a
REGISTERED CHARITY NUMBER: 1118320
Report of the Trustees and Unaudited Financial Statements for the Year Ended S April 2025 for The Eric Kay Charitable Trust
Anthony Marshall Ltd Chartered Accountants 70 Market Street Tottington Bury Greater Manchester BL8 3U)
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The Eric Kay Charitable Trust
Contents of the Financial Statements for the Year Ended 5 April 2025
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|Page|
|Report of the Trustees|1to5|
|Statement|of Trustees|Responsibilities|6|
|Independent|Examiner's|Report|7|
|Statement|of|Financial|Activities|8|
|Balance Sheet|9|
|Notes to the|Financial|Statements|10|to|14|
|Detailed|Statement of Financial|Activities|15|
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The Eric Kay Charitable Trust
Report of the Trustees for the Year Ended 5 April 2025
The Trustees have pleasure in presenting their annual report and financial statements for the year ended 5 April 2025.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1118320
Principal address 11 Watermead Sale Cheshire M33 3UX
Trustees
Mrs S E Kettle MsJ B Kay Mrs M J Carr
Independent examiner Anthony Marshall Ltd Chartered Accountants 70 Market Street Tottington Bury Greater Manchester BL8 3LJ
Solicitors
Kuit Steinart Levy LLP 3 St Mary's Parsonage Manchester M3 2RD
Advisers
Close Asset Management Limited 10 Crown Place London EC2A 4FT
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The Eric Kay Charitable Trust Report of the Trustees for the Year Ended S April 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document The Eric Kay Charitable Trust was established by a Declaration of Trust dated 16 February 2007 as an unincorporated organisation. The registered charity number is 1118320.
The original endowment to the Charity was made by Mr Eric Kay. In September 2007, Mr Eric Kay passed away, and by his Will he left various properties to the Trustees of this Charity.
The trust deed requires a minimum of three Trustees. New Trustees are appointed by a resolution of the existing Trustees at a special meeting.
New Trustees receive information on the obligations of holding office and training and development activities are offered as required. The Trustees are legally responsible for the overall management and control of the Charity, and meetings of the Trustees are held during the year at regular intervals.
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems are in place to mitigate exposure to the major risks.
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.
OBJECTIVES AND ACTIVITIES Objectives and aims The objects of the Charity as set out in the Trust Deed are:
“The Trustees shall hold the Trust Fund and its income upon trust to pay or apply such income and the whole or any part of the Trust Fund at such time or times as the Trustees in their absolute discretion shall think fit to, or for the charitable purposes of such Bodies, Associations, or Organisations as shall at the date of payment or application be established for charitable purposes only according to the law of England and Wales (such Bodies, Associations or Organisations being hereinafter defined as the “Charities") and whose principal objects shall be:
a) the relief of sickness of children and young people with terminal or tife-limiting illness.
b) the relief of need, hardship, and distress of the families of those young people and children.
c) the relief of financial hardship, sickness and poor health amongst elderly and vulnerable people and people suffering from terminal or chronic sickness and disability.
d) to pay or apply the same to or for the charitable purposes for such other Charities or to pay or apply the same for such other objects as shall be charitable in accordance with the law of England and Wales, as the Trustees shall think fit upon such conditions (if any) and in such manner in alt respects as the Trustees in their absolute discretion think fit provided always that nothing shall authorise any payment or application of any part of the capital or income of the Trust Fund to or for any purposes or objects not being exclusively charitable. Significant activities The main activity undertaken in achieving the above objects is the donation of funds to appropriate charitable organisations.
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The Eric Kay Charitable Trust Report of the Trustees for the Year Ended 5 April 2025
OBJECTIVES AND ACTIVITIES Grantmaking The Trustees will meet at least twice a year, on a formal basis, to discuss how they want to further the Objects of the Charity by means of making grants available to such charitable objects or bodies as they consider appropriate.
