Charity Registration No. 266120
## **Portrack Charitable Trust**
**Report and Financial Statements for the year ended 5 April 2024**
## **Portrack Charitable Trust**
## **Reference and administrative information**
|Charity registration number:|266120|
|---|---|
|Correspondence address:|Portrack Charitable Trust|
||C/O Lucy Dare (Part time administrator)|
||The Old Stable|
||15A Huntingdon Street|
||London|
||N1 1BU|
|Trustees:|John Keswick Jencks|
||Lily Clare Jencks|
||Chris Gorell Barnes|
|Bankers:|HSBC Private Bank|
|Accountants:|PricewaterhouseCoopers LLP|
||3 Forbury Place|
||23 Forbury Road|
||Reading|
||Berkshire|
||RG1 3JH|
|Auditors:|TC Group|
||The Courtyard|
||Shoreham Road|
||Upper Beeding|
||West Sussex|
||BN44 3TN|
|Investment advisors:|HSBC Private Bank|
|Solicitors:|Linklaters LLP|
||One Silk Street|
||London|
||EC2Y 8HQ|
1
## **Portrack Charitable Trust**
## **Trustees' report for the year ended 5 April 2024**
The Trustees of The Portrack Charitable Trust (the 'Trust') present their report together with the financial statements 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 financial statements and comply with the charity’s trust deed, the Charities Act 2011 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 102 (second edition – October 2019), effective from 1 January 2019.
## **Structure, governance and management**
The Trust is an unincorporated trust, constituted under a trust deed dated 17 July 1973 and is a registered charity, number 266120. The Trust does not actively fundraise and seeks to continue the philanthropic work desired by the settlor through careful stewardship of its existing resources.
The Trustees meet at regular intervals to discuss investment strategy, the making of grants and the running of the Trust generally including the appointment of new trustees when considered necessary.
The Trustees who served during the year and since the year end are set out on page 1.
## **Trustees**
The Trustees believe that they can operate effectively with the current number and make up of trustees. Trustees are only replaced when they no longer want to/are able to act for the Charity at which point the remaining Trustees would seek to identify a suitable replacement from their professional contacts. The Trustees review regularly whether they are suitably qualified and still able to effectively manage the Charity.
## **Risk management**
The Trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks. The trustees consider variability of investment return on the Trust’s main share holding to constitute the Trust’s major risk and meet at regular intervals to review investment performance and cash flow management.
## **Objectives and activities**
The Trust is a grant making charity and the capital and income of the Trust shall be applied for such charitable purposes for the public benefit as the trustees in their absolute discretion shall decide. The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting grant making policy for the year.
## **Grant making policy**
Grant applications are reviewed by the Trustees on a regular basis and upon approval the appropriate payment is made. The Trustees confirm that they have paid due regard to the Charity Commission’s guidance on public benefit during the grant making process.
2
## **Portrack Charitable Trust**
## **Trustees' report for the year ended 5 April 2024**
## **Achievements and performance**
During the year the Trust made grants of £640,000 (2023: £711,000) to various registered charitable organisations. A list of the grants made is shown in note 3.
## **Financial review**
The principal source of income is the holding of Jardine Matheson Holdings Limited US£0.25 shares which had a market value of £9,310,875 as at 5 April 2024 (2023: £12,470,703). Given the readily realisable nature of the Trust's investment assets and the level of cash balances it is anticipated that grants will continue at a similar level for the foreseeable future.
## **Investment policy and performance**
The Trust's investments are managed by HSBC Private Bank.
## **Reserves policy**
The Trustees are aware of the requirement of the Charity Commissioners to review their policy on reserves at regular intervals. It is current policy to distribute an amount at least equal to all incoming resources less investment management and governance costs. At 5 April 2024 the Trustees had unrestricted funds of £9,592,614 (2023: £12,837,944).
At present the Trustees do not believe that they need to maintain any specific reserves. The charity does not own any properties or have any employees and as such there will be no unforeseen expenditure that would necessitate reserves being held. The Trustees budget to distribute all the income that is generated from the Charity’s investment portfolio on an annual basis and the discretionary donations that the charity makes are only decided on once the level of income is known. No future spending commitments are made in advance of knowing the available income of the Charity.
At 5 April 2024 the Charity held £291,819 (2023: £376,721) on cash deposit which can be drawn on as needed.
## **Going concern**
The Trustees consider the Charity to be a going concern based on the historic performance of the investment in Jardine Matheson Holdings Ltd. While the holding represents the sole unrestricted investment the company undertakes a variety of business activities and provides a sufficient level of diversification within itself to ensure the Trustees are able to make this assessment.
The Charity has sufficient cash available to match the limited annual expenditure that is incurred in running the Charity.
