Docusign Envelope ID: 59B2008B-61D5-460C-8C83-82F19EA17393
THE KARENZA FOUNDATION
Registered Charity Number 264520
ANNUAL REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025
Rathbones Trust Company
Docusign Envelope ID: 59B2008B-61D5-460C-8C83-82F19EA17393
THE KARENZA FOUNDATION
Annual Report and Unaudited Accounts for the year ended 5 April 2025
Index
| 1-4 | Trustees' Annual Report |
|---|---|
| 5 | Independent Examiner's Report |
| 6 | Statement of Financial Activities |
| 7 | Balance Sheet |
| 8-14 | Notes to the Accounts |
Docusign Envelope ID: 59B2008B-61D5-460C-8C83-82F19EA17393
THE KARENZA FOUNDATION
Annual Report and Unaudited Accounts for the year ended 5 April 2025
Trustees' Annual Report
The Trustees have pleasure in submitting their Annual Report and Financial Statements for the year ended 5 April 2025.
Objectives and Activities of the Charity
The Karenza Foundation is governed by a Settlement Deed dated 1 August 1972.
In accordance with the governing document, the Trustees hold the Trust Fund and the income thereof for such exclusively charitable purposes in accordance with the laws of England and Wales as they see fit.
The capital of the Trust Fund is to be retained by the Trustees and income applied to meet with the
objectives by making donations for the public benefit to charitable bodies or institutions.
Since the end of the Accumulation Period, being 21 years after the creation of the charity on 1 August 1993, income can no longer be accreted to the capital (expendable endowment) of the Trust Fund.
The Trustees aim to distribute net income arising each financial year and have the power to apply the
capital of the Fund at their discretion as they see fit in order to meet with the charity's objectives.
The charitable Trustees continue to bear in mind the settlor’s attachment to the area of Cornwall when considering opportunities to provide funding.
Achievements and Performance
Grant makings:
During the year the Trustees resolved to support the work of the Cornwall Community Foundation, as detailed in Note 7 of the notes to the accounts.
The Trustees have complied with s17(5) of Charities Act 2011 and have had due regard to the guidance issued on Public Benefit by the Charity Commission when exercising relevant powers or duties.
Financial Review
Review of the Activities of the Charity:
Income from investments and interest totalled £48,968 (£45,249 in 2024) and £5,913 (£5,508 in 2024) was spent raising the funds in the form of investment management costs. Total expended on charitable activities was £59,080 (£33,960 in 2024).
Gains / (losses) are realised on the sale and revaluation of investment assets. During the year, net losses arose totalling £80,016 (£87,368 net gains in 2024).
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Docusign Envelope ID: 59B2008B-61D5-460C-8C83-82F19EA17393
THE KARENZA FOUNDATION
Annual Report and Unaudited Accounts for the year ended 5 April 2025
Trustees' Annual Report
There was a net decrease in funds for the year of £96,041 (£93,149 net increase in 2024).
The Trustees held funds as at 5 April 2025 totalling £1,310,434, of which £71,239 represented Unrestricted Income Funds. This compared with total funds held of £1,406,475 as at 5 April 2024 of which £81,351 represented Unrestricted Income Funds.
Reserves:
General reserves are unrestricted income funds, freely available to spend on furthering the charity's purposes. General reserves are those which remain after the Trustees have set aside amounts required for specific purposes, such as designated funds. Restricted Funds, Expendable Endowment and Permanent Endowment are excluded when Trustees consider the Reserves of the Charity.
It is not the intention of the Trustees to build up income reserves, with all funds being available for spending at the Trustees' discretion. The Trustees consider designating funds if supporting multi-year charitable projects, but all donations continue to be subject to review and approval. The Trustees liaise with the investment manager regularly to ensure they are aware of any forward commitments, which are then taken into account when managing the Charity's investments and transfers made between Expendable Endowment and Unrestricted Income as necessary. Accordingly, the Trustees consider the balance of Unrestricted Income Funds held at the financial year-end to be General Reserves.
Investments:
The Trustees have power to invest the Expendable Endowment capital funds to generate an income and to adopt appropriate investment policies as they see fit to meet with the objectives of the charity.
As there are no specific restrictions of investment powers under the governing deed, the Trustees have full discretion over the investments. The Trustees have delegated Rathbones Investment Management to have full discretionary day to day control of the investments. In accordance with the Trustee Act 2000, as this duty has been delegated, the Trustees are establishing a Policy Statement. Assets have been acquired and disposed of in accordance with the powers available to the Trustees. Most of the Trustees' capital is invested on the stock market. The value of the Trust's portfolio as at 5 April 2025 totalled £1,308,021, a decrease from £1,359,433 as at 5 April 2024. The Trustees have reviewed the position and are satisfied with the performance.
