The Cayo Foundation Trustees, Report and Consolidated Financial Statements For the year ended 30 September 2024
The Cayo Foundation CONTENTS Trustces, Officers and Advisors Truslees, Aniiual Report Indepeiident Examiner's Report Coi)sol idated Stateinent of Financial Activities Balance Sheets Consolidated Statement of Cashflow 10-15 Notes to the Fin£incial Statements
Thc Cayo Foundation I-RUSTEES, OFficERS AND ADVISORS Trustees: A. E. Mccarville S. A. Harris Principal Address: 59 1.oampit Vale London SE13 7FR Bankers: The Royal Bank of Scotland plc 30 Nicolson Street EdinbLirgFII EI-18 9DL BLltterfield Baiik (GLiernsey) Limited P,0. Box 25 Regyency Court St Peter Port Giicrnscy GYI 3AP British Caribbean Bil nk Governinent Road PO Box 270 Providcnciales Tiirks & Caicos Accountllnts: FIB Accountants Pluinploii14ouse Pluinpton Road l-loddcsdon Herifordsliire ENII OLB Solicitors: Allen & Overy One New Chaii&ie London EC4M 9QQ Charities RegistrAtion Number: 1080607
The Cayo Foundation 'I'RUSTEES' ANNUAL REPORT FOR THF YEAR ENDED 30 SEPTEMBER 2024 I'he trustees present their report alongy with the financial statements of the Charity and its subsidiaries for the year ended 30 Scptembcr 2024. The finclncial statements have been prepared in accordance with the accounting policies set out in notc I to the accounts and comply with the charity's trust dccd, the Charities Act 2011 and "Accounting and Reportin&y by Charites: Stc1tement of Recommended Practice applicablc to charilies prcpariiiLI their accounts in accordance with the Financial Reportiiig Standard 1pplicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencingj from l January 2016). Structureg governance and managcment 'I"Iie Cliarity was set up under a trust deed dated 29 Novembcr 1999. Tlie triistccs who havc served dliringy tlic ycar and since thc year end ic rc sct out on Pc1gye 2. 'T'riislces arc appointL'd by IhL board ot"ti'iistees' and serve for five years after whiLh period thcy niay pul IhLm.4Llves lorward for re-appoiiitmcnt. 'fhe trustees meet qU¢1rtcrly or il'necessary on d morL freqLient basis lo assess gyr<1nt applicalions from rcgyistered cliarities. The Chclir of the Irustees is responsible for the induction of any new trustees. This involvcs awarcness of truslees, responsibilities, thc giovcrningy document, administrative procedures, Ihe history aiid philosopliical approach ot. the charity. A new trustcc would rccLive copies ot. the prcvious yC<ir's annual rcport and Ic CCOUllts and a copy of the Charity Commission's &yuidance I'he Essential Trustee.. What You Need to Know,. Tlie triislees liave assessed the major risks to which ihe Charity is exposed, in particular those i'clatingy to ihc operalions ic nd finances of tlie Charily, and arc satisficd that systcnis arc in place to mitigFatc exposurc to the major risks. The truslees Iiave had due regyard to gyuidance published by the Charity Cominission on public benefit. Objectivcs and activities The Charity was eslablislied in order to benefit qualified charities as defined in the trust deed. Its principlc <lCtivities during the year were supporting other bodies qualifying as charities under Eiigilish law. Tlie Charity considcrs applications for grants and loans from registered charities in the areas that the Cliarity has decided to support based on recommendations. All applications are reviewed agTainst specific criteria set by the trustees. Where grants are made for specific purposes the Cliarily requests a report on how thc grant was spent.
The Cayo Foundation TRUSTLES, ANNUAL RLPORT (CONTINUED) FOR I-HL YEAR ENDED 30 SEPTEMBER 2024 Achievements & Performance The Charity's policy has been to g7ive support to othcr charities, raiher ihan directly carrying oiit any sigynificant activities of its own and ihis still remains a substantial proportion of the Cliarity's expcnditure. However, when tlie charity is approached to fund dircctly the xpenses ol'a project, Lonsideratioii is giiven by the Trustees as to whether it is worthy of Ihcir SLipport. DurinLY thc year, charitable spending on educalion projects amounted to £8,381. Other lypes ol. charities that benclited duriiigj the year included those involved in the areas of educalion, Incdical rcscarch aiid trainingy, and pcrformingy arts charities. The charity also rcceivcd requcsts for donations and financial support to benefit other charities. 4 inancial review 'rhe gyLiiLral lund of Ilie Charity represents the funds that are not subject to any restriction rcg7ardingy thcir usc aiid are available tor application to Ihe gFeneral purposes of tlie Charity. Donations amounting7 10 £355,350 were madc to l O charitable orgyanisations. The desigFnated fund consists of fixed assets wliich by their nature are not available for use for ilie gyencral purposcs of the Charity. Total incomc for thc ycar amountcd £494,91 l and aftcr cliarilablc cxpenditure of £363,731 and oilicr cxpcndilure of £22,673 Ihe net movement in funds was £108,507 which was added to tlie gleneral fund. The Trustees have decided that funds held in the gyeneral fund should remain on deposit until .8uch timc as submissions for fundingy are received from other charities in the arcas that thc 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.
