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2022-03-31-accounts

REGISTERED COMPANY NUMBER: 02156182 (England and Wales) REGISTERED CHARITY NUMBER: 299059

REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 FOR MAYFIELD HOME TRUST LIMITED

GCSD Accountants Ltd 701 Stonehouse Park Sperry Way Stonehouse Gloucestershire GL10 3UT

MAYFIELD HOME TRUST LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

Page
Chairman’s Report 1
Report of the Trustees 2 to 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8 to 9
Statement of Cash Flow 10
Notes to the Statement of Cash Flow 11
Notes to the Financial Statements 12 to 17
Detailed Statement of Financial Activities 18 to 19
Investment Schedule 20

MAYFIELD HOME TRUST LIMITED (REGISTERED NUMBER: 02156182)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2022 under the Companies Act 2006 and the Charities Act 2011. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' in preparing the annual report and financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

02156182 (England and Wales)

Registered Charity number

299059

Registered office

701 Stonehouse Park Sperry Way Stonehouse Gloucestershire GL10 3UT

Principal address

Pound House The Ryelands Randwick Stroud Gloucestershire GL6 6HQ

Trustees

Mrs D A Greaves Mrs M A Herbert Mrs J Hey Mr D B Rogers Mrs J E J Smith Mrs C M Thompson Mr K R Stannard Mr R M Hollick Ms A E Llewellyn

Chairman Vice-chairman - resigned 28 April 2022

Company Secretary Mrs A S Wilton

Page 2

MAYFIELD HOME TRUST LIMITED (REGISTERED NUMBER: 02156182)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

REFERENCE AND ADMINISTRATIVE DETAILS

Independent examiner

S T Dipple FCA GCSD Accountants Limited 701 Stonehouse Park Sperry Way Stonehouse Gloucestershire GL10 3UT

Solicitors

Leeper Prosser 40 High St Stonehouse GL10 2NA

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Charity (number 299059) is a charitable company limited by guarantee (number 02156182) and was incorporated on 21 August 1987. It is governed by the Memorandum and Articles of Association. The Articles of Association were amended on 19 January 2005. In the event of the company being wound up members are required to contribute an amount not exceeding £100. The charity operates from Pound House, The Ryelands, Randwick, Stroud, Gloucestershire, GL6 6HQ. The registered office of the charitable company is shown on page 2.

Recruitment and appointment of new trustees

The directors of the company are also charity trustees for the purposes of charity law. Every person who wishes to be a director shall deliver an application for membership in such form as the Board requires. All applications for membership may be approved or rejected by the Board and no person shall be admitted to be a member of the company unless their application is approved by the Board. The number of directors shall not be less than three and not more than twelve. Directors retire by rotation but are eligible to offer themselves for re-election.

Induction and training of new trustees

A formal handbook covering the charity's background, operational framework and its objectives is in place and is distributed to all new trustees along with the latest financial statements.

Organisational structure

The organisational structure of the charity is such that long term strategic decisions are made during regular board meetings attended by the directors and the company secretary.

Page 3

MAYFIELD HOME TRUST LIMITED (REGISTERED NUMBER: 02156182)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk management

The trustees acknowledge their responsibility to assess and mitigate the major risks to which the charity is exposed. The trustees have conducted a review of the major risks to which the charity is exposed and, where appropriate, systems or procedures have been established to mitigate those risks. Internal control risks are minimised by the implementation of procedures for authorisation of transactions.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The principal activity of the charity in the year under review was that of providing charitable grants in accordance with the charity's objects.

The current objects of the charity are to support, from time to time, individuals with learning disabilities, or families with a member who has learning disabilities within the county of Gloucestershire.

Statement on Public Benefit

The trustees are aware of the Public Benefit provisions of the Charities Act 2011 and of the guidance on them published by the Charity Commission. They are satisfied that the objects of the charity and the activities of the charity are within the definitions of Charitable Purposes as set down in the Act. The trustees are not aware of any public detriment caused by the charity's objects or activities, and nor are they aware of anyone receiving private benefit from the charity's activities.

