## ## |Trustees||T Chandos
(Chairman)|T Chandos
(Chairman)|T Chandos
(Chairman)|| |---|---|---|---|---|---| |||A Kleinwort|||| |||M Kleinwort|||| |||Sir R Kleinwort|Bt||| |||C Mayhew
MBE|||| |||E Limerick|||| |Charity number||1197205|||| |Principal address||One Bell Lane|||| |||Lewes|||| |||East Sussex|||| |||BN7 1JU|||| |Director||Sally Case|||| |Administrator||Andrina
Murrell|||| |Auditor||Knill James LLP|||| |||One Bell Lane|||| |||Lewes|||| |||East Sussex|||| |||BN7 1JU|||| |Bankers||Barclays Plc|||| |||1 Church Road|||| |||Burgess
Hill|||| |||West Sussex|||| |||RH15 9 BD|||| |Solicitors||Gaby Hardwicke|||| |||33The Avenue|||| |||Eastbourne|||| |||East Sussex|||| |||BN21 3YD|||| |Investment|advisors|Veritas Investment||Partners|(UK)| |||Limited|||| |||Riverside
House|||| |||2a Southwark|Bridge Road||| |||London|||| |||SE1 9HA|||| |||United
Kingdom|||| ## ## ## |||Page| |---|---|---| |Trustees'
report||1-6| |Statement
oftrustees'|responsibilities|| |Independent
auditor's|report|8-10| |Statement
of financial|activities|11 - 12| |Balance sheet||13| |Statement
ofcash flows||14| |Notes to the financial|statements|15-22| ## ## ## ## ## ## ## ## ## ## ## ## ## |||Risk Identified|Risk Identified|Risk Identified|||||Action taken to mitigate the risk| |---|---|---|---|---|---|---|---|---|---| |Investments|do not deliver||sufficient|||return/drop||in|The Trustees
have appointed
Asset Risk| |value|||||||||Consultants
(UK) Ltd to report and advise on the| ||||||||||performance
ofthe investment
managers.
Advice is| ||||||||||provided
to a formally
constituted
Investment
Sub-| ||||||||||Committee
ofTrustees which meets twice per year.| ||||||||||Investment
managers
are provided
with an| ||||||||||Investment
Policy Statement
setting out the| ||||||||||Investment
Objectives ofthe charity,
which is| ||||||||||regularly
reviewed.| ||||||||||The Trustees
have divided the investment
of the| ||||||||||endowment
equally
between
three investment| ||||||||||managers
to provide resilience against poor| ||||||||||performance
and to optimise the return
from the| ||||||||||endowment.| ||||||||||The Trustees
have implemented
an extraction
policy| ||||||||||ith effect from 30th September 2018based on a| ||||||||||total returns approach to provide
stability
in grant| ||||||||||making
and reflect their general
aim of maintaining| ||||||||||the real value ofthe endowment.| ||||||||||In 2022 the Trustees agreed to maintain
the rate of| ||||||||||extraction
at an absolute
value to protect grant| ||||||||||making
from market
volatility;
part way through
the| ||||||||||year extraction was moved from the investment| ||||||||||funds to the cash buffer fund held
in the non-| ||||||||||discretionary
account as a result of market| ||||||||||conditions.| |pplicants|do not demonstrate|||sufficient|||financial||The Trustees
employ a Director to conduct a robust| |need for the funds||applied|for. Applicants||||are||review of all grant applications
before passing
them| |financially|insecure|and donated||funds are put at|||||on to the relevant Trustees for a decision. The| |risk.|||||||||review includes
scrutiny ofthe applicant
charity,
its| ||||||||||role, governance,
tinancial
position and operations,| ||||||||||and where necessary
a meeting
or visit often with| ||||||||||EKCTTrustees present.| ||||||||||Applications
are divided
into categories and Trustees| ||||||||||with specific skills, experience
and interest
in each| ||||||||||area review applications
before making| ||||||||||recommendations
to the relevant
meeting
of| ||||||||||Trustees.| |Funds are|not applied as Trustees||||intended.||||II applicants
are required
to report back on the| ||||||||||expenditure
offunds.| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |Current financial|year|||||| |---|---|---|---|---|---|---| ||||Unrestricted|Endowment|Total|Total| ||||funds|funds||| ||||2023|2023|2023|2022| |||Notes||||E| |~lncom
from:||||||| |Investments|||646,319||646,319|651,306| |enditure
on:||||||| |Raising funds||||388,333|388,333|320,608| |Charitable
