THE GERALD MICKLEM CHARITABLE TRUST
Annual Report and Accounts
31st December 2022
Registered Charity Number 802583
Peter B. Shone Homefield Chidden Holt Hambledon Waterlooville Hampshire PO7 4TG
THE GERALD MICKLEM CHARITABLE TRUST
Legal and Administrative Information
Full name of the Charity Charity registration number 802583 Governing instrument The Will of G.H. Micklem Trustees Mrs. Susan Joan Shone
The Gerald Micklem Charitable Trust
Mrs. Susan Joan Shone Miss Joanna Louise Scott-Dalgleish Miss Helen Laura Ratcliffe
Power of appointment of new trustees Powers of investment Correspondent Principal address of the Charity Bolinge Hill Farm Buriton Petersfield Hampshire GU31 4NN
Vested in Trustees for the time being
Wholly unrestricted, set out in Clause 14 of the Will
Mrs. Susan Joan Shone
Telephone 01730 264207
Solicitor/Administrator Peter B. Shone Homefield Chidden Holt Hambledon Waterlooville Hampshire PO7 4TG
Telephone 02392 632406
Website www.geraldmicklemct.org.uk E-mail mail@geraldmicklemct.org.uk Bankers National Westminster Bank 1 Princes Street London EC2R 8PA
www.geraldmicklemct.org.uk
mail@geraldmicklemct.org.uk
Investment Managers Brewin Dolphin Securities Limited 12 Smithfield Street London EC1A 9BD
Auditors
Martin and Company Audit Limited Chartered Accountants 25 St. Thomas Street Winchester Hampshire SO23 9HJ
Page 1
Report of the Trustees
The Trustees of The Gerald Micklem Charitable Trust present their report together with the financial statements of the Charity for the year ended 31st December 2022. The financial statements have been prepared in accordance with the accounting policies set out in Note 1 to the Accounts and comply with the Charity’s Trust Deed, the Charities Act 2011 and 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 published in October 2019.
History of the Charity
The Charity was established by the Will of Gerald Micklem, who died in May 1988. A number of capital additions have been made to the Trust since then by members of his family.
Object of the Charity
The Charity is a grant-making trust. The stated object of the Charity is that the capital fund shall be held and applied for such exclusively charitable purposes as the Trustees determine in their discretion. Unless or until the Trustees decide to apply the capital for such purposes, they are directed to pay or apply the income for or to such legally charitable institutions bodies or funds or for such legally charitable purposes as they shall from time to time determine. The Trustees have no present intention to expend or apply any of the capital.
Structure, Governance and Management
The Solicitor/Administrator conducts the day-to-day administration of the Charity. This includes providing and maintaining the website; book-keeping; conferring with the Charity’s Investment Managers and giving instructions based on their advice; issuing grant cheques; and the preparation of the Charity’s proper form Trust Accounts and of this Report & Accounts. The correspondent deals with written applications and telephone enquiries.
Although the Trustees meet or confer regularly throughout the year, they hold one major meeting, usually in the first couple of months of the year, at which the bulk of the year’s grants are decided.
The present Trustees do not envisage any need for new or additional trustees. In the event that they do, they will decide on a procedure for selecting them at the time.
The Trustees consider the board of Trustees to be the key management personnel of the Charity in charge of directing and controlling the Charity and running and operating the Charity on a day to day basis. All Trustees give of their time freely and no Trustee remuneration was paid in the year. Details of Trustees’ expenses and related party transactions are disclosed in note 3 of the accounts. Trustees are required to disclose all relevant interests and in accordance with the Charity’s policy withdraw from decisions where a conflict of interest arises.
Risk Management
The Charity invests in quoted securities for the long term with a view to maintaining the capital value of the investments and securing a rising income. The holding of securities and investing activities pursuant to the investment policy involve certain inherent risks. Events may occur that result in either a reduction in the value of the Charity’s capital or a reduction in dividend and interest income.
