KYTES EXECUTIVE COMMITTEE Registered Charity No. 223067 ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024
KYTES EXECUTIVE COMMITTEE ACCOUNTS YEAR ENDED 31 ST MARCH 2024 CONTENTS PAGE Report of the Trustees Statement of Financial Activities Balance Sheet Notes to the Accounts Report of the Auditors 11
Page 1 KYfES EXECUTIVE COMMITTEE REPORT OF THE TRUSTEES YEAR ENDED 31ST MARCH 2024 The trustees presenl their annual report together with ihe audited accounts for the year ended 31 st March 2024. They are prepared in a¢¢ordance with the accouniing policies set out in note I to the accotjnts and comply with the charity's trust deed, the Charities Act 2011 and Accounting and R¢porting by Charities Statement of Recommended Pra¢iiee applicable to chaTlties preparing their accounts in accordan¢¢ with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS1021 (effe¢tiv¢ I st January 2019). oBJEcTEs AND ACTIVITIES The obje¢ts of ihe charity are to relieve th¢ needs of persons suffering from paraplegia: any fomi of paTaly5is or otlier disability by way of gran¢ funding. Preference shall be given to persons suffering from these conditions i¥ho are ex-servicemen or women. Only persons resident in, or being ireated in. Great Britain or Northern Ireland shall be eligible to benefit. The trustees have referred to the gliidance contained in the charity commission's general gyuidance on public benefit when reviewing aims and objectives and in planning future activities. In particular: tlie trustees consider how planned activities will contribute to ihe aims and objectives they have set. ACHIEVEMENTS AND PERFORMANCE Chairman's report in respect of the trllstees, work during the )'eaT ended 31st March 2024 The end of year report marks the tivenry first anniversary of Kytes operations as a grant making trust. Four meetings M'ere held during. the year at ivhich the trustees c0115idered requests for financial assistance subniitted on behalf of eligible applicanis and organi5ation5. These meetings w¢re held r¢moiely via video conferencing. Trustees also ratified individual gran15 san¢tioned at one additional meeting held by the grant making sub- rommitlee. Kytes Trusi received 72 applications for financial assis(ance for individuals during the year which was 51 more than the previous >'ear. Of the total applications received during the financial year the trustees We able 10 approve assistance for 59 individual cases falling within the charity's strict criteria for determining 'Ekeed'. This was 39 more than the previous year. with the total SUTn awarded by Ke5 on behalf of individuals being £52.255 compared with £24,975 in 2022123 a 109Q/o increase compared to 2022123. Paj'ments for ex-service related Cases were made ihrough the Royal Bri¢i5h Legion and non-service related cases through other sponsoring organisalions. The average grant Inade by trusiees for each applieation was £886. about £363 lower per ease than the previous year. Of th¢ 59 awards approved. 52 were for Army related cases. 4 for Royal Navy related cases and 3 for Royal Air Force related cases. There i¥ere no aii'ards for non-service related cases during ihe year. As in previous years the majorlty of the awards were made to help with the purchase of disability related equipment such as electric powered wheelchairs and scooters, electric riser recliner chairs and beds and disability related property adapiations. The irustees are only able to help purchase equipTnent that has b¢en recomniended after an asse55ment by an Occupational Therapist.
