LORD BELSTEAD CHILDREN'S SETTLEMENT ACCOUNTS 5 APRIL 2024 MOORE GREEN CHARTERED ACCOUNTANTS SUDBURY SUFFOLK
LORD BELSTEAD CHILDREN'S SETTLEMENT INDEX TO ACCOUNTS 5 APRIL 2024 Charity Information Trustees, Report Receipts and Payments Account Statement of Assets and Liabilities Notes to the Financial Statements 6t0 11 Independent Examiner's Repoit 12
LORD BELSTEAD CHILDREN'S SEThLEMENT CHARITY INFORMATION TRUSTEES: Killik & Co. Trustees Ltd. 46 Grosvenor Sti'eet Mayfair London WIK 3HN OFFICES: Killik & Co. Trustecs Ltd. Crown Office Crown Street Ipswich Suffolk IPI 3HS INVESTMENT MANAGERS: Killik & Co 46 Grosvenoi. Sti'eet Mayfair London WIK 3HN BANKERS: Bank of Scotland I l Earl Grey Street Edinburgh EH3 9BN INDEPENDENT EXAMINER.. Moore Grecn 22 Fi'iai's Street Sudbury Suffolk COIO 2AA REGISTERED CHARITY NUMBER 1095645
LORD BELSTEAD CHILDREN'S SETTLEMENT TRUSTEES, REPORT YEAR ENDED 5 APRIL 2024 CONSTITUTION AND OBJECTIVES OF THE TRUST Loi'd Belstead Childi'en's Settlement is registered with the Charity Commission for England and Wales and constituted by Deed of Trust dated 14 November 1938. Under its tei'ms, children of Loi'd Belstead wei'e to beiiefit but in the absence of any issiie, undei. a Court Order dated 21 Febi'uai'y 1978, following a 21 year acclimulation period, the Trust was established for exclusively Chai'itable purposes albeit that it Mi1t coine to an end should Lord Belstead have a child. The settlement Ti'ustees shall stand possessed of Loi'd Belstead's Fund and Miss Ganzoni's Fund. (A) Upon ti'ust to pay transfei. or apply the same to such Chai'ity or Chai'ities oi. foi. such charitable pui'poses as the Settleinent Trustees shall with the consent of Miss Ganzoni dui'ing hei. life and aftei. hei. death at theii. absolute discretion think fit and subject thereto and (B) upon ti'ust to pay or ti'ansfer the same to the Ti'ustees for the time being of the Ganzoni Charitable Trust Deed to be held as part of the Ti'ust Fund referred tlierein. FURTHERANCE OF THE OBJECTIVES OF THE TRUST The Trustees are pleased to report that during the yeai- they have donated £43,437 to the Ganzoni Chai'itable Trust and The Lord Belstead Charitable Settlement in accordance with the Charity's objectives as outlined above. ORGANISATION & CHARtTABLE ACTIVITIES The Trust is administered by the Trustees as shown on page l. Cui'rently surplus income is remitted bi- annually to the solicitors administering the Lord Belstead and Miss Ganzoni Charitable Ti'usts (Registered Chai'ity Numbers 1095645 and 263583) to be distributed by the Trustees in accordance with their charitable purposes. The Trust does not receive any donations, noi. does it rely on any volunteer help. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Charities Act 2011 requii'e the Ti'ustees to prepare financial statements foi. each financial year which give a true and fail. view of the state of affairs of the Charity and of the surplus or deficit of the Charity for that period. In pi'eparing these financial statements, the Trustces are required to: Select suitable accounting policies and then apply them consistently (see Note l). Make j udgements and estimates that al'e reasonable and prudent. Prepare the financial statements on the going concern basis unless it is inappi'opriate to do so. Act in accordance with the Chai'ity's constitution and rules. The Trustees are responsible undei. TrLlSt Law to ensure the proprlety of transactions and foi. keeping adequate accounting i'ecords to enable them to ensure that the financial statements comply wtth the Charities Act 2011. They are also i'esponsible for safegiiarding the assets of the Charity and for taking reasonable steps for the prevention and detection of fraud and otlier iri'egularities, The majoi. risks to which the Charity is exposed, as identified by tlie Trustees, have been reviewed and systerns established to mitigate those risks.
