IM irwinmitchell THE KENORA CH 1ST ED TAB HARI NDAllO NO. 12 10 TAT For reno IR•f: 0541016
THE KENORA CHARITABLE FOUNDATION REGISTERED GHARITY 140.1201 ontents to Fina forthe tstemonts ri12024 d5A Report of Ihtr TtU5tees Indepdent Examinevs Report 8818n St ststemont of finanal A(*vitl8s to Notes to Financial Statom
TRUSTEES, REPORT For the year endod 5th Aprfl 2024 The Konora Charitsble Fvunuatlon Full name of Charlty . Nature of governing documgnt . Deed of Trust dated 28 April 2022 as amended by deed dated g September 2023 Rogistrxtlon Numb•r: 1201057 Trustse8.' chaeS Arthur Noall Derica Elizabeth Noall Hannah l ity Ifivian NoalLChurchill (appoitrted 12 Aprfl 2QJ) Rogistored Address: We8Vak¢ House. Cottons Lane. K&'nton mandlIe. Somerton. Somerse( TA11 6DT PrlnGlpdl Banker: Soudtors . C Ho8ro & Co. 37 Fleet Streec Londoll, EC4P 4DQ Trowers & Hamlin LLP, 3 Bunhill Row, London, EC1Y 8YZ To promte education of PAoplÉ undgr 25. 8p8clfi¢ Invothent powers: In a(xordance with the Trustse InvestrnentAct 1961 as amended by the Charitie5 rrrustee Investmpnl Aet 19611 Ordèr 1995. Operating Restrktions: Constitution and obj•ct8 Th8 objects of the Charity are for the public bonefitto promotethe education (induding xKi81 and physic21 training) of people underthe age of25 yèars in the South ofEngland in such ways as the charify's tmstg think fft, including by awarding to euch pcr8tsn8 ¥Gholarsliips, MaIntenan allowancAs nr grantg tgnable at any sthool, uiiivet51ty, college or inslituliun OT hlgher education. The South of En9land inGorporateb- Bristol, Gomwall, Devon, Dorsel, Gloucestershire. Somerset, Wltshire, Berkshire, Hampshire. Buckinghamshire. West Sussex, East Sussex Kent, Oxfordshire, Isle of Wght, Suffey, City of London. Greater London. Bedfordshire, Cambridgeshire. Hertfordshire, Essex, and Norfolk Ory•nlsatlon The Trustees who served during the year and since the year end are sel out on p48 one. The Trustees usually meet during the year lo detem)ine who they would support and to consider the fvture of ttie Trust Tre slatutory powvi of appointment applies in connection with the appointment of Ttustees and is exercisable by thp. (ntInuing and retirrng TnJ#te8s. Grant maklng pollcy and activlti#s Sin tha ceplion of the Charity. the Charity Ttustees have dtseovered through theirchaf(tablework and research n suitabty fylfil the objects and hgnÈfftg of the intended recipieni¥ if they are not restrictpd by al sco. The trustègg have a fomial grant iTiaking policy In Pla. Acnievemonts and perfomiancg Dunno the accounting ycar the trutstees Inade Ilve grants totalling £131.836 (2023: none).
