Charlty Number: 326956 THE MEADOWBROOKTRUST STATEMENT OF ACCOUNTS YEAR ENDED 5 APRIL 2024
THE MEADOWBROOK TRUST ACCOUNTS YEAR ENDED 5 APRIL 2024 CONTENTS Page Trusteea. Amual Report Independent Examlnefs Report statement of Flnanclal Ac•5 Balance Sheet Ntstes to the AccoLW
ThE MEADOWBROOK TRUST TRUSTEES ANNUAL REPORT YEAR ENDEO sfH APRIL 2024 Th8 Trustees presenl thelr annual report end financial statements of the charity for the year ended S Apnl 2024. The finandal Statements have been preparad In 8ccordance the acCoUnn9 policies set cul In Note 1 to the aco)unts and comply wilh the Charitys Trust Deed, th8 Charities Act 2011 afld Accounting and Repoiting by Charttles., Stalement of Recommended Pracllce appltcable to charilles preparlng Ihelr accounts in arxordance wllh the Flnanclal Reporttng Slandard appllcablg In the UK and Republk of Ir*nd (FRS102) publlshed on 1st January 2019. ObJe¢ts and Poll¢les The Funds of Ihe Trust are to be applied for orlowards such charftable purposes at such tlme or tlmes and In such mann8r 85 the Trustee5 shall In thelr absaluts dlscrellon thlnk fit. The obleclsves are fulfillod by tho Trustses thraugh conslderallon of appeals and maklng grants Dr donauons In r8sponse thereto. Funds held pendlng dlsbumment may be in¥tssied In seritieS ol whatsoevef nature as the Trustees See flL AVIt1D8 and achlev8m¢nts durlng the year The Trust has conllnued lo con8lder requests for lundlng. Incomlng resources lolalled £45,589 (2023: £40,245) whtth InGluded e tran¥ler of Inve¥tmgnts from the Settfur with a value of£24.99712023". £25.OQO). The Trust made donalions of £16,500 (2023: £28.000) durlng the year. Governance cos18 amounted io £3,090 <2023: £3.145) and Investment management lees of £6.96812023: £8.613). Durfng Ihe year IrNe51menl Incomo lotalled £20.592 compared to £15,245 last year. There were reallsed profits of £6,8SS and Unrealis profiis 01 £63,651 on stock market Irweslments durfng the ygar <2023: realised loss6s of £15,580 and unrea115ed losses 01 £51,000). Admlnlstratlon Inforrnatlon Thg Meadowbr¢)ok Trust Is constltutgd by a Trust Deed dated 18th September 1985 andlg a rogistored tharity number 328958. Under clau80 9(1) the slalulory power of eppoinling new or additional TnJslee3 rest8 wllh Alco Astor. There is a mlnlmum ofth Trustees. Truste0¥ Altce Margarel Frances Astor Susan M8ry Simmons Addrnss Sayers Butterworth LLP 3rd Floor.12 Gough Square London EC4A 30W Telephone 020 7936 1910 Fax 020 7g38 4161 All enqulrfes should b? addressed to above address ref SMS Bankers Ralhbonè Investment Management Ltd 30 Gresham Street London EC2V 7QN Invostrnent AdvlÈor Rathton8 Investm8nt Man8gement Ltd 30 G$harn Strpet London EC2V 7QN Barclays Lelcestershlre LE87 2BB Independent Examlner T C Group Th8 Courtyard. Shoreham Road, Upper Beeding Slcyplng West Sussex BN44 3TN Accountants Sayers Bulterworth LLP 3rd Floor 12 Gough Square London EC4A 3DW Page 1