FINANCIAL REVIEW

Reserves policy

The charity is a grant making company and its income generating assets are, therefore, held as investments and cash deposits. The Board of Trustees applies the income derived to giving grants in accordance with the objects of the company. In any given year, a surplus or deficit on net resources will arise; its size will fluctuate and be dependent on the timing of grant payments made.

Incoming resources

The main source of income during the year was that of interest received on bank balances and dividends received on investments. The total income for the year was £84,774 (2021: £73,358).

Investment policy and objectives

The investment objective is to balance income and capital returns. The assets should be managed to at least maintain the real capital value whilst generating a level of income to support the charitable activities. An investment policy statement is in place to provide a framework for the management of its assets. It is reviewed on an annual basis to ensure its appropriateness.

Page 4

INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES OF MAYFIELD HOMETRUST LIMITED (REGISTERED NUMBER: 021561821 Independent Examinerfs report to the trustees of Mayfield Home Trust Limited I'the Company) I report to the charity trustee5 on my examination of the financial statements of the Company for the year ended 31 March 2022 set out on pages 7 to 17. Respective responslbllltie5 of trustees and eKarnlner The charity's trustees (who are also the directors for the purposes of company lawl are responsible for the preparation of the financial statements in accordance with the requirements of the Cornpanies Act 20061'the 2006 Act). The ¢harity'S trustees consider that an audit is not required for this year lunder Section 144121 of the Charities Act 2011 (the 2011 Actll and that an independent examination is required. Havlng satisfied myself that the Company is not subject to audit under company law under Part 16 of the 2006 Act and Is eligible for independent examination, it 15 my responsibillty to- examine the accounts under Section 145 of the 2011 Act to follow the procedures laid down in the General D1￿ctionS given by the Charity Commission (under Section 1451511bl of the 2011 Actl,. and to State whether particular matters have come to my attention. Basls of the Independent Examlner's report My examination was carried out in accordance with the General Dlrection5 given by the Charity Commission. An examination includes a review of the accounting record5 kept by the charity and a comparison of the account5 presented with those records. It also includes consideration of any unusual items or disclosures In the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audlt, and consequently no opinion Is given as to whether the accoijnts present a 'true and fair view, and the report is limited to those matters set out in the statements below. 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: accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act, or the accounts do not accord with those records, or 3. the accounts do not compty with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and falr view which 15 Tlot 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 (applicable to charities preparing their account5 in accordance with the Financial Reporting Standèrd applicable in UK and Republic of Ireland IFRS 10211. I have no COn￿rn5 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. S T Dipple FCA GCSD Accountants Limited 701 Stonehouse Park Sperry Way, 5tonehouse Gloucestershire GLIO 3UT Date.. ZotLDec. L:2022 Page 6

MAYFIELD HOME TRUST LIMITED (REGISTERED NUMBER: 02156182)

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted
fund
Notes
£
INCOMING RESOURCES
Incoming resources from generated funds
Donations and legacies
250
Investment income
2
84,524
Total incoming resources
84,774
RESOURCES EXPENDED
Charitable activities
3
Grants
68,823
Support costs
16,061
Total resources expended
84,884
NET INCOMING/(OUTGOING) RESOURCES
(110)
Other recognised gains/(losses)
Gains/(losses) on investment assets
162,742
Net movement in funds
162,742
RECONCILIATION OF FUNDS
Total funds brought forward
2,512,155
TOTAL FUNDS CARRIED FORWARD
2,674,787
Restricted
fund
£
-
-
-
-
-
-
-
-
-
29,924
29,924
2022
Total funds
£
250
84,524
84,774
68,823
16,061
84,884
(110)
162,742
162,742
2,542,079
2,704,711
2021
Total funds
£
-
73,358
73,358
49,296
15,793
65,089
8,269
410,682
418,951
2,123,128
2,542,079

All incoming resources and resources expended arise from continuing activities.

