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2023-09-30-accounts

The Cayo Foundation

Trustees’ Report and Consolidated Financial Statements For the year ended

30 September 2023

The Cayo Foundation CONTENTS

Pages
2 Trustees, Officers and Advisors
3 - 5 Trustees’ Annual Report
6 Independent Examiner's Report
7 Consolidated Statement of Financial Activities
8 Balance Sheets
9 Consolidated Statement of Cashflow
10 - 15 Notes to the Financial Statements

The Cayo Foundation

TRUSTEES, OFFICERS AND ADVISORS

Trustees: A. E. McCarville
S. A. Harris
Principal Address: 59 Loampit Vale
London
SE13 7FR
Bankers: The Royal Bank of Scotland plc
30 Nicolson Street
Edinburgh
EH8 9DL
Butterfield Bank (Guernsey) Limited
P.O. Box 25
Regency Court
St Peter Port
Guernsey
GY1 3AP
British Caribbean Bank
Government Road
PO Box 270
Providenciales
Turks & Caicos
Accountants: HB Accountants
Plumpton House
Plumpton Road
Hoddesdon
Hertfordshire
EN11 0LB
Solicitors: Allen & Overy
One New Change
London
EC4M 9QQ
Charities Registration Number: 1080607

The Cayo Foundation

TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2023

The trustees present their report along with the financial statements of the Charity and its subsidiaries for the year ended 30 September 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and “Accounting and Reporting by Charites: 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)” (as amended for accounting periods commencing from 1 January 2016).

Structure, governance and management

The Charity was set up under a trust deed dated 29 November 1999.

The trustees who have served during the year and since the year end are set out on page 2. Trustees are appointed by the board of trustees’ and serve for five years after which period they may put themselves forward for re-appointment. The trustees meet quarterly or if necessary on a more frequent basis to assess grant applications from registered charities.

The Chair of the trustees is responsible for the induction of any new trustees. This involves awareness of trustees’ responsibilities, the governing document, administrative procedures, the history and philosophical approach of the charity. A new trustee would receive copies of the previous year’s annual report and accounts and a copy of the Charity Commission’s guidance ‘The Essential Trustee: What You Need to Know’.

The trustees have assessed the major risks to which the Charity is exposed, in particular those relating to the operations and finances of the Charity, and are satisfied that systems are in place to mitigate exposure to the major risks.

The trustees have had due regard to guidance published by the Charity Commission on public benefit.

Objectives and activities

The Charity was established in order to benefit qualified charities as defined in the trust deed. Its principle activities during the year were supporting other bodies qualifying as charities under English law.

The Charity considers applications for grants and loans from registered charities in the areas that the Charity has decided to support based on recommendations. All applications are reviewed against specific criteria set by the trustees. Where grants are made for specific purposes the Charity requests a report on how the grant was spent.

The Cayo Foundation

TRUSTEES’ ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2023

Achievements & Performance

The Charity’s policy has been to give support to other charities, rather than directly carrying out any significant activities of its own and this still remains a substantial proportion of the Charity’s expenditure. However, when the charity is approached to fund directly the expenses of a project, consideration is given by the Trustees as to whether it is worthy of their support.

During the year, charitable spending on education projects amounted to £13,120.

Other types of charities that benefited during the year included those involved in the areas of education, medical research and training, children’s and performing arts charities. The charity also received requests for donations and financial support to benefit other charities.

Financial review

The general fund of the Charity represents the funds that are not subject to any restriction regarding their use and are available for application to the general purposes of the Charity.

Donations amounting to £231,000 were made to 8 charities and educational institutions.

The designated fund consists of fixed assets which by their nature are not available for use for the general purposes of the Charity.

Total income for the year amounted £142,159 and after charitable expenditure of £244,120 and other expenditure of £22,766 the net movement in funds was £124,727 which was deducted from the general fund.

The Trustees have decided that funds held in the general fund should remain on deposit until such time as submissions for funding are received from other charities in the areas that the Charity has decided to support. These submissions are vetted by the Trustees and if agreed a donation is made based on the level of need and the reserves available for distribution at the time.