Flnancial Revlew and iTrvéthont poliey During the ycar inGoming rebuurce5 totslled £144,56112023.. £10.021). and resources expended totalled £147,636 {2023.. £7,831). As a result the fund balan carried forward at 5th April 2024 was1£8841. The incoming resource5 consist of bank deposit interest and donation5. The Twstees approath in connpction with the level of orant making èach year is to disttibute frum funds donated to thp. Charity during the year. Re&otV8S Policy The tnjstees aim to maintain free reserves adequate to cover immediate expenditure, however, reserves at the balarsce sheet date were negative due to the arr.rual of tho Independent Cxaminalion fe& Donations be e[Vj Irom the trustÉ8 to Cover all doficits. Rl8k management The trustees have examined the m8}or strategic. business and operational risks which tho charity faces and trffjnffrm that syst¢ms have been eb(abli5he¢J to enae regular rÈpnrts to be produ¢cd that the ntX¥55ary stèps can be tak¢i? to lessen these risks. TnS re8ponslbilltl¢s Legislation requires the tniqt@Èg to propare financial sltneJiib- k>r each financial year whir.h ghow a trug. And fair viow of thc State of affaits irf the Gharity and of the incom8 and expenditure of the charity for that peri¢)J. In preparing those financi81 statements, the Tnjstees are required to: select suitable acc(wJnling p)li¢ies and then appty them consistsnty,. make judgments and 8Stimatcs that are reasuriable and prudent 6talc whether applitrtible accounbnq standards and tatements of recommended prac11 have iEen Tollowea, subject to any departures disciosed and explained in the financial staterr*nts.' and prepare the financial sL2tements on thÈ going eorKom basis unle8S it is inappFQPrtare to presume that the fh2rity will continue to operate. The TnJstoa8 are rc3ponsible fur keeping proper accounting rrdS which disclose with reasonable accura¢y al any time the financial position of the Ch8rty and to ensure that the fanCIal statements comply with the Charities Act 2011. They are also responsible forsafeguarding the assets ofthe Charity and hcn¢e r tskin9 IEa able stetE for the prevention and dete¢tion of fraud an¢J vther Ifregularilies. Page 2 Hannah Lily Vwi8n No2 urthill for and on itlialfof the trustses Dated. 3Tr....rn.F)...?CfLr
THE KENORA CHARITABLE FOUNDATK)N INDEPENDENT EXAMINER'S REPORT TO THE TrUSTEES OF THE KENORA CHARITABLE FOUNDATION I report to the trustees on my examination of the finanoal statements ofThe KeThn Chaiitai4e Foundatton (the 'charfty'} for the year ended 5 April 2024 which are set out on pages 4 to 10. Responslbllllles and ba$ls of rnport As the trustees of the ch8rity you s resw)nslblo for the preparation of the finaneial statsments in ac£ordane• wth the r•qu1remtts of the Chariries Act 2011 {the 2011 Act). I report in rospect of my examlnation of thg charity's finwcial statements carrled OLrt under s•clion 145 of thè 2011 ACL In carrwng out my examination I h8ve folltrwed all the applicable Llrections gtven ty the Chanty Commi881on under section 145(5llb) of the 2011 ACL Indepondent examln8Y$ statsment I have completed my examination. I confinn tr*t no mattets have come to my attention In conn8dion wlh the examination gi¥irvJ me cause lo tslieve that in any m81erial respect.. accounting records were not kept in respect of the charrty as requir•J by 8ection 130 of th8 2011 Act., or the financial statements do not accorf with thos& rpo)rd$" C the financtal slatsmts do not compty Imth the applicable requiremerts conceming th8 forn arKI content of accounts set out in the Charities (Accounts and Rekxwts) Regulations 2008 other than any requirement that the accounts give a true and fair visw is not a matter con#idcted es part of 1ndVpeu8llf examination. I have no conrAms and haw com• •cn>88 no otlxtr matt•rn in 9)nt[[mivAIthe exaMalle tovthfich attention 8uld be drawn inthis rw in ordwto enatlea pr0porunderstIr0 ofthefinaAa15taleMts to be reached. Jordan Abbott BSGACA Piper House 4 Dukes Cowt Bogtxx Roa<1 Chichester West Sussex P0198FX Dated.. 0510212025
Pty•4 -12Uf •ES C89h ath LbIleIlIng due t2 m 6.871.16 1.440.OD 2 181.10 2 191.1 Nt4Chw(*l
FXFXPE 144,518. 4$4 10.001llO 14456D.84 10.D2fffj8 147,25r.BO 7.oeo.oo 150.50 1407 Zl91.18 Fund bW1YArd Fund 2,191.18