Risk Assessment
The Charity Trustees have given consideration to the major risks to which the charity is exposed and are satisfied that systems or procedures have been established in order to manage those risks. After considering the areas of governance, operation, finance, environmental and compliance the Trustees have identified that major negative fluctuations in investment assets could cause a material risk to the Charity's funds. In order to mitigate this risk and in accordance with s15 Trustee Act 2000 a Trustees' Policy Statement shall be adhered to by the Investment Manager, which will then be regularly reviewed against investment performance.
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Docusign Envelope ID: 59B2008B-61D5-460C-8C83-82F19EA17393
THE KARENZA FOUNDATION
Annual Report and Unaudited Accounts for the year ended 5 April 2025
Trustees' Annual Report
Structure, governance and management
This Charitable Trust was created by Ernest Charles Uren and its Trustees are governed by a deed dated 1 August 1972.
Power to appoint new Trustees is vested in the then current Trustees.
New Trustees will be selected due to their expertise, what they can bring to the Charity and their relationship with the current Trustees. Procedures have not been adopted for the induction and training of new Trustees. All Trustees ensure that they are aware of their duties and continue to operate within current guidelines by discussing at meeting all issues arising as advised by the Charity Commission and Rathbones Trust Company Limited.
The Trustees meet at least annually to review performance, applications for funding and any other matters arising.
Reference and Administration Details
Registered No: 264520
Principal Office: c/o Rathbones Trust Company, Port of Liverpool Building, Pier Head, Liverpool, L3 1NW
Trustees who Mr E J Uren served during the Mrs A F Uren year:
Independent Mrs Kerry Roberts, C/o Port of Liverpool Building, Pier Head, Liverpool, L3 1NW Examiner:
Accounts and Tax: Rathbones Trust Co Ltd, Port of Liverpool Building, Pier Head, Liverpool, L3 1NW
Investment Rathbones Investment Management Ltd, 30 Gresham Street, London, EC2V 7QN Management:
Bankers: Barclays Bank, Leicester, LE87 2BB
Plans for the future
The Trustees will continue to seek out charities with a particular focus to benefit the community of
Cornwall.
The Trustees are satisfied that the charity's assets are available and adequate to fulfil its current objectives which will continue for the foreseeable future.
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Docusign Envelope ID: 59B2008B-61D5-460C-8C83-82F19EA17393
THE KARENZA FOUNDATION
Annual Report and Unaudited Accounts for the year ended 5 April 2025
Trustees' Annual Report
Statement of Trustees' responsibilities for the annual accounts
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 that 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:
-
select suitable accounting polices and then apply them consistently;
-
observe the methods and principles set out in the Charities SORP (FRS 102), as updated;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees have assessed the charity’s ability to continue as a going concern and considered any material uncertainties that may impact this assessment.
The Trustees are responsible for:
-
keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity;
-
ensuring compliance with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008, and the provisions of the Trust Deed;
-
safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities;
-
maintaining appropriate systems of internal control and risk management; and
-
ensuring that digital records and electronic filings comply with statutory requirements.
Declaration
The Trustees confirm that they have approved the Trustees’ Report and the financial statements above and are satisfied that the charity has adequate assets available to fulfil its obligations and that the accounts comply with current statutory requirements
Approved by the Board of Trustees and signed on its behalf by:
28 January 2026 | 5:29 AM PST E J Uren - Chairman Date
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Docusign Envelope ID: 59B2008B-61D5-460C-8C83-82F19EA17393
THE KARENZA FOUNDATION
Annual Report and Unaudited Accounts for the year ended 5 April 2025
Independent Examiner's Report
Independent examiner's report to the Trustees of the Karenza Foundation (264520)
I report to the Trustees on my examination of the accounts of the above charity ("the Trust") for ended 5 April 2025, which are set out on pages 6 to 14.
Responsibilities of the Trustees and Independent Examiner
As the charity's Trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act"). You consider that an audit is not required under s144 of the Act and that an independent examination is needed.
I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. It is my responsibility to state whether particular matters have come to my attention.
Basis of Independent Examiner's Report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair' view. The report is limited to those matters set out in the statement below.