As a grant making Charity with few ongoing commitments the Trustees consider that they can sustain a comparable level of activity for at least the next two years. For these reasons the Trustees continue to adopt the going concern basis in preparing the financial statements.
3
## **Portrack Charitable Trust**
## **Plans for the future**
The Trustees plan to continue with the current investment and grant making policies.
## **Trustees' responsibilities in relation to the financial statements**
The Trustees are responsible for preparing the Trustees’ Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (UK GAAP).
The 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 the state of affairs of the Trust and of the incoming resources and the application of resources for the Trust for that period.
In preparing financial statements giving a true and fair view, the Trustees should follow best practice and:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any 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 Trust will continue in operation.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and enable them to show and explain the Trust’s transactions and to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Financial statements and Reports) Regulations 2008 and the provisions of the trust deed. The Trustees are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
3 February 2025
Approved by the Trustees on ………………………. and signed on their behalf by:
.................................. John Jencks - Trustee Chris Gorell Barnes - Trustee
4
## **Portrack Charitable Trust**
## **Independent Auditor’s Report To the Trustee’s of the Portrack Charitable Trust**
We have audited the financial statements of Portrack Charitable Trust (the 'charitable trust') for the year ended 5 April 2024. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the charitable trust's affairs as at 5 April 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis of opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, and we have fulfilled our ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast doubt on the charitable trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees’ with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report, including the trustees’ report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Charities Act 2011**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the trustees' report has been prepared in accordance with applicable legal requirements.
5
## **Portrack Charitable Trust**
## **Independent Auditor’s Report To the Trustees of the Portrack Charitable Trust**
## **Matters on which we are required to report by exception**
In the light of our knowledge and understanding of the charitable trust and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require.
## **Responsibilities of trustees**
As explained more fully in the trustees' responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable trust's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable trust or to cease operations, or have no realistic alternative to do so.
## **Auditor's responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
## **Extent to which the audit was considered capable of detecting irregularities, including fraud**
The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.
Our approach was as follows:
- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general sector experience, and through discussion with the trustees and other management (as required by auditing standards), and discussed with the trustees and other management the policies and procedures regarding compliance with laws and regulations (see below);
- We identified the following areas as those most likely to have such an effect: General Data Protection Regulation (GDPR); fraud; and bribery and corruption. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the trustees and other management and inspection of regulatory and legal correspondence, if any.
6
## **Portrack Charitable Trust**
## **Independent Auditor’s Report To the Trustees of the Portrack Charitable Trust**
The identified actual or suspected non-compliance was not sufficiently significant to our audit to result in our response being identified as a key audit matter.
- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Charities Act 2011) and the relevant tax compliance regulations in the UK.
- We considered the nature of the charitable trust’s operations, the control environment and financial performance.
- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
- We considered the procedures and controls that the charitable trust has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
## **Use of our report**
This report is made solely to the charitable trust's members, as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the charitable trust's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable trust and the charitable trust's members, as a body, for our audit work, or for the opinions we have formed.
**Mark Cummins FCCA (Senior Statutory Auditor) for and on behalf of TC Group Statutory Auditors** Office: Steyning, West Sussex
## Dated 4 February 2025
7
## **Portrack Charitable Trust**
**Statement of Financial Activities for the year ended 5 April 2024**
|**Notes**
**Total**
**Unrestricted**
**Funds**
**2024**
**£**
**Income**
- Investment income
2
**565,937**
**Total income**
**565,937**
**Expenditure**
_Cost of raising funds:_
- Investment management costs
**861**
- Foreign exchange gain/(loss)
**1,880**
_Expenditure on Charitable activities:_
4
**(654,180)**
**Total expenditure**
**(651,439)**
Other recognised gains and losses:
- Net unrealised (losses) on investment assets
5
**(3,159,828)**
**Net (expenditure)/income**
**Net movement in funds**
**(3,245,330)**
Total funds brought forward
**12,837,944**
**Total funds carried forward**
**9,592,614**|Total
Unrestricted
Funds
2023
£
559,090
559,090
(5,514)
(8,299)
(724,460)
(738,273)
(1,173,667)
(1,352,850)
14,190,794
12,837,944|
|---|---|
The Trust has no recognised gains and losses other than those shown above and therefore no separate statement of total gains and losses has been presented.
The Statement of Financial Activities above does not include the £75 restricted fund relating to the shares held in the Keswick Foundation Ltd (note 11).
