Sidney Kingsley Will Trust
Financial Statements Year Ended 5 April 2024 Charity No.: 1118514
Sidney Kingsley Will Trust
Report and Financial Statements for the year ended 5 April 2024
Contents
Page: 1 Reference and administrative information 2-4 Report of the Trustees 5 Independent Examiner's Report 6 Statement of Financial Activities 7 Balance Sheet 8-11 Notes forming part of the Financial Statements
Trustees
Francis Arthur Weaver Roger Oswald Oldaker Freeman Principal Office BDO LLP, 55 Baker Street, London, W1U 7EU Accountants BDO LLP, 55 Baker Street, London, W1U 7EU Bankers Barclays Bank Plc, 19 Fleet Street, London, EC4P 4DR Solicitors Kingsley Napley LLP, Knights Quarter, 14 St John's Lane, London, EC1M 4AJ
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Sidney Kingsley Will Trust
Report of the Trustees for the year ended 5 April 2024
The Trustees present their report for the year ended 5 April 2024 under the Charities Act 2011, together with the accounts for the year and confirm that they comply with the requirements of the Act, the Trust Deed 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 (FRS102).
Structure, Governance and Management
The trust was created by Sidney Kingsley under his Will and became charitable on the death of his wife, Mrs Rhoda Kingsley on 24 July 2006. It is a discretionary settlement, the income and capital of which is available for distribution at the Trustees' discretion to any one or more bodies or persons or trusts established in any part of the world for any purpose recognised for the time being by English Law as exclusively charitable.
The Trustees may open and maintain in the name of the Trust a bank account or accounts and credit any Trusts fund monies to these accounts. All cheques and orders for payment must be signed by at least two Trustees.
As this is a small Trust, and except as stipulated in the Deed, there are no formal procedures for the appointment or retirement of Trustees. The two Trustees are considered to be the Key Management Personnel of the Trust and are actively involved in the administration of the Trust and currently meet during the year to agree the broad strategy and areas of activity for the Trust, consider grants, their grant making, reserves and risk management policies and to review the financial position of the Trust.
All funds are unrestricted and the Trustees retain sufficient capital for the maintenance of the Trust.
Risk management
The Trustees have considered the major risks to which the Trust is exposed and have reviewed those risks and established systems and procedures to manage those risks. The major risks identified by the Trustees are the security of the cash deposits and the proper use of the grants given by the Trust each year.
Objectives and Activities
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trusts aims and objectives and in planning future activities and setting the grant making policy for the year. Being a grant giving charity, the main activities are providing donations to organisations which further the charity's purposes. In doing so, the Trustees carry out relevant due diligence and research on each one.
Under the terms of the Deed, the Trustees have discretion to pay or apply the Trust Fund or the income thereof to any one or more bodies or persons or trusts established in any part of the world and generally for such purposes or objects which are from time to time recognised as exclusively charitable according to the law of England and Wales. However, the Trustees' funds are fully committed and unsolicited applications are not requested.
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Sidney Kingsley Will Trust
Report of the Trustees for the year ended 5 April 2024
Achievements and Performance
The total incoming resources of the Trust for the year was £30,407 (2023: £45,953). The Trustees distributed 100% of the income received by the Trust, after governance costs, during the year and are satisfied with the level of income received, and the number and value of grants awarded. The donations given by the Trustees continue to make a difference to the organisations which receive them and the Trustees monitor the progress and reports provided from each one.
Financial Review (including Reserves Policy)
Under his will, Mr S Kingsley expressed a wish that the fund make a substantial donation to a home for aged Jews and other Jewish charities. The Trustees have continued to support Jewish charities and a full list of charitable grants is shown in note 5 of the financial statements.
In consideration of distributing the Trust in the near future, the Trustees, having liquidated the Trusts share portfolio, continue to look to dispose of the holdings in the private companies or wind them up as appropriate.
According to the Charity Commission's definition of ''free reserves'' these consisted of the Income Fund balance of £58,401 (2023: £93,946). However, it is noted that the entire fund is expendable and the Trustees seek to distribute the funds in the coming years.
