2023-04-05-accounts - The Kyte Charitable Trust

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Charity number: 1035886

THE KYTE CHARITABLE TRUST

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

THE KYTE CHARITABLE TRUST

CONTENTS
	Page
Reference and administrative details of the charity, its Trustees and advisers	1
Trustees' report	2 - 3
Independent examiner's report	4
Statement of financial activities	5
Balance sheet	6
Notes to the financial statements	7 - 13

THE KYTE CHARITABLE TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2023

Trustees

J L Kyte I Kyte D M Kyte T M Kyte M Kyte

Charity registered number

1035886

Principal office

The Old Police Station 1069 Finchley Road London NW11 0PU

Independent Examiner

Ian Saunderson FCA BKL Audit LLP 35 Ballards Lane London N3 1XW

Bankers

Coutts Bank 440 Strand London WC2R 0QS

Page 1

THE KYTE CHARITABLE TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2023

The Trustees present their annual report together with the financial statements of The Kyte Charitable Trust (the charity) for the year ended 5 April 2023. The Trustees confirm that the Annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" issued in January 2019.

Objectives and activities

a. Policies and objectives

The objective of the charity is to to apply the income of the charity in the absolute discretion of the trustees for or towards any charitable object or purpose.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Activities undertaken to achieve objectives

The Trustees meet regularly to select appropriate charities to which to make grants to. The giving of these grants helps to achieve the objectives set out above.

c. Main activities undertaken to further the charity's purposes for the public benefit

The main activity of the charity is that of giving grants to other charitable entities. The giving of these grants helps to further the charity's purposes for the public benefit.

Achievements and performance

a. Main achievements of the charity

The charity has made £69,260 (2022: £162,538) of charitable grants during the year and has continued to support a wide range of charitable causes.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

The charity held unrestricted funds at the end of the year of £46,978 (2022: £52,604). These reserves are considered adequate by the Trustees, and will allow the charity to continue making grants in the next financial period. In view of the nature of the charity, the trustees are satisfied that no formal level of reserves are required, as grants are only made when there are available funds, and the charity does not have any liabilities to make grants.

c. Review of the year

The charity has received £64,000 (2022: £187,500) from donations and legacies during the year, including gift aid. Expenditure on grant giving was £69,260 (2022: £162,538) with support costs of £366 (2022: £485). Net movement in funds was a deficit of £5,626 (2022: Surplus of £24,477) giving funds carried forward of £46,978 (2022: £52,604) comprising entirely of unrestricted funds.

Page 2

THE KYTE CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

Structure, governance and management

a. Constitution

The Kyte Charitable Trust is a registered charity, number 1035886, and is constituted under a Trust deed dated 16th February 1994.

b. Methods of appointment or election of Trustees

New Trustees are recommended by the current board of Trustees when a vacancy becomes available. These recommendations will then be voted on to make the appointment.

c. Risk management

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Plans for future periods

The charity hopes to continue to receive donations and make grants to other bodies for charitable purposes for the foreseeable future.

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' report and the 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 which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles of the Charities SORP (FRS 102);
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material 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 business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and 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 Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They 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.

Approved by order of the members of the board of Trustees and signed on their behalf by:

David Kyte

................................................

D M Kyte Trustee Date: 31/01/2024

Page 3

THE KYTE CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2023

Independent Examiner's Report to the Trustees of The Kyte Charitable Trust ('the charity')

I report to the charity Trustees on my examination of the accounts of the charity for the year ended 5 April 2023.

Responsibilities and Basis of Report

As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent Examiner's Statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
the accounts do not accord with those records; or
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.

Signed: Ian Saunderson Dated: 31/01/2024

Ian Saunderson FCA

BKL Audit LLP Chartered Accountants 35 Ballards Lane London N3 1XW

Page 4

THE KYTE CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023

Note Income from: Donations and legacies 2 Total income Expenditure on: Charitable activities 4 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2023 £ 64,000 64,000 69,626 69,626 (5,626) 52,604 (5,626) 46,978	Total funds 2023 £ 64,000 64,000 69,626 69,626 (5,626) 52,604 (5,626) 46,978	Total funds 2022 £ 187,500
			187,500
			163,023
			163,023
			24,477
			28,127 24,477
			52,604

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 7 to 13 form part of these financial statements.

