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2021-03-31-accounts

L.M. KENDON SETTLEMENT

TRUSTEES’ REPORT AND ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2021

L.M. KENDON SETTLEMENT

CONTENTS

Page
Trustees’ Report 1 to 4
Auditors’ Report 5 to 6
Statement of Financial Activities 7
Balance Sheet 8
Cash Flow Statement 9
Notes to the Accounts 10 to 16

L.M. KENDON SETTLEMENT

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST MARCH 2021

Name

L.M. Kendon Settlement

Governing Document

The Settlement was created on 17th March 1977. By virtue of the Trust Deed all funds are subject to the general restriction that they may only be applied for the benefit of the elderly people resident in the London Borough of Newham.

The Settlement has charitable status and is registered with the Charity Commissioners under number 273449.

Trustees

The Trustees who served during the year were as follows:-

Mr. M. Kennedy Mr. I.S. Laird Dr. J.F. Mueller

Mr. M. Kennedy sadly passed away on 20th June 2020.

New Trustees are only appointed with the unanimous agreement of all existing Trustees. All new Trustees attend relevant training courses, which the Chief Executive organises with external training organisations.

Subsequent to the end of the year Mrs. J.S. Green has been appointed as an additional trustee on 1st April 2021.

The pay and remuneration of the settlement’s key management personnel is reviewed annually and set at levels commensurate with national averages, based on professional qualification and experience.

All trustees give their time freely and are not remunerated.

Chief Executive

Mr. J.L. Barber

The Chief Executive manages the activities of the Settlement on a day to day basis, subject to him taking specific advice from certain Trustees. All of the Trustees are kept fully informed of all activities and developments through regular reporting from the Chief Executive.

Registered Address - Kendon House
12/14 Bryant Street
Stratford
London E15 4RU
Addresses of Advisors
Bankers - Lloyds Bank Plc
4th Floor
125 London Wall
London EC2Y 5AS
Solicitors - Reeves Law
44 Great Eastern Street
London EC2A 3EP
Accountants - Clay Ratnage Strevens & Hills
Construction House
Runwell Road
Wickford
Essex SS11 7HQ

Page: 1

L.M. KENDON SETTLEMENT

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST MARCH 2021

Addresses of Advisors (continued)

Auditors

Objectives and Activities

The principal objective of the Trust is to carry out the wishes of the late Mrs. L.M. Kendon by utilising its funds for the benefit of the elderly people resident in the London Borough of Newham.

The Trustees have continued to achieve this principal objective by providing sheltered accommodation for elderly people within the borough, at Kendon House. Following the sale of Daken House, the Trustees have established a managed investment portfolio with a view to generating income which will be utilised to further meet the Trust’s objectives in future years, through donations to other local charities and worthy causes.

Achievements and Plans for the Future

Whilst the Trustees have continued to utilise the sheltered housing facility at Kendon House for the benefit of elderly people resident in the London Borough of Newham, they have also arranged for the sale of Kendon House at an agreed price of £9.6 million, plus a potential overage payment to take account of the anticipated future development value. A deposit of 5% has been paid during the year ending 31st March 2022, with the balance due for payment in October 2022.

The entire sale proceeds will in due course be transferred to the Trust’s managed investment portfolio with a view to generating additional income which will be applied towards meeting the continuing objective of the Trust.

Use of Assets

The assets of the Settlement substantially comprise a freehold property which is included at current market value and has been utilised for the principal purpose of the Charity.

Excepting the freehold property, the assets of the Settlement comprise office furniture and equipment.

Financial Review

The Trustees are pleased to report that the Trust has, once again, achieved a good operating surplus for the year under review. It has, however, also been necessary to acknowledge a deficit of £2.4 million on the valuation of freehold land and buildings, having regard to the selling price agreed for Kendon House shortly after the year end. Such sale price may, however, be subject to the overage payment which will serve to mitigate this loss. The Trustees are, consequently, happy with the financial performance of the Trust and believe it remains financially well placed to satisfy its objectives for the foreseeable future.

