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2023-04-05-accounts

Charity registration number 249913

THE KRISTINA MARTIN CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

THE KRISTINA MARTIN CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr A J V Parry
Mr P D Tompkins
Charity number 249913
Registered office Suite 7
The Town Hall
Newbury
Berkshire
RG14 5AA
Auditor UHY Ross Brooke
Suite I
Windrush Court
Abingdon Business Park
Abingdon
OX14 1SY
Bankers Lloyds Bank Private Banking
31-33 Perrymount Road
Haywards Heath
West Sussex
RH16 3SP
Solicitors Veale Wasbrough Vizards LLP
Narrow Quay House
Narrow Quay
Bristol
BS1 4QA
Investment advisors Brewin Dolphin
12 Smithfield Street
London
EC1A 9BD

THE KRISTINA MARTIN CHARITABLE TRUST

CONTENTS

Page
Trustees' report 1 - 3
Statement of trustees' responsibilities 4
Independent auditor's report 5 - 7
Statement of financial activities 8
Statement of financial position 9
Notes to the financial statements 10 - 17

THE KRISTINA MARTIN CHARITABLE TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2023

The trustees present their report and financial statements for the year ended 5 April 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Deed of Trust dated 8 September 1966, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016).

Objectives and activities

During the year the trustees have acted in accordance with the charity’s objectives stated in the trust deed, which are as follows:

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Significant activities

The charity continued to receive income from its investments, and made grants to various charitable institutions in accordance with the terms of the trust.

The Trust does not actively fundraise and seeks to continue the charitable work desired by the benefactors through the careful stewardship of its existing resources.

Public benefit

The Trustees have referred to the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning its future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives of the Charity and satisfying the public benefit requirement.

Grant making

The charity's grant making policy encompasses the full breadth of charitable purposes for the benefit of the general public and mankind.

Although the trustees retain discretion to benefit the full spectrum of charitable objects, one of the focuses of the charity during the year has been to benefit causes which promote improvement of mental health and mental health awareness, suicide prevention and care following bereavement.

The trustees consider possible charitable beneficiaries and purposes and other than having regard to the Charity Commission's guidance on Public Benefit the trustees are not restricted in their charitable grant making nor do they regard themselves as bound by precedent.

The trustees seek to make grants from the income available (subject to their reserves policy) so they are seldom able to make grants in response to unsolicited applications. In order to minimise administrative costs, the trustees regret that they are not able to reply to any printed or electronic correspondence or return material supplied in support of unsolicited applications.

THE KRISTINA MARTIN CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

Achievements and performance

Charitable activities

During the year, the Trustees awarded grants totalling £281,352 (5 April 2022: £366,270) to 29 (5 April 2022: 23) institutions in the UK, the details of which are given in the notes to the financial statements.

Investment performance

The Trust employs investment advisers, who charge a management fee for their services, and the Trustees keep their investment strategy under review. In the current year they have not adopted a formal ethical investment policy. The Trustees reviewed the investment policy during the year and adopted an updated policy dated 17th February 2023.

The Trustees are satisfied with the level of return obtained on the assets under management in light of the balanced approach to income and growth and the medium risk investment risk policy which has been adopted.

Internal and external factors

The most significant factors that affect the Trust are the effects of the prevailing economic conditions on the investment returns. The trustees are satisfied that the discretionary investment mandate given to the investment managers and the medium risk policy adopted will enable the trustees to make further grants in the year ahead.

Financial review

Total income for the year ended 5 April 2023 was £283,646 (2022: £251,855). The net loss on investments for the year ended 5 April 2023 totalled £707,496 (2022: net gain of £478,548). Total expenditure for the year ended 5 April 2023 amounted to £350,850 (2022: £425,958).

Total funds available to the trustees as at 5 April 2023 amounted to £9,049,809 (2022: £9,824,509).

