The Kettle Memorial Trust Fund
Report and accounts for the year ended 5 April 2025
The Kettle Memorial Trust Fund
Annual Report and Accounts for the year ended 5 April 2025
| Contents | Page |
|---|---|
| Trustees’ report | 1-2 |
| Independent examiner's report | 3 |
| Statement offinancial activities | 4 |
| Balance sheet | 5 |
| Notes to the accounts | 6-8 |
| Scheduleofinvestments | 9-10 |
The Kettle Memorial Trust Fund
Trustees’ Report
for the year ended 5 April 2025
The trustees present their report and accounts for the year ended 5 April 2025.
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: c/o Shorts, 2 Ashgate Road, Chesterfield, Derbyshire S40 4AA
Bankers: HSBC Bank pic
Accountants: Shorts Chartered Accountants, 2 Ashgate Road, Chesterfield, Derbyshire S40 4AA
Investment advisors: J M Finn & Co Ltd, 4 Coleman Street, London, EC2R 5TA
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 Mary's 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 Terminally Ill
Policies adopted to further the objective
In planning the charity's 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 2025
;
eee
Review of activities and achievements during the period and financial review
The charity earned net income of £25,802 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 charity's net current assets were £117,875 and it held investments valued at £1,405,729
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:
-
e — 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 2015);
-
make judgements and estimates that are reasonable and prudent;
-
- state whether applicable Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
- — prepare the financial statements on the going concern 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 H Freeman as the independent examiner will be proposed at the annual general meeting
This report was approved by the trustees on 27 November 2025 and signed on their behalf by:
==> picture [54 x 33] intentionally omitted <==
----- Start of picture text -----
BN
----- End of picture text -----
P Beeson
Page 2
The Kettle Memorial Trust Fund
Independent Examiner's Report to the Trustees
for the year ended 5 April 2025
| report to the trustees on my examination of the accounts of The Kettle Memorial Trust Fund (‘the Fund’) for the year ended 5 April 2025.
This report is made solely to the Funds trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that | might state to the Fund's trustees those matters | am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, ! 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. | 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 | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
| have completed my examination. | 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 section 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).
| 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.
==> picture [161 x 24] intentionally omitted <==
----- Start of picture text -----
How o~aA Weewas
----- End of picture text -----
H Freeman 2 Ashgate Road Chartered Accountant Chesterfield Shorts Derbyshire $40 4AA
27 November 2025
Page 3
The Kettle Memorial Trust Fund
Statement of Financial Activities
for the year ended 5 April 2025
| for thethe year endedended 5 April 2025 | for thethe year endedended 5 April 2025 | for thethe year endedended 5 April 2025 | for thethe year endedended 5 April 2025 | for thethe year endedended 5 April 2025 | for thethe year endedended 5 April 2025 |
|---|---|---|---|---|---|
| eee | |||||
| Unrestricted | Permanent | Total | Total | ||
| Income | Endowment | Funds | Funds | ||
| Notes | Fund | Fund | 2025 | 2024 | |
| £ | £ | £ | £ | ||
| Income | |||||
| Investment income: | |||||
| Incomefrom UK listed investments | 48,574 | - | 48,574 | 50,524 | |
| Total Income | 48,574 | - | 48,574 | 50,524 | |
| Expenditure | |||||
| Raising funds: | |||||
| Investmentmanagement charges | - | 19,063 | 19,063 | 18,610 | |
| Charitable activities: | |||||
| Donations | 2 | 25,802 | - | 25,802 | 27,665 |
| Support costs | 3 | 3,709 | = | 3,709 | 4,249 |
| Total Resources Expended | 29,511 | 19,063 | 48,574 | 50,524 | |
| Net Incoming Resources Before Other | |||||
