**Registered Charity Number: 314180** ## **THE LADY MICO TRUST** ## **REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 MARCH 2021** **THE LADY MICO TRUST** ## **ANNUAL REPORT AND FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 MARCH 2021** _______________________________________________________________________________________ ## **CONTENTS** |Trustees’ Report|1 -||2| |---|---|---|---| |Independent Examiner’s Report||3|| |Statement of financial activities||4|| |Balance sheet||5|| |Notes forming part of the financial statements|6|-|8| ## **THE LADY MICO TRUST** ## **CHARITY INFORMATION** ## **FOR THE YEAR ENDED 31 MARCH 2021** _______________________________________________________________________________________ ## **Legal and administrative details** Registered No. 314180 The Trustees during the year were:- The Revd Rachel Benson D L (Chairman) Professor The Hon. Errol L. Miller O.J.C.D. (retired 11 August 2020) Nicholas Buxton Joseph Barclay Charles Benson (appointed 11 August 2020) Dr Roderick Karl James CD (appointed 24 February 2021) ## **Secretary** Patricia Day FCG ## **Principal advisers:** ## **Bankers** Lloyds Bank PLC 34 Moorgate London EC2R 6DN ## **Investment Manager** Rathbone Investment Management Limited 8 Finsbury Circus London EC2M 7AZ ## **Accountants** Hillier Hopkins LLP Radius House 51 Clarendon Road Watford Hertfordshire WD17 1HP ## **Solicitors** Radcliffes LeBrasseur 85 Fleet Street London EC4Y 1AE ## **Principal address** 23 Ranulph Way Hatfield Peverel Chelmsford CM3 2RN ## **THE LADY MICO TRUST** ## **TRUSTEES REPORT** ## **FOR THE YEAR ENDED 31 MARCH 2021** _______________________________________________________________________________________ The Trustees present their report and accounts for the year ended 31 March 2021. ## **Constitution** The Lady Mico Trust is an unincorporated association governed in accordance with a Scheme dated 17 October 1988 and registered with the Charity Commission of England and Wales. The Trustees are appointed for a term of five years by a resolution of the Trustees at a special meeting of which 21 days’ notice has been given. Any competent Trustee may be re-appointed. ## **Objects, organisation and activities** The objects of The Lady Mico Trust are to give support, over and above that available from the Government of Jamaica, to the Mico University College in Kingston, Jamaica, and more generally to assist the education of young persons resident in Commonwealth countries of the West Indies, having regard in all of this to promotion of education in the Christian faith. In recent years all available finance has been directed towards the work of the University College, in which the Trustees maintain a close interest and which continues to contribute very greatly in the training of teachers and in other areas of education to the people of Jamaica and of the Caribbean region. The Trustees consider that, within their limited resources, they have thereby fully complied with the duty of Public Interest laid upon them under section 4 of the Charities Act 2006. The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing their aims and objectives and in planning their future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set. A total of £52,000 was remitted during this year to Mico University College. Such payments are always made through The Mico Foundation, a separate charitable foundation established in Jamaica. Of this amount, £7,000 was used to purchase laptops for students to enable them to work from home during the Covid 19 pandemic. The remaining funds have been used to finance improvements to the estate and property of the University College which will benefit staff and students as a whole. ## **Structure, governance and management** Professor Errol Miller retired as a Trustee on 11 August 2020. On the same date, Charles Benson was appointed as a Trustee. On 24 February 2021, Dr. Karl James, Chancellor of the Mico University College, was appointed as a Trustee _ex officio_ . There were two full meetings of Trustees during the year and two meetings each attended by two Trustees and the Secretary with the Investment Manager. In order to comply with Government restrictions, all these meetings were held virtually by Zoom. ## **Financial activities** The accompanying financial statements show the state of finances at 31 March 2021, which the Trustees consider to be sound. The statement of financial activities on page 3 gives details of income and expenditure for the year to 31 March 2021. Charitable payments during the year amounted to £52,000. Income exceeded expenditure from unrestricted funds by £1,389. Unrealised gains on investment assets amounted to £286,776 and realised profits amounted to £315. ## **Reserves policy** The Charity aims to