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2024-03-31-accounts

The Peter Kershaw Trust

Annual Report

31 March 2024

UNAUDITED

Registered Charity Number: 268934

CONTENTS

STRUCTURE, GOVERNANCE AND MANAGEMENT 2
KEY MANAGEMENT PERSONNEL REMUNERATION 2
RISK MANAGEMENT 2
OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT 3
GRANT MAKING POLICY 3
ACHIEVEMENTS AND PERFORMANCE 4
FINANCIAL REVIEW 4
INVESTMENT POLICY AND PERFORMANCE 4
RESERVES POLICY 5
PLANS FOR THE FUTURE 5
INDEPENDENT EXAMINERS 6
TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS 7
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE PETER KERSHAW
TRUST 8
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 9
BALANCE SHEET AT 31 MARCH 2024 10
ACCOUNTING POLICIES 11
NOTES TO THE ACCOUNTS 13

The Peter Kershaw Trust

LEGAL AND ADMINISTRATIVE INFORMATION

TRUSTEES Mr R P Kershaw (Chairman)
Mrs R S Adams
Mr T Page
Ms J Kershaw
Mr A Kershaw
Mr B Lever
SECRETARY Mrs E Willder, Beyond Profit Ltd
REGISTERED ADDRESS G104 Bolton Arena
Arena Approach
Horwich
Bolton
BL6 6LB
CHARITY NUMBER 268934
INDEPENDENT EXAMINERS It Doesn’t Have to Cost the Earth
47 St Dunstans Close
Worcester
WR5 2AJ
BANKERS The Royal Bank of Scotland plc
St Ann Street
Manchester
M60 2SS
Bank of Scotland Treasury
33 Old Broad Street
London
EC2N 1HZ
SOLICITORS Addleshaw Goddard
One St Peters Square
Manchester
M2 3DE
Butcher and Barlow
3 Royal Mews
Gadbrook Park
Northwich
Cheshire
CW9 7UD
GOVERNING INSTRUMENT Trust Deed dated 25 February 1974
Trustees ‘Indemnity Insurance Order dated 12 June 2003

Page | 1

Trustees’ Report

The Trustees present their annual report and financial statements of the charity for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out on pages 11 and 12 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 issued in October 2019.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Trust is an unincorporated Trust, constituted under a Trust deed dated 25 February 1974 and is a registered charity, number 268934. The Trust was established by a gift from Peter Kershaw in 1974, following the philanthropic tradition of the Holt family. The Trust does not actively fundraise and seeks to continue the work desired by the donor through the careful stewardship of its existing resources.

The Trustees are appointed by the Board of Trustees and serve for five years after which period they may put themselves forward for re-appointment. There are no restrictions on the number of Trustees, although it has been determined that six Trustees will serve, with one Trustee retiring each year on a rolling cycle.

At the half-yearly Trustees' meetings, the Trustees agree to the broad strategy and areas of activity for the Trust, including consideration of grant-making, investment, reserves and risk management policies and performance. The day-to-day administration of grants and the processing and handling of applications prior to consideration by the Trustees is delegated to the Secretary.

The Board keeps the skill requirements for the Trustee body under review and if a Trustee permanently retires, or additional new Trustees are required, the Board recruit the new Trustee(s). New Trustees are normally sought through existing contacts and relationships within the Holt family.

The induction process for any newly appointed Trustee comprises an initial meeting with the Chairman and the Board. The welcome pack includes a brief history of the Trust, a copy of Board minutes, a copy of the last three years’ annual reports and financial statements, a copy of the governing Trust deed and a copy of the Charity Commission’s guidance ‘The Essential Trustee: What You Need to Know’. Trustees are offered additional training in specific areas if they require this.

The names of the present Trustees and Secretary are set out on page 1.

KEY MANAGEMENT PERSONNEL REMUNERATION

The Trustees consider the board of Trustees and the Chairman as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day-to-day basis. All Trustees give their time freely and no Trustee remuneration was paid in the year. Details of related party transactions are disclosed in note 14 to the accounts.

Trustees are required to disclose all relevant interests and register them with the Chairman and in accordance with the Trust’s policy withdraw from decisions where a conflict of interest arises.

RISK MANAGEMENT

During the year, the Trustees reviewed their Risk Management Framework, including the policy and the risk register.

