**Charity Number: 326956** ## **THE MEADOWBROOK TRUST** **STATEMENT OF ACCOUNTS YEAR ENDED 5 APRIL 2022** ## **THE MEADOWBROOK TRUST** ## **ACCOUNTS YEAR ENDED 5 APRIL 2022** |**CONTENTS**|Page| |---|---| |Trustees' Annual Report|1 - 2| |Independent Examiner's Report|3| |Statement of Financial Activities|4| |Balance Sheet|5| |Notes to the Accounts|6 - 8| ## **THE MEADOWBROOK TRUST** ## **TRUSTEES ANNUAL REPORT** ## **YEAR ENDED 5TH APRIL 2022** The Trustees present their annual report and financial statements of the charity for the year ended 5 April 2022. The financial statements have been prepared in accordance with the accounting policies set out in Note 1 to the accounts and comply with the Charity's Trust Deed, the Charities Act 2011 and 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) published on 1st January 2019. ## **Objects and Policies** The Funds of the Trust are to be applied for or towards such charitable purposes at such time or times and in such manner as the Trustees shall in their absolute discretion think fit. The objectives are fulfilled by the Trustees through consideration of appeals and making grants or donations in response thereto. Funds held pending disbursement may be invested in securities of whatsoever nature as the Trustees see fit. ## **Activities and achievements during the year** The Trust has continued to consider requests for funding. Incoming resources totalled £43,023 (2021: £41,932) which included a transfer of investments from the Settlor with a value of £25,000 (2021: £25,000). The Trust made donations of £20,000 (2021: £22,000) during the year. Governance costs amounted to £2,772 (2021: £2,448) and Investment management fees of £7,513 (2021: £6,595). During the year investment income totalled £18,023 compared to £16,932 last year. There were realised losses of £7,229 and unrealised profits of £59,788 on stock market investments during the year (2021: realised profits of £15,309 and unrealised profits of £182,322). ## **Administration Information** The Meadowbrook Trust is constituted by a Trust Deed dated 18th September 1985 and is a registered charity number 326956. Under clause 9(1) the statutory power of appointing new or additional Trustees rests with Alice Astor. There is a minimum of two Trustees. ## **Trustees** Alice Margaret Frances Astor Susan Mary Simmons ## **Address** Sayers Butterworth LLP 3rd Floor,12 Gough Square London EC4A 3DW Telephone 020 7936 1910 Fax 020 7936 4161 All enquiries should be addressed to above address ref SMS ## **Bankers** ## **Investment Advisor** Rathbone Investment Management Ltd Rathbone Investment Management Ltd 1 Curzon Street London W1J 5FB 1 Curzon Street London W1J 5FB ## **Cater Allen** 9 Nelson Street Bradford BD1 5AN ## **Barclays** ## **Independent Examiner** T C Group The Courtyard, Shoreham Road, Upper Beeding Steyning West Sussex BN44 3TN Leicestershire LE87 2BB Page 1 TXE MEAPQVIDRQQIE TRU81 TRUSTEES ANNUAL REPQRT YEAR E14DED 5 APRIL 2022 Risk A8¥¥ssmen¢ TheTrust8a$ ￿gUlartY revb8w tho rnajor ri5k5 to whith Ihe Charity is exposed. Where approwatè. SYs￿m$ or procedur85 havg b88n eslobli5hed to milvjale Ihe rfsks the charity f8ces. Internal contrd risks are rninimised by the implemèntstions of procedures forauthorisation of 311 transadons. Inveslmont Pollcy Th9ra ar8 no reslrÉctians in thgTrust Dead. The Twsteas operate a risk policywilh a balAnc8 of income and capital growth. The inv8slmenls are GU￿enIY htskl In a mixtu￿ of stock maTket investrn8nts and dep051ts. Ourfn9 kne year Inveslrnenl inGome totrll¢d £18,203 compa￿￿ to £16,932 last year. The investrnents aro SI￿￿Tr al fair Wdlue and indudg Tezlised losses of £7.229 and Lmrealised profits of £59,787 arising in th8 year on investments held. Poll¢y on It 1$ thè Trustees pollcyto resthct outgolng rgsourGe5 ￿ Ihe avaIla￿e thcorne In order lo ensurè suffident reserves are hdd lo funLY Ihe fuknre operdti¢)ns of Ihe chafity. Clauae 3 of the Trust Dee(J gwe8 Ihè p￿r to apply the Trust Fund and the inojme th8reof for such Charitsble purposès as Tru5tee5 Shall in Iheirab$olul8 discr8llon delemiine. Accordingly il ￿ possible to malntaln reserves al 8 rninirnual levtrl, but il is lh8 Truste8s' preference to make ocr2sion81. large donations and accordingly income may be retained pending Iho paymentof such donations. The charity hold free re$wve8 of£1.239,91412021.. £1.174,6171. Twst8escon5iderthe chtrty lo be acung in line vmh the reswves polcy atthe balance sheet dale. Publlc B8t70flt The Trustee5 