REGISTERED CHARITY NUMBER: 1199572
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31 March 2025
for
David & Elizabeth Kerfoot Charitable Trust
Clive Owen LLP Chartered Accountants 140 Coniscliffe Road DARLINGTON Co Durham DL3 7RT
David & Elizabeth Kerfoot Charitable Trust
Contents of the Financial Statements for the Year Ended 31 March 2025
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 10 |
David & Elizabeth Kerfoot Charitable Trust
Report of the Trustees for the Year Ended 31 March 2025
The trustees present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The aim of the charity is to make donations to charitable causes.
Subject to the Powers over Capital below, the trustees shall pay or apply the income of the trust fund to such charities or for such charitable purposes as the trustees think fit. The trustees may accumulate any part of the income of the trust fund during the accumulation period (21 years from the date of the trust deed) or such other period as may be permitted by law.
Powers over Capital
The trustees shall hold any trust property on such charitable trusts as the trustees think fit. An appointment may create any provisions and in particular discretionary trusts, dispositive or administrative powers exercisable by any person, but at all times this charitable trust shall remain a charity. An appointment shall be made by deed and may be revocable or irrevocable.
Public benefit
The charity's aims and achievements are set out within this report. The activities set out in this report have been undertaken to further the Trust's charitable purposes for the public benefit. The Trustees have complied with the duty under Section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charities Commission and the Trustees have paid due regard to this guidance in deciding what activities the Trust should undertake.
ACHIEVEMENTS AND PERFORMANCE
Charitable activities
Grants to various institutions have been made during the year. These have been summarised in note 5 to the accounts to provide an understanding of the range of institutions supported.
FINANCIAL REVIEW
Financial position
The charity has cash at bank of £2,854 (2024 £4,866).
All income and expenditure are unrestricted funds. As at 31 March 2025 the unrestricted reserve held was £601,054 (2024 £304,341) and free reserves were £1,054 (2024 £4,341).
Reserves policy
It is the charity's policy to maintain a balance on unrestricted funds which are sufficient to cover ongoing expenditure of the trust as may arise from time to time. The main expenditure of the charity is grants payable with minimal regular outgoings. The trustees can therefore adjust expenditure according to the income levels received into the Trust in any given year.
Going concern
At the time of approving the financial statements the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charitable trust is governed by a trust deed dated 22 September 2020.
Page 1
David & Elizabeth Kerfoot Charitable Trust
Report of the Trustees for the Year Ended 31 March 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT Decision making
The Settlors, David and Elizabeth Kerfoot, have the power to appoint new trustees during their joint lifetime or by the survivor of them during his or her lifetime.
No business shall be conducted at a meeting of the trustees unless at least two trustees are present throughout the meeting.
At meetings, decisions must be made by a majority of the trustees present and voting on the question. The person chairing the meeting shall have a casting vote whether or not he or she has voted previously on the same question but no trustee in any other circumstances shall have more than one vote.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1199572
Principal address
Ainderby Manor Manor Lane Ainderby Steeple Northallerton DL7 9PY
Trustees
Mr D A Kerfoot Mrs E M Kerfoot Mrs J E Wood Mrs E J Wade
Independent Examiner
Clive Owen LLP Chartered Accountants 140 Coniscliffe Road DARLINGTON Co Durham DL3 7RT
Solicitors
Harrowells Solicitors 1 St Saviourgate York Y01 8ZQ
Bankers
Cater Allen Private Bank 2 Triton Square Regent's Place London NW1 3AN
Approved by order of the board of trustees on 7 November 2025 and signed on its behalf by:
Mr D A Kerfoot - Trustee
Page 2
Independent Examiner's Report to the Trustees of David & Elizabeth Kerfoot Charitable Trust
Independent examiner's report to the trustees of David & Elizabeth Kerfoot Charitable Trust
I report to the charity trustees on my examination of the accounts of David & Elizabeth Kerfoot Charitable Trust (the Trust) for the year ended 31 March 2025.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Martin Hobson FCCA
Clive Owen LLP Chartered Accountants 140 Coniscliffe Road DARLINGTON Co Durham DL3 7RT
7 November 2025
Page 3
David & Elizabeth Kerfoot Charitable Trust
Statement of Financial Activities for the Year Ended 31 March 2025
| 2025 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 300,000 Investment income 3 15,114 Total 315,114 EXPENDITURE ON Charitable activities 4 Grants 18,001 Charitable expenditure 400 Total 18,401 NET INCOME 296,713 RECONCILIATION OF FUNDS Total funds brought forward 304,341 TOTAL FUNDS CARRIED FORWARD 601,054 |
2024 Total funds £ 4,375 8,463 12,838 9,800 200 10,000 2,838 301,503 304,341 |
|---|---|
The notes form part of these financial statements
Page 4
David & Elizabeth Kerfoot Charitable Trust
Balance Sheet 31 March 2025
| Notes FIXED ASSETS Investment property 9 CURRENT ASSETS Debtors 10 Cash at bank CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 12 Unrestricted funds TOTAL FUNDS |
2025 Unrestricted fund £ 600,000 - 2,854 2,854 (1,800) 1,054 601,054 601,054 601,054 601,054 |
2024 Total funds £ 300,000 875 4,866 5,741 (1,400) 4,341 304,341 304,341 304,341 304,341 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 7 November 2025 and were signed on its behalf by:
Mr D A Kerfoot - Trustee
Mrs E M Kerfoot - Trustee
The notes form part of these financial statements
Page 5
David & Elizabeth Kerfoot Charitable Trust
Notes to the Financial Statements for the Year Ended 31 March 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
The charity is a trust established by a deed dated 22 September 2020, registered with the Charity Commission, number 1199572.
