LORD BELSTEAD CHILDREN’S SETTLEMENT
ACCOUNTS
5 APRIL 2025
MOORE GREEN CHARTERED ACCOUNTANTS SUDBURY SUFFOLK
LORD BELSTEAD CHILDREN’S SETTLEMENT
INDEX TO ACCOUNTS
5 APRIL 2025
| Page | |
|---|---|
| Charity Information | 1 |
| Trustees’ Report | 2 - 3 |
| Receipts and Payments Account | 4 |
| Statement of Assets and Liabilities | 5 |
| Notes to the Financial Statements | 6 to 11 |
| Independent Examiner’s Report | 12 |
1
LORD BELSTEAD CHILDREN’S SETTLEMENT
CHARITY INFORMATION
TRUSTEES: Killik & Co. Trustees Ltd. 46 Grosvenor Street Mayfair London W1K 3HN OFFICES: Killik & Co. Trustees Ltd. Crown Office Crown Street Ipswich Suffolk IP1 3HS INVESTMENT MANAGERS: Killik & Co 46 Grosvenor Street Mayfair London W1K 3HN BANKERS: Bank of Scotland 11 Earl Grey Street Edinburgh EH3 9BN INDEPENDENT EXAMINER: Moore Green 22 Friars Street Sudbury Suffolk CO10 2AA REGISTERED CHARITY NUMBER 1095645
2
LORD BELSTEAD CHILDREN’S SETTLEMENT
TRUSTEES’ REPORT YEAR ENDED 5 APRIL 2025
CONSTITUTION AND OBJECTIVES OF THE TRUST
Lord Belstead Children’s Settlement is registered with the Charity Commission for England and Wales and constituted by Deed of Trust dated 14 November 1938. Under its terms, children of Lord Belstead were to benefit but in the absence of any issue, under a Court Order dated 21 February 1978, following a 21 year accumulation period, the Trust was established for exclusively Charitable purposes albeit that it might come to an end should Lord Belstead have a child. The settlement Trustees shall stand possessed of Lord Belstead’s Fund and Miss Ganzoni’s Fund; (A) Upon trust to pay transfer or apply the same to such Charity or Charities or for such charitable purposes as the Settlement Trustees shall with the consent of Miss Ganzoni during her life and after her death at their absolute discretion think fit and subject thereto and (B) upon trust to pay or transfer the same to the Trustees for the time being of the Ganzoni Charitable Trust Deed to be held as part of the Trust Fund referred therein.
FURTHERANCE OF THE OBJECTIVES OF THE TRUST
By deed dated 19 February 2025, the charitable trustees of the Lord Belstead Children’s Settlement appointed the fund to be held for the Belstead Ganzoni Charitable Settlement (Registered Charity Number 1053321) absolutely. Accordingly, the net balance of funds is reported on the statement of assets and liabilities as due to the Belstead Ganzoni Charitable Settlement at the year end date.
ORGANISATION & CHARITABLE ACTIVITIES
The Trust is administered by the Trustees as shown on page 1. Currently surplus income is remitted biannually to the solicitors administering the Lord Belstead and Miss Ganzoni Charitable Trusts (Registered Charity Numbers 1095645 and 263583) to be distributed by the Trustees in accordance with their charitable purposes.
The Trust does not receive any donations, nor does it rely on any volunteer help.
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The Charities Act 2011 require the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the surplus or deficit of the Charity for that period. In preparing these financial statements, the Trustees are required to:
-
Select suitable accounting policies and then apply them consistently (see Note 1);
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Make judgements and estimates that are reasonable and prudent;
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Prepare the financial statements on the going concern basis unless it is inappropriate to do so;
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Act in accordance with the Charity’s constitution and rules.
The Trustees are responsible under Trust Law to ensure the propriety of transactions and for keeping adequate accounting records to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The major risks to which the Charity is exposed, as identified by the Trustees, have been reviewed and systems established to mitigate those risks.
3
LORD BELSTEAD CHILDREN’S SETTLEMENT
TRUSTEES’ REPORT (CONTINUED) YEAR ENDED 5 APRIL 2025
RISK REVIEW
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to operations and finances of The Settlement, and are satisfied that systems 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 secure the long term existence of the Charity.