The Trust is reliant on the income it receives which it uses to provide donations to support its key objectives. The Trusts income during the year comprised interest earned on cash deposits and voluntary income amounting to £30,407 (2023: £45,953).
The Trustees report a deficit in income for the year of £5,545 (2023: £31,987).
The governance costs of the Trust for the year were £5,952 (2023: £5,940).
Investment Policy and Performance
The Trustees have power under the Settlement Deed to invest sums held in any form that they think fit. With the previous investment portfolio being realised to meet prior obligations the Trustees have realised their property portfolio and look for ways of realising the private company value in order to continue their charitable activities.
Plans for the future
The Trustees intend to continue to distribute the funds of the Trust in line with their objects.
The Accounts
The Trustees are satisfied with the financial position of the Charity and confirm that they have adequate assets available to fulfil their obligations.
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All cash, apart from a small working balance, is held on interest bearing bank accounts.
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The accounts comply with current statutory requirements.
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Sidney Kingsley Will Trust
Report of the Trustees for the year ended 5 April 2024
Trustees’ responsibilities in relation to the financial statements
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 charity’s financial activities during the year and of its financial position at the end of the year. 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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make judgements and estimates that are reasonable and prudent;
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• state whether applicable accounting standards and statements of recommended practice have been followed subject to any departures disclosed and explained in the financial statements; and
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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 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations and 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.
Approved by the Trustees and signed on their behalf by:
Trustee
Date: “tett Axl \ ") oe) i es a
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Independent Examiner’s Report to the Trustees of the
Sidney Kingsley Will Trust
We report to the trustees on my examination of the accounts of Sidney Kingsley Will Trust for the year ended 5 April 2024.
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’). We report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out our examination we have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
We have completed our examination. We confirm that no material matters have come to our attention in connection with the examination giving us cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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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.
We 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.
S Hale
Steve Hale FCA, FCCA, on behalf of
Perrys Audit Limited
Churchdown Chambers Bordyke Tonbridge Kent TN9 1NR
Date: 15th April 2025
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Sidney Kingsley Will Trust
Statement of Financial Activities for the year ended 5 April 2024
----- Start of picture text -----
Notes 2024 2023
£ £
Income and endowments from
Donations and legacies 2 30,000 45,900
Investments 3 407 53
Total 30,407 45,953
Expenditure on
Charitable activities
Activities undertaken 5 30,000 72,000
Support costs 6 5,952 5,940
Total 35,952 77,940
Net expenditure before movement in unquoted (5,545) (31,987)
investments
Net gains on unquoted investments 8 (30,000) (26,925)
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Previous years' adjustments 9,540
Total funds at 6 April 2023 93,946 143,318
Total funds at 5 April 2024 58,401 93,946
----- End of picture text -----
All funds are unrestricted and relate to continuing activities.
The notes on pages 8 to 11 form part of these financial statements
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Sidney Kingsley Will Trust
Balance Sheet as at 5 April 2024
| Notes Fixed Assets Unquoted Investments 8 |
£ £ 25,562 2024 |
£ 2023 |
£ 55,562 |
|---|---|---|---|
| Current Assets Cash at bank and in hand 9 Debtors 10 |
25,562 38,985 6,274 |
43,498 6,274 |
55,562 |
| Liabilities Creditors: Amounts falling due within one year 11 |
45,259 (12,420) |
49,772 (11,388) |
|
| Net current assets | 32,839 | 38,384 | |
| Total net assets | 58,401 | 93,946 | |
| Funds Unrestricted Funds |
58,401 | 93,946 |
Approved by the Trustees and signed on their behalf by:
GBo«, | Zanes Trustee rustee Date: Date: [ Li i _)
The notes on pages 8 to 11 form part of these financial statements
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Sidney Kingsley Will Trust
Notes to the financial statements for the year ended 5 April 2024
1 Principal Accounting Policies
(a) Basis of accounting
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts. The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The trust constitutes a public benefit entity as defined by FRS 102. The trustees consider that there are no material uncertainties about the Trusts ability to continue as a going concern.