The main risk from holding investments is market price risk, which arises mainly from uncertainty about future prices of securities. It represents the potential loss the Charity may suffer through holding market positions in the face of price movements. Market price risk is monitored on a daily basis by the Investment Manager and discussed with the Administrator. The other risks, liquidity risk and cash flow risk, are minimised because the Charity’s investments are all readily realisable and can be sold to meet any funding commitments.
Grant-making Policy, Aims and Objectives
The Trustees’ policy is to pay the trust income only to UK registered charities. They do not make grants to, or enter into sponsorship arrangements with, individuals. They receive a large number of appeals each year, but they have tended to make (without commitment) recurring grants to several charities as well as one-off grants to some charities newly selected each year. A list of the grants made is included in the notes to the Accounts. All applications are considered on their merits. The Trustees have not formally excluded any category of charitable activity, but they have established some funding priorities. See later in this Report.
Page 2
Grant Application Process
The Charity is listed in a number of the directories of grant-makers. Applications may be made to the correspondent at any time by letter, not by e-mail, though initial enquiries may be sent by e-mail. There is no application form. Applications may be sent at any time prior to 30th November each year, and should be accompanied by the latest Report & Accounts. As the main grant-making meeting is usually held in January/February, when applications made in the previous calendar year are considered, it is preferable for applications to be made in October or November so that the information they contain is most up to date when considered by the Trustees.
Grant Priorities and Selection Criteria
The Trustees are prepared to fund core costs as well as capital projects, but are unlikely to provide initial funding for new established organisations. The organisations in which the Trust is most interested are UK charities, national or local, working specifically in Hampshire or West Sussex, and in one of the fields listed below. PLEASE NOTE that the Trust is unlikely to support the regional work of national charities in locations outside Hampshire or West Sussex or charities working only in other areas of the UK.
Fields supported by the Trust:
Adults and children with physical disabilities Adults and children with learning disabilities Carers for the elderly and disabled, especially young carers Environment and wildlife Hospices for adults and children Medical conditions affecting both adults and children Support for the elderly, including those with Alzheimer’s or dementia
The Trust does not make grants to individuals, does not enter into sponsor ship arrangements with individuals and does not make grants to organisations that are not UK-registered charities.
The areas of charitable activity that fall outside the Trust’s current funding priorities are:
Churches
Drug/alcohol abuse and counselling Disadvantaged children and young people Education/schools (excepting those for disabled children) Homelessness and housing Local community groups Medical research Mental health Museums, galleries and heritage Overseas aid Performing arts and cultural organisations
Review of Activities
The Trustees received 204 appeals, 61 more than the previous year. Of these, 31 charitable organisations were selected to receive grants. 27 charities had been supported in previous years and their new proposals were considered worthy of funding after review of reports and, in some cases, meetings with or visits by the Trustees earlier in the year to discuss how donations were benefitting recipients. 4 charities received funding for the first time, being considered the strongest new applicants according to the Trust’s objectives.
Public Benefit
The Trustees confirm that they have regard for the Charity Commission’s guidance on public benefit. They take the view that the requirement to show public benefit is satisfied for a grant-making trust of this type by their making grants only to UK-registered charities.
Performance Monitoring and Review
The trustees consider the initial grant application to ensure it meets the Charity’s own goals. The Trustees expect to receive a report from recipient charities during the year in which the grant is made. The trustees monitor these
Page 3
reports to ensure the funds were used in line with the initial application made by the beneficiary, especially where the beneficiary requests a repeat grant in the future. The Trustees may also choose to visit or hold meetings with charities prior to grant applications being submitted, particularly where a repeat grant is being requested.
Financial Review
Incoming Resources
The Charity derives an income from its investments, but the overall income was boosted by net Gift Aid Payments of £188,000 (2021 : £148,000). These are one-off payments each year, and there is no guarantee that they will continue. Investment income amounted to £135,219 (2021 : £105,965). The value of grants made was £284,010 (2021 : £315,000). At 31st December 2022, undistributed income amounted to £370,167 (2021 : £286,658).