The notes form part of these financial statements

Page 7

MAYFIELD HOME TRUST LIMITED (REGISTERED NUMBER: 02156182)

BALANCE SHEET AT 31 MARCH 2022

Unrestricted
fund
Notes
£
FIXED ASSETS
Investments
6
2,624,825
CURRENT ASSETS
Prepayments and accrued income
7
11,554
Cash at bank
59,445
70,999
CREDITORS
Amounts falling due within one year
8
(21,037)
NET CURRENT ASSETS
49,962
TOTAL ASSETS LESS CURRENT LIABILITIES
2,674,787
NET ASSETS
2,674,787
FUNDS
9
Unrestricted funds
Restricted funds
TOTAL FUNDS
Restricted
fund
£
-
-
29,924
29,924
-
29,924
29,924
29,924
2022
Total funds
£
2,624,825
11,554
89,369
100,923
(21,037)
79,886
2,704,711
2,704,711
2,674,787
29,924
2,704,711
2021
Total funds
£
2,462,083
11,271
76,813
88,084
(8,088)
79,996
2,542,079
2,542,079
2,512,155
29,924
2,542,079

The notes form part of these financial statements

continued...

Page 8

MAYFIELD HOME TRUST LIMITED (REGISTERED NUMBER: 02156182)

STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 MARCH 2022

Notes
Cash flows from operating activities1
Cash generated from operations
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Purchase of fixed asset investments
Sale of fixed asset investments proceeds
Interest received
Net cash used in investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period
2022
£
12,541
12,541
-
-
15
12,556
12,556
76,813
89,369
2021
£
12,806
12,806
(30,000)
23,488
26
(6,486)
6,320
70,493
76,813

Page 10

MAYFIELD HOME TRUST LIMITED (REGISTERED NUMBER: 02156182)

NOTES TO THE STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 MARCH 2022

1. RECONCILIATION OF NET (OUTGOING)\INCOMING RESOURCES TO NET CASH (OUTFLOW)/INFLOW FROM OPERATING ACTIVITIES

2022
£
Net (outgoing)/incoming resources
(110)
Interest received
(15)
Realised gains on sale of investments
-
(Increase)/Decrease in debtors
(283)
Increase/(Decrease) in creditors
12,949
Net cash inflow/(outflow) from operating activities
12,541
2.
ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN THE CASH FLOW STATEMENT
2021
£
8,514
(26)
(245)
8,966
(4,403)
12,806
Returns on investments and servicing of finance
Interest received
Net cash inflow for returns on investments and servicing of finance
2022
£
15
15
2021
£
26
26

3. ANALYSIS OF CHANGES IN CASH AND CASH EQUIVALENTS

At 1 April 2021 Cash flow At 31 March
2022
£ £ £
Net cash:
Cash at bank 76,813 12,556 89,369
Total 76,813 12,556 89,369

Page 11

MAYFIELD HOME TRUST LIMITED (REGISTERED NUMBER: 02156182)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES

Basis of preparation

The financial statements of the charitable company, which is a public benefit entity under FRS102, have been prepared in accordance with the Charities SORP (FRS102) ‘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 (FRS102) (effective 1 January 2019), Companies Act 2006 and with 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.

Incoming resources

All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Resources expended

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 corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. There were restricted funds applied during the year 2022.

2. INVESTMENT INCOME

Dividends
Interest on fixed deposit
Deposit account interest
2022
£
84,487
22
15
84,524
2021
£
73,311
21
26
73,358

The investment income from CCLA Investments was received after deduction of the annual management fees charged at the rate of 0.73% on the value of the fund. The fees accrue monthly and are based on a fixed percentage of the value of the fund at the previous valuation. The total amount of estimated fees deducted during the year to 31 March 2022 was £11,883.