Pago 2 KYTES EXECUTIVE COMMIThEE REPORT OF THE TRUSTEES YEAR ENDED 31ST MARCH 2024 ACHIEVEMENTS AND PERFORMANCE (Continued) wide variety of organisations helping the severely disabl¢d Continue to apply to K>te5 for financial assistance. 12 reques15 for special donations were received during the year and the trustees w'ere able tQ approve assistance totallino £76.657 for I l of the organisations that applied. These special donations ivere restricled to matters sp¢¢ifi¢ io helping the disabled ¢.g. di82bility equipment, special programmeslprojects or events specifically for the disabled. No assistance can be given witli an organisation's oveiheads or day to day running ¢osts. The organisations receiving special donations during the year included those helping disabled ex-service personnel. disabled children. people ivith learning disabililies. and wheelchair sports clubs. Other orgaDi5atlQllS T¢c¢iving special donaiions in previou5 years included those helping disabled students, the partially sight¢d and members of the hospice organisation. K)'tes trustee5 will continue to support eligible organisations by means of special donations as they believe this to be the most efficient way of reaching a5 wide a number of disabled people of all ages and ba¢kgrounds as possible. The trustees annual target for charitable giving is £200,000. In what has been a better year. the trustees were encouraged that the figure for this financial year had increased to just under £129.000 compared to just over £93.000 last y¢ai. The trustees continue to apply consisfently their eligibiliry criteria. Administration ¢osts amounted to £15.951 {2022123 expenditure. Kytes investment5 rontinue lo be managed by Cazenove Capital in the forni of a long-terni fund seeking long term real gains. ch-fl0W requirements will be funded from a ¢ombination of this account and current asset investments. The irusiees long term aim remains a distribution of up io £200.000 per annum through a combination of ii)come and capital from this long-tern) fund. Although s¢ttin& disiribiition ai this level will result in a gradual erosion of capital, the trustees want to distribut¢ this amount for as long as possible and 5inc¢ Kytes inception as a grant making charity just ovcr £2.3 million in the forni of grants and special donations has been disbursed. A free reserves policy of12 month5 planned ¢xpenditure continues to be adopted. £11,174) being 11.020/0 of total FINANCIAL REVIEW The trustees report that toial income generated during the }'eaT on the charity's investments and deposits amounted to £74,603 12022123 £74.829). Total expewbditurc for the year amounted to £144,683 12022123 £104,632). The in¢reAse in expenditure is largely related to the grants and special donations payable. Administration ¢osts amounted to £15,951 (2022123 £11,174} representing 2 lQ/o of income. The accounts show an increase in the value of investments amounting to £99,206. Investment opportunities are reviewed on a regular basis to ensure that income is maximised and capital maintained.
Page 3 KYTES EXECUTIVE COMMITTEE REPORT OF THE TRUSTEES YEAR ENDED 31ST MARCH 2024 FINANCIAL REVIEW (¢ontinued) Reserves policy In aecordance with guidelines i55ued by ihe Charity Commission. Ihe trusi¢¢s have adopted a policy regarding reserves io ensure that they are satisfied rhat the net assets of the charity amounting to £1,738,300 are sufficient to fulfil the object5 of the charity. The level of funds maintained in the general reserve is reviewed regularly by the trustees and its adequa¢y is assessed taking account of.. (i} forecast income levels in futur¢ years; (li} forecast expenditure in future ycars on ihe basis of planned activity. (iiil luture needs, opportunities, contingcntÉes or risks, the effect of M,hich is unlikely to be met out of current year income if and when they arise. and (iv) likelihood of each of those needs ari5ingF and ihe poteniial consequences for Kyles not being able to meet them. STRUCTURE, GOVKRNANCE AND MAf4AGEMENT Governing document Kytes Executive Committee is gov¢rned by a trust deed and scheme dated 14th January 2003. Organisation and appointment of tTUStees The constitution requiTes that ihe Execuiive Committee, whezi ¢omplete, ideally consists of 2 represeniative members from The Order of Si. John of Jerusalem and 4 co-opted member5. The representative members are selected from suilabl J. qualified candidates nominated by The Order of St. John of Jerusaleni. Co-opted members arc chosen Irom ihose nominees p055essing the appropriate skills that might be required by the Executive Committee and, where necessary-. new trus(¢es are provided with suitable training. The names of the iru5tees who acted during the financial y¢ar 2023124 are set out on page 4. Risk Nlanagement The trustees ¢arry oui an annual review of the tisks which the charity niay face and have established systems and Procedure5 10 mitigate any risks identified and minimise any potential impa¢t should any identified risks rnaterialise.
