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Charity registration number: 1001363
Sir James Knott Trust
Annual Report and Financial Statements
for the Year Ended 31 March 2023
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Sir James Knott Trust
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 10 |
| Independent Auditors' Report | 11 to 13 |
| Statement of Financial Activities | 14 |
| Statement of Financial Activities | 15 |
| Balance Sheet | 16 |
| Cash Flow Statement | 17 |
| Notes to the Financial Statements | 18 to 31 |
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Sir James Knott Trust
Reference and Administrative Details
Trustees Mr B Speke DL, (Chair) Mr J A Baker-Cresswell Reverend F J Sample Sir W J B Riddell Trust Secretary Ms J Curry MBE, DL Charity Registration Number 1001363 Principal Office Mea House Ellison Place Newcastle upon Tyne Tyne and Wear NE1 8XS Auditor Azets Audit Services Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS Bankers HSBC Bank plc Newcastle Floor 3 Central Square South Orchard Street Newcastle upon Tyne NE1 3AZ Investment Advisors Newton Investment Management Limited The Bank of New York Mellon Centre 160 Queen Victoria Street London EC4V 4LA Custodian of Investments The Bank of New York Mellon One Canada Square London EC14 5AL
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Sir James Knott Trust
Trustees' Report
The trustees present the annual report together with the financial statements and auditors' report of the charity for the year ended 31 March 2023.
Structure, governance and management
The Trust's History
Sir James Knott was born at Howdon in 1855 and started work as a clerk at a Quayside shipping office aged fourteen. His fortune was based on the Prince Line, shipping company which he founded. During the First World War he sold the company and in 1924 settled in Jersey, with his wife Lady Margaret, where he formed Samares Investments to further his philanthropy. Sir James died in 1934, but his legacy lives on through the Trust and the thousands of charities that have benefited from the endowment that he created. In 1990, a substantial proportion of the fund was moved into an endowed trust under the governance of a registered charity named Sir James Knott 1990 Trust. In 1995 the name became The Sir James Knott Trust. The Sir James Knott Trust is a registered Charitable Trust based in Newcastle upon Tyne which gives grants in support of charitable activity across Northumberland, Tyne and Wear, County Durham, and Hartlepool. The Trust is an Unincorporated Trust, constituted under a Trust Deed dated 12 December 1990.
Samares Investments Limited is a philanthropic organisation with historical links to this Trust and is based in Jersey. It holds the remainder of the endowment established by Sir James Knott. The Trust is grateful to Samares Investments Limited for continuing to provide significant donations to support the Trust’s grant making activities.
Governance and Management
There have been no recent changes to the make-up of the governing body of the Trust. Full formal trustee meetings took place four times last year to review the strategy and areas of activity of the Trust, including grant making, investment portfolio performance, finances, reserves, risk management, policies, resources, and staff performance.
Trustees are appointed based upon experience and knowledge of charities and the North East of England in general and are expected to have an affinity with the aims of the Sir James Knott Trust. Trustees adopt areas of specific responsibility for risk, staffing and investments. Newly appointed Trustees 'shadow' a trustee meeting prior to starting their trusteeship. They receive the Charity Commission’s guidance on the roles and responsibilities of Trustees and key documents relating to the Trust. Ongoing training is available to all Trustees and opportunities are offered to visit the charities that we support.
Trustees delegate the administration of grants and processing of applications to the Trust Secretary who is responsible for the day-to-day management of the Trust. The Trust Secretary is supported by the Trust Administrator, a freelance finance manager and a team of freelance assessors. Staff are remunerated in line with roles and experience, and this is reviewed annually.
Risk Management
Trustees reviewed the Risk Framework which sets out major risks to which the Trust is exposed and have established systems to mitigate and insure against those risks. The Trust’s investment activities represent its main financial risk. The Trust’s investments made a full recovery following the pandemic; however, global markets have fluctuated largely due to instability in Eastern Europe.
In terms of key operational risks, applications for grants are assessed carefully to ensure full due diligence is carried out. Judgements on need, impact and merit are made around the activity proposed. Applications for grants above £10,000 usually receive an onsite visit before a grant is made. The Trust displays a willingness to take appropriate risks in grant making, sometimes being the first to support a venture to lever in additional funds and provide confidence to other funders.
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Sir James Knott Trust
Trustees' Report
Conflict of Interest
Trustees and staff are expected to conduct the business of the Trust with integrity. All complete an annual register of interests, and any declarations of conflicts are recorded at the start of every Trustee meeting.
Objectives and activities
Grant Making Policies
The Trust continued to meet its charitable objectives and to follow the wishes of the late Sir James Knott through the provision of grants of between £100 and £100,000 to 356 charitable organisations in the year to 31st March 2023. The Trust allocates grants principally to charities working to improve the lives of people living in Tyne & Wear, Northumberland, County Durham, and Hartlepool. Trustees follow the wishes of the Trust’s founder by supporting causes that were of significant interest to him. Sir James Knott wanted to ensure that people had a secure place to live and a job. He supported military and maritime worthy causes. He was a man of faith and supported places and events that brought the community together.