The increase in investment income is, in part, due to a large donation received in the year which allowed the Trustees to increase the level of investments. The donation resulted in a significant increase in income shown in the statement of financial activities.
Investment Policy and Performance
All investments held by the Charity have been acquired in accordance with the powers of the Trustees and the Charity's assets are available and adequate to fulfil its obligations.
With respect to the performance of its investment portfolio, the Trustees have given its investment portfolio manager instructions based on the Trustees’ risk assessment, and that performance is monitored on an ongoing basis to ensure the income being generated is sufficient and the holdings do not conflict with the aims and objectives of the Charity. The investment objective is to secure a rising income over time.
Reserves Policy
It is not the Trustees’ policy to maintain significant reserves of income. Grants are made to utilise the income from investments received in the year. There has been no material change in the Trustees' policy since last year.
The Trustees have no present intention to expend or apply any of the capital. At 31st December 2022, the capital element of the fund amounted to £3,207,016 (2021 : £2,563,309).
Future Plans
The Trustees currently expect to continue with their present grant-making policy as this allows the Charity to continue to meet its stated aims and objectives.
Statement of Trustees’ Responsibility for the Accounts
The Charity Trustees are responsible for preparing a Trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, of the Charity for that period. In preparing the financial statements, the Trustees are required to :
-
select suitable accounting policies and then apply them consistently
-
observe the methods and principles in the applicable Charities SORP
-
make judgments and estimates that are reasonable and prudent
-
state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures 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 in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations 2016, and the provisions of the
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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE GERALD MICKLEM CHARITABLE TRUST
Opinion
We have audited the financial statements of The Gerald Micklem Charitable Trust (“the Charity”) for the year ended 31 December 2022, which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and the notes to the financial statements including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. In our opinion the financial statements:
-
give a true and fair view of the state of the Charity's affairs as at 31 December 2022 and of its incoming resources and application of resources for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the trustees Report is inconsistent in any material respect with the financial statements; or
-
sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Page 6
INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE GERALD MICKLEM CHARITABLE TRUST
Responsibilities of Trustees
As explained more fully in the Statement of Trustees' Responsibilities set out on pages 4 and 5, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the regulations made under section 154 of that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory framework applicable to the charity via discussions with the Trustees and our previous knowledge of the Charity. This identified that the most significant laws and regulations relate to the form and content of the financial statements such as the Charities Act 2011, the Charities SORP (FRS 102) and Financial Reporting Standard 102. The charity complies with these laws and regulations by using appropriately qualified professionals to prepare the financial statements.
As part of our planning process we assessed susceptibility of the charity's financial statements to material misstatements, including how fraud might occur by making an assessment of the key risks. The key risks identified in respect of The Gerald Micklem Charitable Trust are revenue recognition and eligibility of charitable giving. The Trustees confirmed no actual, suspected or alleged cases of fraud.
Based on this assessment we designed our audit procedures to address these key risk areas with an emphasis on testing the income and gains on the investments, the income on investment property and the charitable donations made.
Because there is inherent limitations in an audit, there is the risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk is enhanced where compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to identify instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves a deliberate intension to deceive. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at
https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-theauditor%E2%80%99s-responsibilities-for.
This description forms part of our Report of the Independent Auditors.
