Charity Registration No. 1192202 THE JAMES KNOTT FAMILY FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024
THE JAMES KNOTT FAMILY FOUNDATION CONTENTS Page Trustees. reFX)rt statement of Trustees, responsibilf(ies Statement of financial actwf(ies Balance sheet Statement of cash flows Notes to the financial statements 8-14
THE JAMES KNOTT FAMILY FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Professor S Barclay Mrs J R S Johnston Professor J Barclay Dr A Barclay Miss L J Cousins Administrator Ralhbones Trust Company Limf(ed Charity number 1192202 Registered office and addre55 for appeals 8 Finsbury Circus London C2M 7A2 Bankers and Investment Manager$ Rathbones Investment Management Limited 8 Finsbury Circus London EC2M 7N2
THE JAMES KNOTT FAMILY FOUNDATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 JANUARY2024 The Trustees present their annual report and financial stslemenls for the year ended 31 January 2024. The financial slalemenls have been prepared in accordance wrth th& accounting Fx)licies sel out in note 1 to the financial statements and comply with the Charity's constrtulion, the Charities Act 2011 and "Accounting and Reporting by Charities.. Statement ol Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 leffeclive 1 January 20191. Objectlves and actlvltles The James Knott Family Foundation is a Charilatde Incorporated Organisation created by a Constitution Document dated 31 August 2020. The objects of the CIO are lo pay or apply the capital and income vested in the Trustees lo or for such purpc6es as are exclusively charitable in accordance with the law5 of England and Wales as the Tlustees shall, in their absolute discretion, think fit. ststement of compliance with Charity Commission guidance The Trustees have complied wlh the duly in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charities Commission. Grant making policies The Trustees have long-eslablished links with various areas of Africa and have supwrted hosprtals and educational projects here lor a number of years. During the period under review the Trustees continued lo prowde funding lo those previously funded charities. The Trustees take an active interest in projects supported and have kept in regular contact with them in order that they may monitor the use ofthe donations provided and report on progress being made. The Trustees have supported the Mvumi Hospital for a number of years and Continued to do so, and in this period they made a payment of £13,000 towards the cost of vehicle repair and a new autoclave. The Trustees agreed lo continue their support lo NOTDEC UK and made a donation of £28,250 in this period. The donali(>n assisted wlh mainlenan¢e of the tractor and b(>er, pick-up, mini-bus and motor kn"ke, support lor secondary and tertiary education fees, computers for students In vocational training, solar Inslallalions, and nstruction work. The Trustees ntInued to supwrt The Trussell Trust Icoventry Food Bank), and agreed a cjonation of £4,000 to be used towards the ongoing running costs of their warehouse. The Trustees have previously supported Candle for India IDeepti Centrel. Th18 year, the Trustees agreed a donation of £8,000 to assist with vehicle mainlenan¢e and expenses. The Trustees supported The Kite Trust and agreed a donation of£8,500 to enable the charty lo continue support for its one to one work. its youth leadership programmes and ils residential camps for young people. The Trustees supported Spear Bethnal Green and a donation of £15,000 was agreed 1¢ assist the funding ¢f one of their courses to assist young people wlh finding employment. The Trustees 8uprK)rted Kings College Memtsrial SeNi¢es and a donation of £2,500 which offers an annual memorial seryice lo relations of indiwduals who have donated their bodies lo medical science.