THE MEADOWBROOK TRUST IRUSfEES ANNUAL REPORT YEAR ENDED SAPRIL 2024 Rlsk Asussrnont The Twste&s reaaY Teviewtho major rigks to whlEh the Charty Is exposed. Wheo appruprfate. sslems or proceduros havè bèett establlshed lo tho 115ks Iho charttyl8C4s. IntsTnBI wntrcl r15kg ara mlnlm55ed bylhe Jmplgmenlalbns ol procedures forauthothtlon of 811 tran8Bcllan& Investment PollGy There arè no restrfcUgn8 In Ihe Tn1 DoEd. Thq Trustees operate 9 low rf6k polkyvllh 8 b81ance ol In>Jme and growth. The Inveslments are currenlly held In 8 rnlxture olstock market Investments and deptssi Durtng tha year Investment Income lotslled QO,592 compared to £15,245 las1 year. The Investments are show at tstrvalua and Indude re8118ed prollts of £8.855 end realIsed prolJts of £63,651 arlslng In Ihe yEar on tnvesknents held, PollGy on r•sor¥e8 ItL8 th8 TNsiee8 polleyto Tastrlct outgolng resources lo the avalablo Incomè In order io ensure sufNcE8nlreserve OR held to lund tha futsJre operduons of tho charfty. Clause 3 ofthe Tntsl Deed gfves th& powvr to apply tho Tnjst Fund and Ihe INrne IhereDf for6uch Charltablo purposes as theThislees shall In thetr absolute dIsUn dateInD. Accordlnglyll Is posslblg to rnalntsln re¥erves at a mlnlmu81 lev81. bul11 Is Ihe Trusts&8' profoTenc• to make occasfonal, large donaUon9 and accardlngly Inc¢mo may bs rgtslnod pendlng thè p&ymontofsuch donatton& Tha charfty held fAe TE5ervey 01£1,205,358 (2023.. £1,175,821). TNstees con91dertha ch8FtytD actknB In wlth tho TeseNes poilcyat Ihe bal8nce sheet date. Publlc B•ng111 The Trusteès conlrmthatthey have carnpll•d w5th Iho duty In Becllon 17of the Charllles Act 2011 to tKve duq regard to the gener85 guklance188ued by thg Charftles Gornmlsslon on publlG beneflL Related P8rtyTvan8aetlDn¥ Su9an Slmmon818 a Tru8leo of Meadowbrook Tru¥t and also a P4jbDtr?alOr ol Sayern ButteThvorlh LLP who pr•paro Ihe Inanclal Btatement8 fortho Ctsarty. Durfng Ihe year Iherewor9 OXP8n5e8 lolalllnll £1,740 rol¥tlng to Sayern Buttorworlh LLP12023: £2.005). At Ihg ygar ond Iherewas an ac¢rual of£1.320 relallng lo Sayers ButtaNoth LLP fortha preparauon oflhe 2W24 financ1 stslamènl6120U' £1A40) ststom•nt olTru5toBg Re8ponslblllUes The Tnle&S 8rn reBFonsibl¢ for preparfng tha Truste, report 8nd financlal Btalements In aCCordanWIth appltcbl8 law an(1 Un5tad bjnglom A0uni1ng Standard5 {UnlleO lQngdorn GBngTrllyAccepled Accounung Prncticel. The law oppllcable to rh8rltles In ErGland & WalEs requlreg th? Twskgs lo prpparp financlal slalgmenis for •a¢h flnandal yoar,Whlch ond fatrvTewofthe ol 6ifJlrn of Iho Chorfty and ¢llh• resourcés Bnd Appllrallon olresourc95 01th8 charftyforlhatperfod. In preparfng Ihesg financlal slatemonts the Tru61o85 are r¢qutrpd tr. . oele¢iJJultsbl• BGcoufiUng p¢ll¢l¢J end then apFlyth•rn Gonololuntjyi ' ctsuervo the m8thod$ end prfnElples In Ihg Ch8Tllle¥ SORP. . makeludgments Bnd a¢¢ounllng e¥UmaS that Bre rnasunablg and pNdentr, . stalèwhether Bppllcabl8 UKAEcouDtlng SlaDd8rds have been followed. Bublecl trj anymaterknl dep8thre dlsdosed