Page 7
THE GERALD MICKLEM CHARITABLE TRUST
Statement of Financial Activity for the year ended 31st December 2022
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| Fund 2022 | Fund 2021 | ||
| Note | £ | £ | |
| Income | |||
| Donations - capital | £743,851 | £0 | |
| Scrip dividends | 0 | 0 | |
| Investment income | |||
| Gross dividends | 134,702 | 104,670 | |
| Gross interest | 0 | 1,279 | |
| Gross interest | 517 | 16 | |
| Gift Aid Payments | 188,000 | 148,000 | |
| Income tax recoverable | 47,000 | 37,000 | |
| __ | _ | ||
| Total income | £1,114,070 | £290,965 | |
| __ | _ | ||
| __ | _ | ||
| Expenditure | |||
| Raising Funds | |||
| Investment management costs | 3 | £1,200 | £1,200 |
| Charitable activities | 2 | 286,710 | 316,536 |
| _ | _ | ||
| Total Expenditure | £287,910 _ |
£317,736 _ |
|
| _ | _ | ||
| Net income/(expenditure) before | £826,160 | (26,771) | |
| gains and losses on investments | |||
| Net gains/(losses) on | |||
| investment assets | 9 | (98,945) | 237,854 |
| _ | _ | ||
| Net Movement in Funds | £727,215 | £211,083 | |
| Balance brought forward at | |||
| 1st January 2022 | 9 | 2,849,967 | 2,638,884 |
| Funds carried forward at | |||
| __ | __ | ||
| 31st December 2022 | £3,577,182 | £2,849,967 | |
| _ _ |
_ _ |
Page 9
| Balance Sheet at31stDecember2022 | ||||
|---|---|---|---|---|
| Note | ||||
| FixedAssets | zrvn I |
I 202', |
. | |
| UK Quotedlnvestments | 4 | t3,202,247 | 82,557,751 | |
| at current marketvalue | ||||
| GurrentAssets | ||||
| Debtor | ||||
| CashatBank | 317,066 | 277,070 | ||
| Cashwith Broker | 13,869 | 17,966 | ||
| t377,935 | c295,039 | |||
| Liabilities | ||||
| Creditors:amountsfallingdue | ||||
| withinoneyear | 8 | 3,000 | 2,822 | |
| NetCurrent Assets | 7 | |||
| Total Assets less CurrentLiabilities | 93,577,182 | f,2,849,967 | ||
| UNRESTRIGTED FUND | 9 | 83,577,182 | t2,849,967 |
THE GERALD MICKLEM CHARITABLE TRUST
Cashflow statement for the year ended 31st December 2022
| Note | 2022 | 2021 | |
|---|---|---|---|
| £ | £ | ||
| Net cash provided by/(used in) operating activities | 10 | 644,121 | (131,429) |
| Cashflows from investing activities : | |||
| Purchase of investments | (801,032) | (134,379) | |
| Proceeds from sale of investments | 57,591 | 130,956 | |
| Dividends and interest | 135,219 | 105,965 | |
| _ | _ | ||
| Net cash provided by investing activities | (608,222) | 102,542 | |
| Change in cash and cash equivalents in the year | 35,899 | (28,887) | |
| _ | _ | ||
| Cash and cash equivalents brought forward | 295,036 | 323,923 | |
| _ | _ | ||
| Cash and cash equivalents carried forward | 11 | 330,935 _ |
295,036 _ |
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THE GERALD MICKLEM CHARITABLE TRUST
Notes to the Financial Statements for the year ended 31st December 2022
1. Accounting Policies
The financial statements of the charity, which is a public benefit entity, have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK General Accepted Accounting Practice as it applies from 1 January 2019. The financial statements have been prepared under the historic cost convention.
The financial statements have been prepared to give a "true and fair" view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a "true and fair" view. This departure has involved following Accounting and Reporting by Charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued in October 2019 rather than the Accounting and Reporting by Charities : Statement of Recommended Practice effective from 1st April 2005 which has since been withdrawn.
Going Concern
The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of the assets held by the Charity.
Income Recognition
All income is recognised once the Charity has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably. Interest on funds held on deposit is included upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Expenditure Recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is accounted on an accruals basis, inclusive of any VAT which cannot be recovered.
Expenditure on charitable activities includes all costs incurred in delivering the charity's principal objectives.
All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the statement of financial activities. Grants payable are payments made to third parties in the furtherance of the charitable objects of the Charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled conditions attaching to the grant are outside the control of the Charity. Raising Funds are those costs incurred in attracting investment income and management of investments that raise funds.
