The Dorothy Kerin Trust - Period ended 30 December 2024
The Dorothy Kerin Trust Burrswood
CIO Foundation Charity number:1199508
30 December 2024
The Dorothy Kerin Trust - Period ended 30 December 2024
The Dorothy Kerin Trust Burrswood Year ended 30 December 2024
Contents
Reports
| Reports | |
|---|---|
| Reference and administration information | - Pages 1-2 |
| Report of the Trustees |
- Pages 3 - 8 |
| Audit Report | - Pages 9 - 12 |
| Financial statements | |
| Statement of fnancial activities | - Page 13 |
| Balance sheet | - Page 14 |
| Cash fow statement | - Page 15 |
| Notes to the fnancial statements | - Pages 16 - 21 |
The Dorothy Kerin Trust - Period ended 30 December 2024
Patrons Baroness Emerton DBE DL Directors/Trustees: man) Dr Antho ed 2025) Mr (Chairman) (Appointed 7 Mrs Sarah Raine (Appointed 7 ) Trading name: Hempsons LLP 3 Dorset Rise London EC4Y 8EN 1199508 Charity number: CAF Bank Bankers: ME19 4TA Metro Bank 1 Southampton London WC1B 5H
Page 1
The Dorothy Kerin Trust - Period ended 30 December 2024
Solicitors: Bates Wells 10 Queen Street Place London EC4R 1BE Hempsons LLP Third Floor 3 Dorset Rise London EC4Y 8EN Auditor: Goodman Jones LLP 1[st] Floor, Arthur Stanley House 40-50 Tottenham Street W1T 4RN
Page 2
The Dorothy Kerin Trust - Period ended 30 December 2024
Report of the Trustee
The Board of Trustees presents its report for the year ended 30 December 2024.
Objectives and activities
Objectives
the commission given by God to the late Dorothy Kerin to heal the sick, comfort the sorrowing, and give faith to the faithless in the name of Jesus.
The objectives of the charity are:-
East Sussex through the activities including, but not limited to, the provision of outdoor space for healthy recreation, counselling, and medical therapy;
including, but not limited to, by the provision of chaplaincy services; and
3) To further such other purposes which are charitable according to the laws of England and Wales in a way that is compatible with the Christian faith.
Our mission is to transform lives through whole person care. This builds on the work of Dorothy Kerin, who founded Burrswood as a Centre for Christian healing, addressing the needs of body, mind and spirit by combining healthcare expertise with prayer and loving support.
Activities
Trustees started the year with a workshop facilitated by an external organisation. This enabled the trustees to clarify key messages for the Charity, and to consider the future financial model and engagement strategies with appropriate audiences. In February, the Trustees appointed their first paid self-employed administrator. Over the year she has been able to relieve trustees of a number of administrative tasks in order for them to focus more on the development of the Charity. The Charity also welcomed three new trustees to the Board – Reverend Canon Sarah Partridge, a recently retired clergywoman with experience of the counties served by the Charity, Mrs Sarah Raine who brings her expertise in PR and fundraising for charities, and Dr Anthony Jones, a recently retired GP with clinical knowledge of the local population.
area covered by the Charity. These were as follows: -
The Living Well which delivers a Christian ministry of healing and wholeness, for the replacement of a garden pod used for individual reflection and contemplation as well as funding for the chaplain’s supervision and some extra administration hours.
Page 3
The Dorothy Kerin Trust - Period ended 30 December 2024
Emerge , a Christian charity supporting young people struggling with self-harm, suicidal thoughts and/or emotional crisis. Their teams support them in hospital and offer three months’ follow up support post discharge through weekly sessions in a local venue.
Cascade at St Benedict’s to develop a programme of proactive and reactive support for the health and wellbeing of lay and ordained leaders in the Church of England in Kent and East Sussex. The aim is to launch the programme in early 2026.
