CHAIUTY NO.. 327928 THE MIsSLBRO0K TRUST REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS For the Year Ended 5th April 2024
THE MISSELBROOK TRUST Contents Page Legal and administratlve Information Report of the trustees Report of the independent examiner Statement of financial activities Balance sheet Notes forming part of the fmaneial statements 8-10 Detailed statement ot financial activities 11 Page: I
THE MISSELBROOK TRUST al and admlnlstrative Inforniation TRUSTEES: D AHobbs A.C.A NJ Lapage A.C.A Mrs R C Owers CHARTTY NO: 327928 CHARITY OFFICE: Ashton House 12 The Precinct Winchester Road C]]andlers Ford Eastleigh S053 2GB INDEPENDENT EXAMINER: Christopher David Osmond F.C.C,A. Stone Osmond Limited 75 Bournemouth Road Chandlers Ford Eastleigh S053 3AP BANKERS: Lloyds B8nk plc Above Bar Str¢et Southatnpton S014 7DT SOLIcrtORS: Paris Smith LLP Number I London Road Southampton S015 2AE INVESTMENT MANAGERS: Rathbones Fiennes House 32 Southgate Street Winchester S023 9EH Page: 2
THE MISSELBROOK TRUST Re ort of the trllstees for the ear ended 5th A rAI 2024 The trustees present their report and financial statements of the charLty for the year ended 5th April 2024. The financial statetllents bave been prepared in accordance with the accounting policies set out on page 8 and ¢ottwly with tho charity'8 tTht deed and applicable law. Constitutlon, objectives and actlvltles for the public benefit Th¢ Mi88ell)rook Tru8t IS ¢Oll8titut¢d under a tn1 deed dated 15th April 1988, and is a registered ellarity, no 327928. The trust deed defines the objects of the Trnst as being "to hold the capital and inc0e of the trust fund upon trnst to apply the in¢ome and all or such part or parts of the capital for or towards such charitable purposes and to nlake donations to hilable institution or instittltions at such tin]e or times alld in such manller as the tStee$ may itt their absolute discretion think fit" The trustees ¢onfirni they hav¢ complied with the duty under Section 4 of the 2011 Charities Act having due regard to the guidance published by the Charity Con]mi58ion, including public benefit guidance. Organisation The trustee&named onpage 2 have servedthroughoutthe Ye and since the year end. The appointmellt of trustoes 18 governed by the regulatiolls of the charity. Financial review During the year £42.500 was given in grants, cornpared with £46,655 ill the previDu8 year. The financial position of the trnst, reviewed by the trn8tee8 on a regular basig, remains satisfactory. ri uture plAns and golng concern stAtement A8 the charity's income 18 derived solely from fidS invested and there are no ndraiSing activitses the trnstees are aware that income may fall, in which case grants would need to be reduced accordingly. The charity will, however, continue to make gllt8 for the bellefit of the public. Investment policy The policy of tkke trnstees AS to inve8t to provide a balanced retLWll fro income and capital at medium risk. No soci&l, environtllental or ethical Gonsiderations are taken into a¢count. Reserves policy The trnstee'g policy ott reserve8 is that they regard the income fund balance of £90,072 as available for distribution in whole or ill part and the capital fund balance of £1,308,340 as distributable only in exceptional cirGUrn8tances, Rlsli management The trustees have examined the potential risks which the charity faces and confirm that measures to manage these ri8k8 have been put in place. Page: 3
THE MISSELBROOK TRUST ort of the trustees for the ear ended 5th A rll 2024 Trnstees, respollsibilities The tNstees are required under the Charitie8 AGt 2011 to prepare financial statements for each financial year which give a true and fair view of the charity's finaocial activities during the year and of it8 financial positioll at the end of the year. tn preparing financial statements giving a twe and fair view the tnJ8tees should follow best practice alld.. (a) select suitable accounting policies and apply thorn consistently. (b) observe the methods and principles in thc Charitie8 SORP. (c) make judgettents and estimates that are reasonable and prudent. (d) state whether applicable accounting stattdards and 8t81teents of rB¢ommended practice have been followed, subject to any departures disclos¢d and explained in the fall¢la1 statement8. (e) prepare the financial 8taten]ents on a going concern basi8 unless it is in8ppropriate to preslle that the Charity will continue in operation. The twstees are responsible for keeping accounting reGords whi¢h disclose with reasonable accuracy tbe ffftancial position of the charity and which enable them to ascertain the fancial p081tAon of the charity and which enable them to ensure that the financial statements eomply with applicable laws and regulalions. They are also responsil)le for safeguarding the asset8 of the charity and hcnce for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the trnstees on l Nov¢mber 2024 and signed on their behalf: N J LAPAGE Trnstee Page: 4