The Trustees will consider the following (although this is not an exhaustive list) when deciding on what basis a grant will be made available to an individual or organisation:
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The type of organisation who is applying for the grant;
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Whether a grant or other funds have already been made available to this organisation, either in the current year or previously; - How any grant is to be spent; - The objects of the organisation who wishes to be in receipt of a grant; - What other grants the Trustees have made in the current year and the objects of the recipients of those grants; - The other sources of income the organisation receives and the amount of funding from other sources; - Any other information which is made available to the Trustees or which the Trustees consider relevant.
The Trustees have so far supported charities whose principal objectives are:
- The relief of sick children and young people with terminal, life-limiting illness. - The relief of need, hardship and distress of the families of those young people and children. - A variety of cancer hospices, as well as other cancer charities. - The relief of financial hardship, sickness and poor health amongst the elderly, vulnerable people and people suffering from terminal or chronic sickness and disability. - Other charities, such as emergency response and rescue charities.
They expect to continue supporting such charities, as well as others. Public benefit The Charity has made donations during the year to various charitable organisations which support those in need. In particular, the Trust made substantial donations to Bowdon RUFC Mixed Ability Team which gives disabled children access to Rugby, Children’s Adventure Farm, Prospero World, Friends of Springwood and various other charities.
The Trustees of the Eric Kay Charitable Trust believe they have complied with the duties in section 17 (S) of the Charities Act and the Charities (Accounts and Reports) Regulations 2008, to have due regard to the public benefit when exercising any powers or duties.
ACHIEVEMENT AND PERFORMANCE Investment performance The total resources of the Charity have reduced to £786,748 during the year. The Trustees have identified some principal charities which they wish to continue supporting for the coming year whose aims are in line with the charity objectives. FINANCIAL REVIEW Reserves policy The Trustees wish to preserve the current level of reserves, to invest in various stocks and shares. The income generated from these investments, will be distributed to the charitable organisations the Trustees decide to support.
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The Eric Kay Charitable Trust
Report of the Trustees for the Year Ended 5 April 2025
FINANCIAL REVIEW Investment policy and objectives Close Asset Management Limited, of 10 Crown Place, London, EC2A 4FT acts ona discretionary basis as the Charity's investment manager.
The aim of the investment portfolio is to provide an above average income yield at the outset, whilst also allowing the opportunity for some capital growth, as well as growth in the income receivable in the years ahead. The Trustees recognise that if no capital growth or growth in income is achieved then inflation may gradually erode both the capital value as well as the income distributed to Charities in real terms in the years ahead. The Trustees recognise the risk associated in investment in mainstream financial markets and accept this risk in return for the prospect of additional returns over longer periods of time. The Trustees wish to invest on a lower risk basis.
The investment manager is required to avoid exposure to investments which are deemed to be unsuitable in the context of the Trustees' objectives when considering the portfolio as a whole. The investment manager is also to have regard to the standard investment criteria and need for diversification.
During the year the asset allocation was as follows:
Fixed Interest Securities 28% Range 20-30% UK Equities 40% Range 37-47% Overseas Equities 31% Range 18-28% Alternatives 0% Range 0-5% Cash 1% Range 0-5%
The asset allocation will continue to be reviewed by the Trustees in conjunction with Close Asset Management Limited on an annual basis, to ensure the investment strategy remains appropriate. Due to the current volatility in the financial markets, the cash asset weighting has remained at 3%.
Performance will be measured against the following indices: FTSE Government All Stock Index FTSE All Share Index FTSE World Index FTSE WMA Income Index FTSE WMA Balanced Index FTSE WMA Growth Index
The investment manager will provide half-yearly reports, which will include a statement confirming adherence to the Policy Statement or providing details of exceptions. The report will also include a comparison of the portfolio return in relation to the benchmark above. Major deviations will be examined and explained. The investment manager will also provide details of all management and administration charges paid out of Trust assets during the relevant period. The Trustees will inform the investment manager of any relevant changes to the Trust objectives, and of any other developments that result in a required change to this document.
