Charity number: 1180402
Kreston Reeves Foundation
Unaudited
Trustees' report and financial statements
For the year ended 31 May 2023
Kreston Reeves Foundation
Contents
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Trustees' responsibilities statement | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 18 |
Kreston Reeves Foundation
Reference and administrative details of the Charity, its Trustees and advisers For the year ended 31 May 2023
| Trustees | S G Ediss |
|---|---|
| R W Heasman | |
| S M Rouse | |
| A C Pincott | |
| Charity registered number 1180402 Principal office 37 St Margaret's Street Canterbury CT1 2TU Bankers CAF Bank 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ |
Page 1
Kreston Reeves Foundation
Trustees' report For the year ended 31 May 2023
The Trustees present their annual report together with the financial statements for Kreston Reeves Foundation (the "Charity") for the year ended 31 May 2023.
Kreston Reeves Foundation was incorporated on 22 October 2018 and was incorporated to encompass Kreston Reeves LLP's commitment to the Charity and Not-for-profit sector. The Kreston Reeves Foundation is managed by Kreston Reeves LLP staff members as an Executive Committee reporting to the Trustees.
The Charity encourages staff of Kreston Reeves LLP (staff) to give back to the community by facilitating a paid volunteering day for each member of staff, by sponsoring members of staff in events held for Charity as part of the automatic sponsorship initiative and by encouraging fundraising for Kreston Reeves LLP's nominated charities of the year. The Kreston Reeves Foundation is the focal point for Kreston Reeves LLP's many charitable and fundraising activities.
Objectives and activities
a. Policies and objectives
Under the Constitution, the stated objectives of the Charity are: "to further such charitable purposes (charitable under English law) as the Trustees see fit from time to time by the provision of grants to charitable organisations located in the vicinity of a Kreston Reeves office."
In setting objectives and planning 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 (PB2)'.
b. Activities undertaken to achieve objectives
In planning their objectives for the year, the Trustees have ensured that they have complied with the duty in s17 of the Charities Act 2011 and kept in mind the Charity Commission's guidance on public benefit.
The Charity's main activity is the provision of grants to charitable organisations located in the vicinity of a Kreston Reeves office.
In order to achieve these objectives, the Charity aims to build partnerships with organisations in this area.
Achievements and performance
Review of activities and future plans
The Charity collected donations including gift aid of over £11,600 which had been raised by employees for their local office Charity of the Year. The Trustees would like to thank all of the employees who have donated to their chosen Charity of Year, with particular thanks to the KR Community Representatives who organise the events, collect the donations and develop relationships with the charities. This KR Community group have produced an impact report which documents the activities on behalf of the Charity together with the other activities undertaken by Kreston Reeves LLP within this groups remit. The impact report can be found to download at https://www.krestonreeves.com/about/environmental-social-governance-esg/#download
The Charity has provided £3,900 of automatic sponsorship this year for individual members of staff taking part in fundraising events for charities located in the vicinity of a Kreston Reeves office.
Page 2
Kreston Reeves Foundation
Trustees' report (continued) For the year ended 31 May 2023
The Charity also facilitated a volunteering day for 88 members of staff equating to 538 hours, or over 71.70 working days, of charitable work in our local communities. The value of this time has not been quantified. The Charity is pleased to report an increase in the hours utilised for volunteering by over 13%. The Charity continues to work for even greater use of the volunteering initiative among employees to donate employee time for the benefit of our local charities and communities.
During the year, to augment the Charity's impact to the local communities within which it operates, discretionary donations were made totalling £14,000 to local food banks. Food banks are working in the heart of our local communities, providing essential help for many families and individuals who are struggling. The Trustees were delighted to be able to provide direct support to these causes, to enable them to provide food and other essential goods as they are needed.
Each office will continue to choose a Charity of the Year in order to continue to provide grants to charitable organisations located within the vicinity of a Kreston Reeves office.
The Charity plans to contuinue with the automatic sponsorship scheme and a volunterring day for members of staff.
The Trustees would like to thank the members of the Executive Committee for their diligence in administering the day to day management of the Charity.
The Trustees would also like to thank the Partners of Kreston Reeves LLP for their donations to the Charity during the year. These have enabled the Charity to provide automatic sponsorship to some members of staff and to build the Charity's reserves to support this scheme and others going forward.
Financial review
Reserves policy
The Trustees have considered the level of reserves required to meet the objectives of the Charity and are aiming to maintain reserves of between £2,000 and £2,500. This level of reserves would support the pledged payment of the automatic sponsorship initiative (see above) for the year ahead.