Independent Examiner's statement
I am a member of an approved body subject to the provisions of the Revised Ethical Standard 2024 issued by the Financial Reporting Council (FRC). Rathbones Trust Company has provided bookkeeping services in accordance with the terms of engagement signed by the Trustees and I do not report to the bookkeeper in any respect. I give due consideration to the FRC's Revised Ethical Standard 2024 at all times.
I have completed my examination and confirm that no matters have come to my attention which give me cause to believe that in any material respect:
-
the accounting records were not kept in accordance with section 130 of the Charities Act, or
-
the accounts did not accord with the accounting records, or
-
the accounts did not comply with applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order for a proper understanding of the accounts to be reached.
28 January 2026 | 1:37 PM GMT
Kerry Roberts TEP FMAAT MCSI Date C/o Port of Liverpool Building, Pier Head, Liverpool
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Docusign Envelope ID: 59B2008B-61D5-460C-8C83-82F19EA17393
THE KARENZA FOUNDATION
Annual Report and Unaudited Accounts for the year ended 5 April 2025
Statement of Financial Activities
----- Start of picture text -----
Unrestricted Expendable Total Total
Notes Funds Endowment Funds Funds
2025 2025 2025 2024
£ £ £ £
Income and Endowments from:
Investments 4 48,626 0 48,626 44,833
Other income 5 342 0 342 416
Total Income 48,968 0 48,968 45,249
Expenditure on:
Raising funds 6 0 5,913 5,913 5,508
Charitable activities 7 59,080 0 59,080 33,960
Total Expenditure 59,080 5,913 64,993 39,468
Net Income / (Expenditure) (10,112) (5,913) (16,025) 5,781
Net gains / losses on investments 10 0 (80,016) (80,016) 87,368
Net Movement in Funds (10,112) (85,929) (96,041) 93,149
Balance brought forward at 6 April 2024 81,351 1,325,124 1,406,475 1,313,326
Balance carried forward at 5 April 2025 71,239 1,239,195 1,310,434 1,406,475
----- End of picture text -----
The notes on pages 8 to 14 form part of these accounts.
Page 6
Docusign Envelope ID: 59B2008B-61D5-460C-8C83-82F19EA17393
THE KARENZA FOUNDATION
Annual Report and Unaudited Accounts for the year ended 5 April 2025
Balance Sheet
||Unrestricted Expendable
Total
Notes
Funds Endowment
Funds
2025
2025
2025
£
£
£
Fixed Assets
Investments at Market Value
10
79,016
1,229,005
1,308,021
79,016
1,229,005
1,308,021
Current Assets
Debtor
11
2,391
0
2,391
Cash at bank and in hand
12
3,032
10,190
13,222
5,423
10,190
15,613
LESS: Current Liabilities
Creditors: amounts falling due
within one year
13
13,200
0
13,200
Net Current Assets
(7,777)
10,190
2,413
Total Net Assets at 5 April 2025
71,239
1,239,195
1,310,434
Funds of the Charity:
15
Total Funds at 5 April 2025
71,239
1,239,195
1,310,434
Approved by the Board of Trustees and signed on its behalf by:
E J Uren
Date
Chairman
28 January 2026 | 5:29 AM PST|Total
Funds
2024
£
1,359,433
1,359,433
1,235
54,927
56,162
9,120
47,042
1,406,475
1,406,475|
|---|---|---|
The notes on pages 8 to 14 form part of these accounts.
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Docusign Envelope ID: 59B2008B-61D5-460C-8C83-82F19EA17393
THE KARENZA FOUNDATION
Annual Report and Unaudited Accounts for the year ended 5 April 2025
Notes to the Accounts
1 Charity Information
The Karenza Foundation is governed by a Settlement Deed dated 1 August 1972 and registered in England and Wales. The principal address is c/o Rathbones Trust Company, Port of Liverpool Building, Pier Head, Liverpool, L3 1NW.
2 Accounting Policies
These financial statements have been prepared in accordance with 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) (effective 1 January 2019), the Charities Act 2011 and FRS102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.
The charity is a Public Benefit Entity as defined by FRS 102.
The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared on the historical cost convention, modified to include the revaluation of investments at fair value. The principal accounting policies adopted are set out below.
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.
Going Concern
The Trustees have assessed whether the use of Going Concern is appropriate and have concluded that the charity has adequate resources and reserves to enable it to continue in operational existence for the foreseeable future and there are no material uncertainties about the charity's ability to continue as a going concern and thus the Trustees continue to adopt the ‘going concern’ basis of accounting in preparing the financial statements.