maintain unrestricted funds at a level in excess of the likely requests for support by Mico University College in the ensuing year. The unrestricted reserves at the year end were £79,724 which the Trustees do not consider excessive. ## **Risk management** The Trustees have examined the risks which the charity faces and have systems in place to mitigate these risks. **Page 1** THE L4DY hllco TrUST TRUSTEES REFoirr FOR THE YEAR EfrfDED 31 MARCH 2•21 IDvestmen¢ polky The investment obiei*iv¢ Is ￿ 8L*ieve a balattt of iti apitsl and in￿r0e In of Int]atw)n. The Investment portfollo throu￿ funds. OD bd￿ofth¢Tnty1tts Dattt 11 Ausustr THE LADY MICOTRUST INDEPEf4DENT EXAMif4ER'S REPORT FOR THE YEAR ENDED 31 MARCH 2021 Independeni Examiner's Report to the Tru5ttts of The IAdy Ml¢o Trnst I report io the chariry trU￿e¢S on my exJminaiion of the a¢¢ounts of the charity for the year ended 31 March 2021 which are s out on pages 4 to 8. Responsibilities and basis of report As ihe charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the A¢i'). I report in respecr of my ex8mtnation of the chartty's accounts carried out under seciion 145 of the Act and in carying out my examination I have followed all the applicable Directions given by the Charity Commission under seclion 145(5Kb) of the Act. Indtpendent Examiner's statement I have completed my examinaiion. I confinn that no material matter5 have come to rny atten¢ion in ¢onn¢¢iioD with the examination giving tne cause io belteve thai in any marerial respect= accounting records were not kept in respect of the charity a5 required by section 130 of the Ath- or the accounts do not accord with ihose record5. or Ihe accounts do nor comply wirh the applicable requirements coneerning ihe fortn and content of accounLS sei oui in the Charities (Accounis and Reports) Regulaihons 2008 other than any requirement thai the accounts give a 'rrue and fair view, which is no( a matter considered as part of an ib)dependeni exami￿10n. I have no concerns Ind hav¢ come across no other mallers in conneaion with the examinaiion to which attention should b¢ drnwn in ihis repM in OTder to enable a prcyer understanding of the accounts to be reached. Simon Speller FCA clo Hillier Hopkins LLP Chanered Accounianis Radius House 51 Clarendon Road Waiford Hertfordshire WD17 IHP Dfi¢e: 13 Oelober 2021 P*ge3 ## **THE LADY MICO TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **FOR THE YEAR ENDED 31 MARCH 2021** ____________________________________________________________________________________________________ |**Unrestricted**
**Note**
**funds**
**£**
**INCOMING RESOURCES**
**Grant income and donations**5,000
**Investment income**
Bank and bond interest
-
Other investment income
52,286
______
Total incoming resources
57,286
______
**RESOURCES EXPENDED**
**Costs of activities in furtherance**
**of the Charity’s objects**
Payments to Mico Foundation, Jamaica
52,000
**Cost of generating funds**
Investment management charges
**3**
-
**Governance**
**3**
1,560
**Other expenditure**
**3**
2,337
______
Total resources expended
55,897
______
Net incoming/(outgoing) resources
before transfers
1,389
Transfer between funds
-
______
1,389
**Other recognised gains/losses**
Unrealised gains/(losses) on
investment assets
-
Realised gains/(losses) on
investment assets
-
______
Net movements in funds
1,389
Fund balances brought forward
78,335
______
Fund balances carried forward
79,724
______|**Restricted**
**funds**
**£**
-
-
-
______
-
______
-
-
-
-
______
-
______
-
-
______
-
-
-
______
-
-
______
-
______|**Endowment**
**funds**
**£**
-
-
-
_____
-
_____
-
1,551
-
-
______
1,551
______
(1,551)
-
______
(1,551)
286,776
315
________
285,540
1,347,295
________
1,632,835
________|**Total**
**2021**
**£**
5,000
-
52,286
______
57,286
______
52,000
1,551
1,560
2,337
______
57,448
______
(162)
-
______
(162)
286,776
315
________
286,929
1,425,630
________
1,712,559
________|**Total**
**2020**
**£**
-
2,430
35,802
______
38,232
______
41,000
8,608
1,500
5,323
_____
56,431
______
(18,199)
-
_____
(18,199)
(195,521)
57,682
______
(156,038)
1,581,668
________
1,425,630
