The Nesbitt - Cleland Charitable Trust
Financial Statements
Year Ended 5 April 2025 Charity No.: 1123861
THE NESBITT - CLELAND CHARITABLE TRUST
Report and Financial Statements for the year ended 5 April 2025
Contents
Page:
1 Reference and administrative information 2-3 Report of the Trustees 4 Report of the Independent Examiner 5 Statement of Financial Activities 6 Balance Sheet 7-10 Notes forming part of the Financial Statements 11 Appendix
Trustees
Stephen James Nesbitt Matthew David Nesbitt Joel Robert Nesbitt Aileen Elizabeth Nesbitt Harry William Nesbitt
Principal Office
c/o PO Box 63891, London, SE1P 5GW
Independent Examiner
Perrys Audit Limited, Churchdown Chambers, Bordyke, Tonbridge, Kent, TN9 1NR
Investment Managers
Schroder & Co Limited, 1 London Wall Place, London, EC2Y 5AU
Bankers
Schroder & Co Limited, 1 London Wall Place, London, EC2Y 5AU
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THE NESBITT - CLELAND CHARITABLE TRUST
Report of the Trustees for the year ended 5 April 2025
The Trustees present their report along with the financial statements of the charity for the year ended 5 April 2025. The Financial Statements have been prepared in accordance with the accounting policies set out on page 7 and comply with the charity’s trust deed and applicable law.
Structure, Governance and Management
The Nesbitt-Cleland Charitable Trust is constituted under a Trust deed dated 27 March 2008. It is a registered charity no. 1123861.
The Trustees who have served during the year and since the year end are set out on page 1.
Where there is a requirement for new Trustees, this would be identified by the remaining Trustees.
Risk management
The Trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that such risks are continuously monitored and that appropriate steps can be taken to lessen these risks.
Objectives and Activities
The objects of the charity are to apply the income and capital of the trust for charitable purposes as the Trustees shall in their absolute discretion determine.
Grant making policy
All applications received are considered by the Trustees on their own merit for suitability of funding.
Public benefit
In meeting the objectives the Trustees have given careful consideration to the Charity Commission’s general guidance on public benefit and judge that all donations made meet this guidance. All donations are listed in note 5 on page 8.
Achievements and Performance
The Trustees have continued to apply their funds in accordance with the objectives of the Trust and their grant making policy. Donations totalling £210,000 have been made in the year (2024: £240,000) and are detailed in note 5 of these Financial Statements.
Financial Review
The Trust’s investments are managed by Schroder & Co Limited under a discretionary mandate and a conservative investment policy which aims at maintaining the capital of the charity through diversification whilst maintaining sufficient liquidity for the trust’s foreseeable needs and donations.
The market value of the investment portfolio at 5 April 2025 was £114,525 (2024: £119,870).
The above market value includes a balance of cash held at 5 April 2025 of £40,706 (2024: £4,280).
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THE NESBITT - CLELAND CHARITABLE TRUST
Report of the Trustees for the year ended 5 April 2025 (continued)
Reserves policy
The Trustees’ policy is to maintain their continuing level of support under the grant making policy that they have agreed. If income resources are insufficient to cover the grants then recourse is made to the other funds of the Trust. The Trustees do not consider that any minimum level of resources is required.
Plans for the future
The Trustees intend to continue providing grants in a similar way to the recent past but retaining flexibility as to the timing, and scale of grant making.
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:
Stephen James Nesbitt
Trustee
Date:
3
Independent Examiner’s Report to the Trustees of the
The Nesbitt - Cleland Charitable Trust
We report to the trustees on my examination of the accounts of The Nesbitt - Cleland Charitable Trust for the year ended 5 April 2025.
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: 26.1.26
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THE NESBITT - CLELAND CHARITABLE TRUST
Statement of Financial Activities for the year ended 5 April 2025
| Notes Income and endowments from Donations and legacies 2 Investments 3 Expenditure on Charitable activities 4 Total Net income/(expenditure) before investment gains/(losses) Net gains/(losses) on investments 7 Net movement in funds Total funds at 6 April 2024 Total funds at 5 April 2025 |
2025 £ 166,234 7,553 173,787 218,172 218,172 (44,385) (41,771) (86,156) 225,009 138,853 |
2024 £ 293,750 5,316 |
|---|---|---|
| 299,066 | ||
| 248,190 | ||
| 248,190 | ||
| 50,876 24,310 |
||
| 75,186 149,823 |
||
| 225,009 |
All funds are unrestricted and relate to continuing activities.
The notes on pages 7 to 10 form part of these financial statements
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THE NESBITT - CLELAND CHARITABLE TRUST
Balance Sheet as at 5 April 2025
| Notes | Notes | 2025 | 2024 | ||||
|---|---|---|---|---|---|---|---|
| £ | £ | £ | £ | ||||
| Fixed Assets | |||||||
| Investments | 7 | 114,525 | 119,870 | ||||
| 114,525 | 119,870 | ||||||
| Current Assets | |||||||
| Debtors | 8 | 32,500 | 114,409 | ||||
| 32,500 | 114,409 | ||||||
| Current Liabilities | |||||||
| Creditors:amounts falling due within one year | 9 | (8,172) | (9,270) | ||||
| Net current assets | 24,328 | 105,139 | |||||
| Total net assets | 138,853 | 225,009 | |||||
| Funds | |||||||
| Unrestricted Funds | 138,853 | 225,009 |
Approved by the Trustees and signed on their behalf by:
Stephen James Nesbitt Trustee Date: ~~a~~ edé ae ~~—_~~ 2
The notes on pages 7 to 10 form part of these financial statements
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THE NESBITT - CLELAND CHARITABLE TRUST
Notes to the financial statements for the year ended 5 April 2025
1 Principal Accounting Policies
(a) Accounting Convention
The financial statements are prepared under the historical cost convention and in preparing the financial statements the charity follows best practice as laid down in the Statement of Recommended Practice “Accounting and Reporting by Charities” (Charities SORP (FRS 102)) and comply with the Charities (Accounts and Reports) Regulations 2008 issued under the Charities Act 2011.
