## MICHAELHOUSE UK TRUST
Registered Charity Number 328512
Financial Accounts
31 December 2023
MICHAELHOUSE UK TRUST Financial Accounts for the year ended 31 December 2023
## Trustees
- J.S.S. Smyth (Chairman)
- C. Mulinder
- R. Mkhulisi
- G. Rivers-Moore (Hon Secretary)
- C. Lamb
- S. Lumley
- S. Wadeson (w.e.f 12 October 2023)
R. Maree (w.e.f 01 November 2023)
## Review of the Period
The Trust had a surplus/(deficit) for the year of £3,590 (2022: £76,320) and had net assets based on historical cost as at 31 December 2023 of £743,095 (2022: £739,505) and at fair value, £1,021,461 (2022: £960,148). Disposals of assets during the year resulted in realised losses of £8,149 (2022: £77,800 gain).
The Trust continued to provide bursaries for pupils attending Michaelhouse School in South Africa. During the year, the Trust paid bursaries of £16,350 (2022: £24,458).
## 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.
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MICHAELHOUSE UK TRUST Financial Accounts for the year ended 31 December 2023
## 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 2023 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:
- e to examine the accounts under section 145 of the 2011 Act: e 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
- e 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 e to keep accounting records in accordance with section 130 of the 2011 Act, and e 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
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
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7 “
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Justin Cretikos Chartered Accountant (SA)
Flat 11 33 Carlton Drive London SW15 2BL
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MICHAELHOUSE UK TRUST
## Financial Accounts for the year ended 31 December 2023
Income Statement For the year to 31 December 2023
||2023|2022|
|---|---|---|
||£|£|
|Donations& GiftAid Received|10,170|9,461|
|Interest and Dividends|24,951|20,895|
|Realised gains / (losses) on Investments|(8,149)|77,800|
|TotalIncome|26,972|108,156|
|Bursaries paid|(16,350)|(24,458)|
|Management fees and charges"|(7,032)|(7,378)|
|Total Costs|(23,382))|_G1,836))|
|(DEFICIT) /SURPLUS for theyear|3,590|76,320|
|Source and Application ofFunds Statement|||
|For theyear to 31 December2023|||
||2023|2022|
|Source offunds|£|£|
|(Deficit) / Surplus forthe year|3,590|76,320|
|Application offunds|||
|(Decrease) / Increase in cash at bank|8,425|9,619|
|(Decrease) / Increase in costofinvestments|(4,835)|66,701|
||3,590|76,320|
(1) Includes management fees and safe keeping fees paid to the investment manager and bank charges on the Nedbank current account.
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MICHAELHOUSE UK TRUST Financial Accounts for the year ended 31 December 2023
## Statement of Assets & Liabilities as at 31 December 2023
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|||||||||
|---|---|---|---|---|---|---|---|
|2023|2022|
|Assets|&|Liabilities|£|£|
|Current|assets|
|Investments|717,152|721,987|
|Cash|25,943|17,518|
|743,095|739,505|
|Liabilities|0|0|
|Total|Assets|less|Liabilities|743,095|739,505|
|Trust|Funds|
|Funds|at|the|beginning|of the|year|739,505|663,185|
|(Deficit)|/|Surplus|for the year|3,590|76,320|
|Funds|at the end|of the|year|743,095|739,505|
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- 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 2023 was £1,000,904 (2022: £960,148).
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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 2024. It is intended that these amounts will be funded out of income
generated from the Trust’s investments. ‘ at ;"; P a) nn
The financial accounts were approved by the Trustees on_ / 7 apne
Aides ALoe
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and are signed on their behalf by
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“f a (hs t, oe
J.3.S. Smyth
Chairman ba
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