This page forms part of the statutory financial statements

Page 12

MAYFIELD HOME TRUST LIMITED (REGISTERED NUMBER: 02156182)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2022

3. CHARITABLE ACTIVITIES COSTS

Grants
Computer equipment
Educational
Furniture and white goods
Toys and equipment
Trips and activities
Medical
Support costs
Accountancy
Legal fees
Investment management fees
Postage and stationery
Advertising and website
Travel and meeting costs
Insurance
Bank charges
Administration assistance costs
Subscriptions and other sundries
Total expenditure
2022
£
7,258
2,405
19,005
17,688
21,388
1,079
68,823
1,920
-
3,051
363
1,010
-
623
361
8,631
102
16,061
84,884
2021
£
4,567
1,348
9,990
18,011
15,380
-
49,296
1,800
777
2,766
414
1,010
250
601
360
7,739
76
15,793
65,089

4. TRUSTEES' REMUNERATION AND BENEFITS

No remuneration or other benefits were paid to trustees during the year ended 31 March 2022.

Trustees' expenses

No reimbursed expenses were claimed by trustee during the year ended 31 March 2022.

5. STAFF COSTS

There were no persons employed by the charity during the year. Other costs were:

2022 2021
£ £
Administration and secretarial fees 8,631 7,739

This page forms part of the statutory financial statements

Page 13

MAYFIELD HOME TRUST LIMITED (REGISTERED NUMBER: 02156182)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2022

6. FIXED ASSET INVESTMENTS

Listed stocks and shares
Fixed deposits
Additional information as follows:
CCLA
Charities
fund
£
MARKET VALUE
At 1 April 2021
1,482,815
Additions
-
Disposals
-
Unrealised gains/(losses)
127,971
As 31 March 2022
1,610,786
NET BOOK VALUE
At 31 March 2022
1,610,786
At 31 March 2021
1,482,815
There were no investment assets held outside the UK.
Cash held on capital account not yet invested was as follows:
Cazenove capital account
7.
PREPAYMENTS AND ACCRUED INCOME
Prepayments and accrued income
2022
£
2,624,604
221
2,624,825
Cazenove
Fund
£
979,047
-
-
34,771
1,013,818
___1,013,818
979,047
2022
£
221
2022
£
11,554
2021
£
2,461,862
221
2,462,083
Totals
£
2,461,862
-
-
162,742
2,624,604
2,624,604
2,461,862
2021
£
221
2021
£
11,271
___

This page forms part of the statutory financial statements

Page 14

MAYFIELD HOME TRUST LIMITED (REGISTERED NUMBER: 02156182)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2022

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


Accruals and deferred income
Grants outstanding
2022
£
2,235
18,802
21,037
2021
£
2,218
5,870
8,088

9. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
Denise Brookes’ Fund
TOTAL FUNDS
At 1 April
2021
Net
movement in
funds
£
£
2,512,155
162,632
29,924
-
2,542,079
162,632
At 31 March
2022
£
2,674,787
29,924
2,704,711

Net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 84,774 (84,884) 162,742 162,632
Restricted funds
Denise Brookes’ Fund - - - -
TOTAL FUNDS 84,774 (84,884) 162,742 162,632

This page forms part of the statutory financial statements

Page 15

MAYFIELD HOME TRUST LIMITED (REGISTERED NUMBER: 02156182)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2022

9. MOVEMENT IN FUNDS 2021 COMPARATIVES- continued

Unrestricted funds
General fund
Endowment funds
Denise Brookes Fund
TOTAL FUNDS
Net
movement
At 1 April in funds At
2020
£
£
2,093,793
418,362
29,335
589
2,123,128
418,951

At
31 March
2021
£
2,512,155
29,924
2,542,079

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Endowment funds
Denise Brookes Fund
TOTAL FUNDS
Incoming
resources
£
72,951
3407
73,358
Resources
expended
£
(64,312)
(777)
(65,089)
Gains and Movement
losses
in funds
£
£
409,723
418,362
959
589
410,682
418,951

