Charity number: 11411325 THE KILDARE TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
THE KILDARE TRUST CONTENTS Page Reference and administrative details of the Charity, its Trustees and advisors Trustees, report Independent examiner's report on the financial statements Statement of financial activities Balance sheet Statement of cash flows Notes to the financial statements 8-16
THE KILDARE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YF.AR ENL)ED 5 APRIL 2024 Trustees Mr Anthony Champion Mr Martin Needham Ms Dawn Oliver Mr Geoffrey Probert Mr lan Smith Charity registered number 1148325 Principal office Pear Tree Cottage Yarrington Road Alfrick Worcestershire WR6 SEX Independent examiners Curo Professional Services Ltd Westonhall Road Stoke Prior Bromsgrove Worcestershire B60 4AL Solicitors Harrison Clark Rickerbys 5 Deansway Worcester WRI 2JG PaEe | I
THE KILDARE TRUST TRUSTEES, REPORT FOR THE YEAFI ENDED 5 APRIL 2024 The Trustees present their annual report together with the financial statements of the Charity for the year 6 April 2023 to 5 April 2024. Objectives and activities a) Policies and objectives The principal objective of the charity is to provide financial support to charities within the Herefordshire and Worcestershire area. All our charitable activities are undertaken to further our charitable purposes for public benefit. In setting objectives and plannlng for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running a charity IPB21' b) Activities undertaken to ac.hieve objectives We aim to achieve our objectives by.. Making grants to charitable organisations. Providing other financial asslstance. Achievements and performance a) Investment policy and performance The Trustee5 have determined that the funds available to the charity are sufficient for the day to day running of the charity. Unless there is a significant increase in reserves the charity will retain all funds in the current account that are not invested in the stock Market. Financial Review a} Golng concern After mal<ing appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adeqijate resource5 to continue in operational existence for the fore5eeahle future. For thi5 reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accountinE policies. bl Reserve5 policy The Trustees have reviewed the charitV'5 needs for reserves in line with the guidance issued by the Charity Commission. The Trustees believe that approximately £IOO,000 15 required to ensure the charity can run efficiently and continue to meet its objectives in the event of a105s of significant income streams, for approximately 12 months. This figure is based on current administrative expenditure leve15, and also takes into account costs of winding down the organisation if necessary. The charity currently has free reserves of £2,951,93012023'. £6,903,233),. of this amount £2,591,964 12023.. £4,010,459) is held in listed investments. cl Review of activities Income received from donations and investments amounted to £415,18012023.- £5,363,671),. expenditure amounted to £4,392,56112023'. £4,226,709). A deficit was incurred at year end of £3,951,30312023.' surplus £822,9451 after net gain on investment of £26,07812023.' net loss of £314,017). Page | 2
THE KILDARE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2024 d) Principal funding During tliÈ year there has been a legacy of £300,179 in addition to the legary of £5,179,113 received last year from Mrs Phyllis Richards. Prior to that there had also been donations from Mrs Pliyllis Richards and a legacy from Sheila Agnes Tarran. Structurei governance and management al Constitution The Kildare Trust is a registered charityi number 1148325, and is constituted under a Trust deed. The principal object of the charity is to provide financial support for charities in the Herefordshire and Worcestershire area, as the Trustees in their discretion may think fit. bl Methods of appointment or election of Trustee5 The management of the charity is the responsibility of the Trustees who are elected or co-opted