KENSINGTON AND CHELSEA DisfRICT NURSING TRU ANNUAL REPORT YEAR ENDED 31ST MARCH 2025 HETHERINGTON AND COMPANY REGISTERED AUDITORS SECOND FLOOR, 289 GREEN LANES. LONDON N13 4XS
KENSINGTON AND CHELSEA DisfRICT NURSING TRUST YEAR ENDED 31ST MARCH 2025 INDEX Page No. Trustees and m?in a8ents of the Charlly Trustee5' report Independent examiners, report ststement of financial activities Balance sheet Ilk15 Notes to the financial statements
KENSINGfoN AND CHELSEA DisfRICT NURSING TRUST TRUSTEES AND MAIN AGENTS OF THE CHARITY YEAR ENDED 31 MARCH 2025 TRUSTEE5 Mr R O, Callaghan (Chair Ms N Child Ms J Wilkinson Mrs G Falkus M5 D Bartlett Mr J Pulsford ITreasurerl CLERK TO THE TRUSTEES Krlgtln Bayne PRINCIPAL OFFICE Richford House Grove Mew5 London W67HS BANKERS Santander Bridle Road Bootle, Merseyside GIR aAA INDEPENDENT EXAMINER Mr Mario Kourea5 Hetherington & Co Chartered CErtitied Accountants, Second Floor, 289 Green Lanes Palmers Green London N13 4XS BROKERS Cazenove& Co 12 Moorgate London EC2R 6DA SOLICITOR5 Payne Hicks Beach 10 New Square Lincolns llln London Wf2A 3QG
KEf4siNGfoN AND CHELSEA DISTRICT NURSING TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31ST MARCH 2025 The Trtee5 present their report together with the financial statement5 of the Charity for the year ended 31st March 2025. The Trustees confirm that the annual report and financial statements of the Charity comply with the Charities Act 2011, the requirements of the Charity's 8overning document and with the provisions of 'Accounting and Repurting Charities, Statement of Recommended Practice applicable to Charities preparlng thelr accounts In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 effective L January 2015. Strutture, governance and management The Charity was set up by order L21210931 of the Charity Commissioners on 7th November 1974 las amended on 21st January 20021 and continues to be governed by the said Trust Instrument. According to clause 19 of the Trust instrument the income of the Charity must be applied in pursuanc8 of the Charity's main objects. This is subject to the Charity havin8 firstly discharged the administrative and management expenses for the year (clause 171 an(1 any pensions or grants payable in cases of need to retired persons who were fomierly employed by the Charity Iclause 181. According to clause 20, the Trustee5 may not apply income dlrecily in relief of rates, taxes or other publ funds but may apply income in supplementing relief or assistance provided out of public funds. They are also prevented from committing themselve5 to repeat or renew the relief granted on any occasion in any case. The following general restrictions also apply to the Trust:. l. The appropriation of Income of the Charity can only be made by Trustees at meetings of their body. In exceptional circumstances the Chair may authorise a grant for an indlvklual, to be ratrfied thereafter at the next meeting of the Tnjstees. 2. Trustees are not entitled to receive remuneration or be interested in the supply of any work or good5 at the cost of the Charity. intment o Trustees The terms of the Trust instrument require future Trustees to be appointed by a re501ution passed at a special meeting of Trustees of which not less than 21 days, notlce 15 required. Each appointed Trustee is to serve for a period Df five years and must declare willingness to act as Trustee of the Charity by signing declaration of acceptance in the minute book. No Trustee will be appointed to seNe for more than two consecutive temis. A Trustee must not be re-appointed within one year of the end of his or her second term. The Trustees may in excePtnal circumstances appoint a Trustee to serve for a third consecutive temi. Inducti(?n and traini Trustees are chosen accordlng to their experience, arKI it 15 ensured that the Board is made up of a balance of expertise appr¢Jpriate to the needs of the Trust. From time to time Trustees draw on their talents to share their expertise with the others. On occasion this may happen in order to make a specific decision about grant gwing.