| Recognised Gainsand Losses | 19,063 | (19,063) | - | - | |
| Other Recognised Gains and Losses | |||||
| (Losses)/gains on investments: | |||||
| Realised Unrealised |
4 4 |
- - |
26,294 (133,005) |
26,294 (133,005) |
(3,178) 48,338 |
| Transfers between funds | (19,063) | 19,063 | - | - | |
| NetMovement in Funds | - | (106,711) | (106,711) | 45,160 | |
| Funds Brought Forward at6 April 2024 | - | 1,630,316 | 1,630,316 | 1,585,156 | |
| FundsCarriedForwardat5April2025 | - | 1,523,605 | 1,523,605 | 1,630,316 |
Page 4
The Kettle Memorial Trust Fund
Balance Sheet
at 5 April 2025
| Notes | 2025 | 2024 | |
|---|---|---|---|
| £ | £ | ||
| Fixed Assets | |||
| Investments | 4 | 1,405,729 | 1,593,497 |
| Current Assets | |||
| Cash at bank and in hand | 147,278 | 68,084 | |
| Creditors: amounts falling due within one year | 5 | 29,402 | 31,265 |
| Net Current Assets | 117,876 | 36,819 | |
| NetAssets | 1,523,605 | 1,630,316 | |
| Funds | |||
| Unrestricted Income Fund | = | = | |
| Permanent Endowment Fund | 1,523,605 | 1,630,316 | |
| 4,523,605 | 1,630,316 |
Approved by the Trustees on 27 November 2025 and signed on their behalf by:
B Blow Trustee
==> picture [46 x 22] intentionally omitted <==
----- Start of picture text -----
P Beeson
Trustee
----- End of picture text -----
Page 5
The Kettle Memorial Trust Fund
Notes to the Accounts
for the year ended 5 April 2025
1. Accounting policies
Basis of accounting
The financial statements have been prepared in accordance with 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) - (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 administration 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 furtherance 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 2025
| 2. | Charitable donations payable | 2025 | 2024 |
|---|---|---|---|
| £ | £ | ||
| Arthritis and Rheumatism Council for Research | 2,151 | 2,305 | |
| Heart Foundation for the Chesterfield Branch | 2,151 | 2,305 | |
| St Mary's Church, Sutton Scarsdale whilst ever the Church remains | |||
| an Anglican Place ofWorship | 2,150 | 2,305 | |
| Cancer Research | 2,150 | 2,305 | |
| Historic Churches Preservation Fund | 2,150 | 2,305 | |
| Salvation Armyforthe Derbyshire Branch | 2,150 | 2,305 | |
| Guide Dogs for the Blind | 2,150 | 2,305 | |
| The Royal Hospital, Chesterfield | 2,150 | 2,306 | |
| Royal British Legion PoppyAppeal | 2,150 | 2,306 | |
| Royal Societyfor the Prevention of Cruelty toAnimals for use at the | |||
| Spital Branch at Chesterfield | 2,150 | 2,306 | |
| Royal Society for the Prevention ofCruelty to Children | 2,150 | 2,306 | |
| Ashgate Hospice for the Terminally Ill | 2,150 | 2,306 | |
| 25,802 | 27,665 | ||
| 3. | Support costs | 2025 | 2024 |
| £ | £ | ||
| Governance costs | 4,140 | 4,140 | |
| Bank charges | 109 | 109 | |
| 4,249 | 4,249 |
No remuneration or expenses were paid during the year (2024: Nil) to any of the trustees or persons connected with them.
No employee received remuneration of more than £60,000 during either year.
The average number of employees, including trustees, was three (2024: three).
Included within governance costs are costs of £1,320 (2024: £1,320) relating to the independent examination and £2,820 (2024: £2,820) relating to the preparation of the financial statements.
Page 7
The Kettle Memorial Trust Fund
Notes to the Accounts (continued)
for the year ended 5 April 2025
| for thethe year endedended 5 April 2025 | for thethe year endedended 5 April 2025 | ||
|---|---|---|---|
| See | eee | ||
| 4. | Fixed asset investments | 2025 | 2024 |
| £ | £ | ||
| UK listed investments: | |||
| Marketvalue6 April 2024 Additions |
1,593,497 84,536 |
1,522,215 130,919 |
|
| Disposals (Loss)/profiton disposal Net unrealised investment gains /(losses) |
(165,593) 26,294 (133,005) |
(104,797) (3,178) 48,338 |
|
| Marketvalue 5April 2025 | 1,405,729 | 1,593,497 | |
| Historical cost5April 2025 | 1,009, 136 | 1,063,901 | |
| 5. | Creditors | 2025 | 2024 |
| £ | £ | ||
| Donations | 25,802 | 27,665 | |
| Accrued expenses | 3,600 | 3,600 | |
| 29,402 | 31,265 |
6. Related party transactions
There were no related party transactions requiring disclosure in either year.