The Trust is known primarily as a generalist grant funder, with the flexibility to provide grants for core running costs, projects, and capital expenditure. Trustees continue to recognise that the opportunities for charities to secure multi-year core funding are diminishing and have cautiously moved towards offering larger grants over a longer period. Trustees understand that this is where a real difference can be made. The Trust is prepared to join with other funders to make larger grants. The Trust also recognises the value organisations still place on small grants that can be administered quickly. Applications for grants of £1,000 and under are consider between meetings by one Trustee.
In respect of the late Sir James Knott’s wishes to support young people, the Trust continued to underpin the of the High Sheriffs Award Schemes of Northumberland, Tyne & Wear and County Durham. The Awards celebrate and reward the achievements made by young people and the volunteers supporting them.
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Sir James Knott Trust
Trustees' Report
Achievements and Performance
In 2022/23 The Trust made grants in the North East totalling £1,970,781. There is not a single part of the Trust’s geographical area of benefit that gains less than £0.39 spend per head of population from the Trust.
The number of applications went up last year to 473, and the total value of requests was at its highest at just over £6m. The Trust is well networked and is visible to applicants. Coverage of the Trust’s support for Locomotion and the High Sheriff Awards featured in the press.
Core grants that support running costs including salaries, rent, utilities, and insurance averaged at £7,500 per organisation, and ranged from £1,500 to £30,000. The key features of the organisations supported by the Trust are that they are grounded in their locality. They are usually neighbourhood level charities from which longstanding relationships are built, so that people feel a sense of trust and belonging. They are often run by a few key staff and volunteers, and usually have a turnover of under £300,000.
The Trust also funds one off initiatives that bring something extra to the region; lift the spirits and potentially raise aspirations, an example of this would be the grant to Royal Northern Symphonia of £21,000 across 3 years.
Last year the Trust made twenty-nine capital grants. The range was from £2000 to £100,000. The average size of a capital grant was £13,000. Typical capital grants would go towards refurbishing sports clubs or community centres. The Trust makes larger capital grants to regionally significant projects. Only three larger capital grants were made in 22/23 to Northern Print (£50,000), St Chad’s College Durham (£50,000) and National Railway Museum at Shildon (£100,000). Trustees monitor the spread of grants by theme and by geography over a rolling 4-year period.
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Sir James Knott Trust
Trustees' Report
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Sir James Knott Trust
Trustees' Report
Platinum Jubilee
To mark HM Queen Elizabeth ll’s seventy years as monarch the Trust provided funding to support celebrations and street parties. Seventy-seven neighbourhood organisations shared just under £45,000.
Supporting our armed forces and uniformed organisations
Reflecting Sir James Knott’s appreciation of all things maritime, the Trust supports all sea cadet units across Northumberland, Tyne and Wear, County Durham, and Hartlepool. Twenty-four uniformed / service organisations were also supported to a value of £80,700.
Inspiring vibrant communities
Forty-nine organisations received grants worth £294,600 that encouraged people to join in community events and activities, supporting organisations to ignite a sense of belonging. The Trust also funds the upkeep of community buildings so that people have a place to meet in their neighbourhoods.
Creating opportunities for a better future
Forty organisations were supported to help people into employment, financial inclusion, debt management, education, and training. The Trust funded organisations that support people into secure housing. The total value of grants made came to £348,800.
Promoting healthy, active fulfilling lives
One hundred and eight organisations were funded to provide services that supported people to stay healthy and active. The total value of grants made came to £671,100.
Championing the arts and heritage
Thirty-six arts, culture and heritage organisations were supported with grants totalling £381,600.
Strengthening a diverse charity sector
The Trust recognises that for a diverse range of charities, social enterprises, and community groups to thrive, they need good advice and training. Trustees made a commitment to fund infrastructure support in every Local Authority area across the Trust’s area of benefit. The Trust made grants of £104,400 to 13 sector support organisations and minority ethnic groups.
Protecting the environment for future generations
Four environmental projects were funded to a value of £35,500. This is a theme in which the Trust traditionally receives fewer applications.
Crime Prevention and the rehabilitation of offenders
The Trust wishes to promote safer communities and recognises that people with a history of offending need support to live fulfilling law abiding lives. Six crime prevention and rehabilitation projects were funded to a value of £65,000.
Feedback from grant recipients on the impact that grants make.
In the six months following the receipt of a grant, recipients are asked to provide feedback on how the grant was used and to describe the difference that the grant has made. Examples of the responses include:
West End Refugee Service was awarded £21,000 across 3 years. “The grant enabled our clients to take back some control over their lives whilst within the refugee and asylum system. As a result 83% are more confident in accessing support, 66% feel more settled in their homes, 73% feel less isolated, and 79% are more confident speaking in English.”
The Huntington’s Disease Association awarded £3000 towards their specialist advisory service in North East. “With your help we have been able to provide support to over 290 people affected by Huntington’s disease across the North East.”
