Registered Charity Number: 314180
## THE LADY MICO TRUST
REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
THE LADY MICO TRUST
## ANNUAL REPORT AND FINANCIAL STATEMENTS
## FOR THE YEAR ENDED 31 MARCH 2025
|CONTENTS||||
|---|---|---|---|
|Trustees’ Report|[T=||2|
|IndependentExaminer’s Report||3||
|Statement offinancial activities||4||
|Balance sheet||5||
|Notesformingpartofthefinancialstatements|6|-|8|
## THE LADY MICO TRUST
## CHARITY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2025
## Legal and administrative details
Registered No. 314180
The Trustees during the year were:-
The Revd Rachel Benson DL (Chairman) Nicholas Buxton Joseph Barclay Charles Benson Dr Roderick Karl James CD
## Secretary
Patricia Edmunds FCG
Principal advisers:
Bankers
Lloyds Bank PLC 34 Moorgate London EC2R 6DN
## Investment Manager
Rathbones 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 2025
The Trustees present their report and accounts for the year ended 31 March 2025.
## 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 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 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.
Funds are allocated to the Mico University College. Such payments are always made through The Mico Foundation, a separate charitable foundation established in Jamaica. The funds have been used to finance improvements and repairs to the estate and property of the University College which will benefit staff and students as a whole. A total of £47,000 was set aside this year for the restoration of the heritage buildings of the Mico University college. This work has not yet commenced and is pending an assessment of the full extent of the work to be carried out.
Since February 2023, the Trustees have set aside £122,000 for investment on behalf of The Mico Foundation. Taking into account investment returns, the total amount invested is now £128,185. These monies will be transferred to The Mico Foundation when the programme for the restoration of the heritage buildings is under way.
## Structure, governance and management
In accordance with the terms of the constitution, Joseph Barclay was re-elected as a Trustee for five years from 27 October 2024. On 31 March 2025 The Revd Rachel Benson retired as Chairman and a Trustee. Joseph Barclay was elected as Chairman from that date.
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.
## Financial activities
The accompanying financial statements show the state of finances at 31 March 2025, which the Trustees consider to be sound. The statement of financial activities on page 4 gives details of income and expenditure for the year to 31 March 2025.
Amounts set aside for charitable payments during the year amounted to £47,000. Income exceeded expenditure from unrestricted funds by £51,477 and unrealised gains on investment assets amounted to £12,824 and realised gains amounted to £3,837.
## 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 £210,621 which the Trustees do not consider excessive.
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THE LADY MICO TRUST
## TRUSTEES REPORT
FOR THE YEAR ENDED 31 MARCH 2025
## Risk management
The Trustees have examined the risks which the charity faces and have systems in place to mitigate these risks.
## Investment policy
The investment objective is to achieve a balance of growth in capital and income in excess of inflation. The investment portfolio is managed by Rathbones Investment Management Limited. The funds are invested in the Rathbone Active Income and Growth Fund. The fund invests globally in a mixture of shares, bonds, structured products and specialist funds. Shares and bonds are bought directly and held through funds, whilst most of the overseas assets, specialist strategies, immoveable property, commodities and alternatives are held through funds. Some funds are invested separately in Treasury bills.
On behalf of the Trustees
Patricia Edmunds FCG- Secretary
Date: (6 re Gat d a)
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## THE LADY MICO TRUST
## INDEPENDENT EXAMINER’S REPORT
## FOR THE YEAR ENDED 31 MARCH 2025
## Independent Examiner's Report to the Trustees of The Lady Mico Trust
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2025 which are set out on pages 4 to 8.
## Responsibilities and basis of report
As the charity’s trustees 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 charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the 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 charity 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 givea ‘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.
