The Misterton '77 Charitable Trust
Trustees’ report and financial statements Registered number 506304 For the year ended 30 September 2023
The Misterton '77 Charitable Trust Trustees’ report and financial statements
Contents
| Trustees’ annual report | 1-2 |
|---|---|
| Statement of trustees’ responsibilities | 3 |
| Independent Examiner's Report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the accounts | 7-10 |
The Misterton '77 Charitable Trust Trustees’ report and financial statements
Trustees’ annual report
Objectives, activities, achievements and performance
The charity, as per its Trust Deed, was founded for the purpose of the relief and benefit of aged and disabled persons, in particular in any of the following ways:
-
1) The provision of financial and other assistance in connection with the aged and disabled persons outgoings to Misterton Hall;
-
2) The provision of hospitality and recreational facilities at the Rutland Room or elsewhere on the Estate for the benefit of such persons;
-
3) The provision of short stay accommodation for the benefit of such persons;
-
4) The provision of other charitable purposes as the Trustees see fit.
The charity continues to maintain part of the grounds at Misterton Hall together with the Rutland Room. These facilities are made available, usually in conjunction with Age UK and other voluntary organisations, for aged or disabled persons. The following activities took place in 2022/23:
-
A large number of the Wycliffe Lutterworth U3A group once again enjoyed a picnic and games in the gardens;
-
The Lutterworth Rotary Club held a Craft & Garden Open Day where several charitable societies were represented with a very good turnout of families with elderly members;
-
Once again The Lutterworth twinning group visited with a number of elderly members enjoying a tea party on the top lawn;
-
Several groups used Rutland Room for various events e.g. afternoon tea etc.
-
The Welland Valley Cycle group held two ‘cycle days’ which were enjoyed by both youngsters & veterans in the local area.
In addition to the events above smaller groups, church groups and voluntary organisations have used the facilities for fishing, cycling, garden tea parties and group meetings.
Expenditure, as far as possible, is limited to not exceed income, although the charity makes donations to appeals from other charities with similar objectives at the trustees’ discretion. In the prior year the charity made a donation to Age UK Leicester Shire & Rutland.
Public benefit
The trustees confirm they have referred to the guidance contained in the Charity Commissions general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities and its donation policy.
Financial review
During the year, the charity received donations of £1,515 (2022: £1,110) and dividend income of £36,566 (2022:£36,471). Net income for the year was £7,289 (2022: £19,021) and a gain on investment assets of £37,035 (2022: net loss of £38,836) was recorded. At the end of the year, the charity had investment funds carried forward of £629,956 (2022: £594,121) . It is the policy of the trustees to invest surplus funds in listed investments.
Reserves policy
It is the policy of the trustees to distribute reserves in accordance with its objectives. The free reserves at the end of the year are estimated by the trustees to be in the order of £645,775. The estimated level of free reserves required by the charity is £25,000, however the majority of funds are maintained in a portfolio of investments to generate income to fund the maintenance of the grounds and the Rutland room for future use by charitable organisations.
1
The Misterton '77 Charitable Trust Trustees’ report and financial statements
Trustees’ annual report (continued)
Structure, governance and management
The Misterton ’77 Charitable Trust was created by a deed dated 22 April 1977, and subsequent endorsements dated 6 July 1977 and 3 March 1978, for the purposes of the relief and benefit of aged and disabled persons.
It is administered by a body of trustees, and the power to appoint new or additional trustees rests with the original settlors.
The financial statements have been prepared in accordance with the accounting policies principally set out on page 7, and comply with the charity’s deed, applicable law and the charity SORP.