THE MISSELBROOK TRUST Inde endent examiners, re ort to the Trustees ot the Mlsselbrook Trust I report on the accounts of the tnjst for the year ended 5th April 2024 which arc s¢t Dut on pages 6 to 10. Respectlve responsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the accounts, Thg charity's tNstee8 consider th&t an audit 18 not required this year under section 144 of the Charities Act 2011 (the 2011 Act). It Is Iny responsibility to.. examitie the accounts under stIOn 145 of the 2011 Act. follow the procedures laid down in the General Direction8 given by the Charity Con]rni88ion under section 145(5)(b} of the 2011 Act. and to state whether particular matters bave corne to my attention. Basis of independent ex¥dminer's report My exan]ination was catTied out in accordance with the general directions givenby the Charity Cotnmission. An examination includes a review of the accounting rordS kept by the charity and a comparison of the arcoullts Presented with those records. It also irtcludes considetztion of any unusual items or di8cIo8ures in the accounts, and the seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, no opiniott 18 given as to whether th¢ accounts present a'true alld fair view" and the report is limited to those m&tters set out in the statement below. Independent examiller's statement In Collngrtion with my examination, no matter has cotne to my attention., which givgs me reasonable cause tD believe that, in any material respect, tbe requirement8', to keep accounting records in accordance with section 130 of the Charities Act 2011. and to prepare accounts which accord with the accounting records and to comply with the a¢¢ounting rgquirements of th¢ Charities Act 2011 have not been met, or to which, in nly opinion, attention should be drawn in order to enabl¢ a proper understanding of the accounts to be reached, Christopher David Osmond F.C.C.A. Stone Osmond Limited Accountants and Statutory Auditors 75 Bournemouth Road Chandlers Ford astleEgh S053 3AP Date: Page.. 5
THE MISSELBROOK TRUST Statement of Financial Activities for the Year Ended 5th A rll 2024 2024 Unrestricted Funds ncome 2023 Total Funds Note Capltal Totjl Incoming resources Investmont income 41,072 Total illcoming resources Resources expended Costs of generating thrtds Charitable activities 6,383) 6,383) ( 6,205) 51,377) Total resources expended 6,383) 46704) ( 53087) Q 575821 Net Incoming resources 6,383) ( 10,955) ( 17,338) ( 16,510) Other recognised losses and gains (Lnsse8)Igains on inveslmentg 55,060 55,060 129 370) Net movernent ill funds 48,677 10,955) 37,722 { 145,880) Funds brought forward 1,259,663 101,027 1,360,690 1,506,570 li Funds carried forward 1,308,340 90,072 1,398,412 1,360,690 Page.. 6
THE MISSELBROOK TRUST Balance Sheet &s at 5th A ril 2024 2024 2023 Notes Fixed assets Inv¢*cments 1,251,021 1217,588 Current assets Debtors Cash at bank 938 152 280 893 148,509 153,218 149,402 Current Ilabilities Creditors L¥et cllrrent assets 147,391 143,102 io Total llet assets 1.398.412 1,360,690 Funds Unrestricted capital Unre8tricted income 1,308,340 90,072 1,259,663 101,027 1,398,412 1,360,690 Approved by the trustees on 14 November 2024 and signed on their behalf., N J LAPAGE Tnlstee Page: 7
THE MISSELBROOKTRUST Notes formin art of the finaneial statements for the ear ended 5th A ril 2024 Summary of significaut accounting policies (a) General infDnnatlon aud basls of preparation The Miss¢lbrook Trust is an uninGorporated oharity in England. The address of the registered office 18 given in the charity infOrntiOll on page 2 of the8e fllwicial statements, Th¢ nature of the charity's operation8 and principal activities are given on page 3. The charity constitutes a public benefit entity a8 dofined by FRS 102, The finlncial statements have been prepared ill aocordan¢¢ with Accounting and Reportiag by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in a¢coTdatL¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effe¢tive l January 2019) - (Charities SORP (FRS 102)), the Fitiancial Reporting Standard applicable ill the UK an(L Republic of Ireland (FRS 102) at the CIMritie8 Act 2011. The charity hag applied Update Bulletin l as publisbed on 2nd February 2016 and therefore does not include a cash flow statetnent in these financial statemellts. The fmancial statements atr prepared oll a going con¢¢rn basis under the historical cost convention, modified to include certain items at f'r value. The finallcial statements are presented in sterling which is the fiCtIOnal cuttency of tbe charity and rounded