CLARE KING CHARITABLE TRUST
REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31ST MAY 2024
CLARE KING CHARITABLE TRUST
INDEX
Page:
1 - 2 Report of the Trustees
3 Statement of Financial Activities
4 Balance Sheet
5 - 6 Notes to the Financial Statements
7 Independent Examiner's Report to the Trustees
CLARE KING CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MAY 2024
The Trustees present their annual Report and the unaudited Financial Statements for the year ended 31st May 2024.
FORMATION, GOVERNING DOCUMENT AND PURPOSE
Clare King Charitable Trust is a registered charity (No. 1120765) and is constituted by a Trust Deed dated 9th July 2007. The Charity Commission registered the Trust Deed on 5th September 2007. The late Clare King bequeathed the residue of her estate to be used to endow a Charitable Trust in her name.
As set out in the Trust Deed the Trustees can apply the income and capital for such charitable activities as the Trustees think fit. In so doing the Trustees will consider what the settlor, Clare King, may have chosen to support.
TRUSTEES
The Trustees at 31st May 2024 were:-
Louise Maddison Sally-Ann Feldman Ian Maddison Brian Feldman
As set out in the Trust Deed there must be at least three Trustees and apart from the first Trustees, every Trustee must be appointed for a term of five years. Ian Maddison and Louise Maddison were re-appointed on 2nd December 2023. Sally-Ann Feldman and Brian Feldman were appointed trustees with effect from 15th June 2021.
REVIEW OF THE YEAR
The trustees made 20 grants totalling £30,840 in the year (2023 £37,300).
The Trust had net incoming resources for the period of £30,029 (2023 - outgoing resources £52,902). At the balance sheet date the Trust had accumulated funds of £938,495 (2023 - £908,466).
FINANCIAL REVIEW
Reserves Policy
The Trustees are satisfied with the position regarding reserves and consider that there are sufficient funds available to carry out the Trustees aims. The Trustees have the power to distribute capital as well as income.
Investment Policy
The Trustees have the power to invest in such assets as they see fit.
Risk Review and Policy
The Trustees minimise investment risk by keeping funds on bank deposit at this time. General operating risk is minimised by regular review of the Trust's activities by the Trustees.
PLANS FOR THE FUTURE
The Trust has no commitments as of 30 May 2024. The Trustees continue to look for projects and small charities that the Trust can support.
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CLARE KING CHARITABLE TRUST
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST MAY 2024 - Continued
STATEMENT OF TRUSTEES RESPONSIBILITIES
United Kingdom Charity law 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 as at the end of the financial year and of th incoming resources and the application of resources of the Trust 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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make judgements and estimates that are reasonable and prudent
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and to enable them to ensure that the financial statements comply with the Charities Act 1993. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
REPORTING ACCOUNTANTS
Ben Stoehr is the Trust's Independent Examiner.
Approved and signed on behalf of the Trustees
……………………………………..
L. R. Maddison
13 March 2025
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CLARE KING CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31ST MAY 2024
| STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31ST MAY 2024 |
|||||
|---|---|---|---|---|---|
| 2024 | 2024 | 2023 | 2023 | ||
| Note | £ | £ | £ | £ | |
| INCOMING RESOURCES | |||||
| Investment income | 1 | ||||
| Interest receivable | 18,131 | 8,276 | |||
| Dividends | 15,860 | 15,003 | |||
| ___ | ___ | ||||
| Total incoming resources | 33,991 | 23,279 | |||
| ___ | ___ | ||||
| RESOURCES EXPENDED | |||||
| Charitable activities | |||||
| Grants made | 2 | 30,840 | 37,300 | ||
| Investment manager's fees | 4,031 | 4,275 | |||
| Administration | 3 | 197 | 211 | ||
| ___ | ___ | ||||
| Total resources expended | 35,068 | 41,786 | |||
| ___ | ___ | ||||
| Net incoming/(outgoing) resources | 3 | (1,077) | (18,507) | ||
| Other recognised gains and losses | |||||
| Realised and unrealised gains and (losses) | |||||
| on investment assets | 31,106 | (34,395) | |||
| ___ | ___ | ||||
| Net Movement in Funds | 30,029 | (52,902) | |||
| Unrestricted - General Fund | 908,466 | 961,368 | |||
| ___ | ___ | ||||
| FUNDS AT 31ST MAY | 938,495 | 908,466 | |||
| _ _ |
_ _ |
There were no other gains or losses other than those stated above
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CLARE KING CHARITABLE TRUST
| BALANCE SHEET | |||||
|---|---|---|---|---|---|
| AS AT 31ST MAY 2024 | |||||
| 2024 | 2024 | 2023 | 2023 | ||
| Note | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Investments | 577,854 | 536,158 | |||
| ___ | ___ | ||||
| TOTAL FIXED ASSETS | 577,854 | 536,158 | |||
| CURRENT ASSETS | |||||
| Accrued interest receivable | 1,532 | 996 | |||
| Cash at bank | 359,234 | 371,432 | |||
| ___ | ___ | ||||
| 360,766 | 372,428 | ||||
| CREDITORS:Amounts falling due within one year | |||||
| Accruals | 125 | 120 | |||
| ___ | ___ | ||||
| NET CURRENT ASSETS | 360,641 | 372,308 | |||
| ___ | ___ | ||||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 938,495 | 908,466 | |||
| ___ | ___ | ||||
| ___ | ___ | ||||
| FUNDS | |||||
| Unrestricted - General | 5 | 938,495 | 908,466 | ||
| ___ | ___ | ||||
| TOTAL FUNDS | 938,495 | 908,466 | |||
| ___ ___ |
___ ___ |
The Financial Statements were approved by the Trustees and signed on their behalf on 13 March 2025
……………………………………… …………………………………………. L. R. MADDISON I. E. MADDISON Trustee Trustee
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CLARE KING CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2024
1. ACCOUNTING POLICIES
The financial statements are prepared under the Historical Cost Convention and in accordance with Statement of Recommended Practice for Accounting and Report by Charities (Revised 2005) and Charities Act 1993. The particular accounting policies adopted are described below.