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## Simon Speller FCA
c/o Hillier Hopkins LLP Chartered Accountants Radius House 51 Clarendon Road Watford Hertfordshire WD17 ,1HP | ) Date: ty: ? Se pimbber dS
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## THE LADY MICO TRUST
## STATEMENT OF FINANCIAL ACTIVITIES
## FOR THE YEAR ENDED 31 MARCH 2025
|||Unrestricted|Restricted|Endowment|Total|Total|
|---|---|---|---|---|---|---|
||Note|funds|funds|funds|2025|2024|
|||£|£|£|£|£|
|INCOMING RESOURCES|||||||
|Grant income and donations||-|-|-||-|
|Investment income||55,687|-||55,687|55,061|
|Total incoming resources||55,687|-|-|55,687|55,061|
|RESOURCES EXPENDED|||||||
|Costs of activities in furtherance|||||||
|ofthe Charity’s objects|||||||
|Payments toMico Foundation, Jamaica||-|-|-|-|-|
|Cost ofgenerating funds|||||||
|Investmentmanagementcharges|3|-|-|3,646|3,646|3,319|
|Governance|3|1,950|-|-|1,950|1,860|
|Other expenditure|3|2,260|-|-|2,260|2,260|
|Total resources expended||4,210|-|3,646|7,856|7,439|
|Net incoming/(outgoing) resources|||||||
|before transfers||51,477|-|(3,646)|47,831|47,622|
|Transfer between funds||-|-|-|-|-|
|||51,477|-|(3,646)|47,831|47,622|
|Other recognised gains/losses|||||||
|Unrealised gains/(losses)on|||||||
|investment assets||-|-|12,824|12,824|102,782|
|Realised gains/(losses) on|||||||
|investment assets||-|-|3,837|3,837|1,365|
|Netmovements in funds||51,477|-|13,015|64,492|151,769|
|Fund balances brought forward||159,144|-|1,658,415|1,817,559|1,665,790|
|Fundbalancescarriedforward||210,621|-|1,671,430|1,882,051|1,817,559|
All amounts relate to continuing activities
The notes on pages 6 to 8 form part of these financial statements
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THE LADY MICO TRUST
## BALANCE SHEET
AS AT 31 MARCH 2025
|
**----- Start of picture text -----**
||||||
|---|---|---|---|---|
|Note|2025|2024|
|£|£|
|FIXED|ASSETS|
|Investments|4|1,787,583|1,774,466|
|CURRENT|ASSETS|
|Debtors|15,874|13,935|
|Deposits|with|investment manager|80,749|31,103|
|Cash|at bank|825|O15|
|97,448|45,953|
|CREDITORS:|AMOUNTS|FALLING|
|DUE WITHIN ONE YEAR|5|2,980|2,860|
|NET CURRENT ASSETS|94,468|43,093|
|TOTAL NET ASSETS|1,882,051|1,817,559|
|CAPITAL|FUNDS|
|Endowment|fund|7|1,671,430|1,658,415|
|RESTRICTED|FUND|
|Restricted|funds|-|-|
|UNRESTRICTED|FUNDS|
|General|funds|210,621|159,144|
|1,882,051|1,817,559|
|Approved by the Trustees on|& foax aaa|
|4|
|Joseph Barclay|alls|
|;|iw|
|Chairman|of Trustees|\|Trustee|
**----- End of picture text -----**
The notes on pages 6 to 8 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
1 ACCOUNTING POLICIES
2 TRUSTEES’ RESPONSIBILITIES
## THE LADY MICO TRUST
## FOR THE YEAR ENDED 31 MARCH 2025
## 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 discharged 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 Standard 102.
## Funds
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
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 2025
## 3 Analysis of total resources expended
Total administration and management costs of the charity can be further analysed as follows:-
||2025|2024|
|---|---|---|
||£|3|
|Audit and accountancy|1,950|1,860|
|Secretary’s fee|2,000|2,000|
|Investment management charges|3,646|3,319|
|Insurance|260|260|
||7,856|7,439|
For annual discretionary fund management, Rathbones 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
|Fixed asset investments|||
|---|---|---|
||2025|2024|
||£|£|
|Quoted investments|||
|Marketvalue at start ofyear|1,774,466|1,624,288|
|Additions
Disposals atopen market value|199,346
(199,053)|99,335
(51,939)|
|Net unrealised investment gains/(losses)|12,824|102,782|
|Market value atendofyear|1,787,583|1,774,466|
|Historical cost at end ofyear|1,649,169|1,648,876|
|Bonds|240,134|242,748|
|Equity
Alternatives|1,256,157
188,707|1,242,266
229,665|
|Cash|102,585|59,787|
||1,787,583|1,774,466|
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THE LADY MICO TRUST
## NOTES TO THE FINANCIAL STATEMENTS
## FOR THE YEAR ENDED 31 MARCH 2025
|5|Creditors: amounts falling due within one year|Creditors: amounts falling due within one year||||
|---|---|---|---|---|---|
|||||2025|2024|
|||||£|£|
||Accruals|||2,980|2,860|
|6|Designated fund|||||
||No funds were designated outofunrestricted funds.|||||
|7|Endowment fund|||||
|||Balance||Gains/|Balance|
|||1 April|Outgoing|(losses)|31 March|
|||2024|resources|andtransfers|2025|
|||£|£|£|=|
||Endowment|1,658,415|(3,646)|16,661|1,671,430|
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