Page 5

THE KYTE CHARITABLE TRUST

BALANCE SHEET AS AT 5 APRIL 2023

Note Current assets Debtors 7 Cash at bank and in hand Creditors: amounts falling due within one year 8 Total net assets Charity funds Unrestricted funds 9 Total funds	2,500 45,478 47,978 (1,000)	2023 £ 46,978 46,978 46,978	2,500 51,104 53,604 (1,000)	2022 £
				52,604
				52,604

				52,604

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

David Kyte

................................................

D M Kyte

Trustee Date: 31/01/2024

The notes on pages 7 to 13 form part of these financial statements.

Page 6

THE KYTE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Kyte Charitable Trust meets the definition of a public benefit entity under FRS 102.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Going concern

The Charity has minimal fixed costs, with the main source of expenditure being grants made to institutions which can be made at the discretion of the Trustees. Furthermore, the Charity had a healthy cash balance at the year end. The Trustees therefore consider that based on the circumstances existing at the date of signature of the accounts the operations of the charity are not likely to be affected in a material manner by the current Coronavirus outbreak and the accounts have therefore been presented on a going concern basis.

1.3 Income

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.

1.4 Expenditure

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. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.

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.

All expenditure is inclusive of irrecoverable VAT.

Page 7

THE KYTE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

1. Accounting policies (continued)

1.5 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.

1.6 Cash at bank and in hand

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.

1.7 Liabilities and provisions

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.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

1.8 Fund accounting

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.

2. Income from donations

Donations and Gift Aid Donations and Gift Aid	Unrestricted funds 2023 £ 64,000 Unrestricted funds 2022 £ 187,500	Total funds 2023 £ 64,000
		Total funds 2022 £ 187,500

Page 8

THE KYTE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

3. Analysis of grants

Supporting charitable causes Supporting charitable causes	Grants to Institutions 2023 £ 69,260 Grants to Institutions 2022 £ 162,538	Total funds 2023 £ 69,260
		Total funds 2022 £ 162,538

The charity has taken the statutory exemption under Charity law from disclosing the names of grant recipients during the lifetime of the settlor of the trust.

Grants made are categorised as follows:

Categorisation of grants Community support Healthcare Sport Education support Children	2023 £ 49,500 4,960 - 9,300 5,500 69,260	2022 £ 32,216 - 25,000 105,322 -
		162,538

4. Analysis of expenditure on charitable activities

Summary by fund type

	Unrestricted
	funds	Total
	2023	2023
	£	£
Supporting Charitable Causes	69,626	69,626

Page 9

THE KYTE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

4. Analysis of expenditure on charitable activities (continued)

Summary by fund type (continued)

	Unrestricted
	funds	Total
	2022	2022
	£	£
Supporting Charitable Causes	163,023	163,023

5. Analysis of expenditure by activities

Supporting charitable causes Supporting charitable causes	Grant funding of activities 2023 £ 69,260 Grant funding of activities 2022 £ 162,538	Support costs 2023 £ 366 Support costs 2022 £ 485	Total funds 2023 £ 69,626
			Total funds 2022 £ 163,023

Page 10

THE KYTE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

5. Analysis of expenditure by activities (continued)

Analysis of support costs

Supporting Charitable Causes 2023 £ Bank Fees 366 Supporting Charitable Causes 2022 £ Bank Fees 485 6. Trustees' remuneration and expenses During the year, no Trustees received any remuneration or other benefits_(2022 - £NIL). During the year ended 5 April 2023, no Trustee expenses have been incurred(2022 - £NIL)_. 7. Debtors 2023 £ Due within one year Gift Aid recoverable 2,500 2,500 8. Creditors: Amounts falling due within one year 2023 £ Other loans 1,000	Total funds 2023 £ 366
	Total funds 2022 £ 485
	2022 £ 2,500

	2,500
	2022 £ 1,000

Page 11

THE KYTE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

9. Statement of funds

Statement of funds - current year Unrestricted funds General Funds - all funds Statement of funds - prior year Unrestricted funds General Funds - all funds	Balance at 6 April 2022 £ 52,604 Balance at 6 April 2021 £ 28,127	Income £ 64,000 Income £ 187,500	Expenditure £ (69,626) Expenditure £ (163,023)	Balance at 5 April 2023 £ 46,978
				Balance at 5 April 2022 £ 52,604

10. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted funds 2023 £ Current assets 47,978 Creditors due within one year (1,000) Total 46,978	Total funds 2023 £ 47,978 (1,000) 46,978

Page 12

THE KYTE CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

10. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Current assets Creditors due within one year Total	Unrestricted funds 2022 £ 53,604 (1,000) 52,604	Total funds 2022 £ 53,604 (1,000) 52,604

11. Related party transactions

During the year, the charity made grants of £Nil (2022: £25,000) to the Maccabi London Brady Recreational Trust, a charity which David Kyte is a Trustee of.