confirm thalthey have complled th8 duty in Section 17 of the Charl1￿ Act 2011 to h8ve due regard to the general giKdBnce issu8d by the Charfties Comrnissiort on publlc beneftt. R•l#ted Party Tr¥saGllons Susan Sitnmons 15 a Trusteé of Plèadowbrook TwBt an(J also a subconlractorof Sayets Butterworth LLP who PTepare the financ￿1 statements for the Charlty. DunNJ Ihe year there were expenses totslling £1.752 r818ts"NJ to Say8TS Buttèworlh LLP12021£1.4881. Al Ih8 y8ar 8nd thare was an occmal of £1,200 relsting to Sayer3 Butterwolh LLP for prEpatation of Il* 2022 financial 8talements PQ21£1,3681 statem•nt of frLtstse8 R•spon8Sbllltl88 Th8 Tru8t8e$ art responsibl8 for p￿parIng Tnl8te￿ report and finanrial statements in accordancewiih appllcable18w and Unlted lfjngdom A¢cwntsng Slandards Iunited Kingdorn GenerallyAccepted Accounllng PractKel. law8WicaUeto ch•¢itses In EnglaThJ & Wale5 requires tho Tru5t89$ ￿ prep￿ finaAckl $tstem8nts for each fmanclal ye8r,which giv8 a trne and f8ir vlewof Ihe state of alfairs of the Charity snd of the incorning resour￿$ and appli¢aUon of fy$ourGe5 Df Ihe ¢harTtyforlhat perf￿. In poparfng these financial statements the Tw5tees are requKÈd to.. ' select suitsble aceounling polsGi8s and then applythem ￿[BIStenI￿, observe the rnethods and prindples In the Charit￿$ SORP.. . rnake judgrnenls and 8ccounting estiTllate¥ that￿￿ reasonable and prudent . s181ewhether applicable UK Acwunling Standards have b88n fd10￿Ed. 5Ltb]'ecl to anymaleri81 depJrtures d15dosed and explained In the finan¢i81 ststements". and ' prepato the finanriaj statem&ntson Iha ping ex)Tthm b￿85$ unlèss it is inapyoprtala lo prowJm6 thatthe charity wll continue *n operation. The Tw51ees are responsible for 1fee￿n9 adequate accijuntiny recoFd5 that arè suffiuentto showand eW8in the charitrfs trans8ctions and di$dose with ￿3$[￿#ble a¢wracy at8nylmÈ finandal position of the charityaDd enable thern lo ensure that the financial ststemenls ccmplywlh the Clwrities Ad 2011, the Charfty (Accounts and Reports) regula￿On8 2008 and th8 promslons of th8 Trust Deed. TW are also responsible for 5afeguarthng the a5se15 of Ihe charity and ￿nGef￿ lthing reasonable Steps for Ihtr prev•nlion of fraud and olher irregularilr88. ic8 A51gT Sl9n8d on behalf of the Ttuslee5'. Page 2 ## **THE MEADOWBROOK TRUST** ## **YEAR ENDED 5 APRIL 2022** ## **Independent Examiner’s Report to the Trustees of The Meadowbrook Trust** I report to the charity trustees on my examination of the accounts of The Meadowbrook Trust for the year ended 5 April 2022,which are set out on pages 5 to 10. ## **Responsibilities and basis of report** As the trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the 2011 Act"). Having satisfield myself that the accounts of the Charity are not required to be audited and are eligible for independent examination, I report in respect of examination of your charity's accounts are carried out under section 145 of 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 the Charity; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements of the 2011 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 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. Mark Cummins FCCA, FCIE On behalf of: TC Group The Courtyard, Shoreham Road Upper Beeding, Steyning West Sussex BN44 3TN Dated: 20 January 2023 Page 3 ## **THE MEADOWBROOK TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES including the Income and Expenditure Account YEAR ENDED 5 APRIL 2022** |**Note**
**Income From:**
Investment Income
Investment transferred from Settlor
3
**Total Income**
**Expenditure on:**
Raising Funds
Charitable Activities
4
**Total expenditure**
**Unrealised Gain / (Loss) on investments**
3
**Realised (Loss) / Gain on investments**
3
**Net Income / (Expenditure)**
**Transfer between Funds**
**Net movement in funds**
**Reconciliation of funds**
**Total funds brought forward at 5th April 2021**
**Total fund balances carried forward**
**at 5 April 2022**|**Expendable**
**Unrestricted**
**Endowment**
**Income**
**£**
**£**
**-**
**18,023**
**25,000**
**-**
**25,000**
**18,023**
**7,513**
**-**
**1,386**
**21,386**
**8,899**
**21,386**
**59,788**
**-**
**(7,229)**
**-**
**68,660**
**(3,363)**
**(25,000)**
**25,000**
**43,660**
**21,637**
**1,169,844**
**4,773**|**Expendable**
**Unrestricted**
**Endowment**
**Income**
**£**
**£**
**-**
**18,023**
**25,000**
**-**
**25,000**
**18,023**
**7,513**
**-**
**1,386**
**21,386**
**8,899**
**21,386**
**59,788**
**-**
**(7,229)**
**-**
**68,660**
**(3,363)**
**(25,000)**
**25,000**
**43,660**
**21,637**
**1,169,844**
**4,773**|**2022**
**Total**
**Funds**
**£**
**18,023**
**25,000**|**2021**
**Total**
**Funds**
**£**
16,932