Page: 2

L.M. KENDON SETTLEMENT

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST MARCH 2021

Reserves

As previously reported the intention of the Trustees has, for many years, been to increase the general reserves of the Trust to an amount of £4.2 million to eradicate the implementation losses and closure costs that were incurred at Daken House and charged to the general fund. Following the sale of Daken House, the general reserves exceeded £4.2 million at the start of the year under review and have increased to more than £4.6 million at the year end.

The Trustees reviewed the reserves policy during the year ended 31st March 2021, having regard to the fact that they presently continue to operate Kendon House but intend to dispose of the property and generate future investment income for distribution amongst a wider population of the elderly people resident in the London Borough of Newham. In all the circumstances, the Trustees decided to defer any change to the reserves policy until the sale of Kendon House is completed and they establish a definitive value for the investment portfolio and anticipated level of future income. They will, at that time, evaluate the adequacy of the projected income and decide whether it might be appropriate to reduce the level of reserves.

Risk Management

The Trustees review the major risks faced by the charity during discussions that take place throughout the course of each year. Systems are in place to monitor such risks and, as previously reported, these were adapted during the previous year to incorporate robust precautions to guard against the Covid 19 virus.

As a result of the virus threat, the year ended 31st March 2021 proved to be a very difficult period. Residents and visitors were quite often opposed to the restrictions and it is testimony to the approach adopted by management and the commitment of the Trust’s staff that no cases of Covid 19 were reported at Kendon House during the year under review.

The Chief Executive of the Trust reviews all matters of risk management on a regular basis and, accordingly, keeps all the Trustees apprised of any developments.

Public Benefit

In accordance with the stated objects and activities, the Trustees endeavour to honour the wishes of the Late Mrs. L.M. Kendon by utilising funds to provide benefit for elderly persons resident in the London Borough of Newham. The policy of Kendon House is to provide for a concessionary rent, which represents a considerable reduction from the amount charged in respect of similar properties in the area. Public benefit is thus provided through the subsidy applied to the services offered by the Trust.

During the year under review the Trustees provided further public benefit by organising Film Sessions and a regular Lunch Club; both of which were available to residents and their visitors. Food parcels were also provided to residents and other needy people in the local community. Such activities were, however, curtailed by the existence of the Covid virus in the community and this did, in turn, cause an anxiety amongst residents (who were not keen to mix) and led to an incidence of mental and physical health issues. The staff of the Trust thus, unfortunately, became engaged in providing further public benefit by assisting the affected individuals to maintain a good quality of life in such adverse circumstances.

The Trustees are, accordingly, able to confirm that they have complied with Section 17 of the 2011 Charities Act by having regard to guidance published by the Charity Commission.

Page: 3

L.M. KENDON SETTLEMENT

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST MARCH 2021

Statement of Trustees’ Responsibilities

The Trustees are responsible for preparing the annual 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 enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of 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.

Disclosure of Information to Auditors

So far as the Trustees are aware, there is no relevant audit information of which the auditors are unaware and they have taken all the steps they ought to take, as trustees, in order to make the auditors aware of any relevant information and to establish they are aware of that information.

This report was approved by the Trustees on 26th January 2022 and signed on their behalf.

I.S. Laird

Trustee

Page: 4

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

L.M. KENDON SETTLEMENT

Opinion

We have audited the financial statements of L.M. Kendon Settlement for the year ended 31st March 2021 which comprise the Statement of Financial Activities, Balance Sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for 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 charity 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 we have fulfilled our other 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 significant doubt on the charity'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 Trustees’ Report and Accounts, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Trustees’ Report and Accounts. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 Companies Act 2006

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.

Page: 5

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

L.M. KENDON SETTLEMENT

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity 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 Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement (set out on page 4) 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 charity’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 charity or to cease operations, or have no realistic alternative but 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law and regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Page: 6

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

L.M. KENDON SETTLEMENT

A further description of our responsibilities is available on the Financial Reporting Council’s website at:https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-andguidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s 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 charity’s trustees, for our audit work, for this report, or for the opinions we have formed.