Forget-me-Not allotment run by the Thanet Community Church in Margate. They run a community-focussed outdoor learning, growing and fellowship project for the local community. The grant will enable them to develop the site further with three new wooden structures – a cabin, a prayer/reflection space, and a pergola.
Matthew 25 which runs a drop-in centre which is a focal point for the local community. The centre provides a range of services from nutritious meals and a laundry service to support services delivered by their key workers, chaplains and outside organisations. The funding is for a new centre manager.
Trustees also received progress reports from those grants awarded in 2023. These included Crossline Christian Counselling , where the Charity contributed to a bursary fund so that nobody is unable to access mental health support due to financial constraints. A testimony from one client said:
appointments, my counsellor said that there is a bursary and that I could pay £5 a week. When every day is shrouded in anxiety, it’s those gifts of kindness that make a difference and give my son a daddy he is proud of.”
Two others are Life and Soul, which provides mentoring sessions and wellbeing support to young people in both primary and secondary schools, and Rochester Cathedral which has been developing the open spaces and garden areas around it in order to serve the needs of vulnerable groups. The Charity has funded a facilitator/project manager to open its green spaces further for prayer, spiritual growth and mental health and wellbeing.
Trustees were pleased to visit two projects which have now been completed – The Corner Garden Created by Thanet Community Church which opened in March 2024 and St Augustine’s Church’s newly installed toilet block, including facilities for users with disabilities. One of the users said the following about the improved facilities: -
“Very good. I am disabled and welcome the fact that they are so roomy. I like the lights coming on as you enter.”
Public beneft
they have had regard to the public benefit guidance issued by the Charity Commission in the year and made grants to other organisations which share its mission and objectives.
Page 4
The Dorothy Kerin Trust - Period ended 30 December 2024
2025 Plans and beyond
-
To launch a new website and further develop ways to communicate with supporters and potential beneficiaries of the grant making programme
-
To continue the grant giving programme, evaluate outcomes and develop a strategy to have consistent grant giving goals each year.
-
To consider ways of reaching out to eligible Christian organisations that may be unaware of the Charity’s grant giving programme
-
Register the charity for Gift Aid.
Financial review, reserves, and going concern
During the year ended 30 December 2024, the Trust was grateful to recognise legacies totalling £15,016 (2023: £400,059) from former visitors to and supporters of Burrswood.
The Trust also generated investment income of £39,036 (2023: £36,634).
The Trust awarded grants during the period totalling £192,941 (2023: £224,149). Other costs incurred relate to professional fees and the running costs for the Board of the Trust.
Investments are held with managers, CCLA and Cazenove. During the period, the funds have retained their original capital value of £3 million, increasing in value to £3,637,852. The interest and potential future capital growth will, in the long term, provide funds to continue the work of the late Dorothy Kerin through the Trust.
charity, included long-standing balances on one endowment fund and a range of restricted funds. Following the sale of the property at Burrswood, some of the conditions relating to these funds cannot be met. These balances have been transferred to the Trust and the Trustees continue to investigate ways to release the conditions or to pass the funds to appropriate charities. The Trustees will work with the Charity Commission to ensure all the necessary regulatory requirements are followed.
At the balance sheet date, the Trust has total funds of £4,542,299 (2023: £4,482,248), comprising endowment funds of £391,672 (2023: £391,672), restricted funds of £191,517 (2023: £188,106), and general funds of £3,959,111 (2023: £3,902,467).
It is the policy of the Trust to maintain unrestricted funds at a level which equates to approximately 4 months of unrestricted expenditure (approximately £75,000). Free reserves of the Trust, being total unrestricted funds less fixed asset investments, totalled £321,259 (2023: £979,403) at the balance sheet date and so the Trust met
Page 5
The Dorothy Kerin Trust - Period ended 30 December 2024
its reserves policy during the period. This policy will be reviewed, should there be an increase in the Trust’s longer-term financial commitments.