This page forms part of the statutory financial statements

Page 16

MAYFIELD HOME TRUST LIMITED (REGISTERED NUMBER: 02156182)

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2022

9. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Endowment funds
Denise Brookes Fund
TOTAL FUNDS
At 1 April
2020
£
2,093,793
29,335
2,123,128
Net
movement

in funds At
£
580,994
589
581,583
At
31 March
2022
£
2,674,787
29,924
2,704,711

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Endowment funds
Denise Brookes Fund
TOTAL FUNDS
Incoming
resources
£
157,725
407
158,132
Resources
expended
£
(149,196)
(777)
(149,973)
Gains and Movement
losses
in funds
£
£
572,465
580,994
959
589
573,424
581,583

10. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2022.

11. CONTROL OF THE COMPANY

This is a charitable company limited by guarantee, which is run by the board of directors.

This page forms part of the statutory financial statements

Page 17

MAYFIELD HOME TRUST LIMITED (REGISTERED NUMBER: 02156182)

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022

INCOMING RESOURCES
Donations and legacies
Donations
Investment income
Dividends
Interest on fixed deposit
Deposit account interest
Total incoming resources
RESOURCES EXPENDED
Charitable activities
Grants
Support costs
Management
Accountancy
Investment management fees
Legal fees
Printing postage and stationery
Advertising and website
Travel and meeting costs
2022
£
250
84,487
22
15
84,524
84,774
68,823
1,920
3,051
-
363
1,010
-
6,344
2021
£
-
73,311
21
26
73,358
73,358
49,296
1,800
2,766
777
414
1,010
250
7,017

This page does not form part of the statutory financial statements

Page 18

MAYFIELD HOME TRUST LIMITED (REGISTERED NUMBER: 02156182)

D ETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022

Finance
Insurance
Bank charges
STAFF COSTS
Administration and company secretary fees
Other
Subscriptions
Total resources expended
Net (expenditure)/income before gains
Realised recognised gains and losses
Realised gains/(losses) on fixed asset
investments
Net income
2022
£
623
361
984
8,631
102
84,884
(110)
-
(110)
2021
£
601
360
961
7,739
76
65,089
8,269
245
8,514

This page does not form part of the statutory financial statements

Page 19

Mayfield Home Trust Limited 31 March 2022 Investment Schedule

CCLA CHARITIES INVESTMENT FUND
INCOME UNITS
CAZENOVE CAPITAL MANAGEMENT
MULTI-ASSET FUND
Number of
units
Book cost
82,716.81 733,000
1,704,468 674,792
1,407,792
As at 1 April 2021
Number of
units
Book cost
82,716.81 733,000
1,704,468 674,792
1,407,792
As at 1 April 2021
Acquisitions/(Disposals) Acquisitions/(Disposals) Acquisitions/(Disposals) Gain / (Loss)


-
Number of
units
Cost
Market Value
82,716.81 733,000 1,610,786

1,704,468 674,792 1,013,818

1,407,792
2,624,604
As at 31 March 2022
Number of
units
Cost
Market Value
82,716.81 733,000 1,610,786

1,704,468 674,792 1,013,818

1,407,792
2,624,604
As at 31 March 2022
Number of
units
Cost
Market Value
82,716.81 733,000 1,610,786

1,704,468 674,792 1,013,818

1,407,792
2,624,604
As at 31 March 2022
Unrealised
gain / (loss)
877,786
339,026
Dividends to
31st March
2022
44,452
40,035
Dividends to
31st March
2022
44,452
40,035
Dividends to
31st March
2022
44,452
40,035

Number of
units
82,716.81
1,704,468

Date Number of
units
Cost /
(Proceeds)
Number of
units
82,716.81
1,704,468

Cost
733,000
674,792


- 1,407,792 1,216,812 84,487

Page 20