Company registration number: 01897094 Charity registration number: 294129
## Elizabeth Middleton Trust
Annual Report and Financial Statements
for the Year Ended 31 March 2021
## **Elizabeth Middleton Trust**
## **Contents**
|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2 to 4|
|Independent Examiner's Report|5|
|Statement of Financial Activities|6|
|Balance Sheet|7|
|Notes to the Financial Statements|8 to 12|
## **Elizabeth Middleton Trust**
## **Reference and Administrative Details**
**Trustees** M W Middleton E Middleton **Principal Office & Registered** Fen Ditton Hall **Office** High Street Fen Ditton Cambridge CB5 8ST **Company Registration Number** 01897094 **Charity Registration Number** 294129 **Bankers** HSBC 165 Fleet Street London EC4A 2DY **Independent Examiner** Ashgates Corporate Services Limited 5 Prospect Place Millennium Way Pride Park Derby DE24 8HG
Page 1
## **Elizabeth Middleton Trust**
## **Trustees' Report**
The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2021.
The accounts have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable as in the UK and Republic of Ireland (FRS102)".
## **Objectives and activities**
## _**Objects and aims**_
The objectives of the Elizabeth Middleton Trust, as stated in the Memorandum of Association, are:
1) The propagation and dissemination, in all parts of the world, of the truths and doctrines of the Christian Faith.
2) The promotion and strengthening of the life and witness of Protestant evangelical churches and groups in all parts of the World.
3) The production and distribution of gramophone records, discs, tape recordings and other forms of recording and reproducing the Christian Gospel selected passages of the Holy Scriptures sermons.
4) The carrying on for the benefit of the community the business of providing for aged persons in need thereof:
a. Sheltered or other housing and b. Any associated amenities
Specially designed or adapted to meet the disabilities and requirements of such persons.
No staff are employed or expenses incurred other than minor governance costs, the available funds being spent on gifts to other charities and individuals for their work in advancing the aims as above. The company has a subsidiary, Certcharm Ltd, that charges for management services and donates the whole of its income to the company.
## _**Public benefit**_
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
## _**Summary of achievements and perfomance**_
The charity continues to dedicate its resources primarily to the promotion of the Christian faith. The trustees have had due regard to the guidance published by the Charity Commission on public benefit.
The trustees are pleased that the charity has continued to provide support to other charities with similar objectives.
Page 2
## **Elizabeth Middleton Trust**
## **Trustees' Report**
## **Financial review**
## _**Policy on reserves**_
The company needs reserves in order to be able to cope with difficulties in predicting levels of voluntary donations and to cover contingencies and unforeseen opportunities. The trustees review the level of reserve required annually and we use a risk based approach to determine the level required. The trustees view the minimum reserves required to be; one years’ worth of governance costs. The current level of reserves are not sufficient and therefore post year end plans have been put in place for additional funds to be introduced via the subsidiary company in order to cover the expected governance costs for the coming year.
## **Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
## **Structure, governance and management**
## _**Nature of governing document**_
The charity is governed by a memorandum and articles of association as amended by special resolution dated 9 March 2015.
## _**Recruitment and appointment of trustees**_
The directors are the charity trustees and as such no other person or body is currently entitled to appoint trustees.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £10 in the event of winding up.
Page 3
## **Elizabeth Middleton Trust**
## **Trustees' Report**
The trustees (who are also the directors of Elizabeth Middleton Trust for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
For the financial year ending 31 March 2020 the Charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The annual report was approved by the trustees of the charity on 14 December 2021 and signed on its behalf by:
M W Middleton Trustee
Page 4
## **Elizabeth Middleton Trust**
## **Independent Examiner's Report to the trustees of Elizabeth Middleton Trust**
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2021 which are set out on pages 6 to 12.
## **Responsibilities and basis of report**
As the charity’s trustees of Elizabeth Middleton Trust (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of Elizabeth Middleton Trust are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the 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 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 Elizabeth Middleton Trust as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities.
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.
David Mark Newborough Ashgates Corporate Services Limited Independent Examiner Association of Chartered Certified Accountants
5 Prospect Place Millennium Way Pride Park Derby DE24 8HG
14 December 2021
Page 5
## **Elizabeth Middleton Trust**
## **Statement of Financial Activities for the Year Ended 31 March 2021 (Including Income and Expenditure Account)**
|**Note**
**Income and Endowments from:**
Donations and legacies
3
Total income
**Expenditure on:**
Charitable activities
4
Total expenditure
Net expenditure
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
14
**Note**
**Income and Endowments from:**
Donations and legacies
3
Total income
**Expenditure on:**
Charitable activities
4
Total expenditure
Net expenditure
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
14|**Unrestricted**
**funds**
**£**
100,000
100,000
(101,728)
(101,728)
(1,728)
(1,728)
2,348
620
**Unrestricted**
**funds**
**£**
155,000
155,000
(155,571)
(155,571)
(571)
(571)
2,919
2,348|**Total**
**2021**
**£**
100,000|
|---|---|---|
|||100,000|
|||(101,728)|
|||(101,728)|
|||(1,728)|
|||(1,728)
2,348|
|||620|
|||**Total**
**2020**
**£**
155,000|
|||155,000|
|||(155,571)|
|||(155,571)|
|||(571)|
|||(571)
2,919|
|||2,348|
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 and 2020 is shown in note 14.
The notes on pages 8 to 12 form an integral part of these financial statements.