Reserves policy

It is the policy of the Trustees to distribute the annual net income from the charity’s endowment each year in the form of grants to not-for-profit organisations. At the Trustees’ discretion capital may also be withdrawn to supplement income if required.

A separate income fund is held to ensure stability in the grant making programme and to enable regular payments of grants and invoices to be made, and to ensure all financial commitments can be met in the unlikely event of the monthly investment income being delayed or not received. The target level for such income fund is 12 months of non-grant expenditure plus any longer term legally binding and ascertained financial commitments (excluding investment management fees). The actual level of the income fund at 5 April 2023 was £52,898.

Risk

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. The principal risk to which the charity is exposed, is a lasting fall in annual income or capital value of the investment portfolio. The Trustees mitigate this risk through regular review of their investments with their investment manager.

THE KRISTINA MARTIN CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

Structure, governance and management

Governing document

The charity is controlled by its governing document, a deed of trust dated 8th September 1966, and constitutes an unincorporated charity.

The Trust was established by Thomas and Jacqueline Martin following the death in 1965 of their only and much loved daughter, Kristina Martin. The trust initially received a shareholding which had belonged to Kristina Martin. When Jacqueline and Thomas Martin died, in 1989 and 1995 respectively, they left their residuary estates to the charity in memory of their daughter with the intention that the income generated by the fund should be used to make grants for charitable purposes as a lasting tribute to the memory of Kristina Martin.

The trustees who served during the year and up to the date of signature of the financial statements were:

Mr A J V Parry Mr P D Tompkins

Recruitment, appointment, induction and training of Trustees

When the need arises, the Charity seeks to recruit additional Trustees with the experience and knowledge of the charity sector that complement the skills of the other Trustees.

The induction procedures include briefing new Trustees on the history and objects of the Charity, the wishes of the original benefactors and decision making processes, the current plans of the Charity, a copy of Charity Commission guidance CC3 – The Essential Trustee: what you need to know, what you need to do, the current Investment Policy Statement and meeting the Trustees.

The Trustees are encouraged to obtain appropriate professional development that will facilitate the development of their role in the Charity.

Organisational structure

The Trustees keep in regular contact and meet as the need arises to administer the Charity.

Statement on disclosure of information to the Auditors

Each of the persons who is a trustee at the date of approval of this report confirms that:

The trustees' report was approved by the Board of Trustees.

Mr A J V Parry

Trustee

22 January 2024

THE KRISTINA MARTIN CHARITABLE TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 5 APRIL 2023

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial 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 year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE KRISTINA MARTIN CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE KRISTINA MARTIN CHARITABLE TRUST

Opinion

We have audited the financial statements of The Kristina Martin Charitable Trust (the ‘charity’) for the year ended 5 April 2023 which comprise the statement of financial activities, the statement of financial position and the notes to the financial statements, 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).

In our opinion, the financial statements:

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 Auditor's 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 UK, including the FRC’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.

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 auditor's 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 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 in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

THE KRISTINA MARTIN CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE KRISTINA MARTIN CHARITABLE TRUST

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they 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 cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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:

We have considered:

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement, such as the disclosure of adjusting items. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context were the Charities Act and tax legislation.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

THE KRISTINA MARTIN CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE KRISTINA MARTIN CHARITABLE TRUST

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 auditor's 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 the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

UHY Ross Brooke Chartered Accountants Statutory Auditor

Suite I Windrush Court Abingdon OX14 1SY

Date:

UHY Ross Brooke is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

THE KRISTINA MARTIN CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 5 APRIL 2023