Interest Income
Interest income is included in the statement of financial activities on an accruals basis.
Grants and Commitments Made
Grants made are included in the statement of financial activities as paid or if there is a contractual commitment to pay at a future date. Commitments to provide funds that are dependent on the recip undertaking certain obligations are recorded in the notes to the accounts as commitments until such time as they are paid.
Administrative Expenditure
Resources expended on administration are included in the statement of financial activities on an accruals basis.
Fixed asset investments
Quoted investments are stated at market value as at the balance sheet date. Unquoted investment are periodically valued by the trustees. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later). Realised and unrealised gains are not separated in the Statement of Financial Activities.
2. GRANTS MADE
The trustees made 20 grants totalling £30,840 in the year.
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CLARE KING CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2024
3. NET OUTGOING RESOURCES
| This is stated after charging:- | 2024 | 2023 |
|---|---|---|
| £ | £ | |
| Independent Examiner's Fee | 119 | 134 |
| Bank charges | 78 | 77 |
| Investment management fee | 4,031 | 4,275 |
| Trustees Remuneration | - | - |
| Trustees Expenses | - | - |
| _ _ |
_ _ |
4. COMMITMENTS
The Trust has no commitments as of 31 May 2024.
5. FIXED ASSET INVESTMENTS
| Movement in managed investment portfolio | |
|---|---|
| £ | |
| Market value brought forward at 1 June 2023 | 536,157 |
| Add: Purchase of investments at cost | 57,256 |
| Movement in cash in portfolio | 12,081 |
| Sales of investments at carrying value | (63,162) |
| Add net profit / (loss) on revaluation | 35,522 |
| ___ | |
| Market value as at 31 May 2023 | 577,854 |
| ___ | |
| ___ | |
| Investments in managed portfolio at market value | |
| £ | |
| Equities | 550,938 |
| Gilts | 17,611 |
| Absolute return funds | |
| Forward FX | |
| Commodities | |
| Cash held within the investment portfolio | 9,305 |
| ___ | |
| Total | 577,854 |
| ___ | |
| ___ |
6. ANALYSIS OF NET ASSETS
| Unrestricted | ||
|---|---|---|
| Funds | Total | |
| £ | £ | |
| Net Current Assets | 938,495 | 938,495 |
| ___ | ___ | |
| 938,495 | 938,495 | |
| ___ | ___ | |
| ___ | ___ |
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Mrs Gail Stoehr 30 West Drive Highfields Caldecote Cambridge CB23 7NY S Services Tel: 01954 210241 Fax.. 0870 7052759 E-mail: office@Igs-services.co.uk Independent Examination of Clare King Charitable Trust (Charity # 1120765) for the Financial Year ending 31 May 2024 Res onsibi li sis f Examination It is the responsibility of the charity trustees to maintain and prepare the accounts. The Charity does not have sufficient income or assets to require an audit under section 144 of the Charilies Act 2011 (the Charities Act). The Charity has requested an independent examination under section 145 of the Charities Act, as the income and expenditure for the year is over the £25.000 threshold for this requirement. This examination has been carried out in accordance with the directions and guidance provided by the Charity Commission. I have examined the accounting records and the underlying records provided by the Charity, The examination checks undertaken do not provide all the evidence that would be required for an audit, and therefore no opinion can be given as to whether the accounts present a 'true and fair. view and this report is limited to the statement below. Statement During the examination, no matter has come to my attention: l ) which gives me reasonable cause to believe that in any material respect the requirements To keep accounting records in accordance with section 130 of the Charities Act. and To prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act have not been met; or 2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Mr Ben Stoehr 131312025