Charity Registration No. 1115705
KAYE PEMBERTON CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
One Bell Lane Lewes East Sussex BN7 1JU
KAYE PEMBERTON CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Company information | 1 |
| Trustees' report | 2 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 13 |
KAYE PEMBERTON CHARITABLE TRUST
COMPANY INFORMATION
Trustees Mr R Robinson Mrs J Robinson Mr Mark Prest Charity number 1115705 Principal address 22 Vicarage Drive East Sheen London SW14 8RX Independent examiner TC Group One Bell Lane Lewes East Sussex BN7 1JU
- 1 -
KAYE PEMBERTON CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2024
The Trustees present their annual report and financial statements for the year ended 5 April 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust's governing document, the Charities Act 2011 and “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
The principal objects of the Charity are:
-
The advancement of education in arts and environmental matters in the UK through the provision of grants and bursaries to individuals and groups.
-
To provide people in the UK with facilities and/or funds for recreational activities and other leisure time occupations in the interest of social welfare with the object of improving the conditions of life especially of young people, the elderly and people with a disability.
In considering their activities the Trustees' have had due regard to the published guidance on public benefit.
Achievements and performance
Significant activities and achievements against objectives
The Trustees are pleased with the investment income achieved.
In accordance with the company's articles, a resolution proposing that TC Group be reappointed as the independent examiner of the trust will be put at a General Meeting.
Financial review
Income from investments amounted to £39,707.
All investments are managed by CCLA with instruction from the Trustees to achieve a balance between income and capital growth.
Reserves policy
It is the policy of the Trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Trust’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
The Trustees are confident that the level of reserves held are such that future investment income generated will enable the charity to meet its objectives.
Major risks
The Trustees have assessed the major risks to which the Trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
- 2 -
KAYE PEMBERTON CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
Plans for future periods
The Kaye Pemberton Charitable Trust will continue to make donations to various charities which the Trustees are interested in and will further the objects of the Trust.
Structure, governance and management
The Trust was established by a charitable trust deed dated 31 July 2006 as amended by a deed of variation on 12 March 2007.
If a vacancy occurs the Trustees must note the fact in the minutes of their next meeting. Any eligible Trustee may be re-appointed. So long as there are fewer than three Trustees, none of the powers or discretions conferred by the trust deed or by law on the Trustees shall be exercisable by the remaining Trustees except the power to appoint new Trustees. Every Trustee may be appointed or discharged by resolution of the Trustees passed at a special meeting called in accordance with the Trust deed. In selecting individuals for appointment as Trustees, the Trustees must have regard to the skills, knowledge and experience needs for the effective administration of the charity. The Trustees must make available to each new Trustee, on appointment:
a) a copy of the Trust deed and any amendments thereto; and b) a copy of the charity's latest report and statement of accounts.
At meetings, decisions must be made by a majority of the Trustees present and voting on the question. The person chairing the meeting shall have a casting vote whether or not he or she has voted previously on the same question but no Trustee in any other circumstances shall have more than one vote.
The Trustees are aware of the major risks faced by the charity and are of the opinion that adequate systems and procedures are in place to mitigate those risks.
The Trustees who served during the year and up to the date of signature of the financial statements were:
Mr R Robinson Mrs J Robinson Mr Mark Prest
The Trustees' report was approved by the Board of Trustees.
Mr R Robinson
Trustee
7 October 2024
- 3 -
KAYE PEMBERTON CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF KAYE PEMBERTON CHARITABLE TRUST
I report to the Trustees on my examination of the financial statements of Kaye Pemberton Charitable Trust (the Trust) for the year ended 5 April 2024.
Responsibilities and basis of report
As the Trustees of the Trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the Trust’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no 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 2011 Act; or
-
2 the financial statements do not accord with those records; or
-
3 the financial statements 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.
-
4 the financial statements 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 financial statements to be reached.
N Rawson on behalf of TC Group Chartered Accountants
Dated: 9 October 2024
One Bell Lane Lewes East Sussex BN7 1JU
- 4 -
KAYE PEMBERTON CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2024
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | ||
| 2024 | 2023 | ||
| Notes | £ | £ | |
| Income from: | |||
| Investments | 2 | 39,767 | 39,741 |
| Total income | 39,767 | 39,741 | |
| Expenditure on: | |||
| Charitable activities | 3 | 46,257 | 66,831 |
| Total expenditure | 46,257 | 66,831 | |
| Net gains/(losses) on investments | 8 | 99,520 | (68,253) |
| Net income/(expenditure) and movement in funds | 93,030 | (95,343) | |
| Reconciliation of funds: | |||
| Fund balances at 6 April 2023 | 1,318,471 | 1,413,814 | |
| Fund balances at 5 April 2024 | 1,411,501 | 1,318,471 |
- 5 -
KAYE PEMBERTON CHARITABLE TRUST
BALANCE SHEET
AS AT 5 APRIL 2024
| Notes Fixed assets Investments 10 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities The funds of the Trust Unrestricted funds |
2024 £ £ 1,400,202 13,483 (2,184) 11,299 1,411,501 1,411,501 1,411,501 |
2023 £ £ 1,300,682 19,807 (2,018) 17,789 1,318,471 1,318,471 1,318,471 |
2023 £ £ 1,300,682 19,807 (2,018) 17,789 1,318,471 1,318,471 1,318,471 |
|---|---|---|---|
| 1,318,471 | |||
| 1,318,471 | |||
| 1,318,471 |
The financial statements were approved by the Trustees on 7 October 2024
Mr R Robinson Mrs J Robinson Trustee Trustee
- 6 -
KAYE PEMBERTON CHARITABLE TRUST
FOR THE YEAR ENDED 5 APRIL 2024
NOTES TO THE FINANCIAL STATEMENTS
1 Accounting policies
Charity information
Kaye Pemberton Charitable Trust is a charity registered in the United Kingdom. The principal address is given in the charity legal and administrative information of these financial statements. The nature of the trust's operations and principal activities are included on page 1.