At the year end, unrestricted reserves of £5,258 (2022: £15,669) were held which is higher than the reserves position the Trustees had planned to maintain. The Trustees are currently discussing future plans to distribute a proportion of the excess reserves to local charitable causes. The Trustees will continue to monitor the level of reserves held.
Page 3
Kreston Reeves Foundation
Trustees' report (continued) For the year ended 31 May 2023
Structure, governance and management
a. Constitution
Kreston Reeves Foundation was registered as a Charitable Incorporated Organisation on 22 October 2018 and its governing document is its constitution.
b. Methods of appointment or election of Trustees
Apart from the first Charity Trustees, every Trustee must be appointed for a term of three years by a resolution passed at a properly convened meeting of the Charity Trustees, who are elected and co-opted under the terms of the constitution.
c. Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Approved by order of the members of the board of Trustees and signed on their behalf by:
S M Rouse Trustee Date:
Page 4
Kreston Reeves Foundation
Statement of Trustees' responsibilities For the year ended 31 May 2023
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Constitution. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 5
Kreston Reeves Foundation
Statement of financial activities For the year ended 31 May 2023
| Note Income from: Donations and legacies 3 Other trading activities 4 Investments 5 Total income Expenditure on: Charitable activities 7 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2023 £ 868 10,787 - 11,655 11,655 11,655 - - - - |
Unrestricted funds 2023 £ 8,814 - 20 8,834 19,125 19,125 (10,291) 15,669 (10,291) 5,378 |
Total funds 2023 £ 9,682 10,787 20 20,489 30,780 30,780 (10,291) 15,669 (10,291) 5,378 |
Total funds 2022 £ 18,086 11,479 - |
|---|---|---|---|---|
| 29,565 | ||||
| 28,851 | ||||
| 28,851 | ||||
| 714 | ||||
| 14,955 714 |
||||
| 15,669 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 18 form part of these financial statements.
Page 6
Kreston Reeves Foundation
Balance sheet As at 31 May 2023
| Note Current assets Debtors 10 Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total net assets Charity funds Restricted funds 12 Unrestricted funds 12 Total funds |
2,339 10,983 13,322 (7,944) |
2023 £ 5,378 5,378 - 5,378 5,378 |
5,594 18,239 23,833 (8,164) |
2022 £ 15,669 |
|---|---|---|---|---|
| 15,669 | ||||
| - 15,669 |
||||
| 15,669 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
S M Rouse Trustee Date:
The notes on pages 8 to 18 form part of these financial statements.
Page 7
Kreston Reeves Foundation
Notes to the financial statements For the year ended 31 May 2023
1. General information
Kreston Reeves Foundation is a charitable incorporated organisation, incorporated in England and Wales with charity number 1180402.
The address of the Charity's registered office is Kreston Reeves LLP, 37 St Margaret's Street, Canterbury, Kent, CT1 2TU.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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).
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
Kreston Reeves Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The Charity's functional and presentational currency is Pound Sterling.
The Charity's financial statements are presented to the nearest Pound.
2.2 Going concern
In order to meet its day to day working capital requirements the Charity is dependent on donations received from the partners and employees of Kreston Reeves LLP. During the year the Charity has received a significant amount of donations which has enabled it to meet its reserves policy.
The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future, and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounts 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 reliably.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Page 8
Kreston Reeves Foundation
Notes to the financial statements For the year ended 31 May 2023
2. Accounting policies (continued)
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 on charitable activities is incurred 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 is 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 Taxation
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
2.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-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
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 anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
2.10 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised 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.
