Charity number: 265359 The Nancy Kenyon Charitable Trust Trllstees, report and finaneial statements for the year ended 5 April 2023
The Nancy Kenyon Charitable Trust Contents Page Legal and adminisirative infomiation Tstee$ report Independent examiners, report Statcmcnt of financial a¢tiviti¢s Balance sheet Notc% to thc financial statcmcnt 7-13
The Nancy Kenyon Charitable Trust Legrdl and administrative information Charity number 265359 Registered oftfice Meads Batn Ashwell Business Park Ilminster Somerset TA19 9DX Trustees Lucy Susanna Bee Phipps Sally Maria Kenyon Peter Richard Kenyon Kieron Richard Jame Kenyon Sarah Kenyon DaNid Alexander Kenyon Emily Mary Sarah Kenyon Accountants Brook Financial Management Limited Meads Barn ASh't11 Business Park Ilminstcr SomcTSCt TA19 9DX Bankers Bank of Scotland plc St James, Gate 14-16 Cockspur London SWIY 5BL Independent Examiner Albert Goodman LLP Goodwood House BlaLkbiuuk Paik Aiienue Taunton TAI 2PX Page I
The Nancy Kenyon Charitable Trust Report of the trustees for the year ended 5 April 2023 The trustees present tl)eir annual report and financial stateinents of the charity foT the year ended 5 April 2023. The financial s(atements have been prepared in accordance witli ihe accounting palicics %ct i)ut in notc I to thc account8 and comply with thc charity's trn%t dccd, thc ChaTItic8 Act 2011 and Accountinss and Reportinb by Charities.. Statemeiit 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 docutnent is a trust deed dated 18 Decetnber 1972. The Settlor of the Trust wa5 Mrs Nancy Bee Kenyon. The Tn]st 15 a private chaTltable tn]st coniTolled by its trusiees. Trustees recruitment and induction The current Irusi¢es are all relatives. New trugtees 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 pruwided with Lt Lvpy of the Trust's ¥ovttnin¥ doLuinent, minutes ul'pitviuus trustee IneetingFs and an infotmatitsn pack Includingi Cl)aTity Cominission publication5 detAiling trustee dutie5 and respon5ibilitie5. Objectives and activities In planning thc activitic% for thc ycar thc trnstccs kcpt in mind thc Charity Commission's guidance on public benefit at the trustees, meetings. The incoine is to be used for chatitable PUTposes as per the objects in the govetninbi document. The fundamental principle 15 to help sinall orbiani5ations ratlier than larbTe ones. The Kenyon family philosi)phy has alway bc¢n to hclp individuals, M,ho had talent but wcrc lacking with fundq, and thc trustcc8 cnnfimi thcsc objectlVC8 rcmain unchangcd to this day. Thc tru%t¢c% havc additional power to apply capital and income for such objects orpU0$¢s (whether in the United Kingdom or elsew,here) being ¢haritable objects or purposes according to the law of England as they may fTom time to time iii their ab501ute disLretion detennine. During the year donations totalling £102,628 were made to various charities, charitable organisations and persons engaged in SPOllsof511ip projects in accordance 'it11 the terms of the trust. The trustees intend to continue this policy of distributing ihe net annual income with additional payments froin capital if coi)sidered appropriate. Investment poii'ers The trubtees have very wide investment powers and have appointed Vartan Ravenscroft as their invebtment adviseib. Financial review The appoiiited investTnei)t advisers inanage the trust investihei)ts on a discretionary basis. Ti)e iiivestment objectlve 15 to get]erate the optimum amount of income for distiibution H,hilst at the same tiTne investing tor capital gruw'th ol. the portlolio. The tTUSteeb consider the bix Tnonthly iepoitS P[lUCed by the invebtment managers and cumment if necebsary. Foi the yeai ended 5th Apiil 2023 the trustees wete batibfied with the perfv[M£Le ol'the portfoliu. The total mount of investments held (It Illdrktt Vdlue did drup from £1,992.599 tt) £1,734.810 but thib was to be expected given wider Inarket conditions and as a result of the Trnstees deciding to donate inore than the income received during the year. Page 2