The Trustees have considered in detail the risks facing the Charity, the controls in place to mitigate those risks and action plans to deal with those areas where controls could be enhanced, particularly concerning grant giving. The Trustees believe that they have appropriate controls in place, commensurate with the size of the organisation and their cost effectiveness, to mitigate the risks identified.

Page | 2

OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT

The main object of the Trust is to ensure that funds received are used as quickly as possible in the furtherance of charitable support. Normally, the whole of the net income accumulated in the year will be disbursed, having made allowances for a reasonable level of reserves to be maintained.

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 the grant-making policy for the year.

The objectives of the Trust are defined as follows:

The objectives for the year are shaped by these strategic aims.

GRANT MAKING POLICY

The Trust invites applications for the memorial bursary by advertising in the specialist press, and for general grants through the Charity directory and by word of mouth within the local voluntary sector. Second- and third-year grant applications are subject to a review before being agreed upon.

Applications for social welfare grants are received by the Secretary on the Trusts Grant Application Form. These must give an outline of the organisation and the project for which financial assistance is being sought, together with budgetary forecasts and a copy of the latest financial accounts.

Applications for school bursaries are usually made by the relevant educational establishment on behalf of the pupil. These must give the background to the family circumstances of the pupil together with a financial statement and a justification for why the Trust should continue to support the pupil.

In addition, the Chairman has a delegated authority to agree to small grants, up to a total budget of £3,000 per annum, subject to confirmation and agreement from one other Trustee.

Payments are not made to individuals nor are loans normally given.

Grants are not normally made for new building work but payments for fitting out of specialist premises may be made. Long-term commitments are not usually made but an indication that a grant may be paid, subject to conditions and annual review, for up to three years may be given.

The Trustees will normally meet twice a year in May and November to consider recommendations for grants which will be disbursed in June and December respectively.

Following previous years the Trustees determined that there would only be one application window for ordinary grants with these being considered at the May meeting only, with Memorial Bursary applications being considered at the November meeting/

Page | 3

ACHIEVEMENTS AND PERFORMANCE

The Trustees consider that the grants given during the year were in accordance with the grant-giving policy. All second and third-year grants were subject to a formal review before being agreed upon. All school bursaries were given a formal review before being agreed upon.

Ordinarily, there will be three projects receiving money from the memorial bursary on a three-year rolling cycle.

During the year the Trust supported 24 charities (2023: 15), excluding school bursaries with grants totalling £120,843 (2023: £78,682). Of these, £50,000 is related to the Peter Kershaw Memorial bursary. In addition, the Trustees awarded School Bursaries totalling £24,585 to 6 schools (2023: £25,165 for 6 schools).

FINANCIAL REVIEW

The Trust is reliant on the income from its investments, the income from which was £223,517 (2023: £165,169).

The balance sheet shown on page 10 shows that on 31 March 2024, the total funds of the Charity were £7,938,185 (2023: £7,556,263). This is made up of investments of £7,791,011 (2023: £7,457,283), and other net current assets of £147,174 (2023: £98,980).

Set out below is a summary of the year’s income and expenditure, together with that of the previous three years:

Investment income
Other income - gross bank interest
Total income
Grants:
School bursaries
Social welfare institutions
Memorial bursary
Administration expenses
Total expenditure
Surplus/(deficit) prior to revaluation of
investments		 2024
2023
2022
2021
£
£
223,469
165,138 105,746 101,237
48
31 7 475
223,517
165,169
105,753
101,712
24,585
25,165 27,332 33,715
78,843
28,682 34,745 29,750
50,000
50,000 50,000 50,000
154,428
103,847
112,077
113,465
21,896
20,647 19,886 19,466
(175,324)
(124,494)
(131,963)
(132,931)
48,193
40,675
(26,210)
(31,219)

The details of specific grants awarded during the year are presented in note 3.

INVESTMENT POLICY AND PERFORMANCE

In the 2019/2020 financial year, the Trustees sold some of their shares in Joseph Holt Group Limited back to the company. This sale took place in February 2020 following a process of due diligence which was led by the two independent Trustees, Mr T Page and Mr B Lever. The independent Trustees sought advice from both legal and accountancy professionals and were then satisfied that the offer received from Joseph Holt Group Limited was in the best interests of the charity.

The Trust Deed provides that investment changes can be made only with the consent of Mr RP Kershaw, the son of the settlor, which was given.