25,000| |---|---|---|---|---| ||**25,000**||**43,023**|41,932| ||**7,513**
**1,386**||**7,513**
**22,772**|6,595
24,448| ||**8,899**||**30,285**|31,043| ||**59,788**
**(7,229)**||**59,788**
**(7,229)**|182,322
15,309| ||**68,660**
**(25,000)**||**65,297**
**-**|208,520
-| ||**43,660**
**1,169,844**||**65,297**
**1,174,617**|208,520
966,097| ||**1,213,504**|**26,410**|**1,239,914**|1,174,617| All income and gains for the period are recognised above. All of the charity's activities are classified as continuing. Page 4 THE MEADOWBROOK TRUST BALANCE SHEET AS AT 5 APRIL 2022 5 Aprll 2022 5 Aprll 2021 Note Assets Flxed Asset Invèstments Quoted investments UK quotsd securitiès 1,167,337 1,141.199 Ca$h at Bank Rathbone Investment Management Ltd Capital Fund Income Fund Cater Allen Barclays 17,620 1.002 18,645 599 18.182 37,922 56.544 37,426 1.243,88t 1,178,625 Uabllltlgs Creditors RathLxJne Investment Managemenl Ltd Sayers Butterworth LLP T C Group 11.8071 11.2001 960 11,7401 11,3681 900 13,9671 14,0081 Net Assets 1,239.914 1,174,617 REPRESENTING: Expendable Endowment 10 1.213.504 1,169.844 Unrestricted Income 10 26,410 4,773 1,239,914 1,174,617 Th8 8ccouDI.F weioapproved by the.Trusteos.on. Alice Astor Page 5 ## **THE MEADOWBROOK TRUST** ## **NOTES TO THE ACCOUNTS YEAR ENDED 5 APRIL 2022** ## **1 (a) Basis of preparation and assessment of going concern** - The accounts (financial statements) have been prepared under the historial cost convention as modified by the revaluation of freehold property and Investments with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) issued on 16th July 2014 and the Financial Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. There are no material uncertainties regarding the charity's ability to continue and so the going concern basis has been adopted. The financial statements are presented in pounds sterling and rounded to the nearest pound. ## **(b) Income** Investment income is accounted for in the period in which the charity is entitled to receipt. Investment income received by the Charity qualifying for the repayment of income tax has been grossed up for tax recoverable and this gross amount is recognised on the SOFA. Income from donations is included in incoming resources when these are receivable, except as follows: When donors specify that donations given to the Charity must be used in future accounting periods, the income is deferred until those periods. When donors impose conditions which have to be fulfilled before the Trust becomes entitled to use such income, the income is deferred and not included in incoming resources until the pre-conditions for use have been met. ## **(c) Taxation** No provision for taxation is included in the accounts as the Charity is entitled to the exemption for tax afforded by Part 10 of the Income Tax Act 2007 and Section 256 of the Chargeable Gains Act 1992. ## **(d) Expenditure** Expenditure is included on an accruals basis and includes irrecoverable value added tax. Donations payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such donations being recognised as expenditure when the conditions attaching are fulfilled. Donations offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. ## **(e) Governance costs** Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and include costs linked to the strategic management of the Charity. ## **(f) Investments** Investments are valued at fair value (i.e. open market value). ## **(g) Fund accounting** Details of the nature and purpose of each fund is set out in note 8. ## **(h) Cash at Bank and in Hand** Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **(i) Creditors and provisions** Creditors and provisions are recognised where the charity has a present obligation resuting from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the ion can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. ## **(j) Financial instruments** The charity has only financial instruments of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at settlement value. ## **2 Trustees Remuneration and Expenses** No Trustees received remuneration or expenses during 2022 or 2021. Page 6 ## **THE MEADOWBROOK TRUST** ## **NOTES TO THE ACCOUNTS YEAR ENDED 5 APRIL 2022** |**3**
**Fixed Asset Investments**
**Quoted Investments**
Opening fair value
Purchases during the year
