REGISTERED CHARITY NUMBER: 290736
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
FOR
THE E M MACANDREW TRUST
Martin and Company Two Brewers House 50 North Street Thame Oxfordshire OX9 3BH
THE E M MACANDREW TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
----- Start of picture text -----
Page
Reference and Administrative Details 1
Report of the Trustees 2 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 to 11
Detailed Statement of Financial Activities 12
----- End of picture text -----
THE E M MACANDREW TRUST
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 5 APRIL 2025
----- Start of picture text -----
TRUSTEES Mrs A R Nicholson
Mrs S Grant
J K Nicholson
Ms V E Nicholson
PRINCIPAL ADDRESS Adstockfields Farm House
Adstockfields
Adstock
Buckingham
Buckinghamshire
MK18 2JE
REGISTERED CHARITY 290736
NUMBER
INDEPENDENT EXAMINER Martin and Company
Two Brewers House
50 North Street
Thame
Oxfordshire
OX9 3BH
BANKERS C Hoare & Co
37 Fleet Street
London
EC49 4DQ
INVESTMENT MANAGERS M&G Investments
10 Fenchurch Avenue
London
EC3M 5AG
----- End of picture text -----
Page 1
THE E M MACANDREW TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025
The trustees present their report with the financial statements of the charity for the year ended 5 April 2025. The trustees have adopted 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The charity was established under a Declaration of Trust by Mrs Eileen May MacAndrew on 1st November 1984 under the registered charity number 290736. The Trust was established by a gift from Mrs Eileen May MacAndrew. The Trust does not actively fund raise and seeks to continue with the principal objective of applying its income for the benefit of such charitable institutions or purposes as the trustees may decide.
Public benefit
The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 and have taken account of the Commission's general guidance on public benefit.
ACHIEVEMENTS AND PERFORMANCE Charitable activities
During the year the following donations were paid:
| Charity Age UK (3 separate donations) Anne Robson Trust Autism Early Support Aylesbury Vale Child Contact Centre Blood Cancer UK Bucks Association for the Care of Offenders Bucks Vision Chapter of Peterborough Cathedral (2 separate donations) Chilterns Neuro Centre Farm Africa Florence Nightingale Hearts of Bucks Community Foundation (2 separate donations) Hopeful Lindengate Charity MacIntyre Care Medecins Sans Frontieres Milton Keynes Community Foundation Limited Oxford Hospitals Charity Pain Relief Foundation RAW Workshop Retina UK Royal Brompton & Harefield Hospitals Charity Shelter Supporter Helpdesk Tall Ships Youth Trust The Pace Centre Ltd The Pepper Foundation Youth Concern Total |
£ 6,000 1,000 1,000 2,000 1,000 1,000 1,000 4,000 2,000 1,000 1,000 3,000 1,000 1,000 1,000 4,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 42,000 |
|---|---|
Page 2
THE E M MACANDREW TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025
FINANCIAL REVIEW
Financial position
The net surplus of income after grants and operational expenses for the year was £73,827 (2024: £1,830). At the end of the financial year reserves were £1,270,379 (2024: £1,196,552). The adequacy of the reserves policy is regularly reviewed.
Investment policy and objectives
The Trustees' investment policy is to protect the real capital value of the unrestricted endowment fund over time to enable them to meet their objective of supporting charitable institutions.
During the year the expendable endowment fund increased by 4.27% (2024: decrease 1.83%). The trustees have chosen not to adopt formal ethical investment policies.
Reserves policy
It is the policy of the Trust to maintain its free reserves at a level which generates sufficient investment income to cover management, administration and support costs and the proposed grant making in the year.
FUTURE PLANS
The trustees intend to continue providing grants in a similar way to the recent past whilst retaining flexibility as to the timing and scale of grants.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust dated 1st November 1984 and constitutes an unincorporated charity.
Recruitment and appointment of new trustees
The Trustees of the charity are listed on the information page. The first Trustees were appointed under the Trust Deed and later changes have been made by the Trustees under their powers in the deed. New Trustees may be appointed by the existing Trustees.
Risk management
The Trustees reviewed the major risks to which the charity is exposed and systems have been established to mitigate those risks.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ Mrs A R Nicholson - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE E M MACANDREW TRUST
Independent examiner's report to the trustees of The E M MacAndrew Trust
I report to the charity trustees on my examination of the accounts of The E M MacAndrew Trust (the Trust) for the year ended 5 April 2025.
Responsibilities and basis of report
As the charity trustees of the Trust 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 Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(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 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.
Will Nixey
Martin and Company Two Brewers House 50 North Street Thame Oxfordshire OX9 3BH
Date: .............................................
Page 4
THE E M MACANDREW TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025
| Notes INCOME AND ENDOWMENTS FROM Investment income 3 EXPENDITURE ON Charitable activities 4 Charitable activity Net gains/(losses) on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 72,284 47,760 - 24,524 42,746 67,270 |
Endowment fund £ - - 49,304 49,304 1,153,806 1,203,110 |
5.4.25 Total funds £ 72,284 47,760 49,304 73,828 1,196,552 1,270,380 |
5.4.24 Total funds £ 68,556 45,260 (21,466) 1,830 1,194,722 1,196,552 |
|---|---|---|---|---|
The notes form part of these financial statements
Page 5
THE E M MACANDREW TRUST
BALANCE SHEET
5 APRIL 2025
| Notes FIXED ASSETS Investments 9 CURRENT ASSETS Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted funds Endowment funds TOTAL FUNDS |
Unrestricted fund £ - 67,270 - 67,270 67,270 67,270 |
Endowment fund £ 1,203,110 - - - 1,203,110 1,203,110 |
5.4.25 Total funds £ 1,203,110 67,270 - 67,270 1,270,380 1,270,380 67,270 1,203,110 1,270,380 |
5.4.24 Total funds £ 1,153,806 45,446 (2,700) 42,746 1,196,552 1,196,552 42,746 1,153,806 1,196,552 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. A R Nicholson - Trustee
The notes form part of these financial statements
Page 6
THE E M MACANDREW TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
1. STATUTORY INFORMATION
The E M MacAndrew Trust is a charity registered in England and Wales. The charity's registered number and registered address can be found in the Trustees' Report.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended practice effective from 1st April 2005 which has since been withdrawn.