8
## **Portrack Charitable Trust**
## **Balance Sheet as at 5 April 2024**
|**Notes**
**Fixed assets:**
Investments
Unrestricted Funds
5
Restricted Funds
11
**Total fixed assets**
**Current assets:**
Cash at brokers:
HSBC Private Bank
- Income account
**Liabilities:**
Creditors falling due within one year
6
**Net current assets**
**Total net assets**
**The funds of the charity:**
Unrestricted Funds
Restricted Funds
11|**2024**
**£**
**9,310,875**
**75**
**9,310,950**
**291,819**
**(10,080)**
**281,739**
**9,592,689**
**9,592,614**
**75**
**9,592,689**|2023
£
12,470,703
75
12,470,778
376,721
(9,480)
367,241
12,838,019
12,837,944
75
12,838,019|
|---|---|---|
3 February Approved by the Trustees on ……………………… 2025 and signed on their behalf by:
..................................... Trustee
9
## **Portrack Charitable Trust**
|**Cash Flow for the year ended 5 April 2024**
**Cash flow from operating activities**
Net (expenditure) for the year
Net losses on investment assets
Investment income
Increase/(decrease in creditors)
**Cash flows from investing activities**
Investment income
**Changes in cash in the reporting period**
**Cash at the beginning of the period**
**Cash at the end of the period**|**2024**
**£**
**(3,245,330)**
**3,159,828**
**(565,937)**
**600**
**(650,839)**
**565,937**
**(84,902)**
**376,721**
**291,819**|2023
£
(1,352,850)
1,173,667
(559,090)
(4,320)|
|---|---|---|
|||(742,593)|
|||559,090|
|||(183,503)
560,224|
|||376,721|
10
## **Portrack Charitable Trust**
**Notes to the financial statements for the year ended 5 April 2024**
## **1. Accounting policies**
## **(a) Basis of preparation and assessment of going concern**
The financial statements have been prepared in accordance with the 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) - (Charities SORP (FRS102)).
The charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors and investments.
The Trust constitutes a public benefit entity as defined by FRS 102.
The Trustees confirm that at the time of approving the financial statements there are no material uncertainties regarding the charity's ability to continue in operational existence for the foreseeable future. In arriving at this conclusion the trustees have taken into account cash balances held and the readily realisable nature of the investment assets.
As a grant making charity with few ongoing commitments the trustees consider that they can sustain a comparable level of activity for at least the next two years . For these reasons the trustees continue to adopt the going concern basis in preparing the financial statements
The financial statements are presented in £ sterling and rounded to the nearest £1.
## **(b) Accounting estimates and judgments**
In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the periods of the revision and future periods if the revision affects both current and future periods. The trustees consider that there were no judgement or material estimation uncertainties affecting the reported financial performance in the current or prior year.
## **(c) Funds structure**
Unrestricted funds comprise those funds which the trustees are free to use for any purpose in the furtherance of the charitable objects. Restricted Funds are those where the use of the funds is restricted.
11
## **Portrack Charitable Trust**
## **Notes to the financial statements for the year ended 5 April 2024**
## **(d) Income Recognition**
All income is recognised once the Trust has entitlement to the resources, it is probable that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.
## **(e) Expenditure**
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Grants payable are payments to third parties in the furtherance of the charitable objectives of the Trust. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the trustees.
## **(f) Irrecoverable VAT**
Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
## **(g) Costs of generating funds**
Costs of generating funds consist of investment management fees.
## **(h) Charitable activities**
Costs of charitable activities consist of grants made as shown in note 3.
## **(i) Governance costs**
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs relating to the statutory Audit and preparation of the financial statements.
## **(j) Fixed asset investments**
The investment held in the Unrestricted Fund is accounted for at market value as at the balance sheet date which is considered to be equivalent to its fair value. The investment held is traded in a quoted public market and the investment is held as a basic financial instrument.
The statement of financial activities includes net gains and losses arising on revaluation and disposals throughout the year. The investment held in the Restricted Fund relates to a share holding in the Keswick Foundation (see note 11).
## **(k) Cash at brokers**
The cash balances as reported in the balance sheet include any unpresented payments as at the year end.
12
## **Portrack Charitable Trust**
## **Notes to the financial statements for the year ended 5 April 2024**
## **(l) Gains and losses on investment assets**
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase cost if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase cost if later). Realised and unrealised gains are not separated in the Statement of Financial Activities.