Notes
Income from:
Investments
4
Total income
Expenditure on:
Expenditure on raising funds
5
Expenditure on charitable activities
6
Total expenditure
Net income/(expenditure)
Net gains/(losses) on investments
10
Transfers between funds
Net movement in funds
Fund balances at start of year
Fund balances at end of year		 Unrestricted
Funds
Endowment
Funds
Total
2023
2023
2023
£
£
£
283,646
-
283,646
283,646
-
283,646
-
57,350
57,350
293,500
-
293,500
293,500
57,350
350,850
(9,854)
(57,350)
(67,204)
-
(707,496)
(707,496)
(31,529)
31,529
-
(41,383)
(733,317)
(774,700)
94,281
9,730,228
9,824,509
52,898
8,996,911
9,049,809		 Unrestricted
Funds
Endowment
Funds
Total
(restated)
(restated)
2022
2022
2022
£
£
£
251,855
-
251,855
251,855
-
251,855
-
48,104
48,104
377,854
-
377,854
377,854
48,104
425,958
(125,999)
(48,104)
(174,103)
-
478,548
478,548
22,011
(22,011)
-
(103,988)
408,433
304,445
198,269
9,321,795
9,520,064
94,281
9,730,228
9,824,509

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE KRISTINA MARTIN CHARITABLE TRUST

STATEMENT OF FINANCIAL POSITION AS AT 5 APRIL 2023

Notes
Fixed assets
Investments
11
Current assets
Debtors
13
Cash at bank and in hand
Creditors: amounts falling due within
one year
14
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
15
Net assets
Capital funds
Expendable endowment fund
18
Income funds
Unrestricted funds
18		 2023
£
8,996,911
3,399
87,349
90,748
(27,850)
62,898
9,059,809
(10,000)
9,049,809
8,996,911
52,898
9,049,809		 2022
(restated)
£
9,730,228
-
130,041
130,041
(15,760)
114,281
9,844,509
(20,000)
9,824,509
9,730,228
94,281
9,824,509

The financial statements were approved by the Trustees on 22 January 2024.

Mr A J V Parry Trustee

Mr P D Tompkins Trustee

THE KRISTINA MARTIN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

1 Accounting policies

Charity information

The Kristina Martin Charitable Trust is an unincorporated charity governed by trust deed.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's trust deed dated 9th September 1966, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity 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.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

The charity is funded by an expendable endowment fund. Any transfers from or to the fund are shown on the statement of financial activities as transfers between funds. The income from the fund is used to meet the objects of the charity.

1.4 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

1.5 Resources expended

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 are recognised as expenditure when the commitment is entered into. Grants committed to but not yet paid at the year end date are carried forward within creditors. 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.

THE KRISTINA MARTIN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

1 Accounting policies

(Continued)

1.6 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Prior period restatement

The 2022 figures have been restated to show the charity’s capital fund, arising from the original gift made to establish the trust, as an expendable endowment, in order to better reflect its substance. The restatement has no effect on total net assets or overall net income/(expenditure) for the prior period.

THE KRISTINA MARTIN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

4
Income from investments
Income from investment portfolio
Interest receivable
5
Expenditure on raising funds
Investment management charges
6
Expenditure on charitable activities
Administration and general legal expenses
Audit fees
Auditors' remuneration - non-audit services
Grant funding of activities (see note 7)		 2023
£
281,637
2,009
283,646
2023
£
57,350
57,350
2023
£
5,338
3,600
3,210
12,148
281,352
293,500		 2022
£
251,749
106
251,855
2022
£
48,104
48,104
2022
£
6,004
2,230
3,350
11,584
366,270
377,854