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Sir James Knott Trust
Trustees' Report
Hartlepool Sportability was awarded £6,000 over 3 years to deliver sports coaching session for disabled people. “One of our main problems was that our volunteers are now a lot older and could not provide the activities needed. The grant is enabling us to bring in younger qualified coaches for more activities.”
Tynemouth Volunteer Life brigade was awarded £12,000 across 3 years towards core costs and replacing rescue equipment. “Our rescues are often conducted in harsh and dangerous environments and our specialist equipment has a limited lifespan. The grant has been used to keep our casualties, rescuers, and bystanders as safe as possible during our emergency callouts. This can only be achieved if our equipment is up-to date, safe and well maintained.”
Wooler Bowling and Sports Club was awarded £5,000 to develop plans and obtain planning permission for the renewal of kitchen, toilets and changing rooms at the clubhouse, built in 1921. “The high cost of planning permission was an unpleasant surprise, and the grant has ameliorated this. It has left us with sufficient remaining funds which we can direct towards the building project.”
Feedback from grant recipients on The Sir James Knott Trust
Last year the Trust added a question to the feedback forms asking what we as a funder could do to improve. A typical selection of the feedback is set out below.
“I believe that the Sir James Knott Trust has identified the needs not only of communities of the North-East, but also the community groups and charities that provides services to these communities.” Wheels to Work
“We only have positive feedback - you have supported our core costs and have a ‘light touch’ monitoring approach which is really appreciated.” Connected Voices
“Your process is clear and easy to follow. Your follow ups are swift and appropriate to the size of grants being sort.” Interact Stroke
“Everything was good for us, a straightforward application form and process to award the funding, with good communication from the funder throughout the entire process.” Maltings
“Awarding us core costs that we could use to support with a degree of flexibility to best support the hub venture and services there.” Cornerstone
“The flexibility in allowing us to use this grant to meet our unexpected costs relating to the cost-of-living crisis is exactly what we need.” Gateshead Older Peoples Assembly
“The application process was fairly easy, and the support visit was really helpful.” More than grandparents
“Great funder. Answered queries quickly.” Rape and Sexual Abuse Counselling Centre
“Found the process easy to complete and was very pleased with the results. As this was my first time applying to a trust, I found your process just right.” Hartlepool Yacht Club
“We were able to have a direct conversation with someone from Sir James Knott. This made a huge difference as we felt we were able to express ourselves better through conversation and understand what information the fund was looking for from us.” Woven Nest Theatre Company
Fundraising disclosures
The Trust does not conduct any fundraising, use professional fundraisers, or subscribe to any scheme of fundraising regulation.
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Sir James Knott Trust
Trustees' Report
Public benefit
The Sir James Knott Trust exists and operates for the public benefit. Through its grant making it works to strengthen charities, improve the community, and enrich the lives of people in Tyne & Wear, Northumberland, County Durham, and Hartlepool. The Trustees confirm that they have referred to the guidance produced by the Charity Commission on public benefit when reviewing the aims and objectives, the grant making policies and in planning future activities, and are confident that the requirements are satisfied.
Policy on reserves
The Trustees aim to maintain free reserves in unrestricted funds at a prudent level; these are held to smooth the quantum of grants paid in the normal course of business, to provide sufficient funds to cover administrative costs and to ensure there are funds available to respond to current and future applications. The level of cash reserves on 31st March 2023 was £2,175,944. The balance of unrestricted reserves mitigates against the volatility of the investment markets and on going commitments of the Trust.
Principal Funding and Expenditure
The Trust is reliant on the income from its investments to meet its needs. Gross investment income for the year was £2,199,338 Investment management and custody fees of £286,017 were paid in accordance with the current fee structure. These charges are expensed against the unrestricted gains and losses of investment assets.
Support and governance costs were £182,883. Grants awarded (excluding grants from restricted funds) amounted to £1,460,157. Total income exceeded total expenditure by £281,280 before adjustment for investment losses of £1,398,920.
Plans for the Future
The Trust anticipates a greater number of applications from organisations requesting larger amounts. The Trust is planning to increase giving in 2023/24 by up to £1m. The Trust will continue to provide grants to charities so that they may be strong vibrant organisations providing effective services to people in the North East. Trustees acknowledge that people in communities are struggling and that the costs associated with running services have increased. Trustees will ensure that the resources of the Trust are put to work where they are most needed. The Trust will find ways to deepen our impact and strengthen charities across the region for years to come.
The Trust values the partnerships forged with other funders through networking with the North East Trusts Group, the North East Funders Forum, and the Association of Charitable Foundations.
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Sir James Knott Trust
Trustees' Report
Investment policy and objectives
The Sir James Knott Trust is a lasting testimony to the philanthropic beliefs of Sir James Knott. The Trustees are committed to ensuring that the Trust maintains a diversified portfolio of investments, with a balance between growth and income, to ensure the Trust can continue to award grants to charitable organisations across the North East of England for many years to come. As such the Trustees wish to maintain the capital value of the portfolio in real terms and take a long-term approach. The Trustees have instructed the Investment Manager to take account of socially responsible, ethical, and environmental considerations.