After making appropriate enquiries, considering the future plans of the Trust, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Fundraising
We have not signed up to any voluntary codes of conduct regarding fundraising, nor do we engage professional fundraisers. No complaints were received in the period regarding our fundraising practices.
Principal risks and uncertainties
The Trustees continue to assess the risks facing the Trust, particularly the potential for any major changes in funding, which would impact the level of grant giving that the Trust is able to do. A key risk in the level of funding is the valuation of the investments. A comprehensive investment policy is in place and this is reviewed annually by the Board of Trustees.
We mitigate internal control risks through stringent authorisation procedures for transactions and projects, complemented by external reviews conducted by independent financial professionals.
Structure, governance and management
Governing document
The Dorothy Kerin Trust is a charitable incorporated organisation. The Trust’s governing document dated 30 June 2022 established its charitable objectives and powers.
Board of Trustees
Control of the Trust, its property and funds, rests in the hands of the Board of Trustees, numbering between 4 and 15 individuals. Appointments to the Board are made by the existing Board members after consultation and informal meetings with intended appointees, having regard to the range of skills, experience and interests relevant to the Trust’s work. Trustees receive a briefing on the Trust from the other trustees. Trustees are encouraged to keep up-to-date through review of Charity Commission guidance and updates from professional advisors. Trustees are appointed at the AGM for three-year terms.
At present, the Trust does not employ any staff.
Page 6
The Dorothy Kerin Trust - Period ended 30 December 2024
Responsibilities of the Trustees
statements in accordance with applicable law and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Principles).
year. Under charity law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Trust 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 in the Charity SORP (FRS102)
-
make judgements and estimates that are reasonable and prudent
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements
-
inappropriate to presume that the Trust will continue in business.
Page 7
The Dorothy Kerin Trust - Period ended 30 December 2024
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Trust’s transactions, with reasonable accuracy at any time, and the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:
-
so far as that Trustee is aware, there is no relevant audit information of which the Trust’s auditors are unaware, and
-
that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the Trust’s auditors are aware of that information.
Auditors
The auditors, Goodman Jones LLP, have indicated their willingness to continue in office.
The report of the Trustees was approved by the Board and signed on its behalf by:
___ _______ Simon Joyce Sarah Davies Chair Deputy Chair
Date: 27-10-25
Page 8
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE DOROTHY KERIN TRUST
Opinion
We have audited the financial statements of The Dorothy Kerin Trust (the 'Charity') for the year ended 30 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In our opinion the financial statements:
-
give a true and fair view of the state of the Charity's affairs as at 30 December 2024 and of its incoming resources and application of resources for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Page 9
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE DOROTHY KERIN TRUST (CONTINUED)
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
-
the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Page 10
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE DOROTHY KERIN TRUST (CONTINUED)
Responsibilities of trustees
As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the Charity and sector, we identified that the principal risks of noncompliance with laws and regulations related to sector regulations and unethical and prohibited business practices, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011, Charity Commission and sector regulations, and UK Tax Legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried out.
Page 11
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE DOROTHY KERIN TRUST (CONTINUED)
Auditors' responsibilities for the audit of the financial statements (continued)
These procedures included:
-
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
-
Reading minutes of meetings of those charged with governance;
-
Obtaining and reading correspondence from legal and regulatory bodies including HMRC;
-
Identifying and testing journal entries;
-
Challenging assumptions and judgements made by management in their significant accounting estimates.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Use of our report
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and its Trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
Goodman Jones LLP
Chartered Accountants, Statutory Auditors 1st Floor Arthur Stanley House 40-50 Tottenham Street London, W1T 4RN
Date: 27-10-25
Goodman Jones LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 12
The Dorothy Kerin Trust Statement of Financial Activities
Year from 31 December 2023 to 30 December 2024
| Notes Income Income from: Donations, legacies and grants 3 Charitable Activities Investments 4 Transfers from Dorothy Kerin Trust Burrswood Expenditure Expenditure on: Raising funds Investment management fees Charitable activities 5 Net Income Gains/(losses) on investments Net gains on investments 9 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Transfers between funds 15 Total income Total funds carried forward at 30 December 2024 Total expenditure |
Year ended Year ended 30 December 2024 30 December 2023 General Restricted Endowment Total Total funds funds funds funds funds £ £ £ £ £ 15,016 - - 15,016 400,119 - - - - - 35,625 - 3,411 39,036 36,634 - 3,962,790 50,641 - 3,411 54,052 4,399,543 4,062 4,062 - 229,987 - - 229,987 257,371 234,049 - - 234,049 257,371 (183,408) - 3,411 (179,997) 4,142,172 240,052 - - 240,052 340,073 56,644 - 3,411 60,055 4,482,245 3,902,467 188,106 391,672 4,482,245 56,644 - 3,411 60,055 4,482,245 - 3,411 (3,411) - - 3,959,111 191,517 391,672 4,542,299 4,482,245 |
|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 16 to 21 form part of these financial statements.
