REGISTERED CHARITY NUMBEIL. 1167824 RT OF THE TRUSTEES AND UDITED ANCIAL STATEMEiYrs FOR THE YEAR ENDED 31 MARCH 2025 FO KEsCK EfERPRIsEs HOIJ)n TABLE TRUST Raffingers Holdings Limited 19-20 Bourne Court Southend Road Woodford Gre Essex IG8 8HD
KESWI TERPIUSES HOLDINGS CHARABLE TRUST CONT SOFTHE ANCLIL STATEMENTS ear ended 31 March 2025 Page Report of the Trustees I to 3 Independent Examiner's Report Statement of Financial Activitie5 Balance Sheet Nofrs to the Financfial Statements 7 to 12 Detsiled Statement of Finall¢ A¢ttvitses 13
K ENTERPRISES HOLDING CHARrfABLE TRUST REPORT OF THE ear ended 31 March 2025 The ttustees present their report with the fmancial statements of the cbarity for the year ended 31 March 2025. The trustees have adopted the provisions of A¢¢outsting and Reporting by Charities.. Ststenwlt of Recommended Practice applicable to cbarities preparing their accounts in accordance wsth the Financial Reporting Standard applicable in the UK and Republic of Treland (FRS 102) (effective l January 2019). OWEcfivES AND ACTIvfriES Objectives and aims The objects of the cl)arity a. - tr) advance cbristianity. - to prooiotc and advance the education (including social and physical training) of people in such ways as the trustees shall from tijne to time think fit. - to promote sustainable development by :_ - the Preservalion, ¢ons¢rvation and the protection of the environment and tlle prndent use of resources. - the promotion of sustainable meaJs of aGbieving econon)ic growth and regenerdtion. Sustainable development meaD5 development wbich meets the needs of the present without compromising the ability of future generations to meet thew ne¢d¥ aud - to relieve povety and suffering and to improve the Lx)nditions of life of socially and economically disadvantaged people and con]muJities. Publi¢ benefit The tteeS have refrea to the guidance contsined in the ChaTity Commission's general guidance on public benefi( and The Advancement of Religion for the Public Benefiv in partRcular, when reviewing the aims and objectives of the charity and in planuing the cbarity's tUre activities.The a}ll of the ¢lwity for the pub]ic benefit are detailed in tILe 'Objectiv¢s and Activities, section of this report and the niain activities undertaken in order to carry out the clwitys aims for the public benefit are oudined uThder'Achievements and Perfornwice, below. ACHIEVEMENTS AND PERFORMANCE Ckntable activities The cklaritys income is in the forn of donations and investment retLrns. Donations are added to the investment portfolio held with Rathbones tnvestment Managets. The Intee5, aim is to distribllte w) to 750/0 of the investment income (after costs) to its clwitable causes in line with its objects stated above. The tn]stees consider applications for grants througbout the yeaT and decide on the causes to support at the trustee meetings held throughout the year. During the year, grants totalling £51,000 (2024 - £52,000) were made to such ¢aus¢4 filll d¢tails of which are given in note 6 to th¢ accoullts. Financial positioD The ¢haTity did not receive any donations OT gift aid during the year (2024.. Dil). Provision has been nle for £150.OLKI of gift aid income recieved in prior yeats that was repaid after the balance sheet date. tnv¢stment income has incre by £9216 from £140.082 to £149298. The clwitable activities increased by £619 from £68.764 to £69,383. Grants paid were £51,OLM) (2024- £511)(KI), Funds at the balance sheet date totslled £3.170,701 (2024- £2.959,970). tnvegtment policy The clwity bas invesknent managetnent aTrngements with Rathim)n. The target is to achieve an acceptable return of both income and capital growtb with no more than a moderate level of risk The trsteeS and their professional advisors meet regularly with the fund managers to ensure that the investments are managed in accordance with the guidelines Ved with the fund managers. Pa8¢ 1
