THE MANIFOLD TRUST ANNUAL REPORT FOR THE YEAR ENDED 5 APRIL 2024 Structure, Governance, Management and Administration l. The Manifold Trust {"the Chariw,) is constituted by a Deed of Trust dated 21 December 1982 and is a registered charity numbered 326332. Its address for correspondence is 6a George Street, Hockley, Nottingham, NGI 3BE. 2. The Charity trustees during the year to 5 April 2024 were Adrian Charles Henry Noskwith and Laura Christina Godsal. The power of appointing new trustees of the Charity is vested in Mr Adrian Charles Henry Noskwith during his lifetime. 3. The solicitors for the Charity are Womble Bond Dickinson, 4 More London, Riverside, London, SEI 2AU. The Independent Examiner of the Charity is Nicholas Poole of Poole Associates Limited, Chartered Certified Accountants, of 6a George Street, Hockley, Nottingham. 4. The trustees have wide investment powers being the same full and unrestricted powers of investing as if they were a single beneficial owner. This is set out in Clause 61b) of the Deed of Trust. 5. The trustees keep the identification, evaluation, and management of risk with the charity under constant review. This is to ensure that the charity is in full compliance with the law and relevant regulations of best practice generally. Sarasin & Partners LLP are the charitws financial advisors (The previous advisors being Close Wealth Management Group). 6. The preparation and general administration of the Charity's Financial Statements are dealt with by Nicholas Poole. Objects and Activities 7. The objects of the Charity are to advance education and religion, to relieve persons in necessitous circumstances and further any other charitable purposes the trustees may think fit. 8. In planning the activities and grants for the year, the trustees have kept in mind the Charity Commission's guidance on public benefit. 9. The Charity carried out these objects by making grants for the public benefit to appropriate charities in accordance with the Charity's objects. 10. The trustees, policy on grant-making is to consider all charities to whom grants have been made in previous years and to consider appeals from new charities. Each application is considered independently on its merits, taking into account and the amount of grant required. Any benefit to the charity or its officers must be incidental. Achievements and performance 11. All grants made during the year were in accordance with the objects of the charity. The majority of grants were made to charities registered with the Charity Commission. 12. This year the Charity has made grants totalling £117,651 (2023 - £47,520). The largest individual grants were. -Tikva UK £22,500 -university of Nottingham £20,000 -Nottingham Liberal Synagogue £18,621 The purpose of the grants given is for the advancement of education and relief of poverty. Among the charities which benefited are the following:_ -AISH Hatortah UK -British Friends of the Hebrew University of Jerusalem Forum for Jewish Leadership - Gesher Give it Forward Today 13. The trustees, policy on reserrfe5 is to accrue funds for major grants in line with the charity's policy of supporting education and persons in need. Financial Review 14. During the year to 5 April 2024, the Charity has pursued a policy of maximising income from its investments whilst at the same time ensuring capital growth of those investments. Investment income received totalled £54,088 {2023 - £45,080). 15. Other than as previously mentioned, the Charity has no-on going items of expenditure, projects not completed or obligations not yet met. 16. At 5 April 2024 the market value of investments held by the trust was £2,379,084 (2023 £2,491,967), and the net current assets of the trust were £43,265 12023- £15,828). Total funds of the trust were £2,422,349 (2023- £2,507,795). 17. It is accordingly the trustees, view that the Charitys assets are available and adequate to fulfil the present obligations of the Charity. AN A C H Noskwith Trustee Date 4 February 2025 THE MANIFOLD TRUST STATEMENT OF FINANCIAL ACTIVITIES AND BALANCE SHEET FOR THE YEAR ENDED 5 APRIL 2024 THE MANIFOLD TRUST CONTENTS FOR THE YEAR ENDED 5 APRIL 2024 Page Trust information Trustees Approval Independent Examiners Report Statement of Financial Acts-vities Balance Sheet 6t09 Notes to the Accounts THE MANIFOLD TRUST TRUST INFORMATION FOR THE YEAR ENDED 5 APRIL 2024 Solicitors Womble Bond Dickinson 4 More London Riverside London SE12AU Examining Accountant Nicholas Poole FCCA Poole Associates Limited Chartered Certified Accountants 6a George Street Hockley Nottingham NG13BE Charity Commission Number 326332 Page 1 THE MANIFOLD TRUST STATEMENT OF FINANCIAL ACTIVITIES AND BALANCE SHEET FOR THE YEAR ENDED 5 APRIL 2024 TRUSTEES APPROVAL The Statement of Financial Adivitses set out on page 4 for the financial year ended on the above date, and the Balan￿ Sheet al Ihat dale sel out on page 5. together wilh the notes on pages 6 10 9 attached are as approved by the Trustees. A C H Noskwth (Trusteel Dated: 4 February 2025 Page 2 THE MANIFOLD TRUST INDEPENDENT EXAMINER'S REPORT ON THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024 (Charity no 326332) l ￿port to the trustees in my examination of the accounts of the above charity {' The Manifold Trustl for the year ended 5 April 2024, which are set out on pages 4 10 9. Responsibilities and basis of report As the charity of trustees of the Trust. you are responsible for the preparation of the accounts in accordance with the requirement of the Charities Act 2011 ("the Acr.). l ￿port in restÉcl of my examination of the Trusvs accounts carried under section 145 of the 2011 Act and in carrying out my examination. I have followed the applicable Directions given by the Charity Commission under section 14515)Ib} of the ACL Independent examinerfs statement I have completed my examination, I confim that no material matters have come to my attention lother than that disclosed below) in connection wrth the examination which give me cause to believe that in any material respect.. accounting records were not kept in accordan￿ wth section 130 of the Act or the accounts do not accord accounting records.. or the accounts did not compty with the applicable requirements con￿MIng the fom) and content of accounts sel out in the Charitses (Accounts and Reports) Regulations 2008 other than any requirement that the accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fail view which is not a matter considered as part of an independent examinlalion. I have no ￿n￿rn$ and have come across no other matters in connection with the examination lo which attention should be drawn in order to enabie a proper understanding of the accounts to be reached Signed Date 0410212025 Nicholas Poole FCCA (Chartered Certffied Accountant) Poole Associates Limited Chartered Certified Accountsnts 6a George Street Nottingham NG1 3BE Page 3 THE MANIFOLD TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Notes General Capital Unrestricted Expenditure Income EndowTnent Fund Fund Total 2024 Total 2023 Incoming Resources Donations Investments 24,501 29,587 54,088 45,080 Total 24,501 29,587 54,088 45,080 Resources Expended Expenditure on . Charitable activities". Costs of activities in furtheran￿ of the charity's objects Idonationsl 32.651 85,000 117,651 47,520 Management and administration costs 5.431 5,431 5,082 Totsl 38.082 85,000 123,082 52,602 Net income before investmenl gainsl(losses) {13.5811 155,4131 168,9931 17,5221 Net gainslllosses) on investments 116,4521 116,4531 1180,1551 Net Income {13.5811 171.8641 185,4461 1187,677) Net movements in funds Fund balan￿$ brought foThvard at 06 April 2023 15.730 2,492,065 2,507,795 2,695,472 Fund balan￿$ carried foNard at 05 April 2024 2.149 2.420,201 2,422,349 2,507,795 All of the above results are derived from continuing activities. Al gains and losses recognised in the year are included above. Page 4 THE MANIFOLD TRUST BALANCE SHEET ASAT 5 April 2024 2024 Capital Expenditure Unrestricted Endowment Funds Fund 2023 Notes Totsl Funds Fixed Assets Investments (At market value) 4&9 2,379,084 2,379,084 2,491,967 Current Assets Debtor- lax repayment Other debtor Cash at bank 598 5,021 44.568 50.187 598 5,021 45,283 50,902 598 2,082 25,471 28,151 715 715 Creditors- Amounts falling due within one year Accruals and other liabilits'es 7,637 7,637 12,323 Net Current Assets 42,550 715 43,265 15,828 Total Net Assets 42,550 2,379,799 2,422,349 2,507,795 Funds ofthe Charity General Income Fund 3,049 3,049 16,630 Capital Expenditure EndowTnent Fund includes a revaluats'on reserve of1£90,387) 12023 - £168,873) 2,419,300 2,419,300 2,491,165 Total Funds 3.049 2,419,300 2,422,349 2,507,795 The notes on pages 6 to 9 fom part of these accounts The accounts on pages 4 to 9 were approved by the Trustees on 4 February 25 and signed on their behalf by A C H Noskwith Trustee Page 5 THE MANIFOLD TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting Policies Preparation of Accounts The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the accounts, and on the accruals basis in accordan￿ with Accounling and Reporting by Charities preparing their accounts in accordance wlh the Financial Reporting standard applicable in the UK and Republic of Ireland {FRS 102). Funds Structure Restricted funds are funds which are to be used in accordance V￿th specific restriclions imposed by the donor or trusl deed. Unreslricted income funds are Ihose funds which the trustees are free to use for any purpose in the furtheran￿ of the charity's obiect"ves. Income Donations Iwhelher intended by the donor to be taken as additional income or as an addition to the Capital Fund of Ihe Charity) are recognised when the charity becomes entiued to the