2023-06-30-accounts

Charity registration number 1055726

THE CASEY TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

THE CASEY TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	Mr K C Howard
	Mr B Shorten
	Mr A Krikler
	Mr S Howard
Charity number	1055726
Independent examiner	Robert Barry Perez
	Silver Levene (UK) Limited
	Chartered Certified Accountants
	37 Warren Street
	London
	W1T 6AD
Bankers	Barclays Bank PLC
	28 Hampstead High Street
	London
	NW3 1QB
Investment advisors	Waverton Investment Management
	16 Babmaes Street
	London
	SW1Y 6AH
	Investec Wealth & Investment Limited
	30 Gresham Street
	London
	EC2Y 7QN

THE CASEY TRUST

CONTENTS

	Page
Trustees' report	1 - 2
Statement of trustees' responsibilities	3
Independent examiner's report	4
Statement of financial activities	5
Balance sheet	6
Notes to the financial statements	7 - 11

THE CASEY TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2023

The trustees present their report and accounts for the year ended 30 June 2023.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Trust Deed, the Charities Act 2011 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in March 2005.

Objectives and activities

The sole objective of the Trust is the application of its income and capital through the awarding of grants and donations to organisations providing direct services for the needs of children worldwide.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

The Trust has continued to achieve its objectives through the awarding of grants to a wide variety of registered UK charities working for children, both nationally and internationally. These amounted to over 56 individual grants in the period July 2022 to June 2023 and totalling £88,793. Increasingly, the focus is on startup or bold new initiatives that might not have happened without the Trust's participation. Because of the continuing global effect of the Corona virus many of the ongoing projects had to be modified, often using virtual or zoom technology rather than face to face interactions. Travel to visit existing projects was also impeded.

Financial review

The Trust is reliant on its investment returns which amounted to £108,805 in the year from all sources of investment, before broker's fees, compared to £106,440 in the year to 30 June 2022. This represents a return of approximately 2.7% on the average market value for the year ended 30th June 2023 (2022 - 2.6%). This is as expected due to the pressure on market rates and the increase in capital values of the investments.

The trustees aim to maintain free reserves in unrestricted funds at a level sufficient to generate investment returns in order that grants and awards payable may be kept at the current levels without utilising the accumulated capital of the Trust. The trustees consider that this will provide sufficient funds to generate monies to fund awards and meet the Trust's support and governance costs.

The trustees have generally maintained the levels of grants and awards at a prudent level. The majority of the Trust's investment portfolio is held in the form of stock market based investments and as such is subject to market fluctuations affecting the capital value of the accumulated capital. Due to the volatility of the markets it is the policy of the trustees to make grants and awards at similar levels to those of the last few years as such limiting the impact on capital and thereby guaranteeing investment returns which can fund such awards in the future.

At 30 June 2023 free unrestricted reserves amounted to £3,971,483 (30 June 2022 - £4,023,558).

Risk management

The trustees have a risk management strategy which comprises:

• an annul review of the principal risks and uncertainties that the charity faces;

• the establishment of policies, systems and procedures to mitigate those risks identified in the annual review ; and

• the implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise.

This work has identified that financial sustainability is the major financial risk for the charity, including the risk to the economy generally and to investment markets specifically from the effect of Covid-19.

• 1 -

THE CASEY TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Plans for the future

The Trustees view the Trust as a long term evolving project with its role as a generous and philanthropic fund of worthwhile causes continuing well into the future. They envisage grants and awards being maintained at similar levels to previous years, although they are prepared to alter awards should investment returns change. They will continue to engage actively wherever possible with the donees, making visits to projects, attending performances and meetings when the Covid epidemic is controlled. They will adapt to changing social problems and their need for funds – i.e. the considerable increase in applications that are concerned with children’s mental health, trafficking ,drug abuse and knife crime.

Structure, governance and management

The charity was established by a charitable trust deed on 26 May 1996. The Trust was registered with the Charity Commissioners on 29 June 1996, charity registration no. 1055726.

The Trust was established by an initial settlement from the Settlor, Mr K Howard. The Trust does not actively fundraise and seeks to continue its philanthropic work through the careful stewardship of its existing resources.

The power to appoint new trustees vested with the settlor and with any such person or persons as the settlor shall by deed appoint. Subject to the foregoing, a trustee may be appointed or discharged by resolution of a meeting of the trustees.

The trustees who served during the year and up to the date of signature of the financial statements were: Mr K C Howard

Mr B Shorten Mr A Krikler Mr S Howard

At quarterly meetings the trustees agree a board strategy and agree areas of activity for the Trust, including consideration of grant making, investment review, reserves and risk management policies and performance. The day to day administration of grants and awards is performed by Mr K Howard, a trustee, who is responsible for the initial consideration of grants and wards prior to final decisions by the board of trustees.

The board reviews the skills requirement for the trustee body under review. However, the Trust operates on very simple lines and the trustees believe that the skills and integrity that the existing trustees bring are more than adequate for the Trust's purposes.