Page 4 KYTES EXECUTIVE COMMITTEE REPORT OF THE TRUSTEES YEAR ENDED 31ST MARCH 2024 REFERENCE AND ADMENISTRATtVE INFORMATION Registered Charity Number 223067 Registered Name Kyles Office Address P.0. Box 735 Tunbridge Wells TN9 9WP Trustees The Order of St. John of Jerusalem Mr. B. Wingate Bsc (Hons) (Chairman) DT. D. Taverner Cowopted Mr. M. Fox Mr. T. O'Brien BCOM FCA Mrs. T. Smith Mrs. N. Stout Mrs. J. Cox (Resigned 30th January 20241 (Vice- Chairman} Secretary l Treasurer Mr. D. Ogilvie Solicitors Womble Bond Dickinson St Aiin's Wharf. 112 Quayside Newcastle Upon Tyne NEI 3DX Auditors FKCA Limited 260- 270 Butterfield Great Marling5 Luton, Beds. LU2 8DL Bankers Barclays Bank PIC 32. Clarendon Road Watford, Herts. WDI IBZ Investment Managers Cazenove Capital 12 Moorgate London EC2R 6DA
Page S KYfES EXECUTIVE COMMITTEE REPORT OF THE TRUSTEES YEAR ENDED 31ST MARCH 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The ¢harity trustees are responsible for preparing a tmstees. annual report and accounts in accordancc with applicablc law and United Kingdom Accounting Standards (United Kingdom Generally ALcep(ed Accounting Practice). The law applicable to charities in Englat]d and Wales requires the charity tNstee5 to prepare accounts for each financial year which give a t¢ and fair view ot the stale of affairs of the charity and of the incoming resources and applic8tion of r¢sources of Ihe charity for thai p¢riod. In preparing those accounts, thc trustees are required to.. select suitable accounting policies and then apply thett] consistently- observc th¢ mcthods und prinLiples in the Charities SORP: make judgemcnts and ¢stimiltes that arc reasonablc and prud¢nt; slate whether applicable accounting standards have been followed, subject to any material departures that must be discloscd and explained in the accounts,. and pr¢par¢ the accounts on the going conc¢rn basis unless it is inappropriatc to presume that the charity will continue in operdiion. The trustees are responsible for keeping adequate accounting records thai are sufficient to show and explain the ehariiy's iransactions and disclose with reasonable accurdcy at any lim¢ th¢ financial position Of the Lharity and to cnsure that the accounts comply with the Charities Act 2011, Statement of Recommended Practice and the provisions of the trust deed. They are also responsiblc for saf¢gu4irding the assets of the charity and hence for iakcn rcasonabl¢ steps for the PTevention and dctcction of fTaud and otber irregularitics. Undcr thc Charities Aci 2011. as ihc charitys trustees. we certify that.. so far as we are aware. there is no r¢l¢vant #udit inforniation of which th¢ charity's auditors are unaware. and as ihe trust¢¢.8 of the charity we have taken all the steps that we ought to have takcn in order io make ourselves awarc of any relevant audit information and to establish that thc charity's auditors are aware of that inforniation. Sign d on bchalf of the trustees Mr. B. Wingate P.0. Box 735 Tunbridge Wells TN9 9WP 15th July 2024
Page 6 KYTES EXECUTIVE COMMITTEE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024 Note 21124 2023 UNRESTRICTED FUNDS Income fTon3: Investments 74,603 74,829 Expenditure on". Charitable activities 1144,683) (104,632) Nel gains l (losses) on investments Realised gains on investinenls Unrealised gains l (losses} on investments 99,206 (150,978) 99.206 {150,978) 1180,781) Net movernent in fund5 29,126 Reconciliation of funds: Total fullds brou&hi lorward I st April 2023 Total funds carried forward 31st March 2024 ,709,174 1,889,955 1,738.300 1,709,174
Page 7 KYfES EXECUTIVE COMMirrEE BALANCE SHEET 31 ST MARCH 2024 Note 2024 2023 FIXED ASSETS Inve8tmentg 1.733,996 1.699.969 CURRENf ASSETS Investments Cash at bank and in hand 1,316 6.402 7.718 1,255 11,202 12,457 Creditors: amounts falling due within on¢ year 3,414 4,304 3.252 9.205 NET CURRENT ASSETS TOTAL ASSETS LESS CURRELYT LIABILITIES 1,738.300 1.709,174 FUNDS 1,738,300 1.709.174 Thc accounts on pagcs 6 10 10 wcrc approved by the tNstees on 15th July 2024 and were signed on their behalf by.. Mr. B. WiThgate- Chxirn12n Mr. T. O, ie Vice irman