Charitable activities
The Trustees consider that grant-making is the Charity's sole charitable activity. The expenditure on charitable activities includes grants made and governance costs.
Governance Costs
Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs are in respect of an independent examination of the Accounts and general administration.
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THE GERALD MICKLEM CHARITABLE TRUST
Notes to the Financial Statements for the year ended 31st December 2022
Fixed Asset Investments
Investments are initially recognised at their transaction value and subsequently measured at their market value as at the balance sheet date using the mid-market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Charity does not acquire or use put options, derivatives or other complex financial instruments.
All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the statement of financial activities.
Funds structure
Unrestricted income funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objectives.
Irrecoverable VAT
Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
Taxation
The Trust is a registered charity and accordingly is exempt from taxation on its income and gains where they are applied for charitable purposes.
Public Benefit
The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 and have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities and setting the donations policy for the year. The benefit that arises is the provision of funding to organisations that promote the above objectives. They take the view that the requirement to show public benefit is satisfied for a grant-making trust of this type by their making grants only to UK-registered charities.
Significant Judgements and Estimations
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Estimates and underlying assumptions are reviewed on an ongoing basis.
The trustees have not identified material judgements or estimations during the year.
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THE GERALD MICKLEM CHARITABLE TRUST
Notes to the Financial Statements for the year ended 31st December 2022
2. Expenditure on Charitable Activities
The following grants were made in the year, all of them being made to institutions :
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Blindness | ||
| SeeAbility | 10,000 | |
| Carers/Elderly | ||
| The Brendoncare Foundation | 9,000 | |
| Carers Support West Sussex | 5,000 | |
| Dementia Support | 10,000 | |
| Children/young people | ||
| The Hive Youth Zone | 6,000 | |
| Churches | ||
| St Peter's Acton Green | 2,500 | |
| Disabled | ||
| Challengers | 5,000 | |
| Hearing Dogs for Deaf People | 5,000 | |
| KIDS | 6,370 | |
| Rose Road Association | 5,360 | |
| Whizz-Kidz | 8,000 | |
| Environment/wildlife | ||
| Chichester Ship Canal Trust | 5,000 | |
| RHS Wisley | 4,000 | |
| RSPB | 6,500 | |
| South Downs National Park Trust | 8,800 | |
| Hospices | ||
| The Rosemary Foundation | 7,000 | |
| The Rowans Hospice | 7,000 | |
| Wessex Children's Hospice Trust, Naomi House | 7,000 | |
| Medical conditions/research/hospitals | ||
| Dystonia UK | 2,500 | |
| British Epilepsy Association | 5,000 | |
| Foundation for Paediatric Osteopathy | 5,000 | |
| Hampshire & Isle of Wight Air Ambulance | 6,980 | |
| Parkinson's UK | 5,000 | |
| Penny Brohn Cancer Care | 15,000 | |
| Teenage Cancer Trust | 5,000 | |
| Young Lives vs. Cancer | 5,000 | |
| Mental handicap | ||
| Apuldram Centre | 8,000 | |
| Home Farm Trust | 76,000 | |
| Tuppenny Barn | 8,000 | |
| Sports | ||
| The Golf Foundation | 20,000 | |
| Overseas aid/international | ||
| Fundatia Adept Limited | 5,000 | |
| _ | _ | |
| 284,010 | 315,000 | |
| Governance costs | 2,700 | 1,536 |
| _ | _ | |
| Charitable activities expenditure | 286,710 _ _ |
316,536 _ _ |
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THE GERALD MICKLEM CHARITABLE TRUST
Notes to the Financial Statements for the year ended 31st December 2022
3. Governance Costs
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Legal fees | - | 600 |
| Independent examiners fee | (300) | 916 |
| Auditors remuneration | 3,000 | - |
| _____ | _____ | |
| 2,700 | 1,516 | |
| _ ___ |
_ ___ |
The Charity's investment management charges of £1,200 (2021 : £1,200) which are charged to capital. The Trustees are satisfied that Mr. Shone's charges were fair, reasonable and proper for the services provided.
