**REGISTERED CHARITY NUMBER: 1107730**
## **Report of the Trustees and**
**Unaudited Financial Statements for the Year Ended 5 April 2021**
**for**
## **Kiawah Trust**
**Kiawah Trust**
**Contents of the Financial Statements for the Year Ended 5 April 2021**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|3|
|**Independent Examiner's Report**||4||
|**Statement of Financial Activities**||5||
|**Balance Sheet**||6||
|**Notes to the Financial Statements**|7|to|13|
**Kiawah Trust**
## **Report of the Trustees for the Year Ended 5 April 2021**
The trustees present their report with the financial statements of the charity for the year ended 5 April 2021. The trustees have adopted the provisions of 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 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims for the public benefit**
The objects of the trust are for such charitable purposes as the trustees in their absolute discretion think fit. The main aims are to create an equal world where every girl has a voice and a choice.
## **Public benefit**
The trustees confirm that they have considered the guidance contained in the Charity Commission's general guidance on public benefit when setting the grant making policy for the year. The trust complies with its public benefit responsibilities by making grants to individuals and institutions for charitable purposes in support of its stated objectives and aims.
## **Grantmaking**
The trustees prefer to adopt a proactive approach to seek charities that best fit with their aims. The trustees currently focus their funding on the following activities:
- Supporting organisations and initiatives that help adolescent girls to become healthy, educated, empowered and confident, and promote gender equity
- Building evidence and best practice of scalable initiatives and programs that help adolescent girls live in a gender equal world
- Helping to build stronger charitable organisations who can successfully scale their work with adolescent girls or work to improve gender equity
- Focusing on the most disadvantaged and vulnerable individuals and communities in India
- Supporting disadvantaged and vulnerable young people nationally and overseas
## **Grant-making criteria**
In line with their current strategy, the trust will consider supporting organisations that can demonstrate:
- Compelling evidence of program success and deep impact on their beneficiaries
- That they have worked at some level of scale and are keen to work at greater scale
- That they have effective leadership, policies and management practices
- That they are experienced in norm change at a community, wider district, or national level
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
The charity made grants during the year to promote and improve the education, health and empowerment of adolescent and young women in India, and to build emotional resilience and strength in disadvantaged young people in the UK.
## **Fundraising activities**
The trust is funded principally by gifts from the founders. Additionally income generated from investing the funds are used to further the charity's objectives.
## **FINANCIAL REVIEW**
## **Principal funding sources**
The principal source of funds comprise investment returns and gifts from Peter Smitham.
## **Investment policy and objectives**
The Kiawah Trust has been advised by its Investment Managers (Handelsbanken Wealth & Asset Management) to modify its investment portfolio approach. This is to ensure that short term liquidity requirements should be covered by Cash and a Defensive Investment Portfolio Strategy which is more liquid and should be less volatile . Longer term requirements for donations can be covered by Balanced Strategy Portfolio which should produce superior returns for longer term requirements . This proposal was accepted by The Kiawah Trust - Trustees.
Page 1
**Kiawah Trust**
## **Report of the Trustees for the Year Ended 5 April 2021**
## **FINANCIAL REVIEW**
## **Reserves policy**
The charity has no significant requirement to retain reserves as the governance and other running costs are minimal and the trustees' aim is to make grants of all available funds over a 10 year period.
## **FUTURE PLANS**
The main strategy of the trust is to promote and improve adolescent girl health, education and empowerment in India. The trust is keen to collaborate with and fund alongside other funders and social sector organisations in order to build strong evidence of impactful programs and to scale them.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust dated 2 December 2004 and constitutes an unincorporated charity.
## **Recruitment and appointment of new trustees**
Peter and Lynne Smitham are trustees for life and the number of trustees shall be a minimum of two and a maximum of six. Trustees will be appointed by the existing trustees and retiring trustees maybe re-appointed.
## **Organisational structure**
The trustees meet regularly to review the progress of current grants and grantees, to discuss visits made to grantees, to consider grants to be made, to review their investments and their investment strategy and performance, and to consider reserves and risk management policies.
## **Induction and training of new trustees**
The induction process for any newly appointed trustee comprises an initial meeting with the existing trustees. The new trustees will be provided with a copy of the Charity Commission's guidance 'The Essential Trustee: What you need to know', a copy of the trust deed and a copy of the latest accounts and Trustee's Report.
## **Related parties**
The trust was established by an initial gift from Peter Smitham who is a trustee and a founder of the trust.