The Nancy Kenyon Charitable Trust Report of the trustees for the year ended 5 April 2023 Reserves The curreni policy of the trust is to disiribute all the income each year and not to accuinulate reserves. Risk m#nagen)ent The trustees do not consider that the charity is exLX)sed to any rnajor risk, orher ihan fluctuations in the value of the share portfolio. They have delegated management Lif the portfolio to professional managers and review their perfom)anLe. Statement of tru5tees' responsibilities The trustees are responsible for preparing ihe Trusiees. Annual Repoff and the financial tatcmcnts in accordancc with applicablc laiv and Unitcd Kingdom Accounting Standard8 (United Kit]gdoin GeneTally Accepted Accounting Practice). Law applicable to charities in England and Wales requires the trustees to prepare financial tatements for each financial year which give a true and fair view of charity'.% financial activities during the year and of it5 financial position at the end of the year. In preparing financial slaiemenis giving a true and fair *iew, the trustees are required to: select suitable aecouniing policies and then apply tl)em consistenily,. obscrvc thc mcthads and principlcs in the Charitic% SORP make judgetneiits. an(1 estiinateS thdt ale iedSOTldble anil pruilent- stste whether applicable UK Accounting Standards have been follliwed. subjeci to any tnaterial departure% disclosed and explained in the financial %tatement%; and prep¢ tht linthLial statements on the ¥uin¥ LU]ILtrn bablb unless it is inappropriatt to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records which diselose with reasonable accuracy al any time the financial position of the Charity and enable them to ensure that the financial statements comply with the ChaTities Act 2011 and the Charity {Accounts and Reports) Regulations and the trust deed. They are also responsible for safEgUdIng Ihe asstis of iht Lharily and hence for kIng rcasonablc st¢ps for thc prcvcntion and d¢t¢ction of fraud and othcr irr¢gularitics. The trustees are also responsible for the maintenance and integrity of the charity and financial iiifoTiiiation included on the charity's website in accordance with legFi51ation in the United Kingdom governing the prepaiation and disbeinination of financial statema)ts. On behalf ot the board Eeh oh Peter Kenyon (Feb S, 20 Peter Richard Kenyon 4 12..36 GMT) Page 3
The Nancy Kenyon Charitable Trust Independellt Examiner's report to the trustees of The Nallcy Kenyon Charitable Trust. I rewrt to tlie charity trustees on Tny examiiiation of the accounts of tl)e charity foT the yeai ended 5 April 2023 set out on pages 5-13. Responslbllities and basis of report As the charity'% trustees you are respon%ible for the preparation of the account5 in accordance with the requirements of the Charities Act 2011 I'the A¢t'). I report in respect of m}, examination of the charity's accounts carried out under section 145 of the ALt and in tarirying out my exainindtion J have followed all the applicable Directi01i5 given by the Charity Commissioji under section 145151(b) of the Act. Independent examlner's statement I haN'e Lompleted my txaminatiun. l Lonfirm that no material mattels have Lurne tu mv attention in connection with the examination giving nie cause to believe that in any material respect.. l. accounting records were noi kept in respect of the charity as required by section 130 of the Act. or 2. the accounts do not accord with those records. or 3. the aLLounts du not Lomply with the appliLdblt requirerneiits. LvnLetnin¥ the IOTM Luntent of iILLuunts stt out in the Chdiitieb IALLountb Reports.) Rtbwulations 2008 other than any requirement that the account5 gTive a tTlle and fair view, which 15 tiot a matter considered as part or an ind¢p¢ndent ¢xamination . I have no concerns and have come across no other matters in connection with ihe examination to whiLh attention bhould be drawn in this report in order to enable a proper understai)ding of the accounts to be leached. Michelle Ferris Bsc (Hons) FCA DChA Albert Goodman LLP Goodwood House Blackbrook Park Avenue Taunton TAI 2PX Date 0510212024 Page 4
The Nanc}, Kenyon Charitable Trust Strdtement of finaneial activities For the year ended 5 April 2023 Unrcstriftcd Unrcstrieted 2023 2022 Total Total Notes Incoming resources Incoming resources from generating funds.. Tnvestment income 84,076 77,019 Total incoming resources 84,076 77.019 Resources expended Donations Cost of trustees. meetings ALcountanLy fees Independent examineT'S fees InveslJnent Mat]ageinent Fees Exchange Igainslnosses Other expenses 102,628 131 2.340 1.008 5,755 (1881 83,627 2.940 900 6,555 Total resources expended 111,689 94.046 Net incoming l (outgoing) re$our¢es before other recognised gains and losses 127,6131 {17,027) Other reeognised gains and losses Profit/(105sI on di5P05al of investments Increasel{decrease) in nrket value of investments 119.9121 (216,403) 25.555 83,509 Net movement in funds (263,928) 92,037 Total funds brought fonvard 2,164,119 2,072,082 Total funds earned forward 1.9QO,191 2,164,119 Th¢ stat¢m¢nt of financial a¢tiviti¢s includes all gains and loss¢s in th¢ y¢ar and th¢r¢for¢ a s¢parat¢ stat¢m¢nt of total iecognised gains and losses l)as not been prepared. All of the above amounts relate to continuing activities. All funds held by the trust are unrestricted funds. The notes OD page5 7 to 13 fortn an integral part of these finaThcial statement Page 5
The Nanc}, Kenyon Charitable Trust Balance sheet as at 5 April 2023 2023 2022 Notes Fixed A5setS Listed investments at market value Programme related loans 1,734,810 2,528 1,992,599 1,737,338 1,994,790 Current assets Bdnk uf SLotland aLLount Funds held ivith Kiva Funds held ivith Vartan Rav¢nwroft In¢om¢ tax rccov¢rabl¢ Accrued Income 7,996 59 156,675 39,011 186 153,255 1,097 1,066 167,147 193,549 Creditors: amounts falling due within one year 14,2941 124,220) Trlet eurrent assets 162,853 169,329 Net asset5 1,900.191 2,164,119 Funds Unrestricted income funds ,900,191 2,164,119 Total funds 1,900,191 2,164,119 The financial statements were approved by the trubtees and signed on theii behalf by Pcter Kcnyon (Feb 5, 20 4 12.'36 GMT) Peter Rlchard Kenyon The notes OD page5 7 to 13 fortn an integral part of these finaThcial statement Page 6
The Nancy Kenyon Charitable Trust Iyotes to the financial statements for the year ended 5 April 2023 Accounting policies The principal accouniing policies are summarised below. The accounting policies have been applied consistenily throughout the year and the preceding yeaT. 1.1. Basis of preparation of actounts And consideration of going eoncern The accounts have been prepared under the historical cosi convention with items recognised at cost or transaction value uiile55 othetwise stated in tlie ielevant notelsl to these accounts. The fiiiancial statement5 have been prepared in accoTdanc£ with the Statement of Recominended Practice.. Accounting at]d Reporting by Charities prepai'ing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of ITeland {FRS 102) issued on 16 July, 2014 and the Charities Act 2011. The Tiustees Iiave Lhusen to early adupt tht Upd(It¢ Bulletin l issued by the ChritieS Cornjnissiun un 2" F¢b[u, 2016 which exempts the charity from the need to prepare a Statetnent of Cash Floivs. The trust constitutes a public benefit entity as defined by FRS 102. The Trustees consider thar there are no material uncertaii)ties about the charity's ability to continue as a goii)g concem. 