LORD BELSTEAD CHILDREN'S SETTLEMENT TRUSTEES, REPORT CONTINUED YEAR ENDED 5 APRIL 2024 RISK REVIEW The Ti'ustees have assessed the major risks to which the Chai'ity is exposed, in paiticular those related to operations and finances of The Settlement, and are satisfied that systeins are in place to mitigate exposure to the major risks. RESERVES AND INVESTMENT POLICY The Trustees, policy is to maintain reserves such that income generated is sufficient to meet the running costs and secui'e the long tei'm existence of the Charity. On behalf of the Trustees Killik & Co Trustees Limitcd
LORD BELSTEAD CHILDREN'S SETTLEIVIENT RECEIPTS AND PAYMEI NTS ACCOUNT FOR THE YEAR EIYDED 5 APRIL 2024 2024 Total Funds 2023 Total Funds Unrestricted Funds Restricted Funds Notes RECEIPTS Investment and associated income PAYMENTS Direct chai'itable expenditure 43,437 43,437 38,190 Indirect expenditure.. Administration expenses RECEIPTS LESS PA YMENTS CAPITAL EXPENDITURE & FINANCIAL INVESTMENT Payments to acquire quoted investments (225,520) (225,520) (58,560) Receipts from sale of quoted investments 247,453 247,453 70,667 NET INCOMING (OUTGOING) RESOURCES 998
LORD BELSTEAD CHILDREN?S SETTLEMENT STATEMENT OF ASSETS AND LIABILITIES 5 APRIL 2024 Notes 2024 2023 FIXED ASSETS Investments 1652 255 1510 403 CURRENT ASSETS First Sentier Debtor Capital Awaiting Investment Held by Killik & Co- Income 897 6,438 550 3,439 TOTAL ASSETS LESS CURRENT LIABILITIES 1,666,655 1,526,861 Represented by.. FUNDS Uni'estricted Restricted 71,789 1594 866 76,845 1450 016 NET FUNDS 1,666,655 1,526,861 Approved by the Trustees on I I l 212025 and signed on their behalf by.. OA ttoLLoknJELL Killik & Co Tiustees Limited
LORD BELSTEAD CHILDREN?S SETTLEMENT NOTIIS TO THE FINAIYCIAL STATEMENTS YEAR TO 5 APRIL 2024 I ACCOUNTING POLICIES Basis of accounting The financial statements of the charity, which is a public benefit entity under FRS 102, have been pi'epai'ed in accordance with the Charities SORP {FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Pi'actice applicable to chai'ities preparing their accounts in accordance with the Financial Reporting Standai'd applicable in the UK and Republic of Ireland (FRS 102) (effective I January 2015),, Financial Reporting Standard 102 'The Financial Repoiting Standard applicable in the UK and Republic of Ireland, and the Charities Act 201 l. The financial statements have been pi'epared under the historical cost convention with the exception of investments which are included at market value, a5 modified by the revaluation of certain assets. Valuation of investments The Charity's quoted investments are stated in the balance sheet at market value as recommended by the SORP (FRS 102). The effect of including uni'ealised gains or losses is shown in Note 6. Disposal of investments Any suiylus oi. deficits ai'ising on the disposal of the Charity's quoted investments al'e ti'eated as increa5es/decrease5 in the restricted Funds of the Charity and are not included in the deteiinination of the Charity's net incoming (or outgoing) resources for any accounting period, as explained in Note 7 to these financial statements. Restricted and uniEStricted funds The nature of these funds, within the meaning of the SORP so far as the Charity is concen)ed, is explained in Note 7 to these financial statements. 2 ACCOUNTING POLICIES Investment income Investment income is included when received. Tax credits relating to such income are included when received, even if that is during an accounting pei'iod later than when the income was received. Allocation of payments Liabilities al'e i'ecognised as expenditure as soon as thei'e is a legal or constructive obligation committing the charity to that expenditui'e, it is pi'obable that a transfer of economic benefits will be I'equii'ed in settlement and the amount of the obligation can be measured reliably. Expenditui'e is accounted for on an accruals basis and has been classified undei. headings that aggi'egate all cost related to the category. The Ti'ustees decide the most appropriate heading, within the "Payments" section on page 4, undei. which each individual expenditure type should be included. Realised and uni'ealised gains (losses) on investments (a) Realised gains (losses) represents the excess (deficiency) of sale proceeds over the valuation of the investment at the previous year end. (b) Unrealised gains (losses) represent5 the excess (deficiency) of the valuation of the investments at the year end over the previous year end or, where the investment was purchased during the year, over cost.