and oxplalned In thg flnanclal slatemgn. and ' prgparo the lInand stalernents on the golng concem basls unless It ts Inapproprlate to presurne that the charftywill conlinu¢ In vperatEon. Thè Twstees are responslblo forkeeptno adequalg aGcountin9 fBcords thaiarg sufflclent lo show and explBln the charitys transacuons end dl8c108e th reasonablo 8ccuraGy atanytime th• finanG1 poslllon of the charityand enable Ihern ID onsure thal the fin8nGlal ¥lalemenls comply the ChartUe8Act 2011. thè Charfty (unts and Reports) regut8lon8 2008 and the provlglons of the TNst Deed. They are elso regponslble for Èafeguardlng the aSts olthe charfty and hgncg fortsklng rgasonable Steps forth8 preventlon of fraud and othei lffegulwiU?s. Ico Astor Slgn8(J ¢)n bèwof ltte TnJ8tees: IlJ&. Page 2
THE MEADOWBROOK TRUST YEAR ENDED 5 APRIL 2024 Indapendont Examlner's Report to the Ttee5 of The Meadowbrook Trust I report lo the charity trustees my examination of the accounts of The MeadoknrDok Trust for the year ended 5 Aprll 2024, vthich are sel out on pages 410 8. Responslbllltles and ba8ls af report As the trusiees of the Charity you are responslble ft)r the prepardlion of the 8ccx)unts In accordanc8 Wth the requlrem8nts of Ihe Charities Act 2011 (Ihe 2011 Acr). Havlng satSsfield myself that the accounts of th8 ChaTIty are not requtred to b8 audlted and are ellglble for Independent examlnation, I report In respect of examlnation of your charivs accounts are carried out under section 145 of ihe 2011 Act. In c8rrylng out my examinatlon I hav& followed the Directions glven by the Chartty Commi881on wder Sectlon 145C5)(b) of tho 2011 Independent examlnerfs 8tstemenl I have completed my examlnation. I confIrm that no rnatters have come to my attention in connectlon wlth the examinalion givlng ma causo to bo11ovo that in any material respo¢L. 1. eccountlng records re not kept In respect cl the Charity; or 2. the accounts do not accord with those ieeords; or 3. the accounts do not comply Kryth Ihe applicable requlrements of Ihe 2011 Act other than any requirement thal the accounts glva a Irue and lalf view wlwch Is not a matter consldered as part of an Independent examination", or 4 the accounts have not beon prepared In accordance wlth the rnethodg and prtndples of the statement of Récomm@nded PractSca for accaurtiro and rewrtlng by charitlos. I have no concems and have across no other rnatters In connection with the examinatlon to Ythlch attention should be drawn in thls report In order to enable 8 proper understandlng of the accounts lo be reached. Mark Cummins FC.FcbE, On behalf of: TC Group The Courtyard, Shoreharn Rc)ad Upper Beeding. Ste>Ing West Su558X BN44 3TN Dated: l 2 '* 2oQS Page 3