Page 8 KYTES EXECUTIVE COMMITTEE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024 Accouf4TING POLICIES (a) Basis of preparatio The accounts have been prepared under the historical cosi conveniion, as modified to include the revaluation of investments at market value, and in aecordance with the Siatement of Recommended Practice= Accouniing and Reporting by Charities preparing their accounis in accordance with the FinaD¢ial Reporiing Standard applicable in the UK and Republic of Ireland (FRS 102) (effective I si January 2019). the Financial Reporting Standard applicable in the UnÉted Kingdom and Republic of Ireland IFRS 102) and the Chariiies Aet 2011. The presentation currency of the accounts is in Pounds Sterling (£), which is the functional currency of ihe charity. The eharity meets the definition of a public benefit entity under FRS 102. In coininon wilh many oiher charities of our size and nature we use our auditors lo assist with the prepaTation of th¢ accounts. although strict safeguards remain in place for the audit opinion to remain fully objective. (b) Income retognition Investmcnt income is accounTed for when du¢, with the full arnount being r¢invesied in Ihe fund in whi¢h li is managed. (c) Expenditure recognition Grants payable are accounted for ivhen approved. Grants reimbursed are accounted for when received. or when notified if earlier. Gov¢man¢e costs include those costs associaied with meeting the constitutional and statutory requirements of the charity and includ¢ the audit fees and costs linked to the strategic management of the charity. (d} Fixed Asset Investments Inv¢stm¢niS are a form of basic financial insiiument and are iniiially Tecognised ai their transaction value and subseqiientl>' measured ai their fair value as at the balance sheet date using the closing bid n)arkei value. Gains and Ioss¢s on revaluaiion are taken to the Statement of Financial A¢tivilies as ihey arise. Realised gains and losses on investment5 are calculated the differen¢e beiween sales Proceeds and iheir opening carrving value or their purchase value if acquired subsequeni io the first day of th¢ financial }'ear. Unrealised gains and losse5 are calculaied as the difference between the fair value at the year end and iheir carrying value. {e) Current Asset Inve5tment$ Cash and cash equivalents i¥ith a maturity of less than on¢ year and held for investment purposes rather than to me¢t short term cash commilments. (O Fund accounting The gen¢ral reserve is an unrestricted fund whi¢h ihe trustees may use in accordan¢e wilh the charily's obj¢¢ts.
Page 9 KYTES EXECUTIVE COMMirrEE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024 2024 2023 2. EXPENDJTURE Charitable activities Grants payable Grants reimbursed Special donations Secretary I treasurer honorarium Governance costs.. audit fees Professional fees Printing, postage and stationery Bank charges Investrnent tnanagement fees 52,255 (1801 76.657 3.000 3,414 4.800 577 106 4,054 144.683 24,975 68,483 3,000 3,252 496 104 4,322 104,632 3. FIXED ASSET tNVESTMENTS At I st April 2023 Income reinvested Liquid funds irangfer Realised gains on disposals Unrealised net bains l (105ses) on revaluation Managemeni fees At 31st March 2024 1.699.969 74,542 (135.667> 1,864.627 74.767 {84,125) 99.206 (4,054) 1.733,996 {150.978) (4,i22) 1,699,969 Investments ai 3 1st MaTch 2024 comprise: Listed invesimenis Cash held ivithin invesiment portfolio 1,728,960 5,036 1,733,996 1,699,955 14 1,699,969 Historical ¢ost at 31 st March 2024 1,662.359 1.734.346 4. CURRENT ASSET INVESTMENTS Cash or cash equivalents 1,316 1,255 5. CREDITORS Amounts fxlling due within ODe year Accruals 3,414 3,252