KEsCK ENTERPIUSES HOLDING CHARfrABLE TRUST for the ear ended 31 March 2025 NANcL REvw Res¢rv¢s po]iey The tsustees have examined the requirement for free reserves i.e those estrIcted funds not designated for specific PU4)oses or othenvise conllnttt The trustees consider thal given the nature of the cl)arity'8 activities, the ideal r¢serve as at 31 March 2025 would be six rnonths of operating overheads (excluthng ts) which is appToximately £18,000 (2024: £17,000). The trusfres are of th¢ opinion that this level of reserves provides sufficient fleil1ty to cover ShOrtflS in tncoming resources, provide adequate worknng capital and allow the clwity to mect its ¢haritabl¢ objectives. At 31 Match 2025, the charity had free r¢serves of £240,927 (2024.. £98,098). tn calculating the reserves, the trustees have excluded the fixed asset investments. The review the level of reserves re8ularly to ensure that they a suffici¢nt to provide fllwL¢ial stability and fl¢xibÈlity. Reserves were higher at 31 March 2025 as cash was being reservedpendmg the outcome of a HMRC tribunal case in relation to gift aid clain]s in previo years. Th¢ charity is fi]nded by periodic capitsl donatiOllS tog¢theT wkth T¢funded gift aid rontributions from HMRC. These are invested to produce an income stream from which tILe tn]stses originally decided to distribute up to 5iY/o each year. Given the subsequent Rncre&8e capital in November 2017 and hence incre&sed )tellI7&i income the Intee8 decided that they would distribute up to 750/D of the investment income. Governing doeument The chatity is controlled by its governing documenl a deed of tr( and constitutes an unincoorated cEwity. Reernitmeut and appointment of neiy trustses The trustees are apltited by the main donor whilst he re18 a trustee. New trustees are appointed due to their interest in the of the cbaTity and tIAeir recognised eXpRenCe in specific fields which will fi]rther supwt the work of the Keswick Enterprises Holdings Charitable Tn]sL There must be at least two and not more than six trustees. organisation structure TnteeS hold at least two meetings each year as spe¢ifi¢d in the trust d¢¢d to discus5 the charitys activities. During the year the trustees held 3 meetings. Indvelion and training of new trustees All trtees have read the guidance issued by the Charity Commission ¢oncerning their roles and obligations. New trustees are given a fiill induction by the trustees. Tnths can retire when they wish as they do not serve under a fixed temi of tenure. Risk management Th¢ trUstS have a duty to identify and review the risks to which the Charity is exposed and to ensure appTOPTiate ontro]5 are in place to provide reasonable assutance against frdud and error. The trustees regularly llndertak¢ a review of the major risks to whkch the Charkty 18 expos aud systems designed to mitigate such risks aTe conSided on an ongoing basis. REFEREIYCE AIYD ADMIMSTILITIVE DETAILS Registered Charity number l 167824 Prlncfipal address 32 Frithwood Avenue Nortbwood Middlesex HA6 3LU Page 2
K EERPRI ESH LDINGS CHARrrABLE TRUST REPORT OF THE TRUSTEES for the ear ended 31 March 2025 Trnst J A Harvey CBE BA(Hons) FCILT TNst¢e Mrs P S H Reid BA(Hons) FCIPM Tn Mrs N M Sawday BAIHons) Tntee Mrs J R Svarovsky BA(HoDS) Trustee Independent Examiner RaffingeTS Holdings Limited Chartered Accountants 19-20 Boume Court South¢nd Road Woodford Green Essex IG8 8HD Advisers Rathbones 8 Fillsbury Circ. Finsbury, Londo EC2M 7AZ STATEMENT OF TRUSTEES, RESPONSIBILITIES The truste£s are responsible for preparing the Report of the Trustees and the fllwicial slatemellts ill accordance with applirable law and United Kingdom Accountkng Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales, the Charities Act 2011, Cbarity (Accounts and ReporL8) Regulations 2008 and the provisions of the trust deed requires the ttreS to prepare financial statements for each financial year whith give a true aud fair view of the state of affairs of the ¢Ewrity 2nd of the irkcoming Trsources and application of resource4 including the income and expenditure, of the c]wity for that perio(L In preparing those fl[1¢1 staternents. the trustees are required to s¢l¢ct suitable accouttting policies and then apply them consistently. observe the methods alld principles in the ClJaTity SORP. make judgements and eslimates tILat are reaThble and prudent. prepare the fiDan¢ial stat¢m¢nts on th¢ going concern basis unless it is inappropriate to presume that the rknity will continue in business. The tteeS are responsible for keeping proper accounting records which disclose with reasonable accuracy at any tin the finxnciai position of the ¢Ilty 2nd to enable tbem to ¢nsure that the finwial st2tetllents ¢omply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the tsust ded They are also responsible for safeguarding the assets of the ¢harity and bence for takng reasonable steps for the prevention and detedion of fraud and otheT ]Eregul}tieS. Approved by order of the board of trustees on 8 Septembff 2025 and sigaed on its behalfby.. J A Hatvey CBE BA(Hons) FCtLT- Tne Page 3