Transferred from Settlor
Sale proceeds during the year
Equalisation payment
Net realised (loss)/profit on sale
Net unrealised profit/(Loss) on revaluation
**Closing fair value**
**Historical cost**
**4**
**Costs of Charitable activities**
Donations
Support Costs
**5**
**Support costs (including Governance costs)**
Accountancy and administration charges
Charges for the year ended 5 April 2022
Including under provision for previous year
Independent Examiner
Including under provision for previous year|**2022**
**Expendable**
**Endowment**
**£**
**-**
**1,386**|**2022**
**£**
**1,141,199**
**932,083**
**25,000**
**(963,146)**
**(358)**
**(7,229)**
**59,788**
**1,187,337**
**1,168,219**
**2022**
**2022**
**Unrestricted**
**Total**
**Expenditure**
**Funds**
**£**
**£**
**20,000**
**20,000**
**1,386**
**2,772**|**2021**
**£**
923,316
188,341
25,000
(192,686)
(403)
15,309
182,322| |---|---|---|---| ||||1,141,199| ||||| ||||829,774| ||||**2021**
**Total**
**Funds**
**£**
22,000
2,448| ||**1,386**|**21,386**
**22,772**|24,448| ||**2022**
**Expendable**
**Endowment**
**£**
**876**
**510**|**2022**
**2022**
**Unrestricted**
**Expenditure**
**Total**
**£**
**£**
**876**
**1,752**
**510**
**1,020**|**2021**
**Total**
**£**
1,488
960| ||**1,386**|**1,386**
**2,772**|2,448| Included within support costs are payments to the independent examiners of £1,020 for the independent examination (2021: £960). |**6**
**Donations payable**
Centre for Criminal Appeals
Minority Rights Group
The Phoenix Educational Trust
The Plymouth Astor Trust - Virginia House Settlement|**2022**
**2021**
**£**
**£**
**12,000**
10,000
**-**
4,000
**6,000**
6,000
**2,000**
2,000| |---|---| ||**20,000**
22,000| The objectives of the Trust are fulfilled by the Trustees through consideration of appeals and making grants in response thereto. All grants made are for the general support of the recipient. ## **7 Employees** There were no employees during this or the prior period. Page 7 ## **THE MEADOWBROOK TRUST** ## **NOTES TO THE ACCOUNTS YEAR ENDED 5 APRIL 2022** ## **8 Funds** Unrestricted funds comprise those funds which the Trust is free to use in accordance with the Charitable objects. Expendable endowment fund represents those assets, principally investments, that are held by the Charity on a more permanent basis. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund. Income arising on the endowment fund is included as Unrestricted income. Clause 3 of the Trust Deed gives the power to apply the Trust Fund for such charitable purposes as the Trustees shall in their absolute discretion determine. ## **9 Expendable endowment fund** The income funds of the charity include the following endowment funds which have been set aside out of the unrestricted funds by the Trustees to be held on a more permanent basis: |Endowment investments|**Balance at**
**Incoming**
**Resources**
**Revaluation**
**Balance at**
**5 April**
**resources**
**expended**
**Losses (net)**
**5 April**
**2021**
**2022**
**£**
**£**
**£**
**£**
**£**
1,169,844
-
-
-
**1,169,844**
**Movement in Funds**| |---|---| ||1,169,844
**-**
**-**
**-**
**1,169,844**| ## **10 Analysis of net assets between funds** |Fund balances at 5 April 2022 are represented by:
Fixed Assets investments
Current assets
Creditors: amounts falling due within one year
Fund balances at 5 April 2021 are represented by:
Fixed Assets investments
Current assets
Creditors: amounts falling due within one year|**Expendable**
**Unrestricted**
**Endowment**
**Income**
**Fund**
**Fund**
**Total**
**£**
**£**
**£**
**1,187,337**
**-**
**1,187,337**
**29,054**
**27,490**
**56,544**
**(2,887)**
**(1,080)**
**(3,967)**| |---|---| ||**1,213,504**
**26,410**
**1,239,914**| ||**Expendable**
**Unrestricted**
**Endowment**
**Income**
**Fund**
**Fund**
**Total**
**£**
**£**
**£**
1,141,199
-
1,141,199
31,519
5,907
37,426
(2,874)
(1,134)
(4,008)| ||1,169,844
4,773
1,174,617| ## **11 Related Party Transactions** Susan Simmons is a Trustee of Meadowbrook Trust and also a subcontractor of Sayers Butterworth LLP who prepare the financial statements for the Charity. During the year there were expenses totalling £1,752 relating to Sayers Butterworth LLP (2021:£1,488). At the year end there was an accrual of £1,200 relating to Sayers Butterwoth LLP for the preparation of the 2022 financial statements (2021:£1,368) ## **12 Controlling Party** No one party has overall control of the Trust. ## **13 Commitments** There were no commitments unaccounted for at the end of the year. Page 8