On 31 March 2024, the investments comprise 231,720 ordinary shares of 25p each in Joseph Holt Group Limited which is an unquoted company, along with investments managed by CCLA.

Page | 4

Having taken advice, the Trustees estimate the value of investments in Joseph Holt Group Limited as at 31 March 2024 to be £3,770,415 (2023: £3,770,415) This is substantially more than the book value of £711,196 (2023: £711,196). Annual variations are dealt with in the Statement of Financial Activities.

The value of the investments held by CCLA at the end of the period was £4,020,596 (2023: £3,686,868). This is an increase of £333,728 from the prior year. In addition, the funds held with CCLA have generated £107,609 (2023: £107,208) of investment income. Further details can be found in note 8 of the accounts

RESERVES POLICY

During the year the Trustees reviewed their Reserves Policy to ensure that it was fit for purpose. At their meeting in May 2019, they agreed to the following policy. The reserves figure was updated in May 2024 as part of the budget processes.

It is the policy of the Trustees to undertake financial commitments to some of the organisations it supports for extended periods of up to three years, or in the case of school bursaries until the recipient has completed their education in year 13.

Commitments relating to a period over one year are agreements in principle only and are granted on the condition that sufficient funds are available.

Having reviewed its future funding commitments and taking into account any costs that would be incurred should the Trust cease to exist; the Trustees have determined that the minimum level of reserves held should be £121,721.

This level will be reviewed on an annual basis to ensure that this remains an appropriate minimum level.

Any surplus funds above this minimum level will be utilised for the Trust’s long-term charitable grants and projects.

At the end of March 2024, the free reserves of the charity, i.e. unrestricted funds less any fixed assets, were £155,173.

PLANS FOR THE FUTURE

The Peter Kershaw Trust is a lasting testimony to the generosity and philanthropic concerns of the donor, Peter Kershaw.

The Trust will continue to support the disadvantaged section of the community in the local area.

Page | 5

INDEPENDENT EXAMINERS

It Doesn’t Have to Cost the Earth Ltd were appointed as independent examiners by the charity as at 17 May 2022.

For and on behalf of the Trustees

RP Kershaw

Chairman of the Trustees

8 November 2024

Page | 6

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 (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees on 8 November 2024 and signed on their behalf by:

RP Kershaw

Chairman of the Trustees

Page | 7

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE PETER KERSHAW TRUST

I report to the trustees on my examination of the accounts of The Peter Kershaw Trust (‘the charity’) for the period ended 31 March 2024, which are set out on pages 9 to 21.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 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 2011 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 reasonable 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 2011 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.

Teresa Fennell

ACMA CGMA, Chartered Institute of Management Accountants

It Doesn’t Have to Cost the Earth Ltd 47 St Dunstans Close Worcester, WR5 2AJ

Date: 11/11/24

Page | 8

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted
funds		 Unrestricted funds
Capital
General
Total funds
31-Mar-24		 Capital
General
Total funds
31-Mar-23
Notes £
£
£		 £
£
£
INCOME AND ENDOWMENTS
Investment income
1		 -
223,517
223,517		 -
165,169
165,169
TOTAL INCOME -
223,517
223,517		 -
165,169
165,169
EXPENDITURE
Expenditure on charitable activities:
2
School bursaries -
28,964
28,964		 -
31,064
31,064
Social welfare institutions -
94,170
94,170		 -
40,480
40,480
Memorial bursary -
52,190
52,190		 -
52,950
52,950
TOTAL EXPENDITURE -
175,324
175,324		 -
124,494
124,494
Net (expense)/income and net movement
in funds before losses on investments		 -
48,193
48,193		 -
40,675
40,675
Netgains/(losses)on investments 333,728
-
333,728		 (145,003)
-
(145,003)
Net movement in funds 333,728
48,193
381,921		 (145,003)
40,675
(104,328)
Total funds brought forward
13		 7,475,405
80,859
7,556,263		 7,620,408
40,184
7,660,591
Total funds carried forward
13		 7,809,133
129,052
7,938,185		 7,475,405
80,859
7,556,263

Page | 9

BALANCE SHEET AT 31 MARCH 2024

Notes
FIXED ASSETS
Investments
8
CURRENT ASSETS
Debtors
9
Cash at bank
10
LIABILITIES
Creditors: Amounts falling due within one year
11
NET CURRENT ASSETS
NET ASSETS
THE FUNDS OF THE CHARITY
Unrestricted income funds:
Capital fund
General fund
TOTAL FUNDS
13		 31-Mar-24
31-Mar-23
£
£
7,791,011
7,457,283
7,791,011
7,457,283
28,978
35,167
208,486
122,848
237,464
158,015
(90,290)
(59,035)
147,174
98,980
7,938,185
7,556,263
7,809,133
7,475,405
129,052
80,858
7,938,185
7,556,263

The notes on pages 11 to 20 form an integral part of the financial statements.

