# The Gerald Kerkut Charitable Trust Statement of unaudited accounts For the year ended 31 December 2021 ## The Gerald Kerkut Charitable Trust ## Legal and administrative information |Trustees|Dr Niall Horn| |---|---| ||Dr Alan Thomas| ||Professor Robert Walker| |Charity number|1064724| |Principal address|220 Hill Lane| ||Southampton| ||Hampshire| ||SO15 7NR| |Independent examiner|Simon Ellingham FCA| ||Fawcetts LLP| ||Chartered Accountants| ||Windover House| ||St Ann Street| ||Salisbury| ||Wiltshire| ||SP1 2DR| |Accountants and taxation advisors|Evelyn Partners LLP| ||Accountants| ||Old Library Chambers| ||21 Chipper Lane| ||Salisbury| ||Wiltshire| ||SP1 1BG| |Solicitors|Paris Smith LLP| ||Number One London Road| ||Southampton| ||Hampshire| ||SO15 2AE| |Investment advisors|Evelyn Partners Investment Management LLP| ||45 Gresham Street| ||London| ||EC2V 7BG| ## The Gerald Kerkut Charitable Trust ## Contents ||Page| |---|---| |Trustees' report|1 - 3| |Independent examiner's report|4| |Statement offnancial activities|5| |Balance sheet|6| |Notes to the accounts|7 - 11| ## The Gerald Kerkut Charitable Trust ## Trustees' report for the year ended 31 December 2021 The trustees present their report and accounts for the year ended 31 December 2021. The accounts comply with the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (e ff ective 1 January 2019). ## Objectives and activities ## _Purpose and activities_ The charity's objects are to advance education and research in physiology at the University of Southampton by providing bursaries and prizes to students of physiology at the University of Southampton and publishing useful results and to, or for, such other charitable purposes as the trustees shall decide. ## _Grant making_ The policies adopted in furtherance of these objects are to consider all requests from members of the University of Southampton and award grants where appropriate. There has been no change to these policies during the year. ## _Public bene t_ The trustees have considered the guidance provided by the Charity Commission with regard to meeting the public bene fi t objective. As applications for grants are open to all relevant persons and all research produced is available for public review, the trustees believe that The Gerald Kerkut Charitable Trust is acting for the bene fi t of the public. ## _Risk factors_ The trustees have reviewed the risks to the charity's assets and income and are satis fi ed that adequate controls are in place. ## _Grant making policy_ The charity invites applications for research grants from members of the University of Southampton. Applicants submit a summary of their proposals to the trustees. Applications are reviewed against the research criteria and awarded accordingly. Successful applicants are required to submit an annual report summarising the past year's activities in order that the grant is continued. If the student is not making satisfactory progress the University may terminate the studentship. ## Achievements, performance and fi nancial review ## _Financial review_ During the year the charity received donations of £2,000 (2020: nil) and £29,966 (2020: £32,059) from dividend income. In 2020 the charity also received bank interest of £29 and £993 relating to withholding tax claims. An analysis of grants payable is provided in note 3. New grants totalling £322,408 were awarded during the year (2020: £68,450) in furtherance of the objects of the charity. The grants include four new studentships at the University of Southampton covering their three-year study period (£165,000) as well as new commitments to existing students and additional payments made during the year which were not included as commitments in the previous year's accounts. Overall, fund balances in the charity have decreased by £106,378 during the year to £1,446,517 at 31 December 2021. - 1 - ## The Gerald Kerkut Charitable Trust ## Trustees' report for the year ended 31 December 2021 The trustees are con fi dent that the charity has su ffi cient reserves to enable them to make grants at the level that is required. ## _Investment policy_ The charitable trust deed permits any investments to further the objects of the charity. The charity has a portfolio of listed investments that had a market value of £1,811,864 at 31 December 2021 (2020: £1,802,710). Gains on investment assets this year totalled £205,853 (2020: £88,722) which related to a pro fi t on sale of investments of £19,769 (2020: £2,454) and an appreciation in the value of investments of £186,084 (2020: £86,268). ## _Reserves policy_ The trustees will pursue a policy of distributing the income and if suitable opportunities arise also capital of the charity. Any surplus or de fi cit of income will be taken to the reserves. This is in accordance with the fact that all the funds of the charity are unrestricted (see note 1.7). ## _Plans for future_ The charity will continue to provide funding for University of Southampton students and research projects, together with other suitable studentships and research. ## Structure, governance and management ## _Governance_ The charity was established by a charitable trust deed on 19 August 1997. The charity is an unincorporated association as is registered with the charity commission, charity number 1064724. ## _Trustees_ The trustees who served during the year were: Dr Niall Horn Dr Alan Thomas Professor Robert Walker Trustees are appointed by a resolution of the trustees passed at a special meeting. There shall be at least three trustees at any one time. The day to day running