activities||4|1,869,430||1,869,430|1,791,607| |Total expenditure|||1,869,430|388,333|2,257,763|2,112,215| |Net gains/(losses)|on investments|||(1,858,417)|(1,858,417)|4,865,396| |Net (outgoing)/incoming||resources before transfers|(1,223,111)|(2,246,750)|(3,469,861)|3,404,487| |Gross transfers
between||funds|2,433,795|(2,433,795)||| |Net incoming/(outgoing)||resources|1,210,684|(4,680,545)|(3,469,861)|3,404,487| |Other recognised|gains|and losses||||| |Other gains or losses||||(40,770)|(40,770)|(19,705)| |Net movement
in|funds||1,210,684|(4,721,315)|(3,510,631)|3,384,782| |Fund balances at 1 April||2022|1,528,969|72,983,040|74,512,009|71,127,227| |Fund balances at|31 March 2023||2,739,653|68,261,725|71,001,378|74,512,009| ## ## ## ## |||||||Unrestricted|Endowment|Total| |---|---|---|---|---|---|---|---|---| |||||||funds|funds|| |||||||2022|2022|2022| ||||||Notes||E|| |~ln
m
from:||||||||| |Investments||||||651,306||651,306| |'||||||||| |n
re on:||||||||| |Raising funds|||||||320,608|320,608| |Charitable
activities||||||1,791,607||1,791,607| |Total expenditure||||||1,791,607|320,608|2,112,215| |Net gains/(losses)||on investments|||||4,865,396|4,865,396| |Net (outgoing)/incoming|||resources|before transfers||(1,140,301)|4,544,788|3,404,487| |Gross transfers|between||funds|||2,059,365|(2,059,365)|| |Net incoming/(outgoing)|||resources|||919,064|2,485,423|3,404,487| |Other recognised||gains|and losses|||||| |Other gains or|losses||||||(19,705)|(19,705)| |Net movement|in|funds||||919,064|2,465,718|3,384,782| |Fund balances|at 1 April||2021|||609,905|70,517,322|71,127,227| |Fund balances|at|31 March 2022||||1,528,969|72,983,040|74,512,009| ## ## ## ||||2023||| |---|---|---|---|---|---| |||Notes|||| |Fixed assets|||||| |investments|||69,702,096||73,020,030| |Current assets|||||| |Debtors||13|72,556|77,275|| |Cash at bank and in|hand||1,448,050|1,441,521|| ||||1,520,606|1,518,796|| |Creditors: amounts|falling due within||||| |one year||15|(221,324)|(26,817)|| |Net current assets|||1,299,282||1,491,979| |Total assets less current gabilities|||71,001,378||74,512,009| |Capital funds|||||| |Endowment
funds -|general||68,261,725||72,983,040| |income funds|||||| |Unrestricted
funds|||2,739,653||1,528,969| ||||71,001,378||74,512,009| ## ## ## |||||2023|2022|| |---|---|---|---|---|---|---| ||||Notes|E|f|| |Cash flows from operating||activities||||| |Cash absorbed
by operations|||18|(2,270,900)||(2,222,658)| |Investing
activities||||||| |Transfer to cash and cash equivalents|||||748,860|| |Adjustrment
to investment
value brought|||forward||241|| |Purchase
ofother investments||||(15,783,429)|(18,799,029)|| |Proceeds from disposal ofother investments||||14,892,197|22,169,501|| |Investment
income received||||646,319|651,306|| |Net cash (used in)/generated||from||||| |investing
activities||||(244,913)||4,770,879| |Net cash used in financing||activities||||| |Net {decrease)/increase
in|cash and cash|||||| |equivalents||||(2,515,813)||2,548,221| |Cash and cash equivalents|at beginning||ofyear|7,771,685||5,223,464| |Cash and cash equivalents||at end of|year|5,255,872||7,771,685| |Relating to:||||||| |Cash at bank and
in hand||||1,448,050||1,441,521| |Short term deposits
included||in current|asset|||| |investments||||3,979,415||6,330,164| |Bank overdrafts
included
in|creditors payable|||||| |within one year||||(171,593)||| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ||||||Unrestricted|Unrestricted| |---|---|---|---|---|---|---| ||||||funds|funds| ||||||2023|2022| |||||||F| |Income|from|UK|Listed|Securities|646,319|651,306| |||Endowment|Endowment| |---|---|---|---| |||funds|funds| |||general|general| |||2023|2022| |||F|F| |Investment|management|388,333|320,608| |||388,333|320,608| ## ## ## ## |||||Charitable|Charitable| |---|---|---|---|---|---| |||||Expenditure|Expenditure| |||||2023|2022| ||||||F| |Grant|funding|of activities (see note 5)||1,738,890|1,657,585| |Share|of support costs (see note 6)|||106,383|104,994| |Share|ofgovernance||costs (see note 