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 Mi￿1t 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
ca￿led 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 recol￿S 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