Page 9
Kreston Reeves Foundation
Notes to the financial statements For the year ended 31 May 2023
2. Accounting policies (continued)
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.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from donations and legacies
| Donations Total 2022 |
Restricted funds 2023 £ 868 706 |
Unrestricted funds 2023 £ 8,814 17,380 |
Total funds 2023 £ 9,682 18,086 |
Total funds 2022 £ 18,086 |
|---|---|---|---|---|
4. Income from other trading activities
Income from fundraising events
| Charity of the Year Total 2022 |
Restricted funds 2023 £ 10,787 11,479 |
Total funds 2023 £ 10,787 11,479 |
Total funds 2022 £ 11,479 |
|---|---|---|---|
5. Investment income
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2023 | 2023 | 2022 | |
| £ | £ | £ | |
| Bank interest | 20 | 20 | - |
Page 10
Kreston Reeves Foundation
Notes to the financial statements For the year ended 31 May 2023
6. Analysis of grants
| Grants Total 2022 |
Grants to Institutions 2023 £ 25,655 24,185 |
Grants to Individuals 2023 £ 3,900 1,875 |
Total funds 2023 £ 29,555 26,060 |
Total funds 2022 £ 26,060 |
|---|---|---|---|---|
The Charity has made the following material grants to institutions during the year:
| Name of institution Air Ambulance Kent Surrey Sussex Aldingbourne Trust Breast Cancer Kent Choices East Kent Hospitals Charity Ferring Country Centre Honeypot My Shining Star Pilgrims Hospice (Canterbury) Samaritans West Sussex Mind Whoopsadaisy Brighton and Hove Food bank Canterbury Food bank Chichester Food bank Deal Area Emergency Food bank Hackney Food bank Help in the Community Medway Food bank Horsham Matters Food bank Shout Worthing Soup Food bank Other grants to institutions |
2023 £ 492 831 1,806 - 1,096 - 1,343 1,128 - - 1,482 903 2,000 4,262 2,000 2,000 2,000 2,000 2,000 - 25,343 312 25,655 |
2022 £ 487 - 2,486 930 3,002 481 1,382 - 922 716 1,197 307 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 |
|---|---|---|
| 23,910 275 |
||
| 24,185 |
Includeded within Grants are grants made of £11,655 from restricted funds (2022: £12,185).
Page 11
Kreston Reeves Foundation
Notes to the financial statements For the year ended 31 May 2023
7. Analysis of expenditure on charitable activities
Summary by fund type
| Grant making Total 2022 |
Restricted funds 2023 £ 11,655 12,185 |
Unrestricted funds 2023 £ 19,125 16,666 |
Total 2023 £ 30,780 28,851 |
Total 2022 £ 28,851 |
|---|---|---|---|---|
8. Analysis of expenditure by activities
| Grant making Total 2022 |
Grant making activities 2023 £ 29,555 26,060 |
Support costs 2023 £ 1,225 2,791 |
Total funds 2023 £ 30,780 28,851 |
Total funds 2022 £ 28,851 |
|---|---|---|---|---|
Analysis of support costs
| Bank and Just Giving charges Accountancy fees Insurance Subscriptions Donations returned Trustees travel expenses Independent Examiner's fees Total 2022 |
Grant making activities 2023 £ 471 - 604 29 100 21 - 1,225 2,791 |
Total funds 2023 £ 471 - 604 29 100 21 - 1,225 2,791 |
Total funds 2022 £ 650 95 517 29 - - 1,500 |
|---|---|---|---|
| 2,791 | |||
Page 12
Kreston Reeves Foundation
Notes to the financial statements For the year ended 31 May 2023
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
During the year ended 31 May 2023, Trustees Indemnity insurance totalling £604 was paid on behalf of the Trustees (2022: £517). One Trustee was re-imbursed £21 for travel costs (2022: £NIL). No other expenses were reimbursed to the Trustees in the year (2022: £NIL).
10. Debtors
| Due within one year Other debtors Prepayments and accrued income Tax recoverable |
2023 £ 510 549 1,280 2,339 |
2022 £ 2,621 529 2,444 |
|---|---|---|
| 5,594 |
11. Creditors: Amounts falling due within one year
| Other creditors Accruals and deferred income Grants accrued - individual Grants accrued - charities |
2023 £ - 216 1,650 6,078 7,944 |
2022 £ 50 1,918 725 5,471 |
|---|---|---|
| 8,164 |
Page 13
Kreston Reeves Foundation
Notes to the financial statements For the year ended 31 May 2023
12. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds Restricted funds Charity of the year - Brighton Charity of the year - Canterbury Charity of the year - Chatham Charity of the year - Chichester Charity of the year - Discovery Park Charity of the year - Horsham Charity of the year - London Total of funds |
Balance at 1 June 2022 £ 15,669 - - - - - - - - 15,669 |
Income £ 8,834 1,215 3,359 2,933 832 491 1,482 1,343 11,655 20,489 |
Expenditure £ (19,125) (1,215) (3,359) (2,933) (832) (491) (1,482) (1,343) (11,655) (30,780) |
Balance at 31 May 2023 £ 5,378 |
|---|---|---|---|---|
| - - - - - - - |
||||
| - | ||||
| 5,378 |
Page 14
Kreston Reeves Foundation
Notes to the financial statements For the year ended 31 May 2023
12. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General Funds Restricted funds Charity of the year - Brighton Charity of the year - Canterbury Charity of the year - Chatham Charity of the year - Chichester Charity of the year - Discovery Park Charity of the year - Horsham Charity of the year - London Charity of the year - Worthing Total of funds |
Balance at 1 June 2021 £ 14,955 - - - - - - - - - 14,955 |
Income £ 17,380 314 3,925 3,417 265 488 1,913 1,382 481 12,185 29,565 |
Expenditure £ (16,666) (314) (3,925) (3,417) (265) (488) (1,913) (1,382) (481) (12,185) (28,851) |
Balance at 31 May 2022 £ 15,669 |
|---|---|---|---|---|
| - - - - - - - - |
||||
| - | ||||
| 15,669 |
Page 15
Kreston Reeves Foundation
Notes to the financial statements For the year ended 31 May 2023
12. Statement of funds (continued)
Purpose of restricted funds
Charity of the year - Brighton - This fund represents monies raised by employees in the Brighton office on behalf of Sussex Nightstop for the current year, and on behalf of Whoopsadaisy for the prior year.
