## **Charity number: 265359**
**The Nancy Kenyon Charitable Trust**
**Trustees' report and financial statements**
**for the year ended 5 April 2024**
## **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**|
## **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 Emily Mary Sarah Kenyon **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 2024**
The trustees present their annual report and financial statements of the charity for the year ended 5 April 2024. 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 £107,373 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 2024 the trustees were satisfied with the performance of the portfolio. The total amount of investments held at market value increased from £1,734,810 to £1,852,014 during the year.
**Page 2**
## **The Nancy Kenyon Charitable Trust**
## **Report of the trustees for the year ended 5 April 2024**
## **Reserves**
The current policy of the trust is to distribute all the income each year and not to accumulate reserves.
## **Risk management**
The trustees do not consider that the charity is exposed to any major risk, other than fluctuations in the value of the share portfolio. They have delegated management of the portfolio to professional managers and review their performance.
## **Statement of trustees' responsibilities**
The trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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 charity's financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP
- 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 are responsible for keeping proper accounting records which 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 and the Charity (Accounts and Reports) Regulations and 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 trustees are also responsible for the maintenance and integrity of the charity and financial information included on the charity's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.
On behalf of the board
Peter Kenyon Peter Kenyon (Jan 29, 2025 15:43 GMT)
## **Peter Richard Kenyon**
**Page 3**
## **The Nancy Kenyon Charitable Trust**
## **Independent Examiner's report to the trustees of The Nancy Kenyon Charitable Trust.**
I report to the charity trustees on my examination of the accounts of the charity for the year ended 5 April 2024 set out on pages 5-13.
## **Responsibilities and basis of report**
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').
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.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not 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 accounts do not comply with the 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 an 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 to enable a proper understanding of the accounts to be reached.
## M Ferris
M Ferris (Jan 29, 2025 09:34 GMT)
Michelle Ferris BSc (Hons) FCA DChA
## **Albert Goodman LLP**
**Goodwood House**
**Blackbrook Park Avenue**
**Taunton**
**TA1 2PX**
Date ………………………
**Page 4**
## **The Nancy Kenyon Charitable Trust**
## **Statement of financial activities**
## **For the year ended 5 April 2024**
|**For the year ended 5 April 2024**||||
|---|---|---|---|
||**Unrestricted**||**Unrestricted**|
|||**2024**|**2023**|
|||**Total**|**Total**|
||**Notes**|**£**|**£**|
|**Incoming resources**||||
|Incoming resources from generating funds:||||
|Investment income|2|87,813|84,076|
|||_______|_______|
|**Total incoming resources**||87,813|84,076|
|||_______|_______|
|**Resources expended**||||
|Donations|3|107,373|102,628|
|Cost of trustees' meetings||287|131|
|Accountancy fees||3,300|2,340|
|Independent examiner's fees||1,062|1,008|
|Investment Management Fees||5,636|5,755|
|Exchange (gains)/losses||248|(188)|
|Other expenses||15|15|
|||_______|_______|
|**Total resources expended**||117,921|111,689|
|||_______|_______|
|**Net incoming / (outgoing) resources before**||||
|**other recognised gains and losses**||(30,108)|(27,613)|
|**Other recognised gains and losses**||||
|Profit/(loss) on disposal of investments||(11,252)|(19,912)|
|Increase/(decrease) in market value of investments||49,788|(216,403)|
|||_______|_______|
|**Net movement in funds**||8,428|(263,928)|
|Total funds brought forward||1,900,191|2,164,119|
|||_______|_______|
|**Total funds carried forward**||1,908,619
_______|1,900,191
_______|
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 Nancy Kenyon Charitable Trust**
## **Balance sheet**
## **as at 5 April 2024**
|**Notes**
**Fixed assets**
Listed investments at market value
4
Programme related loans
5
**Current assets**
Bank of Scotland account
Funds held with Kiva
Funds held with Vartan Ravenscroft
Income tax recoverable
Accrued Income
**Creditors: amounts falling**
**due within one year**
6
**Net current assets**
**Net assets**
**Funds**
Unrestricted income funds
**Total funds**|**2024**
**£**
**£**
1,852,014
2,279
_______
1,854,293
20,410
-
38,211
1,100
1,733
_______
61,454
(7,128)
_______
54,326
_______
1,908,619
_______
1,908,619
_______
1,908,619
_______|**2023**
**£**
**£**
1,734,810
2,528
_______
1,737,338
7,996
59
156,675
1,351
1,066
_______
167,147
(4,294)
_______
162,853
_______
1,900,191
_______
1,900,191
_______
1,900,191
_______|
|---|---|---|
The financial statements were approved by the trustees and signed on their behalf by
Peter Kenyon Peter Kenyon (Jan 29, 2025 15:43 GMT)
