## **Charity number: 265359**
**The Nancy Kenyon Charitable Trust**
**Trustees' report and financial statements**
**for the year ended 5 April 2022**
## **The Nancy Kenyon Charitable Trust**
## **Contents**
||**Page**|
|---|---|
|Legal and administrative information|**1**|
|Trustees report|**2 - 3**|
|Independent examiners' report|**4**|
|Statement of financial activities|**5**|
|Balance sheet|**6**|
|Notes to the financial statements|**7 - 13**|
## **APPENDIX**
Schedule of investments and income
## **The Nancy Kenyon Charitable Trust**
## **Legal and administrative information**
|**Charity number**|265359|
|---|---|
|**Registered office**|Meads Barn|
||Ashwell Business Park|
||Ilminster|
||Somerset|
||TA19 9DX|
|**Trustees**|Lucy Susanna Bee Phipps|
||Sally Maria Kenyon|
||Peter Richard Kenyon|
||Kieron Richard James Kenyon|
||Sarah Kenyon|
||David Alexander Kenyon|
||(Appointed 06/02/2021)|
||Emily Mary Sarah Kenyon|
||(Appointed 06/02/2021)|
|**Accountants**|Brook Financial Management Limited|
||Meads Barn|
||Ashwell Business Park|
||Ilminster|
||Somerset|
||TA19 9DX|
|**Bankers**|Bank of Scotland plc|
||St James' Gate|
||14-16 Cockspur|
||London|
||SW1Y 5BL|
|**Independent Examiner**|Albert Goodman LLP|
||Goodwood House|
||Blackbrook Park Avenue|
||Taunton|
||TA1 2PX|
**Page 1**
## **The Nancy Kenyon Charitable Trust**
## **Report of the trustees for the year ended 5 April 2022**
The trustees present their annual report and financial statements of the charity for the year ended 5 April 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed, 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 published on 16 July 2014.
## **Structure, governance and management**
The principal governing document is a trust deed dated 18 December 1972. The Settlor of the Trust was Mrs Nancy Bee Kenyon. The Trust is a private charitable trust controlled by its trustees.
## **Trustees recruitment and induction**
The current trustees are all relatives. New trustees are invited to join when vacancies arise. It is probable that any future trustees will also be family members or professional advisors. New trustees are provided with a copy of the Trust's governing document, minutes of previous trustee meetings and an information pack including Charity Commission publications detailing trustee duties and responsibilities.
## **Objectives and activities**
In planning the activities for the year the trustees kept in mind the Charity Commission's guidance on public benefit at the trustees' meetings.
The income is to be used for charitable purposes as per the objects in the governing document. The fundamental principle is to help small organisations rather than large ones. The Kenyon family philosophy has always been to help individuals, who had talent but were lacking with funds, and the trustees confirm these objectives remain unchanged to this day. The trustees have additional power to apply capital and income for such objects or purposes (whether in the United Kingdom or elsewhere) being charitable objects or purposes according to the law of England as they may from time to time in their absolute discretion determine.
During the year donations totalling £83,627 were made to various charities, charitable organisations and persons engaged in sponsorship projects in accordance with the terms of the trust. The trustees intend to continue this policy of distributing the net annual income with additional payments from capital if considered appropriate.
## **Investment powers**
The trustees have very wide investment powers and have appointed Vartan Ravenscroft as their investment advisers.
## **Financial review**
The appointed investment advisers manage the trust investments on a discretionary basis. The investment objective is to generate the optimum amount of income for distribution whilst at the same time investing for capital growth of the portfolio. The trustees consider the six monthly reports produced by the investment managers and comment if necessary. For the year ended 5th April 2022 the trustees were satisfied with the performance of the portfolio, income for the year was higher than expected and share values rose again. The total amount of investments held at market value did drop slightly from £2,022,238 to £1,992,599 during the year.