(b) Donations, Legacies and Similar Income
Donations, legacies and similar income are shown in the accounts when receivable and the value of the incoming resources can be measured with sufficient reliability.
(c) Investment Income
Investment income is accounted for in the period in which the charity is entitled to receipt.
(d) Resources Expended
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis.
(e) Charitable Activities
Costs of charitable activities include grants made and an apportionment of overhead and support costs where applicable.
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the Trust.
(f) Governance Costs
Governance costs comprise costs relating to the general running of the charity as opposed to those associated with generating funds or charitable activity.
(g) Fixed Asset Investments
Investments are stated at closing market value at the balance sheet date. Any gains or losses on revaluation and disposal are shown in the Statement of Financial Activities.
(h) Realised Gains and Losses
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 purchase cost. Unrealised gains and losses are calculated as the difference between the market value at year end and opening market value (or purchase date if later). Realised and unrealised gains and losses are not separated in the Statement of Financial Assets.
(i)[Going Concern]
The trustees consider that there are no material uncertainties about the ability to continue as a going concern.
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THE NESBITT - CLELAND CHARITABLE TRUST
Notes to the financial statements for the year ended 5 April 2025
| 2 Donations Donations received Gift Aid recoverable thereon Interest on Gift Aid in Previous years 3 Investment Income Dividend income Interest on cash deposits 4 Charitable Activities General charitable purpose donations (see note 5) Support costs (see note 6) 5 Grants Paid St Abbs Marine Station SC041328 St Abbs Visitor Centre SC042087 6 Support Costs Accountancy fees Independent Examiner fees LEI Fees |
2025 £ 132,310 32,500 1,424 166,234 2025 £ 5,412 2,141 7,553 2025 £ 210,000 8,172 218,172 2025 £ 190,000 20,000 210,000 2025 £ 6,960 1,212 - 8,172 |
2024 £ 235,000 58,750 - |
|---|---|---|
| 293,750 | ||
| 2024 £ 5,281 35 |
||
| 5,316 | ||
| 2024 £ 240,000 8,190 |
||
| 248,190 | ||
| 2024 £ 215,000 25,000 |
||
| 240,000 | ||
| 2024 £ 6,960 1,170 60 |
||
| 8,190 |
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THE NESBITT - CLELAND CHARITABLE TRUST
Notes to the financial statements for the year ended 5 April 2025
| 7 Investments £ £ Market value at 6 April 2024 115,590 Proceeds from disposals in the year - - Realised gains / (losses) on disposals - Movement in unrealised valuation (41,771) (41,771) Market value at 5 April 2025 73,819 Cash held within the investment portfolio 40,706 Total value of portfolio at 5 April 2025 114,525 Investments at market value comprised: UK Securities 73,819 Historical cost at 5 April 2025 227,639 2025 |
£ £ 91,280 - - - 24,310 24,310 115,590 4,280 119,870 115,590 227,639 2024 |
£ £ 91,280 - - - 24,310 24,310 115,590 4,280 119,870 115,590 227,639 2024 |
|---|---|---|
| 115,590 4,280 |
||
| 119,870 | ||
| 115,590 | ||
| 227,639 |
Individual investments representing more than 5% of the investment portfolio are shown in the Appendix to these accounts
| 8 Debtors HMRC - Gift Aid recoverable 9 Creditors: Amounts falling due within one year Accountancy Fees Independent Examiner Fees |
2025 £ 32,500 2025 £ 6,960 1,212 8,172 |
2024 £ 114,409 |
|---|---|---|
| 2024 £ 6,960 2,310 |
||
| 9,270 |
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THE NESBITT - CLELAND CHARITABLE TRUST
Notes to the financial statements for the year ended 5 April 2025
10 Related Party Transactions
£190,000 was granted to St Abbs Marine Station during the year to 5 April 2025 (2024: £215,000), a charity under common control registered in Scotland (number SC041328). No payroll costs were paid on behalf of St Abbs Marine Station during the year (2024: £Nil), and no other expenses (2024: £Nil).
£20,000 was granted to St Abbs Visitor Centre during the year to 5 April 2025 (2024: £25,000), a charity under common control registered in Scotland (SC042087). No payroll costs were paid on behalf of St Abbs Visitor Centre during the year (2024: £Nil).
11 Trustees' Remuneration and Benefits
None of the Trustees have been paid any remuneration or received any other benefits from the Charity
12 Trustees' Expenses
No trustees' expenses were incurred in the year ended 5 April 2025 (2024: £Nil)
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THE NESBITT - CLELAND CHARITABLE TRUST
Appendix
Schedule of Investments
5 April 2025
11
THE NESBITT - CLELAND CHARITABLE TRUST
Schedule of Investments for the year ended 5 April 2025
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Opening Balances Acquisitions Disposals Closing
Units Cost Value Units Cost Units Proceeds Cost Profit/Loss Units Cost Value Income
£ £ £ £ £ £ £ £ £
Man Group PLC
Ordinary USD 0.03 shares
06-Apr-24 b/fwd 42,279 227,639 115,590
05-Apr-25 c/fwd 42,279 227,639 73,819 5,412
227,639 115,590 - - - - 227,639 73,819 5,412
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