Charity registration number 1055726 (England and Wales)
THE CASEY TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
THE CASEY TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Mr B Shorten Mr A Krikler Mr S Howard Ms L Smouha (Appointed 27 March 2025) Charity number 1055726 Principal address 27 Arkwright Road London NW3 6BJ Independent examiner Robert Barry Perez Silver Levene (UK) Limited Chartered Certified Accountants Level 5A, Maple House London W1T 7NF 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 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 11 |
THE CASEY TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2024
The trustees present their report and accounts for the year ended 30 June 2024.
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 93 individual grants in the period July 2023 to June 2024 and totalling £126,651. Increasingly, the focus is on start-up 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 £130,659 in the year from all sources of investment, before broker's fees, compared to £108,805 in the year to 30 June 2023. This represents a return of approximately 3.1% on the average market value for the year ended 30th June 2023 (2023 - 2.7%). 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 2024 free unrestricted reserves amounted to £4,225,391 (2023: £3,971,483).
Risk management
The trustees have a risk management strategy which comprises:
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an annul review of the principal risks and uncertainties that the charity faces;
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the establishment of policies, systems and procedures to mitigate those risks identified in the annual review ; and
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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.
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THE CASEY TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
Plans for the future
The trustees are extremely sad to report the passing of the charity’s founder and driving force, Mr Ken Howard, after the balance sheet date, on 24 September 2024. His philanthropic drive and tirelessness will be sadly missed and will be an inspiration for the remaining trustees, who will always seek to further the dreams that he helped bring to fruition.
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 (Deceased 24 September 2024) Mr B Shorten Mr A Krikler Mr S Howard Ms L Smouha (Appointed 27 March 2025)
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 B Shorten
Trustee Dated: 15 April 2025
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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 2024.
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.
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements 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 the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
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:
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1 accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011.
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements 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 Level 5A, Maple House 149 Tottenham Court Road London W1T 7NF
Dated: 22 April 2025
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THE CASEY TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Income from: | |||
| Investments | 2 | 130,659 | 108,805 |
| Total income | 130,659 | 108,805 | |
| Expenditure on: | |||
| Raising funds | 3 | 33,085 | 32,202 |
| Charitable activities | 4 | 131,109 | 83,936 |
| Total expenditure | 164,194 | 116,138 | |
| Net gains/(losses) on investments | 10 | 287,443 | (44,742) |
| Net income/(expenditure) and movement in funds | 253,908 | (52,075) | |
| Reconciliation of funds: | |||
| Fund balances at 1 July 2023 | 3,971,483 | 4,023,558 | |
| Fund balances at 30 June 2024 | 4,225,391 | 3,971,483 |
All income and expenditure derive from continuing activities.
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THE CASEY TRUST
BALANCE SHEET
AS AT 30 JUNE 2024
| 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 The funds of the charity Unrestricted funds |
2024 £ £ 4,160,395 22,991 46,205 69,196 (4,200) 64,996 4,225,391 4,225,391 4,225,391 |
2023 £ £ 3,906,542 21,754 47,087 68,841 (3,900) 64,941 3,971,483 3,971,483 3,971,483 |
2023 £ £ 3,906,542 21,754 47,087 68,841 (3,900) 64,941 3,971,483 3,971,483 3,971,483 |
|---|---|---|---|
| 3,971,483 | |||
| 3,971,483 | |||
| 3,971,483 |
The financial statements were approved by the trustees on 15 April 2025
Mr B Shorten Trustee
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THE CASEY TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
1 Accounting policies
Charity information
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" 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)". 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.
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THE CASEY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
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.
1.8 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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THE CASEY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
| 2 Investments Income from listed investments Interest receivable 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 93 grants - (2023 - 58 grants): |
Unrestricted Unrestricted funds funds 2024 2023 £ £ 130,603 108,788 56 17 130,659 108,805 2023 2022 £ £ 33,085 32,202 33,085 32,202 Grants Other charitable costs Total 2023 £ £ £ £ 126,651 - 126,651 79,903 958 - 958 783 - 3,500 3,500 3,250 127,609 3,500 131,109 83,936 2023 2023 £ £ 126,651 79,903 126,651 79,903 |
Unrestricted Unrestricted funds funds 2024 2023 £ £ 130,603 108,788 56 17 130,659 108,805 2023 2022 £ £ 33,085 32,202 33,085 32,202 Grants Other charitable costs Total 2023 £ £ £ £ 126,651 - 126,651 79,903 958 - 958 783 - 3,500 3,500 3,250 127,609 3,500 131,109 83,936 2023 2023 £ £ 126,651 79,903 126,651 79,903 |
|---|---|---|
| 108,805 | ||
| 2022 £ 32,202 |
||
| 32,202 | ||
| 2023 £ 79,903 783 3,250 |
||
| 83,936 | ||
| 2023 £ 79,903 |
||
| 79,903 |
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THE CASEY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
6 Support costs
| Support costs Governance costs £ £ Support costs 958 - Accountancy fee - 3,500 958 3,500 Analysed between Charitable activities 958 3,500 |
2024 £ 958 3,500 4,458 4,458 |
2023 £ 783 3,250 |
|---|---|---|
| 4,033 | ||
| 4,033 |
Governance costs includes payments to the independent examiner of £3,500 plus VAT (2023 - £3,450 plus VAT) for independent examination.
7 Trustees
No trustee received any remuneration in respect of the services (2023 - £nil).
8 Employees
The average monthly number of employees during the year was:
| The average monthly number of employees during the year was: | ||
|---|---|---|
| 2024 | 2023 | |
| Number | Number | |
| Total | - | - |
| There were no employees whose annual remuneration was more than £60,000. |
Remuneration of key management personnel
The remuneration of key management personnel was as follows:
No remuneration was paid to the key management personnel, during the year.
9 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
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THE CASEY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
10 Gains and losses on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| Gains/(losses) arising on: | £ | £ |
| Revaluation of investments - unrealised amounts | 292,127 | (112,909) |
| Sale of investments - realised amounts | (4,684) | 68,167 |
| 287,443 | (44,742) |
11 Fixed asset investments
| Cost or valuation At 1 July 2023 Additions Valuation changes Management fees Disposals At 30 June 2024 Carrying amount At 30 June 2024 At 30 June 2023 12 Debtors Amounts falling due within one year: Prepayments and accrued income 13 Creditors: amounts falling due within one year Accruals and deferred income |
Listed investments £ 3,906,542 186,663 287,443 (33,085) (187,168) 4,160,395 4,160,395 3,906,542 2024 2023 £ £ 22,991 21,754 2024 2023 £ £ 4,200 3,900 |
|---|---|
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THE CASEY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
14 Related party transactions
There were no disclosable related party transactions during the year (2023 - none).
| No remuneration was paid to the key management personnel, during the year. | 2024 | 2023 |
|---|---|---|
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