**REGISTERED CHARITY NUMBER: 1167824**
## **REPORT OF THE TRUSTEES AND**
**UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **FOR**
## **KESWICK ENTERPRISES HOLDINGS CHARITABLE TRUST**
Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
**KESWICK ENTERPRISES HOLDINGS CHARITABLE TRUST**
## **CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 March 2022**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|3|
|**Independent Examiner's Report**||4||
|**Statement of Financial Activities**||5||
|**Balance Sheet**||6||
|**Notes to the Financial Statements**|7|to|12|
## **KESWICK ENTERPRISES HOLDINGS CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES for the year ended 31 March 2022**
The trustees present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The objects of the charity are:
- to advance christianity;
- to promote and advance the education (including social and physical training) of people in such ways as the trustees
- shall from time to time think fit;
- to promote sustainable development by :-
- the preservation, conservation and the protection of the environment and the prudent use of resources;
- the promotion of sustainable means of achieving economic growth and regeneration. Sustainable development means development which meets the needs of the present without compromising the ability of future generations to meet their needs, and
- to relieve poverty and suffering and to improve the conditions of life of socially and economically disadvantaged people and communities.
## **Public benefit**
The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit, and 'The Advancement of Religion for the Public Benefit' in particular, when reviewing the aims and objectives of the charity and in planning the charity's future activities.The aims of the charity for the public benefit are detailed in the 'Objectives and Activities' section of this report and the main activities undertaken in order to carry out the charity's aims for the public benefit are outlined under 'Achievements and Performance' below.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
The charity's income is in the form of donations and investment returns. Donations are added to the investment portfolio held with Rathbones Investment Managers. The Trustees policy is to distribute up to 75% of the investment income (after costs) to its charitable causes in line with its objects stated above.
The trustees consider applications for donations throughout the year and decide on the causes to support at the trustee meetings held throughout the year.
During the year, donations of £42,500 (2021 - £54,000) were made to such causes, full details of which are given in note 6 to the accounts.
## **FINANCIAL REVIEW**
## **Financial position**
The charity did not receive any donations or gift aid during the year (2021: £300,000 and £75,000 respectively). Investment income has increased by £21,307 from £90,695 to £112,002.
The charitable activities decreased by £6,197 from £67,239 to £61,042. Donations paid were £42,500 (2021 - £54,000).
Assets at the balance sheet date totalled £2,858,324 (2021 - £2,662,899).
## **Investment policy**
The charity has investment management arrangements with Rathbones. The target is to achieve an acceptable return of both income and capital growth with no more than a moderate level of risk.
The Trustees and their professional advisors meet regularly with the fund managers to ensure that the investments are managed in accordance with the guidelines agreed with the fund managers.
Page 1
## **KESWICK ENTERPRISES HOLDINGS CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES for the year ended 31 March 2022**
## **FINANCIAL REVIEW**
## **Reserves policy**
The trustees have examined the requirement for free reserves i.e those unrestricted funds not designated for specific purposes or otherwise committed.
The trustees consider that, given the nature of the charity's activities, the ideal reserve as at 31 March 2022 would be six months of the resources expended which is approximately £30,000 (2021: £33,000). The trustees are of the opinion that this level of reserves provides sufficient flexibility to cover shortfalls in incoming resources, provide adequate working capital and allow the charity to meet its charitable objectives.
At 31 March 2022, the charity has free reserves of £44,625 (2021: £62,557). In calculating the reserves, the trustees have excluded the fixed asset investments. The trustees review the level of reserves regularly to ensure that they are sufficient to provide financial stability and flexibility.
## **FUTURE PLANS**
The charity is funded by periodic capital donations together with refunded gift aid contributions from HMRC. These are invested to produce an income stream from which the Trustees originally decided to distribute up to 50% each year. Given the subsequent increase in capital in November 2017 and hence increased potential income the Trustees decided that they would distribute up to 75% of the investment income.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
## **Recruitment and appointment of new trustees**
The trustees are appointed by the main donor whilst he remains a trustee. New trustees are appointed due to their interest in the work of the charity and their recognised experience in specific fields which will further support the work of the Keswick Enterprises Holdings Charitable Trust.
There must be at least two and not more than six trustees.
## **Organisational structure**
Trustees hold at least two meetings each year as specified in the trust deed to discuss the charity's activities. During the year the trustees held 3 meetings.