Page 6
## **Elizabeth Middleton Trust**
## **(Registration number: 01897094) Balance Sheet as at 31 March 2021**
|**Note**
**Fixed assets**
Investments
10
**Current assets**
Debtors
11
Cash at bank and in hand
**Creditors: Amounts falling due within one year**
12
**Net current assets**
**Net assets**
**Funds of the charity:**
**Unrestricted income funds**
Unrestricted funds
**Total funds**
14|**2021**
**£**
2
20,000
29,134
49,134
(48,516)
618
620
620
620|**2020**
**£**
2
10,000
12,949|
|---|---|---|
|||22,949
(20,603)|
|||2,346|
|||2,348|
|||2,348|
|||2,348|
For the financial year ending 31 March 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements on pages 6 to 12 were approved by the trustees, and authorised for issue on 14 December 2021 and signed on their behalf by:
M W Middleton Trustee
The notes on pages 8 to 12 form an integral part of these financial statements.
Page 7
## **Elizabeth Middleton Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **1 General information**
The company is a private company limited by guarantee incorporated in England and Wales.
The registered office and principal place of business can be found on page 1.
## **2 Accounting policies**
## **Summary of significant accounting policies and key accounting estimates**
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
## **Statement of compliance**
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 issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Charities Act 2011, Companies Act 2006 and UK Generally Accepted Accounting Practice.
## **Basis of preparation**
Elizabeth Middleton 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 notes.
The financial statements are presented in Sterling (£) and rounded to the nearest £1.
## **Going concern**
The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
The basis of this opinion is that sufficient reserves have been set aside to sustain the charity.
## **Income and endowments**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
## _**Donations and legacies**_
Donations are recognised when the Charity has been notified in writing of both the amount and settlement date.
Page 8
## **Elizabeth Middleton Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **Expenditure**
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
## _**Charitable activities**_
Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## **Governance costs**
These include the costs attributable to the Charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses.
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
## **Fixed asset investments**
Investments held as fixed assets are shown as cost less provision for impairment.
## **Fund structure**
Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the Charity.
Page 9
## **Elizabeth Middleton Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **3 Income from donations and legacies**
|Donations and legacies;
Donations from companies, trusts and similar proceeds
**Total for 2021**
**Total for 2020**
**4**
**Expenditure on charitable activities**
**Note**
Allocated support costs
Governance costs
5
**Total for 2021**
**Total for 2020**|**Unrestricted**
**funds**
**General**
**£**
100,000
100,000
155,000
**Unrestricted**
**funds**
**General**
**£**
98,600
3,128
101,728
155,571|**Total**
**funds**
**£**
100,000|
|---|---|---|
|||100,000|
|||155,000|
|||**Total**
**funds**
**£**
98,600
3,128|
|||101,728|
|||155,571|
## **5 Analysis of governance and support costs**
## **Governance costs**
|Accountancy and legal fees
Other governance costs
**Total for 2021**
**Total for 2020**|**Unrestricted**
**funds**
**General**
**£**
3,113
15
3,128
3,447|**Total**
**funds**
**£**
3,113
15|
|---|---|---|
|||3,128|
|||3,447|
Page 10
## **Elizabeth Middleton Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **6 Net incoming/outgoing resources**
Net (incoming)/outgoing resources for the year include:
||**2021**|**2020**|
|---|---|---|
||**£**|**£**|
|Independent examination|712|700|
|Other financial services|2,416|2,747|
## **7 Trustees remuneration and expenses**
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
## **8 Staff costs**
The charity has no payroll scheme.
## **9 Taxation**
The charity is a registered charity and is therefore exempt from taxation.
## **10 Fixed asset investments**
|**10 Fixed asset investments**|||||
|---|---|---|---|---|
|Shares in group undertakings and participating interests
**Shares in group undertakings and participating interests**
**Cost**
At 1 April 2020
At 31 March 2021
**Net book value**
At 31 March 2021
At 31 March 2020||**2021**
**£**
2
**Subsidiary**
**undertakings**
**£**
2||**2020**
**£**
2|
|||||**Total**
**£**
2
2
2
2|
|||2|||
|||2|||
|||2|||
Page 11
## **Elizabeth Middleton Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **11 Debtors**
|**11 Debtors**|||
|---|---|---|
|Due from group undertakings
**12 Creditors: amounts falling due within one year**
Trade creditors
Other creditors
Accruals|**2021**
**£**
20,000
**2021**
**£**
2,958
42,511
3,047
48,516|**2020**
**£**
10,000|
|||**2020**
**£**
486
17,159
2,958|
|||20,603|
## **13 Charity status**
The charity is limited by share capital.
## **14 Funds**
|**14 Funds**|||||
|---|---|---|---|---|
|**Unrestricted**
General
**Unrestricted**
General|**Balance at 1**
**April 2020**
**£**
2,348
**Balance at 1**
**April 2019**
**£**
2,919|**Incoming**
**resources**
**£**
100,000
**Incoming**
**resources**
**£**
155,000|**Resources**
**expended**
**£**
(101,728)
**Resources**
**expended**
**£**
(155,571)|**Balance at 31**
**March 2021**
**£**
620|
|||||**Balance at 31**
**March 2020**
**£**
2,348|
## **15 Related party transactions**
During the year the charity made the following related party transactions:
## (wholly owned subsidiary)
During the year total donations received without conditions totalled £100,000 (2020 - £155,000). At the balance sheet date the amount due from the related party was £20,000 (2020 - £10,000).
(other related party)
At the balance sheet date the amount due to the related party was £42,511 (2020 - £17,159).
Page 12