Charitable Funds
Unrestricted funds are available for use at the discretion of the charity in furtherance of their charitable objectives unless the funds have been designated for other purposes.
Unrestricted Funds of capital have been classified as Expendable Endowment Funds in these accounts.
The charity holds Endowment Funds which are expendable and primarily for income generation. Monies are invested by the trustees into shareholdings. The Expendable Endowment fund increases or decreases in line with the investment valuation. Transfers from the Endowment fund to Unrestricted fund are made at the Trustees' discretion.
Income
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.
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Docusign Envelope ID: 59B2008B-61D5-460C-8C83-82F19EA17393
THE KARENZA FOUNDATION
Annual Report and Unaudited Accounts for the year ended 5 April 2025
Notes to the Accounts
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income Tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
All dividend income is recorded net and includes tax deducted only when it is repayable to the Charity.
Expenditure
Expenditure is recognised when there is a legal or constructive obligation for which it is more likely than not that a transfer of economic benefit will be required in settlement and the amount can be reliably measured as at the reporting date. A constructive obligation exists where the charity has communicated the commitment to provide particular goods, services or funding to the recipient by the reporting date and there are no conditions attached to its payment falling due after the reporting date.
Cash grants made are recognised when paid.
Provisions for liabilities must be recognised when either the timing or the amount of future expenditure required to settle the obligation is uncertain. These are distinguished separately on the balance sheet. If a transfer of resources in no longer required, provisions are reversed and charged to the SoFA.
Governance costs
Governance costs comprise all costs involving public accountability of the charity and its compliance with with regulation and good practice.
Investments
Investments held in the fund are included at their market value as follows:
-
(a) Listed securities are valued at the mid market value ruling at the balance sheet date.
-
(b) Listed securities held in foreign currencies have been valued at the mid market value and translated into their sterling equivalents at the rates ruling at the balance sheet date.
-
(c) Gilts are valued at the mid market value ruling at the Balance Sheet date and include interest that has accrued up to that date.
Investments are classified as a fixed asset and only classified as a current asset where the intention of the trustees is to dispose of the asset and not reinvest the proceeds.
Other recognised Gains and Losses
Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost and are charged or credited to the Statement Of Financial Activities in the year of disposal.
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Docusign Envelope ID: 59B2008B-61D5-460C-8C83-82F19EA17393
THE KARENZA FOUNDATION
Annual Report and Unaudited Accounts for the year ended 5 April 2025
Notes to the Accounts
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities resulting from revaluing investments to market value at the Balance Sheet date.
Taxation
The charity is not liable to income or capital gains tax on its charitable activities. Irrecoverable VAT is included in the asset cost or the expense to which it relates.
Cash and cash equivalents
Cash at bank and in hand is held to meet short-term cash commitments as they fall due rather than for investment purposes. 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.
Financial Instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at 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 present value of the future receipts discounted at a market rate of interest. Financial assets classed 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 receipts 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.
Cancellation of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
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Docusign Envelope ID: 59B2008B-61D5-460C-8C83-82F19EA17393
THE KARENZA FOUNDATION
Annual Report and Unaudited Accounts for the year ended 5 April 2025
Notes to the Accounts
3 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.
| 4 Investment income UK Income Unit Trust Income Unit Trust Interest Fixed Interest Other Income Overseas Income Overseas Interest Accrued Income 5 Other Income Bank interest 6 Raising funds Rathbones Investment Management fees |
2025 £ 20,162 17,424 3,023 2,971 1,239 3,030 1,039 (262) 48,626 2025 £ 342 342 2025 £ 5,913 5,913 |
2024 £ 18,465 16,558 2,569 2,142 1,140 2,913 1,045 0 44,833 2024 £ 416 416 2024 £ 5,508 5,508 |
|---|---|---|
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Docusign Envelope ID: 59B2008B-61D5-460C-8C83-82F19EA17393
THE KARENZA FOUNDATION
Annual Report and Unaudited Accounts for the year ended 5 April 2025
Notes to the Accounts
| 7 Charitable Activities Grant making: To institutions: Cornwall Community Foundation Total Grants Governance Costs (note 8) Total Charitable Activities 8 Governance costs Accountancy and administration fees Independent Examination fees |
2025 £ 55,000 55,000 4,080 59,080 2025 £ 3,000 1,080 4,080 |
2024 £ 30,000 30,000 3,960 33,960 2024 £ 3,000 960 3,960 |
|---|---|---|
9 Details of certain expenditure
No amounts were paid to the trustees in remuneration or repayment of out-of-pocket expenses during the year ended 5 April 2025 or 5 April 2024.