Reference and administrative information
Trustees
The trustees who have served during the year were as follows:
| HJ Craven | (chair) | |
|---|---|---|
| Z Hyde Thomson | ||
| EE Townend | ||
| Registered office | of The | Estate Office |
| Misterton ’77 Charitable | Misterton Hall | |
| Trust | Misterton | |
| Lutterworth | ||
| Leicestershire | ||
| LE17 4JP | ||
| Registered number | 506304 | |
| Bankers | National Westminster Bank plc | |
| 25 High Street | ||
| Lutterworth | ||
| Leicestershire | ||
| Investment managers | Brewin Dolphin | |
| Two Colton Square | ||
| Leicester | ||
| LE1 1QF | ||
| Solicitors | Freeth Cartwright Hunt Dickens | |
| Express Buildings | ||
| 29 Upper Parliament Street | ||
| Nottingham | ||
| Accountant/Independent Examiner Karen Hanlan, ACA | ||
| Karen Hanlan Independent Examiner Ltd | ||
| 1 Saracen Close | ||
| Ettington | ||
| CV37 7SZ |
Approved by the trustees on 14 March 2024 and signed on their behalf by:
Mrs HJ Craven
2
The Misterton '77 Charitable Trust Trustees’ report and financial statements
Statement of trustees’ responsibilities
Under the trust deed of the charity and charity law, the trustees are responsible for preparing the trustees’ annual report and the financial statements for each financial year which show a true and fair view of the state of affairs of the charity, and of the excess of income over expenditure for that period. In preparing those financial statements, generally accepted accounting practice entails that the trustees:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departure disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue its activities.
The trustees are required to act in accordance with the trust deed of the charity, within the framework of trust law. They are responsible for keeping proper accounting records sufficient to disclose at any time, with reasonable accuracy, the financial position of the charity at that time and enable the trustees to ensure that, where any statements of accounts are prepared by them under section 130 of the Charities Act 2011, those statements of accounts comply with the requirements of regulations under that provision. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities.
3
The Misterton '77 Charitable Trust Trustees’ report and financial statements
Independent Examiner’s Report to the Trustees of the Misterton ‘77 Charitable Trust
I report to the trustees on my examination of the accounts of the Misterton ’77 Charitable Trust (‘the Trust’) for the year ended 30 September 2023 which are set out on pages 5 to 10.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (the Act).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Karen Hanlan, ACA Karen Hanlan Independent Examiner Limited
Date:14 March 2024
1 Saracen Close, Ettington, CV37 7SZ
4
The Misterton '77 Charitable Trust Trustees’ report and financial statements
Statement of financial activities
for the year ended 30 September 2023
| Income: Donations Investment income: Dividends Interest Total income Expenditure (note 2) Raising funds Charitable activities Total Expenditure Net income before investment gains/(losses) Net gains/(losses) on investment assets Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward |
Unrestricted funds 2023 2022 £ £ 1,515 1,110 36,566 36,471 476 - 38,557 37,581 1,200 1,200 30,068 17,360 31,268 18,560 7,289 19,021 37,035 (38,836) 44,324 (19,815) 601,451 621,266 645,775 601,451 |
|---|---|
All of the charity’s activities, in both years, arise from continuing activities.
There were no movements in the endowment fund either this year or last year.
5
The Misterton '77 Charitable Trust Trustees’ report and financial statements
Balance sheet at 30 September 2023
| Note Fixed assets Tangible fixed assets 3 Investments Listed 4 Cash on deposit Other 5 Current assets Debtors 6 Cash at bank and in hand Current liabilities Creditors: amounts due within one year 7 Net current assets The funds of the charity 8 Endowment funds Unrestricted funds |
2023 £ £ - 569,617 33,719 26,620 629,956 629,956 3,022 44,705 47,727 (5,288) 42,439 672,395 26,620 645,775 672,395 |
2022 £ £ - 532,582 34,919 26,620 594,121 594,121 2,950 42,105 45,055 (11,105) 33,950 628,071 26,620 601,451 628,071 |
2022 £ £ - 532,582 34,919 26,620 594,121 594,121 2,950 42,105 45,055 (11,105) 33,950 628,071 26,620 601,451 628,071 |
2022 £ £ - 532,582 34,919 26,620 594,121 594,121 2,950 42,105 45,055 (11,105) 33,950 628,071 26,620 601,451 628,071 |
|
|---|---|---|---|---|---|
| 594,121 33,950 628,071 26,620 601,451 628,071 |
|||||
These financial statements were approved by the trustees on 14 March 2024
HJ Craven Trustee
6
The Misterton '77 Charitable Trust Trustees’ report and financial statements
Notes to the accounts
1 Accounting policies
The following accounting policies have been applied consistently in dealing with items which are considered material to the charity’s financial statements.
Basis of accounting
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (updated 1 January 2019) - (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the trust Deed.
The Misterton ’77 Charitable Trust meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historic cost or transaction value unless otherwise stated in the relevant accounting policy note.
Going Concern statement
The financial statements have been prepared on a going concern basis which assumes that the charity will continue to operate. The validity of this assumption is dependent upon the performance of the charity’s investments, however expenditure levels are under the control of Trustees and are kept to a level to maintain the funds of the charity. Based on this understanding the trustees believe that it remains appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments, which would result from the basis of preparation being inappropriate.
