2022-12-31-accounts - Michaelhouse UK Trust

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MICHAELHOUSE UK TRUST

Registered Charity Number 328512

Financial Accounts 31 December 2022

MICHAELHOUSE UK TRUST Financial Accounts for the year ended 31 December 2022

Trustees

J.S.S. Smyth (Chairman) C. Mulinder R. Mkhulisi (w.e.f. 24 March 2022) G. Rivers-Moore (Hon Secretary & Treasurer w.e.f. 31 December 2021) M. Reynolds (resigned w.e.f. 31 December 2021) C. Lamb

S. Lumley

Review of the Period

The Trust had a surplus/(deficit) for the year of £76,320 (2021: £16,209) and had net assets based on historical cost as at 31 December 2022 of £739,505 (2021: £663,185) and at fair value, £960,148 (2021: £1,091,202). Disposals of assets during the year resulted in realised gains of £77,800 (2021: £17,712).

The Trust continued to provide bursaries for pupils attending Michaelhouse School in South Africa. During the year, the Trust paid bursaries of £24,458 (2021: £18,679).

Accounting Policies

The financial accounts are prepared under the historical cost convention.
The financial accounts are prepared on a receipts and payments basis and not on an accrual basis.

MICHAELHOUSE UK TRUST Financial Accounts for the year ended 31 December 2022

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 2022 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:

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, nor

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

126 Douglas Road Esher KT10 8BG

MICHAELHOUSE UK TRUST Financial Accounts for the year ended 31 December 2022

Income Statement For the year to 31 December 2022 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 2022 Source of funds (Deficit) / Surplus for the year Application of funds (Decrease) / Increase in cash at bank (Decrease) / Increase in cost of investments		2022 £ 9,461 20,895 77,800 108,156 (24,458) (7,378) (31,836) 76,320 2022 £ 76,320 9,619 66,701 76,320	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

(1) Includes management fees and safe keeping fees paid to the investment manager.

MICHAELHOUSE UK TRUST Financial Accounts for the year ended 31 December 2022

Statement of Assets & Liabilities as at 31 December 2022

Assets & Liabilities Current assets Investments Cash Liabilities Total Assets less Liabilities Trust Funds Funds at the beginning of the year (Deficit) / Surplus for the year Funds at the end of the year	2022 £ 721,987 17,518 739,505 0 739,505 663,185 76,320 739,505	2021 £ 655,286 7,899
		663,185 0
		633,185
		646,976 16,209
		663,185

Note 1: The Trust’s investments are held in a discretionary account managed by FIM Capital. Cash accounts are held at FIM Capital and Nedbank. Investments are included at cost in the balance sheet. The market value of the investments held plus cash as at 31 December 2022 was £960,148 (2021: £1,091,202).

Note 2: In addition to the bursary amounts shown in the Income Statement on page 3, the Trust has currently committed to pay bursaries of between £25,000 to £30,000 depending on exchange rate fluctuations in 2023. It is intended that these amounts will be funded out of income generated from the Trust’s investments.

The financial accounts were approved by the Trustees on 27 October 2023

and are signed on their behalf by

J.S.S. Smyth Chairman