under the term5 of the Trust deed. cl OrganisatSonal structure and decision-making policies The Trustees of the charity who held office during the financial period and at the date of this report are set out on page l. At Trustees, meetings, the Trustees agree the broad strategy and areas of activity for the charitvi including consideration of grant making, investment, reserves and risk management policies and performance. The day to day administration of grants and the process of handling of applications is carried out by the Trustees. dl Policies adopted for the Inductlon and training of Trustees New Trustees underEO orientation of the services that the charity provides to allow them to understand the diversity of the organisation, in addition to this, Trustees undertake training on an ongoing basis as required. el Flnanclal rlsk management The Trustee5 have assessed the major risks to which the Charity is exposed in particular those related to the operations and finance5 of the Charityi and are Satisfied that Systems and procedures are in place to mitigate exposure to the major risks. Plans for future periods The outlook for the next 12 months has improved but still remains uncertain and may bring about a new set of challenges. We will aim to addre55 these challenges as required whlle Still meetlng the objectives of the Trust. Approved b the Tru tees and signed on their behalf by.. Mr lansmith Trustee Date: 0310712024 Page | 3
THE I<II.DARE TRUST INI)EPENDENT EXAMINER'S REPORT TO THE TRUSTLES OF THE KILDARE TRUST Independent Examiner's Report to the Trustees of The Kildare Trust I report to the charity trustLJes on my examination of the accounts of the charity for the year ended 5 April 2024 which are set out on pages 8 to 16. Responsibilities and bas15 of report As the charity's trustee5 you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Act'l. I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under Section 14515llbl of the Act. Independent emamlner's statement I confirm that l am qualified to undertake the examination because l am a member of the ICAEW, which is one of the listed bodie5. I have completed my eKamination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by sectlon 130 of the Act; or the accotjnts do not accord with those records; or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reportsl 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. I have no concerns at)d have come acr055 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 reèched. Name: Anna Madden Relevant profe55ional qualification or body.. FCA Address.. Curo Chartered Accountants, Curo House, Greenbox, Weston Hall Road, Stoke Prior, Brom5ETove, Worcestershire, B60 4AL Date- bklA4 Page | 4
THE KILDARE TRUST STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR F.NDED 5 APRIL 2024 Unrestricted funds 2024 Total funds 2024 Total funds 202. Note INCOME FROM: Donations and legacies Investment5 TOTAL INCOME 300,179 115,001 415,180 300,179 115,001 415,180 5,179,113 184,558 5,363,671 EXPENDITURE ON: Charitable activities TOTAL EXPENDITLIRE 4,392,561 4,392,561 4,392,561 4,392,561 4,226,709 4,226,709 Net gainslllossesl on investments NET MOVEMENT IN FUNDS 24 26,078 13,951,303) 26,078 {3,951,3031 1314.0171 822,945 RECONCILIATION OF FUNDS: Total funds brought forward Net movement of funds TOTAL FUNDS CARRIED FORWARD 6,903,233 13.951,303 6,903,233 {3,951,3031 6,080,288 822,945 2,951,930 2,951,930 6,903,233 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 8 to 16 form part of these financial statements. Page | 5
THE KILDARE TRUST BALANCE SHEET ASAT5 APRIL2024 2024 2023 Note FIXED ASSETS Investments li 2,591.964 2,591,964 4,010,459 4,010,459 CURRENT ASSETS Cash at bankand in hand Debtors 64,031 300,000 364,031 2,904,474 2,904,474 Creditors.. amounts falling due within one year NET CURRENT ASSETS 12 14,0651 111,7001 359,966 2,892,774 TOTAL A55ETS LESS CURRENT LIABILITIES 2,951,930 6,903,233 Creditors.. amounts falling due after more than I year TOTAL NET ASSETS 13 2,951,930 6,903,233 CHARITY FUNDS Restrlcted funcls Unrestricted fund5 TOTAL FUNDS 15 15 2,951,930 2,951,930 6,903,233 6,903,233 The financial statement5 were approved and authorised for issue by the Trustees and signed on their behalf by: dIC5,t Mr lan Smith Trustee Date.. 03107r2024 The notes on pages 8 to 16 form part of these financial statements. Page | 6