FUTURE DEVELOPMENTS The policy is to continue to invest the capital and distribute the income gained. The Trustees are intending to adopt a cautious policy given the way the financial markets have performed in the last few years. They have consulted with their advisers Close Asset Management Limited to produce the appropriate policy. A discretionary service is offered by Close Asset Management Limited in this regard with the investment objective being balanced and level of risk, low.
The Trustees have no plans at Present to expend large amounts of capital.
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The Eric Kay Charitable Trust
Report of the Trustees for the Year Ended 5 April 2025
Approved by order of the board of trustees on 26 November 2025 and signed on its behalf by:
Mrs SE Kettle - Trustee
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The Eric Kay Charitable Trust
Statement of Trustees Responsibitities for the Year Ended 5 April 2025
The trustees are responsible for preparing the Report of the Trustees 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, the Charities Act 2011, Charity (Accounts and Reports} Regulations 2008 and the provisions of the trust deed 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, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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- observe the methods and principles in the Charity SORP; - make judgements and estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 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.
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Independent Examiner's Report to the Trustees of The Eric Kay Charitable Trust
{ report on the financial statements for the year ended 5 April 2025, which are set out on pages eight to fourteen.
Responsibilities and basis of report As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act').
t have examined your charity's financial statements as required under section 145 of the Charities Act 2011 (‘the Act'). In carrying out my examination | have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
My role is to state whether any material matters have come to my attention giving me cause to believe:
- that accounting records were not kept as required by section 130 of the Act; or 2. that the financial statements do not accord with those records; or 3. that the financial statements do not comply with the accounting requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
4, that there is further information needed for a proper understanding of the financial statements.
Independent examiner's statement | have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission | have found no matters that require drawing to your attention.
Anthony Marshall FCA, CTA Anthony Marshall Ltd Chartered Accountants 70 Market Street Tottington Bury Greater Manchester BL8 3 26 November 2025
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The Eric Kay Charitable Trust
Statement of Financial Activities for the Year Ended 5 April 2025
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|---|---|---|---|---|
|5.4.25|5.4.24|
|Unrestricted|Total|funds|
|fund|
|INCOMING|RESOURCES|Notes|£|£|
|Incoming resources from|generated|funds|
|Investment income|2|27,877|28,356|
|RESOURCES|EXPENDED|
|Costs|of generating|funds|
|Costs of generating voluntary income|4,847|6,633|
|Investment management costs|3|7,494|6,974|
|12,341|13,607|
|Net incoming/(outgoing)|resources|available|
|for charitable application|15,536|14,749|
|Charitable|activities|
|Grants to institutions|23,757|22,387|
|Postage and|stationery|49|11|
|Trustee travel expenses|1,944|1,064|
|Accountancy|3,360|3,300|
|Independent examiner's fee|1,380|1,320|
|Telephone|600|550|
|Legal fees|2,130|900|
|Bank charges|25|-|
|Sundry expenses|150|48|
|Total resources expended|45,736|43,187|
|NET INCOMING/(OUTGOING) RESOURCES|(17,859)|(14,831)|
|Realised|gains/(losses)|on|revaluation|of|
|investments|(19,755)|43,827|
|Net income/(expenditure)|(37,614)|28,996|
|RECONCILIATION|OF FUNDS|
|Total funds brought forward|824,362|795,366|
|TOTAL FUNDS CARRIED FORWARD|786,748|824,362|
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CONTINUING OPERATIONS
All incoming resources and resources expended arise from continuing activities.