The Cayo Foundation

TRUSTEES’ ANNUAL REPORT (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2023

It is the policy of the Charity to maintain the general fund, which is the free reserves of the Charity, at a level which provides sufficient funds to cover any expenses and to respond to grant applications which may arise. Funds were maintained on this basis throughout the year.

Plans for the Future

The trustees intend to continue providing grants in a similar way to the recent past continuing the emphasis on the main areas of giving but retaining flexibility as to the timing, and scale of grant making.

Trustees’ Responsibilities

Under the Charities Act 2011 the trustees are required to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity as at the balance sheet date and of the surplus or deficit for the financial year. In preparing those financial statements, the trustees are required to:

The Trustees are responsible for keeping proper accounting records which 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 2012. 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 Trustees

S. A. Harris

Date: 2024

The Cayo Foundation

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE CAYO FOUNDATION

I report to the charity trustees on my examination of the accounts of the charity for the year ended 30th September 2023 which are set out on pages 7 to 15.

Responsibilities 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 confirm that I am qualified to undertake the examination because I am a member of the ICAEW, which is one of the listed bodies.

I have completed my examination. I confirm 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.

HB Accountants Chartered Accountants

Plumpton House Plumpton Road Hoddesdon Hertfordshire EN11 0LB

Date 2024

The Cayo Foundation

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 30 SEPTEMBER 2023

Notes
Incoming Resources
Donations
Gift Aid
Interest
Other Income
Resources Expended
Charitable expenditure
Support costs
(Deficit) surplus for the year
Net movement in funds
Total funds brought forward
Total funds carried forward
3
4
5		 2023
Unrestricted Funds
General
Designated
£
£
83,500
9,875
859
47,925
142,159
0
244,120
22,766
266,886
0
(124,727)
0
(124,727)
0
317,722
2,591,288
192,995
2,591,288		 Total
Funds
£
83,500
9,875
859
47,925
142,159
244,120
22,766
266,886
(124,727)
(124,727)
2,909,010
2,784,283		 2022
Unrestricted Funds
General
Designated
£
£
102,245
8,425
83
23,158
133,911
0
297,733
13,936
311,669
0
(177,758)
0
(177,758)
0
495,480
2,591,288
317,722
2,591,288		 Total
Funds
£
102,245
8,425
83
23,158
133,911
297,733
13,936
311,669
(177,758)
(177,758)
3,086,768
2,909,010

The Cayo Foundation BALANCE SHEETS

AS AT 30 SEPTEMBER 2023

Notes
Fixed Assets
Total tangible assets
7
Current Assets
Debtors
8
Cash at bank
Total current assets
Liabilities
Creditors: amounts falling due within one year
9
Net current assets
Total assets less current liabilities
Unrestricted funds
General
10
Designated
10
Total funds		 Consolidated
2023
2022
£
£
2,591,288
2,591,288
25,535
18,489
189,160
315,680
214,695
334,169
21,700
16,447
192,995
317,722
2,784,283
2,909,010
192,995
317,722
2,591,288
2,591,288
2,784,283
2,909,010		 Charity
2023
2022
£
£
2
2
0
0
165,294
304,334
165,294
304,334
16,720
11,467
148,574
292,867
148,576
292,869
148,576
292,869
0
0
148,576
292,869		 Charity
2023
2022
£
£
2
2
0
0
165,294
304,334
165,294
304,334
16,720
11,467
148,574
292,867
148,576
292,869
148,576
292,869
0
0
148,576
292,869
0
304,334
304,334
11,467
292,867
292,869
292,869
0
292,869

The financial statements were approved by the Trustees on

S. A. Harris (Trustee)

The Cayo Foundation

CONSOLIDATED STATEMENT OF CASHFLOW

FOR THE YEAR ENDED 30 SEPTEMBER 2023

Net deficit for the year
Net movement in funds
Increase/(decrease) in creditors
Increase in debtors
Net cash outflow/inflow from operating activities
Cash at bank brought forward
Cash at bank at year end		 2023
£
(124,727)
5,253
(7,046)
(126,520)
315,680
189,160		 2022
£
(177,758)
(4,033)
(10,971)
(192,762)
508,442
315,680

The Cayo Foundation

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

1 Accounting policies

Charity information

The Cayo Foundation is a Trust. The group consists of the Trust and its two subsidiaries.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity’s trust deed, 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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

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 Basis of consolidation

The consolidated financial statements consist of the financial statements of the Trust together with those of the two subsidiaries made up to 30 September 2023.