THE KILDARE TRUST STATEMENT OF CAS14 FLOWS FOR THE YEAR ENDED 5 APRIL 2024 2024 2023 CASH FLOWS FROM OPERATING AcfiviTIES Net cash lused inllprovided by operating activities 14,400,017) 12,771,806) CASH FLOWS FROM INVESTING ACTIVITIES Dividends and interest from investment5 Proceeds from sales of investments Purchase of investments 115,001 2,446,027 11,001,454) 184,558 5,902,981 1585,4101 NET CASH PROVIDED (USED INIIBY INVESTING ACTIVITIES 1,559,574 5,502,129 CASH FLOWS FROM FINANCING AcfiviTIES NET CASH PROVIDED BY FINANCING ACTIVITIES CHANGE IN CASH AND CASH EQUIVAIENTS IN THE YEAR Cash and cash equivalents at the beginning of the year {2,840,443) 2,904,474 2,730,323 174,151 CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 64,031 2,904,474 The notes on pages 8 to 16 form part of these financial statements. Page | 7
THE KILDARE TRUST NOTIS TO THE FINANCIAL STATEMENTS FOR THF. YEAR ENDED 5 APRIL 2024 I. GENERAL INFORMATION The Kildare Trust is an unincorporated charity, the principal office is Pear Tree Cottage, YarrinEton Road, Alfrick, Worcestershire, WR6 SEX. The charity's presentational currency is GBP. The financial statements are rounded to the nearest GBP. 2. ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reportir)g by Charities-. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Report Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The Kildare Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unle55 Otherwise stated in the relevant accounting policy. 2.2 GOING CONCERN The Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future and no material uncertainties exist. For this reason, they cotnUe to adopt the going concern basi5 in preparing the financial statements. 2.3 INCOME All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliablv. The recognition of income trom legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be reco8nised when it 15 probable that it will lje received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured. Income tax recoverable in relation to investment income is recogni5ed at the time the investment income is receivable. Page | 8
THE IIILDARE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 2.4 EXPENDITURE Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertal(inE each activity. Direct costs attributable to a single attivity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basi5 cons15tent with the use of resources. Central staff costs are allocated on the basic of time spent, and depreciation charges allocated on the portioTr of the asset's use. Support cost5 are those costs incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. Expenditure on charitable activities is incijrred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year-end are noted as a commitment, but not accrued as expenditure. All expenditure 15 inclusive of irrecoverable VAT 2.5 INTEREST RECEIVABLE Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity,. this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.6 INVESTMENT5 Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measuied reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gains/lLossesl on investments, in the Statement of financial activities. 2.7 DEBTORS Trade and other debtors are recognised at the settlement amount after any trade discount is offered. Prepayments are valued at the amount prepad net of any trade discounts due. Page | 9
