**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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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