________| |---|---|---|---|---| All amounts relate to continuing activities The notes on pages 6 to 8 form part of these financial statements **Page 4** THE LADy￿C0 TRUST AS AT31 MARCH 2•21 N• FIXED A￿T6 Investments IVJJ42 1.415592 Debtors 9257 3.765 1495 £499 1.727 1192 Casb et knk J5J17 114l8 CREDITORS: AMOUNTS FALUNC DUE wmllN ONE YEAR I3￿17 10.038 TOTAL NET ASSETS 1.711559 1.425.630 CAP￿AL FUNDS 1ffj31835 lJ47295 Desi8D4ted fitnd8 OtherelJ2ritsbie fiuMLs 78J35 1.712J59 iJ25th30 Apwovolty the Thtsteeson 11 LJsF- Ztsz4 Chairnjan of TnJste4 **THE LADY MICO TRUST NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 MARCH 2021** ## 1 **ACCOUNTING POLICIES** ## **Basis of accounting** The financial statements are prepared under the historical cost convention, modified by the revaluation of investments and are in accordance with applicable accounting standards and the Charities Accounting Statement of Recommended Practice (SORP). There have been no changes in the accounting policies. ## **Income and expenditure** Income and expenditure (including VAT) is accounted for on an accruals basis. ## **Investments** Investments are included in the accounts at market value and any unrealised profit is disclosed in the Statement of Financial Activities. ## **Income** The income arising from the Charity’s total assets is credited to the Statement of Financial Activities and administration and management charges are defrayed before applying the remaining balance for those charitable purposes approved by the Charity Commissioners and set out in the document constituting the scheme. ## **Foreign currency transactions** Transactions denominated in foreign currencies are recorded in the local currency at the actual rate of exchange on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the year end are reported at the rates of exchange prevailing at that date. Any gain or loss arising from a change in the rates of exchange subsequent to the date of the transaction is carried forward until a payment is made to a charitable institution. ## **Cash flow** The accounts do not include a cashflow statement because as a small reporting entity, it is exempt from the requirement to prepare such a statement under Financial Reporting Statutory Cash Flow Statements. ## **Funds** Designated funds are amounts which have been set aside at the discretion of the Trustees for a specific, but not legally binding, purpose. The purpose of restricted funds are as detailed in the notes to the accounts. - 2 **TRUSTEES’ RESPONSIBILITIES** Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for the financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the Trustees should follow best practice and: - a) Select suitable accounting policies and apply them consistently; - b) Observe the methods and principles in the Charities SORP; - c) Make judgements and estimates that are reasonable and prudent; - d) State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements. - e) 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 which disclose with reasonable accuracy the financial position of the charity and which enable them to ascertain the financial position of the charity and which enable them to ensure that the financial statements comply with the trust deed. They are 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. **Page 6** ## **THE LADY MICO TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 MARCH 2021** _______________________________________________________________________________________ ## 3 **Analysis of total resources expended** Total administration and management costs of the charity can be further analysed as follows:- |Audit and accountancy
Secretary’s fee
Investment management charges
Travel expenses
Bank charges
Insurance
Subscriptions
Stock Exchange fee|**2021**
**£**
1,560
2,000
1,551
-
80
257
-
-
_____
5,448
_____|**2020**
**£**
1,500
2,257
8,608
2,620
45
241
76
84
_____
15,431
_____| |---|---|---| For annual discretionary fund management, Rathbone Investment management charges a flat fee based on the total value of the portfolio with no purchase or sale commission charged on investment transactions. The charity has no paid employees. ## 4 |**Fixed asset investments**
Quoted investments
Market value at start of year
Additions at cost
Cash movements
Disposals at open market value
Net unrealised investment gains/(losses)
Market value at end of year
Historical cost at end of year
Bonds
Equity
Alternatives
Cash|**2021**
**2020**
**£**
**£**
1,415,592
1,570,465
-
1,950,472
39
-
(2,865)
(1,909,824)
286,776
(195,521)
________
_______
1,699,542
1,415,592
________
_______
1,607,892
1,611,114
________
_______
278,004
259,314
1,104,165
833,474
207,431
237,368
109,942
85,436
________
_______
1,699,542
1,415,592
________
_______| |---|---| **Page 7** **THE LADY MICO TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31 MARCH 2021** _______________________________________________________________________________________ ## 5 **Creditors: amounts falling due within one year** |Accruals
6
**Designated fund**
No funds were designated out of unrestricted funds.|**2021**
**£**
2,500
______|**2020**
**£**
2,380
______| |---|---|---| ## 7 **Endowment fund** |**Balance**
**1 April**
**2020**
**£**
Endowment
1,347,295
______|**Outgoing**
**resources**
**£**
(1,551)
______|**Gains/**
**(losses)**
**and transfers**
**£**
287,091
______|**Balance**
**31 March**
**2021**
**£**
1,632,835
________| |---|---|---|---| **Page 8**