**Page 2**
The KeDyOD Chthtlbk Tru
Report of the
for the year ended S Awil 2022
ill the of Try uw•8etr¢ty of the
ststement rftrwtem, rup•wknlili¢•
The trysteei rnpn%ible for Tw5*56' •ThJ **
Iunlted Kingdnm Oentnlly Accey¢d Acf*Miin8 Pfathi¢¢l.
tAw applicable ¢twi¢ in En814ttd iod its pryw¢
IrAiemtThl¥ 1th gvea true fail rf¢knriey's lthiviiie
tht y¢w of i¢1 fill*lleid at the tA1 of the )Y•r. ID
. obRThr th¢ •Dd in ihE Cbviiv SORP
twke jud8¢n*fds*ntt ttasomble
e whethff ¥•ll¢the UK A¢¢(**xi StAThJards hve folloThY4L b)ell to •ny
asollable accw7Cy Ji kny Time tr fin*1 p05iiiTh¥ of the dwity enth them eJAur
¢h•i ik 4afeff*rts Thiih th Clwtiits A¢1 2011 Ch•riry iAttowits ar
Inf(Thtl on Ihe d*iiy'6 TArbsi* in xcrxdm •ith k8tslaiofi in Ihe Ur•*d
On behalf oftr¢ knwd
The Nancy Kenyon Charitable Trust
Independent Examiner's report to the trustees of The Nancy Kenyon
Charitable TrusL
I report to the charaiy trustees on my examination of the accounts of the charity for (he year ended
S April 2022 se¢ out on pages 5-13.
Responsibilities and basis of report
As the ch8riiy5 tru$ie¢s you are responsible for the preparation of the accovnts in accordance with
Ihe requiretneRI8 of Ihc Charities Act 201 L {'the Aci,).
I repon in respect of my examination of the charity's accounts ¢ar¥ted oui under stttion 145 of the
Aci and in corrying out my exan]ination I have followed all the applicable DLTections given by the
Charity Commission under secuon 145151(bl of the A¢1.
Independent tMiner'S statement
I have compleied my examination. I confjrrn that no matcrizl mailers have tome to my attenuon in
conneclion with the examinaiion giving me cause to believe that ?ny maieri81 respect..
l. accouniing tecoids were tstst kept in respcci of the cIllY as requjred by section 130 of thc Arl:
2. the accounts do not accord with those records,. or
3. the accouttts do noi comply wkth the appl*cable requirements concernjng the form and conieD( of
¥counis set oui in the ChaTjlies IAccounts and Reports) liegulaiions 2008 other than any
requirement that the accounts give a 'irue and fair view. which is noi a matier considered as paT¢ of
an independent examin2tÉon.
I hav¢ no ¢on¢eins and hav¢ come across no other matters in ¢QDne¢uon with the exominauon to
which art¢nlion should be drdwn in this retort in order to enable a proper undersianding of ihe
accounts to be reached.
Michelle Ferris Bsc {Honsl FCA DChA
Albert Goodman LLP
Goodwood House
Blackbrook P*rk Avenue
Taunton
TAI 2PX
9goi/knS,.
Page 4
## **The Nancy Kenyon Charitable Trust**
## **Statement of financial activities**
## **For the year ended 5 April 2022**
|**For the year ended 5 April 2022**||||
|---|---|---|---|
||**Unrestricted**||**Unrestricted**|
|||**2022**|**2021**|
|||**Total**|**Total**|
||**Notes**|**£**|**£**|
|**Incoming resources**||||
|Incoming resources from generating funds:||||
|Investment income|2|77,019|67,003|
|||_______|_______|
|**Total incoming resources**||77,019|67,003|
|||_______|_______|
|**Resources expended**||||
|Donations|3|83,627|85,490|
|Cost of trustees' meetings||-|-|
|Accountancy fees||2,940|3,720|
|Independent examiner's fees||900|900|
|Investment Management Fees||6,555|5,637|
|Exchange (gains)/losses||9|291|
|Other expenses||15|-|
|||_______|_______|
|**Total resources expended**||94,046|96,038|
|||_______|_______|
|**Net incoming / (outgoing) resources before**||||
|**other recognised gains and losses**||(17,027)|(29,035)|
|**Other recognised gains and losses**||||
|Profit/(loss) on disposal of investments||25,555|53,873|
|Increase/(decrease) in market value of investments||83,509|510,832|
|||_______|_______|
|**Net movement in funds**||92,037|535,670|
|Total funds brought forward||2,072,082|1,536,412|
|||_______|_______|
|**Total funds carried forward**||2,164,119
_______|2,072,082
_______|
The statement of financial activities includes all gains and losses in the year and therefore a separate statement of total recognised gains and losses has not been prepared.