The accounts have been prepared to give a 'true and fair' view and 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 Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
(b) Taxation
The Trust is a registered charity under the Charities Act 2011 and is not liable to UK income, corporation or capital gains tax on its income and chargeable gains as these fall within the various exemptions available to registered charities.
(c) Investments
Unquoted investments in subsidiary companies are valued at Trustees' valuation based upon the net asset value as disclosed in the latest accounts.
(d) Grants
Grants are accounted for when made.
(e) Investment income
Investment income and tax recoverable are accounted for on a receivable basis.
(f) Consolidated accounts
The Trust is a small group with one investment in Bright Homes Limited (note 8) in which the Trustees own 100% of the company's issued share capital. The company whilst generating income at present is to be wound up with its remaining property interests sold and any remaining funds distributed. The Trustees note that the total income of the group is less than £500,000 and therefore advantage has been taken of the exemption available to not prepare consolidated accounts.
(g) Debtors
Debtors are recognised at their settlement amount, less any provision for non-recoverability.
(h) Creditors and provision
Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the Trust anticipates it will pay to settle the debt.
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Sidney Kingsley Will Trust
Notes to the financial statements for the year ended 5 April 2024
1 Principal Accounting Policies (continued)
(i)[Governance costs]
Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs also include costs related to the independent examination and administration costs.
(j) Going concern
The trustees consider that there are no material uncertainties about the ability to continue as a going concern.
| 2 Donations Company Donations - Bright Homes Ltd 3 Investment income Interest on cash deposits 4 Charitable activities Activities Undertaken Directly (see note 5) £ Donations 30,000 5 Grants paid or payable The Community Security Trust 1042391 The Jewish Community Secondary School 1107705 Willow Foundation 1106746 Youth Aliyah Child Rescue 1077913 Registered Charity No. |
2024 £ 30,000 2024 £ 407 Support Costs (see note 6) £ 5,952 2024 £ 20,000 - - 10,000 30,000 |
Total 2024 £ 35,952 |
2023 £ 45,900 2023 £ 53 Total 2023 £ 77,940 2023 £ 60,000 2,000 10,000 - 72,000 |
|---|---|---|---|
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Sidney Kingsley Will Trust
Notes to the financial statements for the year ended 5 April 2024
| 6 Support costs Accountancy fees Independent examination fee |
2024 £ 5,040 912 5,952 |
2023 £ 5,040 900 5,940 |
|---|---|---|
7 Trustees, employees & related parties
The Trust had no employees.
Francis Weaver did not charge any fees during the year (2023: £Nil). Roger Freeman did not charge any fees during the year (2023: £Nil).
The Trustees have not purchased indemnity insurance.
| 8 | Unquoted investments | 2024 2023 |
|---|---|---|
| 100% holding in Bright Homes Limited | £ £ 25,562 55,562 |
The value of the company as at 5 April 2024 and 5 April 2023 is based upon the net asset value of the company as disclosed in their latest accounts.
Bright Homes Limited
The Trustees' own 100% of the company's issued ordinary share capital. At 30 April 2023 the net assets of the company were £55,562 (30 April 2022: £82,487). The company is to be wound up and will sell its remaining property interests and distribute any remaining funds to the Trust.
| Fair value brought forward Unrealised gain/(loss) Fair value carried forward |
2024 £ 55,562 (30,000) 25,562 |
2023 £ 82,487 (26,925) 55,562 |
|---|---|---|
(as per filed accounts of Bright Homes Limited as at 30 April 2022)
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Sidney Kingsley Will Trust
Notes to the financial statements for the year ended 5 April 2024
| 9 Cash at bank and in hand Barclays Saver 10 Debtors Bright Homes Limited 11 Creditors: Amounts falling due within one year Accountancy fees Independent examiner's fees |
2024 £ 38,985 2024 £ 6,274 2024 £ 10,080 2,340 12,420 |
2023 £ 43,498 2023 £ 6,274 2023 £ 9,960 1,428 11,388 |
|---|---|---|
12 Related parties
Francis Weaver and Roger Freeman who are Trustees of the Trust are also Directors of the Company Bright Homes Limited. The Trust owns 100% of the ordinary share capital of Bright Homes Limited.
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