| **10 ** | Investments Listed: UK Bonds Overseas UK Equities & Unit Trusts Property Funds |
Value at Purchases Sales 06/04/2024 at cost proceeds 152,204 60,529 (20,000) 362,887 24,560 (34,575) 809,882 9,408 (11,318) 34,460 0 0 |
Realised Gain/(Loss) 685 2,095 377 0 |
Unrealised Gain/(Loss) (153) (25,684) (57,394) 58 |
Value at 05/04/2025 193,265 329,283 750,955 34,518 |
|---|---|---|---|---|---|
| 1,359,433 94,497 (65,893) |
3,157 | (83,173) | 1,308,021 | ||
| **11 ** | Debtor Investment income receivable |
2025 £ 2,391 |
2024 £ 1,235 |
||
| 2,391 | 1,235 |
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Docusign Envelope ID: 59B2008B-61D5-460C-8C83-82F19EA17393
THE KARENZA FOUNDATION
Annual Report and Unaudited Accounts for the year ended 5 April 2025
Notes to the Accounts
| **12 ** | Cash at bank and in hand | 2025 | 2024 | |||
|---|---|---|---|---|---|---|
| £ | £ | |||||
| Cash at bank | 13,222 | 54,926 | ||||
| 13,222 | 54,926 | |||||
| **13 ** | Creditors and accruals | 2025 | 2024 | |||
| Rathbones Trust Company | £ 4,080 |
£ 3,960 |
||||
| Rathbones Trust Company - prior years | 9,120 | 5,160 | ||||
| 13,200 | 9,120 | |||||
| **14 ** | Financial Instruments | Expendable | Unrestricted | Total | Total | |
| Carrying amount of financial assets | Endowment 2025 £ |
Funds 2025 £ |
Funds 2025 £ |
Funds 2024 £ |
||
| Debt instruments receivable within one year | ||||||
| - Debtor | 0 | 2,391 | 2,391 | 1,235 | ||
| - Cash | 10,190 | 3,032 | 13,222 | 54,927 | ||
| 10,190 | 5,423 | 15,613 | 56,162 | |||
| Carrying amount of financial liabilities | ||||||
| Payable within one year | ||||||
| - Creditors | 0 | 13,200 | 13,200 | 9,120 | ||
| Instruments measured at fair value | ||||||
| Investments at value | 1,229,005 | 79,016 | 1,308,021 | 1,359,433 | ||
| **15 ** | Movements between funds | Balance at | Gains / | Transfer | Balance at | |
| Expendable Endowment | 06/04/24 Income £ £ |
Expenditure £ |
(Losses) £ |
of funds £ |
05/04/25 £ |
|
| Investments | 1,325,124 0 |
(5,913) | (80,016) | 0 | 1,239,195 | |
| Unrestricted funds: | ||||||
| General funds | 81,351 48,968 |
(59,080) | 0 | 0 | 71,239 | |
| Total funds | 1,406,475 48,968 |
(64,993) | (80,016) | 0 | 1,310,434 |
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Docusign Envelope ID: 59B2008B-61D5-460C-8C83-82F19EA17393
THE KARENZA FOUNDATION
Annual Report and Unaudited Accounts for the year ended 5 April 2025
Notes to the Accounts
16 Related Party Transactions
Organisations of which the trustees of this charity have an interest in are always properly declared and and acknowledged during determination of applications. If such a situation arises, the trustee with the related party interest does not participate in the decision making process other than to clarify facts.
There were no related party transactions during this or the previous financial year that require disclosure.
During the year ended 5 April 2025, the Trustees had no interest with any charitable organisation as listed in note 7 to the accounts.
17 Comparative Statement of Financial Activities
| Income and Endowments from: Investments Other Income Total Income Expenditure on: Raising funds Charitable activities Total Expenditure Net gains / losses on investments Net Movement in Funds Balance brought forward at 6 April 2023 Balance carried forward at 5 April 2024 |
Expendable Unrestricted Total Endowment Funds Funds 2024 2024 2024 £ £ £ 0 44,833 44,833 0 416 416 0 45,249 45,249 5,508 0 5,508 0 33,960 33,960 5,508 33,960 39,468 87,368 0 87,368 81,860 11,289 93,149 1,243,264 70,062 1,313,326 1,325,124 81,351 1,406,475 |
|---|---|
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