Critical accounting judgements and key sources of estimation uncertainty
The key judgement and source of estimation uncertainty is in relation to the valuation of the investment property. The trustees have valued the property at the end of the period, on a fair value basis.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Donations received are recognised when the charity has been notified in writing of both the amount and settlement date.
Rents received are recognised on an accruals basis.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity.
All income and expenditure during the period are for unrestricted purposes.
continued...
Page 6
David & Elizabeth Kerfoot Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
2. DONATIONS AND LEGACIES
| Gift aid refund received HMRC Investment Property Donations 3. INVESTMENT INCOME Rents received |
2025 £ - 300,000 - 300,000 2025 £ 15,114 |
2024 £ 875 - 3,500 4,375 2024 £ 8,463 |
|---|---|---|
4. CHARITABLE ACTIVITIES COSTS
| Grant funding of activities (see note Support 5) costs £ £ Grants 18,001 - Charitable expenditure - 400 18,001 400 5. GRANTS PAYABLE Grants Payable 2025 £ Grants to Individuals - Grants to Institutions 18,001 Total 18,001 Grants to Institutions St Leonards Hospice 1,000 Martin House 5,000 The Brain Tumour Charity 500 Pendragon Community 10,500 Time4Change - Givewheel Ltd 500 The National Brain Appeal 501 The Respite Association - Dales School - Hambleton foodshare - 18,001 |
Grant funding of activities (see note Support 5) costs £ £ Grants 18,001 - Charitable expenditure - 400 18,001 400 5. GRANTS PAYABLE Grants Payable 2025 £ Grants to Individuals - Grants to Institutions 18,001 Total 18,001 Grants to Institutions St Leonards Hospice 1,000 Martin House 5,000 The Brain Tumour Charity 500 Pendragon Community 10,500 Time4Change - Givewheel Ltd 500 The National Brain Appeal 501 The Respite Association - Dales School - Hambleton foodshare - 18,001 |
Grant funding of activities (see note Support 5) costs £ £ Grants 18,001 - Charitable expenditure - 400 18,001 400 5. GRANTS PAYABLE Grants Payable 2025 £ Grants to Individuals - Grants to Institutions 18,001 Total 18,001 Grants to Institutions St Leonards Hospice 1,000 Martin House 5,000 The Brain Tumour Charity 500 Pendragon Community 10,500 Time4Change - Givewheel Ltd 500 The National Brain Appeal 501 The Respite Association - Dales School - Hambleton foodshare - 18,001 |
Support costs £ - 400 400 |
Totals £ 18,001 400 18,401 |
|
|---|---|---|---|---|---|
| 2025 £ - 18,001 18,001 |
2024 £ - 9,800 9,800 |
||||
| 1,000 5,000 500 10,500 - 500 501 - - - 18,001 |
- - - - 1,300 - - 3,000 5,000 500 9,800 |
continued...
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David & Elizabeth Kerfoot Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | |
|---|---|
| Unrestricted | |
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Donations and legacies | 4,375 |
| Investment income | 8,463 |
| Total | 12,838 |
| EXPENDITURE ON | |
| Charitable activities | |
| Grants | 9,800 |
| Charitable expenditure | 200 |
| Total | 10,000 |
| NET INCOME | 2,838 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 301,503 |
| TOTAL FUNDS CARRIED FORWARD | 304,341 |
| AVERAGE NUMBER OF EMPLOYEES | |
| The average number of employees during the year was NIL (2024 - NIL). | |
| INVESTMENT PROPERTY | |
| FAIR VALUE | £ |
| At 1 April 2024 | 300,000 |
| Additions | 300,000 |
| At 31 March 2025 | 600,000 |
| NET BOOK VALUE | |
| At 31 March 2025 | 600,000 |
| At 31 March 2024 | 300,000 |
8. AVERAGE NUMBER OF EMPLOYEES
9. INVESTMENT PROPERTY
continued...
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David & Elizabeth Kerfoot Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
9. INVESTMENT PROPERTY - continued
The property was valued by the trustees at their estimation of open market value at the balance sheet date. The original cost of the property was £600,000.
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade debtors 11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accrued expenses 12. MOVEMENT IN FUNDS At 1.4.24 £ Unrestricted funds General fund 304,341 TOTAL FUNDS 304,341 Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 315,114 TOTAL FUNDS 315,114 Comparatives for movement in funds At 1.4.23 £ Unrestricted funds General fund 301,503 TOTAL FUNDS 301,503 |
2025 2024 £ £ - 875 2025 2024 £ £ 1,800 1,400 Net movement At in funds 31.3.25 £ £ 296,713 601,054 296,713 601,054 Resources Movement expended in funds £ £ (18,401) 296,713 (18,401) 296,713 Net movement At in funds 31.3.24 £ £ 2,838 304,341 2,838 304,341 |
|---|---|
continued...
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David & Elizabeth Kerfoot Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
12. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | Movement | |
|---|---|---|---|---|
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 12,838 | (10,000) | 2,838 | |
| TOTAL FUNDS | 12,838 | (10,000) | 2,838 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.23 £ 301,503 301,503 |
Net movement in funds £ 299,551 299,551 |
At 31.3.25 £ 601,054 601,054 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 327,952 327,952 |
Resources Movement expended in funds £ £ (28,401) 299,551 (28,401) 299,551 |
|---|---|---|
13. RELATED PARTY DISCLOSURES
Donation of property valued £300,000 (2024 nil) was received from Kerfoot CS, of which David and Elizabeth Kerfoot are Directors.
Donations were received from David and Elizabeth Kerfoot, the settlors, in 2025 of nil (2024 £3,500).
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