## **Risk management**
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The trustees make single annual grants and multi-year grants. All organisations or individuals that are considered for funding undergo detailed and rigorous due diligence by the trustees and their advisors. This takes the form of written information and personal visits to meet the management and see programs in action.
Trustees endeavour to assure themselves that the organisations they consider funding are transparent and sound in their fiduciary, financial and management practices and policies, and that that they will use Kiawah Trust funding for entirely charitable purposes. Funding is conditional upon regular reports and feedback from the recipient on their progress against plan.
Where appropriate, multi-year funding commitments are governed by a legal agreement between the Kiawah Trust and the grantee. Where multi-year grants are agreed, trustees ensure that there are sufficient funds invested to cover the term commitment.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
1107730
## **Principal address**
Po Box 76774 London WC1A 9RG
Page 2
**Kiawah Trust**
## **Report of the Trustees for the Year Ended 5 April 2021**
## **Trustees**
Mrs L H Smitham P Smitham Mrs A Jackson
## **Independent Examiner**
A S Robinson FCA J P B Harris & Co. Chartered Accountants Harmile House 54 St Marys Lane Upminster Essex RM14 2QP
## **Solicitors**
Farrer & Co. 65-66 Lincoln's Inn Fields London WC2A 3LH
## **Advisers**
Bankers and Investment Managers Handelsbanken 77 Mount Ephraim Tunbridge Wells Kent TN4 8BS
Approved by order of the board of trustees on 24 January 2022 and signed on its behalf by:
Mrs L H Smitham - Trustee
Page 3
## **Independent Examiner's Report to the Trustees of Kiawah Trust**
## **Independent examiner's report to the trustees of Kiawah Trust**
I report to the charity trustees on my examination of the accounts of Kiawah Trust (the Trust) for the year ended 5 April 2021.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
A S Robinson FCA J P B Harris & Co. Chartered Accountants Harmile House 54 St Marys Lane Upminster Essex RM14 2QP
26 January 2022
Page 4
## **Kiawah Trust**
## **Statement of Financial Activities for the Year Ended 5 April 2021**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
2
Other income
**Total**
**EXPENDITURE ON**
Raising funds
3
**Charitable activities**
Relief of poverty and sickness both nationally
and overseas
Other
**Total**
Net gains/(losses) on investments
**NET INCOME**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
fund
£
**-**
**64,476**
**-**
**64,476**
**-**
**97,432**
**24,328**
**121,760**
**59,822**
**2,538**
**1,969,441**
**1,971,979**|Endowment
fund
£
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**921,429**
**921,429**
**3,246,446**
**4,167,875**|**5.4.21**
**Total**
**funds**
**£**
**-**
**64,476**
**-**
**64,476**
**-**
**97,432**
**24,328**
**121,760**
**981,251**
**923,967**
**5,215,887**
**6,139,854**|5.4.20
Total
funds
£
1,227,689
56,381
1,717
1,285,787
226
414,282
34,317
448,825
(565,046)
271,916
4,943,971
5,215,887|
|---|---|---|---|---|
The notes form part of these financial statements
Page 5
## **Kiawah Trust**
## **Balance Sheet 5 April 2021**
|Notes
**FIXED ASSETS**
Investments
8
**CURRENT ASSETS**
Cash at bank
**CREDITORS**
Amounts falling due within one year
9
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
10
Unrestricted funds
Endowment funds
**TOTAL FUNDS**|Unrestricted
fund
£
**1,306,194**
**668,185**
**(2,400)**
**665,785**
**1,971,979**
**1,971,979**|Endowment
fund
£
**4,167,875**
**-**
**-**
**-**
**4,167,875**
**4,167,875**|**5.4.21**
**Total**
**funds**
**£**
**5,474,069**
**668,185**
**(2,400)**
**665,785**
**6,139,854**
**6,139,854**
**1,971,979**
**4,167,875**
**6,139,854**|5.4.20
Total
funds
£
5,005,731
227,952
(17,796)
210,156
5,215,887
5,215,887
1,969,441
3,246,446
5,215,887|
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 24 January 2022 and were signed on its behalf by:
L H Smitham - Trustee
The notes form part of these financial statements
Page 6
**Kiawah Trust**
## **Notes to the Financial Statements for the Year Ended 5 April 2021**
## **1. ACCOUNTING POLICIES**
## **BASIS OF PREPARING THE FINANCIAL STATEMENTS**
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 2019)', 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.
