**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**
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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
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**THE E M MACANDREW TRUST**
**REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 5 APRIL 2025**
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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
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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:
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.
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**
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||||
|---|---|---|
|5.4.25|5.4.24|
|£|£|
|Quoted investments|71,713|68,147|
|Deposit account interest|571|409|
|72,284|68,556|
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## **4. CHARITABLE ACTIVITIES COSTS**
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|||||
|---|---|---|---|
|Grant|
|funding of|
|activities|Support|
|(see note|costs (see|
|5)|note 6)|Totals|
|£|£|£|
|Charitable activity|42,000|5,760|47,760|
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## **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:
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||||
|---|---|---|
|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