KENSINGTON AND CHELSEA DISTRicf NURSING TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31ST MARCH 2025 All the Trustees read the Charities Commi55ion's leaflets on the dutie5 of Trustees, especially with regard to legal issues and the skSlls register. The Clerk ensures that Trustees have sufpicient information about organisations with which the Trust is in touch, particularly COnrnIng their financial affairs, before decision5 are made. Mono ement At the half yearly Trustees, meetings. the Trustees agreo on a broad strategy and area of activity for the Charity, including consideration of grant making, investment, reseTve5 and risk management policie5 and performance. The day-to4ay adrninistration of grants and processing and the handllng of application5 15 delegated to the Clerk to the Trustees. The Trustees who setved during the year under review were os follows: Mr R (Ycallaghan Ichairl Mrs G Falkus Mr5 C Yardley Iresigned 14.01.20251 Ms N Child Ms D Bartlett Ms Juliet Wilkinson Mr J Pulsford Slnce the Trust does not undertake fund-raislng actIVleS, rt5 Chlef risk 15 bound up with its investments, their value and their generation ot incomè. The Trusiees recognise this and regularly revlew and monitor the perfomiance the Trust's investment ty)rtfolio in order to reduce as far a5 POss£ble exposure to potential losses. and to improve growth. Oblectives and activities Summary of the muin actwities of the Chority in relotion to its objects The objects of the Trust are to lIeVe cases of need amongst persons resident in the Royal Borough of Kensington and Chelsea or in the adjacent area who a sicl convalescent, disabled, handicapped or infirm. Public Benefit The Charlty Commlssion In Its Charities and Public Benefit Guidance requires that there are two key principles to be met to show that an oanIsatIon,$ aims are for the public beneftt. FItlY, there must be an idèntifiable benefit. Secondly, the benefit must be to the publlc or a section of the public.
KENSINGTON AND CHELSEA DIRICT NURSING TRU5r TRUSTEES, REPORT FOR THE YEAR ENDED 31ST MARCH 2025 Public Benefit The Tru5tee5 confirm that in setting the Charity's objectives and in plannlng Its actlvities, they have had due regard to the Charity Commission's guidance on public benefit when reviewing the Charity's aims and objectives. The Trustees are sat15fied that the Charity has met the requirement5 of the public benefit guidance Mt7ln octivities undertoken by the Trust tofurther its charitable purposefor the public benefit As in prevlous years, the main activities of the Trust to further it5 charitable purpose for the public nefit were- 11 To provide or pay for ilem5, services or facilities, whbch are calculated to relieve suffering, or assist the recovery of such persons in such cases but are not readily available to them from other sources. 21 To make arrangements for such seNices or facllities to be provided for that purpose by other institutions or organi5ation5 in return for subscriytion out of the income of the Charity. 31 In exceptional Circumstan5, apply the Income of the ChaTity for the benefit of a person who lives outside the area of benefit but is otherwise qualified. The number of person5 benefiting under this provision must not eXd one third of the number of beneficiaries at any one time. 41 ContlF)ue to focu5 on its objectives and work closely with other Charities and organisations, by makin8 available grants in pursuit of their charitable aims Grunt olic The Trustees continue to award grants after careful consideration of each appllcation and to ensure that such awards meet the stated objectives of the Charity as detaile(l above. Chalis. re¥lew Ilneluding achievements and performance dellvered for the public benefit The Trustee5 are conlinuing to meet in the Clerk's house with TNstees occasionally attending via Zoom which working well. In April 2024 James Pu15ford was appointed Treasurer to the Trust. He brings a great deal of financial expertise and experience to the role a5 well as being a local resident. In September 2024 Rory O'Calla8han was appointed as Chair taking overfrorn Gila Falkus and Caroline Yardley who had served jointly. In January 2025 the Trustees accepted the resignation of Caroline Yardley. The Trustees thanked her for her loyal SUPPOrt since 2011. Our grants to individuals amounted to £75,289 this year, divided among 140 people which is a significantly larger amount divided among more Tecipients than the previous year. Last yearthe Trust gave £55,005 to 120 people. The costs of electrical appliances and furnitijre have all increased as well 05, in particular, the c05t5 of waste disposal, delivery and connertion. It wa5 noticeable again this year that most applicants tite mental rather than physical disabilities as the reason they are strugglin8 financialty. The Trustees have also increasingly been called upon to provide furniture and white goods for families and individuals moving into soclal housin8 where there is often no furniture, kitchen equipment or flooring. The Trustees made one grant to an organi5ation this year which had been previously supported In 2013. In August 2024 a grant of £3,IM) was made to Maggie's towards their programme of cancer support at Maggie's West London.