The Trustees monitor the performance of the portfolio against internal and external benchmarks. The Investment Manager provides the Trust with quarterly financial reports and presents to the full body of Trustees twice yearly.
In a turbulent year for financial markets the value of the Trust’s investments fell, but the -2.5% decline was considered a successful outcome given the larger falls in global bond and equity indexes. The investment manager’s medium- and long-term performance remains well ahead of benchmark. At the end of the year the portfolio capital value of the fund was £65,573,838. The income generated from investments was £2,199,338. Trustees continue to monitor the performance of the Investment Manager actively and expect volatile markets to continue.
Key Management Personnel
The Trust employs two members of staff. Salaries were benchmarked within the last 2 years and are reviewed annually.
Trustees Remuneration
Trustees receive no financial benefit or expenses from the Sir James Knott Trust.
Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue to adopt the going concern basis in preparing the financial statements.
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Sir James Knott Trust
Trustees' Report
Statement of Trustees' Responsibilities
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities 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 these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Disclosure of information to auditor
Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Reappointment of auditor
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Azets Audit Services as auditors of the charity is to be proposed at the forthcoming Annual General Meeting.
The annual report was approved by the trustees of the charity on ....................22/09/2023 and signed on its behalf by:
Ben Speke 22 Sep 2023 12:07:50 BST (UTC +1) ......................................... Mr B Speke DL Trustee
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Sir James Knott Trust
Independent Auditor's Report to the Members of Sir James Knott Trust
Opinion
We have audited the financial statements of Sir James Knott Trust (the 'charity') for the year ended 31 March 2023, which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).
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In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 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 original financial statements were 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 auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
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Sir James Knott Trust
Independent Auditor's Report to the Members of Sir James Knott Trust
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities (set out on page 10), 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 Responsibilities for the audit of the financial statements
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.
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Sir James Knott Trust
Independent Auditor's Report to the Members of Sir James Knott Trust
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:
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Enquiry of management and those charged with governance around actual and potential litigation and claims;
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Reviewing minutes of meetings of those charged with governance;
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Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
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Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business’.
Because of the field in which the client operates, we identified the following areas as those most likely to have a material impact on the financial statements: the Charities Act 2011.
Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our work has been undertaken so that we might state to the trustees those matters we are required to state to trustees in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Simon Brown 25 Sep 2023 08:03:52 BST (UTC +1)
...................................... Simon Brown BA ACA DChA (Senior Statutory Auditor) For and on behalf of Azets Audit Services Chartered Accountants Statutory Auditor Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS
Date:.............................25 September 2023
Azets Audit Services is a trading name of Azets Audit Services Limited
Azets Audit Services is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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Sir James Knott Trust
Statement of Financial Activities for the Year Ended 31 March 2023
| Note Unrestricted £ Income and Endowments from: Donations and legacies 3 - Investment income 4 2,199,338 Other income 5 11,000 Total Income 2,210,338 Expenditure on: Raising funds 6 (286,017) Charitable activities 7 (1,643,040) Total Expenditure (1,929,057) Gains/(losses) on investment assets (1,200,890) Net movement in funds (919,609) Reconciliation of funds Total funds brought forward 59,205,499 Total funds carried forward 19 58,285,890 |
Restricted £ Endowment £ 510,624 - - - - - 510,624 - - - (510,624) - (510,624) - - (198,030) - (198,030) - 9,763,149 - 9,565,119 |
Total 2023 £ 510,624 2,199,338 11,000 2,720,962 (286,017) (2,153,664) (2,439,681) (1,398,920) (1,117,639) 68,968,648 67,851,009 |
Total 2022 £ 814,399 2,123,465 6,444 |
|---|---|---|---|
| 2,944,308 | |||
| (352,092) (2,499,993) |
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| (2,852,085) | |||
| 5,810,115 | |||
| 5,902,338 63,066,310 |
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| 68,968,648 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 19.
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Sir James Knott Trust
Statement of Financial Activities for the Year Ended 31 March 2022
| Note Income and Endowments from: Donations and legacies Investment income 4 Other income Total income Expenditure on: Raising funds Charitable activities Total expenditure Gains/(losses) on investment assets Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 19 |
Unrestricted funds £ 31,671 2,123,465 6,444 2,161,580 (352,092) (1,717,265) (2,069,357) 4,986,538 5,078,761 5,078,761 54,126,738 59,205,499 |
Restricted funds £ 782,728 - - 782,728 - (782,728) (782,728) - - - - - |
Endowment funds £ - - - - - - - 823,577 823,577 823,577 8,939,572 9,763,149 |
Total 2022 £ 814,399 2,123,465 6,444 |
|---|---|---|---|---|
| 2,944,308 | ||||
| (352,092) (2,499,993) |
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| (2,852,085) 5,810,115 |
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| 5,902,338 | ||||
| 5,902,338 63,066,310 |
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| 68,968,648 |
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2022 is shown in note 19.