THE MEADOBRo0K TrUST STATEMEKf OF FINANCIAL AcnvmES InGludlng thg InGome and Expenditure Account YEAR ENDED 5 APRIL 2024 Expendable Unrestrlcted Endawment Income 2024 T¢)tal Funds 2023 Total Funds Inveslmeni Income Invasknent translerred from Sglllor 20.592 24.997 15.245 25.000 Total Income 24,997 40.245 •ndltur4 on. Ralsing Funds ChaTltablo Activltles 6.968 6.968 19.SO0 6.613 31,145 18.lJ45 Total expendhure 513 18 045 26.558 37.758 Unreallsed Galnl(Lots) on InSImon 63.651 63,651 (51,000) Re8ll8od Galr&l{LoB8) on Invoslmonts 6.855 6055 (15.580) Net Ineomè l (Exp•ndltuM) 86,9 1647 89,537 164,093) Nat movemant In funds 86,99J 2,547 89.537 164.093) Re¢onclllatlon of funds Totsl funds brought foNard at 5th Aprfl 2023 1.138.739 37,082 1,17&821 1239.914 Total fvnd balances carrled fonvard at S Aprll 2024 729 39ff29 126 35B 1.17 821 AJI Incom• and gains for the pertod are ¢e¢ognlsed ab¢)ve. All of the charfvs acUvlUe8 arp dassilled as conttnulng. Pagg 4
THE MEADOWBROOKTRUST BALANCE SHEEr AS AT 5APRIL 2024 5 Aprll 2024 5 Aprll 2023 Note Assets Flxed Asset Investments Quoted Inve51ments UK quoted Seties 1.2Q8.S30 1.117,614 Cash at Bank Rathbone Inveslment Management Ltd Capllal Fund Income Fund BardayJ 14040 1.202 54152 1,805 47.581 61.178 68,394 1369,708 1,188,008 LlabllH1•9 Credltors Rathbone Inveslmént Management Lld Sayers Bulterworth LLP T C Group Donallon pald after dato (1030) (1.320) {1.200) (1,697) (1,4401 (1.0501 (6.000) 14350) {10,187) Net Agsets 1175 821 REPRESEMTING: ExpEndable Endowmenl 10 1.225,729 1,138,739 Unrostrlctad Income 10 39.829 37.082 1.175.821 The 8ccourrts were approved by the TNslees on LO 2c) Allce Astor Page 5
THE MEADOYIBROOK TRUST NOTES TO THE ACCOUNTS YEAR ENDED SAPRIL2024 1 (a) Bas18 of prnparatlon and ass•ss¥ngnl of gplng ¢on¢ern The ewounts (financial 8tstemenl¥) have been prepared under the historial w5t c&)nvenVcn as modiflad by thé Tevaluallon of freehold propety and Inveslments vlth itgms recognls8d at C05t or lJan88Ebon valuo unless oth9Se stated in th8 r8lavant notelsl to thes• acr4Junts. The ffnanryaT ststsmgnls hwe iren prepared In accord3rK8 ith Ihe St31ement of Re(x>mrnÉnded Accounung and Reporting by Charthe8 prepaftng thelr a¢¢oun¢8 In a¢cord8n¢8 tha FSnancial ReporlTrg Standprd gppllcablg In tha UNted Ktngdom and Repubcol Ireland IFRS 1021 issued on 161h July2014 and thè Flnandal Standard appllcabY8 In the United lQngdom and Républic ol Ireland (FRS 1021 and th8 Ch8rf1Se8 Act 2011. There are no materlal uncertainties regaIng the charivs ability to corrtlnu8 snd so th& gdng Conrn basls has been adoptsd. Tho ffnanrial ot¥mgnts are presented h pounds starfing and rounded to the nearèsl pound. (bl Income Investment Inm6 1$ acKoun18d for In the perfod In lch the ¢harfty ts enlhled lo recelpL Inve51mgnt Incg5me received by Charity qualifying for the repayment of Inccdna tsx has bèèn grossed up for tsx rgcoverdble and th15 gTV85 emount15 recognlsed on Ihe SOFA Incomofram donauons h Included In Incomlng reSoUren these are receivable. except as lolluw5: When donor5 5peafy that dDnaUon5 glven to ihe Charity mu51 be used in future aGcounllng p8rlod8. the tncomè kg dalÉrrÈd untll thosè pèrfods. WfvÉn donors ImposÉ condittons thlch h8ve to be fulfjlled before the Trust beccmqs