KENSINGTON AND CHELSEA DISTRicf NURSING TRUST TRU5TEES' REPORT FOR THE YEAR ENDED 31ST MARCH 2025 Financial review A5 in previous years the Charity's revenue derived rnalnly from interest ond dividend5 received from its investment portfolio. For the year under VIeW investment income totalled £94,643 compared to £97,827 received in the previous accounting period. The Charity also received a donation of £600 from an individual supporter12024: £60)1. Expenses We again kept under control in the year under review. The Charity incurred a net (leficit on general funds of £3,60312024'. surplus £19,704). The deficit is stated after adjusting for both reali5ed and unreali5ed gaSns1£1451 relating to the Investment portfolio. The permanent endowment fund shows a surplus of £133,385 for the year12024.' surplus £100,393) and this is mainly attributable the necessary adjustment to recognised both realised and unrealised galns on the investment portfolio. For the year under review the Wdlue of our investment portfolio increased in overall terms by 4.4% and reflects to some extent, thè partial recovery of the stock market, despite the on-80ing cost of living and energy crisis and ongoing unrtaIntieS in Ukraine and the Middle East. The value of the portfolio continues to be significantFy more than the ori8inal cost of the inve5tment5 held. At the year- end date, the Charity held £174,898 in general funds and £2,533,682 in the permanent endowment fund. The Trustees are confident that the Charity remains in a secure financlal position. Investment olic The Trustee5' policy over their IestMentS is that they should achieve a maximum current income Consonant with the intention that, in the bnger term, the income stream must increase by èt least the rate of inflation. To do this, the Trustees, together wtth their investment advisers, will continue to monitor the Trust's wrtfolio. Res es The Trustees regularty monltor the level of income reseNes available lo ensure that the Charity is able to discharge its administrative costs a5 well as give donation5 that are affordable. The Trustees also consider the level of reseNes held at any 8iven moment should be sufficient to cover exposure to any si8nificant unforeseen 10s5 of income and to ensure the short-term liquidity and long-tem) financial stability of the Charity. The policy would also allow the Charity time to consider and respond to its responsibilities.
KENSINGTON ANDCHELSEA DISTRICT NURSING TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31ST MARCH 2025 Statement of Trustees, Re5pon5iblllties The Trustees are responsible for preparing the Trustees, annual report and the financial statements In accordan with applicoble law and United Kingdom Accounting Standard5 (United Kingdom Generally Accepted Accountlng Practice). The law applicable to charf(les In England and Wales requires the Trustees to prepare finanrial statements for each financial year which give a true and fair view of the State of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to- •select Suttable accountin8 policies and applythem consistentlyi •observe the methods and principles in the Charities SORP: •make judgement5 and estimates that arè reasonable and prudent; •state whether applicable accourlting standards have been followed, subject to any departure5 disclosed and explained in the financial statements- and 'prepare the accounts on a goin8 concern basis unless it is inappropriate to presume that the Charlty will continue in busine55. Thè Trustees are responsible for maintainin8 proper accounting records which disclose with reasonable accuracy at any time the financlal position of the Charity and to enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Account5 and Reports) Regulations 2008, and the provisKtrns of the trust deed. They are also $pun51b1e tor safeguarding the assets of the Charity and hencè fortaking reasonable steps for the prevention and detettion of fraud and other irregularities. Approved on behalf of the Board of Trustees on 9 september 2025 by: MrR(Y laghan (Chairl