- 13 -
The Dorothy Kerin Trust
----- Start of picture text -----
Balance Sheet at 30 December 2024
----- End of picture text -----
----- Start of picture text -----
Notes 30 December 2024 30 December 2023
£ £ £
Balance sheet Fixed assets
Investments - listed 9 3,637,852 3,401,862
3,637,852 3,401,862
Current assets
Debtors 10 28,090 530,153
Short term bank deposits 11 925,528 625,213
Cash at bank and in hand 55,696 21,931
1,009,314 1,177,297
Current liabilities
Creditors due within one year 12 (104,867) (96,913)
Net current assets 904,447 1,080,384
Net assets 4,542,299 4,482,246
Funds
Endowment funds 13 391,672 391,672
Restricted funds 14 191,517 188,106
General funds 15 3,959,111 3,902,467
4,542,299 4,482,245
Total funds 15 4,542,299 4,482,245
----- End of picture text -----
Approved and authorised by the Board of Trustees and signed on their behalf by:
Simon Joyce - Chair
Sarah Davies - Deputy Chair
Date: 27-10-25
The notes on pages 16 to 21 form part of these financial statements.
- 14 -
| The Dorothy | Kerin Trust | ||||
|---|---|---|---|---|---|
| Statement of Cash Flows for the | year ended 30 December | 2024 | |||
| Notes | 30 December 2024 | 30 | December 2023 | ||
| £ | £ | ||||
| Cash flows from operating activities | Below - A | ||||
| Net cash used in operating activities | 295,044 | 610,510 | |||
| Cash flows from investing activities Dividends, interests and rents from investments |
295,044 39,036 |
610,510 36,634 |
|||
| Net cash used in investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year |
39,036 334,080 647,144 |
36,634 647,144 - |
|||
| Cash and cash equivalents at the end of the year | 981,224 | 647,144 | |||
| A- Reconciliation of net movement in funds to net cash flow from operating activities Net income for the year (as per Statement of Financial Activities) Adjustments for: Dividends, interests and rents from investments (Gains) / Losses on investments Investment management fees Non-cash net assets transferred from The Dorothy Kerin Turst Burrswood (Increase) / Decrease in debtors Increase / (Decrease) in creditors |
£ 60,055 (39,036) (240,052) 4,062 - 502,063 7,952 |
£ 4,482,245 (36,634) (340,073) - (3,061,789) (530,153) 96,913 |
|||
| Net cash provided by operating activities | 295,044 | 610,509 | |||
| B- Analysis of cash and cash equivalents Cash in hand Short-term deposits |
£ 55,696 925,528 |
£ 21,931 625,213 |
|||
| Total cash and cash equivalents | 981,224 | 647,144 | |||
| C- Analysis of changes in net debt Cash at bank and in hand |
At 31 December 2023 Cash flows Other non-cash changes £ £ £ 647,144 334,080 - |
At 30 December 2024 £ 981,224 |
|||
| 647,144 | 334,080 - |
981,224 | |||
The notes on pages 16 to 21 form part of these financial statements.
