The Kettle Memorial Trust Fund Report and accounts for the year ended 5 April 2024
The Kettle Memorial Trust Fund Annual Report and kcounts for the year ended 5 April 2024 Contonts Page Trustees, port Independent examiner's report Statement of financial activities Balance sheet Notes to the accounts Schedule of Investments 9-10
The Kettle Memorial Trust Fund Trustees. Report for the year ended 5 April 2024 The trustees present their report and accounts for the year ended 5 April 2024. Governing instrument The charity is regulated by the will of Mrs J P M Kettle dated 10 July 2001 with two codicils dated 27 August 2003 and 5 March 2004. It is an unincorporated charity registered in England and Wales {Charity number 1112881). Trustees The names of the current trustees. all of whom served throughout the year, are as follows.. J M Westbrook B Blow P D Beeson Administrative details Charity number: 1112881 Registered address: clo Shorts. 2 Ashgate Road, Chesterfield, Derbyshire S40 4A4 Bankers: HSBC Bank plc Accountants.. Shorts Chartered Accountants, 2 Ashgate Road. Chesterfield. Derbyshire S40 4AA Investment advisors: J M Finn & Co Ltd, 4 Coleman Street, London, EC2R STA Objective The objective of the charity is to generate income from its investments and pay such income equally to the following charities.. Arthritis and Rheumatism Council for Research Heart Foundation for the Chesterfield Branch St Marfs Church, Sutton Scarsdale whilst ever the Church remains an Anglican Place of Worship Cancer Research Historic Churches Preservation Fund Salvation Army for the Derbyshire Branch Guide Dogs for the Blind The Royal Hospital. Chesterfield Royal British Legion Poppy Appeal Royal Society for the Prevention of Cruelty to Animals for use at the Spital Branch at Chesterfield National Society for the Prevention of Cruelty to Children Ashgate Hospice for the Terminally111 Policies adopted to further th• objective In planning the charitVs activities, the trustees have regard to both the Charity Commission's general guidance on public benefit and the specific objectives of the charity. The charity's funds are managed by J M Finn & Co, Stockbrokers, and are invested with the intention of maximising the income potential whilst minimising risk by spreading the investments over a wide range of equity and fixed interest securities. The charity's investments are held in the joint names of two or more trustees. Page 1
The Kettle Memorial Trust Fund, Trustees. Report (continued) for the year ended 5 April 2024 Review of activitias and achievements during the perlod and financial review The charity earned net income of £27,665 on its investments during the year and this is to be paid as donations to the designated charities. At the end of the year, the charitls net current assets were £36,819 and it held investments valued at £1,593,497 The charity maintains no free reserves, with all income being paid in donations to the designated donee charities. This is in line with the charity's rules and is considered reasonable as the annual costs of the charity can be met by the annual income. Going concern After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Trustees, responsibility for the accounts The trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires 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 incoming resources and application of resources 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., observe the methods and principles in the Statement of Recommended Practice.. 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 (FRS 102) (effective 1 January 20151., make judgements and estimates that are reasonable and prudent; state whether applicable Accounting Stsndards have been followed, subject to any material departures disclosed and explained in the financial statements.. and prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the accounting requirements of the Charities Act 2011 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Independent Examiner A resolution to reappoint K Wilson as the independent examiner will be proposed at the annual general meeting. This report was approved by the trustees on 28 October 2024 and signed on their behalf by: P Beeson Page 2