Adam Cohen BA FCA

Senior Statutory Auditor Maynard Heady LLP

Arlington House West Station Business Park Spital Road Maldon Essex CM9 6FF

Date: 26th January 2022

_______________ Page: 7

L.M. KENDON SETTLEMENT

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31ST MARCH 2021


Notes



Income:-
Rents and Fees Receivable
3
Government Grants receivable
Investment Income
4

Total Income

Expenditure:-
Charitable Activities
5
Total Expenditure

Net Income before Other Recognised
Gains and Losses
Other Recognised Gains and Losses
Deficit on revaluation of fixed assets
Overage payment received
Balances Brought Forward
Balances Carried Forward		 2021
Total
Funds
£
614,836
12,752
1,059
__
628,647
__
529,545
_
529,545
_
99,102
(2,400,000)
-
14,127,109
___
11,826,211
 2020
Total
Funds
£
657,811
-
1,229
__
659,040_
_
582,745
__
582,745_
_
76,295
-
411,545
13,639,269
___
14,127,109

The notes on pages 11 to 17 form part of these accounts

Page: 8

L.M. KENDON SETTLEMENT

BALANCE SHEET

AS AT 31ST MARCH 2021

Note 2021 2021 2020 2020
£ £ £
£
Fixed Assets
Tangible Assets 9 10,143,436 12,549,765
Current Assets
Debtors: amounts falling due
within one year 10 61,466 56,155
Cash at Bank and in Hand 1,666,575 1,593,761
_____ _____
1,728,041 1,649,916
Creditors: Amounts Falling Due Within
One Year 11 (45,266) (72,572)
_____ _____
Net Current Liabilities 1,682,775 1,577,344
______ ______
11,826,211 14,127,109
____ ____
Unrestricted Funds
General 4,631,997 4,532,895
Revaluation Reserve 13 7,194,214 9,594,214
______ ______
11,826,211 14,127,109
____ ____

These accounts were approved by the Trustees on 26th January 2022 and signed on their behalf.

I.S. Laird

Trustee

The notes on pages 11 to 17 form part of these accounts

__________________ Page: 9

L.M. KENDON SETTLEMENT

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31ST MARCH 2021

__________

Cash flows from Operating Activities
Net Income before Other Recognised Gains and Losses
Adjustments for:
Depreciation and Amortisation
Loss on Disposal of Fixed Assets
(Increase)/decrease in Debtors
(Decrease)/increase in Creditors
Investment Income
Net Cash Generated from Operating Activities
_
Cash Flows from Investing Activities
Purchase of tangible fixed assets
Overage payment received
Interest received
Cash flows from Financing Activities
Repayment of bank loans
Repayment of other loans
Net cash used in financing activities
Increase in Cash and Cash Equivalents in the Year
Cash and Cash Equivalents at 1st April 2020
Cash and Cash Equivalents at 31st March 2021
Cash and Cash Equivalents at 31st March 2021 Comprise:
Cash at bank and in hand		 __
2021
£
99,102
14,431
61
(5,311)
(27,306)
(1,059)
_
79,918
__
(8,163)
-
1,059
_
(7,104)
__
-
-
_
-
__
72,814
1,593,761
_
1,666,575
___
1,666,575
 _
2020
£
76,295
6,064
14
2,723,888
32,703
(1,229)
__
2,837,735_
_
(37,789)
_411,545
1,229
_
374,985
__
(197,398)
(1,565,061)_
_
(1,762,459)
_
1,450,261
143,500
_
1,593,761_
_
1,593,761

The notes on pages 11 to 17 form part of these accounts

Page: 10

L.M. KENDON SETTLEMENT

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31ST MARCH 2021

1. Accounting Policies

(a) Basis of preparation and assessment 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 notes 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 Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

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

The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern.

(b) Income Recognition

Income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Kendon House rents are included in the accounts on a receivable basis. Investment income, including interest on bank deposits, are brought into account when received.