All of the above amounts relate to continuing activities.
All funds held by the trust are unrestricted funds.
**The notes on pages 7 to 13 form an integral part of these financial statements.**
**Page 5**
The Iyancy Kwyo# Clthril*hle Tn
B¥lan¢e sheet
as at 5 April 2022
LAed invemments markn
1.99Ug)
1191
2m2.238
2.419
1.9947
2.024.6.
13.784
ElJTh11 htld wlth KIVA
Fyuds held with V4nath
IncorK lox 0¥b
153255
.18J55
193J49
53.$85
dut wlthl# out ye*r
Q42XII
169,329
Net •ts
2.16&F19
272.•
Fun
1164,119
L071082
Total fuDdJ
2.J64.119
2J>71082
Peter RIdd KertyoD
## **The Nancy Kenyon Charitable Trust**
## **Notes to the financial statements**
## **for the year ended 5 April 2022**
## **1. Accounting policies**
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year.
## **1.1. Basis of preparation of accounts and consideration of going concern**
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) issued on 16[th] July, 2014 and the Charities Act 2011.
The Trustees have chosen to early adopt the Update Bulletin 1 issued by the Charities Commission on 2[nd] February, 2016 which exempts the charity from the need to prepare a Statement of Cash Flows.
The trust constitutes a public benefit entity as defined by FRS 102. The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
## **1.2. Cashflow**
The charity has taken advantage of the exemption in FRS1 from the requirement to produce a cashflow statement because it is a small charity.
## **1.3. Income**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Dividend income is included net of non-recoverable tax credits Interest on government securities is paid gross to the trust and shown gross.
Income from investments is included in the year in which it is receivable.
## **1.4. 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 settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis.
**Page 7**
## **The Nancy Kenyon Charitable Trust**
## **Notes to the financial statements**
**for the year ended 5 April 2022**
## **1.5. Investments**
Investments are stated at their market value at the balance sheet date. All investments held are quoted on a recognised stock exchange and are listed in the attached appendix.
Realised gains and losses on disposals are calculated by comparing the net sale proceeds with market value at 5 April 2021 or later acquisition cost.
Unrealised gains and losses are calculated by comparing the values of the investments held at 5 April 2022 with their market values at 5 April 2021 or their later acquisition cost.
## **1.6. Programme related loans**
Programme related loans are included in the balance sheet at the amount invested less any impairments and any amounts repaid. Impairments are charged to resources expended on charitable activities in the statement of financial activities. Similarly, a loan subsequently converted into a grant is charged to charitable activities.
Where a gain is made on disposal of a programme related investment, then the gain is either set off against any prior impairment loss or included as a gain on disposal of fixed assets for the charity’s own use and recorded under other incoming resources in the statement of financial activities.
## **1.7. Foreign currencies**
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of the transactions. All differences are taken to the statement of financial activities.
## **1.8. Charitable Donations**
These are accounted for once approved at a Trustees meeting and unconditionally due to the charity.
## **1.9. Value Added Tax**
Value Added Tax is not recoverable by the Charity and as such, is included in the administration costs in the Statement of Financial Activities.
**Page 8**
## **The Nancy Kenyon Charitable Trust**
**Notes to the financial statements for the year ended 5 April 2022**
## **1.10 Financial Instruments**
The charity only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the charity and their measurement basis are as follows:
Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in note 8. Prepayments are not financial instruments.
Cash at bank – is classified as a basic financial instrument and is measured at face value.
Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in note 8. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.