4. Trustees and Employment Costs
The Trustees received no remuneration or reimbursed expenses in the years ended 31st December 2022 or 31st December 2021. There are no employees, so consequently no staff costs have been incurred.
5. Related Parties
During the year the Charity received donations totalling £931,851 (2021 - £148,000) from two of the Trustees. No benefit was conveyed to any Trustee as a result of these donations.
The management and administration of the Charity is carried out by Peter B. Shone, a Solicitor. He is the husband of Susan Shone. No fee was payable in respect of his services (2021 - £600) and he now acts pro bono . The Trustees are satisfied that Mr. Shone's charges were fair, reasonable and proper for the services provided.
6. Fixed Asset Investments
UNRESTRICTED FUND
| UNRESTRICTED FUND | ||
|---|---|---|
| Listed | Listed | |
| investments | investments | |
| MARKET VALUE | 2022 | 2021 |
| £ | £ | |
| Market Value at 1st January 2022 | 2,557,751 | 2,316,475 |
| Additions to investments at cost | 801,032 | 136,764 |
| Disposals at carrying value | (57,591) | (133,283) |
| Net Gain/(loss) on revaluation | (98,945) | 237,795 |
| __ | __ | |
| At 31st December 2022 | 3,202,247 | 2,557,751 |
| _ _ |
_ _ |
All investments are carried at their market value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange.
Page 15
THE GERALD MICKLEM CHARITABLE TRUST
| Investments representing more than 5% of the total Market Value 13,606 Royal Dutch Shell PLC B Ord €0.07 £230,056 125,000 Witan Investment Trust PLC Ord 5p £315,000 Notes to the Financial Statements for the year ended 31st December 2022 |
Percentage |
|---|---|
| 7.18% 9.84% |
| 7. Net Current Assets At 1st January 2022 Increase/(decrease) Capital Income At 31st December 2022 8. Liabilities Accruals 9. Unrestricted Fund MOVEMENT IN FUNDS At 1st January 2022 Net income/(expenditure) Gains/(losses) on investment assets At 31st December 2022 |
CAPITAL £ 5,559 (790) _ 4,768 CAPITAL £ 2,563,309 742,651 (98,945) _ 3,207,016 _____ __ |
INCOME TOTAL 2021 £ £ £ 286,658 292,217 322,410 82,359 (30,193) 83,149 _ _ _ 369,807 374,575 292,217 _ _ _ _ _ _ 2022 2021 £ £ 3,000 2,822 _ 3,000 2,822 _ INCOME TOTAL 2022 TOTAL 2021 £ £ £ 370,219 2,849,967 2,638,884 83,509 826,160 (26,771) - (98,945) 237,854 _ _ _ 453,727 3,577,182 2,849,967 _ _ _ _ _ _ |
|---|---|---|
The unrestricted funds are available to be spent for any of the purposes of the charity.
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THE GERALD MICKLEM CHARITABLE TRUST
Notes to the Financial Statements for the year ended 31st December 2022
10. Reconciliation of net movement in funds to net cashflow from operating activities
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Net movement in funds | 727,215 | 211,083 |
| Dividends and interest from investments | (135,219) | (105,965) |
| (Gains)/losses on investment | 98,945 | (237,854) |
| (Increase)/decrease in debtors | (46,997) | - |
| Increase/(decrease) in creditors | 178 | 1,307 |
| _ | _ | |
| Net cash flow (used in)/from operating activities | 644,121 _ |
(131,429) _ |
| _ | _ | |
| 11. Analysis of cash at bank and in hand | ||
| 2022 | 2021 | |
| £ | £ | |
| Cash at Bank | 317,066 | 277,070 |
| Cash with Broker | 13,869 | 17,966 |
| _ | _ | |
| Net cash flow (used in)/from operating activities | 330,935 _ |
295,036 _ |
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