The financial statements were approved by the Board on 8 November 2024 and were signed on its behalf by:

Mr Richard Kershaw, Chair of Trustees

Page | 10

ACCOUNTING POLICIES

BASIS OF PREPARATION

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to the accounts.

The accounts (financial statements) 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 second edition of the Charities Statement of Recommended Practice: Accounting and Reporting by Charities: preparing their accounts in accordance with the Financial Reporting Standard application in the UK and Republic of Ireland (FRS102) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and the Charities Act 2011.

The Trust constitutes a public benefit entity as defined by FRS 102.

GOING CONCERN

The Trustees believe there are adequate resources which will enable the Trust to meet its liabilities for the foreseeable future as the investments held by the Trustees with CCLA are liquid and, at the end of the report period, were valued at £4,020,596. For this reason, the Trustees have adopted the going concern basis in preparing the financial statements.

INVESTMENTS

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date at the Trustees’ estimated market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

FUND ACCOUNTING

The capital fund represents those assets which are currently held by the charity as investments. Any capital gains or losses arising on the investments form part of the capital fund. Investment management charges and legal advice relating to the fund are charged against the general fund.

The general fund comprises those funds which the Trustees currently use in accordance with the charitable objectives.

INCOME RECOGNITION

All income is recognised once the charity has entitlement to the income, it is certain that the income will be received, and the amount of income receivable can be measured reliably.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Page | 11

EXPENDITURE RECOGNITION

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. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.

Grants payable are payments made 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 the control of the Trust.

ALLOCATION OF SUPPORT AND GOVERNANCE COSTS

Support costs have been differentiated between governance costs and other support 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 related to independent examination together with an apportionment of overhead and support costs related to secretarial activities.

Governance costs and support costs relating to charitable activities have been apportioned based on the number of individual grant awards made in recognition that the administrative costs of awarding, monitoring and assessing school bursaries, social welfare institution grants and memorial bursary grants are broadly equivalent. The allocation of support and governance costs is analysed in note 4.

CHARITABLE ACTIVITIES

Costs of charitable activities include grants made, governance costs and an apportionment of support costs which are shown in note 3 and 4.

IRRECOVERABLE VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

REALISED GAINS AND LOSSES

All gains and losses are taken to the Statement of Financial Activities as they arise. Unrealised gains are calculated as the difference between the market value at the year end and opening market value.

Page | 12

NOTES TO THE ACCOUNTS

2) EXPENDITURE ON CHARITABLE ACTIVITIES

The charity undertakes its charitable activities through grant making and awarded grants to a number of institutions in furtherance of its charitable activities.

The total support cost attributable to charitable activities is apportioned pro rata to the number of grants awarded as shown in the table below:

School bursaries
Social welfare
institutions
Memorial bursary		 31 March 2024
Grant funded
activity
Support and
governance
costs
Total
£
£
£
24,585 4,379
28,964
78,843 15,327
94,170
50,000 2,190
52,190
153,428
21,896
175,324		 31 March 2023
Grant funded
activity
Support and
governance
costs
Total
£
£
£
25,165 5,899 31,064
28,682 11,798 40,480
50,000 2,950 52,950
103,847 20,647 124,494