- 15 -
ThEDDrothyKethTn I GENERlMFOR1ATknjM The llortsth¥KerlMTfu51tsAiharltsbleIMcoryoratedg1n1tlON rewteredwrththeChkrrty¢omm1551onln En8landAndw1 Ther4steredofhteaddre55bdOHemp5on5.aDSete.L¢Dn.E£iYÉEN.ThÈ0sO(theTslle I ACCOVNllNGPQLKIES 141 8¥¢f¥ty¢yrAlr4 Ibl Gl(0cern Idl Fur18-reELedffur TheTw'5re5trirtedfvnd5CtD1anbPwUfdFeTntfvdS,l1èTrFeTredfvutkne0rO1hYXe[inv1jWWu0,WJhe[thedOr1M5Edr£TrSUnhPirSehhaTe allYbdIn Th?1OunrecdSSerAtthoe Th•TwhsonVVnd0WTr1lud.lrèTrSkndfvOmThDUTQthwKTrTJ51 5d.TK[ul1nErnr0rd55patvthl5fdfrrnUrVrndSOfthTn. bul -16-
(h) Basis of allocation or apportionment of 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 during the year is analysed into the categories required by the SORP:
- cost of raising funds
· charitable activities
Expenditure on charitable activities is analysed by activity. The costs of each activity are made up of direct costs and shared costs, including support costs involved in undertaking each activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with use of resources.
Expenditure on raising funds includes all expenditure incurred by the Trust to raise funds for its charitable purposes and includes costs of all fundraising activities, events, and non-charitable trading.
All expenditure is inclusive of irrecoverable VAT.
(i) Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of Financial Activities. Investments held as fixed assets are shown at cost less provision for impairment. Quoted Investments are valued initially at cost and subsequently at market value within the financial statements. Realised and unrealised gains or losses on investments are accounted for in full within the relevant fund.
Investment income, gains, and losses are allocated to the appropriate fund.
(j) Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held on call with banks, and other short term liquid investments with maturities of three months or less.
(k) Debtors
Debtors are measured at their recoverable amounts, less any discounts offered.
(l) Creditors and provisions
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 Trust 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.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.
(m) Financial instruments
The Trust 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.
(n) Critical accounting judgements and estimation uncertainty
In preparing the financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.
The judgements and estimates considered by the Trustees to have the most significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year relate to the recognition of legacy income. The Trustees do not consider there are any further critical judgements or key sources of estimation uncertainty requiring disclosure.
- 17 -
| General Restricted Endowment |
Total | Total | ||
|---|---|---|---|---|
| Income | 3 DONATIONS, LEGACIES AND GRANTS | funds funds funds |
30 December 2024 | 30 December 2023 |
| Legacy and in memorial donations | £ £ £ 15,016 - - |
£ 15,016 |
£ 400,059 |
|
| Donations | - - - | - | 60 | |
| 15,016 - - |
15,016 | 400,119 | ||
| Income | 4 INVESTMENT INCOME | General Restricted Endowment funds funds funds |
Total 30 December 2024 |
Total 30 December 2023 |
| Interest on cash deposits | £ £ £ 35,625 - 3,411 |
£ 39,036 |
£ 36,634 |
|
| 35,625 - 3,411 | 39,036 | 36,634 | ||
| Expenditure | 5 CHARITABLE EXPENDITURE - all unrestricted funds | Grant-making Support Total costs costs 30 December 2024 |
Total 30 December 2023 |
|
| Charitable activities | £ £ £ 192,941 37,045 229,987 |
£ 257,371 |
||
| 192,941 37,045 229,987 | 257,371 | |||
| Included within grant-making costs above are grants awarded to institutions in the year totalling £192,941. These range between £5,000 and £28,000 and represent both single | one-off grants to multi-year awards. Details of | |||
| grants awarded are set out in the Trustees' Report from page 3. | ||||
| Expenditure | 6 ANALYSIS OF SUPPORT COSTS - all unrestricted funds | Charitable Raising Total |
Total | |
| Support | expenditure funds 30 December 2024 |
30 December 2023 | ||
| Governance | £ £ £ 18,682 -18,682 |
£ 14,599 |
||
| Finance & legal | 6,000 -6,000 | 9,849 | ||
| Admin and sundry expenditure | 5,252 -5,252 | 784 | ||
| Insurance | 7,111 - 7,111 |
7,990 | ||
| 37,045 - 37,045 | 33,222 |
Included within grant-making costs above are grants awarded to institutions in the year totalling £192,941. These range between £5,000 and £28,000 and represent both single one-off grants to multi-year awards. Details of recipients of the grants awarded are set out in the Trustees' Report from page 3.