The Trust does not employ any staff, its affairs being organised, maintained and administered by the trustees.

The trustees' report was approved by the board of trustees.

Mr K C Howard

Trustee Dated: 16 April 2024

• 2 -

THE CASEY TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 30 JUNE 2023

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 and 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 year.

In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• 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 sufficient 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 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.

• 3 -

THE CASEY TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE CASEY TRUST

I report to the trustees on my examination of the financial statements of The Casey Trust (the charity) for the year ended 30 June 2023.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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:

• 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or

• 2 the financial statements do not accord with those records; or

• 3 the financial statements 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 financial statements to be reached.

Robert Barry Perez

Silver Levene (UK) Limited

Chartered Certified Accountants 37 Warren Street London W1T 6AD

Dated: 16 April 2024

• 4 -

THE CASEY TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 JUNE 2023

Notes Income from: Investments 2 Expenditure on: Raising funds 3 Charitable activities 4 Total resources expended Net losses on investments 10 Net movement in funds Fund balances at 1 July 2022 Fund balances at 30 June 2023	2023 £ 108,805 32,202 83,936 116,138 (44,742) (52,075) 4,023,558 3,971,483	2022 £ 106,441 34,583 94,112 128,695 (338,204) (360,458) 4,384,016 4,023,558

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

• 5 -

THE CASEY TRUST

BALANCE SHEET

AS AT 30 JUNE 2023

Notes Fixed assets Investments 11 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current assets Total assets less current liabilities Income funds Unrestricted funds	2023 £ £ 3,906,542 21,754 47,087 68,841 3,900 64,941 3,971,483 3,971,483 3,971,483	2022 £ £ 3,979,741 30,992 16,605 47,597 3,780 43,817 4,023,558 4,023,558 4,023,558	2022 £ £ 3,979,741 30,992 16,605 47,597 3,780 43,817 4,023,558 4,023,558 4,023,558
			4,023,558
			4,023,558
			4,023,558

The financial statements were approved by the trustees and authorised for issue on 16 April 2024 and are signed on its behalf by:

Mr K C Howard Trustee

• 6 -

THE CASEY TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

1 Accounting policies

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements 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 the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the accounts, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the accounts.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

1.5 Expenditure

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.

Costs of charitable activities include grants made.

1.6 Fixed asset investments

Fixed asset investments are stated at market value as at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

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 the sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and the opening market value (or purchase date if later). Realised and unrealised gains are not separated in the Statement of Financial Activities.

• 7 -

THE CASEY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

1 Accounting policies

(Continued)

1.7 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2 Investments

	**Unrestricted **	Unrestricted
	funds	funds
	2023	2022
	£	£
Income from listed investments	108,788	106,440
Interest receivable	17	1
	108,805	106,441

• 8 -

THE CASEY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2023

3 Raising funds Investment management costs 4 Charitable activities Grant funding of activities (see note 5) Share of support costs (see note 6) Share of governance costs (see note 6) 5 Grants payable Grants to institutions 58 grants - (2022 - 57 grants):	Grants Other charitable costs £ £ 79,903 - - 783 - 3,250 79,903 4,033 2023 £ 79,903 79,903	2023 £ 32,202 32,202 Total £ 79,903 783 3,250 83,936	2022 £ 34,583
			34,583
			2023 £ 90,048 344 3,720
			94,112
			2022 £ 90,048
			90,048

• 9 -

THE CASEY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

6 Support costs

Support costs Accountancy fee Analysed between Charitable activities	Support costs Governance costs £ £ 783 - - 3,250 783 3,250 783 3,250	2023 £ 783 3,250 4,033 4,033	2022 £ 344 3,720
			4,064
			4,064

Governance costs includes payments to the independent examiner of £3,250 (2022 - £3,100 plus VAT) for independent examination.

7 Trustees

No trustee received any remuneration in respect of the services (2022 - £nil).

8 Employees

The average monthly number of employees during the year was:

	2023	2022
	Number	Number
Total	-	-

9 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

10 Net losses on investments

	Total	Total
	2023	2022
	£	£
Revaluation of investments - unrealised losses	(112,909)	(446,527)
Gains on investments - realised amounts	68,167	108,323
For the year ended 30 June 2023	(44,742)	(338,204)

• 10 -

THE CASEY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

11 Fixed asset investments

Valuation At 1 July 2022 Management fees At 30 June 2023 Carrying amount At 30 June 2023 At 30 June 2022 12 Debtors Amounts falling due within one year: Prepayments and accrued income 13 Creditors: amounts falling due within one year Accruals and deferred income 14 Related party transactions	Listed investments £ 3,979,741 - 3,979,741 3,979,741 3,979,741 2023 2022 £ £ 21,754 30,992 2023 2022 £ £ 3,900 3,780

There were no disclosable related party transactions during the year (2022 - none).

• 11 -