Page 10 KYTES EXECUTIVE COMMirrEE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024 Unrestrieted fund$ FUNDS At 1st April 202) Net movement in funds 1,709,174 29.126 At 31st Mareh 2024 1,738.300 RELATED PARTY TRANSACTior4s None of the trustees claimed cxp¢ns¢s fron) the charity during the year (2023 £nill. Mr Tim O'Brien, a Irusiee of the charity is a partner of Optimum Support. In the )'¢ar ended 31 st March 2024 profe55ioJJal f¢¢$ of £4,800 were charged to th¢ ¢harity by OptimuTn Support 12023 - £nil). 2024 2023 FINANCIAL INSTRUMENTS The carrviiig aniounts ot. Ihe charit>s finan¢ial instruments are as follows- Financial assets.. Measured at fair value through net ineome l expenditure.. Fixed a55et listed invesiments {nole 3) 1.733.996 1,699,969 The net gains attribulable to the charity's finan¢ial instrument5 are 5ummarised as follows.. Net gains l {losses} (including changes in fair value) 99,206 (150,978)
Page 11 KYTES EXECUTIVE COMMirrEE INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES YEAR ENDED 31ST MARCH 2024 Opinion We have audited ihe accounts of KeS Executive Committee (the charity) for the year ended 31 st March 2024 ivhich comprise the Balance Sheet. the Stalement of Financial Activilies and the notes io the accounts including a summary of significani accounting policies. The financial reporting framework that ha5 been applied in their preparation is applicable law and Uniied 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 Pr8¢tice). In our opinion. the accounts.. give a true and fair view of the state of the charity's affairs a5 at 31st March 2024 and of its incoming resources and application of resour¢es for the year then ended. have be¢n properly Prepared in a¢eordance with United Kingdom Generally Accepted Accounting Praclice,. and have been prepared in accordance with the requirements of ihe Charities Aci 2011. Ba515 for opinion We conducted our audit ill accordance wilh International Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibiliti¢s under those standards arc further described in the Auditor's responsibilities for the audit of the ac¢ounis seeiion of our reporl. We are independent of the charitv in accordance iviih ihe ethical requirement5 that are relevani to our audit of the accounts in the UK. including the FRC'5 Ethical Siandard and th¢ PTovisions available for small eniities. in the circumsiances set out in note I la) to the account5 and ive have fulfilled our ethical responsibilities in a¢¢ordance with these requirements. We believe that lh¢ audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conelusions relatlDg to going coneern We have nothing to report in respect of the folloii'ing matters in relation to whi¢h the ISAS (UK) require us to report to you where.. the trustees, use of the go2ng concern basis of a¢¢ounting in the preparation of the accounts is not appropriale. or the irustees, have not disclosed in the accounts any identified n)aterial uncertainties ihai may cast signiticant doubt about th¢ tharity's ability to continue to adopt ihe going con¢ern basis of a¢¢ouniing for a period of at least twelve months from ihe date ivhen the accounts are authorised for i55U¢. Otber informatio The other information comprises the information included in the report of the trustees, other than the accounts and our auditor's report thereon. The trustees are responsible for th¢ oiher informaiion. Our opinion on ihe accounts does not cover the othcr inforniation and. except to th¢ exient otherwise explicitly stated in our Teport, we do not express any forni of assurance conclusion thereon. In ¢onneeiion with our audit of the #¢eounts. our responsibilit!" is to read the other inforniation and, in doing so. eonsider whether ihe oih¢r inlormation is materiall J. in¢onsisteni ivith the account5 or our knowledge obtained in the audit or otherwise appears to be materkally misstared.