Included within governance costs are auditor fees of £13,200.
7 TRUSTEES EXPENSES AND REMUNERATION
The members of the Board of Trustees are not remunerated. During the year under review, two Trustees claimed £880 for reimbursement of out-of-pocket expenses (2023: £799 to two trustees).
8 STAFF COSTS
During the year, the Charity had no employees. The Trustees are considered to be the key management personnel, none of whom are remunerated (as per Note 7).
- 18 -
| 9 INVESTMENTS - LISTED | General Restricted |
Endowment | Total | ||
|---|---|---|---|---|---|
| funds funds funds |
funds | ||||
| Year ended 30 December 2023 | £ £ £ |
£ | |||
| Market value at 30 June 2022 | - | - - | - | ||
| Transferred in from The Dorothy Kerin Trust Burrswood | 3,061,789 |
- - | 3,061,789 | ||
| Net gain/(loss) on revaluation of investments | 340,073 |
- - | 340,073 | ||
| Portfolio value at 30 December 2023 | 3,401,862 - | - | 3,401,862 | ||
| Year ended 30 December 2024 | |||||
| Market value at 31 December 2023 | 3,401,862 |
- - | 3,401,862 | ||
| Realised gain/(loss) on investments | (503) |
- - | (503) | ||
| Management fees | (4,062) |
- - | (4,062) | ||
| Unrealised gain/(loss) on revaluation of investments | 240,555 |
- - | 240,555 | ||
| Portfolio value at 30 December 2024 | 3,637,852 - | - | 3,637,852 | ||
| Historic cost | Historic cost at 30 December 2023 | 3,165,474 - |
- | 3,165,474 | |
| Historic cost at 30 December 2024 | 3,161,896 - | - | 3,161,896 | ||
| Investments comprise amounts held in equities, bonds and other investments, all held within investment portfolios managed by investment managers. | |||||
| Debtors | 10 DEBTORS DUE WITHIN ONE YEAR | General Restricted funds funds |
Endowment funds |
Total 30 December 2024 |
Total 30 December 2023 |
| Other debtors | £ £ 719 - |
£ - |
£ 719 |
£ 504,165 |
|
| Prepayments and accrued income | 27,371 - | - | 27,371 | 25,988 | |
| 28,090 - | - | 28,090 | 530,153 | ||
| Other debtors represents amounts paid by the Dorothy Kerin Trust Burrswood on behalf of The Dorothy Kerin Trust CIO, net of income received on their behalf. The account will | be settled during | ||||
| 2025. | |||||
| Short-term bank deposits | 11 CURRENT ASSET INVESTMENTS | General Restricted funds funds |
Endowment funds |
Total 30 December 2024 |
Total 30 December 2023 |
| Call accounts | £ £ £ 342,340 191,517 **391,672 ** |
£ 925,528 |
£ 625,213 |
||
| 342,340 191,517 391,672 | 925,528 | 625,213 | |||
| Creditors due within one year | 12 CREDITORS DUE WITHIN ONE YEAR | General Restricted funds funds |
Endowment funds |
Total 30 December 2024 |
Total 30 December 2023 |
| Accruals and other creditors | £ £ 27,715 - |
£ - |
£ 27,715 |
£ 14,514 |
|
| Grants payable | 77,152 | 77,152 | 82,399 | ||
| 104,867 - | - | 104,867 | 96,913 |
- 19 -
13 MOVEMENT IN FUNDS
| Current year Endowment fund Restricted funds Note 14 General fund |
Balance Net investment Balance 31 December 2023 Income Expenditure gains/(losses) Transfers 30 December 2024 £ £ £ £ £ £ 391,672 3,411 - - (3,411) 391,672 188,106 - - - 3,411 191,517 3,902,467 50,641 (234,049) 240,052 - 3,959,111 4,482,245 54,052 (234,049) 240,052 - 4,542,299 |
|---|---|
The endowment fund represents the Holyrood Fund, a permanent endowment. Income includes the balance on the endowment fund at point of transfer to the Charity from The Dorothy Kerin Trust Burrswood.