The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted Income Fund
General unrestricted funds comprise accumulated surpluses and deficits and investment income derived from the charity's investments. The fund is available for use at the discretion of the trustees in furtherance of the general charitable objectives.
Unrestricted Endowment Fund
The endowment fund comprises assets which can be applied in the same way as the income fund.
continued...
Page 7
THE E M MACANDREW TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025
2. ACCOUNTING POLICIES - continued
Investments
Stocks and shares quoted on the London Stock Exchange are included in the balance sheet at their market value at the year end. The differences between the market value and the original cost of the investment are included in the Statement of Financial Activities. No unquoted investments are held. Profits and losses arising on the disposal of investments are included in the Statement of Financial Activities
3. INVESTMENT INCOME
----- Start of picture text -----
||||
|---|---|---|
|5.4.25|5.4.24|
|£|£|
|Quoted investments|71,713|68,147|
|Deposit account interest|571|409|
|72,284|68,556|
----- End of picture text -----
4. CHARITABLE ACTIVITIES COSTS
----- Start of picture text -----
|||||
|---|---|---|---|
|Grant|
|funding of|
|activities|Support|
|(see note|costs (see|
|5)|note 6)|Totals|
|£|£|£|
|Charitable activity|42,000|5,760|47,760|
----- End of picture text -----
5. GRANTS PAYABLE
Grants awarded represent 31 grants all of which were paid to other charitable institutions. A complete list appears on page 2.
Grants were made under the following categories:
----- Start of picture text -----
||||
|---|---|---|
|5.4.25|5.4.24|
|£|£|
|Medical and relief of poverty|24,000|17,500|
|Educational charities|1,000|4,000|
|Arts and community charities|17,000|18,000|
|42,000|39,500|
----- End of picture text -----
continued...
Page 8
THE E M MACANDREW TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025
6. SUPPORT COSTS
| SUPPORT COSTS | ||
|---|---|---|
| Charitable activity | Finance £ 360 |
Governance costs Totals £ £ 5,400 5,760 |
| Support costs, included in the above, are as follows: Bank charges Accountancy and legal fees Independent examination fees |
5.4.25 5.4.24 Charitable Total activity activities £ £ 360 360 3,780 3,780 1,620 1,620 |
|
| 5,760 5,760 |
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2025 nor for the year ended 5 April 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2025 nor for the year ended 5 April 2024.
8. STAFF COSTS
There are no employees so consequently no staff costs have been incurred.
9. FIXED ASSET INVESTMENTS
| MARKET VALUE At 6 April 2024 Revaluations At 5 April 2025 NET BOOK VALUE At 5 April 2025 At 5 April 2024 |
Listed investments £ 1,153,806 49,304 1,203,110 1,203,110 1,153,806 |
|---|---|
The investments are held in M&G Equities Investment Fund for Charities (Charifund) GBP Inc. The fund factsheet states that at least 70% of the fund is invested in shares of UK companies.
The book value of investments at 5th April 2025 is £727,333.
continued...
Page 9
THE E M MACANDREW TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors 11. MOVEMENT IN FUNDS Unrestricted funds General fund Endowment funds Endowment fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 72,284 Endowment funds Endowment fund - TOTAL FUNDS 72,284 Comparatives for movement in funds Unrestricted funds General fund Endowment funds Endowment fund TOTAL FUNDS |
At 6.4.24 £ 42,746 1,153,806 1,196,552 Resources expended £ (47,760) - (47,760) At 6.4.23 £ 19,450 1,175,272 1,194,722 |
5.4.25 £ - Net movement in funds £ 24,524 49,304 73,828 Gains and losses £ - 49,304 49,304 Net movement in funds £ 23,296 (21,466) 1,830 |
5.4.24 £ 2,700 At 5.4.25 £ 67,270 1,203,110 1,270,380 Movement in funds £ 24,524 49,304 73,828 At 5.4.24 £ 42,746 1,153,806 1,196,552 |
|---|---|---|---|
continued...
Page 10
THE E M MACANDREW TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025
11. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Endowment funds Endowment fund |
Incoming resources £ 68,556 - |
Resources expended £ (45,260) - |
Gains and losses £ - (21,466) |
Movement in funds £ 23,296 (21,466) |
|---|---|---|---|---|
| TOTAL FUNDS | 68,556 | (45,260) | (21,466) | 1,830 |
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 5 April 2025.
Page 11
THE E M MACANDREW TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025
| INCOME AND ENDOWMENTS Investment income Quoted investments Deposit account interest |
5.4.25 5.4.24 £ £ 71,713 68,147 571 409 |
|---|---|
| 72,284 68,556 |
|
| Total incoming resources EXPENDITURE Charitable activities Grants to institutions Support costs Finance Bank charges Governance costs Accountancy and legal fees Independent examination fees |
72,284 68,556 42,000 39,500 360 360 3,780 3,780 1,620 1,620 |
| 5,400 5,400 |
|
| Total resources expended | 47,760 45,260 |
| Net income before gains and losses Realised recognised gains and losses Gains/losses on investments |
24,524 23,296 49,304 (21,466) |
| Net income | 73,828 1,830 |
This page does not form part of the statutory financial statements
Page 12