1.1 Accounting convention
The financial statements have been prepared in accordance with the Trust's governing document, the Charities Act 2011 and “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). The Trust is a Public Benefit Entity as defined by FRS 102.
The Trust has taken advantage of the provisions in the SORP for charities applying FRS 102 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Charitable funds
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds - these are funds that can only be used for particular purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for restricted purposes.
1.3 Income
Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
- 7 -
KAYE PEMBERTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
1 Accounting policies
(Continued)
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure. All costs have been directly attributed to a cost heading on the Statement of Financial Activities. The charity is not registered for VAT and accordingly expenditure is shown gross of VAT.
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to the examination of the accounts and all the costs of complying with constitutional and statutory requirements.
1.5 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Trust’s contractual obligations expire or are discharged or cancelled.
- 8 -
KAYE PEMBERTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
1 Accounting policies
(Continued)
1.6 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
2 Income from investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| £ | £ | |
| Income from listed investments | 39,707 | 39,707 |
| Interest receivable | 60 | 34 |
| 39,767 | 39,741 |
In 2023 and 2024 all investment income was attributable to unrestricted income.
- 9 -
KAYE PEMBERTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
3 Charitable activities
| Donations Mortlake PCC Field Studies - Council kids fund Garden Organic Holly Lodge Fish Cochlear Implanted Children's Support Group Wetlands Trust River Thames Boat Project Royal Hospital for Neuro-disability Share of governance costs (see note 4) |
2024 £ 500 5,000 3,000 5,000 5,000 5,000 3,000 12,500 5,000 44,000 2,257 46,257 |
2023 £ 500 5,000 10,000 10,000 5,000 5,000 - 17,500 10,000 |
|---|---|---|
| 63,000 3,831 |
||
| 66,831 |
In 2023 and 2024 all expenditure was from unrestricted funds.
4 Support costs
| Support costs Governance costs £ £ Independent examiner fees - 2,184 Legal and professional - - Bank charges - 73 - 2,257 Analysed between Charitable activities - 2,257 |
2024 £ 2,184 - 73 2,257 2,257 |
2023 £ 2,018 1,734 79 |
|---|---|---|
| 3,831 | ||
| 3,831 |
- 10 -
KAYE PEMBERTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
| 5 | Net movement in funds | 2024 | 2023 |
|---|---|---|---|
| £ | £ | ||
| The net movement in funds is stated after charging/(crediting): | |||
| Fees payable for the independent examination of the charity's financial | |||
| statements | 2,184 | 2,018 |
6 Trustees
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Trust during the year.
7 Employees
The average monthly number of employees during the year was:
| The average monthly number of employees during the year was: | ||
|---|---|---|
| 2024 | 2023 | |
| Number | Number | |
| Total | - | - |
| There were no employees whose annual remuneration was more than £60,000. |
8 Gains and losses on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2024 | 2023 | |
| Gains/(losses) arising on: | £ | £ |
| Revaluation of investments | 99,520 | (68,253) |
9 Taxation
The charitable trust is a registered charity and under section 505(1) of the Income and Corporation Taxes Act 1988 is exempt from taxation.
- 11 -
KAYE PEMBERTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
| 10 Fixed asset investments Cost or valuation At 6 April 2023 Valuation changes At 5 April 2024 Carrying amount At 05 April 2024 At 05 April 2023 11 Creditors: amounts falling due within one year Accruals and deferred income 12 Analysis of net assets between funds At 5 April 2024: Investments Current assets/(liabilities) |
Listed investments £ 1,300,682 99,520 1,400,202 1,400,202 1,300,682 2024 2023 £ £ 2,184 2,018 Unrestricted funds 2024 £ 1,400,202 11,299 1,411,501 |
Listed investments £ 1,300,682 99,520 1,400,202 1,400,202 1,300,682 2024 2023 £ £ 2,184 2,018 Unrestricted funds 2024 £ 1,400,202 11,299 1,411,501 |
|---|---|---|
| 1,411,501 |
- 12 -
KAYE PEMBERTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
| 12 | Analysis of net assets between funds | (Continued) |
|---|---|---|
| Unrestricted | ||
| funds | ||
| 2023 | ||
| £ | ||
| At 5 April 2023: | ||
| Investments | 1,300,682 | |
| Current assets/(liabilities) | 17,789 | |
| 1,318,471 |
13 Related party transactions
There were no disclosable related party transactions during the year (2023 - none).
- 13 -