THE JAMES KNOTT FAMILY FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 Grant maklng FM)licies- contlnued A donation of £15,000 was made to the Emmanuel College, CambrKlge to supp)rt medica151udents in cases of linancial hardship for their living expenses. Donation payment lo Arthur Rank Hospice help fund their day hospice. This Day Centre is entirely ftjnded by charrtable donations. The Trustees have an Interest In the provision of hospice care and agreed lo make an annual donation of £2.000 lo a hospice which is local lo one Df their number, in order lo monitor the benefrt obtained from the pledged monies. The Trustees have previously made annual prizes available to m&lical students at the Unwersily of Cambridge studying palliative care. The Trustees have, in the period, pledged £3,750 toward pnzes for Years 4. 5 and 6 students. Achlevements and performance The investment objective for the Trust Is for a balance between caprtal gr0h and income, in line wf(h Risk Strategy Level 4. 85 defined by Rathbones Teims of Business As at 31 January 2024 the Trust YRS valued at £632,407 and was forecast lo w{Uce an estimated gross annual income of £18,801 or 2 970A. During the 12 months lo 31 January 2024, the portfolio increased 2.44% in tc>lal return terms as compared to the MSCI WMA Balanced which increased 5 81%. 2023 ended on a more upbeat tone following what was a fairy tumultUDUS year with many conflicting economic forces al play. As we look ahead in 2024, worldwide conflicts serve to remind investors how fragile the geopolrtical landscape is and how inextricably linked global markets are to such events. This is sobering as we start an election year wrth over half the world's population set to vote Including tolh here and In the USA. A5 ever, investment markets climb a wall of worry wrth some leading economic indicators forecasting a recession this year. However, while one can sometimes struggle to see reasons to be optimistic, when we Iouk through the lens of individual companies, we can take considerable Confidence from the services and produ¢ts being created and the opportunities therein dessj'te the geopolitical landscape. The portfolio continues to have a strong bias to direct UK equity Investments with higher income yields. The portrolio is well diversified wth a core of blue-chip companies with strong balanc? sheets that delive a large pioportion of their earnings from overseas, as well as some investments in mid cap stocks which offer greater capital growth potential. At the year-end there were collective holdings that were valued al over 5% of the portfolio's capital.. JP Morgan US EqLJity Income and Trojan Global Income. The collective holdings are well diversified across different geographies and sertor5 and have a bias towards generating income together with the opportunity for Capital growth, In line wrth the Risk Strategy Leve14 of the Funcj. A8 at 31 January 2024 accumulated income stood at £27.676.
THE JAMES KNOTT FAMILY FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 Flnanclal review Total incoming resources were £18,250 (£17,864 in 20231, wth £112,2871£112,264 in 20231 being committed lo charrtable activities of which £12,2871£12,264 in 20231 relates lo support and governance costs. Costs of raising funds amounted lo £4.3241£4,349 in 20231, There was an unrealised gain of £8,266 (loss of £18,265 in 20231 on investments and in addrtion a realised Ilossl of £12,243 (loss of £24,455 in 20231 resuf(ing in net oufflow of funds of £102.338 loulflow of £141,469 in 20231. Rlsks The Trustees have not identrfied any major risks and they will continue lo monitor the adequacy of their system. Above and beyond the inherent market risks, to which the charity is exposed, the portfolio is well diversified, on a geographical, sectorial and stock basis. Structure, governance and management The TrustÈes who served during the period were.. Professor S Barclay Mrs J R S Johnston Professor J Barclay Dr A B8relay Miss L J Cousins Appointment of new tTUStees Apart from the first Trustees Ilisted above) every Trustee musl be appointed lor a term of three years by resolution passed al a properly convened meeting of the Trustees. Decision maklng The Trustee5 meet annually to review applications for funding, Investment performance, income levels and the financial statements. Trustee training Thé Trustees correspond and meel wth their professional advisors regularfy and the advisors are spe¢ifi¢ally instructed to appraise the Trustees of relevant technical and practice issues as they arise. The Trustees, report was approved by the Board of Trustees. Miss L J Cousins Trustee 2 Juty 2024
THE JAMES KNOTT FAMILY FOUNDATION STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 JANUARY2024 The Trustees are responsible for preparing the Trustees, Report and the financial slalements in accordance wrth applicable law and United Kingdom Accounting Standards (United Kingdom Generalty Accepted Accounting Practice). The law appli¢able lo charities in England and Wales requires the Trustees to prepare financial stslements lor each financial year which give a true and fair view ol the stale of affairs ol the Charity and ol the incoming resources and application of resources of the Charity fDr that year. In preparing these financial slalemenls, the Trustees are required lo.. select suitable accounting policies arKI tren apply them consistently", observe the methods and principles in the Charities SORP.. make judgements and estimates that are reasonatle and prudent slate whether applicable accounting standards have teen followed, subject to any material departures disclosed and explained in the financial statements, and prepare the financial statements on the going Concern basis unless it is inapproyiale lo wesume that the charity will continue in operation. The Trustees are responsible for keeping sufficient accounting records that disclose wth reasonable accuracy al any time the financial position of the Charrty and enable them to ensure that the financial slalemenls comply with the Charrfties Aet 2011, the Charity IAccoLJnts and Reports) Regulations 2008 and the provisions of the constitution. They are aL40 responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevenb'on and detection of fraud and other irregularities.