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VirtualSignature Transaction Ref. 6XB9-K43Q-484L 25 Sep 2023 08:03:55 BST (UTC +1) D 1/3 P 18/33
Sir James Knott Trust
(Registration number: 1001363) Balance Sheet as at 31 March 2023
| Note Fixed assets Tangible assets 14 Investments 15 Current assets Debtors 16 Cash at bank and in hand Creditors: Amounts falling due within one year 17 Net current assets Net assets Funds of the charity: Endowment funds Unrestricted income funds Unrestricted funds Total funds 19 |
2023 £ 1,670 65,573,838 65,575,508 177,789 2,175,944 2,353,733 (78,232) 2,275,501 67,851,009 9,565,119 58,285,890 67,851,009 |
2022 £ 2,249 67,285,042 |
|---|---|---|
| 67,287,291 | ||
| 247,800 1,530,834 |
||
| 1,778,634 (97,277) |
||
| 1,681,357 | ||
| 68,968,648 | ||
| 9,763,149 59,205,499 |
||
| 68,968,648 |
The financial statements on pages 14 to 31 were approved by the trustees, and authorised for issue on ....................22/09/2023 and signed on their behalf by:
Ben Speke 22 Sep 2023 12:07:50 BST (UTC +1)
.........................................
Mr B Speke DL Trustee
16
VirtualSignature Transaction Ref. 6XB9-K43Q-484L 25 Sep 2023 08:03:55 BST (UTC +1) D 1/3 P 19/33
Sir James Knott Trust
Cash Flow Statement for the Year Ended 31 March 2023
| Note Cash flows from operating activities Net cash (expenditure)/income Adjustments to cash flows from non-cash items Depreciation 6 Investment income 4 Revaluation of investments Working capital adjustments Decrease/(increase) in debtors 16 (Decrease)/increase in creditors 17 Net cash flows from operating activities Cash flows from investing activities Interest receivable and similar income 4 Purchase of tangible fixed assets 14 Sale of tangible fixed assets Purchase of investments 15 Sale of investments Net cash flows from investing activities Net increase in cash and cash equivalents Cash and cash equivalents at 1 April Cash and cash equivalents at 31 March |
2023 £ (1,117,639) 341 (2,199,338) 1,261,734 (2,054,902) 70,011 (19,045) (2,003,936) 2,199,338 (1,873) 2,111 (6,320,908) 6,770,378 2,649,046 645,110 1,530,834 2,175,944 |
2022 £ 5,902,338 854 (2,123,465) (5,810,115) |
|---|---|---|
| (2,030,388) (102,806) 3,703 |
||
| (2,129,491) | ||
| 2,123,465 - - (15,600,907) 15,910,297 |
||
| 2,432,855 | ||
| 303,364 1,227,470 |
||
| 1,530,834 |
All of the cash flows are derived from continuing operations during the above two periods.
17
VirtualSignature Transaction Ref. 6XB9-K43Q-484L 25 Sep 2023 08:03:55 BST (UTC +1) D 1/3 P 20/33
Sir James Knott Trust
Notes to the Financial Statements for the Year Ended 31 March 2023
1 General information
Sir James Knott Trust is an unincorporated Charitable Trust, registered in England and Wales, charity number: 1001363. The address of the registered office is Mea House, Ellison Place, Newcastle upon Tyne, NE1 8XS.
The charitable trust is a grant making charity, which makes donations in support of registered charities across Northumberland, Tyne and Wear, County Durham and Hartlepool.
2 Accounting policies
Statement of compliance
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 (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
Sir James Knott Trust meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
The functional currency is sterling.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income and endowments
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Income from grants is recognised when there is evidence of entitlement to the grant, receipt is probable and its amount can be measured reliably. Coronavirus job retention scheme grants are recognised on a straight line basis over the furlough period for each relevant employee.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
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VirtualSignature Transaction Ref. 6XB9-K43Q-484L 25 Sep 2023 08:03:55 BST (UTC +1) D 1/3 P 21/33
Sir James Knott Trust
Notes to the Financial Statements for the Year Ended 31 March 2023
Expenditure
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support and governance costs involved.
Charitable activities are costs incurred on the charity's grant making operations, including support costs and costs relating to the governance of the charity.
Support costs are those incurred in support of expenditure on the activities of the charity.
Governance costs are those incurred in compliance with constitutional and statutory requirements of the charity.
Costs of raising funds are investment management and custody fees.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class
Furniture and fittings Office equipment
Depreciation method and rate 15% reducing balance 30% reducing balance
19
VirtualSignature Transaction Ref. 6XB9-K43Q-484L 25 Sep 2023 08:03:55 BST (UTC +1) D 1/3 P 22/33
Sir James Knott Trust
Notes to the Financial Statements for the Year Ended 31 March 2023
Fixed asset investments
Fixed asset investments are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
The charity holds investments denominated in foreign currencies. Transactions in foreign currencies are translated into sterling at the rate ruling on the settlement date. Exchange gains and losses are recognised within net gains on investments in the statement of financial activities.
