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2023-04-05-accounts

Contents ofthe Financial Statements
Report ofthe Trustees
Report ofthe Independent Auditors
Statement ofFinancial Activities
Balance Sheet
Statement ofCash Flows
Notes to the Financial
Statements

Notes 2023 2022
INCOME A EXPENDITURE
Income
Investment
income		 514,127 362,519
Total income 514,127 362,519
Expenditure:
Charitable
activities		 174,037 246,000
Other support (income)/costs (5,377) (6,835)
Total resources
expended		 168,660 239,165
Net income and net movement
in funds before gains on investments 345,467 123,354
Unrealised
(loss) / gain on investment		 assets 6 (423,545) 176,174
Realised gain on investment assets 6 389 65,565
Net movement
in funds		 10 (77,689) 365,093
Total funds brought
forward		 10 5,918,153 5,553,060
Total funds carried forward 10 E5,840,464 K5,918,153
BALANCE SHEE T AS AT 5r" APRIL 2023
Notes 2023 2022
FIXEDASSETS
Listed Investments at market value 6,009,547 4,479,006
CURRENT ASSETS
Debtors 76,836 31,104
Cash at bank 1,864,081 3,523,163
1,940,917 3,554,267
CREDITORS: Amounts falling due
within one year (10,000) (15,120)
NET CURRENT ASSETS 1,930,917 3,539,147
TOTAL ASSETS LESS CURRENT LIABILITIES 7,940,464 8,018,153
CREDITORS: Amounts falling due
after one year (2,100,000) (2,100,000)
TOTAL NKT ASSETS K5,840,464 K5,918,153
Funds ofthe Foundation, divided into:
Unrestricted
funds		 10 5,840,464 5,918,153
TOTAL CHARITY FUNDS K5,840,464 E5,918,153

STATEMENT Ol CASH FLOWS FOR STATEMENT Ol CASH FLOWS FOR THK YEAR ENDED 5T" APRIL 2023 THK YEAR ENDED 5T" APRIL 2023
Notes 2023 2022
NKT MOVEMENT IN FUNDS (77)689) 365,093
Adjustments
for:
(Increase)/decrease
in debtors		 (45,732) 3,003
Change in fair value ofinvestments 423,156 (241,739)
Decrease in creditors (5,120) 5,520
Net cash generated
from		 operating
activities 294,615 131,877
Cash flows from investing activities
Purchase ofinvestments (2,215,796)
Disposal ofinvestments 262,099 255,425
Net cash used in investing activities (1,953,697) 255,425
Net increase/(decrease)
in cash and
cash equivalents (1,659,082) 387,302
Cash and cash equivalents at the
beginning ofthe year 3,523,163 3,135,861
Cash and cash equivalents at the
end ofthe year 1,864,081 3,523,163

2023 2022
Dividends and interest receivable from listed investments 509,994 362,519
Bank interest received 4,133
6514,127 F362,519

4. GRANTS AND DONATIO NS
PAY		 ABLK
2023 2022
Grant funding
activities (Grants and donations)		 E174,037 6246,000
The total grants paid to institutions during the year were as follows:
2023 2022
Cherry Trees 10,000
Empire Fighting Chance 5,500
Help 2Read 5,000 5,000
Home-Start
Richmond,		 Kingston &Hounslow 1,000
Les Amis Limited 10,000
Oakleaf Enterprise 25,000
ReGenerate 5,000
Spark Somerset 37,537
Arthouse
Unlimited		 50,000
Frome Medical Practice 25,000
London Cares Family 4,000
Phyllis Tuckwell Hospice 1,000
Sports Traider 15,000
StGeorges Crypt 50,000
Surrey Drug &Alcohol Care 10,000
The Cares Family Limited 11,000
The Kensington
and Chelsea Foundation		 75,000 75,000
E174,037 6246,000
5. OTHER (SUPPORT COSTS)
2023 2022
Other resources expended
Finance costs 2,639 3,085
Foreign exchange (gain) / loss (12,856) (15,440)
Governance
costs
Auditors'
remuneration		 (inclusive ofVAT) —current year 2,500 2,580
Accountancy
fees (inclusive ofVAT) —current year		 2,500 2,580
Auditors'
remuneration		 (inclusive ofVAT) —prior year additional fee (80) 180
Accountancy
fees (inclusive ofVAT) —prior year additional		 fee (80) 180
K(5,377) K(6,835)

Cost Fair value
At 6'" April 2022 64,291,879 64,479,006
Additions 2,215,796 2,215,796
Disposals (261,710) (262,099)
Realised gain 389
Unrealised
gain		 (423,545)
At 5"' April 2023 5.6,245,965 E6,009,547
D~eecri lion H~doldin Cost Fair Value
At
~5eA ril
2023
UK Fixed Interest
Co-Operative
Group 11%Gtd Sub 20/12/2025 GBP		 527,500 740,877 570,199
Bristol &West 8.125%PrfGBP1 100,000 98,885 110,500
Ecclesiast Ins Off8,625%Non Cum IRRPrf GBP 188,000 191,760 245,340
REA Hldgs 9%Cum PrfGBP1 1,280,000 1,314,976 1,152,000
Raven Russia GBP0.01Prf Shs 104,459 135,983
New City High Yield Fund Ordinary 1,750,000 895,292 851,375
Tesco Property Fin. 1Plc 7.6227% Gtd 13/07/39 GBP 250,000 208,826 288,741
Scottish Widows Ltd 7% Sub Nts 16/06/2043 GBP 200,000 199,735 210,869
Marks & Spencer Plc 4.5%SNR EMTN 10/07/2027 500,000 441,458 466,007
Morrison (WM,) Supermarkets 3.5%GTD SNR EMTN
27/07/2026 500,000 371,171 387,287
Bank ofIreland Group Plc 13.375%SUBBUSPERP
GBP100 500,000 838,436 894,656
Chesnara Plc 4.75%LT2 NTS 04/08/2032
GBP100000'REGS 500,000 372,445 368,786
Enquest Plc 9%GTD SNR NTS 27/10/2027 GBP1
'REGS' 200,000 192,286 209,762
Overseas Fixed Interest
Aggregated
Micr, 8%Nts 17/10/2036 GBP1		 250,000 243,835 254,025
At 5~ April 2023 66,245,965 E6,009,547
NOTES TO THE FINANCIAL NOTES TO THE FINANCIAL STATEMENTS I'OR THE YEAR ENDED 5T"APRIL 2023 I'OR THE YEAR ENDED 5T"APRIL 2023 (Continued)
7. DEBTORS
2023 2022
Accrued income F76,836 F31,104
8. CREDITORS: Amounts falling due within one year
2023 2022
Accruals and trade creditors E10,000 615,120
9. CREDITORS: Amounts falling due after more than one year
2023 2022
Concessionary
loans		 K2,100,000 E2,100,000
VE MKNT IN FUNDS
General
unrestricted
fullc1s
At 6"' April 2022 K5,918,153
Net movement in funds in year (77,689)
As at 5"' April 2023 E5,840,464
Incoming Resources Gains and Movement
in
resources expended losses fllncls
E E
Unrestricted funds
General fund 514,127 (168,660) (423,156) (77,689)

ANALYSIS OF CHANGES IN N ET DEBT
At 6April Cash At 5 April
2022 flows Non-cash 2023
K
Cash at bank and in hand 3,523,163 (1,659,082) 1,864,081
Concessionarv Loans (2,100,000) (2,100,000)
1„423„163 (1„659,082) (235,919)