pe6 THE KENORA CHARABLE FOUNDATION RE515TERED CHARrrY NO. 1201067 he Acc nd 5th rll 2024 1 ACCOUNTING POLICIES Tha Kenor£ Charitable Fvundallon is an unincorporated charity. regiskrad with the Charity Commi55ton number 1201057. The registered addr is Wèsttakg Housc. Cottons Lane. Keinton Mandeville, Somerton, Somerset, TA116DT. 1.1 ACCOUNTING CONVENTION The finariGial stst8ments have been prepared in a¢cordarTrce with the Trust's goveming documenL the Charities Act 2011 and "Accounting and Reporting by Charities". Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financi Reporting Standard applriAble In me UK and Republlc or Ireland IFRS in?). lèffeetivo 1 January 2019). The GIrity Is a Publ Benefft Entity &¢ defined by FRQ 102. The charity has taken adv8ntage of the provisKJns in the SORP for charib.es apptying FRS 102 not to preparè a StAt8menl of Cash Flows. The accounts have departed from the Charities IAcccNJnts and ReFJ)rts) Regulations 28 only to the extent required to provide a true and fair view. This departure has invofv8d foltowing the Statement of Recommended Practice for charities apptying FR8 102 rather that the vergion of the Stal¥vnellt of RecommendeAI Pracjtee which rs refg.rred to in tho Regulation3 but whiGh t5 since been wrth¢Jrawn. The accounts are prepar&J in sterfing, which is the funthonal currency of the charity. The aGGounts have Deen prepared on the historical cost convention nvJdified for the revaluation of invÉstments. The principal gccounting policieg adopted are set out below. 1.2 GOING CONCERN At the time ofapproving the accounts. the trnstÉg.s have roasonable expeGtation, due io thelr own fvnding of the enlture and defici( that the charity has adeqLfate resources to ¢Olltinue in operational existence for the foreseeable future. Thus the trustees. ¢ontinue to adopt the going concem b"s of accounting in preparation of the accounts. CHARrrABLE FUND5 & FUND AGCOUNTING Unrestricted funds are available for use atthe discretion of the trustees in furthan of thgircharttable obiectives unless the fvnds have been deSnated for other purposes. Incoming R••outGOS Incomino res(JLJfcA irtclud•B irwa#trnent incorr*, an¢J ¢Jondtions wnich are recogni when the charity has 8 legal nght tr) the income. The gain or k)ss arising on the dtsposai of an asset is determined as fhe difference beeen the sale proceeds and the canying value of the as# and is recognised in net incomel(expenditurel for thè year. GA." 6719009 1
1A GRANTS PAYABLE PyE Y Grants payable are deblted to expenditure wthin the Stslement of Financial Activities during the period in which the Trust enters into a constructive obligalion to make such payrrEnts, tErogntsing a liability where payments are to be made in lulure ppriods. CHARrrABLE ACTivmES Th@ Cxkgl of charitable activiti88 consists of 9rants made. GOST OF GENERATING FUNDS The cost of generating funds consists of bank charoes. GOVERNANCE COST8 Govemance costs comprise all costs involvlng the public accountabilty of the chanty and Its complFance vrith regulation end good PFaGtiG¢. The>¥ w5ts include costs related to statutory independgnt g¥amination and la9al fee5 together with other ovethead and SUPWJrt rAgts. CASH AND CASH EQUIVALENTS Cash and cash equivalents include deposits held at rAII wttn bank& FINANCIAL114STRUMENTS I ne Chanty has el@clÈd to apply thè provisions of Section 11 °Bagic finan¢ral InStrurIt5. an¢J sectlon 12"Other Fin8ncig1 In#trumonts Issuea. of fRS 102 to all of its fiiiGinrial in5tTuments. Financial assets and liabilities are off8et, with the net amounts presented in the financial statements, when there is a IBgalty enforeeable right to set off the re(LJylli5ed amounts an¢J there an intention to on a net basis or tu realise the asset ana settle the liabilty simultanonusty- Ba8lc finanGial assets Basic financial assets, which inGludes debtors and cash and bank balances, are Initial measurèd at transaction price ifjGluding transaction costs and are subs8quentty r3rried at amorttsad ¢oBt using the effective interest method unless the affangement consts'kntes a financing transaction. where the trdnsaction is measure(l at the present value of the future ceipts discounted at a market rale of interest Financial as8 dasSIf as receivable within one year are not amortised. Impalmrent of Ilnanclal asset8 Finaneigl 8gOt8, othcr ttrFan thoa¢ herd at falr valuo ifiiuugh Income ana expenarture. are assessed for indicators of impairment al each reporting date. Financial assets are impaired where there is obj8ctivÈ gvidentt* tha( as a sult one or nK)re events Ihatoccurred aft@rthe inilial rwnibon of tho financial ossct, the eatirr¢ated fvture (ash Ilows have been affÉcted. GA: 6719LN)9 1