to the lleare8t £1. The significant accounting policies applied in the preparation of thes¢ finanoial statetnents are set out below. These policies have been consistently applied to &ll years Presented unlgss othenvise stated, O)) Investment income Inve8ttllent incorne is accounted for in the period in which the ¢harLty is entitled to receipt. (c) Resources expended Expenditure is included on an accruals basis. Raising funds comprise those costs directly attributable to managing the inve8ttnent portfolio and raising illvestment income. Grants are recognised as an expended resource at the date of payment. Governance costs comprise costs for the rnnning of the charity itself a8 an organisation alld includes ILTwoveTable VAT. (d) Fixed asset investments Investments are included at closing mid-market value at the balance she¢t date. Any gain or loss on revaluation is taken to the Statement of Financial Activities. {e) Funds UnStrICted fimds are those fimds the trnstees can use for any purpose in furtherance of the charitable objects. Unrestricted fimds include the capital ftmd which the ttustees. at their discretion, intend to invest. (l) Debtors Trade and other debt0 are recognised at the settlement amount due after any trade discount offered, Prgpaymenls ar¢ valued at the amount prepaid after taking account of ally trade di8coiint8 due. (g) Cash at bank Ca8h at bank comprises funds held by tbe charity's banlcers and investment n]anageT8, (h) Creditors and provisions Creditors and Provisions are recognised where the chlty h&8 a present obligation resulting fronL a p&8t event that will probably result ill the transfer of funds to a third paty and the amount due to settle the obligation can be measured or estimated reliably. Creditorg andprovision8 are nornially recognis¢d at their settlement amount after allowill£ for any trade discoullts due. (i) Flnanclal lllstruments The trust only ha8 financial assets and financial liabilitie8 of a kind that qualify as basic fmancial instrutnents. Basic financial instruments are initially recognised at transaction valiie and SL]bsequently ¢aSured at their Settlement value with the exception of bank loans which are subsequently Measur at the carrying value plu8 ac¢rued interest less repayments, The financing GhaTge to expenditure is at a constant rate calculated using the effective intere8t method. Page: 8
THE MISSELBROOK TRUST Notes formin art of the finanelal statements for the ear ended 5th A ril 2024 2024 2023 Investment income Dividends- UK equities Interest received 35,252 497 41.030 42 Costs of generatlng funds Investmont management fees 6,383 Charitable actlvltles Grants of £2,000 or more., Basingstoke & Alton Rehab The Bike Experience Cbandlers Ford Stroke Eastleigh Borough & Romssy Mencap The Flutterby Fund Gitl of Sigklt Romsey Young Carers Scratch Solent Mind Southampton Charitable Trnst The Pinder Trust SWVG Trillity Winchester Wet Wheels Foundation (Hamble) Yateley Industries Graiits to in8titution8 of less th0 £2,000.. 12 (2023,. 15) Govemallce (note 5) 2,000 3,000 3,155 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,500 2,000 2,000 2,000 2,000 5,000 2,000 2,000 13,000 2,500 2,000 2,000 10,000 2,000 16,000 51,377 Governance Independent examiners fee Accountancy fees VAT 1,485 2,072 647 1,610 2,378 734 4,204 4,722 The clwity had no etnployees during the year (2023.. Nil) Trnstee$' remuneration The trustees received no retnulleration norreceived any other benefits (2023: £Nil) and no Expens¢8 wer¢ reimbursed (2023: £Nil) during the year. Mr N J Lapage was paxd £300 (2023: £300) for boold(eeping s¢rvice8. 2024 2023 Investn)ents Market value at 6th April Additions at CO8t ProGeeds from drsposals Gainsl(Ios8es) in th¢ year 1,217,588 392,217 ( 413,844) ( 55,060 1.350,992 75,168 79,202) 129 370) Market value at 5th April 1251021 1217 588 Historical co8t at 5th April 1024 994 970 680 Fixed asset investments comprise,. UK Equities Investment Trusts 903,797 347 224 794,991 422 597 1,251,021 1,217,588 Page.. 9
THE MISSELBROOK TRUST Notes forD]in art of the financlal statements for the ear ended 5th A rll 2024 Debtors 2024 2023 Prepayments and accrned income 938 893 Credltors AGGruals 10 Analysls of total net assets by fulld Unrestrlcted capltal U]ll*8tricted Income Total Funds Fixed assets Net current as8ets 1,251,021 57,319 1,251,021 147 391 1,308,340 90,072 1,398,412 Outline sumnury of fund movements Fund balances brought forward Incoming resource8 Outgoing resources Gains and1088e8 1,259,663 101,027 35,749 46,704) 1.360,690 35,749 53,087) 55,060 6,383) Fund balances carried fonvard 1308 340 90,072 1398 412 12 Related Parttes: Tbere were no related paty transactions in the year. Controlling entity: The charity is controlled by Lbe trustees. Page: 10