On behalf of the Trustees
Killik & Co Trustees Limited
4
LORD BELSTEAD CHILDREN’S SETTLEMENT
RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 5 APRIL 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| Notes | Funds | Funds | Funds | Funds | |
| £ | £ | £ | £ | ||
| RECEIPTS | |||||
| Investment and associated income | 2 | 36,594 | - | 36,594 | 38,381 |
| PAYMENTS | |||||
| Direct charitable expenditure | 3 | 39,182 | - | 39,182 | 43,437 |
| Indirect expenditure: | |||||
| Administration expenses | 4 | 1,176 | 91,273 | 92,449 | 18,935 |
| 40,358 | 91,273 | 131,631 | 62,372 | ||
| RECEIPTS LESS PAYMENTS | 7 | (3,764) | (91,273) | (95,037) | (23,991) |
| CAPITAL EXPENDITURE & | |||||
| FINANCIAL INVESTMENT | |||||
| Payments to acquire quoted investments | - | (233,382) | (233,382) | (225,520) | |
| Receipts from sale of quoted investments | - | 319,546 | 319,546 | 247,453 | |
| _____ | ______ | ______ | ______ | ||
| - | 86,164 | 86,164 | 21,933 | ||
| NET INCOMING (OUTGOING) | |||||
| RESOURCES | (3,764) | (5,109) | (8,873) | (2,058) |
5
LORD BELSTEAD CHILDREN’S SETTLEMENT
STATEMENT OF ASSETS AND LIABILITIES 5 APRIL 2025
| Notes 2025 £ FIXED ASSETS Investments 5 1,480,601 CURRENT ASSETS First Sentier Debtor 1,255 Capital Awaiting Investment 1,337 Held by Killik & Co – Income 4,111 CURRENT LIABILITES: amounts falling due within one year 6 (1,176) TOTAL ASSETS LESS CURRENT LIABILITIES 1,486,128 Settled absolutely for the Belstead Ganzoni Charitable Settlement 7 (1,486,128) _____ Represented by: - FUNDS Unrestricted - Restricted - NET FUNDS - |
2024 £ 1,652,255 897 6,438 7,065 - 1,666,655 - 1,666,655 71,789 1,594,866 1,666,655 |
|---|---|
Approved by the Trustees on 2026 and signed on their behalf by:
Killik & Co Trustees Limited
6
LORD BELSTEAD CHILDREN’S SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS YEAR TO 5 APRIL 2025
1 ACCOUNTING POLICIES
Basis of accounting
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as 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 unrealised gains or losses is shown in Note 7.
Disposal of investments
Any surplus or deficits arising on the disposal of the Charity’s quoted investments are treated as increases/decreases in the restricted Funds of the Charity and are not included in the determination of the Charity’s net incoming (or outgoing) resources for any accounting period, as explained in Note 8 to these financial statements.
Restricted and unrestricted funds
The nature of these funds, within the meaning of the SORP so far as the Charity is concerned, is explained in Note 7 to these financial statements.
Going Concern
By deed dated 19 February 2025, the charitable trustees of the Lord Belstead Children’s Settlement appointed the fund to be held for the Belstead Ganzoni Charitable Settlement (Registered Charity Number 1053321) absolutely. Accordingly, the net balance of funds is reported on the statement of assets and liabilities as due to the Belstead Ganzoni Charitable Settlement at the year end date.
7
1 ACCOUNTING POLICIES (CONTINUED)
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 period later than when the income was received.
Allocation of payments
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. The Trustees decide the most appropriate heading, within the “Payments” section on page 4, under which each individual expenditure type should be included.
Realised and unrealised 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) represents 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.