Trade debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Liabilities
Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Fund structure
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds, which include endowment funds, are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund. Investment income generated from funds is all unrestricted.
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VirtualSignature Transaction Ref. 6XB9-K43Q-484L 25 Sep 2023 08:03:55 BST (UTC +1) D 1/3 P 23/33
Sir James Knott Trust
Notes to the Financial Statements for the Year Ended 31 March 2023
Estimation uncertainty and judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported.
Management have provided depreciation, prepayments, accruals and other cut-off adjustments. Whilst management believe that these estimates and judgements are accurate, there is every likelihood that they will not be exact.
These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Pensions
The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.
Operating leases
Rentals paid under operating leases are charged to the statement of financial activities on a straight line basis over the lease term.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
3 Income from donations and legacies
| Donations and legacies; Donations from Samares Investments Limited Donations |
Restricted funds £ 510,624 - 510,624 |
Total 2023 £ 510,624 - 510,624 |
Total 2022 £ 782,728 31,671 |
|---|---|---|---|
| 814,399 |
In 2022, £782,728 of the above income was restriced and £31,671 was unrestricted.
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VirtualSignature Transaction Ref. 6XB9-K43Q-484L 25 Sep 2023 08:03:55 BST (UTC +1) D 1/3 P 24/33
Sir James Knott Trust
Notes to the Financial Statements for the Year Ended 31 March 2023
4 Investment income
| Unrestricted funds General £ Interest receivable and similar income; Interest received 6,763 Dividends income 2,162,066 Tax reclaimed on dividend income 30,509 2,199,338 In 2022, all income received above was restricted. 5 Other income Unrestricted funds General £ Grants returned 11,000 Job retention scheme grants - 11,000 In 2022, all income received above was unrestricted. |
Total 2023 £ 6,763 2,162,066 30,509 2,199,338 Total 2023 £ 11,000 - 11,000 |
Total 2022 £ 314 2,003,400 119,751 |
|---|---|---|
| 2,123,465 | ||
| Total 2022 £ 6,025 419 |
||
| 6,444 | ||
6 Expenditure on raising funds
a) Investment management costs
| Investment management costs; Fees paid to investment manager Fees for obtaining investment advice |
Unrestricted funds General £ 286,017 - 286,017 |
Total 2023 £ 286,017 - 286,017 |
Total 2022 £ 300,444 51,648 |
|---|---|---|---|
| 352,092 |
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VirtualSignature Transaction Ref. 6XB9-K43Q-484L 25 Sep 2023 08:03:55 BST (UTC +1) D 1/3 P 25/33
Sir James Knott Trust
Notes to the Financial Statements for the Year Ended 31 March 2023
7 Expenditure on charitable activities
| Payment of grants Support Costs Payment of grants Support Costs Payment of grants Support costs Payment of grants Support costs |
Unrestricted funds General £ 1,460,157 182,883 1,643,040 Unrestricted funds General £ 1,532,742 184,523 1,717,265 Grant funding of activity £ 1,970,781 - 1,970,781 Grant funding of activity £ 2,315,470 - 2,315,470 |
Restricted funds £ 510,624 - 510,624 Restricted funds £ 782,728 - 782,728 Activity support costs £ - 182,883 182,883 Activity support costs £ - 184,523 184,523 |
Total 2023 £ 1,970,781 182,883 |
|---|---|---|---|
| 2,153,664 | |||
| Total 2022 £ 2,315,470 184,523 |
|||
| 2,499,993 | |||
| 2023 £ 1,970,781 182,883 |
|||
| 2,153,664 | |||
| 2022 £ 2,315,470 184,523 |
|||
| 2,499,993 |
Further analysis of how the grants have been issued can be found within the trustees report.