EPE ENT EXAMINER'S REPORT T THE TRUSTEES OF KESWICK EIYTERPRISES HOLDINGS CIIAIUTABLE TRUST Independent eLiminer's report to the trustees of Keswick Enterprises Holdings Charitable Trust I report to the charity tnthes on my exan]ination of the accounts of Keswick Enteo)rises Holdings CbaTitable Trust (the TnLqt) for the year ended 31 March 2025. RponsIbilItieS and basts of report As tbe clwity trustees of the Trust you ore responsible for the preparation of the accounts in accordaace with the requirements of the Cbarities Act 2011 ('the Act?. I report in respect of my examination of the Trnsvs 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 th¢ ACL Independent uaminer's statement I have completed my examinatiorL. I CODfm tlllt no mateTial matters have come to my attention in coJ)nection with the ¢Xan)]tiOll giving me cause to be]ieve that in any nla1 respect: accounting records were not kept in respect of the TrL]St as required by Section 130 of the ACL or the accouuts do uot ¥¢OTd with thos¢ ords. or the OUnts do not comply with the applicable re4wirnents concerning the forni and C4)ntent of accounts set out in the Cknities (AOi]nts and Reports) RegulatioDs 2008 other than any requirement that the accounts give true and fair view which is not a matter considered part of an inde•t examination. I have no concems and have come acros5 no other matters in connection with the examination to which attention should b¢ drawn in this report ill order to enable aproper WLd¢rstanding of tb¢ a¢¢owts to be reaclwL Paul Dell, FCA Raffingers Holdings Limited Chartered Accountants 19-20 Boume Court Southend Road Woodford Green Essex IG8 8HD 8 Septanber2025 Page 4
K ENTERPRISES HOLDINGS CHARrrABLE TRUST STATEMENT OF FJNANCIAL AC for the nded 31 March 2025 2025 UnrestrÈcted 2024 Totsl No*s INcOr4 AND ENDOWMENfs FROM Donations and legacies (150.000) tnveslment income 149.298 140,082 Total (702) 140,082 EXPENDITURE ON Raising funds 14,703 13224 Charitable aclivities Clwitable activities 54,680 55.540 Totsl 69,383 68,764 Nd gains on investments 280.816 91.621 NET INCOME 210.731 162,939 RECONCILIATION OF FUNDS Totsl funds brought fOard 2959,970 2,797,031 TOTAL FUNDS CARRIED FORWARD 3,170.701 2.959.970 The notes forni part of these financial ststemellts Page 5
WICK ENTERPIU HOLDINGS ABLE TRUST BALANCE SHEET l March 2025 2025 UJ]restricted fund 2024 Total Notes FIXED ASSETS Inveslments 3,079,774 2,861,872 CURRENT ASSETS Cash at bank 244.467 101,518 CREDrroRS Amounts falling due within one year io (153.540) (3.420) NET CURRENf ASSETS 90.927 98,098 TOTAL ASSETS LESS CURRENT LL4BILfTIES 3.170,701 2,959,970 NET ASSETS 3.170.701 1959,970 li Unr¢stiicted fi]nds 3,170.701 2.959.970 TOTAL FUNDS 3,170.701 2,959.970 The fu181 statements were approved by the Board of Tte¢S and authorised for issue on 8 Septenther 2025 and were signed on its behalf by.. J A HaeY CBE BA(Hons) FCILT- Tn]st¢e The notes form part of these fmancial stalements Page 6
K ENTERPRISES HOLDIN CHARrrABLE TR NOTES TO THE FtNANCIAL STATEMENTS ended 31 Marcb 202 ACCOUNfING POLICIES Basis of preparing the financial statements Th¢ fmancial ststements of the ¢klty, which is a public benefit entity under FRS 102, bav¢ been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of ReCoended Practice applicable to clwities preparing their accounts in a¢¢ordance with the Financial Reportin8 Standard applicable in the UK aDd Republic of Ireland (FRS 102) (effective l January 2019), and th¢ Cllarities Act 201 l. The financial statements have been prepared uader the bistorical cost Conventio with the exception of investments which are iti¢luded at market value, as modified by the revaluation of Certain assets. Income All income is recogtiis¢d in the Statement of Financial Activities the cbarity Iw entitlement to tILe funds, it is probable that the income wAll be reGcived and the amount can be measured reliably. In¢om¢ from listed investments is recognised once the dividend bas been paiiL Shares donated to tbe charity are recogtiised as income at the point at which the benefit to the Charity is quantifiable and rneasurable. They included at the nwk¢t vdue prevalent on the date of transfer. Expenditure Liabilities are recognised as exp¢udilJw¢ as soon as there is a legal or constructive obligation LX)nutiitting the chatity to that expetLditure, it is probable that a trdnsfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on atL acfflols basis and I9 been cl&ssified under headings that aggr¢gat¢ all cost related to the category. Where costs cannot be diTe¢lly attributed to partficular headings they have been allocated to activities on a basis consistent with the use of resoutces. Grants payabl¢ ar¢ included in the ststement of fInan activiti¢s when approved and when the intended re£ipient has elther received the fijnds or been infornied of the decision to make the donation aad has satisfied all related conditions. Clwit*ble adivities Charitable activiti&s wmpTiS¢ those costs incurred by the charity in the delivery of its activities and Se1(¢5 for its b¢n¢fi¢iaries. It includes both costs that can be allocated dir¢thly to such activities and those costs of an indirect nature necessary to support the Governance costs Governance costs conu)rise those costs associated with meeting th¢ constitytional and strategic requirnents of the Glwity and the audit fees alld costs linked to the strategic maDagenTht of the Glwity. Taxation The charity is exenlpt from tax on its clwitable activities. Fund Accounthig Unrestricted funds can be use4 in ac¢ordanc¢ with the charitable objectives at the discretion of the trustees. Restricted fillrfs can only be used for particular restricted PUTposes within the objects of the clwity. Restrictions atise when specified by the donor or when fun¢l8 are raised for partith restricted pury)oses. Further planatiOn of the nature and purpose of each fimd is included in the notes to the financial statem¢nts. Debtors Debtors are recognised at their settlement TroUn[ less any provision for non-recovernbility. Prepayments are valued at the amount Prepaid They have been discounted to the pzesent value of the tre cash receipt wher¢ such dis¢ounting is nwterial. Cash at bank in hand Page 7 continu¢d..
K ENTERPIU HOLDIN CHARABLE TRUST lQIEuTHE_F1N.AN.C1AL STATEMENTS_: eontiDued for the ear 02 ACCOUNTING POLIcs- continued Cath at bank and in hand Tepresents such accounts and instruments that are avatlable on demand or hav¢ a maturity of less thall three njonths from th¢ date of acquisktio tnvtstments 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 investtnent gains (OT losses) are combined in the ststement of fjnancial aclivities and are cr¢dit¢d (or debited) in the yeat in which they arise. Finanei21 itistrnments The cLwity only has fLoan¢ial assets and financial liabilities of a kind that qualify &s basic fmancial instnllnents. Basic financial instn¢llts illitially rec4)gtiised at tratctiOn value and subsequendy measured at their settlent value except for bank loans which are subsequently measured at the ranying value plus accrued IntSt less r¢paymellts. The fiDancing charge to expenditure is at a constant rate calculated ]Lsing the effective interest nthod. DONATIONS AND LEGACIES 2025 2024 Gift aid (150,000) 2025 2024 Dividend income 147.103 2,195 138,467 1,615 149,298 140,082 RAISING FUNDS Investment nwiagement costs 2025 2024 Investment management fees 14,703 13224 Page 8 continued...
KESWICK ENTERPRISES HOLDll¥ CIiARtfABLE TRUST NOTES TO THE Fll¥ANCL4L STATEME for the ear ended 31 March 2025 CHAIUTABLE ACTIVITIES COSTS fimding of activities (see nots Support costs Clwitsble activities 51,000 3,680 54.680 GRANTS PAYABLE 2025 2024 Charitable activities 51.000 52,1)00 The total grants paid to iDStitutions duTing the year w&8 as follows: 2025 2024 Sudan AngIiran Int¢mational DeVelopnt Fund Christian Care Association Church Amiy Mission Africa Michael Sobel Hospice Musical Benefit Futld King Alfred chrilan School Dudley Jnwerial Collage Christian Union Christ¢hur¢h Upton St John's Church DeTrizes WorkAid Royal Hospitsl NeuTO Disability Turnbull Family C}lble Trust Cbristian Legal DefeDce Fund Emmaus Trust St Albans Cbristiati Youth Enterprise 5.000 io.lx)o 5,0(Kl 8,000 7,500 (5.000) (5,000) 16.000 2.000 4,000 3,500 4,0 3.000 10.o(K) 10,000 10,000 10.000 51,000 52,000 TRUSTEES, REMUNERATION AND BENEFITS There were no trLL8tees' remuneration or other benefits for the year ended 31 March 2025 Dor for the year ended 31 March 2024. Trustees, expenses There were no the¢s, expenses paid for the year ended 31 March 2025 nor for the year ended 31 MaTch 2024. Page 9 continued...