Income
All income is recognised in the Statement of Financial Activities when the charity is legally entitled, ultimate receipt is probable and the amount can be quantified with reasonable accuracy.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis.
Fixed assets and depreciation
Fixed assets are stated at cost less accumulated depreciation.
Depreciation, calculated on the cost of fixed assets, is provided on a straight line basis at the following annual rates: Amenity block 2% Roads and car park 5% Shelter 5%
Investments
Listed investments are stated at market value. Other fixed asset investments are stated at market value at date of acquisition since a reliable current valuation is not readily available.
Taxation
The charity is not registered for VAT and, therefore, expenditure is recorded gross in these financial statements. The Misterton ‘77 Charitable Trust, as a registered charity, is exempt from taxation on its income and gains falling within Section 505 of the Taxes Act 1988 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that they are applied to charitable objectives. No tax charge has arisen in the year.
7
The Misterton '77 Charitable Trust Trustees’ report and financial statements
Notes (continued)
2 Expenditure
| 2 Expenditure |
||
|---|---|---|
| Raising funds: Investment managers fees Charitable activities: Charitable donations – Age UK/Loros Rent Ground maintenance Rutland Room rates Electricity, gas and water Insurance Bookkeeping Governance costs Independent Examiners fees/Accountancy fees |
2023 £ 1,200 15,250 340 10,960 44 1,824 360 240 1,050 31,268 |
2022 £ 1,200 - 340 12,544 (263) 3,164 360 225 990 |
| 18,560 |
3 Fixed assets
| Amenity Block £ Cost At beginning and end of year 5,640 Depreciation At beginning and end of year 5,640 Net book value At beginning & end of year - |
Road £ 9,132 9,132 - |
Shelter £ 1,610 1,610 - |
Total £ 16,382 |
|---|---|---|---|
| 16,382 | |||
| - |
8
The Misterton '77 Charitable Trust Trustees’ report and financial statements
Notes (continued)
4 Listed investments
| Market value at beginning of year Net (loss)/gain in the year Additions at cost Disposal proceeds Market value at end of year Investments comprise: UK Investments Global Investment trusts Historical cost |
2023 £ 532,582 37,035 - - 569,617 2023 £ 189,565 380,052 193,045 |
2022 £ 573,910 (38,836) - (2,492) |
|---|---|---|
| 532,582 |
||
| 2022 £ 168,197 364,385 |
||
| 193,045 |
The total market value of listed investments includes the following investments which represent more than 5% of the total market value:
| al market value: | |
|---|---|
| Market value | |
| £ | |
| Foreign and Colonial Investment Trust | 163,355 |
| Murray Income Trust Plc | 48,314 |
| The Alliance Trust | 122,497 |
| Keystone Investment Trust | 31,620 |
| Witan Investment Trust | 62,580 |
| Royal Dutch Shell | 59,078 |
5 Other investments
Other investments are stated at their market value at the date of acquisition and comprise:-
| Belvoir Property Investments Limited 48 shares of £1 each Craven (Builders) Limited 100 shares of £1 each |
2023 2022 £ £ 25,920 25,920 700 700 26,620 26,620 |
|---|---|
Mrs Craven, one of the Trustees, is a director and shareholder in both of the above companies, each having two directors in total.
9
The Misterton '77 Charitable Trust Trustees’ report and financial statements
Notes (continued)
The trustees are of the opinion that these investments, both in unlisted companies, have a market value not less than their book value.
These investments represent the endowment funds of the charity.
| 6 | Debtors | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Other debtors | 3,022 | 2,950 |
| 7 | Creditors | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Accruals | 5,288 | 11,105 |
8 Funds
Unrestricted funds comprise those funds which the trustees are free to use in accordance with the charitable objectives.
The endowment fund represents those assets, included within other investments, which must be held permanently by the charity. Income arising on the endowment fund can be used in accordance with the objectives of the charity, and is included as unrestricted income.
9 Related party transactions
During the year, the trust paid rent for the use of the Rutland Room of £340 ( 2022: £340 ) to the Frank Craven Trust, in which trustee Mrs HJ Craven is also a trustee/Director. This amount is included in the statement of financial activities.
No trustees received either any remuneration or reimbursement of expenses during the year.
10