enlued to use guth incorng. incomels dalerred and not Included In Incoming 9)urt&S until Ihe pr8w¢ondlllon8 for use hav b¢en m8L (¢1 Taxatlon No wovl$lon for taxation Is Indtsded In the accounts a5 the Charfty13 entitled to Ihe exernptton for tax afforded by Part 10 oflh8 Inccrne TaxAct 2CK17 and Section 256 of the Cnargeable Galns Aet 1991 {d) Wgndlture Expenditu is uiduded on an acGfu819 basiq and int4udes iffecoverablo valuè added Donauons payable are tharged In thè yearwhen the offer Is conveyed lo Ihe reclplenl except in those c4se5 wherg Iha offer is condillonal. such donattons being recognlsed as axpendlturo tten Ihe condltli)ns attachthg are fulfllled. Oonattons ¢)ff8r8d sublecl lo condillons whith have nol been mel al the year end are noted as a cornmitmenL but not accnted as eXpendre. lèy Governance ro5ts Govemance costs Ilude Ih05e rn5ts assodatod 1th meéting the Constitunal and statulory reouirernenls of the Charityend Indud¢ ¢osts llnked k* tho strafe9ic m¥nag8rnent of Iho Charity. (fj Investments Investments are valued 8tfrdwvaluo 0.0. open rnarkot valu• Igl Fund accountlng Delalls ol the nature arKI PUTPOSO Ot Bath fund Is set out In nole 8. (h) Cash at Bank 2nd In Hand Cash al bank and In hand indudes cash arKI short 1grn1 highty liquid Investrnenls th a short moturity oflhree months or less from the datè of acqulslkn oropenlng of the dep05il orsimilar Bcxount. 111 Crodllors and prov151ons Crethtors and provlslons are T4¢ognlsed Ykner8 the charity has a wesent obllaalmm resuting Irom a past event that 11 probabty rEsuII In a transfer ol funds lo a thlrd party and the arnount due lo settte the obligation be measured or esttmaled reliably. Cracfitors and provisions aro nonnalty rècognlsad at thelr settlemant amount atter alloyring lor any Irade dtscounls due. (D FlTranGlal In8trumonls The tharlty has only finanaai instruments of a klnd thatqvatlfy as baslc ffinandal Instnjments. Baslc financHI in51nJments are InItilY ro¢oJnlsed al transadton value and $ubsgquerhty measured at 58Wem•nt valug. 2 Trusteas RemunBratTon and Expenses No Trustees rgreivod r¢muneratlon or expen$ durfng 2024 or 2023. Page 6
THE MEADOWBROOKTRusr NOTES TQ THE ACCOUNTS YEAR ENDED S APRiL21]24 3 Flxed Ass•t Invostments Quoted Investments 2023 Open]ng tslr vdue Purthases during the year Trarferred Irom Setuor Sale proceeds during thé year Equalisation paent Nel reallsed profltl(kiss) on iale Net unrealised yofftl(Loss) on rovaluatlr 1.117.614 382A92 24,997 1366,J22J 175n 1.187.337 30&675 21000 (335.109) {1.709) (15,580) {51.0001 63,651 Clollng falrvalue 1 117.614 Hlslorf+xI cosl 1,142,372 1.139208 4 Costs ol Charllablo a¢lfvhle8 2024 2024 2024 Exp•nd4blg Unrè8triel•d Total Endowment Exp¢ndllurn Fundi 2023 Totsl Funds Donaifons SupwJrt Costs 1lSOO 16,SOQ 3.090 28.000 3,145 18.045 19.590 31.145 5 support costs Uncludlng Gov•nwnc• costs) 2024 21)24 Expqndablo Unrostrlcted Endowment Expenditurn 2024 2D23 Total Totsl countsnw and odmin18tratton ch Charges forthe year ended 5 April 2024 Including under prolOn for pmious Ind•p•ndent Examlner Indudlnj under prnvlslon for prthlous yaar 870 1,740 2,005 675 675 lJSO 1.140 3.14S IndLthd vlthh suppcrt costs pasThenifj to the Independent frxomlnets of£1.39) for the IndEpBndent e¥8mination (2023: £1.1401. 