| Page | ||
|---|---|---|
| Report ofthe Trustee | 1 to 6 | |
| Report ofthe Independent | Auditors | 7tog |
| Statement ofFinancial Activities | 10 | |
| Balance Sheet | ||
| Statement ofCash Flows | 12 | |
| Notes to the Statement of | Cash Flows | 13 |
| Notes to the Financial Statements | 14to 22 |
Independent Auditor's Report to the Trustee of The Katherine Martin Charitable Trust To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures lo identify any unusual or unexpected relationships- lesl8d journ81 enlrfes lo Identify unusual Iransacllons., ass8ss8d whathor judgemants 8nd assumptions made in determining the aceounting eslimatfrs ware indicative of potential bias., and invesUgal&d the rationale bohind slgnlficanl or unusual transaclionB. In response lo the risk of irregularitie5 and non-compliance with laws and regulations, we designed procedur83 which includad, bul were not limileil lo.. 09reeing flnan¢lal statement dlsclosures lo underfylng supporting documentation. ading the minutes of m88tings of thos8 charg8d with governance., enquiring of management as to actual and potential litigation and claims., and reviewing correspondence with relevant Tegulalors and legal advl8or8. Due lo thg inherent Ilmltalions ¢f an audit, Ih8rg is 8 rlsk Ihat wa will not deto01 all irr9gulari1105, Includin9 those leading lo a material misstatement in the financial slalements or non-compliance with regulation. This risk increases the more that complianca with a law or regulation is rernoved from the events and transactions reflected in the financial statements, as we will be less likely lo become aware of instsnces of non- complianc8. Auditing $land8rds also limit the audrt proc8dur&s required lo Identlfy non<ompliance W1 laws and regulations to enquiry of Ihe diroct¢y$ and other management and the insp8ction of rogulalory andlggal correspondence, il any. The risk 18 also grè8ler regarding Irregularftles occurrlng due lo fraud rather Ih8n error, as fraud Snvolv&s inlenllon81 ¢onc8almenl. forgery, colluslon, omisslon, or misrepresenlallon. A further de•P110n of our ro6pon•lbllltieJ IB wailJble on the Financlal Reporting Coun¢il'8 websrt? al.. www.Irc.org.ukJOur-WorklAudltlAudll.and.assurancolSlandards.and.guidancelSlandards-nd-guldanc lor-audilorslAudilors.r8sponsibililies-for-auditlD8scriptlDn.of.audilors-responsibilities-for-audil.aspx.Th13 de$ptIon forms port of our gudilorf• report U•• ofour r•port Thls report Is mode solely lo the Board acllng on behalf of the Tru¥lg8, as 8 Body, In accordgnce wlth Part 4 of the Charitles (Accounts and Raportsl Regulat5ons 2008. Our audil work has been undertaken $0 that we might state lo the Tru$t•• Iho¥o matt¢r8 we ar¢ required to stale lo them in an audi8 report and for no olhgr purpose. To the fulle51 gxlent permitted by law, we do not accept or assume responsibility lo anyone other than the TruBt and the Tru8VB Tru8tee a8 a Body, for our audit work. for this repct, or lor the opinion5 we have formod, Ni¢91¥ Shiplgy FCA (Senior Slalulory Auditgrl for and on behalf of Sm8il88 Goldie Chartered Accountants Stalutory Audilor Regent's Court Princess Street Hull East Yorkshlre HU2 8BA Dale-.