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
The trustees have assessed to the best of their abilities the current and potential future impact of the COVID-19 pandemic, to ensure that the charity can maintain it's day to day activities. The trustees will take whatever measures they consider to be required during this time to enable the charity to continue its operations.
## **INCOME**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **EXPENDITURE**
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. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **ALLOCATION AND APPORTIONMENT OF COSTS**
Resources expended are allocated directly to the fund to which they relate.
## **TAXATION**
The charity is exempt from tax on its charitable activities.
## **FUND ACCOUNTING**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
The endowment fund is restricted in that the funds were provided to provide a capital base in order to generate an income to make grants in the course of the charity's activities. The endowment is however expendable at the discretion of the trustees.
## **FOREIGN CURRENCIES**
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
continued...
Page 7
**Kiawah Trust**
## **Notes to the Financial Statements - continued for the Year Ended 5 April 2021**
## **1. ACCOUNTING POLICIES - continued**
## **INVESTMENTS**
Investments re stated at market value at the balance sheet date. The Statement of Financial Activities includes the net gains or losses arising in the year whether from revaluations or disposals.
## **2. INVESTMENT INCOME**
|Other fixed asset invest - FII
Deposit account interest
**3.**
**RAISING FUNDS**
**INVESTMENT MANAGEMENT COSTS**
Portfolio management
**4.**
**GRANTS PAYABLE**
Relief of poverty and sickness both nationally and overseas
The total grants paid to institutions during the year was as follows:
Impact Foundation India
Population Services International
MacMillan Cancer
Other grants under £1,000
The Institute of Philanthropy||**5.4.21**
**£**
**64,033**
**443**
**64,476**
**5.4.21**
**£**
**-**
**5.4.21**
**£**
**97,432**
**5.4.21**
**£**
**6,376**
**75,370**
**-**
**500**
**15,186**
**97,432**|5.4.20
£
55,931
450
56,381
5.4.20
£
226
5.4.20
£
414,282|5.4.20
£
55,931
450|
|---|---|---|---|---|
|||||56,381|
||||5.4.20
£
373,243
38,471
2,068
500
-||
||||414,282||
continued...
Page 8
**Kiawah Trust**
## **Notes to the Financial Statements - continued for the Year Ended 5 April 2021**
## **5. SUPPORT COSTS**
|**SUPPORT COSTS**|||
|---|---|---|
|||Management|
|||£|
|Other resources expended||**24,328**|
|Support costs, included in the above, are as follows:|||
|**MANAGEMENT**|||
||**5.4.21**|5.4.20|
||Other||
||resources|Total|
||expended|activities|
||**£**|£|
|Travel|**11,138**|**7,474**|
|Education and Training|**2,150**|**5,870**|
|Independent examination|**1,200**|**1,200**|
|Professional fees|**-**|**4,427**|
|Secretarial assistance|**9,840**|**10,718**|
|IT expenses|**-**|**144**|
|Promotional Activities|**-**|**2,500**|
||**24,328**|**32,333**|
## **6. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 5 April 2021 nor for the year ended 5 April 2020.
## **TRUSTEES' EXPENSES**
During the year travel expenses amounting to £11,138 (2020: £7,474) were payable to two (2020: two) trustees to cover a visit to India to monitor the results from the Charity's previous grant making, to conduct due diligence on potential grantees and to consider future grant making possibilities.
## **7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL**|**ACTIVITIES**|||
|---|---|---|---|
|**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
Other income
**Total**
**EXPENDITURE ON**
Raising funds
**Charitable activities**
Relief of poverty and sickness both nationally
and overseas
Other|Unrestricted
fund
£
-
56,381
1,717
58,098
-
414,282
34,317|Endowment
fund
£
1,227,689
-
-
1,227,689
226
-
-|Total
funds
£
1,227,689
56,381
1,717|
||||1,285,787
226
414,282
34,317|
continued...