6)|24,157|29,028| |||||1,869,430|1,791,607| ## ||||Charitable|Charitable| |---|---|---|---|---| ||||Expenditure|Expenditure| ||||2023|2022| |Grants|to|institutions:||| |Other|||1,738,890|1,657,585| ## ## ## |Support|cost|s||||||| |---|---|---|---|---|---|---|---|---| ||||Support|Governance|2023|Support costs|Governance|2022| ||||costs|costs|||costs|| |||||E|||F|| |Staff costs|||99,323||99,323|93,388||93,388| |Miscellaneous||support||||||| |costs|||238||238|6,630||6,630| |Payroll costs|||633||633|469||469| |IT Project|||3,346||3,346|2,109||2,109| |Other|||2,843||2,843|2,398||2,398| |Audit fees||||13,613|13,613||12,900|12,900| |Legal and|professional|||4,926|4,926||9,183|9,183| |Bank fees||||304|304||2,066|2,066| |ACF Membership||||3,157|3,157||3,009|3,009| |Trustees|indemnity|||||||| |insurance||||2,157|2,157||1,870|1,870| ||||106,383|24,157|130,540|104,994|29,028|134,022| |Analysed|between|||||||| |Charitable|activities||106,383|24,157|130,540|104,994|29,028|134,022| ## ## |The average
monthly
number ofemployees
during
the y|ear was:|| |---|---|---| ||2023|2022| ||Number|Number| |Finance and administration||| |Employment
costs|2023|2022| |Wages and salaries|87,474|82,121| |Social security costs|5,058|4,892| |Other pension costs|6,791|6,375| ||99,323|93,388| ## ## ## |The number|ofemployees|ofemployees|whose annual|remuneration|was more than 660,000||| |---|---|---|---|---|---|---|---| |is as follows:|||||||| |||||||2023|2022| |||||||Number|Number| |In the band|670,001 - F80,000||||||| |Net gains/(losses)||on investments|||||| |||||||Endowment|Endowment| |||||||funds|funds| |||||||general|general| |||||||2023|2022| ||||||||E| |Revaluation|of investments|||||(1,294,627)|4,428,348| |Gain/(loss)|on sale|of investments||||(563,790)|437,048| |||||||(1,858,417)|4,865,396| ## ## ## ||||Endowment|Endowment| |---|---|---|---|---| ||||funds|funds| ||||general|general| ||||2023|2022| |Foreign|exchange|gains|40,770|19,705| ## ## ||||Listed|Cash in|Total| |---|---|---|---|---|---| ||||investments|porffolio|| ||Cost or valuation||||| ||At 1 April 2022||66,689,866|6,330,164|73,020,030| ||Additions||15,783,429||15,783,429| ||Valuation
changes||(1,895,629)||(1,895,629)| ||Transfer to cash|||(2,350,749)|(2,350,749)| ||Disposals||(14,854,985)||(14,854,985)| ||At 31 March 2023||65,722,681|3,979,415|69,702,096| ||Carrying
amount||||| ||At 31 March 2023||65,722,681|3,979,415|69,702,096| ||At 31 March 2022||66,689,866|6,330,164|73,020,030| |13|Debtors||||| |||||2023|2022| ||Amounts
falling due|within one year:||E|| ||Prepayments
and accrued income|||72,556|77,275| |14|Loans and overdrafts||||| |||||2023|2022| |||||f|| ||Bank overdrafts|||171,593|| ||Payable
within one year|||171,593|| |15|Creditors: amounts|falling due within one year|||| |||||2023|2022| ||||Notes||| ||Bank overdrafts||14|171,593|| ||Other taxation
and social security|||55|55| ||Trade creditors|||30,864|3,562| ||Other creditors|||7,922|13,300| ||Accruals and deferred|income||10,890|9,900| |||||221,324|26,817| ## ## |16|Analysis of|net assets|between funds|||||| |---|---|---|---|---|---|---|---|---| ||||Unrestricted|Endowment|Total|Unrestricted|Endowment|Total| ||||funds|funds||funds|funds|| ||||2023|2023||2022|2022|2022| |||||E||||| ||Fund balances at 31|||||||| ||March 2023|are||||||| ||represented|by:||||||| ||Investments|||69,702,096|69,702,096||73,020,030|73,020,030| ||Current
assets/(liabilities)||2,739,653|(1,440,371)|1,299,282|1,528,969|(36,990)|1,491,979| ||||2,739,653|68,261,725|71,001,378|1,528,969|72,983,040|74,512,009| ## ||||||||| |---|---|---|---|---|---|---|---| |18|Cash generated
from|operatio|ns|||2023|2022| ||||||||E| ||(Deficit)/surpus
for the|year||||(3,469,861)|3,404,487| ||Adjustments
for:||||||| ||Investment
income recognised||in statement|offinancial|activities|(646,319)|(651,306)| ||Foreign exchange
differences|||||(40,770)|(19,705)| ||Loss/(gain)
on disposal|of investments||||563,790|(437,048)| ||Fair value gains and losses on||investments|||1,294,627|(4,428,348)| ||Movements
in working|capital:|||||| ||Decrease
in debtors|||||4,719|209,869| ||Increase/(decrease)
in|creditors||||22,914|(300,607)| ||Cash absorbed
by operations|||||(2,270,900)|(2,222,658)| |19|Analysis ofchanges|in net funds||||||