The charity received donations of £50,000 during the year from a Trustee (2022 - £150,000).

A loan with a balance of £1,000 (2022 - £1,000) is included within creditors at the year-end.

Page 13

The Kyte Charitable Trust

The Old Police Station, 1069 Finchley Road, London, NW11 0PU

31/01/2024

Date: …………………………

Your ref: IHS/K081

BKL Audit LLP 35 Ballards Lane London N3 1XW

Dear Sirs

The Kyte Charitable Trust

We confirm to the best of our knowledge and belief and having made appropriate enquiries of other trustees and officials of the Charity, the following representations in connection with your report on the Charity's financial statements for the year ended 5 April 2023.

We acknowledge that the work performed by you is substantially less in scope than an audit performed in accordance with Auditing Standards and that you do not express an audit opinion.
We confirm that the Charity was entitled to exemption from the requirement to have its financial statements for the financial year audited.
We have fulfilled as trustees our responsibility for the financial statements which give a true and fair view in accordance with the requirements of the Charities Act 2011 and which otherwise comply with the requirements of that Act relating to financial statements, so far as applicable to the Charity. All the accounting records have been made available to you and all transactions undertaken by the Charity have been properly reflected in those accounting records. All records and related information, including the minutes of the trustees’ and members’ meetings have been made available to you.
We confirm that we have maintained proper accounting records, as required by the Charities Act 2011.
We confirm, to the best of our knowledge and belief, that there have been no instances of non-compliance or breaches of any laws or regulations which are essential to the activities of the Charity’s activities.
We confirm that assets are included on the balance sheet at no more than their recoverable amounts and that liabilities are included at their expected cost to the Charity.
We confirm that we are not aware of any pending litigation which may result in a significant loss to the Charity.

Registered charity no. 1035886

We confirm that there were no contingent liabilities at the balance sheet date.
We believe that the Charity's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding and support will be more than adequate for the Charity's needs. We have considered a period of twelve months from the date of approval of the financial statements. We believe that no further disclosures relating to the Charity's ability to continue as a going concern need to be made in the financial statements.
We confirm that there were no transactions with related parties of the Charity or amounts due to or from related parties at the balance sheet date which are required to be disclosed in the financial statements other than those which are detailed in the notes to the financial statements.
We confirm that there have been no events since the balance sheet date which necessitate revision of the figures included in the financial statements or disclosure in the notes to the financial statements. Should further material events occur, which may necessitate revision of the figures included in the financial statements or inclusion of a note thereto, we will advise you accordingly.
There have been no grants, donations and other monies, of which the receipt of which is subject to specific terms or conditions.

Yours faithfully

David Kyte

Signed on behalf of the Board of Trustees The Kyte Charitable Trust

PAGE 2 OF 2

Kyte accounts pack to sign

Final Audit Report

2024-01-31

Created: 2024-01-30 By: External Accounts BKL (externalaccounts@bkl.co.uk) Status: Signed Transaction ID: CBJCHBCAABAAbqW2qtGB9mcWxz5qw3XBK9yiTR7mn_fI

"Kyte accounts pack to sign" History

Document created by External Accounts BKL (externalaccounts@bkl.co.uk)

2024-01-30 - 20:59:34 GMT- IP address: 86.180.138.245

Document emailed to david@kyte.group for signature

2024-01-30 - 21:02:48 GMT

Email viewed by david@kyte.group

2024-01-30 - 22:04:24 GMT- IP address: 104.28.40.143

Signer david@kyte.group entered name at signing as David Kyte

2024-01-31 - 12:54:00 GMT- IP address: 138.248.143.175

Document e-signed by David Kyte (david@kyte.group)

Signature Date: 2024-01-31 - 12:54:02 GMT - Time Source: server- IP address: 138.248.143.175

Document emailed to Ian Saunderson (ian.saunderson@bkl.co.uk) for signature 2024-01-31 - 12:54:04 GMT

Email viewed by Ian Saunderson (ian.saunderson@bkl.co.uk)

2024-01-31 - 12:55:12 GMT- IP address: 104.47.11.254

Document e-signed by Ian Saunderson (ian.saunderson@bkl.co.uk)

Signature Date: 2024-01-31 - 12:55:50 GMT - Time Source: server- IP address: 86.142.56.204

Agreement completed.

2024-01-31 - 12:55:50 GMT