'rhe Cayo Foundation 'I'RUSTEES' ANNUAL REPORT (CONTINUED) OR THE YEAR ENDED 30 SEPTEMBER 2024 It is the policy of the Charity to maintain the gieneral fund, which is the free reserves of the Charily, at a Icvel which provides sufficient fiinds to cover any expenses and to respond to grani applications which may arise. Funds were maintained on this basis througyhout the year. Plans for the Future The trustees inteiid to continue providing gyrants in a siinilar way to the recent past continuin the einphasis on the main areas of givingy but retainingy flexibility as to the timingi, and scale of yrant making. Trustees, Rcsponsibilitics Uiider Ilic ClicTrritics ALt 2011 the trLlStees are required to prepare financial statements for cach fiiicincial ycar which gFive ¢1 trLlC and t'air vicw of ihc statc of alf'airs of thc Charity as at the bit lancc slicct datc and of tlie surplus or delicil for the financial year. In preparing those iiiancial slaleincnts, the trustees are required to: Selcct suitablc accountin& policies and then apply tliem consistently. Make judLycmenls and estimatcs that are reasonable and prudent. Prepare the financial statements on the gyoin&i concern basis unless it is inappropriate to prcsume thclt the Charity will continue in operation. Thc Triistccs arc responsiblc for kccping propcr accounting records which disclose with rLasonablc accuracy at clny timL' tlie financi¢11 position of the Charily and cnablc tlicm to ensurL IIILqI Ilie linaiicial slalcincnts comply with the Charities Act 2012. Thcy arc also rcsponsible for saleLyiiai'ding7 tIIc <lSSCts of the Charity and hence for takingy reasonable steps lor the prevention and dctcclion ot. fraud and other irregyularities. On Behcllf of thc Trustees l¥ S. A. Flarris Date: l O June 2025
The Cayo Foundation INDEPENDENT EXAMINER'S REPORT TO T14L TRUSTEES OF THE CAYO FOUNDATION I rLporl to Ilie cliarity trustees on Iny examination of the accounts of the Cliarity for tlie year ended 30111 Scpteinber 2024 which arc set OLIt on pagies 7 to 15. Responsibilities and basis of report As ilie Lliarity's trLlStees YOLI are responsible for the preparation of the accounts in accordance with the reqiiircmenls of tlie Charilies Act 2011 ('tlic Act,). I report iii respecl of my CX<lmincltion of the cliarity's accoLintS Cilrried OLIt Liiider section 145 of the Act and ii) Ci1rryiiigF oiit Iny examiiiation I li<iVC followcd all tlie applicable Directions gyiven by the Cliarity Coininissioii iindcr sectioii 145(5)(b) of tlie Act. Indepen(lent examiner's statemcnt l Lonfirm that l am qualified to iindcrtake the examination becaiise l am a member of tlie ICAEW, wli ich is one of the listed bodies. I liave complcled my exain iiiatioi). I confirm tliat no Inaterial matters have come to my attention in coiinectioii witli tlic cxain ination gFiving7 me cause lo believe tliat iii gtny material respect: accountingy rocords were not kept in rcspect of tlie charity as reqLiired by section 130 of the Act. or 2. tlic accoiints do not accord witli ihose rccords. or 3, the 11ccoiints do not comply with tlie appliciible reqiiirements concerningy the fom] and content of ¢ ccoiinls sct out iii tlic Cliarities (Accouiits 21 nd Ileporls) RcgLilations 2008 otlicr tlian any requ ireineiil Iliat Ilie accoLiiils gFive a 'true and fair VIL w, wIIiLlI is nol a Iniitler considLred as part ol. ali iiidcpciidciit ex<iin iiiati()n, I liave no coiiceriis &11id liave come £icross no other Inatters in connection with the exam ination to wliich attention shoLild be drawn in this report in order to enable a proper understanding of the accoiiiit to be reaclied. FIB ccouiil'a Chiirtered Accoiintants I)ILiinploii HoLise I)ILiinploii Road 14oddcsdon l-lcrtfordsliire ENII OLB Date 2025