Charity of the year - Canterbury - This fund represents monies raised by employees in the Canterbury office on behalf of Canterbury Foodbank for the current year, and on behalf of East Kent Hospitals Charity for the prior year.
Charity of the year - Chatham - This fund represents monies raised by employees in the Chatham office on behalf of My Shining Star for the current year, and on behalf of Breast Cancer Kent for the prior year.
Charity of the year - Chichester - This fund represents monies raised by employees in the Chichester office on behalf of the Aldingbourne Trust for both the current and prior years.
Charity of the year - Discovery Park - This fund represents monies raised by employees in the Discovery Park office on behalf of Air Ambulance Kent Surrey Sussex for both the current and prior years.
Charity of the year - Horsham - This fund represents monies raised by employees in the Horsham office on behalf of West Sussex Mind for both the current and prior years.
Charity of the year - London - This fund represents monies raised by employees in the London office on behalf of The Honeypot Children's Charity for both the current and prior years.
Charity of the year - Worthing - This fund represents monies raised by employees in the Worthing office on behalf of Ferring Country Centre for the prior year. The Worthing office was closed during the 2022 year.
Page 16
Kreston Reeves Foundation
Notes to the financial statements For the year ended 31 May 2023
13. Summary of funds
Summary of funds - current year
| General funds Restricted funds Summary of funds - prior year General funds Restricted funds |
Balance at 1 June 2022 £ 15,669 - 15,669 Balance at 1 June 2021 £ 14,955 - 14,955 |
Income £ 8,834 11,655 20,489 Income £ 17,380 12,185 29,565 |
Expenditure £ (19,125) (11,655) (30,780) Expenditure £ (16,666) (12,185) (28,851) |
Balance at 31 May 2023 £ 5,378 - |
|---|---|---|---|---|
| 5,378 | ||||
| Balance at 31 May 2022 £ 15,669 - |
||||
| 15,669 |
14. Analysis of net assets between funds Analysis of net assets between funds - current year
| Current assets Creditors due within one year Total Analysis of net assets between funds - prior year Current assets Creditors due within one year Total |
Restricted funds 2023 £ 6,078 (6,078) - Restricted funds 2022 £ 5,471 (5,471) - |
Unrestricted funds 2023 £ 7,244 (1,866) 5,378 Unrestricted funds 2022 £ 18,362 (2,693) 15,669 |
Total funds 2023 £ 13,322 (7,944) |
|---|---|---|---|
| 5,378 | |||
| Total funds 2022 £ 23,833 (8,164) |
|||
| 15,669 |
Page 17
Kreston Reeves Foundation
Notes to the financial statements For the year ended 31 May 2023
15. Related party transactions
i) During the year ended 31 May 2023 donations without conditions totalling £755 (2022: £830) were received from the Trustees.
ii) S G Ediss, R W Heasman and S M Rouse are designated partners of Kreston Reeves LLP as well as being Trustees for the Charity:
a) During the year ended 31 May 2023, the Charity received donations of £122 from Kreston Reeves LLP (2022: £9,436). The donations in year related to donated services.
b) At the year end an amount was owed from Kreston Reeves LLP totalling £NIL (2022: £2,420). This amount relates to monies collected on behalf of the Charity in relation to fundraising for each offices' Charity of the year.
Page 18