INDEPENDENT EXAMINERS, REPORT TO THE TRUSTEES OF THE KENSINGTON AND CHELSEA DISTRICT NURSING TRUST I report to the Trustees on my examlnatlon of the accounts of the Kensington and Chelsea District Nursing Trustr for the year ended 31st March 2025, which are Set out on pages 8 to 15. Responsibilities and basis of port A5 the Charity Trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Att'l. I report In respect of rny examination of the Trustee's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charlty Commission under section 14515llbl of the 2011 Aci. Independent examlner's ststement I have completed my examination. I confirm that no materlal matters have come to my attention in connection with the examination giving me caus@ to believe that in any material respect- accounting records were not kept in respect of the Trust as reqUId by settion 130 of the Act: or the account5 do not accord with those records; or the accounts do not compty with the applicable requirements conterning the form and content of accounts set out Sn the Chartties (Accoynts and Reports) Regulations 2008 other than any requirement that the accounts 8we 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 110 other matters in connection with the examination to whlch attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. M Koureas FCCA For and on behalf of Hetherington & Co Chartered Certrfied Accountants Second Floor. 289 Green Lanes. Palmers Green, London N13 4XS Dated.. g September 2025
KENSINGTON AND CHELSEA DISTRICT NURSING TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2025 General Fund Endowment Fund Note Total 2024 INCOME & ENDOWMENTS FROM: Donations & Legacies 600 Investment income 94.643 94,643 97,827 Total income 95,243 95,243 98,427 EXPENOITURE ON RaisinE Fund5 273 5,721 5,994 5,404 Charitable Activities.. 98,718 98,718 86.066 Total expen&ture 98,991 5,721 104,712 91,470 Net incornel lexpendlturel for the year before galns (losses) on investments 13,7481 15,7211 19,4691 6,957 Net 8ains Ilossesl on investment assets 145 139,106 139,251 113,140 Net Movement In the year 13,6031 133,385 129,782 120,097 Reconciliation offunds Total funds brought fornard 178,501 2,400,297 2,578,798 2,458,701 Totsl Funds carried forward 174,898 £ 2,533,682 £ 2,708,580 £ 2,578,798 The notes fomi part of these financial statements
KENSINGTON AND CHELSEA DISTRicf NURSING TRUST BALANCE SHEET AS AT 31ST MARCH 2025 2025 2024 Note FIXED ASS5 Tangible Assets Investments 2,654,714 2,521,292 2,654,714 2,521,292 CURRENT ASSETS Debtors Cash at bank and in hand io 1.046 62,094 1,058 63,874 64,932 63,140 CREDITORS: Amounts falling due within one year li 19.2741 17,4261 NET CURRENT ASSETS 53,866 57,506 NET ASSETS £ 2,708.580 £ 2,578,798 REPRESENTED BY: General fund Endowment fund 13 14 174,898 2.533,682 178.501 2,400,297 £ 2.708.580 2,578,798 Approved by the Board of Trustees on 9 September 2025 and Signed on its behalf by- .Mr R O'callaghan (Chairl The notes form part of these financial statements
KENSINGTON AND CHELSEA OISTRICT NURSING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31ST MARCH 2025 I ACCoU1N6 POLICIES The principal accounting policies, all of which have been applied consistently throughout the year, were as follows:_ 1.1 Basls of Acc¢unting The accounts Ifinancial 5tatements1 have been prepared in accordance with the Accounting and Reporting by Charities.. Statement of Recommended Practi applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffettive 1st January 20151, The Charities Act 2011 and applicable regulations. 1.2 Goln8 Concern The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that mlght cast doubt on the abilty of the Charity to continue as a going concern. The Trustee5 have assessed the impact the downturn in the global economy Ilncluding the cost of living and enerLY cris) may have on the Charity's forecast and proièctions and have made this assessment for a period of at least one year from the date of approving these financial statements. The Trustees have concluded that the Charity has 5ufFicient resources to continue in operational existence for the foreseeable future and consequently it appropriate to continue to adopt the going concern basis in preparing its financial statements. 