## **Induction and training of new trustees**
All Trustees have read the guidance issued by the Charity Commission concerning their roles and obligations. New trustees are given a full induction by the trustees. Trustees can retire when they wish as they do not serve under a fixed term of tenure.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
1167824
## **Principal address**
32 Frithwood Avenue Northwood Middlesex HA6 3LU
## **Trustees**
J A Harvey CBE BA(Hons) FCILT Trustee Mrs P S H Reid BA(Hons) FCIPM Trustee Mrs N M Sawday BA(Hons) Trustee Mrs J R Svarovsky BA(Hons) Trustee
Page 2
**KESWICK ENTERPRISES HOLDINGS CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES for the year ended 31 March 2022**
**REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner** Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
## **Advisers**
Rathbones 8 Finsbury Circus, Finsbury, London, EC2M 7AZ
Approved by order of the board of trustees on 29 July 2022 and signed on its behalf by:
J A Harvey CBE BA(Hons) FCILT - Trustee
Page 3
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KESWICK ENTERPRISES HOLDINGS CHARITABLE TRUST**
## **Independent examiner's report to the trustees of Keswick Enterprises Holdings Charitable Trust**
I report to the charity trustees on my examination of the accounts of Keswick Enterprises Holdings Charitable Trust (the Trust) for the year ended 31 March 2022.
## **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').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. 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:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. 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.
I 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.
Paul Dell, FCA Chartered Accountant Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD
29 July 2022
Page 4
## **KESWICK ENTERPRISES HOLDINGS CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **for the year ended 31 March 2022**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
Investment income
3
**Total**
**EXPENDITURE ON**
Raising funds
4
**Charitable activities**
5
Charitable Activities
**Total**
Net gains on investments
**NET INCOME**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|2022
Unrestricted
fund
£
-
112,002
112,002
13,358
47,684
61,042
144,465
195,425
2,662,899
2,858,324|2021
Total
funds
£
375,000
90,695|
|---|---|---|
|||465,695|
|||10,212
57,027|
|||67,239|
|||390,655|
|||789,111
1,873,788|
|||2,662,899|
The notes form part of these financial statements
Page 5
**KESWICK ENTERPRISES HOLDINGS CHARITABLE TRUST**
## **BALANCE SHEET**
## **31 March 2022**
|Notes
**FIXED ASSETS**
Investments
8
**CURRENT ASSETS**
Cash at bank
9
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
10
Unrestricted funds
**TOTAL FUNDS**|2022
Unrestricted
fund
£
2,813,699
44,625
44,625
2,858,324
2,858,324
2,858,324
2,858,324|2021
Total
funds
£
2,600,342
62,557|
|---|---|---|
|||62,557|
|||2,662,899|
|||2,662,899|
|||2,662,899|
|||2,662,899|
The financial statements were approved by the Board of Trustees and authorised for issue on 29 July 2022 and were signed on its behalf by:
J A Harvey CBE BA(Hons) FCILT - Trustee
The notes form part of these financial statements
Page 6
**KESWICK ENTERPRISES HOLDINGS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2022**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Income from listed investments is recognised once the dividend has been declared and notification has been received of the dividend due.
Shares donated to the charity are recognised as income at the point at which the benefit to the charity is quantifiable and measurable. They are included at the market value prevalent on the date of transfer.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants payable are included in the statement of financial activities when approved and when the intended recipient has either received the funds or been informed of the decision to make the donation and has satisfied all related conditions.
## **Charitable activities**
Charitable activities comprise those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## **Governance costs**
Governance costs comprise those costs associated with meeting the constitutional and strategic requirements of the charity and the audit fees and costs linked to the strategic management of the charity.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
Page 7
**KESWICK ENTERPRISES HOLDINGS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022**
## **1. ACCOUNTING POLICIES - continued**
## **Debtors**
Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.
## **Cash at bank and in hand**
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.
## **Investments**
Listed investments are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.
Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.
## **2. DONATIONS AND LEGACIES**
|Donations
Gift aid
**INVESTMENT INCOME**
Listed investments|2022
£
-
-
-
2022
£
112,002|2021
£
300,000
75,000|
|---|---|---|
|||375,000|
|||2021
£
90,695|
## **3. INVESTMENT INCOME**
£100,066 of the total is from UK listed investments and £11,936 is from overseas investments. All of these investments are held within the portfolio managed by Rathbones on behalf of the trustees.
## **4. RAISING FUNDS**
## **Investment management costs**
|**Investment management costs**|||
|---|---|---|
||2022|2021|
||£|£|
|Investment management fees|13,358|10,212|
continued...