The Cayo Foundation CONSOLIDATED STATIMENT or rINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 Unrestricted Funds Total Unrestricted Funds Toial General DesibFnated Funds General DesiLynated Funds Notes Incomingy Rcsourccs Donations 426,000 11,750 2.341 426,000 11,750 2,341 54,820 83,500 9,875 859 83,500 9,875 859 GitlAid InierLsI Other Income 54,820 47,925 47,925 494,911 494,911 142,159 142,159 Resources Expcndcd Chc11'11able expcnditure Support & Gov¢rn1c nco costs 363,731 22,673 363,731 22,673 244.120 244,120 22,766 22,766 386,404 386,404 266,886 266.886 Surplus (deficit) for tlie year 108,507 108,507 -124,727 -124,727 Nel movement in funds Total 108,507 108,507 -124,727 -124,727 funds brou&yht forward 192,995 2,591,288 2,784.283 317,722 2,591,288 2,909,010 Total funds Ciirried forward 301,502 2,591,288 2,892,790 192,995 2,591,288 3,033,737
The Cayo Fouiidation BALANCE SI-IEETS AS AT 30 SEPTEMBER 2024 Notes Consolidated Charity 2024 2023 2024 2023 Fixed assets Tanglible assets Invcslincnls Total fixed asscts 2,500,000 91,288 2,591,288 2,500,000 91,288 2,591,288 Curreiil Assets Dcbtors Cash at bank Total current c1ssets 44,269 267,534 311,803 25,535 189,160 214,695 11,750 245,814 257,564 165,294 165,294 Liabilities Creditors: amounts t'allingy duc within one year 10,301 21,700 26,316 16,720 Net current assets 301,502 192,995 231,248 148,574 Total assels less current liabilities 2,892,790 2,784,283 231,250 148,576 Unrestricted funds Geiicral Desi&ynated 10 10 301,502 2,591,288 192,995 2,591,288 231,250 148,576 Total funds 2,892,790 2,784,283 231,250 148,576 Thc finclncial statements were approved by the Trustees on l Oth June 2025 S. A. 14arris (Trustee)
The Cayo Foundalion CONSOLEDATED STATEMENT OF CASHFLOW FOR THE YEAR ENDED 30 SEPTEMBER 2024 2024 2023 Net Siirpliis (deficit) for the year 108,507 (124,727) Net movcment in funds (Decrease)Ilncrease in creditors (11,399) 5,253 Increase in dcbtors (18,734) (7,046) NLI cash outflowlinllow from operatin&y activities 78,374 (126,520) Cash at bank brou&rlit f'orward 189,160 315,680 Cash at bank at year end 267,534 189,160
Thc Cayo Foundation NO'fES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting policies Charity information The Cayo FoLindation is a TrLlSt. The group consists of the Trust and its two subsidiaries. 1.1 Accounting convention Tlic I Iiiaiicial slatcinciits have bccn prepared iii accord1( nce witli tlic chi1rity's Irust deed, tlie Cl)aritiLs Act 201 l aiid 'AccoLlllting7 arid Reportingp by Cli<irities'. Statement of Recominended Practice applicable to cliarities preparing tlieir accounts in accordaiice with tlie financial RLporliiiby Siandard appl icable iii ihe UK aiid Repiiblic of Ireland (FRS 102)" (as ameiided for accouiitiiig periods commeiicingF from l January 2016). The charity is a Piiblic Bcnefit Entity as defined by fRS 102, Tlic financial statements are prepared in sterlingy, which is tlie functional CLirrency of tlie ¢liarily. Monetc1fy c11nounls iii tlicsc fiiiancial slatcmeiits aro roiiiided to tlie nci1rcst £, Tlie fin£qncial statements li<ove beeii prepared uiider tlie historical cost conventioii. The principal accoiinting policies adopted are set out below. 1.2 Illlsi.8 of consolidation I'lie consol idatLd fiiiancial stateineiits consist of tlie financial statements of tlie Triist to&Fetlier witli tliose of the two subsidiaries made up to 30 September 2024. 