K ENTERPRI LD CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS- continued for the ear ended 31 March 2025 FJXED ASSET INVESTMENTS Listed investrnents At l April 2024 AddÈtions Disposals Change in market value of inves(m¢nts 2,861.872 120,245 (183,159) 280,816 At 31 March 2025 3.079,774 NET BOOK VALUE At 31 March 2025 3.079.774 At 31 March 2024 2.861,872 £2,718,598 of the total is represented by UK listed investh)ents and £361,176 by ovseaS investments. All listed investments were dealt in on a recogtiispAI sto¢k exchange. The following holitings comprised nterIal holdings when conyd to the value of the total listed investment portfolAO at 31 Marth 2025: Value of Percentage of tbe holding £ market value O/ 137,595 4.47 149.350 4.85 151,929 4.93 198220 260,680 286.500 391,850 Rio Tinto plc Centrica plc Astraz£ne¢a pl¢ Lloyds Banking Group plc Plus500 LTD Imperial Brands plc UDi1¢V pk 8.46 9.30 12.72 C05t or valuation at 31 March 2025 is represented by. Listed investsnents Valuation in 2018 Valuation in 2019 Valuation ID 2020 Valuation in 2021 Valuation in 2022 Valuation in 2023 Valuation in 2024 Valuation in 2025 Cost (81,619) (14.705) (487,629) 390.655 144,465 (80220) 91,621 280,816 2.836,390 3,079,774 Page 10 continue(L..
KESWICK ENTERPRISES HOLDINGS CHARrrABLE TRU NOTES TO TItE FINANCIAL STATEMENTS - conthiued for the eAr ended 3 eh 2025 CASH AT BANK 2025 Tot&1 2024 Total Bank current account Rathbone bank Cash held by investment nw]ager 29.226 32,060 183.181 18,766 72282 10,470 Total 244.467 101.518 C&8h at bank and in hand represents such accounts and ins1nellts that are available on dernar or have a matiuity of less than three motLths from the date of acquisitio Cash reserves wer¢ built up as at 31 March 2025 in anticipation of the outcom¢ of a HMRC tribunal case pending in relation to gift aid amounts received in previous years. An amount of £150,000 was paid after d&te to s¢ttle this. This amount I been pmvtded for in the 0rnts. 10. CREDITORS: AMOi]NTS FALLING DUE wrrHIN OIYE YEAR 2025 2024 Taxation and social slty Other creditors 150,000 3,540 3,420 153,540 3,420 11. MOVEMENT IN FUNDS Net movement At 31.3.25 At 1.4.24 UDrestri¢ted funds General fimd 2,959,970 210.731 3.170.701 TOTAL FUNDS 2.959.970 210,731 3,170,701 Net movement in funds, included in the above are as follows: Incoming resources Resources ¢xp¢nded Gains and Movement losses Unrestricted funds (702) (69,383) 280,816 210,731 (702) (69,383) 280,816 210,731 Page 11
KESWICK ENTEIiPRISES HOLDINGS ABLE TRUST DU for the ear ended 31 March 2025 ii. MOVEMENT IN FUNDS- continued Comparatives for movement in funds Net movement in funds At 31.3.24 At 1.4.23 Unrestricted funds General fund 2.797.031 162,939 1959,970 TOTAL FUNDS 2,797,031 162,939 2,959,970 Conwtive net nlovement in fimds, included in the above are as follows: ]ncoming r¢sour¢es Resources expended Gains and Movement losses Unrestricted funds General fund 140.082 (68,764) 91,621 162,939 TOTAL FUNDS 140,082 (68,764) 91,621 162,939 12. RELATED PARTY DISCLOSURES There were no related paty traDCtiOnS for the year ended 31 March 2025 or for year ended 31 March 2024. Page 12
K EKfERPIUSES HOLDIN CHARrrABLE TRUST DETAILED STATEMENf OF FINANCIAL ACTIVITIES for the ear ended 31 March 2025 2025 2024 INCOME AND ENDowTr Donations and legacies Gtft aid (150.000) Investment income Dividend income Deposit account interest 147,103 2,195 138,467 1.615 149298 140,082 Totsl Incomlng resources (702) 140,082 Charitable athities DonatioDS 51.(KKI 52,000 Investment management fees Management Sundries lllV¢Stment Dwnag¢m¢nt fee 20 14.703 13224 14,723 13.224 Governance costs AOuntancY al l¢gal fees 3.660 3,540 Total soUrCeS expended 69,383 68,764 Net {eJpenditureyiutome before gains (70,085) 71,318 R¢21ised recognised gains 2nd losses Utwealised gains on rgvaluatiOD of inveskn¢nts Realised gains on (bsposal of investtn¢nts 293,535 (12.719) 72,443 19.178 Y4et income 210,731 161939 This page does not fonn part of the statutory financial statenMts Page 13