1.3 Income Voluntary income including donations, gifts, legaae5 or grants from various indfviduals, corporations and charltable foundation5 are recognised where there is entitlement, any conditions attached to the itemlsl of income have been met, it is probable that the income will be received and the amount can be measured reliably. Such income is only deferred when= al The donor specifies that the grant or donatloft must only be used in future accounting periods. bl The dunor has imposed conditions which must be met before the charlty has unconditional entitlement. Income tax recoverable in relation to donations received undergift aid or deeds of covenant Is recognised at the time of the donatlon. All incoming resources are reported gross before expenses. 1.4 Resources expended Liabilitie5 are recogn(4ed as resources expended as soon as there is a legal or constwctive obligation commrtting the Charity to the expenditure. All expenditure is accounted for on an accruals basi5 and has been classlfled under headings that aggre8ate all costs related to the categories. Grants payable are payments to third parties in furtherance of the Charity'5 objects. Grants are accounted for when the retipient has a reasonable expettation that they will receive the grant unles5 it Is conditional. Provision for grants is made if the Trustees have conveyed their intention to the reciplent. Resources expended include VAT which cannot be (Overed. io
KENSINGTON AND CHELSEA DisfRICT NURSING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31ST MARCH 2025 I ACCoU1NG POLICIES- Contlnued 1.5 Allocatlon of governanee and sUPPOrt costs. Support costs relate to th05e costs incurred directly in support of expenditure on the Charity's objects, which cannot be dirertly attributed to particular actlvitles. Governance cost5 include those costs incurred in the governance of the Charity and are primarily associated with constitutional and statutory requirements. Both support and governance costs have been allocated in full to the Charity's sole activity being that of provldin8 grants in accordance with the Chartty's slated objertives. 1.6 C05t of ralsing funds The c05t of raislng funds relate to investment management fees. 1.7 Charitable activltles Charitable activity costs refer to those costs whlch represents those specific grants provided during the year to meet the Charity's stated objectives. Sijch cost also include support and governance costs. 1.8 Tangible assets Expenditure on tangible fixed asset5 for the CharÉty's use are capitalised at cost to the Charity. Depreeiation is provided at 33% per annum on a stralght line basis. 1.9 Investments LSsted investments are stated at market value. The market value is based on the middle market price. The Statement of Financial Activities Includ the net gains and1055es arising on revaluations and disp05a15 throughout the year. 1.10 Reallsed 8alns and losses All gains and losses are taken to the statement of financial activitie5 as they arise. Realised gain5 or losses on investments are calculated as the difference between the sale5 Proceeds and the opening market value (purchase date if later). Unrealised gains and losses are calculated a5 the dtfference between the rnarket value at the year end and the opening market value lor purchase date if Idterl. Reali5ed and unrealised gains are not separated in the statement of financial activtties. 2 DONATIONS AND LEGACIES 2025 2024 Donation5 from individuals 600 600 2.1 INVESTMENT INCOME 2025 2024 UK equltles UK Bank Snterest 94,117 526 97,280 547 94,643 97,827 li
KENSINGTONAND CHELSEA DISTRICT NURSINGTRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 315T MARCH 2025 COSTOF RAISING FUNDS 2025 2024 Investment managers safe custody fees Support costs 5,994 5,994 5.404 ALLOCATION OF SUPPORT COSTS AND OVERHEADS BEnriEEN FUNDS The basi5 and allocation of support tost IS a5 follows:. General Funds Endowment Fund Total alloc3ted 2024 Stth costs Depreciation Other office costs Independent Examiner5 Fee Time 15,575 15.575 14.521 171 609 3,210 usage usage 500 3,804 500 3,804 19.879 £ 19.879 £ 18,511 CHARITABLE EXPENDITURE- GRANT MAKING Instittrtions Individuals Total 2024 Grants (see note 5.11 Supportcosts 78,839 19,879 78,839 19,879 67,S55 18,511 98.718 £ 98.718 £ 86.066 5.1 ANALYSISOFGIIANTS FUNDED Total income for grant distrlbtstion.. £75,09112024- £79,657) 2025 2024 l Major grants to Institutlons.I12024-21 3,000 12,000 11 Individual case grants-14012024 - 1201 75,289 55,005 111 Chrfstmas gifts to fomier K&CDNT stsff lin accordance wlth clause 18 of the Trust Deed) Total 550 550 78,839 £ 67,555 At the year end date the Trust was nat tommitted to pay any further grants.