of the charity is dealt with by Dr Niall Horn. The trustees run the charity and meet at least twice a year to discuss a ff airs of the charity and to consider requests for support which have been received. Every matter is determined by a majority of votes of the trustees present. The chairman of the meeting shall have the casting vote. The trustees consider that their combined skill set is su ffi cient to ensure the e ffi cient performance of the charity at this time and feel that, given the size of the charity, a formal programme of training is not necessary, but they will continue to monitor the situation and will provide suitable training where circumstances require. - 2 - ## The Gerald Kerkut Charitable Trust ## Trustees' report for the year ended 31 December 2021 ## _Structure and management reporting_ The trustees are ultimately responsible for the policies, activities and assets of the charity. They are in regular and frequent contact to review the developments with regard to the charity, its activities and to make important decisions. The trustees review the proposals for grants to be made and approve such grants as appropriate. When necessary, the trustees seek advice and support from the charity's professional advisors including investment managers and accountants. At their meetings the trustees review the investment performance and the investment managers are regularly invited to attend to update the trustees in detail on the portfolio. ## Trustees' responsibilities The trustees are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and regulations. The law applicable to charities in England and Wales requires the trustees to prepare accounts for each fi nancial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable regulations). Under that law the trustees must not approve the accounts unless they are satis fi ed that they give a true and fair view of the state of a ff airs of the charity and of the incoming resources and application of resources of the charity for that year. In preparing these accounts, 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 accounts; and - prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records which are su ffi cient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the fi nancial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charities (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. On behalf of the board of trustees Dr Niall Horn Dr Niall Horn Trustee Dated: 9 August 2022 - 3 - ## The Gerald Kerkut Charitable Trust ## Independent examiner's report to the trustees of The Gerald Kerkut Charitable Trust I report to the trustees on my examination of the accounts of The Gerald Kerkut Charitable Trust for the year ended 31 December 2021 which comprise the statement of fi nancial activities, the balance sheet and the notes to the accounts, including a summary of signi fi cant accounting policies. ## Respective responsibilities of trustees and examiner and basis of report As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## Independent examiner's statement I have completed my examination. I con fi rm that no material 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 Act; or 2. the accounts do not accord with those records; or 3. 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. Simon Ellingham .............................................. ## Simon Ellingham FCA Fawcetts LLP Chartered Accountants Windover House St Ann Street Salisbury Wiltshire SP1 2DR Dated: 9 August 2022 - 4 - ## The Gerald Kerkut Charitable Trust ## Statement of fi nancial activities for the year ended 31 December 2021 |Notes
Income:
Donations
Investment income
2
Total income
Expenditure:
Raising funds
Charitable activites - grants
3
Charitable activites - support costs
Total expenditure
4
Net (expenditure)/income before gains on investments
Gains on investment assets
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward|2021
£
2,000
29,966
31,966
13,449
322,408
8,340
344,197
(312,231)
205,853
(106,378)
1,552,895
1,446,517|2020
£
-
33,081| |---|---|---| |||33,081| |||13,147
(105,364)
7,299| |||(84,918)| |||117,999
88,722| |||206,721
1,346,174| |||1,552,895| All income and expenditure derives from continuing activities. - 5 - ## The Gerald Kerkut Charitable Trust ## Balance sheet as at 31 December 2021 |Notes
Fixed assets
Investments
8
Current assets
Debtors
9
Cash at bank and in hand
Creditors: amounts falling due
within one year
10
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
11
Net assets
The funds of the charity
Unrestricted funds
Total charity funds|£
162
31,282
31,444
(193,791)|2021
£
1,811,864
(162,347)
1,649,517
(203,000)
1,446,517
1,446,517
1,446,517|£
186
103,604
103,790
(281,605)|2020
£
1,802,710
(177,815)
1,624,895
(72,000)
1,552,895
1,552,895