LORD BELSTEAD CHILDREN?S SETTLEMENT NOTEI S TO THE fi INANCIAL STATEMENTS YEAR TO 5 APRIL 2024 CONTINUED INVESTMENT INCOME 2024 2023 Fixed Interest Interest on Invesco Corporate Bond Z Interest on Lazard einerging inarkets S inc Interest on 31 Infrasti-uctui'c 2,161 1,540 1,452 1,907 2,028 1,388 Eqlllties Prudential Corporation 5p Accenture PIC Vodafone Group Standard Chaitered Royal Dutch Shell Scottish & Southern Energy Experian Lloyds Banking Group Law Debenture Corp Microsoft Corp Keyance Corp JP Moigan Chase & Co ASML Holding Xylem Inc. Civitas Social Housing 31 Infi'astructui'e plc Ti'itax big box REIT PRS REIT Abbott Laboi'atoi'ies Unitedhealth Group Ecolab Inc Linde PLC Nike Inc MSCI Volkswagen AG Airbus SE Costco Wholesale Corporation TXJ Companies Inc. Rclx PIC NVIDIA BlackRock Thorgmoiton Trust CG- Absoliite Return M GBP Cordiant Digital Infrastructure 306 595 803 276 1,786 1,213 131 948 1,928 511 83 726 370 402 2,039 ,388 2,562 1,643 492 378 245 526 287 152 3,058 317 304 400 2,035 1,466 131 1,329 1,536 405 90 562 80 360 513 1,510 2,514 ,571 229 352 193 403 260 165 1,004 346 51 204 687 650 730 Carried forward 25,236 28,488
LORD BELSTEAD CHILDRENgS SETTLEI MENT NOTES TO THE FINANCIAL STATEI MENTS YEAR TO 5 APRIL2024 CONTINUED 2. INVESTMENT INCOME (Continued) Equities Continued Foresight Environmental Infra. Formei'ly JLEn Assets BP Orsted AIS Thermo Fisher Scientific Rio Tinto E.On SE Nestle SA Visa Inc First Sentier Investments UK Stewart Inv Asia Estee Lauder Companies Danaher Corp Canadian Pacific Railway Diageo 5,289 2,184 3,983 1,945 633 97 4,190 951 431 156 146 155 61 27 594 70 2,358 1,025 505 137 347 134 88 108 624 Other Interest Interest on cash balance 276 40 3. DIRECT CHARITABLE EXPENDITURE Donations to The Lord Belstead and Miss Ganzoni Charitable Ti'usts 4. ADMINISTRATION EXPENSES Professional Fees Ti'ust Administration Fees Investment Management Fees Foreign Exchange Costs 2,433 3,488 12,784 235 1,020 4,496 14,558
LORD BELSTEAD CHILDREN'S SETTLEMEI NT NOTES TO THE FINANCIAL STATEMENTS YEAR TO 5 APRIL 2024 CONTINUED 5. QUOTED INVESTMENTS Invested through Killik & Co 2024 Market Value 2023 Mai'ket Value Fixed interest.. 4115.715 Fii'st State Investinents (UK) Asia Pacific Lendei's 30,206.64 Invesco MGRS per Corporate Bond Z Inc 33,531.4533 Lazai'd Fund Emerging Markels S Inc 41,934 58,619 39,902 40,064 56,776 36,146 uities: 67,000 36,500 133 Lloyds Banking Gi'oup Cordiant Digital Infi'astructure Linde PIC Vodafone Group Tritax Big Box REIT PIC. 31 Infrastructure - Ord Civitas Social Housing- Ord Law Debentui"e Coi'p Foresight Environinental Inf - Formerly JLEN Royal Dutch Shell ASML Holdings NV Costco Wholesale Corporation Salesforce TJX Companies Inc Relx PIC NVIDIA Inc. Intuitive BlackRock Thoiginorton Trust CG- Absolute Return M GBP 35,724 23,160 48,900 21,551 19,339 37,950 9,269 53,576 80,955 24,390 50,432 68,252 48,914 34,472 38,434 25,700 58,611 83,653 6,400 56,500 1,760 65 42 110 280 1200 44 55 6000 225 49,946 48,928 50,507 23,717 26,275 21,446 39,816 30,638 16,901 34,740 30,285 caled foi'ward 763,702 582,086