1.3

Going concern

At the time of approving these financial statements, 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 financial statements.

Charitable funds

Incoming resources

1.5 Income is recognised when the charity is legally entitled to it.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount.

The Cayo Foundation

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2023

1 Accounting policies

(Continued)

1.6 Resources expended

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.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

1.8 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 cost 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.

The Cayo Foundation

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.8 Financial Instruments

(Continued)

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 noncurrent 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.

1.9 Foreign Exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the consolidated statement of financial activities.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Other Income

3
Other Income
Ticket Income
4
Charitable Expenditure
Donations to other charities
Charitable expenditure		 2023
£
47,925
£
231,000
13,120
244,120		 2022
£
23,158
£
273,100
24,633
297,733

The Cayo Foundation

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2023

5 Support costs

Bank charges
Independent Examination
Members levy costs
Currency variances
Other costs		 2023
£
379
1,800
17,613
1,433
1,541
22,766		 2022
£
500
1,800
19,321
(9,275)
1,590
13,936

6 Trustee’s Emoluments

No trustee received any emoluments or expenses in respect of their services as trustees.

7a Consolidated Fixed Assets

At 30 September 2022 and 2023 Long
Leasehold
£
2,500,000		 Investments
£
91,288		 Total
£
2,591,288

7b Charity Fixed Assets

At 30 September 2022 and 2023 Investments
£
2		 Total
£
2

8 Debtors

Consolidated Consolidated Charity
2023 2022 2023 2022
£ £ £ £
Debtors and prepayments 25,533 18,489 - -

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

The Cayo Foundation

FOR THE YEAR ENDED 30 SEPTEMBER 2023

9 Creditors due within one year

Consolidated
2023
2022
£
£
Other Creditors
14,920
5,000
Accruals
6,780
11,447
21,700
16,447
10
Fund balances at 30 September 2023
Consolidated
General
Designated
Fund
Fund
£
£
represented by:
Fixed Assets
-
2,591,288
Debtors
25,535
-
-
-
Cash at bank
189,160
Creditors: amounts falling
due within one year
(21,700)
192,995
2,591,288		 Charity
2023
2022
£
£
14,920
5,000
1,800
6,467
16,720
11,467
The Charity
Total
General
Fund
£
£
2,591,288
2
25,535
-
189,160
165,294
(21,700)
(16,720)
2,784,283
148,576		 Charity
2023
2022
£
£
14,920
5,000
1,800
6,467
16,720
11,467
The Charity
Total
General
Fund
£
£
2,591,288
2
25,535
-
189,160
165,294
(21,700)
(16,720)
2,784,283
148,576		 Charity
2023
2022
£
£
14,920
5,000
1,800
6,467
16,720
11,467
The Charity
Total
General
Fund
£
£
2,591,288
2
25,535
-
189,160
165,294
(21,700)
(16,720)
2,784,283
148,576
2,784,283 148,576

11 Subsidiary Companies

The Charity has two subsidiaries both of which are wholly owned and registered in the British Virgin Islands.

Deanland Investments Ltd

The Company holds 20% of the issued share capital of Miss World Holdings Limited a Company registered in England. Deanland’s holding in this Company has been valued at £91,288 and is included in fixed assets.

The Cayo Foundation

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2023

11 Subsidiary Companies

(Continued)

Chesterlake Investments Ltd

Chesterlake owns a lease on a Box at the Royal Albert Hall. The lease has 842 years to run. The lease has been valued at £2.5million based on comparable sales of similar boxes. The Company receives ticket income and has to pay a members levy each year.

Income from ticket sales for the year ended 30 September 2023 amounted to £47,925 (2022 £23,158).

The results for the year are as follows:

Income
Expenditure
Net income
Fixed Assets Debtors Cash at bank
Less: Creditors		 £
47,925
28,359
19,566
2,500,000
25,533
23,866
(4,980)
2,544,419

12 Related Party Transactions

There were no related Party Transactions during the year.