Page 9
## **Kiawah Trust**
## **Notes to the Financial Statements - continued for the Year Ended 5 April 2021**
|**7.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL**
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**
**8.**
**FIXED ASSET INVESTMENTS**
Shares
Portfolio cash
Additional information as follows:
**MARKET VALUE**
At 6 April 2020
Revaluations
At 5 April 2021
**PROVISIONS**
At 6 April 2020
Provision written back
At 5 April 2021
**NET BOOK VALUE**
At 5 April 2021
At 5 April 2020
**Analysis of investments**
Multiple Asset Fund|**ACTIVITIES**
Unrestricted
fund
£
448,599
-
(390,501)
2,359,942
1,969,441|**-**|**continued**
Endowment
fund
£
226
(565,046)
662,417
2,584,029
3,246,446
**5.4.21**
**£**
**5,402,425**
**71,644**
**5,474,069**||Total
funds
£
448,825
(565,046)
271,916
4,943,971
5,215,887
5.4.20
£
4,351,334
654,397
5,005,731
Listed
investments
£
**4,965,098**
**437,327**
**5,402,425**
**613,764**
**(613,764)**
**-**
**5,402,425**
4,351,334
5.4.20
£
4,707,326|
|---|---|---|---|---|---|
|||||||
|||||||
|||||||
|||||||
|||||||
|||||||
|||||||
|||||||
|||||||
||||**5.4.21**|||
||||**£**|||
|||||||
||||**5,402,425**|||
|||||||
|||||||
continued...
Page 10
**Kiawah Trust**
## **Notes to the Financial Statements - continued for the Year Ended 5 April 2021**
## **8. FIXED ASSET INVESTMENTS - continued**
Cost or valuation at 5 April 2021 is represented by:
|Valuation in 2021
Cost
Investments (neither listed nor unlisted) were as follows:
Portfolio cash
**9.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors|**5.4.21**
**£**
**71,644**
**5.4.21**
**£**
**2,400**|**Listed**
**investments**
**£**
**368,932**
**5,033,493**
**5,402,425**
5.4.20
£
654,397
5.4.20
£
17,796|
|---|---|---|
||||
## **10. MOVEMENT IN FUNDS**
|**Unrestricted funds**
General fund
**Endowment funds**
Expendable endowment
**TOTAL FUNDS**
Net movement in funds, included in the above are as
**Unrestricted funds**
General fund
**Endowment funds**
Expendable endowment
**TOTAL FUNDS**|follows:
Incoming
resources
£
**64,476**
**-**
**64,476**|At 6.4.20
£
**1,969,441**
**3,246,446**
**5,215,887**
Resources
expended
£
**(121,760)**
**-**
**(121,760)**||Net
movement
in funds
£
**2,538**
**921,429**
**923,967**
Gains and
losses
£
**59,822**
**921,429**
**981,251**|At
5.4.21
£
**1,971,979**
**4,167,875**
**6,139,854**
Movement
in funds
£
**2,538**
**921,429**
**923,967**|
|---|---|---|---|---|---|
|||||||
|||||||
continued...
Page 11
**Kiawah Trust**
## **Notes to the Financial Statements - continued for the Year Ended 5 April 2021**
## **10. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|Net
movement
At 6.4.19
in funds
£
£
**Unrestricted funds**
General fund
2,359,942
(390,501)
**Endowment funds**
Expendable endowment
2,584,029
662,417
**TOTAL FUNDS**
4,943,971
271,916
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
Gains and
resources
expended
losses
£
£
£
**Unrestricted funds**
General fund
58,098
(448,599)
-
**Endowment funds**
Expendable endowment
1,227,689
(226)
(565,046)
**TOTAL FUNDS**
1,285,787
(448,825)
(565,046)
A current year 12 months and prior year 12 months combined position is as follows:
Net
movement
At 6.4.19
in funds
£
£
**Unrestricted funds**
General fund
2,359,942
(387,963)
**Endowment funds**
Expendable endowment
2,584,029
1,583,846
**TOTAL FUNDS**
4,943,971
1,195,883|At
5.4.20
£
1,969,441
3,246,446
5,215,887
Movement
in funds
£
(390,501)
662,417
271,916
At
5.4.21
£
1,971,979
4,167,875
6,139,854|
|---|---|
continued...
Page 12
**Kiawah Trust**
## **Notes to the Financial Statements - continued for the Year Ended 5 April 2021**
## **10. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|Incoming
resources
£
**Unrestricted funds**
General fund
122,574
**Endowment funds**
Expendable endowment
1,227,689
**TOTAL FUNDS**
1,350,263|Resources
expended
£
(570,359)
(226)
(570,585)|Gains and
Movement
losses
in funds
£
£
59,822
(387,963)
356,383
1,583,846
416,205
1,195,883|
|---|---|---|
## **11. RELATED PARTY DISCLOSURES**
During the year under review the Charity received endowments from a trustee amounting to £Nil (2020: £1,127,689).
Page 13