The notes form part of these financial statements
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The Eric Kay Charitable Trust
Balance Sheet At 5 April 2025
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|---|---|---|---|---|
|5.4.25|§.4.24|
|Unrestricted|Total|funds|
|fund|
|FIXED ASSETS|Notes|f|£|
|Tangible|assets|5|295|667|
|Investments|6|780,125|806,685|
|780,420|807,352|
|CURRENT ASSETS|
|Cash|at bank|13,868|24,430|
|CREDITORS|
|Amounts falling due within one year|7|(7,540)|(7,420)|
|NET CURRENT ASSETS|6,328|17,010|
|TOTAL ASSETS LESS CURRENT LIABILITIES|786,748|824,362|
|NET ASSETS|786,748|824,362|
|FUNDS|8|
|Unrestricted funds|786,748|824,362|
|TOTAL FUNDS|786,748|824,362|
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The financial statements were approved by the Board of Trustees on 26 November 2025 and were signed on its behalf by: a ——
Mrs SE Kettle -Trustee
The notes form part of these financial statements
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The Eric Kay Charitable Trust
Notes to the Financial Statements for the Year Ended 5 April 2025
1, ACCOUNTING POLICIES
Basic of preparing the financial statements
The financial statements 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 financial statements 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 lreland' and the Charities Act 2011.
The Eric Kay Charitable Trust meets the definition of a public benefit entity under FRS 102. 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 in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
Changes in accounting policies
There has been no change to the accounting policies (valuation rules and methods of accounting) since last year.
incoming resources
All incoming resources are included on the Statement of Financial Activities when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs 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.
Charitable activities
During the year the Trust made donations totalling £10,000 to Bowdon RUFC Mixed Ability Team, £2,200 to Children’s Adventure Park and £2,500 to Prospero World.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and equipment
- 25% on cost
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. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Going concern
The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.
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The Eric Kay Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
2. INVESTMENT INCOME
| 5.4.25 | 5.4.24 | ||
|---|---|---|---|
| £ | £ | ||
| Dividendsand distributions | 16,125 | 17,508 | |
| Interest receivable | 11,752 | 10,848 | |
| 27,877 | 28,356 | ||
| 3. | INVESTMENTMANAGEMENTCOSTS | ||
| 5.4.25 | 5.4.24 | ||
| £ | £ | ||
| Portfoliomanagement | 7,494 | 6,974 |
4. TRUSTEES’ REMUNERATION AND BENEFITS
There were no trustees‘ remuneration or other benefits for the year ended 5 April 2025 nor for the year ended 5 April 2024.
Trustees’ expenses
Expenses in respect of travelling costs amounting to £1,944 (2024 £1,064) were reimbursed to one of the trustees (2024 - one trustee).
5, TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETSASSETS | |
|---|---|
| Fixtures and | |
| equipment | |
| £ | |
| COST | |
| At6 April 2024 and S April 2025 | 4,698 |
| DEPRECIATION | |
| At6 April 2025 | 4,031 |
| Charge foryear | 372 |
| At 5April 2024 | 4,403 |
| NET BOOKVALUE | |
| At 5 April 2025 | 295 |
| At5April2024 | 667 |
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The Eric Kay Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
- FIXED ASSET INVESTMENTS
7,
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|---|---|---|---|
|Listed|
|investments|
|£|
|MARKET VALUE|
|At 6 April 2024|806,685|
|Additions|120,640|
|Disposals|(127,445)|
|Revaluations|(19,755)|
|At 5|April|2025|780,125|
|NET BOOK VALUE|
|At 5 April|2025|780,125|
|At 5|April|2024|806,685|
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UK investments held were valued at £522,935 as at 5 April 2025 and overseas investments held were valued at £268,164.