The Kettle Memorial Trust Fund Independent Examiner's Report to the Trustees for the year ended 5 April 2024 I report to the trustees on my examination of the accounts of The Kettle Memorial Trust Fund ('the Fund,) for the year ended 5 April 2024. This report is made solely to the Funds trustees, as a body, in accordan with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Fund's trustees those matters l am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law. I do not accept or assume responsibility to anyone other than the Fund and the Fund's trustees as a body. for my work or for this report. Responsibilities and basis of report As the charity trustees of the Fund you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'the Act')- The trustees consider that an audit is not required for this year under section 144 of the Act and that an independent examination is needed. I report in respect of my examination of the Fund's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5}(b) of the Act. Independent examlnerfs 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- accounting records were not kept in respect of the Fund as required by seclion 130 of the Act-, or the accounts do not accord with these records" or 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., or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 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. J,IsuK, K Wilson ACA FCCA DChA Chartered Accountant Shorts 2 Ashgate Road Chesterfield Derbyshire S40 4AA 28 October 2024 Page 3
The Kettle Memorial Trust Fund Statement of Financial Activities for the year ended 5 April 2024 Unrestricted Incom• Fund Pemianent Endowment Fund Total Funds 2024 Totsl Funds 2023 Notes Income Investment income.. Income from UK listed investments 50,524 50.524 54.948 Total Income 50,524 50,524 54,948 Expendlture Raising funds: Investment management charges Charitable aotivities: Donations Support costs 18,610 18,610 18,646 27.665 4.249 27,665 4.249 32.413 3,889 Total Resources Expended 31,914 18,610 50,524 54,948 Net Incoming Resources Before Other Recognised Gains and Losses 18.610 {18,610) Other Recognised Gains and Losses (Losses)Igains on investments= Realised Unrealised (3,178) 48.338 (3,178) 48.338 45.616 (243,499) Transfers between funds (18,610) 18.610 Net Movement in Funds 45,160 45,160 (197,883) Funds Brought Forward at 6 April 2023 1,585.156 1.585,156 1, 783,039 Funds Carried Forward at 5 April 2024 1,630.316 1.630,316 1,585,156 Page 4
The Kettle Memorial Trust Fund Balance Sheet at 5 April 2024 Notes 2024 2023 Fixed Assets Investments 1.593.497 1,522.215 Current Assets Cash at bank and in hand 68,084 98.954 Creditors: amounts falling due within one year 31,265 36.013 Net Current Assets 36.819 62.941 Net Assets 1.630.316 1.585. 156 Funds Unrestricted Income Fund Permanent Endowment Fund 1.630,316 1.585. 156 1.630,316 1.585. 156 Approved by the Trustees on 28 October 2024 and signed on their behalf by. B Blow Trustee P Beeson Trustee Page 5
The Kettle Memorial Trust Fnd Notes to the Accounts for the year ended 5 April 2024 Accounting policies Basis of accounting The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practi 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011 . The Kettle Memorial Trust Fund meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires the trustees to exercise judgement in applying the charity's accounting policies. There are not considered to be any significant accounting estimates or judgements required in the preparation of these financial statements. Cash flow statement Advantage has been taken of the exemption granted to small entities from the requirement to present a cash flow statement. Investments Investments are stated at the market value at the year end. The surplus or deficiency on revaluation is taken to the Statement of Financial Activities. Incoming resources Investment income is included in the financial statements on an accruals basis. Resources expended Donations paid and adrninistration costs are charged on an accruals basis. Fund accounting Unrestricted funds comprise the accumulated surplus or deficit on the income and expenditure account. They are available for use by the trustees in furtheran of the objectives of the charity. Financial Instruments The charity has only basic financial instruments comprising cash and bank balances. investments and creditors. all of which are stated at amortised cost. Investments are initially recognised at cost and subsequently stated at market value, which, in the case of bank deposit accounts, equals the amounts invested together with added interest. Creditors are initially recognised at the transaction amount and are subsequently measured at the amounts expected to be required to settle the transaction. Page 6