io LORD BELSTEAD CHILDREN'S SETTLEMENT NOTES TO THE FINANCIAL STATEMENTS YEAR TO 5 APRIL 2024 CONTINUED 5. QUOTED INVESTMENTS (CONTINUED) 2024 Market Value 2023 Mai'ket Valu¢ uities: 460 10,400 320 185 9,720 Amazon Expei'ian Canadian Pacific Railways Ltd Mici'osoft Coi'poration BP Ord Volkswagen AG Accenture PLC PRS REIT Aii'bus SE Xylein Inc JP Morgan Chase & Co Alphabet Inc SSE PIC Vonovia SE NPV Eon SE Orsted A/C Deutsche Telekom AG NPV Nestle SA Ecolab In Nike Inc Class B Thei'mo Fishei. Scientific Inc Abbott Laboratories COM NPV Rio Tinto Ord 0.10 Keyence Corp NPV Walt Disney Company USD 0.01 Visa Inc Com USD 0.01 UnitedHealth Group Estee Lauder Coinpanies Inc Dahanei. Coi'poration Diageo MSCI Inc Rounding 67,356 10,173 22,148 62,284 49,192 37,316 8,043 19,452 63,883 51,875 19,539 51,919 36,495 32,644 38,619 26,622 45,474 24,663 9,215 32,036 19,859 28,225 29,467 22,657 32,013 41,875 30,520 38,565 24,704 15,632 24,716 34,731 17,674 17,490 28,618 23,759 17 45,000 300 480 260 540 1,672 630 3,150 35,100 43,245 48,713 40,617 65,770 26,576 13,642 33,470 1,400 295 170 330 90 26,424 24,047 30,633 23,195 41,262 730 65 195 135 85 92 163 780 55 36,313 22,032 18,264 29,601 30,649 10,513 31,503 22,226 23,602 TOTAL
LORD BELSTEAD CHILDREN'S SETTLEMEI NT IYOTES TO THE FINANCIAL STATEMENTS YEAR TO 5 APIUL 2024 CONTINUED 6. RECONCILIATION OF MOVEMENT IN NET FUNDS Restricted Funds Endowment - Expendable Unrestricted Funds Total Inci'ease (Decrease) in Cash (Page 4) (18,935) (5,056) (23,991) Net Capital Expenditure and Investinent Activity (Page 4) 21,933 21,933 Realised Profit/(Loss) on Investments 46,011 46,011 Uni'ealised Profitl(Loss) on Investments 144,850 (5,056) 139,794 FUNDS BROUGHT FORWARD AT 6 APRIL 2023 1,450,016 76,845 1,538,791 FUNDS CARRIED FORWARD AT 5 APRIL 2024 1,594,866 71,789 1,666,655 7. RESTRICTED AND UNRESTRICTED FUNDS The Trustees considei. that all the assets of the fund at 5 April 2024 constitute the restricted funds of the Charity and must be retained under theii. administi'ation and management. The Trustees consider these fiinds represent an expendable endowment in accordance with the SORP. The incoine of the Cliarity each year, to the extent it has not been expended in accordance with the Scheme's objectives, is cari'ied forward as uni'estricted funds foi. disbui'sement in accordance with those objeclives in future years.
12 LORD BELSTEAD CHILDREN'S SETTLEMENT istered Number . 1095645 Independent Examiner's Report to the Trustees of Lord Belstead Childi'en's Settlernent. I report on the accounts of the Trust for the year ended 5 April 2024 which are set out on pages 4 to 12. Res ective Res onsibilities of Triistees and Exaininei. As Ilie chai'ity's trustees you are responsible foi. the PiEparation of the accounts. you consider that the audit requirement of section 43(2) of the Chai'ities Act 2011 (th¢ Act) does not apply. It is my responsibility to state, on the basis of procedui'es specified in the General Directions given by the Chai'ity Coinmissioners under section 43(7)(b) of the Act, whether particular mattel's have come to my attention. Basis of Inde endent Examiner's Re ort My examination was cari'ied out in accordance with the General Directions given by the Charity Commissioners. An examination includes a r¢vicw of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as ti'ustees concerning such matters. The procedui'es undertaken do not pi'ovide all the evidence that would be requii'ed in an audit, and consequently I do not expi'ess an audit opinion on the view given by the accounts. Inde endent Examinei s StateiTtent In connection with my examination, no mattel. has coine to my attention: i) which gives me reasonable cause to believe that in any inaterial respect the requirements to keep accounting recolS in accordance with section 41 of the Act. and to pi'epare accounts which accord with the accounting records and to comply with the accounting requirements of the Act have not been met ' or 2) to which, in Iny opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Matthew M Wilkinson FCA Mooi'e Green Chartei'ed Accountants 22 Friars Street Sudbuiy Siiffolk COIO 2AA Dated