Page 8
## **KESWICK ENTERPRISES HOLDINGS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022**
## **5. CHARITABLE ACTIVITIES COSTS**
|**5.**
**CHARITABLE ACTIVITIES COSTS**|||
|---|---|---|
|Grant
funding of
activities
(see note
6)
£
Charitable Activities
42,500
**6.**
**GRANTS PAYABLE**
Charitable Activities
The total grants paid to institutions during the year was as follows:
AID Sudan
Anglican International Development Fund
Christian Care Association
Church Army
Crosslink Mission in Moldova
Harmondsworth Parish Council
Help for musicians
The Hertfordshire And Middlesex Wildlife Trust Limited
Hope in Tottenham
Hospice Memorial Appeal
Inter Care Medical Aid for Africa
Lee Abbey Hostel
Michael Sobell Hospice
Micro Loan Foundation
Mission Africa
Mission Aviation Fellowship
St Agnes 61 Prison Support
St Martins Field Fund
St Mary's Harmondsworth
St Mungo Community Housing Association
The Feast Youth Project
Wellness Foundation Myanmar Relief|Support
costs
£
5,184
2022
£
42,500
2022
£
-
5,000
5,000
3,000
-
500
-
5,000
-
1,500
5,000
-
-
-
6,000
-
-
5,000
500
2,000
4,000
-
42,500|Totals
£
47,684|
|||2021
£
54,000|
|||2021
£
2,000
-
-
3,000
5,000
-
5,000
-
5,000
-
-
10,000
5,000
3,000
-
10,000
3,000
-
-
-
-
3,000|
|||54,000|
continued...
Page 9
**KESWICK ENTERPRISES HOLDINGS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022**
## **7. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
## **8. FIXED ASSET INVESTMENTS**
|**MARKET VALUE**
At 1 April 2021
Additions
Disposals
Change in market value of investments
At 31 March 2022
**NET BOOK VALUE**
At 31 March 2022
At 31 March 2021|Listed
investments
£
2,600,342
81,455
(12,563)
144,465
2,813,699
2,813,699
2,600,342|
|---|---|
£2,611,687 of the total is represented by UK listed investments and £202,012 by overseas investments.
All listed investments were dealt in on a recognised stock exchange.
The following holdings comprised material holdings when compared to the value of the total listed investment portfolio at 31 March 2022:
||Value of|Percentage of the|
|---|---|---|
||holding £|market value %|
|Imperial Brands plc|161,050|5.72|
|Genuit group plc|196,600|6.99|
|Unilever plc|293,675|10.44|
Cost or valuation at 31 March 2022 is represented by:
|Valuation in 2018
Valuation in 2019
Valuation in 2020
Valuation in 2021
Valuation in 2022
Cost|Listed
investments
£
(81,619)
(14,705)
(487,629)
390,655
144,465
2,862,532
2,813,699|
|---|---|
continued...
Page 10
**KESWICK ENTERPRISES HOLDINGS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022**
## **9. CASH AT BANK**
|Bank current account
Rathbone bank
Cash held by investment manager
Total|2022
Total
funds
£
19,306
12,907
12,412
44,625|2021
Total
funds
£
31,990
29,666
901|
|---|---|---|
|||62,557|
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.
## **10. MOVEMENT IN FUNDS**
|**Unrestricted funds**
General fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as
**Unrestricted funds**
General fund
**TOTAL FUNDS**
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
**TOTAL FUNDS**|follows:
Incoming
resources
£
112,002
112,002|At 1.4.21
£
2,662,899
2,662,899
Resources
expended
£
(61,042)
(61,042)
At 1.4.20
£
1,873,788
1,873,788||Net
movement
in funds
£
195,425
195,425
Gains and
losses
£
144,465
144,465
Net
movement
in funds
£
789,111
789,111|At
31.3.22
£
2,858,324|
|---|---|---|---|---|---|
||||||2,858,324|
||||||Movement
in funds
£
195,425
195,425
At
31.3.21
£
2,662,899|
||||||2,662,899|
continued...
Page 11
**KESWICK ENTERPRISES HOLDINGS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2022**
## **10. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
465,695
465,695|Resources
expended
£
(67,239)
(67,239)|Gains and
Movement
losses
in funds
£
£
390,655
789,111
390,655
789,111|
|---|---|---|---|
## **11. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 March 2022.
Page 12