## **Peter Richard Kenyon**
**The notes on pages 7 to 13 form an integral part of these financial statements.**
**Page 6**
## **The Nancy Kenyon Charitable Trust**
## **Notes to the financial statements for the year ended 5 April 2024**
## **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 2024**
## **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 2023 or later acquisition cost.
Unrealised gains and losses are calculated by comparing the values of the investments held at 5 April 2024 with their market values at 5 April 2023 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 2024**
## **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
Interest received
**3. Donations**
Nancy Oldfield Trust
One More Child
The Nehemiah Project
The Good Shepherd Project
The Elizabeth Ann Charity
Allsorts Gloucester
Star College
Cheltenham Open Door|**2024**
**Total**
**£**
52,178
24,558
8,693
2,384
_______
87,813
_______
**2024**
**£**
18,000
5,000
3,000
3,000
2,000
2,000
4,000
2,000|**2023**
**Total**
**£**
49,981
22,496
10,533
1,066
_______
84,076
_______
**2023**
**£**
15,250
5,000
3,000
3,000
2,000
2,000
4,000
2,000|
|---|---|---|
**Page 9**
## **The Nancy Kenyon Charitable Trust**
## **Notes to the financial statements for the year ended 5 April 2024**
|The Family Haven
Kiva (including default loans)
Norfolk Community Foundation
RISE UK
Gloucestershire Young Carers
Aylsham Care Trust
Queens Park Primary School
Project Nepal (ACS international Schools Ltd)
Special Effect Charity
Clock Tower Sanctuary
Runnymede Food Bank
Ashchurch PCC of St. Nicholas
Kingdom Compassion
Acorn Chaplaincy
Somerset County Council
R.S.R Chitty – Columbo
Laces Community Club
Parochial Church Council of Hambridge
Kevin O’Brien
The Three Pillars
Bliss
Young Minds
Caxton Youth Organisation
River Action UK
Rewriting Extinction
Youth Environmental Services
The Streetlife Trust
Vulcan Learning Centre
Daniel Spargo-Mabbs Foundation
Oblique Arts
Longfield Hospice
The Pied Piper Trust
Mr. Christopher R. Green
Brighton Table Tennis Club
Hanover Homeless Project
Papworth Trust
St. Giles Trust Pantry Service|2,000
60
6,000
5,313
2,000
5,000
-
3,000
3,000
2,000
2,000
3,500
2,000
1,500
-
5,000
2,000
1,000
2,000
2,000
-
-
2,500
1,000
-
-
1,000
3,000
-
-
2,000
2,000
500
1,500
1,000
2,000
2,500
_______
107,373
_______|2,000
(22)
6,000
5,500
2,000
5,000
2,500
3,000
3,000
2,000
2,000
3,500
2,000
1,500
400
5,000
1,000
1,000
2,000
2,000
500
500
2,500
1,000
1,000
500
1,000
4,000
3,000
1,000
-
-
-
-
-
-
-
_______
102,628
_______|
|---|---|---|
**Page 10**
## **The Nancy Kenyon Charitable Trust**
## **Notes to the financial statements for the year ended 5 April 2024**
|**4.**|**Fixed asset investments**|**Listed**||
|---|---|---|---|
|||**investments**|**Total**|
|||**2024**|**2023**|
|||**£**|**£**|
||**Valuation**|||
||At 6 April 2023|1,734,810|1,992,599|
||Additions|276,460|456,632|
||Disposals|(209,044)|(498,018)|
||Revaluations|49,788|(216,403)|
|||_______|_______|
||At 5 April 2024|1,852,014|1,734,810|
|||_______|_______|
||Historical cost as at 5 April 2024|1,783,428|1,728,474|
|||_______|_______|
|**5.**|**Programme related loans**|||
|||**Kiva Loans**|**Total**|
|||**£**|**£**|
|||**2024**|**2023**|
||**Cost**|||
||At 6 April 2023|2,528|2,191|
||Additions - Loans granted|1,797|1,938|
||Disposals - Loans repaid|(2,046)|(1,601)|
|||_______|_______|
||At 5 April 2024|2,279|2,528|
|||_______|_______|
||**Net book values**|||
||At 5 April 2024|2,279
_______|2,528
_______|
||At 5 April 2023|2,528
_______|2,191
_______|
**Page 11**
## **The Nancy Kenyon Charitable Trust**
## **Notes to the financial statements for the year ended 5 April 2024**
## **6. Creditors: amounts falling due**
|**within one year**
Accruals and deferred income
Grant commitments made but not paid
|**2024**
**£**
4,128
3,000
_______
7,128
_______|**2023**
**£**
3,894
400
_______
4,294
_______|
|---|---|---|
## **7. Related party transactions**
Mr Michael Kenyon, a relative of the trustees is a partner of the charity's investment advisors, Ravenscroft. In the year to 5th April 2024 Ravenscroft were paid £5,636 for management fees and £719 for commission. In the year to 5th April 2023 Ravenscroft were paid £5,755 for management fees and were paid commission of £1,350. No amounts were outstanding at the year-end (2023: £nil).
**Page 12**
## **The Nancy Kenyon Charitable Trust**
## **Notes to the financial statements for the year ended 5 April 2024**
## **8. Financial Instruments**
**Page 13**
## NKCT - Members Accounts 05.04.24
Final Audit Report
2025-01-29
Created: 2025-01-29 By: Liz Wilding (liz@brook-financial.co.uk) Status: Signed Transaction ID: CBJCHBCAABAAhi7TpGMdrzzufGPDiL3IoDi10w2a1IlW
## "NKCT - Members Accounts 05.04.24" History
Document created by Liz Wilding (liz@brook-financial.co.uk) 2025-01-29 - 9:24:56 AM GMT
Document emailed to Peter Kenyon (pkenyon@yahoo.com) for signature 2025-01-29 - 9:25:02 AM GMT
Document emailed to michelle.ferris@albertgoodman.co.uk for signature 2025-01-29 - 9:25:02 AM GMT
Email viewed by michelle.ferris@albertgoodman.co.uk 2025-01-29 - 9:25:10 AM GMT
- Signer michelle.ferris@albertgoodman.co.uk entered name at signing as M Ferris 2025-01-29 - 9:34:42 AM GMT
Document e-signed by M Ferris (michelle.ferris@albertgoodman.co.uk) Signature Date: 2025-01-29 - 9:34:44 AM GMT - Time Source: server
Email viewed by Peter Kenyon (pkenyon@yahoo.com) 2025-01-29 - 3:42:55 PM GMT
Document e-signed by Peter Kenyon (pkenyon@yahoo.com) Signature Date: 2025-01-29 - 3:43:20 PM GMT - Time Source: server
Agreement completed.
2025-01-29 - 3:43:20 PM GMT