## **2. Investment income**
|
Income from UK listed investments
Income from non-UK listed investments
Fixed interest from UK treasury stocks|**2022**
**Total**
**£**
49,184
17,432
10,403
_______
77,019
_______|**2021**
**Total**
**£**
37,756
16,694
12,553
_______|
|---|---|---|
|||67,003
_______|
**Page 9**
## **The Nancy Kenyon Charitable Trust**
**Notes to the financial statements for the year ended 5 April 2022**
## **3. Donations**
|
Nancy Oldfield Trust
St Nicholas Church, Ashchurch
One More Child
The Nehemiah Project
The Good Shepherd Project
The Elizabeth Ann Charity
Joy and Colin Travers
Earls Court Community Project
Star College
RISE Africa UK
Cheltenham Open Door
Other Individuals
The Family Haven
Kiva (including default loans)
Cromer Food Bank
RISE UK
St Saviours Priory
Gloucestershire Young Carers
Aylsham Care Trust
Queens Park Primary School
Project Nepal (ACS international Schools Ltd)
Papworth Trust
Special Effect Charity
Devon County Council re Grant for LR
Pawan (Pakistan)
Elim Christian Centre – Chelt. FoodBank
The Redstart Learning Partnership
Clock Tower Sanctuary
Yarls Wood Befrienders
Saltpond Education Project
Runnymede Food Bank
The Funding Network
North Norfolk Food Bank
Holt Deanery Synod
Ashchurch PCC of St. Nicholas
Kingdom Compassion
Acorn Chaplaincy
Somerset County Council
Bethan Dunn
Laces Community Club
R.S.R Chitty
Queens Park Primary School – Unsuccessful prior year donation|**2022**
**£**
15,000
-
5,000
3,000
3,000
2,000
-
-
4,000
-
2,000
1,000
2,000
27
-
4,200
-
2,000
5,000
2,500
3,000
3,000
3,000
600
2,000
1,000
-
-
-
-
2,000
2,500
1,000
2,000
3,500
2,000
1,500
800
1,500
1,000
5,000
(2,500)
_______
83,627|**2021**
**£**
15,750
3,500
5,000
3,000
3,000
2,000
3,000
3,000
4,000
3,000
2,000
5,000
2,000
240
1,000
-
2,000
2,000
3,000
2,500
3,000
3,000
3,000
500
1,000
1,000
500
2,000
1,500
2,000
2,000
1,000
-
-
-
-
-
-
-
-
-
-
_______
85,490|
|---|---|---|
**Page 10**
## **The Nancy Kenyon Charitable Trust**
## **Notes to the financial statements for the year ended 5 April 2022**
## **4. Fixed asset investments**
|||||
|---|---|---|---|
|**4.**|**Fixed asset investments**|**Listed**||
|||**investments**|**Total**|
|||**2022**|**2021**|
|||**£**|**£**|
||**Valuation**|||
||At 6 April 2021|2,022,238|1,403,116|
||Additions|364,980|377,345|
||Disposals|(478,128)|(269,055)|
||Revaluations|83,509|510,832|
|||_______|_______|
||At 5 April 2022|1,992,599|2,022,238|
|||_______|_______|
||Historical cost as at 5 April 2022|1,728,319|1,804,739|
|||_______|_______|
|**5.**|**Programme related loans**|||
|||**Kiva Loans**|**Total**|
|||**£**|**£**|
|||**2022**|**2021**|
||**Cost**|||
||At 6 April 2021|2,412|2,612|
||Additions - Loans granted|1,767|2,424|
||Disposals - Loans repaid|(1,988)|(2,624)|
|||_______|_______|
||At 5 April 2022|2,191|2,412|
|||_______|_______|
||**Net book values**|||
||At 5 April 2022|2,191
_______|2,412
_______|
||At 5 April 2021|2,412
_______|2,612
_______|
**Page 11**
## **The Nancy Kenyon Charitable Trust**
## **Notes to the financial statements for the year ended 5 April 2022**
## **6. Creditors: amounts falling due**
|**within one year**
Accruals and deferred income
Grant commitments made but not paid
|**2022**
**£**
4,620
19,600
_______
24,220
_______|**2021**
**£**
6,153
-
_______
6,153
_______|
|---|---|---|
## **7. Related party transactions**
Mr Michael Kenyon, a relative of the trustees is a partner of the charity's investment advisors, Vartan Ravenscroft. In the year to 5th April 2022 Vartan Ravenscroft were paid £6,555 for management fees and £1,265 for commission. In the year to 5th April 2021 Vartan Ravenscroft were paid £5,637 for management fees and were paid commission of £990.
**Page 12**
## **The Nancy Kenyon Charitable Trust**
**Notes to the financial statements for the year ended 5 April 2022**
## **8. Financial Instruments**
**Page 13**
## **The Nancy Kenyon Charitable Trust**
## **APPENDIX**
**Summary of Investments – see next page**