Transfers from the endowment funds represent the reallocation of interest to restricted funds, based on the conditions governing the endowment fund.
Prior year
| Endowment fund Restricted funds General fund 14 RESTRICTED FUNDS Current year Various other restricted funds |
Balance Net Balance 30 June investment 30 December 2022 Income Expenditure gains/(losses) Transfers 2023 £ £ £ £ £ £ - 395,292 - - (3,621) 391,672 - 184,485 - - 3,621 188,106 - 3,819,766 (257,371) 340,073 - 3,902,467 - - 4,399,543 (257,371) 340,073 - 4,482,245 Balance Net investment Balance 31 December 2023 Income Expenditure gains/(losses) Transfers 30 December 2024 £ £ £ £ £ £ 188,106 - - - 3,411 191,517 188,106 - - - 3,411 191,517 |
|---|---|
Restricted funds represent funds received by the Charity for specific purposes following the transfer of assets and activities from the predecessor charity, The Dorothy Kerin Trust Burrswood. These funds comprise balances received by The Dorothy Kerin Trust Burrswood for specific activities and purposes carried out by The Dorothy Kerin Trust Burrswood including care grants, room refurbishment, property and garden maintenance, but such activities not currently carried out by The Dorothy Kerin Trust. The Trustees are investigating how these funds arose and the options available to utilise these funds in accordance with the original intentions of the donors.
Transfers to the restricted funds represent the reallocation of interest from endowment funds, based on the conditions governing the endowment fund.
| Prior year Various other restricted funds |
Balance Net investment Balance 30 June 2022 Income Expenditure gains/(losses) Transfers 30 December 2023 £ £ £ £ £ £ - 184,485 - - 3,621 188,106 - - 184,485 - 3,621 188,106 |
|---|---|
- 20 -
15 ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Current period At 30 December 2024 Endowment fund Restricted funds General fund Total funds Prior period At 30 December 2023 Endowment fund Restricted funds General fund Total funds |
Total Investments Current Assets Liabilities 30 December 2024 £ £ £ £ - 391,672 - 391,672 - 191,517 - 191,517 3,637,852 426,126 (104,867) 3,959,111 3,637,852 1,009,315 (104,867) 4,542,299 Total Investments Assets Liabilities 30 December 2023 £ £ £ £ - 391,672 391,672 - 188,106 188,106 3,401,862 597,518 (96,913) 3,902,467 3,401,862 1,177,296 (96,913) 4,482,245 |
|---|---|
16 RELATED PARTY TRANSACTIONS
Other than disclosed elsewhere, there were no related party transactions requiring disclosure in the current year.
17 CONTINGENT ASSETS
The Trust has been advised of a number of legacies from which The Dorothy Kerin Trust will benefit under the terms of the transfer deed from the predecessor charity, The Dorothy Kerin Trust Burrswood. The value of these legacies has not been recognised within these financial statements as it is not possible to measure reliably the amounts that will be received.
- 21 -