## **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);
- Make judgements and estimates that are reasonable and prudent;
- Prepare the financial statements on the going concern basis unless it is inappropriate to do so;
- 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**
6. CURRENT LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR
|
Expenses Accrued|2025
£
1,176|
|2024
£
-|
|---|---|---|---|
7. 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:
- 1) which gives me reasonable cause to believe that in any material respect the requirements
- 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