resources. Any tax repayment results'ng from the re￿ipt of the donations is also accounted for in the period in which the donation is recognised. Investment income is recognised ¥Mthin the accounts when the charity becomes entitled to the income. This income includes any income tax which may be recoverable. Grants Payable Dislributions are only made to other charilies and are recognised in the accounts when a commitrnent for payment is made. Expenditure Expenditure is allocated to the General Income Fund since it is the intents.on of the Trustees that the capital of the trust is to remain intact It is the Trustees, policy not to make any claims for any expenses which they incur in relalion to the operation or managemenl of the chartty. Liabilities are recognised as expendilure as soon as there is a legal or conslructive obligation commitbng the charity to that expenditure, it is probable Ihat seluement wll be required and the obligabon can be reliabily measured. All expenditure is accounted for on the accruals basis. Inveslments Investment assets are ststed at market value at the balance sheet date and any unrealised gains or losses arising in the year are shown separately wthin the accounts for the year. The investments have been valued at market value by the relevant professional investmenl managers in respect of investments managed by them. Other investments have been valued based on published information. Page 6 THE MANIFOLD TRUST NOTES TO THE ACCOUNTS Donations Received 2024 2023 Gift Aid donations treated as an addilion to the Capital Expenditure Endowment Fund in accordan￿ wth the Trust Deed Grants Made to Beneficiaries During the year all grants made were to charitable instytutr'ons. A separale list of grant payments made during the year is available upon request trom the Trustees. Fixed Asset Inveslments 2024 2023 Market value at 6 April 2023 2,491,967 2,665,060 Net Additionslldisposals) 196,4321 7,062 Nel gainsl{losses) on investments 116,451) 1180,1551 Market value as at 5 April 2024 2,379,084 2,491,967 Hisloric Cost as at 5 April 2024 2,371,589 2,469,471 The investments held by the trusl are all investments listed on recognised stock exchanges wlh the exception of the Property Investment Trust for Charits'es which is not listed I see note 9). Page 7 THE MANIFOLD TRUST NOTES TO THE ACCOUNTS statement of Funds At 6 April 2023 At 5 April 2024 Investment GainsllLosses) Income Expenditure General Income Fund and total unrestricted fund 16.630 24.501 (38,082} 3,049 Capital Expenditure Endowment Fund and total restricted fund 2.491.165 29.587 (85,000) 116,4521 2,419,300 Total Funds 2.507.795 54.088 1123,082} 116,4521 2,422,349 The general income fund represents the free fijnds of the charity which are not designated for particular purposes. At the present time the Capital Expenditure Endowment Fund is. in accordance with the trustees policy, intended to'.- al create a capitsl base which will provide a long tem income when the regular donalions cease, and bl to provide funds for major projects such as the chair which has been frjnded at a Brit"sh University. Fees for examination of the accounts Independent examinerfs fees Employees During 2024 the trust did not have any employees12023 - none). Transactions with trustees and related parties None of the trustees have been paid any remuneration, expenses, or re￿iVed any other benefits from an employment with Iheir charity or a related entity. The only related paty transaction in the year was Ihe donation of £3,055 referred to in note 2 in 2020, which was re￿iVed from a family trust controlled by the trustees. In the previous year there were no related paty transath"ons. Page 8 THE MANIFOLD TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024 Investmonts and Invastrnent Income Nominal amount of Stock or Numberof Shares Market Value of Irwestments Cost of Investments Income received from Investments Security 2024 2023 2024 2024 2023 Bardays UK Ajpha Fund A Income 21,577 85.229 79.403 24,940 1,448 M & G Charibond Charrties Fixeil interest Common Investment Fund 'Charibond' Units 157,C64 147.137 172.064 175,726 6,283 4,162 Natwesl Groups PIC Ordinary Shares of 10p 1.337 3.655 3.518 19.016 192 372 B T Group PLC Ordinary sha￿$ of5p 3,750 5,471 10,637 289 289 BAE Systems PLC Ordinary Shares 2.572 34.105 25.790 2.618 723 658 Nationwide Building Soaety Floating Rale Peimanenl Interest Bearing Shares 25.000 29.375 25.530 25.252 2.277 1.588 Property Investment Trust for Chanties 623.692 462.218 495.835 500.000 29.587 26.541 Sarasin and Partners 1,613,400 1,684.356 1.613,400 14,254 9,985 2.379.084 2.491.967 2.371.589 53.605 45.043 Add." Tax refund due Interest Received 483 37 Total investment income 54.088 45.080 l investments are listed on recognised stock exchanges with the ex￿ption of the Propety Investment Trusl for Charities, which is not listed. Page 9