2022-04-05-accounts - Mizpah Trust

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Registered Charity Number: 287231

THE MIZPAH TRUST

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

5 APRIL 2022

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- 12

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

THE MIZPAH TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2022

The trustees present their annual report, together with the financial statements for the year ended 5 April 2022. 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 2022 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 £24,000 (2021: £57,500).

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 £722,841 (2021: £542,872).

THE MIZPAH TRUST

REPORT OF THE TRUSTEES (CONTIINUED) FOR THE YEAR ENDED 5 APRIL 2022

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 10 August 2022 and signed on their behalf by:

A C O Bell

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 2022, which are set out on pages 6 to 12.

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:

accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
the accounts do not accord with those records; or
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: 16 August 2022

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

THE MIZPAH TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022

Note £ £ INCOME FROM: Donations 2(b) 7,992 Donations from trusts 165,000 172,992 Investments Gross interest on uninvested cash - Dividends Received 13,410 13,410 Total Income 186,402 EXPENDITURE ON: Charitable activities: Grants made to charitable organisations: 3 For the relief of poverty 13,000 Promotion of the Christian Faith 9,000 Medical research - Education 2,000 Grants given to individuals - 24,000 Governance costs Independent examiner's fee 2,020 26,020 Raising funds: Investment management fee 5,469 Total expenditure 31,489 Net gains on investments 25,056 Net income/(expenditure) and net movement in funds 179,969 RECONCILIATION OF FUNDS Funds brought forward at 6 April 2021 542,872 Funds carried forward at 5 April 2022 722,841 2022 Donations including gifts of shares from settlors	£ £ 103,020 13,698 116,718 218 7,909 8,127 124,845 2,000 3,500 500 51,500 - 57,500 1,660 59,160 2,562 61,722 211,285 274,408 268,464 542,872 2021	£ £ 103,020 13,698 116,718 218 7,909 8,127 124,845 2,000 3,500 500 51,500 - 57,500 1,660 59,160 2,562 61,722 211,285 274,408 268,464 542,872 2021
	218 7,909
	2,000 3,500 500 51,500 -
		124,845
		59,160 2,562
	57,500 1,660

		61,722
		211,285
		274,408 268,464
		542,872

THE MIZPAH TRUST BALANCE SHEET AS AT 5 APRIL 2022

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 10 August 2022. A C O Bell J E Bell	2022 £ 149,609 574,932 724,541 ( 1,700) 722,841 722,841 Trustees	2021 £ 10,530 533,942
		544,472
		( 1,600)
		542,872

		542,872

THE MIZPAH TRUST NOTES TO THE ACCOUNTS For the year ended 5 April 2022

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 2019) - (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.

THE MIZPAH TRUST NOTES TO THE ACCOUNTS For the year ended 5 April 2022

1 Accounting policies (continued)

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.

1.6 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 2021 Cost of Investments gifted in the year (Note 2(b)) Cost of Investments purchased in the year (Note 2(c)) Disposals of investments during the year Investments at market value, held at 5 April 2022 Investments at market value at 5 April 2022 Cash held by investment manager Total investments at market value Unrealised gain on investments	2022 £ 513,345 7,992 100,491 (114,595) 507,233 33,458 540,692 34,241 574,932	2021 £ 233,899 102,930 246,200 (280,969)
		302,060 211,285
		513,345 20,599
		533,944

THE MIZPAH TRUST NOTES TO THE ACCOUNTS For the year ended 5 April 2022

2 Movement on Investments (continued)

b. Gifts of Investments 432 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	2022 £ 7,992 - - - - - - - - - - 7,992	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

THE MIZPAH TRUST NOTES TO THE ACCOUNTS For the year ended 5 April 2022

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 2,000 Cordiant Digtal Infra 5,500 APAX Global Alpha Investments 18 Jackson Financial Com 300 Admiral PLC 270 Vonovia SE NPV 1,500.00 Temple Bar Investment SRT 400 Assa Abloy 6,000 Brook Contiental 100 Prusic Asain Equity Income 22,000 Schroder Global Energy	2022 £ - - - - - - - - - - - - - - - - - - - - - 2,000 10,547 352 8,649 11,172 16,430 8,948 14,688 15,593 12,112 100,491	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

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

THE MIZPAH TRUST NOTES TO THE ACCOUNTS For the year ended 5 April 2022

3 Charitable activities

Grants given to institutions includes the following The Vanessa Grant Trust Friends of Kagando Other grants 4 Movements in funds Fund balance as at 6 April 2021 Net income/(expenditure) for the year Fund balance as at 5 April 2022	2022 £ - 11,000 13,000 24,000 2022 £ 542,872 179,969	2021 £ 47,000 - 10,500
		57,500
		2021 £ 268,464 274,408
	722,841	542,872

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 (2021: £Nil).

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 £165,000 (2021: £13,698) 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 £7,992 (2021: £6,480) to the Trust.