6 Donatlons payable 2023 Centro lor CrinNnal Appe415 Klngsbrfdgè & Sts1one Cwing Lid Progre58lve Fernilng Trust The Phoenlx Educalional Tn1 The PlyThryJth AstorTnBI-Ifirginia Hw58 $9tt18ment 10,0 6,SOLI 10,ODO 10,000 6.000 2.000 16.500 28.OOD The obleclve8 ol Trust are luifilled by tho Tntslegs through (x>nslderaUrffl olappeals and maklng grantG In resFonse therth. Al graiits made are for thg géner416UPP)rt ollh8 redplenL 7 Employees There were no employees durfng thts orth8 prfor pwkxl. Page 7
MEADOWBROOK TRUST NOTES TQTHE ACCOUPIIS YEAR ENDED S APRIL 2024 B Funds Vnrestrfthd fimds ¢))Mprfso tha rUthl¢h Ih&Tw IS Iree louso In accordan TA4th tho Charftable oblasts. Ewndable end(Y•4mentfund represents ltrjse ass¢ls. W[PaIty1¥•$trn9nts. thal are held bylhg Charlty on a morg pernnI bas Any eawlal 98lns Of ks¢$ erfslng on Ihg trNesbngnlgforn pwl ollhg hjnd. Inve5tmant m2nag8m•nt chwgaa and legal advico rdallng lo tho ¥•cFwgad agansl thé fund. InD)m• orlslng ¢n thg •ndtywm¢nt fund i¥ rduded Unr•gbtthl Incm. lau88 3 ofthe Trvst Deed glyes the povwto applyfvTTus¢ Fund forFAth rth4ritabl8 PuqK0s aB the Tru81008 sh1 In thelr absolute di8u6tion detsmlne. 9 Expendablo endownwnl fund The Intxme funds ofth6 Indud• th8 1011(ywlng endoThert fundstch havo been set 85Ede ¢)utof th• wThstrfrted nds by tho Trustees to be held on o moro pemwn¢nt basls. Mov•m•n¢ In Fundg I(n9 R•sourM• R•valua¢lon Balan¢¢ 8t rnsourc•s •xp•nded Loss9$ In•t) 5 Aprll 2024 Balan¢0 al 5 Aprll 2023 Endowrnent IrN•8tments 1.138.739 1138739 24.997 24.997 (8.513 8.513 70,S08 1225,729 70 506 1225 729 10 Anatyslt of n•t •s$•ts b•tw•on fvndl Exp•ndablo Unve8trk Endowmvnt In¢om• Fund Fund Totsl Fund balances at 5 Aprfl 2024 arn f0ntsd ty. Flxed A8sets tnve8lments Currenl assets cr8d1t. offlots falllng du• 4th1n on• y•ar 1208,530 ,289 3,090 1.208.530 40.889 61,178 1,2SO) 4.350 39.629 1265 358 Expendablv Unrn8lrIed Endowrn¢nt Fund T•tal Fund tolance5 at S 2023 are Wented trr. F5xed A558ts Jn¥v6tmwl8 Currenl a98Ot3 Creditors: amount5 lalllng du81h on• year 1.117.614 24.06T 2.9421 1138 739 1.117.614 68.394 7.24S 10.187 37.082 117S 821 11 Relalod Party Tran5aCtton5 Susan &mM0 a Tntste• ollA¢adav/or¢•kTNst ar¥J also a subconlraclorof BLrftsr•JDth LLP vtho pr¢pare th¢ financl81 $lat¢ments forth6 Charlty. Durln9 ¢he year thafvw8ro gxpons95 totsifiw £1.740 Yoloting to Sayers BuUgM)rth LLP (2023.. orxi51. Attho year end Ihern Èn accrnal of£1.320 rnL•ting to Sayer$ BUtter4th LLP for the preparation oltho 2024 finandal 6ts1emants (2023.. £1,440) 12 Cofttrolllng Porty No ona party has ovgrall control olthe TrusL 13 Commllments Thera warn no cornmllments unaccountsd loral th9 end oftho ye8r. Page 8