Page 8
The Kettle Memorial Trust Fund
Schedule of investments and investment income
for the year ended 5 April 2025
| eee | eee | eee | eee | eee | eee | eee | eee | eee | eee | eee | eee |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Holding | BookCost et 6/04/2024 |
Market valueat 6/04/2024 |
Acquisitions duringyear |
Reallsations duringyear |
Realleed galns/(loes s) |
Unrealised gains/(loeses) |
BookCost at 5/04/2025 |
Market valueat 5104/2025 |
Net Income 2025 |
Net income 2024 |
|
| United Kingdon (Government of) | |||||||||||
| Treasury0.25% | £50,000 | 46,692 | 48,270 | - | 50,000 | 3,309 | (1,579) | 125 | 63 | ||
| United Kingdon (Governmentof) | |||||||||||
| Treasury3.5% | £40,000 | 39,253 | 39,376 | - | * | 460 | 39,253 | 39,836 | 1,400 | - | |
| United Kingdon (Government of} | |||||||||||
| Treasury4.25% | £45,000 | 44,432 | 45,378 | = | = | 203 | 44,432 | 45,581 | 1,913 | 956 | |
| United Kingdon (Govemment of} | |||||||||||
| Treasury1.25% Index-ink | £25,000 | 52.577 | 47,413 | = | - | (988) | 52,577 | 46,426 | 555 | 957.36 | |
| Jupiter UnitTrustManagers StrategicBondZ Inc |
99,985 | 66,268 | 54,102 | - | - | (310) | 66,268 | 53,792 | 3,036 | 2,632.88 | |
| Lloyds Banking Group | |||||||||||
| 9.25%Non-Cum IrPreference shares | 15,000 | 14,475 | 20,850 | = | > | 1,313 | 14,475 | 22,163 | 1,388 | 693.75 | |
| Diageo | |||||||||||
| Ordinarysharesof028935185 | 2,000 | 17,596 | 56,990 | - | - | (16,750) | 17,596 | 40,240 | 1,586 | 1,600.00 | |
| Croda Intemational | |||||||||||
| OrdinarySharesof 010609756 |
4,177 | 31,166 | 53,530 | * | - | (21,115) | 31,166 | 32,415 | 1,283 | 1,271.16 | |
| National Grid | |||||||||||
| Ordinarysharesof0.12431289 | 7459(2024: 5775) | 31,966 | 59,656 | 10,862 | = | 6,609 | 42,828 | 77126 | 3,441 | = 3,291.75 | |
| Smith DS | |||||||||||
| Ordinaryshares of0.10 | 0(2024: 12727) | 31,282 | 52,181 | - | 53,580 | 22,298 | (20,809) | - | 2761.26 | ||
| BHP Billiton | |||||||||||
| OrdinarysharesofUSD0.50 | 2,000 | 19,699 | 45,700 | 7 | = | (12,670) | 19,669 | 33,030 | 1,907 | 2407.46 | |
| Rio Tinto | |||||||||||
| Ondinaryshares of0.10 | 1,000 | 14,919 | 49,745 | - | - | (7,355) | 14,919 | 42,390 | 3,380 | 3.457 | |
| Intertek Group | |||||||||||
| Ordinaryshares of0.01 | 1,000 | 10,511 | 48,420 | - | - | (3,020) | 10,511 | 45,400 | 1,279 | 1,093.00 | |
| M&G | |||||||||||
| Ordinaryshares0.05 | 0(2024: 10000) | 24,268 | 20,840 | - | 20,195 | (4,073) | 3.428 | 1,980 | 1,990.00 | ||
| TP ICAP Plc | |||||||||||
| Ordinarysharee of0.25 | 9,800 | 27,349 | 22,099 | - | - | 833 | 27,349 | 22,932 | 1,450 | 774.20 | |
| Smith &Nephew | |||||||||||
| Ordinaryshares ofUSD0.20 | 4,000 | 21,025 | 38,992 | - | - | 2,228 | 21,025 | 41,220 | 1,184 | 1,210.80 | |
| Royal Dutch Shell | |||||||||||
| OrdinaryBSharesof0.07EUR | 1,850 | 31,853 | 51,430 | - | - | (5,522) | 31,853 | 45,908 | 1,996 | 1,692.93 | |
| GlaxoSmithKline (GSK) | |||||||||||
| Ordinaryshares of0.25 | 2,000 | 27,009 | 32,590 | * | - | {4,240) | 27,009 | 28,350 | 1,220 | = 1,115.00 | |
| JP Morgan Chase | |||||||||||
| USD 1 2190385@USD247.13 Payable ii | 175 | - | - | 33,984 | - | (5,445) | 33,984 | 26,540 | 150 | = | |
| VISA Inc Com | |||||||||||
| STKUSD0.001 Class ‘A'Sharea | 150 | 22,820 | 32,892 | - | - | 3,536 | 22,820 | 36,427 | 162 | 196.78 | |
| Amazon | |||||||||||
| Commalock ofUSD0.01 | 600(2024: 750) | 16,396 | 109,823 | - | 26,516 | 23,236 | (26,971) | 13,117 | 79,572 | - | . |