THE JAMES KNOTT FAMILY FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JANUARY2024 Unrestricted Unrestrictgd funds funds 2024 2023 Notss Income Investment income other income 16.731 1,519 17,448 416 Totsl Income 18,250 17,864 Expenditure Raising funds 4.324 4.349 Charitable actNtties 112,287 112,264 Total resources expended 116,611 116,613 Net lexpendlture) before Investment Ilossesl 198,3611 198,7491 Nel Ilossesl on investments 11 13,9771 142,7201 Net movèment in funds 1102,3381 1141,4691 Fund balances at 1 February 2023 751.603 893,072 Fund balances at 31 January 2024 649,265 751,603 The Statement of financial a¢tivrties Includes all gains and losses recognised in the year. The st*emenl of financial activities includes all gains and losses re¢(>Jnised In the year. All income and expendrture derive from continuing activities.
THE JAMES KNOTT FAMILY FOUNDATION BALANCE SHEET AS AT31 JANUARY 2024 2024 2023 Notes Flxed assets Investments 12 632.407 738,535 Current assets Debtors Cash at bank and in hand 13 642 22.216 293 18,776 22,858 19,069 Credltors.. amounts lalllng due wlthln one year 14 16,0(JOI 16,0001 Nel current asse15 16,858 13,C69 Totsl assets less current Ilabllltles 649,265 751,604 Income funds Unrestricted funds 649,265 751,603 649,265 751,604 The accounts were approved by the Trustees on 2 July 2024 Mlss L J Couslns Trustee
THE JAMES KNOTT FAMILY FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JANUARY2024 2024 2023 Notes Cash flows from operating activities Cash absorbed by operations 15 1115,0921 1118,3521 Investing activities Purchase ol investments Proceeds on disposal ol investments Investment income received 1303,4731 368,715 18,382 129.0711 132,847 17,430 Net cash generated from Investlng activities 81,624 121,2C Nel cash used in financing activities Net Idecreaselllncrease In cash and cash equivalents 133,4681 2.854 Cash and cash equwalents at beginning of year 58,653 55,799 Cash and cash equivalents at end of year 25,185 58,653
THE JAMES KNOTT FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY2024 Accountlng pollcies Charity information The James Knott Family Foundation is a Charf(able Incorporated Organisalion establL8hed by a Constitution Document dated 31 August 2020 and registered wlh the Charrty Commission 1.1 Accountlng conventlon The financial statements have been prepared in accordance with the charity's constrtution, 'Accounting and Reporting by Charities". Statement ol Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic ol Iieland IFRS 1021 (Second Edition), and the Financial Reporting Standard applicable in the Unrted Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011 and UK Generally Accepted Practice as It applies from 1 January 2019. 1.2 Golng concern The trustees consKler there are no material uncertainties about the charity's abilty to continue as a going concern. The review ol our financial position, reserves levels and future plans gives Trustees confidence the charity remains a going concern lor the foreseeable future. 1.3 Charitable funds Unrestricted income funds comprise those fvnds lch the trustees are free to use for any purpose in rtheiance of the charitable objectives, unle55 the funds have been designated foi olhei puposes. 1.4 In¢omSng reUre¢S Inve51menl Income and donations reIVed are recognised when the charity Is legally enlilled lo it after any performance conditions have been met, the arnounts can be rneasured reasonably, and il Is probable that the Income will be received. 1.5 Resources expended Grants are Included in the finan¢ial statements when approved by the Trustees and notified to re¢ipients. The value of committed grants unpaid al the year end is accrued. Grants offered that are subject lo conditions that have not been mel at the year end are noted as a commitment but not accrued as expenditure. Management and administration costs comprise those costs incurred in running the charity. They have been apportioned on the basis of b.me spent between charrtable activrties, (x)sl of raising funds and goveinance Governance costs consist of those costs associated wrth the overall running of the charity and meeting statutory and regulatory requirements. 