1.3 Going concern Ai ilic tiinc of approvin&y tliese financial stateinents. the trLlStees have a reasonable expectatioii tliclt I'hc cliai'ily lias cldequilte resources to contiiiuc in operatioiial exi8tence for tlie foreseeable futiire, Tlius thL triistees continiie to adopt tlie byoingy concern bclsis of accountiiigy iii preparing the financial statcments. 1.4 CharitAblc funds Unreslricted fLiiids are vai Icible for use at tlie discretioii of tlie trustees in furtlierance of Ilicir cliaritciblc objL'LlivL Iiiilc'ss tlie fLinds liave becii desigvniil¥d for other piirposes. 1.5 Incoming rcsources Income is recognised when the cliarity is legally entitled to it. Casli donations are recognised on receipt. Other donations are recognised once the cliarity lias been notified or ihe doncQtion, unless perfomiaiice conditions reqiiire deferral of tlie amount. 10
The Cayo Foundation NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEI)"fEMBER 2024 Accounting policies (Continued) 1.6 Resources expended Basic financial liabililies, inclliding creditors and bank loans are initially recognised at transaction price unless the arrang7einent constitLltes a financing transaction, where the debt inslrument is mcasLired at the prcsent valiie of tlie futurc payments discoiinted at a market rate of interest. financial liabilities classified as payable within oiie year are not amortised. Trade credilors arc obligyalions to pay for gyoods or services that have been acquired in tlie ordiiicqry course of operations from suppliers. Amounts payable are classified as current l iabil ities if payinent is dLie witliin one year or less. If not, they are presented as noii-current l labilities, Tradc creditors are recogyiiised initially at transaction price and subsequently IncasLired at ainoitised Lost using7 tlie errectivc interest Inetliod. .7 Cash And cash cquivalents Casli aiid casli eqiiivalents include casli in liand 11nd deposits lield at cal I with banks. 1.8 FinAncial Instruments "I"IIL' LIIIL rity li<15 cleLlcd io apply the provisions of Section I I ' Basic Financial Instruments, and Scclioii 12 '0tlILr l.-iiiaiici¢11 IiistrLiineiits Issiics, or rRS 102 to cl1 l of its fiiiaiicial iiistrLiinents. riiiancial ilislruments are recogynised in tlie charity's balance sliect wlien the charity becomes party to tlic contraclual provisioiis of tlie instrument. riiiaiicial assets and liabilities are offset, with the net amoiints presented in the financial stat¥inLiils, wlicn ilicrc is a Icgy?¢ Ily ciiforccablc rigylit to scl off ilic recogyn iscd amounts aiid tliere is an iiitcntion to %cttle on a net basis or lo realise the asset ¢1nd settle tlie li¢lbilily simLiltancously. Ba,sicfinanLial a,s.set.I Basic fiiiciniicil aSSLls, which inclLide debtors and cash and bank balances, are initially Ine¢1SLircd at transactioii price includingy trilnsaction cost and are siib.8equ¢ntly C¢lrricd at tinortised cost using tlie effective interest metliod unless the arrangement constitutes a finaiiciiigr transaction, wliere tlie traiisaction is measLircd at the prcsent value of tlie futiire reccipts discoliiiled at a market rate of interest. Finan¥ial assets classified as receivable within one y¥ar iir¥ not limorlised. Bu,iicfinanciul lillbilities Basic financial liabilities, inclLidingi creditors and bank loans are initially recognised at transc1Ction price Liiiless tlie arrang7cment constitutes a financiiigl transaction, where tlie debt insti'umeiit is Ineic sured <lt tlie present Vciliie oftlie futiire Piiyments discouiited 1( I. a markct rate of interest, finaiicial liabililies classitied as payable witliin one year are not amortised.
