounts when it is receivable.

1.4 Expenditure

Expenditure is recognised when a present legal or constructive obligation exists at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefits will be required to settle the obligation, and the amount can be measured or estimated reliably.

Expenditure on charitable activities includes grants to other charitable organisations and individuals, costs in support of these activities, and governance costs for the preparation and independent examination of the accounts.

8

THE MIZPAH TRUST NOTES TO THE ACCOUNTS For the year ended 5 April 2021

1.5 Taxation

The charity is not registered for VAT. All amounts in the financial statements are shown inclusive of VAT, where relevant. The Trust is a charity and its charitable income is not subject to other taxation. Income arising from non-charitable activities may be subject to taxation.

1 Accounting policies (continued)

1.6 Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through the statement of financial activities if the investments are publicly traded or their fair value can otherwise be measured reliably.

1.7 Financial instruments

The charity has financial instruments of a kind that qualify as basic financial instruments. The charity's basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2
Movement on Investments
a.
Summary
Investments at market value, held at 6 April 2020
Cost of Investments gifted in the year (Note 2(b))
Cost of Investments purchased in the year (Note 1(c))
Disposals of investments during the year
Investments at market value, held at 5 April 2021
Investments at market value at 5 April 2021
Cash held by investment manager
Total investments at market value
Unrealised gain/(loss) on investments		 2021
£
233,899
102,930
246,200
(280,969)
302,059
211,285
513,343
20,599
533,942		 2020
£
31,866
118,919
212,378
(140,902)
222,261
11,638
233,899
36,065
269,964

9

THE MIZPAH TRUST NOTES TO THE ACCOUNTS For the year ended 5 April 2021

2 Movement on Investments (continued)

b.
Gifts of Investments
500
Rathbone Brothers PLC
1,800
Aberdeen Standard
1,400
Ishares
209
Findlay Park
350
Rio Tinto
223
Reckitt Benckiser
800
BH Global
1,400
Wisdomtree Metal
5,000
Syncona
7,857
HICL Infrastructure
1,518
Guinness
c.
Purchases of shares/Bonds
6,000
Polar Capital
1,350
Aberforth
1,900
Genesis
210
Unilever
110
Astrazeneca
740
Prudential
365
British American Tobacco
6,500
Melrose Industries
6,500
BT Group
360
Diageo
12,000
Coupland Cardiff
5,200
M&G
750
Pershing Square Holdings
220
CG Portfolio
320
Barings
75
Berkshire Hathaway
15,000
Round Hill Music
4,500
Helios Towers
800
Third Point Offshore
250
Dechra Pharmaceuticals
16,000
Cordiant Digtal Infra		 2021
£
6,840
7,567
11,396
5,780
15,228
1,460
8,832
11,438
5,768
10,864
17,756
102,930
2021
£
15,280
11,861
14,226
9,609
9,457
9,482
9,655
7,098
7,119
9,453
14,690
9,575
14,213
23,319
14,038
12,195
11,374
7,824
11,654
8,068
16,010
246,200		 2020
£
9,984
22,054
-
-
-
-
-
-
-
-
-
9,984
2020
£
15,320
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
15,320

Gifts of shares are stated at market value at the date of the gift.

10

THE MIZPAH TRUST NOTES TO THE ACCOUNTS For the year ended 5 April 2021

3 Charitable activities

Grants given to institutions includes the following
The Vanessa Grant Trust
Micah Trust
Other grants
4
Movements in funds
Fund balance as at 6 April 2020
Net income/(expenditure) for the year
Fund balance as at 5 April 2021		 2021
£
47,000
-
10,500
57,500
2021
£
268,464
274,408
542,872		 2020
£
60,000
3,000
6,500
69,500
2020
£
207,553
60,911
268,464

All funds are unrestricted.

5 Trustees' expenses

During the year £Nil was reimbursed to the trustees for travel expenses incurred on behalf of the Trust (2020: £3,551).

None of the trustees received any remuneration during the year. The trustees are the only key management personnel.

6 Related party transactions

During the year the Trust received a donation of £13,698 (2020: £773) from the William and Katherine Longman Charitable Trust, an organisation of which Mr A C O Bell is a Trustee.

During the year the trustees and William and Katherine Longman Charitable Trust gifted shares with a value of £6,840 (2020: £118,919) to the Trust.

11