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| Notes | Restricted | Endowment | Total | Total | ||
| fund | fund | funds | funds | |||
| 6'000 | 6'000 | 6'000 | 6'000 | |||
| INCOMING RESOURCES | ||||||
| Incoming resources from |
generated | |||||
| funds | ||||||
| Investment income |
729 | 729 | 627 | |||
| Total incoming resources |
729 | 729 | 627 | |||
| RESOURCES EXPENDED | ||||||
| Costs of generating funds Investment management costs |
3 | 18 | 18 | 13 | ||
| Charitable activities |
||||||
| Donations to beneficiaries | 5 | 442 | 442 | 525 | ||
| Support costs | 6 | 60 | 60 | 61 | ||
| Totalresources expended |
520 | 520 | 599 | |||
| (Losses)/gains on listed investment |
(158) | (158) | 90 | |||
| assets | ||||||
| Gain on disposal of unlisted | investments | 51,779 | 51,779 | 13 | ||
| Net income | 51 | 51,779 | 51,830 | 131 | ||
| RECONCILIATION OF FUNDS |
||||||
| Total funds brought forward | 13 | 1,987 | 20 | 2,007 | 1,876 | |
| TOTAL FUNDS CARRIED | FORWARD | 13 | 2,038 | 51,799 | 53,837 | 2,007 |
| he Katherine Martin Ch alance Sheet r the year ended 31March 2023 |
aritable | Trust | |||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| Restricted | Endowment | Total | Total | ||
| Notes | fund | fund | funds | funds | |
| E'000 | E'000 | E'000 | E'000 | ||
| FIXEDASSETS | |||||
| Investments | 10 | 1,569 | 1,569 | 1,905 | |
| CURRENT ASSETS | |||||
| Debtors | 229 | 11,669 | 11,898 | ||
| Debtors due over one year | 1,071 | 1,071 | |||
| Cash and cash equivalents | 259 | 39,059 | 39,318 | 103 | |
| 488 | 51,799 | 52,287 | |||
| CREDITORS | |||||
| Amounts falling due within one year |
12 | (19) | (19) | (9) | |
| NET CURRENT ASSETS | 469 | 51,799 | 52,268 | 102 | |
| TOTAL ASSETS LESSCURRENT | |||||
| LIABILITIES | 2,038 | 51,799 | 53,837 | 2,007 | |
| 2,038 | 51,799 | 53,837 | 2,007 | ||
| FUNDS | 13 | ||||
| Restricted funds |
2,038 | 1,987 | |||
| Endowment funds |
51,799 | 20 | |||
| TOTAL FUNDS | 53,837 | 2,007 |
| r the year ended 31March | 2023 | ||||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| Note | 6'000 | 6'000 | |||
| Cash flow from operating | activities | ||||
| Net cash oufflow from operating activities |
1 | (731) | (611) | ||
| Net cash outflow from operating activities |
(731) | (611) | |||
| Cash flow from investing | activities | ||||
| Returns on investments and |
servicing offinance |
2 | 39,945 | 580 | |
| Net cash inflow from investing activities |
39,945 | 560 | |||
| Net increase/(decrease) in cash and cash |
equivalents | 39,214 | (31) | ||
| Cash and cash equivalents | at beginning | of period | 103 | 134 | |
| Cash and cash equivalents | at end of period | 39,318 | 103 |
| 1. Reconciliation of net income |
to net cash outflow from ope | rating activities |
|
|---|---|---|---|
| 2023 | 2022 | ||
| F'000 | 6'000 | ||
| Net income | 51,830 | 131 | |
| Adjustments for: |
|||
| Losses/(gains) on listed investment assets |
158 | (90) | |
| Gain on disposal of unlisted investments |
(51,779) | (13) | |
| Interest and dividends received |
(729) | (627) | |
| (Increase) in trade and other debtors |
(221) | (5) | |
| Increase/(decrease) in trade and |
other creditors | 10 | (7) |
| Net cash outflow from operating | activities | 731 | (611) |
| 2. Cashf low from investing activities |
|||
| 2023 | 2022 | ||
| 6'000 | 6'000 | ||
| Dividends and interest received |
729 | 627 | |
| Payments to acquire investments |
(578) | (425) | |
| Receipts from sales of listed investments | 756 | 359 | |
| Receipts from sales of unlisted investments |
39,039 | 19 | |
| Net cash inflow from investing | activities | 39,946 | 580 |
| 3. Cash and cash equivalents | |||
| 2023 | 2022 | ||
| f.'000 | 6'000 | ||
| Cash at bank | 86 | 46 | |
| Cash on deposit (short term liquid |
investments) | 39,197 | |
| Cash held within investment portfolio |
35 | 57 | |
| Net cash inflow from investing | activities | 39,318 | 580 |
| Restricted | Endowment | 2023 | 2022 | |||
|---|---|---|---|---|---|---|
| fund | fund | Total | Total | |||
| 6'000 | 6'000 | 6'000 | 6'000 | |||
| Dividends | —unlisted | investments | 576 | |||
| Dividends | and interest —listed investments | 60 | 60 | 51 | ||