The Cayo Foundl< tion NOTES TO I'HE FINANCIAL STATEMENTS (CONTINUED) FOR TI-IE YEAR ENDED 30 SEPTEMBER 2024 1,8 Financial Instruments (Continued) Debt instruments are subsequei)tly carried at amortised cost. using tlie effective interest rtite Ineihod. Trade creditors are obligTations to pay for gyoods or services that liave been acquired in the oi'dinary course of. opcrations from suppliers. Amounts payablc are classified a5 curreiil l ii?bilities if. payineiit is dire witliiii orie year or Icss. If not. tl)cy are preseiited as noii- CLirrent l iiibililies. 'fradc cred itors arc I'ccogniscd initial ly at transc?Ction price aiid subsequenlly measiii'ed at ainortised cost Lisin&y tlie effeLtive interest metliod. DLJree()Aini¢ic)n ()Ifinancial liobililie. Fiiiaiicial l iabil ities are derecognised when the cliarity's contraclual obligations expire or are discliai'gied or cancel led. 1.9 Forcign Fxchange 'rransaetions iii CLirrencies otlier tlian POLiiids sterling are recorded at tlie rates of exchangi¢ prevailin&y al tlie dlL Ics of the transactions. At each reportiiigF eiid date, monelary asscts aiid l iabil ities ilial arc dcnoin inatLd iii forcigyii CLirrcncics arL rLtraiislat¥d al Ihc rates prcvail ing? on Ilic rcpoi'tingi ciid d¢qte. Gqc iris qc nd losscs arisiiigy on traiislation iii tlic pcriod arc ii)cludcd in Ihe coiisol id¢ltcd slateinent of. fini11ICi?£ l activitics. Critical Accounting estimates and judgement8 Iii thc applicalion of tlie cliarity's accoLllltiiig policies, Ihe trLlStees aro reqiiired to 1ni2kc.jiidgieinciits, estiinates and assiiiiiptioiis abollt tlie C<lrryingN 1( InOLint of assets and l iabil ities Ilicic c?ri not I'¢adily c2pparL'iil Irom otlicr sourLcs. Tlic cstim2c Ics and associatcd assLimpiions are bascd on liistorical cxpcriciice and otlier factors thut ar¥ considered to l)e relevanl. ActLlc21 resLilts may diffcr from tIIcsC Cstimatcs. The estimiilcs and Liiiderlyingy assuinptions arc rovicwed on an oiig70ing basis. Revisions to clCCOUlltillgF estiinates are recogyn ised in tlie period in which tlie estimcqte is revised where the revisioii 11ffLcls oiily Ili¢lt pcriod, or in the period of tlie revision and future pcriods where the revisioii affects both CLirreiil and fiitLire periods. Other Income 2024 2023 Tickct Income 54,820 47,925 Charitable [( xpenditure Donations to other charities Cliaritablc cxpenditure 355,350 8,381 363,731 231,000 13,120 244,120 12
I"hc Cayo Foundation NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) I.-OR THE YEAR ENDED 30 SEPTEMBER 2024 Other li xpenditure 2024 2023 Baiik chargcs I iidependciit Exain iiiation Members levy costs CLirrency variances Otlier costs 330 1,980 14,764 3,917 1,682 22,673 379 1,800 17,613 1.433 1,541 22.766 Trustee's Emoluments No triistee received any einolLimenls or expenses in respect of tlicir services (QS trustees. 7M Consolidated Fixed Assels Long Leasehold Investments Total At 30 Septcinber 2023 and 2024 2 500 000 2591288 7b Charity Fixed Assets Iiivestinents Total At 30 Scptcmber 2023 and 2024 Debtors Consolidaled 2024 2023 Charity 2024 2023 Debtors and prepayments 44,269 25,533 11,750 13
The Cayo Foundation NOTES TO TFIE FINANCIAL STATEMENTS (CONTINUED) FOR TI-IE YEAR INDED 30 SEPTEMBER 2024 Crcditors due within one year Consolidated Charity 2024 2023 2024 2023 Otlier Creditors Accruals 8,381 1.920 10,301 14,920 6,780 21,700 24,396 1,920 26,316 14,920 1.800 16,720 10 Fund balanccs at 30 Scptembcr 2024 Consolidated The Charity Geiieral Fuiid DesigFnated Fiind Total General riiiid represciiled by: rixed Assets Debtors 2,591,288 2,591,288 44,269 267,534 44,269 267,534 11.750 245,814 Crcd iloi's,, ainoiiiits fal linb dLlC Wltliiii oiic ycar (10,301) (10,301) (26,316) 301,502 2,591,288 2,892,790 231,250 I I Subsidiary Companies Thc Charity has two 8iibsidiaries both of which are wholly owned and registered in Ilie Brilish Virgyin Islands. Declnland Investments Ltd The Company holds 20 % of the issued share capital of Miss World Holdings Limited a Company registered in England. Deanland's holdin&1 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 2024 I I Subsidiary Companies (Continued) Chesterlake Investments Ltd Chesterlake owns a lease 011 a Box at the Royal Albert Hall. The lease has 841 years to riin. Thc lease has been valued at £2.5million based on comparable sales of similar boxes. Thc Company receivcs ticket income and has to pay a mcmbcrs levy each year. Income from tickel sales for the year ended 30 September 2024 amounted to £54,820 {2023 £47,925). The results for thc year are as follows: Income 54,820 28,987 25,833 Expcnditure Net income Fixed Assets Debtors Casli at bank 2,500,000 48,534 21,720 2,570,254 12 Related Party Transaction$ Tliere were no related Party Transactions during the year. 15