1,552,895| |---|---|---|---|---| The accounts were approved by the Trustees and authorised for issue by: Dr Nial Horn .............................................. Dr Niall Horn Trustee Date: 9 August 2022 - 6 - ## The Gerald Kerkut Charitable Trust ## Notes to the accounts for the year ended 31 December 2021 ## 1 Accounting policies ## 1.1 General information The Gerald Kerkut Charitable Trust is an unincorporated trust, constituted under a charitable trust deed on 19 August 1997. It is registered with the Charity Commission in England & Wales (No. 1064724). The address of the principal o ffi ce is 220 Hill Lane, Southampton, Hampshire, SO15 7NR. ## 1.2 Basis of preparation The accounts 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) (e ff ective 1 January 2019). The accounts have been prepared under the histrorical cost convention, as modi fi ed to include the revaluation of investments. The trustees con fi rm that the charity is a public bene fi t entity as de fi ned by FRS 102. The accounts are prepared on a going concern basis; there are no material uncertainties about the charity's ability to continue as a going concern. ## 1.3 Income Investment income is credited in the statement of fi nancial activities in the period in which it is receivable. Donations are credited when they have been received. Legacies are accounted for when the amount receivable is known. ## 1.4 Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classi fi ed under the headings that aggregate all costs related to the category. The costs of raising funds consists of investment management costs. Grants payable are payments made to third parties in furtherance of the charitable objects of the charity. The grants are accounted for where the trustees have agreed to pay the grant without condition and the recipient has a reasonable expectation that they will receive a grant. Support costs consist of costs not directly attributable to direct charitable expenditure, but which are in respect of the general administration of the charity and overall management of the funds. ## 1.5 Fixed asset investments Investments are initially recognised at their transaction value and subsequently measured at their market value at the date of the accounts. Unrealised gains or losses are recognised in the statement of fi nancial activities. Realised gains and losses are the di ff erence between disposal proceeds and carrying value and are recognised in the statement of fi nancial activities under gains and losses on investment assets. - 7 - ## The Gerald Kerkut Charitable Trust ## Notes to the accounts for the year ended 31 December 2021 ## 1 Accounting policies ## (Continued) ## 1.6 Foreign currency translation Transactions denominated in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. All di ff erences are included in net income / expenditure. ## 1.7 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objects of the charity and which have not been designated for other purposes. The charity has no restricted or endowment funds. ## 2 Investment income |Investment income||| |---|---|---| |Dividends
Withholding tax claims
Bank interest|2021
£
29,966
-
-
29,966|2020
£
32,059
993
29| |||33,081| - 8 - ## The Gerald Kerkut Charitable Trust ## Notes to the accounts for the year ended 31 December 2021 ## 3 Grants payable |Grants to institutions
Reconciliation of grants payable
Commitments charged to the statement offnancial
activities in the year
Grants paid during the year
Commitments at 1 January 2021
Commitments at 31 December 2021
Commitments at 31 December 2021 are payable as follows:
Within one year
After more than one year|2021
£
322,408
322,408
(279,458)
343,450
386,400
183,400
203,000
386,400|2020
£
(105,364)
(105,364)
(228,686)
677,500
343,450
271,450
72,000
343,450| |---|---|---| All grants payable were made to the Education sector. The trustees have accrued, as a liability, grants payable for studentships based on funding for 3 years. Although each grant is subject to an annual review, the trust normally accepts the performance report from the supervisor as the basis for continued funding. Since the progress of the student and the assessment of their progress are both outside of the control of the trustees, a full accrual for this commitment is made. ## 4 Total expenditure |Raising funds:
Investment management fees
Charitable activities - grants:
Grants payable (see note 3)
Charitable expenditure - support costs:
Loss on foreign exchange
Bank charges
Governance costs (see note 5)|2021
£
13,449
322,408
1,156
20
7,164
344,197|2020
£
13,147
(105,364)
375
120
6,804
(84,918)| |---|---|---| - 9 - ## The Gerald Kerkut Charitable Trust ## Notes to the accounts for the year ended 31 December 2021 ## 5 Governance costs |Governance costs||| |---|---|---| |Accountancy fees
Independent examiner's fees|2021
£
5,940
1,224
7,164|2020
£
5,640
1,164| |||6,804| ## 6 Trustees The trustees all give freely of their time and expertise without any form of remuneration or other bene fi t in cash or kind during the year (2020: £nil). There were no reimbursements made to the trustees during the year (2020: nil). There were no other related party transactions in the year (2020: £nil). ## 7 Employees There were no employees during the year (2020: none). |8
Investments
Market value at 1 January 2021
Acquisitions at cost
Disposals at opening market value
Change in value in the year
Market value at 31 December 2021
Investments at market value comprised:
Bonds
Alternative investments
Multi Asset investments
Equities
Property
Cash held within investment portfolio
Portfolio total|2021
£
1,802,710
163,584
(340,514)
186,084
1,811,864
390,290
97,265
215,095
1,039,564
69,650
1,811,864
31,282
1,843,146|2020
£
1,967,421
99,186
(350,165)
86,268| |---|---|---| |||1,802,710| |||428,116
120,328
233,571
1,020,695
-| |||1,802,710
103,604| |||1,906,314| - 10 - ## The Gerald Kerkut Charitable Trust ## Notes to the accounts for the year ended 31 December 2021 |9
Debtors
Investment income due
10
Creditors: amounts falling due within one year
Grants payable (see note 3)
Accruals
11
Creditors: amounts falling due after more than one year
Grants payable (see note 3)|2021
£
162
162
2021
£
183,400
10,391
193,791
2021
£
203,000
203,000|2020
£
186| |---|---|---| |||186| |||2020
£
271,450
10,155| |||281,605| |||2020
£
72,000| |||72,000| - 11 -