| Interest received from short term deposits | 660 | 669 | ||||
| 729 | 627 |
| 2023 f'000 |
2022 f'000 |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Donations | to beneficiaries | 442 | 525 | ||||||||||
| The total | donations | paid | to | institutions | during | the | year was | as | follows: | ||||
| 2023 | 2022 | ||||||||||||
| f'000 | f'000 | ||||||||||||
| Barnardo's | 200 | 175 | |||||||||||
| NSPCC | 97 | 175 | |||||||||||
| RSPCA | 145 | 175 | |||||||||||
| 442 | 525 | ||||||||||||
| SUPPOR | T | COSTS | |||||||||||
| Governance | 2023 | 2022 | |||||||||||
| Management f'000 |
Finance f'000 |
costs f'000 |
Total f'000 |
Total f'000 |
|||||||||
| Resources | expended | 12 | 48 | 60 | 61 | ||||||||
| Included | within governance | costs | are | exceptional | restructuring | costs off14,973(2022: | f34,484). | ||||||
| NET INCOME/(EXPENDITURE) | |||||||||||||
| Net income/(expenditure) | is stated after (crediting)/charging: | ||||||||||||
| 2023 | 2022 | ||||||||||||
| Total | Total | ||||||||||||
| f'000 | f'000 | ||||||||||||
| Loss/(gain) | recognised | on | listed investments | 158 | (90) | ||||||||
| Gain on | disposal of | unlisted | investments | (51,779) | (13) | ||||||||
| Auditors' | remuneration | 7 | 6 | ||||||||||
| Legal fee's | 15 | 23 |
| Listed | Unlisted | |||
|---|---|---|---|---|
| investments | investments | Totals | ||
| 5'000 | F'000 | E'000 | ||
| MARKET VALUE | ||||
| At 1 April 2022 | 1,905 | 1,905 | ||
| Additions | 578 | 578 | ||
| Disposals | (756) | (756) | ||
| Revaluation | gains | (158) | (158) | |
| At 31 March | 2023 | 1,569 | 1,569 | |
| NET BOOK | VALUE | |||
| At 31 March | 2023 | 1,569 | 1,569 | |
| At 31 March | 2022 | 1,905 | 1,905 |
| 2023 | 2023 | 2022 | 2022 | ||||
|---|---|---|---|---|---|---|---|
| Restricted | Endowment | Restricted | Endowment | ||||
| fund f'000 |
fund f'000 |
fund f'000 |
fund f'000 |
||||
| Other | debtors | due | within one year | 229 | 11,669 | ||
| Other | debtors | due | in more than one year | 1,071 |
| CREDITORS: AMOUN | TS FALLING |
DUE WITHIN ONE YEAR | DUE WITHIN ONE YEAR | ||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| Restricted | Endowment | Restricted | Endowment | ||
| fund f'000 |
fund f'000 |
fund f'000 |
fund f'000 |
||
| Trade creditors | 3 | ||||
| Accruals and deferred | income | 16 | |||
| 19 |
| MOVEMENT | IN FUNDS | ||||
|---|---|---|---|---|---|
| Net | Transfer | ||||
| movement | between | ||||
| At 01.04.22 | in funds | funds | At 31.03.23 | ||
| f'000 | f'000 | f'000 | f'000 | ||
| Restricted funds | |||||
| Income fund | 1,987 | 51 | 2,038 | ||
| Endowment | funds | ||||
| Capital fund | 20 | 51,779 | 51,799 | ||
| 2,007 | 51,830 | 53,837 |
| Net movemen | t in funds, |
included in the ab |
ove are as follow | s: | ||
|---|---|---|---|---|---|---|
| Incoming | Resources | Gains and | Movements | |||
| resources f'000 |
expended f.'000 |
losses f'000 |
in funds f'000 |
|||
| Restricted funds | ||||||
| Income fund | 729 | (520) | (158) | 51 | ||
| Endowment | funds | |||||
| Capital fund | 51,779 | 51,779 | ||||
| TOTAL FUNDS | 729 | (520) | 51,621 | 51,830 | ||
| Comparative | information | in respect ofthe | preceding period |
isas follows: | ||
| Gains, | ||||||
| At 01.04.21 f'000 |
Incoming resources f'000 |
Resources expended f'000 |
losses and transfers f'000 |
At 31.03.22 f'000 |
||
| Restricted | funds | |||||
| Income fund | 1,869 | 627 | (599) | 90 | 1,987 | |
| Endowment | funds | |||||
| Capital fund | 13 | 20 | ||||
| TOTAL FUNDS | 1,876 | 627 | (599) | 103 | 2,007 |
| Fund balances at 31 March 2023 are | represented by: |
|||
|---|---|---|---|---|
| Restricted | Endowment | 2023 | 2022 | |
| fund | fund | Total | Total | |
| f'000 | f'000 | f.'000 | f'000 | |
| Fixed asset investments | 1,569 | 1,569 | 1,905 | |
| Debtors due within one year | 229 | 11,669 | 11,898 | 8 |
| Debtors due in more than one year | 1,071 | 1,071 | ||
| Cash and cash equivalents | 259 | 39,059 | 39,318 | 103 |
| Creditors | (19) | (19) | (9) | |
| TOTAL FUNDS | 2,038 | 51,799 | 53,837 | 2,007 |
| 2023 | 2022 | |||
|---|---|---|---|---|
| f'000 | EOOO | |||
| M | J | Gardiner | ||
| S | R | Counsell | 97 | 80 |
| J | P | Richards | 15 | 21 |