|**2.**
**Investment income**
Dividends – Overseas equities
Gross deposit interest
**3. Analysis of grants**
Blue Marine Foundation
British Red Cross Libya
British Red Cross Morocco
Carers Trust
Centrepoint
Children 1st
Church Army Marylebone Project
Clan Childlaw
Client Earth
DEC Pakistan Flood Appeal
Horatio's Garden
Hospice UK
Iamthe code Foundation
Innovations for Learning
Jamie's Farm
Little Sparta
Maggie's
Magic Breakfast
MAP
Medecins sans Frontieres
Medical Aid for Palestine
Medicinema
My Name's Doddie Foundation
North Paddington Foodbank
Our Time
Red Cross Syria
Red Cross Ukraine
Red Thread
Refuge|**2024**
2023
**£**
£
**553,998**
555,361
**11,939**
3,729
**565,937**
559,090
**2024**
**£**
2023
£
**10,000**
5,000
**10,000**
-
**10,000**
-
**10,000**
20,000
**5,000**5,000
**5,000**
5,000
**-**
5,000
**5,000**
-
**10,000**
-
**-**
10,000
**5,000**
5,000
**10,000**
20,000
**10,000**
-
**5,000**
-
**5,000**
5,000
**10,000**
10,000
**10,000**
10,000
**5,000**
-
**-**
5,000
**10,000**
-
**20,000**
-
**5,000**
5,000
**-**
10,000
**5,000**
5,000
**-**
5,000
**-**
5,000
**-**
10,000
**5,000**
5,000
**-**
5,000|2023
£
555,361
3,729|
|---|---|---|
|||559,090|
13
## **Portrack Charitable Trust**
## **Notes to the financial statements For the year ended 5 April 2024**
|Reprieve
Run Kids Run
Shelter Scotland
Small Woods
St Johns Hospice
Surfers Against Sewage
Switchback
The Architecture Foundation
The Jencks Foundation
The Resurgence Trust
The Rivers Trust
The Trussell Trust
Unlocked Graduates
Women for Refugee Women
Total (note 4)|**15,000**
**-**
**10,000**
**5,000**
**-**
**-**
**-**
**15,000**
**400,000**
**-**
**-**
**20,000**
**5,000**
**-**
**640,000**|-
39,000
-
-
15,000
5,000
72,000
-
315,000
5,000
5,000
90,000
5,000
5,000|
|---|---|---|
|||711,000|
## **4. Expenditure on Charitable activities:**
|**_Expenditure on Charitable activities:_**
- Grant funded activity (note 3)
**Analysis of governance costs**
Accountancy fees
Audit fees
Administrator’s charges|**2024**
**£**
**640,000**
**4,800**
**5,880**
**3,500**
**654,180**|2023
£
711,000
4,800
5,160
3,500
724,460|
|---|---|---|
14
## **Portrack Charitable Trust**
**Notes to the financial statements for the year ended 5 April 2024**
## **5. Fixed Asset Investments – Unrestricted Funds**
|**Movement in fixed asset investments**
Market value brought forward
Net (loss) on revaluation
Market value as at 5 April 2024
**Investments at market value comprised:**
Overseas securities|**2024**
**£**
**12,470,703**
**(3,159,828)**
**9,310,875**
**2024**
**£**
**9,310,875**|2023
£
13,644,370
(1,173,667)|
|---|---|---|
|||12,470,703|
|||2023
£
12,470,703|
The overseas investments, held entirely in 315,919 Jardine Matheson Holdings Ltd US$0.25 shares, constituted more than 5% of the market value of the portfolio as at 5 April 2024.
## **6. Creditors: Amounts falling due within one year**
|Accruals for professional fees|**2024**
**£**
**10,080**
**10,080**|2023
£
9,480|
|---|---|---|
|||9,480|
## **7. Related party transactions**
Included in the grants funded for the year ended 5 April 2024 (note 3) was an amount of £10,000 (2023: £10,000) which was made to Maggie’s Cancer Centres, a charity which was established by the mother of Lily and John Jencks, who are trustees of this Trust.
Further amounts of £400,000 (2023: £315,000) were made to the Jencks Foundation which Lily Jencks is a trustee of and £10,000 (2023: £5,000) to the Blue Marine Foundation, a charity which was established by Chris Barnes.
## **8. Analysis of staff costs**
No staff were employed by the Trust during the year (2023: nil).
## **9. Trustee benefits**
The Trustees received no emoluments or expenses in the year (2023: nil).
15
## **Portrack Charitable Trust**
## **Notes to the financial statements**
## **for the year ended 5 April 2024**
## **10. Legal Form**
Portrack Charitable Trust is an unincorporated Charitable Trust. Legal and administration details can be found on page 1 of the accounts.
## **11. Restricted Funds**
The Trust owns 75 shares in the Keswick Foundation Limited, a UK registered charity (charity number 278449). Lily Clare Jencks via a Declaration of Trust dated 24 October 2013 gifted the shares to the Trust.
The value of the Keswick Foundation Limited shares recorded in the balance sheet is stated at the nominal value of £75. It is considered that this approach better reflects the Trustees’ interest in the shares and recognises the Portrack Charitable Trust has no beneficial entitlement to, or power to access, the underlying assets of the Keswick Foundation.
The Keswick Foundation has a separate board of Directors and the aim of the Foundation is to promote charitable bodies that address social needs in Hong Kong and mainland China. The accounts for the Foundation are filed separately with the Charity Commission under the reference stated above and so full details are available for review should they be required.
16