THE I<ILDARE TRUST NOTES TO THE FINANCIAL STAI EMENTS FOR'FHE YEAR ENDED 5 APRIL 2024 2.8 CASH AT BANK AND IN HAND Cash at bank and in hand includes cash and 5hort-term highly liquid investments with a Short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.9 LIABILITIES AND PROVISIONS Liabilities 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. Liabilities are recognised at the amount that the Charity anticipated it will pay to settle the debt or the amount it has received as advanced payment5 for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The L¢nwinding of the discount is recognised in the Statement of financial activities as a finance cost. 2.10 FINANCIAL INSTRUMENTS The Charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recoEnised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.11 FUND ACCOUNTING General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund. 3. INCOME FROM DONATIONS AND LEGACIES Unrestricted funds 2024 Total funds 2024 Total funds 2023 Legacies 300,179 300,179 300,179 300,179 5,179,113 5,179,113 TOTAL 2023 5,179,113 5,179,113 Page | 10
THE KILDARE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDID 5 APRIL 2024 4. INVESTMENT INCOME Unrestricted fund5 2024 Total funds 2024 Total funds 2023 Income from listed investments Investment income- cash deposits 101,524 13,477 115,001 101,524 13A77 115,001 179,673 4,885 184,558 TOTAL 2023 184,558 184,558 5. ANALYSIS OF GRANTS Grants to institutions 2024 Total funds 2024 Total funds 2023 Grants, supporting Herefordshire & Worce5ter5hire charities 4,356,298 4,356,298 4,215,755 TOTAL 2023 4,215,755 4,215,755 6. GRANTS MADE TO CHARITABLE ORGANISATIONS Charity Acorns Children's Hospice ARCOS Bromsgrove International Music Competiton Game and Wildlife Conservation Trtjsl Harper Adams University - bursaries Harper Adams University - Cattle Handing Project Hartpury College High Sheriff Fund Iworcester Community Foundation) Tlie Kings School Worcester The Kings School Development Trust Megan Baker House Midlands Air Ambulance Charity The Myriad Centre NMITE 2024 205,298 2023 25,000 6,000 60,OCK) 765,0 15,000 125,000 75,000 10,000 77,671 I,ioo,000 25,0(X) 500,000 10,000 300,000 500,000 488,584 Primrose Hospice Prostate Cancer UK Spinal Research 5t Richard's Hospice 24,000 loo,000 2,500 iOO,(K)O Page | 11
THE KILDARE TRUST NOTES TO THE FINANCIAL STATEMEINTS FOR THE YEAR ENDED S APRIL 2024 The Three Counties Medical School Three CoLJnties Agricultural Society University of Birmingham- Kidney Research We are Farming Minds WMRSASC Worcester Cathedral Worcester Snoezelen Worcestershire Breast Unit Haven 1,500,000 1,500,000 150,000 10,000 25,000 75,000 147,000 631,000 20,000 4,215,755 4,356,298 7. ANALYSIS OF EXPENDITURE ON CHARrrABLE ACTIVITIES Summary offund type Unrestricted funds 2024 Total funds 2024 Total funds 2023 Supporting Herefordshire & Worcestershire charities 4,392,561 4,392,561 4,226,709 TOTAL 2023 4,226,709 4,226,709 8. ANALYSIS OF EXPENDITURE BY ACTIVITIES Grant funding of activities 2024 Support and governance costs 2024 Total funds 2024 Total funds 2023 Supporting Hereford5hire & Worcestershire charities 4,356,298 36,263 4.392,561 4.226,709 TOTAL 2023 4,215,755 10,954 4.226,709 Analysls of support costs Supporting chaYitie5 2024 Total funds 2024 Total funds 2023 Legal and professional Sundry Investment Management Charges Accountancy Governance costs 2,516 169 29,598 500 3,480 36,263 2,516 169 29,598 500 3,480 36,263 4,694 60 500 5,700 10,954 TOTAL 2023 10,954 10,954 Page | 12
THE I<ILDARE TRUST NOTES TO THE FINANCIAL STATEMEN"IS FOR T14E YEAR ENDED 5 APRIL 202.4 9. INDE.PENDENT EXAMINER'S AND AUDITORS, REMUNERATION 2024 2023 Independent examiners, l auditors, remuneration 3.480 3,480 5,700 5,700 10. STAFF COSTS The average number of persons employed by the Charity during the year wa5 Nil12023'. Nil) No employee received remuneration amounting to more that £60,(X)O in either year. 11. TRUSTEES, REMUNERATION AND EXPENSES During the year, no Trustee received any remuneration or other benefits12023'. £Nill During the year ended 5 April 2024 there were no expenses paid or reimbursed to any Trustee5 12023.. £Nill. 12. FIXED A55ET INVESTMENTS Listed Investments COST OR VALUATION At 6 April 2023 Additions Disposals Revaluations AT 5 APRIL 2024 4,010,459 1,001.454 12,560,475) 140,526 2.591,964 NET BOOK VALUE AT 5 APRIL 2024 AT 5 APRIL 2023 2,320,951 4,010,459 13. CREDITORS: AMOUNT5 FALLING DUE WITHIN ONE YEAR 2024 2023 Accfuals and deferred income Bromgrove International Music Competition Acorns Children's H05pice 4.065 5,700 6,000 4,065 11,700 Page | 13