1.6 Fixad asset Inv&stm8nts Fixed assets Investments represent listed investments which are stated al market valuation, there market value represents the mid market value on the last trading day before the year end. Any unrealised or realised gains arising fiom investments are accounted for in the Statement of Financial Aclivilie5. 1.7 Cash and cash equivalents Cash al bank and cash in hand includes cash and short term highly liquid investments wrth a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.8 Flnanclal Instruments Basic financial assets, which include trade and other re1Vable5 and (ash and bank balances, are initially measured al transaction price including transaction costs and are subsequently carneol at amortised cost using the effective interest method unless the arrangement conslrtules a financing transaction, where the transaction is measured at the present value of the futLJre receipts discounted at a market rate of interest.
THE JAMES KNOTT FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 Accounting policies (Continued) Other financial assets, including investments in equf(y instruments which are not subsidiaries, associates or joint ventures, are initially measured al fair value, which is normally the transaction price Such assets are subsequently carried al lair value and the changes in fair value are rec(nISed in nel incomellexpendfcurel, except that investments in equrty instruments that are not publicly traded and whc6e fair values cannot be measured reliably are measured at cost les5 impairment, The charity does not invest in options. derivatives or other complex financial instruments. 1.9 Debtors Debtors are receivable al their expected settlement amount. 1.10 Creditor¥ Creditors are recognised where the charty has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can L measured or eslimaled reliatjy. Creditors are normally recognised at their settlement amount after allowng lor any discounts due. Critical accounting estimates and judgements In the application of the charity's accounting policies, the Trustees are required lo make iudgemenl5, estimates and assumptions about the carrying amount of assets and liabilrties that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors Ihat are ¢onspJerea to be relevant. A¢tual resufts may drffer from these e4imale$. The eslimales and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or In the period of the revision and future peiicxJ5 where the ievision affects both curient and future periods. Investment income Unrestricted Unrestricted funds funds 2024 2023 UK dividend incgme Foreign interest income Unit trust and fixed Interest Incorne REIT dividend income Foreign dividend income Accrued interest 8,945 687 4,411 3* 2,495 12031 13,079 341 1,831 547 1,650 16,731 17,448
THE JAMES KNOTT FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 Other Income Unrèstricted Unrestricted funds funds 2024 2023 Bank interest received 1,519 416 Raising funds Unrestricted Unre5tiicted funds funds 2024 2023 Investment management fees 4,324 4,349 Charitable activities 2024 2023 Grant funding of actNilies (see note 81 100.000 100,000 Share ol support costs (see note 71 Share of govemance costs (see note 71 12,287 12,351 1871 112.287 112,264 Support costs Support Governance costs costs 2024 2023 Bank charges Management and administration fees Trustee expenses Independent examinationt fees 40 12,000 247 40 12,000 247 20 12,000 331 1871 12,287 12,287 12,264 Analysed between Charitable activities 12,287 12,287 12,264 10-