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VirtualSignature Transaction Ref. 6XB9-K43Q-484L 25 Sep 2023 08:03:55 BST (UTC +1) D 1/3 P 26/33
Sir James Knott Trust
Notes to the Financial Statements for the Year Ended 31 March 2023
8 Analysis of governance and support costs
Support costs allocated to charitable activities
| Wages and Salaries Depreciation Rent and rates Insurance Motor and travel Office costs IT Maintenance and repairs Legal and professional Bank charges Sundry expenses Sale of tangible fixed assets Governance costs |
Governance costs £ - - - - - - - - - - - 13,243 13,243 |
Other support costs £ 75,476 341 20,951 406 2,368 - 14,161 45,684 213 7,928 2,112 - 169,640 |
Total 2023 £ 75,476 341 20,951 406 2,368 - 14,161 45,684 213 7,928 2,112 13,243 182,883 |
Total 2022 £ 71,984 854 33,230 2,437 1,497 2,076 15,933 47,319 185 1,068 - 7,940 184,523 |
|---|---|---|---|---|
Governance costs
| Audit fees Audit of the financial statements Under provision of auditor's fees in prior year Trustees meeting costs 9 Net incoming/outgoing resources Net incoming resources for the year include: Audit fees Depreciation of fixed assets |
Unrestricted funds General £ 11,280 1,462 501 13,243 |
Total 2023 £ 11,280 1,462 501 13,243 2023 £ 12,742 341 |
Total 2022 £ 7,658 - 282 |
|---|---|---|---|
| 7,940 | |||
| 2022 £ 7,658 854 |
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VirtualSignature Transaction Ref. 6XB9-K43Q-484L 25 Sep 2023 08:03:55 BST (UTC +1) D 1/3 P 27/33
Sir James Knott Trust
Notes to the Financial Statements for the Year Ended 31 March 2023
10 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
11 Staff costs
The aggregate payroll costs were as follows:
| The aggregate payroll costs were as follows: | ||
|---|---|---|
| Staff costs during the year were: Wages and salaries Social security costs Pension costs |
2023 £ 68,320 2,256 4,900 75,476 |
2022 £ 67,715 3,148 1,121 |
| 71,984 |
The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:
| Support Administration |
2023 No 1 1 2 |
2022 No 1 1 |
|---|---|---|
| 2 |
No employee received emoluments of more than £60,000 during the year
The total employee benefits of the key management personnel of the charity were £52,176 (2022 - £53,715).
12 Auditors' remuneration
| Audit of the financial statements Other fees to auditors Under provision of auditor's fee in prior year |
2023 £ 11,280 1,462 |
2022 £ 7,658 |
|---|---|---|
| - |
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VirtualSignature Transaction Ref. 6XB9-K43Q-484L 25 Sep 2023 08:03:55 BST (UTC +1) D 1/3 P 28/33
Sir James Knott Trust
Notes to the Financial Statements for the Year Ended 31 March 2023
13 Taxation
The charity is a registered charity and is therefore exempt from taxation.
14 Tangible fixed assets
| Cost At 1 April 2022 Additions Disposals At 31 March 2023 Depreciation At 1 April 2022 Charge for the year Eliminated on disposals At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022 |
Furniture and fittings £ 11,621 1,873 (11,410) 2,084 11,212 167 (10,951) 428 1,656 409 |
Computer equipment £ 54,439 - (40,633) 13,806 52,599 174 (38,981) 13,792 14 1,840 |
Total £ 66,060 1,873 (52,043) |
|---|---|---|---|
| 15,890 | |||
| 63,811 341 (49,932) |
|||
| 14,220 | |||
| 1,670 | |||
| 2,249 |
26
VirtualSignature Transaction Ref. 6XB9-K43Q-484L 25 Sep 2023 08:03:55 BST (UTC +1) D 1/3 P 29/33
Sir James Knott Trust
Notes to the Financial Statements for the Year Ended 31 March 2023
15 Fixed asset investments
Investments
| Cost or Valuation At 1 April 2022 Additions Disposals Revaluation At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022 |
Listed investments £ 64,332,168 6,320,908 (6,447,617) (1,261,734) 62,943,725 62,943,725 64,332,168 |
Unlisted investments £ 2,952,874 - (322,761) - 2,630,113 2,630,113 2,952,874 |
Total £ 67,285,042 6,320,908 (6,770,378) (1,261,734) |
|---|---|---|---|
| 65,573,838 | |||
| 65,573,838 | |||
| 67,285,042 |
No invidual investment exceeded 5% of the total market value as at the year end.
The historic cost of the investment portfolio was £50,687,641 (2022: £48,711,932).
16 Debtors
| Prepayments Accrued income Other debtors 17 Creditors: amounts falling due within one year Trade creditors Other taxation and social security Other creditors Accruals |
2023 £ 238 170,795 6,756 177,789 2023 £ 130 - 156 77,946 78,232 |
2022 £ 15,418 222,082 10,300 |
|---|---|---|
| 247,800 | ||
| 2022 £ - 1,890 3,000 92,387 |
||
| 97,277 |
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VirtualSignature Transaction Ref. 6XB9-K43Q-484L 25 Sep 2023 08:03:55 BST (UTC +1) D 1/3 P 30/33
Sir James Knott Trust
Notes to the Financial Statements for the Year Ended 31 March 2023
18 Commitments
Operating lease commitments
At 31 March 2023 the charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:
| Within 1 year | 2023 £ 1,391 |
2022 £ 15,120 |
|---|---|---|
Grant commitments
At 31 March 2023 the charity had commitments as follows:
Commitments in respect of grants approved for projects where the conditions have not yet been met and therefore which have not been accrued in the financial statements but will form part of future grants expenditure:
| grants expenditure: | ||
|---|---|---|
| Payable next year Payable in 2 years Payable in 3 years |
2023 £ 864,103 475,000 5,000 1,344,103 |
2022 £ 507,643 260,246 22,000 |
| 789,889 |
The charity has received a commitment from Samares Investments Limited to fund £340,124 of these future payments (2022: £250,451).