THE IIILDARE TRUST NO"fES TO I-HE FINANCIAL SIATEfvIENTS FOR THE YEAR ENDED 5 APRIL 2024 14. FINANCIAL INSTRUIVIENTS 2024 2023 FINANCIAL ASSETS Financial a55ets measured at fair value through income and expenditure 64,031 2,904,474 Financial assets measured at fair value through income and expenditure comprise cash at bank. 15. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENTYEAR Balance at 6 April 2023 Balance at 5 Aprll 2024 Gains/ ILosse51 Income Expenditure UNRESTRicfED FUNDS General funds 6,903.233 415,180 (4,392,561} 26,078 2,951.930 STATEMENT OF FUNDS- PRIOR YEAR Balance at 6 April 2022 Balance at 5 April 2023 Gains/ ILos5esl Income Expenditure UNRESTRICTED FUNDS General funds 6,080,288 5,363,671 14.226,7091 1314,0171 6,903,233 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS- CURRENTYEAR Unrestricted funds 2024 Total funds 2024 Fixed asset investment5 Current asset5 Creditors due within one year Creditors due after one year TOTAL 2,591,964 364,031 14,0651 2,591,964 364,031 14,0651 2,951.930 2,951,930 Page | 14
THF. I(ILDARI TRUST NOTES TO THE FINANCIAL STATEMENTS FOR'fHE YEAR ENDED 5 APRIL 2024 ANALYSIS OF NET ASSETS BETWEEN FUNDS- PRIOR YEAR Unrestricted funds 2023 Total funds 2023 Fixed assel investments Current assets Creditors due within one year Creditors due after one year TOTAL 4,010,459 2,904,474 111,7001 4,010,459 2,904,474 111,7001 6,903,233 6,903,233 17. RECONCILIATION OF NET MOVEMENT IN FUNDS FROM OPERATING ACTIVITIES 2024 2023 Net Ideficitl/surplus las per Statement of Financial Activities) 13,951,303) 822,945 ADJUSTMENTS FOR: IGainslllosses on investments Legacies and donations Dividends and interest from investments Decrease in debtors Decrease in creditors 126,078} 314,017 13,679,113) 1184,5581 1115,001} 1300,000) 17.635} 145,0971 NET CASH IUSED INIIPROVIDED BY OPERATING ACTIVITIES 14,400,017) 12,771,806) 18. ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash at bank and short-term deposits TOTAL CASH AND CASH EQUIVALENTS 64,031 64,031 174,151 174,151 19. ANALYSIS OF CHANGE IN NET DEBT At 6 Aprll 2023 At 5 Aprll 2024 Cash flows Cash at bank and in hand 2,904,474 12.840,4431 64,031 Page | 15
THE KILDARE TRUST NOTES TO THE FINANCIAL STATÈMENTS FOR THE YEAR ENDED 5 APRIL 2024 20. GRANT COMMITMENTS The Trustees made pledges to the following charities and at the year-end these balances remained unpaid.. Charity Bromsgrove International Music Competition Holt Village Hall Worcester Snoezelen Worcester Cathderal Ilandscapingl Hartpury College The Myriad Centre Total 9,000 250,000 369,000 400,000 425,000 530,850 1,983,850 No speclflc timeframes fo¥ payment of these Erants have been set but it is expected to be within 3 years. These commitments are to be funde.d from Unrestricted Funds. 21. RELATED PARTYTRANSACTIONS During the year the Trust made a charitable donation to Three Courkties Agricultural Society of £1,500,000 of which Geoff Probert is a Council Member. Last year the Trust made charitable donations to University of Worcester's Three Counties Medical School of £1,500,000, lan Smith is a Eovernor at the university. They also made a charitable donation to Worcestershire Breast Cancer Unit Haven of £20,000, Mrs Dawn Oliver is a Trustee of this charitv. At the year end the charity owed ENil12023.' £Nill to these organisations. 22. CONTROLLING PARTY The charity is controlled by the Trustees. 23. POST BALANCE SHEET EVENTS The trust received funds of £300,000 in legacy as a result ol the balance in the estate client account t)eing in excess ol what is needed to settle the final lax position. 24. ANALYSIS OF NET GAINS/{LOSSES) ON INVESTMENTS Unrestricted funds 2024 Total funds 2024 Total funds 2023 Revaluation gains/llossesl on investments Profitlllossl on disposal of investment5 140,526 1114.4481 140,526 134,9921 1114.4481 1279,0251 Page | 16