| Vodafone | |||||||||||
| OrdinarysharesofUSD0.2095238 | 0(2024: 20000) | 33,778 | 13,716 | - | 15,302 | (18,476) | 20,062 | 591,541.79 | |||
| MicrosoftCorpCom | |||||||||||
| STKUSD0.001 | 300 | 24,633 | 101,003 | - | - | (17,281) | 24,633 | 83,723 | 625 | 580.08 | |
| Verizon Communications | |||||||||||
| OrdinaryShares ofUSD0.10 | 1,000 | 21,311 | 33,326 | - | - | 46 | 21,311 | 33,372 | 1,807 | 2506.72 | |
| NestleSA | |||||||||||
| CHF0.10(REGD) | 500 | 46,705 | 40,749 | - | - | (1,385) | 46,705 | 30,364 | 856 | 862.76 | |
| EssityAB | |||||||||||
| SerBNPV | 1,500 | 23,265 | 29,089 | - | - | 4,452 | 23,265 | 33,541 | 679 | 602.62 | |
| Slemene | |||||||||||
| AGNPV(REGD) | 200 | 23,443 | 29,559 | - | - | 1,435 | 23,443 | 30,994 | 634 | 588.72 | |
| Jardine Matheson Holdings | |||||||||||
| CommstockofUSD0.25 | 1,200 | 24,247 | 35,253 | - | - | 3,787 | 24,247 | 39,051 | 2.107 | 2,106.96 | |
| MSCI India UCITS | |||||||||||
| USDACBZCQB18@GBP7.93802 | 5,000 | - | - | 39,690 | - | (5,961) | 39,690 | 33,729 | - | - | |
| Murray Inlemational Trust | |||||||||||
| Ordinaryshares of0.25 | 30,000 | 59,827 | 74,400 | = | + | (450) | 50,827 | 73,950 | 3,540 | 2640.00 | |
| Cartiedforward | 848,764 | 1,287,372 | 84,536 | 165,593 | 26,294 | (103,540) | 794,001 | 1,129,069 | 39,741 | 39,994 |
Page 9
The Kettle Memorial Trust Fund
Schedule of investments and investment income (continued)
for the year ended 5 April 2025
| for thethe year endedended 5 April 2025 | for thethe year endedended 5 April 2025 | for thethe year endedended 5 April 2025 | for thethe year endedended 5 April 2025 | for thethe year endedended 5 April 2025 | for thethe year endedended 5 April 2025 | for thethe year endedended 5 April 2025 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| eee | eee | ||||||||||
| Number ofshares |
BookCost at 6/04/2024 |
Market valueat €/04/2024 |
Acquisitions duringyear |
Realleations duringyear |
Realleed gains{lossee) |
Unreallsed galnai(loeses) |
BookCoat at 5/04/2025 |
Market valueat 5/04/2025 |
Net Income 2025 |
Net income 2024 |
|
| Broughtforward | 848,764 | 1,287,372 | 64,536 | 165,593 | 20,294 | (103,540) | 784,001 | 1,129,069 | 39,741 | 39,994 | |
| BB Healthcare Trust Plc | |||||||||||
| Ordinarysharesof0.01 | 25,000 | 25,020 | 36,900 | = | - | (7,750) | 25,020 | 29,150 | 1,379 | 1,558 | |
| impax environmental markets | |||||||||||
| Ordinaryshares0.10 | 10,000 | 30,911 | 39,600 | . | - | (6,950) | 30,911 | 32,650 | 500 | 460 | |
| Polar Capital fundsPLC Automation | |||||||||||
| & Artificial Intel SGBPAcc |
3,000 | 23,030 | 52,230 | - | - | (4,530) | 23,030 | 47,700 | - | : | |
| PolarCapital Funds Global Ineurance | |||||||||||
| E Inc | 4,000 | 24,724 | 34,684 | - | * | 4,242 | 24,724 | 38,926 | 651 | 445 | |
| (ntemational Public Partnerships | |||||||||||
| Ordinarysharesof 0.0001 | 37,968 | 42,855 | 47,460 | : | - | (5,847) | 42,855 | 41,613 | 3,132 | 3,011 | |
| RITCapital Partners | |||||||||||
| Ordinaryshares of1.00 | 3000(2023:4000) | 30,769 | 51,900 | - | - | 1,860 | 30,760 | 53,760 | 1,170 | 1,330 | |
| Segro Pic | |||||||||||
| OrdGBPO.10 | 5,000 | 37,826 | 43,350 | 7 | % | (10,490) | 37,826 | 32,860 | 1,410 | 435 | |
| Interestoncreditbalances | 392 | = | |||||||||
| 1,063,901 1,593,497 84,536 165,593 26,294 (133,005) 1,009,136 1,405,729 48,574 47,232 a |
Page 10