1.2. Cashflom, The charity has taken advaniage Lifthe exemplion in FRSI from the requirement lo produce a cashflow slatement because it 15 a small chdiity. 1.3. Income All income is recognised once the charity has entitlement to the inLome, it is probable that the inLome will be reLeived and the amount uf inLume reLeii'able Lan be me(tsured ieliably. Dividend inLtsine is included net of non-recoverable tax credils Interest on government securities is paid ¥ross to tlie trust and shown gross. Income from invesiments is included in the year in which it is receivable. Resources expended Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation comrnitting the Charity to thai 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 Iyotes to the financial statements for the year ended 5 April 2023 1.5. Investments Inv¢stments are stated at th¢ir market value at the balan¢¢ sh¢¢t dat¢. All inv¢stments held are quot¢d on a reKogni5¢d stock exchange and are listed in the atta¢hed appendix. Realised gain% and los%es on di%po%alq are caleulated by cotnparing the net sale proceeds with market N'alue at 5April 2022 or later acquisition cost. Unrealised gains and losses are cal¢ulated by comparing the values of the investments held at 5 April 2023 with their Inarket values at 5 April 2022 01 their later acquisitioii cost. 1.6. Programme related loans ProarnMe related loans are included in the balance sheet at the amount invested less any impaim)ents and any amounts repaid. Impairnienis are charged to resources expended on charitable activities in tl)e smremeni of financial aciivities. Similarly, a loan 5ub5equently converted into a Ssrant 15 char¥ed to charitable activitie5. Where a gain is made on disposal of a piogramme related investmenL then the gain is either set off against any prior iinpaiTment Ios5 or included as a gain on disposal of fixed as5et5 forthe charity's own use and recorded under other incoming rcsoiirc¢s in th¢ statcincnt of financial a¢tiviti¢s. Foreign currencies Monetary assets and liabilities denominated in foreign cutTencies are translated into sterling at the l'ates of exchange prevailing at the accounting date. Transactions in foreign currencie.% are recorded at the date of the transactions. All differences are taken to the statement of financial activities. Charitable Donations Thcsc arc accountcd for oncc approvcd at a Tru8tcc% mccting and unconditionally duc to the charity. 1.9. Value Added Tax Value Added Tax is not recoverable by the Chaiity and as such, is included in the adininistTation costs in the Statement of Financial Activitics. Page 8
The Nancy Kenyon Charitable Trust Notes to the financial statements for the year ended 5 April 2023 1.10 Financial Instruments The ¢harity only holds bagic financial instwments &s defined in FRS 102. The fjnancial assers and financial liabilities of the charity and their measurement basis are as follo'S.. Financial assets- trade and otheT debtors are basic financial inst[nentS and are debt instriunents measured at amortised cost as detailed in note 8. Prepayjnents are not fjnancial instniments. Cash at bank- is classified a5 a basic fiiiancial instruinent and is measured at face value. Financial liabilitic tradc crcditors, accruals and other crcditors arc flnancial in%trumcnts, and arc mcaqurcd at amortised cost a8 dctailcd in notc 8. Taxation and social gecurity arc not includcd in thc fjnancial in%trumcnt8 di%clo%urc dcfinition. Dcfcrrcd in¢ome is not deemed to be a financial liability, a% th¢ ¢a8h %ettl¢m¢nt has alr¢ady tak¢n pla¢¢ and th¢re is an obligation to deliver seLTrices rather than cash or another financial instrument. 2. Investment Income 2023 2022 Total Total Jncon)e from UK listed investments Income from non-UK li8ted Inestments Fixed interest from UK treasury stocks Interest received 49,981 22.496 10.533 1.066 49,184 17,432 10.403 84,076 77,019 3. Donations 2023 2022 Nancy Oldfield Trust One More c.hild The Nehemiah Pniiect The Good Sheplierd Project The Elizabeth Ann Charity AllsorLs Cjlouccstcr Stsr College Cheltenham Open Door 15.250 5,000 3,000 3,000 2,000 2,000 4,000 2,000 15.000 5,000 3,000 3,000 2,000 4,000 2,000 Page 9