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VirtualSignature Transaction Ref. 6XB9-K43Q-484L 25 Sep 2023 08:03:55 BST (UTC +1) D 1/3 P 31/33
Sir James Knott Trust
Notes to the Financial Statements for the Year Ended 31 March 2023
19 Funds
| Unrestricted funds General Restricted funds Endowment funds Endowment funds Total funds Unrestricted funds General Restricted funds Endowment funds Endowment funds Total funds |
Balance at 1 April 2022 £ 59,205,499 - 9,763,149 68,968,648 Balance at 1 April 2021 £ 54,126,738 - 8,939,572 63,066,310 |
Incoming resources £ 2,210,338 510,624 - 2,720,962 Incoming resources £ 2,161,580 782,728 - 2,944,308 |
Resources expended £ Other recognised gains/(losses) £ (1,929,057) (1,200,890) (510,624) - - (198,030) (2,439,681) (1,398,920) Resources expended £ Other recognised gains/(losses) £ (2,069,357) 4,986,538 (782,728) - - 823,577 (2,852,085) 5,810,115 |
Balance at 31 March 2023 £ 58,285,890 - 9,565,119 |
|---|---|---|---|---|
| 67,851,009 | ||||
| Balance at 31 March 2022 £ 59,205,499 - 9,763,149 |
||||
| 68,968,648 |
The specific purposes for which the funds are to be applied are as follows:
The Endowment Fund arose on the creation of the trust, being the capital element of monies transferred from the Sir James Knott 1920 Settlement. The Trustees are restricted to only distributing the income arising from this fund.
On 1 April 1993 the investments representing the Sir James Knott 1920 Settlement were transferred to the main fund at market value.
Each year an amount reflecting the gains earned by the main fund on the investments representing the Sir James Knott 1920 Settlement is allocated to the endowment fund.
RESTRICTED FUNDS
Samares Grant Reimbursed - During the year, Samares Investment Limited provided funding to the Trust in relation to grants of £510,624 (2022: £782,728) awarded. The key grants made were as follows: National Railway Museum at Shildon - £50,000, Northern Print - £50,000, St. Chad's College - £50,000, YMCA-North Tyneside - £30,000, Citizens' Advice Gateshead - £25,200, Milfield Reading Room - £20,000, Oasis Aquila Housing - £20,000, Blyth Tall Ship - £15,000, Citizens' Advice Hartlepool - £15,000, East Durham Partnership - £15,000, Triangular - £12,500. In addition 14 grants were awarded to branches of sea cadets in the North east amounting to £56,000.
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VirtualSignature Transaction Ref. 6XB9-K43Q-484L 25 Sep 2023 08:03:55 BST (UTC +1) D 1/3 P 32/33
Sir James Knott Trust
Notes to the Financial Statements for the Year Ended 31 March 2023
20 Analysis of net assets between funds
| 20 Analysis of net assets between funds | ||||
|---|---|---|---|---|
| Tangible fixed assets Fixed asset investments Current assets Current liabilities Total net assets Tangible fixed assets Fixed asset investments Current assets Current liabilities Total net assets 21 Analysis of net funds Cash at bank and in hand Net funds Cash at bank and in hand Net funds |
Unrestricted funds General £ 1,670 56,008,719 2,353,733 (78,232) 58,285,890 Unrestricted funds General £ 2,249 57,521,893 1,778,634 (97,277) 59,205,499 At 1 April 2022 £ 1,530,834 1,530,834 At 1 April 2021 £ 1,227,470 1,227,470 |
Endowment funds Permanent £ - 9,565,119 - - 9,565,119 Endowment funds Permanent £ - 9,763,149 - - 9,763,149 Financing cash flows £ 645,110 645,110 Financing cash flows £ 303,364 303,364 |
Total funds at 31 March 2023 £ 1,670 65,573,838 2,353,733 (78,232) |
|
| 67,851,009 | ||||
| Total funds at 31 March 2022 £ 2,249 67,285,042 1,778,634 (97,277) |
||||
| 68,968,648 | ||||
| At 31 March 2023 £ 2,175,944 2,175,944 At 31 March 2022 £ 1,530,834 1,530,834 |
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VirtualSignature Transaction Ref. 6XB9-K43Q-484L 25 Sep 2023 08:03:55 BST (UTC +1) D 1/3 P 33/33
Sir James Knott Trust
Notes to the Financial Statements for the Year Ended 31 March 2023
22 Related party transactions
During the year the charity made the following related party transactions:
Samares Investments Limited
Samares Investments Limited is a philanthropic organisation with historical links to this Trust, based in Jersey. Note 19 sets out details of grants received by the Sir James Knott Trust from Samares Investments Limited in respect of payments to be made for charitable purposes in the North East. At the balance sheet date the amount due from Samares Investments Limited was £7,500 (2022 - £4,000).
The Trust made grants to other charities with which Trustees have an association totalling £15,000 (2022 - £5,000).
31