8
LORD BELSTEAD CHILDREN’S SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS YEAR TO 5 APRIL 2025 (CONTINUED)
| 2. INVESTMENT INCOME Fixed Interest Interest on Invesco Corporate Bond Z Interest on Lazard emerging markets S inc Interest on 3I Infrastructure Equities Accenture Plc Vodafone Group Royal Dutch Shell Scottish & Southern Energy Experian Lloyds Banking Group Law Debenture Corp Microsoft Corp Keyance Corp JP Morgan Chase & Co ASML Holding Xylem Inc. Civitas Social Housing 3I Infrastructure plc Tritax big box REIT PRS REIT Abbott Laboratories Unitedhealth Group Ecolab Inc Linde PLC Nike Inc MSCI Volkswagen AG Airbus SE Costco Wholesale Corporation TXJ Companies Inc. Relx Plc NVIDIA BlackRock Thorgmorton Trust CG – Absolute Return M GBP Cordiant Digital Infrastructure Alphabet Inc Freeport-McMoRan Inc NextEra Energy Inc Procter & Gamble Co Salesforce Carried forward |
2025 £ 2,427 1,409 2,448 62 - 1,899 1,023 208 1,943 - 317 90 597 - 241 - 707 2,355 1,503 - 370 222 707 68 198 - 905 108 228 720 10 225 830 1,570 172 124 108 85 97 23,976 |
|
|---|---|---|
9
LORD BELSTEAD CHILDREN’S SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR TO 5 APRIL 2025
2. INVESTMENT INCOME (Continued)
| Equities Continued | £ | £ | |
|---|---|---|---|
| Foresight Environmental Infra. Formerly JLEn Assets | 4,373 | 5,289 | |
| BP | 2,353 | 2,184 | |
| Thermo Fisher Scientific | 78 | 70 | |
| Rio Tinto | 2,467 | 2,358 | |
| E.On SE | 1,050 | 1,025 | |
| Nestle SA | 503 | 505 | |
| Visa Inc | 145 | 137 | |
| First Sentier Investments UK Stewart Inv Asia | 358 | 347 | |
| Estee Lauder Companies | 84 | 134 | |
| Danaher Corp | 97 | 88 | |
| Canadian Pacific Railway | 103 | 108 | |
| Diageo | 618 | 624 | |
| Walt Disney | 104 | - | |
| Waste Management Inv | 55 | - | |
| Zoetis Inc Class A | 108 | - | |
| Other Interest | |||
| Interest on cash balance | 122 | 276 | |
| ‘ | |||
| 36,594 | 38,381 | ||
| 3. | DIRECT CHARITABLE EXPENDITURE | ||
| £ | £ | ||
| Donations to The Lord Belstead | 39,182 | 43,437 | |
| and Miss Ganzoni Charitable Trusts | |||
| 4. | ADMINISTRATION EXPENSES | ||
| £ | £ | ||
| Professional Fees | 3,396 | 2,433 | |
| Trust Administration Fees | 67,708 | 3,488 | |
| Investment Management Fees | 21,312 | 12,784 | |
| Foreign Exchange Costs | 33 | 235 | |
| 92,449 | 18,935 |
10
LORD BELSTEAD CHILDREN’S SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
YEAR TO 5 APRIL 2025
5. QUOTED INVESTMENTS
Invested through Killik & Co
| 2025 |
2024 | ||
|---|---|---|---|
| Market | Market | ||
| Value | Value | ||
| £ | £ | ||
| Fixed interest: | |||
| 4115.715 | First State Investments (UK) Asia Pacific Lenders | 40,098 | 41,934 |
| 30,206.64 | Invesco MGRS per Corporate Bond Z Inc | 58,066 | 58,619 |
| 33,531.4533 | Lazard Fund Emerging Markets S Inc | 40,774 | 39,902 |
| Equities: | |||
| 48,745 | Lloyds Banking Group | 31,679 | 35,724 |
| 36,500 | Cordiant Digital Infrastructure | 30,295 | 23,160 |
| 113 | Linde Plc | 39,207 | 48,900 |
| 38,434 | Tritax Big Box REIT Plc. | 50,848 | 58,611 |
| 22,820 | 3I Infrastructure – Ord | 70,646 | 83,653 |
| 56,500 | Foresight Environmental Inf – Formerly JLEN | 37,798 | 49,946 |
| 1,455 | Royal Dutch Shell | 36,105 | 48,928 |
| 57 | ASML Holdings NV | 26,852 | 50,507 |
| 42 | Costco Wholesale Corporation | 30,498 | 23,717 |
| 110 | Salesforce | 20,979 | 26,275 |
| 280 | TJX Companies Inc | 27,100 | 21,446 |
| 878 | Relx Plc | 33,500 | 39,816 |
| 382 | NVIDIA Inc. | 28,543 | 30,638 |
| 55 | Intuitive | 19,676 | 16,901 |
| 6000 | BlackRock Thorgmorton Trust | 29,325 | 34,740 |
| 374 | CG – Absolute Return M GBP | 50,444 | 30,285 |
| 70 | Accenture Plc Class A | 15,805 | - |