THE JAMES KNOTT FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 Grants payable Unrestricted Unrestricted funds funds 2024 2023 Grants lo institutions.. Education Overseas hosprtals and medicine Children Hospices Foc4J banks and communty 44,7SO 21,000 28,250 2,000 4.000 49,875 21,500 16,125 3,000 9,500 100,000 100,000 Trustees Miss L J Cousins la Trusleel is also a director of Rathbones Trust Company Limited which charged management and administration fees to the charity as detailed in note 6. amounting to £12,000 12023.. £12,000). Rathlxines Investment Management Limrted, a company under the same ownership as Rathbones Trust Company Limited charged the charity £4,32412023'. £4,349) for investment management services. The following Trustees received reimbursement for travel expenses incurred as Trustees as follows.. Dr Stephen Barclay £56 90 Dr Andrew Barclay £53.84 Professor John Barclay £136.15 The Trustees report that Mrs JRS Johnston acts a Trustee of the Nzirambi Orphans Talent Development Centre INOTDEC UK), lo whi¢h the James Knott Family Foundalion made a donation payment of £28,250 in the currerrt period12023. £16.1251 The Trustees report that Dr A Barclay acts as a Trustee of The Society of Friends of Mvumi Hospital to which the James Knott Family Foundation made a donation of £13,000 In the ¢LJrrenl period12023'. £13,500). 10 Employees There were no employees during the period. 11 Net Ilossesl on investments Unrestricted Unrestricted funds funds 2024 2023 Ga1n I Ilossl on revaluation of Investments (Loss) on sale of investments 118,2651 124,4551 112,2431 13,9771 142,7201 11
THE JAMES KNOTT FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 12 Flxed asset investments Listed investments Cash in portfolio Total Valuation Al 1 February 2023 Additions Unreali%ed gain Realised Ilossl Disposals 698.657 303,473 8,266 112,2431 1368,7151 39,877 738,534 303,473 8,266 112,2431 1405,6231 136,9081 Al 31 January 2024 629.438 2,969 632,407 Investments representlng more than 5% of the wrttollo's total market value lexcludlng cashl: Investment Units Market Value % of Total Market Value 7.21% 6.71% Capita Financial Mgrs Trojan Global JP Morgan US Equity 35,000 27,440 45,405 42,258 12-
THE JAMES KNOTT FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 12 Fixed asset investments (Continued) 13 Debtors 2024 2023 Amounts falling due within one year: Prepayments and accrued income 293 14 Creditors= amount5 falling due within one year 2024 2023 Accruals and deferred income 6,000 6,000 15 Cash generated from operations 2024 2023 Deficit for the year 1102.3381 1141,4691 Adjuslmenls for.. Investment income recognised in statement of financial actwities Loss on disposal of investments Unreali%ed gain on investments 116,7311 12,243 18,2661 117,4481 24,455 18,265 Movements in working ¢apital'. IDecreasel in credrtors 12,1551 Cash absorbed by operations 1115,0921 1118,3521 16 Analysis of changes in net funds The Charty had no material debt during the year. 17 Taxation The charity is exempl from taxation on its actwities because all ils income is applied for charrtable purposes. 18 Unrestricted funds The unreslricled knnds of the charity comprise the unexpended balances ol donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been sel aside Dut of unreslricled funds by the trustees for specific purposes. At 1 February 2023 Incoming resources Resources expended Gains and At 31 January losses 2024 General funds 751,603 18,250 1116,6111 13,9771 649,265
THE JAMES KNOTT FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JANUARY2024 18 Unrestricted funds (Continued) Previous year: At 1 February 2022 Incoming Resources resources expended Gains and At 31 January losses 2023 General funds 893,072 17,864 1116.6131 142.7201 751,603 19 Relatsd party transacllons There were no disclosable related party transactions dunng the year12023 - none) other than those detailed In note 9. 20 Cash and cash equlvalents 2024 2023 Cash al bank and in hand Cash held in investrnent portfolio 22,216 2.969 18,776 39,877 25,185 58,653 21 Donations made durlng the year 2024 2023 Arthur Rank Hospice Candle for India IDeepli Cenlrel Centre lor Theology & Community Emmanuel College, Cambridge Kings College Memorial Servi Nzirambi Orphans Talent Development Centre UK INOTDEC UK) Refugee Education UK Soaety of Friends of Mvumi Hosprtal SPEAR The Krte Trust Trussell Trust University of Cambridge - Prvzes 2,000 8,000 3,000 8,000 2,500 15,000 15.000 2,500 28,250 16,125 7,000 13,500 15,000 8,500 7,000 4,375 13,000 15.000 8,500 4,000 3,750 100,000 100,000 14-