Page | 13

3) ANALYSIS OF GRANTS
Direct charitable expenditure:
School bursaries:
Bolton School
Bury Grammar Schools
Cheadle Hulme School
Manchester Grammar School
Manchester High School for Girls
Withington Girls’ School
Social welfare institutions:
Audacious Foundation
Autistic Society Greater Manchester Area
Bolton Deaf Society
Childrens Adventure Farm Trust
Derian House
Friends of Springwood
Hidden Treasure Trust
Homeless Support Project
Kings Church in Gr Revolution Youth FP
Levenshulme Inspire Foundation
Manchester Action on Street Health
Manchester City Mission
N-gage
Olympias Music Foundation
Prevent 2 Project
Reach Family Project
Riverside
Signpost Stockport for Carers
Smart Works
Special Educational Needs Family
c/f		 31 March 2024
31 March 2023
£
£
Social welfare institutions:
2,667
5,333
b/f
417
833
Spoons
5,501
4,166
Street League
4,000
4,000
Survivors Manchester
6,000
5,833
TAG
6,000
5,000
The Brain Tumor Charity
24,585 25,165
The Christie Charity
The Widows Empowerment Trust
2,000
-
Thrive Manchester
-
3,000
Timperley Amateur Boxing Club
-
2,500
TLC Talk Listen
2,528
-
Trust House Trust House
2,315
-
2,000
-
Memorial bursary:
2,000
-
Access Sport
-
2,682
Hebron Social Concern
2,000
-
Manchester Deaf Centre
2,000
-
4CT
-
3,000
-
2,000
10,000 -
-
3,000
2,000
3,000
2,000
-
-
500
2,000
-
2,000
-
2,000
3,500
34,843 23,182		 31 March 2024
31 March 2023
£
£
34,843
23,182
2,000
-
2,000
-
2,000
-
2,000
-
-
500
30,000
-
-
2,000
2,000
-
-
3,000
2,000
-
2,000
-
78,843
28,682
-
10,000
10,000
15,000
15,000
25,000
25,000
-
50,000
50,000
153,428
103,847

Page | 14

4) ALLOCATION OF GOVERNANCE AND OTHER SUPPORT COSTS

The breakdown of support costs and how these were allocated between charitable activities and governance is shown in the table below:

Charitable activities
£
Secretarial charges
12,225
Indemnity insurance
-
Audit and accountancy charges
-
12,225
GOVERNANCE COSTS
Independent Examination and accountancy fees
Secretarial charges
Indemnity Insurance
Trustee training		 Charitable activities
£
12,225
-
-		 Governance related
Total allocated
Basis of apportionment
£
£

5,239
17,464
Staff time

3,641
3,641
Directly attributable
790
790
Directly attributable
9,670
21,895
31 March 2024
31 March 2023
£
£
790
750
5,239
4,841
3,641
3,672
-
88
9,670
9,351
12,225

The total support cost attributable to charitable activities is then apportioned pro rata to the number of grants awarded as shown in the table below.

ALLOCATION OF GOVERNANCE COSTS

ALLOCATION OF GOVERNANCE COSTS
School bursaries
Social welfare institutions
Memorial bursary		 31 March 2024
31 March 2023
£
£
1,934
2,672
6,769
5,343
967
1,336
9,670
9,351

Page | 15

5) INDEPENDENT EXAMINATION AND ACCOUNTANCY FEES

Accountancy fees include an independent examination fee of £790 (2023: £750).

6) PAYMENTS TO TRUSTEES

No remuneration was paid and no expenses were reimbursed to the Trustees during the period (2023: nil)

These unaudited financial statements have been subjected to independent examination. See report on page X

7) INDEMNITY INSURANCE

During the year, indemnity insurance was paid in respect of the Trustees in the sum of £3,641 (2023: £3,672).

8) FIXED ASSET INVESTMENTS

8) FIXED ASSET INVESTMENTS
Unquoted investment:
Estimated market value as at March 2022:
Joseph Holt Group Limited - 231,720 ordinary shares of £16.27 (2020: £16.27)
CCLA
Historical cost at March		 31 March
2024
£
3,770,415
4,020,596
7,791,011
3,941,196		 31 March
2023
£
3,770,415
3,686,868
7,457,283
3,941,196

In accordance with charity accounting reporting requirements, the investment held by the Trust is stated at the Trustees’ estimated market value at the balance sheet date. In the opinion of the trustees the investment is worth at least the amount in which it is stated. Annual variations are dealt with in the statement of financial activities.