The Nancy Kenyon Charitable Trust Notes to the financial statements for the year ended 5 April 2023 Other Individiials The Family Haven Kiva (including default loans) Norfolk Community Foundation RISE UK 1,000 2,000 27 2.000 122) 6.0) 5,5(X) 2,0(X) 5,000 2,500 3,000 4,200 2,000 5,000 2,500 3,000 3,000 3.000 600 2,000 1,000 Glouce5tei'shire Youiig Carers Aylshain Care Tst Queens PaTk Primary School Project Nepal IACS international Schools Ltd) Papworth Trusi Special Effect Charity Devon County Council re Grant for LR Pawan IPaki5tanl Ellin Christldn Centre- Chelt. Foodbank Clock Tower Sanctuary Rinytede Food Bank The Funding Network North Norfolk Food Bank Holt Deanery Synod Ashchurch PCC of St. Nicholas KiiibTdom Conipa5SIOTI AcoTn Chaplaincy Somcr%ct County Collncil Bcthan Dunn R.S.R Chitty- Columbo Laces Communily Club Queens Park Primary School- Unsuccessful prior year donation Parochial Cl)urch Council of Hambridge Kevin O'Brien The Three Pillars 3.000 2,0(H) 2,000 2,000 2,500 1,000 2,000 3.500 2,000 1,500 800 1,500 5,000 i.uoo 12,500) 3.500 2,000 1,500 400 5.000 1.000 l.O(K) 2,000 2,000 500 500 2.500 1,000 1,00 500 1,000 4,000 3,000 I,o(10 Young Mind Caxton Youth Organisation River ALtion UK Rewriting Extinction Youth Environmtntal Services The StTeetlife Trllst Vulcan Lcarning Ccntrc Danicl Spargo-Mabb% Foundation Oblique Arts 102,628 83,627 Page 10
The Nancy Kenyon Charitable Trust Notes to the financial statements for the year ended 5 April 2023 Fixed a55et investments Listed investment5 Total 2023 2022 Valuation At 6 April 2022 Addition Di%posals Revaluations 1,992,599 2,022,238 456,632 364,980 (498,018) 1478.128) (216,403) 83,509 At 5 April 2023 1,734,810 1,992,599 Historical cost as at 5 April 2021 1.728,474 1,728,319 Programme related loans Kiva LoaDS Total 2023 2022 Cost At 6 April 2022 Additions- Loans granted Disposals- Loans repaid 2,191 1,938 11.601) 2,412 1,767 11,988} At 5 Apiil 2023 2,528 2,191 Net book Nalues At 5 April 2023 2,528 2,191 At 5 April 2022 2,191 2,412 Pagell
The Nancy Kenyon Charitable Trust Notes to the financial statements for the year ended 5 April 2023 Creditors: amounts falling due within one year 2023 2022 ALcrua15 and deferred income Grant commitments inade but not paid 3,894 400 4.620 19.600 4,294 24,220 Related party transaction5 Mr Michael Kenyon. a relative of the trustees is a partner of tlie charity's investment advisors, Ravenscroft. In the year to 5th April 2023 Ravensciolt were paid £5,755 for management fees and £1,350 for COTnmibSIOTI. In the year to 5th April 2022 Ravenscroft 'ere paid £6,555 for management fees and M'ere paid cornmission of £1,265. Page 12
The Nancy Kenyon Charitable Trust Notes to the financial statements for the year ended 5 April 2023 Financial Instrument 8 Financial instrurnenl• CatepTiUtiDn of f&¢71 ill5trDments F#WlS1$ debi insuwwDisme45wedat •rdortude05t 169,074 1,734,810 195.740 1992J94t I,SW,484 ,188,?39 4294 24220 Itens of inrome, expeA5e 8ain5 losse5 knt•me EwDSt )eigin3 Yei 108sei FaTltS tbat ue debt iostrwneDI JDMswedat •DprtiwJ¢wt Flluntsaiasseis at fr%xbJt tw IheFYofit •tyJloss eoMt 84,076 230J15 ,076 230JIS FmarKialwts at hir lilue throuth theprofit aDdt05S 77,019 Ic•, 77,019 ICg,063 Page 13