Significant investments held are as follows:
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|---|---|---|---|---|---|
|Investment|Held|Market Value|£|
|Aviva|Investors|UK SVCS|Ltd|(Quantity 38,000)|57,186|
|Royal|London|Sustnbl|leaders Tst C (Quantity 21,966)|55,991|
|1!|OQ Hambro|(Quantity|30,005)|56,799|
|Armetis|Income (Quantity|15,000)|42,462|
|HSBC FTSE|100|ETF (Quantity|779)|62,464|
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All fixed asset investments are either listed on a recognised stock exchange or are held in a common investment fund, open ended investment company, unit trust or other collective investment scheme. All investment income is derived from these investments.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
8,
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|---|---|---|---|---|
|5.4.25|5.4.24|
|£|£|
|Other creditors|7540|7,420|
|MOVEMENT|IN|FUNDS|
|Net|
|movement|in|
|At|6.4.24|funds|At|5.4.25|
|£|£|£|
|Unrestricted|funds|
|General|fund|824,362|(37,614)|786,748|
|TOTAL FUNDS|824,362|(37,614)|786,748|
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The Eric Kay Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2025
8. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
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|---|---|---|---|---|---|---|---|---|---|---|
|Incoming|Resources|Gains|and|Movement|in|
|resources|expended|losses|funds|
|Unrestricted|funds|£|£|£|£|
|General fund|27,877|(45,735)|(19,755)|(37,614)|
|TOTAL FUNDS|27,877|(45,735)|(19,755)|(37,614)|
|Comparatives|for movement|in|funds|
|Net|
|movement|in|
|At|6.4.23|funds|At|5.4.24|
|£|£|£|
|Unrestricted|Funds|
|General fund|795,366|(28,996)|824,362|
|TOTAL FUNDS|795,366|(28,996)|824,362|
|Comparative|net movement|in|funds,|included|in|the above are|as|follows:|
|Incoming|Resources|Gains|and|Movement|in|
|resources|expended|losses|funds|
|£|£|£|£|
|Unrestricted|funds|
|General fund|28,356|(43,187)|43,827|(28,996)|
|TOTAL FUNDS|28,356|(43.187)|43,827|(28,996)|
|A current|year|12|months|and|prior year 12|months combined|position|is|as|follows:|
|Net|
|movement|in|
|At|6.4.23|funds|At|5.4.25|
|Unrestricted|funds|£|£|£|
|General|fund|795,366|(8,618)|786,748|
|TOTAL FUNDS|795,366|(8,618)|786,748|
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The Eric Kay Charitable Trust
Notes to the Financial Statements - continued for the Year Ended S April 2024
8. 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:
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|---|---|---|---|---|---|
|Incoming|Resources|Gains and|Movement|in|
|resources|expended|losses|funds|
|Unrestricted|funds|£|£|£|£|
|General fund|56,233|(88,923)|24,072|(8,618)|
|TOTAL FUNDS|56,233|(88,923)|24,072|(8,618)|
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9. ULTIMATE CONTROLLING PARTY
There is no ultimate controlling party.
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The Eric Kay Charitable Trust
Detailed Statement of Financial Activities for the Year Ended 5 April 2025
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|---|---|---|---|---|---|---|
|5.4.25|5.4.24|
|£|£|
|INCOMING|RESOURCES|
|Investment|income|
|Dividends and|distributions|16,125|17,508|
|Interest receivable|11,752|10,848|
|27,877|28,356|
|Total|incoming|resources|27,877|28,356|
|RESOURCES|EXPENDED|
|Costs|of generating voluntary income|
|Depn of fixtures & equipment|372|372|
|Loss on sale of investments|4,475|6,261|
|4,847|6,633|
|Investment|management|costs|
|Portfolio management|7494|6,974|
|Charitable|activities|
|Telephone|600|550|
|Postage and|stationery|49|11|
|Sundry expenses|150|48|
|Trustee travel expenses|1,944|1,064|
|Accountancy|3,360|3,300|
|Independent examiner's fee|1,380|1,320|
|Legal fees|2,130|900|
|Grants|to institutions|23,757|22,387|
|33,370|29,580|
|Support|costs|
|Finance|
|Bank|charges|25|-|
|Total resources expended|45,736|43,187|
|Net expenditure|before gains and|losses|(17,859)|(14,831)|
|Realised|recognised gains and|losses|
|Realised|gains/(losses)|on|revaluation|of investments|(19,755)|(43,827)|
|Net income/(expenditure}|(37,614)|(28,996)|
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This page does not form part of the statutory financial statements
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