8) FIXED ASSET INVESTMENTS (continued)

The details of the company in which the charity’s interest is more than 20% is as follows:

Page | 16

Class and
Associated undertaking Principal Activity percentage of
shares held
Joseph Holt Group Limited Brewing, retailing and wholesaling of beers, wines, spirits and tobacco
products, provision of restaurant services and the ownership of public
houses, off licences and hotels.		 Ordinary
23.2%
The Trust’s share of the following assets and profits of the company at 31 December 2023 were:
£000's
Turnover 17,069
Profit before tax 1,009
Taxation (427)
Profit after tax 582
Fixed assets 22,944
Current assets 1,782
Liabilities due within one year (3,628)
Liabilities due after more than one year 0
Provision for liabilities (1,908)
Net assets 19,190
CCLA
31 March 31 March
2024 2023
£ £
01 April 2023 3,686,868 3,831,871
Investment gain/(loss) 333,728 (145,003)
31 March 2024 4,020,596 3,686,868

8) FIXED ASSET INVESTMENTS (continued)

The geographical analysis of the investment assets is as follows:

Page | 17

Within the United Kingdom 31 March
2024
£
7,791,011		 31 March
2023
£
7,457,283

9) DEBTORS

Income due from the capital fund
Accrued Income
Prepayments
10) CASH AT BANK
The Royal Bank of Scotland Plc:
Current and ordinary deposit
Bank of Scotland Treasury: Money Market		 31 March
2024
£
-
27,017
1,962
28,978
31 March
2024
£
208,486
-
208,486		 31 March
2023
£
6,878
26,610
1,680
35,168
31 March
2023
£
112,829
10,019
122,848

11) CREDITORS: Amounts falling due within one year

31 March 31 March
2024 2023
£ £

Accruals:

Page | 18

Accountancy and Independent Examination Fees
Bursaries awarded but not paid
Grants awarded but not paid
Capital due to the general fund
Trade Creditors		 8,815
50,000
30,000
-
1,475
90,290		 750
50,000
-
6,878
1,407
59,035

12) ANALYSIS OF FUNDS

Unrestricted Funds

12) ANALYSIS OF FUNDS Unrestricted Funds
Fixed assets:
Investments
Current assets:
Debtors
Cash at bank
Creditors: Amounts falling due within one year
Net current assets
Total net assets at 31 March 2024
Total net assets at 31 March 2023		 Capital Fund
General Fund
Total
£
£
£
7,791,011
-
7,791,011
- 28,97828,978
18,122 190,364208,486
18,122 219,342237,464
-
(90,290)
(90,290)
18,122
129,052
147,174
7,809,133
129,052
7,938,185
7,475,405
80,858
7,556,263

12) ANALYSIS OF FUNDS (continued)

The capital fund represents those assets which are currently held by the charity as investments. Income arising on the capital fund can be used in accordance with the objects of the charity. Any capital gains or losses arising on the investments form part of the capital fund. Investment management charges and legal advice relating to the fund are charged against the general fund.

The general fund comprises those funds which the Trustees currently use in accordance with the charitable objectives.

13) MOVEMENT IN FUNDS

Page | 19

Unrestricted Funds:
Capital Fund
General Fund
Prior year comparative
Unrestricted Funds:
Capital Fund
General Fund		 At 31 March 2023
Incoming Resources
Resources expended
Revaluation of
investments
At 31 March 2024
£
£
£
£
£
7,475,405
-
-
333,728
7,809,133
80,858
223,517
(175,324)
-
129,051
7,556,263
223,517
(175,324)
333,728
7,938,184
At 31 March 2022
Incoming Resources
Resources expended
Revaluation of
investments
At 31 March 2023
£
£
£
£
£
7,620,408
-
-
(145,003)
7,475,405
40,183
165,169
(124,494)
-
80,858
7,660,591
165,169
(124,494)
(145,003)
7,556,263

14) RELATED PARTY TRANSACTIONS

The trustees all give freely their time and expertise without any form of remuneration or other benefit in cash or kind (2023: £nil).

Both Mr RP Kershaw, Miss JM Kershaw and Mr A Kershaw are directors of Joseph Holt Group Limited. During the period the Trust received £115,860 in dividends from Joseph Holt Group Limited (2023: £57,930). No amounts were due to or from the company at the period end (2022: nil).

Page | 20

Trustee Annual Report and Accounts

Final Audit Report 2024-11-11

Created: 2024-11-10 By: Emma Willder (emma@beyondprofituk.co.uk) Status: Signed Transaction ID: CBJCHBCAABAA8yqdB37HszNq_UXUPYpx46HJjJMlT0Ez

"Trustee Annual Report and Accounts" History

Document created by Emma Willder (emma@beyondprofituk.co.uk)

2024-11-10 - 9:07:51 AM GMT- IP address: 80.5.69.13

Document emailed to Teresa Fennell (teresa@itdoesnthavetocosttheearth.co.uk) for signature 2024-11-10 - 9:07:56 AM GMT

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