The Kettle Memorial Trust Fund Notes to the Accounts (continued) for the year ended 5 April 2024 Charitable donations payable 2024 2023 Arthritis and Rheumatism Council for Research Heart Foundation for the Chesterfield Branch St Mary's Church. Sutton Scarsdale whilst ever the Church refflains an Anglican Place of Worship Cancer Research Historic Churches Preservation Fund Salvation Amiy for the Derbyshire Branch Guide Dogs for the Blind The Royal Hospital, Chesterfield Royal British Legion Poppy Appeal Royal Society for the Prevention of Cruelty to Animals for use at the Spital Branch al Chesterfield Royal Society for the Prevention of Cruelty to Children Ashgate Hospi for the Terminally111 2,305 2,305 2.701 2,701 2.305 2,305 2.305 2.305 2.305 2,306 2.306 2,701 2,701 2.701 2,701 2,70q 2.701 2.701 2.306 2,306 2,306 2,701 2,701 2, 702 27,665 32.413 Support costs 2024 2023 Governance costs Bank charges 4,140 109 3, 780 109 4.249 3.889 No remuneration or expenses were paid during the year (2023.. Nil) to any of the trustees or persons connected with them. No employee reiVed remuneration of more than £60,000 during either year. The average number of employees, including trustees, was three (2023.. three). Included within governance costs are costs of £1,320 (2023- £1,200) relating to the independent examination and £2.820 (2023.. £2,580) relating to the preparation of the financial statements. Page 7
The Kettle Memorial Trust Fund Notes to the Accounts (continued) for the year ended S April 2024 Fixed asset investments 2024 2023 UK listed investments.. Market value 6 April 2023 Additions Disposals (Loss)Iprofit on disposal Net unrealised investment gains l (losses) 1.522.215 130.919 (104,797) (3.178) 48.338 1. 764,673 84,530 (129, 105) 45,616 (243,499) Market value 5 April 2024 1,593,497 1,522,215 Historical cost 5 April 2024 1,063,901 1,034,002 Creditors 2024 2023 Donations Accrued expenses 27.665 32,413 3,600 31.265 36.013 Related party transactlons There were no related paty transactions requiring disclosure in either year. Page 8
The Kettle Memorlal Trust Fund Schedule of investments and investment income for the year ended 5 April 2024 Irk• Book M•rk•t valu• at Nwt R•alh•d uN•Id fjIQ412WiJ durSnqy•ir BnNlO••} Holthno 12024 2024 Unitwj lQovthmffl•nloQ TtpuuryD25% 1.574 46.692 48270 02 Urdldd Kiwm (Gonln TI4Diury35% £40,CO) .2 .376 KkgknlGov0mmonlorJ TM&tury425 £4S.L 44.771 44.432 45J78 UnWKnudrAn(Gtsnrtrf) 1 25%Ind-Ink &ooo $2.577 52.577 47.41) 313 JrUn11 SLTabJG&JndZlr 99.96$ b6.268 5&4 54.102 2.561 BnkryGUp 02N£n Ir[Pr•(w8n¥h1MJl 15.000 14.475 20.1 713 14.475 Cdwwy$hatMof028935185 17.59ts 73.3 116.39Jl 17.59b dNw5h¥es010 1(9756 31.16 74.810 (21.2•Jl 31.166 1.2n 1.271 N&lonBIGrid OrflnqryyhTholO 12431289 &TTS 31. IS5441 31. 1292 2.979 Prtn GP onniryyhauIO.407 012023. 2.> 19.344 SrnlthDS 12.72T 31.2BZ IID45 31.2B2 S2.1BI 2.701 BHP&lliknn CxdkthYthBV0lUsD U SD 19.IY9 25U (2.%01 19.69) 4&7UD 2.407 8.07$ Qnknarysh¥••olO 10 14.919 .oesi 14.919 49.74S 3.407 4.070 OnnHryth•r•Ba1001 i.urA> 8.T20 48.420 Im3 10.000 Z4,209 18.9BS I55 24.269 ZQ.84U 1.990 1.960 TPICAPP4c ordffihaWlO(o25 9.JQQ 4.998 2T.349 22.099 774 1215 Srywlb & Noph OtdlNrythwolUSD 0 20 21.WS 4S.120 16.129) 21.025 8p USD025 012023" 7.¥WI 4S.S31 40.028 lJS.1121 1.258 1.449 Rtsyal Duichsh 018 Shar01007 EUR JI.053 4Y.71E T,715 3753 514 1.541 WODdd• CkgDNPVIDII 01202J' 11 6.505 6.Sg9 1&6811 GBP001 012Q2I. 7> 19.4 12821SI G0$1K1 OtdnarytharnÈts102S 2.QO 27,(N)g 29.744 2.846 27,(I)9 1.1 Vodalon• OTthntyahar•sdUSD020a523B 17.89J 11716 1.$42 1.519 STKUSDOCOI 445 24.633 lo1.? 58D V•rhè)ii Communkakn cy$BO1u$D O 10 32.194 1.142 2.507 Commlltockof USD001 TSU 16.398 60.841 48.981 109.823 VISA STK VSDOW1 A'sha 150 22mQ 2T.462 5.429 22.820 187 E3vtyAB SBNPV 1.SQD 23205 95.197 21265 zy.uBg AG NPVIREGDI 23A4J 25249 4.31CI 23.443 Zg.SS9 744 omm<tkofV5D025 24.247 47,45J 24.24T J5.253 2.107 2.D70 702.079 .075,707 1&1.919 106.2211 {3,0871 54.912 742.231 26,9)7 42.127 Page 9
The Kettle Memorlal Trust Fund Schedule of Investments and Investmont Income (contlnuad) for the year ended S April 2024 Co•t eogk¢o R••llMd iknr•dh•d Im707 $4J12 742231 1.1R223 12.127 (6.1201 .627 2AIO 37.75J 1.49B IMPOX lTrnviroTrTrI fr.10 IOA .911 11.89)) 911 WA 210XI 11T40 Elr X724 zv 445 d¥•hOl¢f 0))1 37.ge8 47Afy) 311 1011 RITC¥41•lP4thv 41m5 74 {ioAai 14KWI 51.•)0 GBPO.10 41350 435 1J15 N*sA ¢HFO IOIREg)1 I91 4Q751 1.522215 1&).919 1101.79n (11781 84.916 Page 10