**REGISTERED CHARITY NUMBER: 1167824**
## **REPORT OF THE TRUSTEES AND**
## **UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **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 2024**
|||**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|13|
## **KESWICK ENTERPRISES HOLDINGS CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES for the year ended 31 March 2024**
The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. 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 £52,000 (2023 - £87,000) 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 (2023: nil). Investment income has increased by £14,769 from £125,313 to £140,082.
The charitable activities decreased by £37,622 from £106,386 to £68,764. Donations paid were £52,000 (2023 - £87,000).
Assets at the balance sheet date totalled £2,959,970 (2023 - £2,797,031).
Page 1
## **KESWICK ENTERPRISES HOLDINGS CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES for the year ended 31 March 2024**
## **FINANCIAL REVIEW**
## **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.
## **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 2024 would be six months of operating overheads (excluding donations) which is approximately £10,000 (2023: £10,000). 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 2024, the charity had free reserves of £98,098 (2023: £32,485). 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.
Page 2
## **KESWICK ENTERPRISES HOLDINGS CHARITABLE TRUST**
**REPORT OF THE TRUSTEES for the year ended 31 March 2024**
## **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
## **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 3 July 2024 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 2024.
## **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
3 July 2024
Page 4
## **KESWICK ENTERPRISES HOLDINGS CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **for the year ended 31 March 2024**
|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**|2024
Unrestricted
fund
£
140,082
13,224
55,540
68,764
91,621
162,939
2,797,031
2,959,970|2023
Total
funds
£
125,313
12,946
93,440
106,386
(80,220)
(61,293)
2,858,324
2,797,031|
|---|---|---|
The notes form part of these financial statements
Page 5
## **KESWICK ENTERPRISES HOLDINGS CHARITABLE TRUST**
## **BALANCE SHEET 31 March 2024**
|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**|2024
Unrestricted
fund
£
2,861,872
101,518
(3,420)
98,098
2,959,970
2,959,970
2,959,970
2,959,970|2023
Total
funds
£
2,764,546
35,785
(3,300)
32,485
2,797,031
2,797,031
2,797,031
2,797,031|
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 3 July 2024 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 2024**
## **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)' 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.
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 2024**
## **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**
|**INVESTMENT INCOME**|||
|---|---|---|
|Listed investments
Deposit account interest|2024
£
138,467
1,615
140,082|2023
£
125,313
-|
|||125,313|
## **3.**
## **RAISING FUNDS**
## **Investment management costs**
|**Investment management costs**|||
|---|---|---|
||2024|2023|
||£|£|
|Investment management fees|13,224|12,946|
continued...
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## **KESWICK ENTERPRISES HOLDINGS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued**
## **for the year ended 31 March 2024**
## **4. CHARITABLE ACTIVITIES COSTS**
|**4.**|**CHARITABLE ACTIVITIES COSTS**||||
|---|---|---|---|---|
|||Grant|||
|||funding of|||
|||activities|||
|||(see note|Support||
|||5)|costs|Totals|
|||£|£|£|
||Charitable activities|52,000|3,540|55,540|
|**5.**|**GRANTS PAYABLE**||||
||||2024|2023|
||||£|£|
||Charitable activities||52,000|87,000|
||The total grants paid to institutions during the year was as follows:||||
||||2024|2023|
||||£|£|
||AID Sudan||5,000|-|
||Christian Care Association||5,000|-|
||Mission Africa||7,500|-|
||ICMDA - Ukraine Appeal||-|20,000|
||Emmanuel Church Northwood||-|20,000|
||Azuko||-|7,000|
||Safe Place - ARC||-|5,000|
||Free Church Moldova||-|5,000|
||AID Sudan||-|5,000|
||Sixty One Prison Fellowship||-|5,000|
||Little Hiccups - Leeds||-|5,000|
||Life foundation||-|5,000|
||Michael Sobel Hospice||-|5,000|
||Musical Benefit Fund||-|5,000|
||King Alfred Christian School Dudley||16,000|-|
||Imperial Collage Christian Union||2,000|-|
||Christchurch Upton||4,000|-|
||St John’s Church Devizes||3,500|-|
||WorkAid||4,000|-|
||Royal Hospital Neuro Disability||5,000|-|
||||52,000|87,000|
continued...
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## **KESWICK ENTERPRISES HOLDINGS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024**
## **6. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.
## **7. FIXED ASSET INVESTMENTS**
|**MARKET VALUE**
At 1 April 2023
Additions
Disposals
Change in market value of investments
At 31 March 2024
**NET BOOK VALUE**
At 31 March 2024
At 31 March 2023|Listed
investments
£
2,764,546
137,539
(131,834)
91,621
2,861,872
2,861,872
2,764,546|
|---|---|
£2,596,499 of the total is represented by UK listed investments and £265,373 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 2024:
|||Percentage of the|
|---|---|---|
||Value of holding £|market value %|
|Astrazeneca plc|144,153|5.04|
|Imperial Brands plc|177,000|6.18|
|Plus500 LTD|171,475|5.99|
|Polypipe Group plc|176,400|6.16|
|Unilever plc|337,918|11.81|
continued...
Page 10
## **KESWICK ENTERPRISES HOLDINGS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024**
## **7. FIXED ASSET INVESTMENTS - continued**
Cost or valuation at 31 March 2024 is represented by:
|Valuation in 2018
Valuation in 2019
Valuation in 2020
Valuation in 2021
Valuation in 2022
Valuation in 2023
Valuation in 2024
Cost
**CASH AT BANK**
Bank current account
Rathbone bank
Cash held by investment manager
Total|2024
Total
funds
£
18,766
72,282
10,470
101,518|Listed
investments
£
(81,619)
(14,705)
(487,629)
390,655
144,465
(80,220)
91,621
2,899,304
2,861,872
2023
Total
funds
£
-
35,386
399
35,785|
|---|---|---|
## **8. CASH AT BANK**
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 11
## **KESWICK ENTERPRISES HOLDINGS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024**
## **9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Other creditors
**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
140,082
**TOTAL FUNDS**
140,082
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.4.23
£
2,797,031
2,797,031
Resources
expended
£
(68,764)
(68,764)
At 1.4.22
£
2,858,324
2,858,324|2024
£
3,420
Net
movement
in funds
£
162,939
162,939
Gains and
losses
£
91,621
91,621
Net
movement
in funds
£
(61,293)
(61,293)|2023
£
3,300
At
31.3.24
£
2,959,970|2023
£
3,300|
|---|---|---|---|---|
||||2,959,970||
||||Movement
in funds
£
162,939
162,939
At
31.3.23
£
2,797,031||
||||2,797,031||
## **10. MOVEMENT IN FUNDS**
continued...
Page 12
## **KESWICK ENTERPRISES HOLDINGS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024**
## **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
resources
expended
£
£
125,313
(106,386)
125,313
(106,386)|Gains and
Movement
losses
in funds
£
£
(80,220)
(61,293)
(80,220)
(61,293)|
|---|---|---|
## **11. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 March 2024 or for year ended 31 March 2023.
Page 13