THE KRISTINA MARTIN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

7 Grants payable

Waterloo Uncovered
Samaritans
National Children’s Bureau (“Child Bereavement Trust”)
Young Minds Trust
Place2be
The May Tree Respite Centre
Grief Encounter Project
Campaign Against Living Miserably
Eight Bells for Mental Health
Cruse Bereavement Care
STEM4
Suffolk Mind
Survivors of Bereavement by Suicide
Grassroots Suicide Prevention
Papyrus Prevention of Young Suicide
Rethink Mental Illness (working name of National Schizophrenia
Fellowship)
Thames Valley Air Ambulance
The Compassionate Friends
The Lullaby Trust
Charles Waller Memorial Trust
MacMillan Cancer
Prostate Cancer UK
St Barnabus Church
Bosence Farm Community Limited
CHUMS Charity
Combat Stress
Farming Community Network
Mind
Parkinson’s Disease Society of the United Kingdom
SANDS – Stillbirth and Neonatal Death Society
Scotty’s Little Soldiers
SeeSaw
SSNAP – Support for Sick Newborn and their Parents
St Christopher Hospice
St Clare Hospice
Swings and Smiles
The Listening Place
West Berks Food Bank
West Berks Mencap
Young People and Children First
Time to Talk West Berkshire		 2023
£
25,000
10,000
-
10,000
-
10,000
10,000
-
10,000
10,000
10,000
-
10,000
10,000
10,000
-
-
-
-
10,000
-
-
-
9,732
1,000
10,000
10,000
10,000
10,000
5,000
10,000
5,620
10,000
10,000
5,000
10,000
10,000
10,000
10,000
10,000
-
281,352		 2022
£
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
-
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
1,270
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
50,000
366,270

THE KRISTINA MARTIN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

7 Grants payable (continued)

Grants are recognised as expenditure and included in the list above when the commitment is entered into. Grants committed to but not yet paid at the year end date are carried forward within creditors (notes 14 and 15).

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration during this or the previous year. Two trustees were reimbursed £400 for expenses incurred on behalf of the charity (2022: one trustee was reimbursed £2,852).

THE KRISTINA MARTIN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

9 Employees

The average monthly number of employees during the year was:

Total
There were no employees whose annual remuneration was more than
£60,000.
10
Net gains/(losses) on investments
Revaluation of investments
Gain/(loss) on sale of investments
11
Fixed asset investments
Listed
investments
£
Valuation
At 6 April 2022
9,597,881
Additions
1,122,902
Changes in value
(707,496)
Disposals
(1,082,451)
At 5 April 2023
8,930,836
Carrying amount
At 5 April 2023
8,930,836
At 5 April 2022
9,597,881		 2023
Number
-
2023
£
(650,382)
(57,114)
(707,496)
Cash in
portfolio
£
132,347
-
-
(66,272)
66,075
66,075
132,347		 2022
Number
-
2022
£
401,203
77,345
478,548
Total
£
9,730,228
1,122,902
(707,496)
(1,148,723)
8,996,911
8,996,911
9,730,288

THE KRISTINA MARTIN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

12
Financial instruments
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
13
Debtors
Prepayments
14
Creditors: amounts falling due within one year
Grants payable
Accruals and deferred income
15
Creditors: amounts falling due after more than one year
Grants payable		 2023
£
8,930,836
2023
£
3,399
3,399
2023
£
20,000
7,850
27,850
2023
£
10,000		 2022
£
9,597,880
2022
£
-
-
2022
£
10,000
5,760
15,760
2022
£
20,000

16 Related party transactions

Expenses of £58 were reimbursed to Mr P D Tompkins, a trustee, (2022: £nil).

Expenses of £342 were reimbursed to A J V Parry, a trustee (2022: £2,852).

Included in administrative and general legal expenses is £nil (2022: £906) charged by Irwin Mitchell LLP of whom the trustee Mr A J V Parry was a member until July 2021.

THE KRISTINA MARTIN CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

17 Operating lease commitments

The total of future minimum lease payments under non-cancellable operating leases at the end of the reporting period was:

period was:
2023 2022
£ £
Not later than one year 2,400 4,800

18 Analysis of net assets between funds

Fund balances are
represented by:
Fixed asset
investments
Net current assets		 Unrestricted
Funds
2023
Endowment
Funds
2023
Total
2023
Unrestricted
Funds
2022
Endowment
Funds
2022
Total
2022
£
£
£
£
£
£

-
8,996,911
8,996,911
-
9,730,228
9,730,228
52,898
-
52,898
94,281
-
94,281
52,898
8,996,911
9,049,809
94,281
9,730,228
9,824,509