(c) Expenditure Recognition

Expenditure is recognised once there is a legal or constructive obligation committing the Trust to that expenditure, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

The majority of the expenses are allocated as charitable expenditure, on the basis that they are incurred in the direct performance of the Trust’s charitable activities. Expenses relating to the strategic management and statutory requirements of the Trust are, however, allocated as governance costs within the accounts.

(d) Allocation of Support Costs

Support costs are allocated between governance costs and charitable activities. Governance costs comprise all costs involving the public accountability of the Trust and its compliance with regulation and good practice, together with an apportionment of overhead and support costs.

(e) Tangible Fixed Assets

All assets, other than Freehold land and buildings, are capitalised at cost and depreciated over their estimated useful life, on the following basis:

Furniture and Equipment 25% Reducing balance

Freehold land and buildings are held at fair value and are not depreciated. Fair value is determined annually by the Chief Executive, having regard to professional advice taken personally. Changes in fair value are recognised in the Statement of Financial Activities.

Page: 11

L.M. KENDON SETTLEMENT

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31ST MARCH 2021

(f) Value Added Tax

The Trust is not registerable for Value Added Tax as its activities are classified as exempt. Expenditure in these accounts is thus disclosed inclusive of Value Added Tax paid.

(g) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

(h) Cash at Bank and in Hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

(i) Creditors and Provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

(j) Financial Instruments

The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exemption of bank loans which are subsequently measured at amortised cost using the effective interest method.

(k) Contribution to Pension Funds

The pension costs charged against profits represent the amount of the contributions payable to the scheme in respect of the accounting period.

2. General Information

L.M. Kendon Settlement is a charity registered in England and Wales. Its principal place of business is Kendon House, 12-14 Bryant Street, Stratford, London, E15 4RU.

3. Rents and Fees Receivable

Rents and fees receivable, included as incoming resources, relate to the Trust’s sheltered accommodation for the elderly at Kendon House.

4. Investment Income

Investment income solely comprises interest received on bank deposit account balances held by the Trust.

__________________ Page: 12

L.M. KENDON SETTLEMENT

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31ST MARCH 2021

5.
Charitable Activities
Light, Heat, Telephone and Rates
Repairs and Maintenance
Cleaning
Insurance
Staff Costs
Donations
Catering Expenses
Printing, Postage, Stationery and Advertising
Motor and Travel
General Expenses
Governance Costs (see note 6)
Support Costs (see note 6)


6.
Governance and Support Costs
Governance Costs
Staff Costs
Management Fees
Auditors’ Remuneration
Legal and Professional Fees
Office and Travel Costs
Support Costs
Depreciation and Amortisation
Loss on Disposal of Fixed Assets
Finance Charges and Interest
Accountancy		 2021
£
49,556
48,119
18,343
10,108
240,247
200
1,534
1,811
2,633
1,964
126,960
28,070
___
529,545
 2020
£
35,659
61,441
15,911
9,928
229,731
800
2,212
2,033
1,670
2,189
135,932
85,239
___
582,745
___
2021
£
102,294
6,444
6,640
9,700
1,882
____
126,960
 ___
2020
£
99,795
6,486
6,600
21,700
1,351
_____
135,932
___
2021
£
14,431
61
90
13,488
____
28,070
 ___
2020
£
6,064
14
65,289
13,872
_____
85,239

Page: 13

L.M. KENDON SETTLEMENT

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31ST MARCH 2021

7.
Staff Costs
Salary Costs
National Insurance
Pension Costs
Subcontract Labour		 2021
£
281,012
28,719
1,712
31,098
_____
342,541
 2020
£
281,393
29,883
1,712
16,538
____
329,526

During the year retirement benefits were accruing to 1 member of staff (2020 – 1) in respect of a defined contribution pension scheme.

The average number of employees during the year was as follows:

2021 2020
Management 3 3
Administration and Maintenance 2 2
____ ____
5 5
___ ___
Employee salaries fell into the following bands:
2021 2020
£170,001 - £180,000 - 1
£180,001 - £190,000 1 -

The Settlement considers its Key Management Personnel comprise the trustees and the Chief Executive Officer. The total employment benefits of the Key Management Personnel were £180,844 (2020 - £177,342) .

