OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-03-31-accounts

REGISTERED CHARITY NUMBER: 1167824

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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 2023

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
Detailed Statement of Financial Activities 13

KESWICK ENTERPRISES HOLDINGS CHARITABLE TRUST

REPORT OF THE TRUSTEES for the year ended 31 March 2023

The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. 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:

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 £87,000 (2022 - £42,500) 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 (2022: nil). Investment income has increased by £13,311 from £112,002 to £125,313.

The charitable activities increased by £45,344 from £61,042 to £106,386. Donations paid were £87,000 (2022 - £42,500).

Assets at the balance sheet date totalled £2,797,031 (2022 - £2,858,324).

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 2023

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 2023 would be six months of operating overheads (excluding donations) which is approximately £10,000 (2022: £9,000). 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 2023, the charity has free reserves of £32,485 (2022: £44,625). 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 2023

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 2 August 2023 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 2023.

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

Raffingers LLP Chartered Certified Accountants 19-20 Bourne Court Southend Road Woodford Green Essex IG8 8HD

2 August 2023

Page 4

KESWICK ENTERPRISES HOLDINGS CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2023

Notes
INCOME AND ENDOWMENTS FROM
Investment income
2
EXPENDITURE ON
Raising funds
3
Charitable activities
4
Charitable activities
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2023
Unrestricted
fund
£
125,313
12,946
93,440
106,386
(80,220)
(61,293)
2,858,324
2,797,031		 2022
Total
funds
£
112,002
13,358
47,684
61,042
144,465
195,425
2,662,899
2,858,324

The notes form part of these financial statements

Page 5

KESWICK ENTERPRISES HOLDINGS CHARITABLE TRUST

BALANCE SHEET

31 March 2023

Notes
FIXED ASSETS
Investments
7
CURRENT ASSETS
Cash at bank
8
CREDITORS
Amounts falling due within one year
9
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
10
Unrestricted funds
TOTAL FUNDS		 2023
Unrestricted
fund
£
2,764,546
35,785
(3,300)
32,485
2,797,031
2,797,031
2,797,031
2,797,031		 2022
Total
funds
£
2,813,699
44,625
-
44,625
2,858,324
2,858,324
2,858,324
2,858,324

The financial statements were approved by the Board of Trustees and authorised for issue on 2 August 2023 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 2023

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 paid 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 2023

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. INVESTMENT INCOME

3.

Listed investments
RAISING FUNDS
Investment management costs
Investment management fees		 2023
£
125,313
2023
£
12,946		 2022
£
112,002
2022
£
13,358

4. CHARITABLE ACTIVITIES COSTS

Grant
funding of
activities
(see note
5)
£
Charitable activities
87,000
5.
GRANTS PAYABLE
Charitable activities		 Support
costs
£
6,440
2023
£
87,000		 Totals
£
93,440
2022
£
42,500

continued...

Page 8

KESWICK ENTERPRISES HOLDINGS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued

for the year ended 31 March 2023

5. GRANTS PAYABLE - continued

The total grants paid to institutions during the year was as follows:

Anglican International Development Fund
Christian Care Association
Church Army
Harmondsworth Parish Council
The Hertfordshire And Middlesex Wildlife Trust Limited
Hospice Memorial Appeal
Inter Care Medical Aid for Africa
Mission Africa
St Martins Field Fund
St Mary's Harmondsworth
St Mungo Community Housing Association
The Feast Youth Project
ICMDA - Ukraine Appeal
Emmanuel Church Northwood
Azuko
Safe Place - ARC
Free Church Moldova
AID Sudan
Sixty One Prison Fellowship
Little Hiccups - Leeds
Life foundation
Michael Sobel Hospice
Musical Benefit Fund		 2023
£
-
-
-
-
-
-
-
-
-
-
-
-
20,000
20,000
7,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
5,000
87,000		 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

6. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.

7. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 April 2022
Additions
Disposals
Change in market value of investments
At 31 March 2023
NET BOOK VALUE
At 31 March 2023
At 31 March 2022		 Listed
investments
£
2,813,699
77,317
(46,250)
(80,220)
2,764,546
2,764,546
2,813,699

continued...

Page 9

KESWICK ENTERPRISES HOLDINGS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2023

7. FIXED ASSET INVESTMENTS - continued

£2,536,844 of the total is represented by UK listed investments and £227,702 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 2023:

Value of Percentage of the
holding £ market value %
Astrazeneca plc 151,632 5.48
Imperial Brands plc 186,400 6.74
Unilever plc 356,150 12.88

Cost or valuation at 31 March 2023 is represented by:

Valuation in 2018
Valuation in 2019
Valuation in 2020
Valuation in 2021
Valuation in 2022
Valuation in 2023
Cost		 Listed
investments
£
(81,619)
(14,705)
(487,629)
390,655
144,465
(80,220)
2,893,599
2,764,546

8. CASH AT BANK

CASH AT BANK
Bank current account
Rathbone bank
Cash held by investment manager
Total		 2023
Total
funds
£
-
35,386
399
35,785		 2022
Total
funds
£
19,306
12,907
12,412
44,625

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.

continued...

Page 10

KESWICK ENTERPRISES HOLDINGS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2023

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other creditors
10.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
125,313
TOTAL FUNDS
125,313
Comparatives for movement in funds
Unrestricted funds
General fund
TOTAL FUNDS
Comparative net movement in funds, included in the above are as
Incoming
resources
£
Unrestricted funds
General fund
112,002
TOTAL FUNDS
112,002		 At 1.4.22
£
2,858,324
2,858,324
Resources
expended
£
(106,386)
(106,386)
At 1.4.21
£
2,662,899
2,662,899
follows:
Resources
expended
£
(61,042)
(61,042)		 2023
£
3,300
Net
movement
in funds
£
(61,293)
(61,293)
Gains and
losses
£
(80,220)
(80,220)
Net
movement
in funds
£
195,425
195,425
Gains and
losses
£
144,465
144,465		 2022
£
-
At
31.3.23
£
2,797,031
2,797,031
Movement
in funds
£
(61,293)
(61,293)
At
31.3.22
£
2,858,324
2,858,324
Movement
in funds
£
195,425
195,425

continued...

Page 11

KESWICK ENTERPRISES HOLDINGS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2023

11. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2023 or for year ended 31 March 2022.

Page 12

KESWICK ENTERPRISES HOLDINGS CHARITABLE TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2023

INCOME AND ENDOWMENTS
Investment income
Listed investments
Total incoming resources
EXPENDITURE
Charitable activities
Donations
Investment management fees
Management
Sundries
Investment management fee
Governance costs
Accountancy and legal fees
Total resources expended
Net income before gains and losses
Realised recognised gains and losses
Unrealised gains on revaluation of investments
Realised gains on disposal of investments
Net (expenditure)/income		 2023
£
125,313
125,313
87,000
20
12,946
12,966
6,420
106,386
18,927
(90,084)
9,864
(61,293)		 2022
£
112,002
112,002
42,500
300
13,358
13,658
4,884
61,042
50,960
144,465
-
195,425

This page does not form part of the statutory financial statements

Page 13