## **MICHAELHOUSE UK TRUST** Registered Charity Number 328512 Financial Accounts 31 December 2021 ## **MICHAELHOUSE UK TRUST Financial Accounts for 31 December 2021** ## **Trustees** J.S.S. Smyth (Chairman) C. Mulinder G. Rivers-Moore M. Reynolds (Hon Secretary & Treasurer) C. Lamb S. Lumley ## **Review of the Period** The Trust had a surplus/(deficit) for the year of £16,209 (2020: £(5,584)) and had net assets based on historical cost as at 31 December 2021 of £663,185 (2020: £646,976) and at fair value, £1,091,202 (2020: £980,665). Disposals of assets during the year resulted in realised gains of £17,712 (2020: £20,718). The Trust continued to provide bursaries for pupils attending Michaelhouse School in South Africa. During the year, the Trust paid bursaries of £18,679 (2020: £45,995). ## **Accounting Policies** 1. The financial accounts are prepared under the historical cost convention. 2. The financial accounts are prepared on a receipts and payments basis and not on an accrual basis. 1 ## **MICHAELHOUSE UK TRUST Financial Accounts for 31 December 2021** ## **INDEPENDENT EXAMINER’S REPORT** To the Trustees, Michaelhouse UK Trust (the “Trust”) I report on the accounts for the Trust for the year ended 31 December 2021 which are set out on pages 3 to 4 of these financial accounts. ## **Respective responsibilities of Trustees and Examiner** The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act). It is my responsibility: - to examine the accounts under section 145 of the 2011 Act: - to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act; and - to state whether particular matters have come to my attention. ## **Basis of the independent Examiner’s report** My examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the statement below. ## **Independent Examiner’s statement** In connection with my examination no matter has come to my attention: 1. which gives me reasonable cause to believe that in any material respect the requirements - to keep accounting records in accordance with section 130 of the 2011 Act, and - to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met, or 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Ryan Carl Maree Chartered Accountant (SA) Chartered Financial Analyst Master of Business Administration 8a Cambridge Road North London W4 4AA 2 ## **MICHAELHOUSE UK TRUST Financial Accounts for 31 December 2021** ## **Income Statement** **For the year to 31 December 2021** |Donations & Gift Aid Received
Interest and Dividends
Realised gains / (losses) on Investments
**Total Income**
Bursaries paid
Management fees and charges(1)
**Total Costs**
**(DEFICIT) / SURPLUS for the year**
**Source and Application of Funds Statement**
**For the year to 31 December 2021**
**Source of funds**
(Deficit) / Surplus for the year
**Application of funds**
(Decrease) / Increase in cash at bank
(Decrease) / Increase in cost of investments||**2021**
**£**
3,000
21,425
17,712
42,137
(18,679)
(7,249)
(25,928)
16,209
**2021**
**£**
16,209
1,866
14,343
16,209|**2020**
**£**
4,330
21,991
20,718| |---|---|---|---| ||||47,039| ||||(45,995)
(6,628)| ||||(52,623)| ||||| ||||(5,584)| ||||**2020**
**£**
(5,584)
(47,120)
41,536
(5,584)| (1) Includes management fees and safe keeping fees paid to the investment manager. 3 MICHAELHOUSE UK TRUST Financial Accounts for 31 December 2021 Statement of Assets & Liabilities a$ at 31 Deeember 2021 2021 2020 Assets & Li*bilitie5 Current &8sets Investhicnts 655.286 640,943 C&%h 7.899 663,185 646,976 Liabiltti Total Assets less Liabilities 633,185 646.976 Trust Funds FuDds at the iwnning of the year 6p16,976 652.560 (Deficit) / Surplu5 the year 16 Fknnds at the end of the year 663,185 646,976 Notr I: The Trust's funds are invested in a discretionary managed account rnanaged by FIM Capitat. Investhients are in¢luded at cost io the balance sheet. Tbe markei value of the investments hcld plus cash &$ at 31 Decembtr 2021 was £1.091202 (2020: £980,665). Note 2: Tn addition to thc bursary amounts shown in the IT￿0￿e Sratem¢nt on page 3. the Ttust has cutrently committed to pay bursaties of between £25.INKI to £30.000 depending on exchauge rafr fluctuatio￿ in 2022. It Is intended that these amounts will be funded out of income getierdted from the Tn&8t's investment& The finaDcial accounts were approved by the TnL8tea8 on and are stgned on th¢ir beha]f by .S.S. Smyth