| 500 | Freeport-McMoRan Inc | 11,545 | - |
| 46,270 | MI TwentryFour Monument Bond | 49,642 | - |
| 355 | NextEra Energy Inc | 18,824 | - |
| 152 | Procter & Gamble Co | 19,720 | - |
| 180 | SAP Se Ord | 34,757 | - |
| 124 | Waste Management Inv | 22,128 | - |
| 145 | Zoetis Inc Class A | 17,430 | - |
| Carried forward | 892,284 | 763,702 |
11
LORD BELSTEAD CHILDREN’S SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
YEAR TO 5 APRIL 2025
5. QUOTED INVESTMENTS (CONTINUED)
Equities: 280 Amazon 710 Experian 320 Canadian Pacific Railways Ltd 160 Microsoft Corporation 8,570 BP Ord 45,000 PRS REIT 220 Airbus SE 300 Xylem Inc 166 JP Morgan Chase & Co 320 Alphabet Inc 1,672 SSE Plc 630 Vonovia SE NPV Eon SE Deutsche Telekom AG NPV Nestle SA 170 Ecolab Inc Nike Inc Class B 67 Thermo Fisher Scientific Inc 730 Rio Tinto Ord 0.10 65 Keyence Corp NPV 195 Walt Disney Company USD 0.01 75 Visa Inc Com USD 0.01 70 UnitedHealth Group Estee Lauder Companies Inc 152 Dahaner Corporation 780 Diageo 55 MSCI Inc Rounding TOTAL |
2025 Market Value £ 37,938 23,046 17,793 45,614 31,766 49,230 26,990 24,863 27,661 37,449 26,768 13,912 - - - 32,021 - 23,230 30,942 18,762 12,905 18,593 29,140 - 21,884 15,693 22,114 3 1,480,601 |
2024 Market Value £ 67,356 10,173 22,148 62,284 49,192 35,100 43,245 48,713 40,617 65,770 26,576 13,642 33,470 26,424 24,047 30,633 23,195 41,262 36,313 22,032 18,264 29,601 30,649 10,513 31,503 22,226 23,602 3 1,652,255 |
|---|---|---|
12
LORD BELSTEAD CHILDREN’S SETTLEMENT
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) YEAR TO 5 APRIL 2025
- CURRENT LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR
Expenses Accrued |
2025 £ 1,176 |
2024 £ - |
|
|---|---|---|---|
- SETTLED ABSOLUTELY FOR THE BELSTEAD GANZONI SETTLEMENT
By deed dated 19 February 2025, the charitable trustees of the Lord Belstead Children’s Settlement appointed the fund to be held for the Belstead Ganzoni Charitable Settlement (Registered Charity Number 1053321) absolutely. Accordingly, the net balance of funds is reported on the statement of assets and liabilities as due to the Belstead Ganzoni Charitable Settlement at the year end date.
13
LORD BELSTEAD CHILDREN’S SETTLEMENT
Registered Number : 1095645
Independent Examiner’s Report to the Trustees of Lord Belstead Children’s Settlement.
I report on the accounts of the Trust for the year ended 5 April 2025 which are set out on pages 4 to 11.
Respective Responsibilities of Trustees and Examiner
As the charity’s trustees you are responsible for the preparation of the accounts; you consider that the audit requirement of section 43(2) of the Charities Act 2011 (the Act) does not apply. It is my responsibility to state, on the basis of procedures specified in the General Directions given by the Charity Commissioners under section 43(7)(b) of the Act, whether particular matters have come to my attention.
Basis of Independent Examiner’s Report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review 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 trustees concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
Independent Examiner’s Statement
In connection with my examination, no matter has come to my attention:
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1) which gives me reasonable cause to believe that in any material respect the requirements
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to keep accounting records in accordance with section 41 of the Act; and
-
to prepare 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 my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Matthew M Wilkinson FCA
Moore Green Chartered Accountants
22 Friars Street Sudbury Suffolk CO10 2AA
Dated