KENSINGTON AND CHELSEA DisfRICT NURSING TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31sr MARCH 2025 ANALYSIS OF STAFF COSTS 2025 2024 Salary Pension 15,309 266 14,280 241 £15,575 £ £14,521 The average number of employees during the year was I12024= 11. No employee earned more than £60,000 . The Trustees did not receive any remuneration12024-£Nill nor were they relmbued for any expenses incurred during the year. TANGIBLE FIXED ASS5 Office Equipment C05t: Balance brought forward 1st April 2024 Additions in the year Disposals At 31st March 2025 513 513 Depreciation.. Balance brought forward 1st April 2024 Eliminated on di5POsal Charge for year At 31st March 2025 513 513 Nei book value at 31st March 2025 Net book value at 3tst March 2024 13
KENSINGTON AND CHELSEA DISTRICT NURSING TRUST NOTES TO THE FINANCIAL STATEMETrrr5 YEAR ENDED 31ST MARCH 2025 INVESTMENTS 2025 2024 Market Value as at 1st April 2024 Additions to investments at cost DisP05als proceeds Realised and unrealised 8ains for the year 2,520,382 2,413.492 15,4501 139,251 2,654,183 531 16.2501 113,140 2.520,382 910 Cash held with brokers Market Value as at 3tst March 2025 2,654,714 £ 2,521,292 Investments at market value comprise- UK equities Cash held with brokers 2,654,183 531 2,520.382 910 2.654,714 2,521,292 Historical cost as at 31st March 2025 1,764,135 1,767,893 All investments included in the portfolio are held in the Unf(ed Kingdom. Included within the portfolio of investments held, are investments with a market value of £121,08412024 £121,0541 which belong to the general funds of the Charwty. INVESTMEMfs- continued Investment in individual entitles held at 31st March 2025 which are over 5% of the portfolio by value are Cazenove- Equity Income Trust For Charities M&G Global Dividend Fund COIF Charities Ethical Fund 1,252,926 1,245,712 140,962 14
KENSINGTON AND CHELSEA DISTRI NURSING TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31ST MARCH 2025 10 DEBTORS 2025 2024 Sundry debtors and prepayments 1,046 1,058 1.046 £ 1,058 11 CREDITORS- AMOUNTS FALLING DUEWITHIN ONEYEAR Gr3nts payable Other credliors and accruals 2024 2023 4,280 4,994 2,563 4.863 9,274 £ 7,426 12 ANALYSIS OF NET ASSETS BETWEEN FUNDS General Funds Endowment Fund5 Total Investments Cash with broker5 Fixed assets Current assets 121,084 2.533.099 531 2,654,183 531 61,621 1,519 63.140 17,8071 11,4671 19.2741 174,898 £ 2,533,682 £ 2,708.580 Creditor5 13 GENERAL FUND The General fund consists of those funds which the Trustee5 are free to use in accordance with the charitable objects of the Trust. At the yeor end date. general funds included £16,87812024- £16.769 of unreallsed irniestment gains. 14 ENDOWMENTFUND The endowment fund represents those assets Iprincipally investments) which must bè held permanently by the Charity. Income arislng on the endowmènt fund can be used in accordance with thè objects of the Charity and 15 recogni5ed as general fund income. Any capital galns or losses arisin8 on the investments form part of the fund. At the year end date, the endowment fund included £873.17112024. £735,721) of unrealised investment gain5. 15 CONTROL The Charity is controllèd by thÈ Trustees. 16 RELATED PARIY TRANSAcfioNS The were no dlsclosable related party transartions.