Page 8 If an asset is impaired, the impaim)ent loss is the dfftn between the carying amount and the présent valiie of the e?timd oatsli nuw5 ijlscounted at me asseys original Èffective interest ratg. Tha impairment los¥ i recogn15ed in net incomel{expenditure} for the year. If there is a decrease in the impaimient loss arising from an event occurrfng after the impaimient was recognised, the impaimient is reversed. The revers81 is such that the current carrying amount does not exceed what the corrying amount would havv bEen, hatt Ihe impairment previousiy been rwgnised. The impaimient rcver981 18 recognised in net incomellextenditure) for the year. Baslc financial Ilabllttle8 Rggie financial liabilities, induding trade and othei p(iyabfe5, are inrtraify recognised al trxnsaetion pri unloe8 the arrangeiTierrt consytutes a finanung transaction. where the debt instrum8nt is measured at the present value of the fijlure receipts discounted at a market rate of interest Debt instruments are subsequendy Caled at amortised cosL using the effe1ve interest r method. Trad8 payables are obligations to pay for 9d5 01 5ervrces thai have been acquired in the ordinary course of operations from supplier5. Accounts payable are classed as current liabilities if payment is due wthin one year or less. If not, they are presentad as non-CUTrent liabilities. Trade payables are recognised initially at trans8¢tion prir£ 8nd subs•quenYy measured at amortised o)sl using the elfective interest method. Derecognftion of financial liabilftios Financial IFabilities are dernISed when thÈ charity'g eontractual obli9atson¥ expire or are dischargeil or cancelled. 2. CRMCAL ACCOUNTING ESTIMATES AND JUDGEMENTS In the application of the charty's arLounting prAiciÈs, the trustaoe a required to make judgevtprrts, esUms and assumptinns about tho carrying amount of atS aTrd li¢abililie5 that are not readity apparent from other sources. The estimates and ass¢xiated assumpts.ons are based on historical experienc8 and other factors that are considered to be refevant Actual results rw differ from these estimates. The estimates alld untlerlying assumptsons are revIev on an nnooing basrg. RaviÈione to oceounting estirnate> are reccgnis&J in the priod in which the esb'male is revised where the revision affects only that penod. or in the period o* the revision and future periods where the revision affects both GuTrent and fvture period$. GA- 0719009 1
2Q 20. 14¢61800
Pag• 10 eH411rr RF 201 & CASH AT BANK SA.2023 C HoarE & Co 55820 6,871.16 6. CREtMroRS.. Amouiifs FALLING DUEVMIN OIIE YEAR L¢gal f¢¢b ItKt8perKlern E¥4minaionkn 4a1 &&2023 4,lJdO.00 1.440.00 4.680.00 Y. CHARITABLE AeTllmE8 Year rs 24 &4.202J Grants payabkn Inotes 81 Shatp Offyjvern8n (note 101 f31,838.00 15433.80 147.209.80 7,680.00 0.00 8. GRANT8 PAYABLE 03.08.2023. Heahh Resow ReaLhJth Group 18.01.2024- Th Lake DLstn"rt 24.012024- Speeth ble$ CIO 4.01.2024- St Pa¥ SElkJoI 31.01224- Coram VIHC 20,[A.00 20,000.rA) 25.940.OV 55.8Ae .0) 10.ODO.00 131.836.00 COST OP QENCRA71140 PUND¥ Yoot•ndod 2L123 C Ho8t8a Co 15GAO i.qn so 10. eOVÈRNAN¢E eom Y¢arand•d &&2023 (yLoB . Leod & Pfesn1f rr(A¥ers & Ham1( . & ProfegÈIO lThwn Mitthell Ll P_ CwpetsBox. Inttep8rxJera Examination fee 1,0.00 11.Ir25.6D 1.40820 1.440.00 15.433.80 El51% DTANor•tron". M ofV ¢ts lOcated toth8 adj¥ of9iartn)aktrJ, totallinu £15,434 20241£7.680.' 20231 7680.00 -DO 11. TRANSACTIONS TRUSTEES rBWO no payTh8rts lo TnMtee8 JrtrEyearerthd SWI 2024 (2023." nl) kn rElakn tO8XP8rtse8OrMlerakn. t2. ÈMPLOYE rewpre non[Yeesu[trd ye8r(20YJ'. fil) The redBNed ofÈt44,11012023". £11Tr.IJV11 from char&ar D8rirA NDal. In* ehBthb Fwndalon.