8. Pension Scheme

The Settlement operates a defined contribution pension scheme for the benefit of the staff. The assets of the scheme are administered by Trustees in a fund independent from those of the Settlement. The total contributions paid in the year amounted to £1,712 (2020 - £1,712).

Page: 14

L.M. KENDON SETTLEMENT

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31ST MARCH 2021

__________________________

9. Tangible Fixed Assets


Freehold Land
and Buildings
£
Cost or Valuation
Balance at 1st April 2020
12,500,000
Additions
-
Disposals
-
Deficit on revaluation
(2,400,000)
__
Balance at 31st March 2021
10,100,000
__
Depreciation
Balance at 1st April 2020
-
Charge for Year
-
Disposals
-
_
Balance at 31st March 2021
-
___
Market or Net Book Value
At 31st March 2021
10,100,000
___
At 31st March 2020_
12,500,000
______
Freehold Land and Buildings are comprised as follows:-


Kendon House		 Furniture
and Equipment
£
187,158
8,163
(2,151)
-
__
193,170
__
137,393
14,431
(2,090)
_
149,734
___
43,436
___
49,765_
______
2021
£
10,100,000
 Total
£
12,687,158
8,163
(2,151)
(2,400,000)
__
10,293,170
__
137,393
14,431
(2,090)
_
149,734
___
10,143,436
___
12,549,765_
______
2020
£
12,500,000

Kendon House

Kendon House is situated at 12/14 Bryant Street, Stratford, London E15. It provides 43 sheltered flats for elderly people resident in the London Borough of Newham; and 3 studio apartments which are let to the general public at full commercial rate. At the end of every year, the property is included at an open market valuation provided by J.L. Barber, MRICS, the chief executive of the charitable trust, having regard to professional advice taken personally. The cost of such property was £2,905,786.

Land at Emerson Park

The land at Emerson Park comprised just one strip of land. During the previous year it become apparent that the land was of no value and it has consequently been written down to nil value in the accounts. The cost of such land was £250.

Page: 15

L.M. KENDON SETTLEMENT

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31ST MARCH 2021

_____________
10. Debtors

Trade Debtors
Prepayments
Other Debtors
11. Creditors: Amounts Falling Due
Within One Year


Creditors
Accruals and deferred income
Other creditors		 __
2021
£
44,059
3,097
14,310
_
61,466
_
2021
£
7,730
32,071
5,465
___
45,266
 _
2020_
£
48,038
1,294
6,823
______
56,155
_
2020_
£
16,464
50,987
5,121
______
72,572

12. Transactions with Trustees and Connected Parties

No trustee received remuneration or expenses during the year (2020 - £Nil).

As permitted by the Trust Deed, certain management and administration expenses include professional fees paid to organisations that are connected with the Trustees, as follows:-


Reeves Law
Clay Ratnage Strevens & Hills		 2021
£
-
19,932
___
19,932
 2020
£
-
20,358
___
20,358

At the balance sheet date the charity was owed £7,887 by Clay Ratnage Strevens & Hills (2020 - £3,819).

Mr. M. Kennedy was a partner in the solicitors practice of Reeves Law, who dealt with all legal matters relating to the Trust, as well as providing ongoing advice. Fees have been charged at the appropriate market rate.

The accountancy practice of Clay Ratnage Strevens & Hills deals with all accounting matters relating to the Trust. They also provide ongoing financial advice and have assisted generally with the affairs of the Trust. Mr. I.S. Laird acts as a consultant to the firm. Fees have been charged at the appropriate commercial rate.

Page: 16

L.M. KENDON SETTLEMENT

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31ST MARCH 2021

13. Revaluation Reserve

Surplus Brought Forward
Deficit arising during the year
Surplus Carried Forward		 2021
£
9,594,214
(2,400,000)
___

7,194,214
 2020
£
9,594,214
-
___
9,594,214

__________________ Page: 17