Page 12 KYTES EXECUTIVE COMMITTEE INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES YEAR ENDED 31ST MARCH 2024 Other information (continued) If we ideniify such material incon5lStencies or appareni material misstatement5, we are required io det¢rmin¢ whether there is a material misstatement in the a¢¢ounls or a material mi5slatemeJ)t of ihe other iF)fonMalion. If, based on the w'ork ive have perfornied. wc con¢lude that there is a material misstatement of this Other infomiation, we are required to report that fact. We have nothing to report in this regard. Matttrs on wbieb M'e are required to report by exceptio We have nothing to report in respect of th¢ followingw maiters where the Chariiie5 Aci 2011 r¢quire us Éo report lo you if, in our opinion: the inforn)ation given in the accounts is iwh¢onsistent in any material respect with the report of ihe trtee5,. or sufficient accounting records have noi been kept,. or the accounts are not in agreerneni with the ac¢ounting records. or we have not Teceived all th¢ inforniation and explanations we require for our audii. Responsibilities of trustees A5 explained mor¢ fully in the trustees, responsibilities statement set oul on page S. the trustees are responsible for th¢ pr¢paration of the accounts and for being satisfied that the), give a true and fair vie1¥, and for such internal control as the trusteeg determine is necessary to enabl¢ lh¢ preparation of accounts thai are free from material misstatem¢nt, wheiher due to fraud or error. In preparing ihe accounts, the trustees are responsible for assessing the charity'5 ability to continue as a going Coneem, disclosing, as applicable, matters relaied to going eoncern and using the going concern basis Of accounting unless the trustees either intend to liquidate the charity or to cease operations. or have no T¢alistic alternative but to do so. Auditor's responsibilities for the audit of the #teouDts We have been appointed 85 auditors under section 145 of the Charitie5 Aci 2011 and report in accordance w'ith the Act and relevant regulaiions made or having effect thereunder. Our objective5 are to obtain reasonable assurance about wheiher the accounis as a whole are free from maierial misstateinent, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee ihat an audit ¢onducted in aecordance with ISAS (UK) ,71] alivays d¢teci a material misslatemenl ivhen it exists. Misstatemenis can arise from fraud or error and arc Considered material, if individually or in the aggregate, they could reasonably be expected to influen¢¢ the economic decisions of users taken on the basis of these a¢¢ounls.
Page 13 KYTES EXECUTIVE COMMITTEE INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES YEAR ENDED 31ST MARCH 2024 Auditor's responsibilitie5 for the xudit of the accounts (continued) Irregularities, including fraud, ar¢ insiances of non-compliance with laws and regulations. We design procedures in line with our re5pon5ibilities, Outlined above. to detect material misstatemen(s in r¢spect of irregularities, including fraud. The extent to i¥hich our procedures are capable of detecting irregularitie5, including fraud is detailed below.. Enquiry of nianagenient, th05¢ ¢harged with governance around a¢tual and potential litigation and claims. Enquiry of the board of trustees to identify any ins12nces of non-compliance with laivs and Tegulations. Reviewing minute5 of meeiings of those charged with governance. Revieiving accounts disclosures and iesiing to supporting documentation to assess compliance with applicable laws and regulations. Auditing the risk of managemenl oveIde of controls, including through testing joumal entries and other adjustn)ents for appropriateness. and ei'alu8ting the business rationale of Significant transactions outside the norn]al ¢ourse of bltsiness. A further de5CTlPtion of our responsibilities for the audit of the accounts is located on the Financial Reporting Council's website at ivwM,.fr¢.org.uklaudirorsresponsibilili¢s. This description forms pari of Èh¢ auditols report. Use of our report This report is made solely to the Charity's trusiees. as a body, in accordance i¥ith Section 144 of the Charities Aci 201 l and regulations made under Section 1 $4 of that Act. Our audit ivork has been undertak¢n so ihai we mighi state to the charity'5 trustees those matters we are required to 5¢8te to them in an auditor's report and for no other purpose. To the fullesi extent permitted by law. Ive do not accepi or assume responsibility io anyone oiher than the charity and the charily's trustees as a body, for our audit work. foT this report. or for ihe opinions we have formed. FKCA Limited Chartered Accountants and Statutory Auditors 260- 270 Butterfield Great Marlings Luton, Beds LU2 8DL