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2023-03-31-accounts

L.M. KENDON SETTLEMENT

TRUSTEES’ REPORT AND ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023

L.M. KENDON SETTLEMENT

CONTENTS

Page
Trustees’ Report 1 to 4
Auditors’ Report 5 to 7
Statement of Financial Activities 8
Balance Sheet 9
Cash Flow Statement 10
Notes to the Accounts 11 to 17

L.M. KENDON SETTLEMENT

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST MARCH 2023

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. I.S. Laird Mrs. J.S. Green (resigned 17th May 2022) Dr. J.F. Mueller (resigned 31st March 2023) Mr. C.J. Booty (appointed 10th October 2022) Rev. F. Ashford-Okai (appointed 10th October 2022) Mrs. C.H. Bowden (appointed 10th October 2022)

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.

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

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 - Druces LLP
Suite 425
Salisbury House
London Wall
London EC2M 5PS
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 2023

Addresses of Advisors (continued)

Auditors - Maynard Heady LLP Arlington House West Station Business Park Spital Road Maldon Essex CM9 6FF

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.

During the year under review, the Trustees continued to achieve this principal objective by providing sheltered accommodation for elderly people within the borough, at Kendon House. The Trustees have also developed 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 continued to utilise the sheltered housing facility at Kendon House for the benefit of elderly people resident in the London Borough of Newham, the sale of the property has now been completed at an agreed price of £8.5 million, plus an enhanced overage payment to take account of the anticipated future development value. A deposit of £480,000 was paid during the year ended 31[st] March 2022 and the balance of £8,020,000 was received by the Charity when completion occurred on 30[th] November 2023.

The Trustees now plan to transfer the entire sale proceeds to the Trust’s managed investment portfolio with a view to generating additional income which will be applied more widely towards meeting the continuing objective of the Trust.

Use of Assets

The assets of the Settlement comprise 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 achieved a small operating surplus for the year under review. It has, however, been necessary to recognise a substantial loss on the Revaluation of Freehold Property having regard to the sale of Kendon House that was completed after date. The Trustees are nonetheless pleased that matters have been resolved, subject to determining the potential overage payment that is expected to arise in the future, and look forward to allocating future income for the benefit of a much wider population of the London Borough of Newham. 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 2023

Reserves

The Trustees reviewed the reserves policy during the year ended 31[st] March 2022 and decided to continue to defer any change to such 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. Having completed the property sale at the end of November 2023, they now propose to review the policy at forthcoming meetings and 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 continue to be in place to monitor such risks and are regularly reviewed.

The after effects of Covid have continued to impact the residents of Kendon House during the year ended 31st March 2023 and this has resulted in the Scheme Supervisors (formerly wardens) continuing to have to work long hours to cover the risks and deal with newly identified problems arising from frailty, loneliness and behavioural issues.

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 has been 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 a regular Lunch Club, which has proved to be extremely popular for both residents and their visitors. The Trust has also partnered with a local charitable organisation to provide food supplies to residents of Kendon House and other needy people visiting from the local community. It has also become necessary to provide increased levels of support for hygiene; proper diet; and to encourage residents to safely visit places in the local area, as they have developed a reticence to do so as a result of the Covid epidemic.

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 2023

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 30th January 2024 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 2023 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 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: www.frc.org.uk/auditorsresponsibilities. 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: 30th January 2024

_______________ Page: 7

L.M. KENDON SETTLEMENT

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31ST MARCH 2023


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)/surplus on Revaluation of Current Assets
Deficit on Revaluation of Fixed Assets
Late Payment Compensation Received
Option Fee Received
Balances Brought Forward
Balances Carried Forward		 2023
Total
Funds
£
562,861
-
43,858
__
606,719
__
602,597
_
602,597
_
4,122
(64,770)
(1,075,000)
-
1
_
(1,135,647)
11,903,201
_
10,767,554
 2022
Total
Funds
£
591,212
4,566
21,552
__
617,330_
_
575,005
__
575,005_
_
42,325
19,665
-
15,000
-
_
76,990_
11,826,211
______
11,903,201

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

__________________ Page: 8

L.M. KENDON SETTLEMENT

BALANCE SHEET

AS AT 31ST MARCH 2023

Note 2023 2023 2022 2022
£ £ £
£
Fixed Assets
Tangible Assets 9 9,050,203 10,133,607
Current Assets
Debtors
 10 68,711 63,264
Current Asset Investments 11 1,956,496 2,034,317
Cash at Bank and in Hand 206,736 183,930
_____ _____
2,231,943 2,281,511
Creditors: Amounts Falling Due Within
One Year 12 (514,592) (511,917)
_____ _____
Net Current Assets 1,717,351 1,769,594
______ ______
10,767,554 11,903,201
____ ____
Unrestricted Funds
General 4,648,340 4,689,322
Revaluation Reserve 14 6,119,214 7,213,879
______ ______
10,767,554 11,903,201
____ ____

These accounts were approved by the Trustees on 30th January 2024 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 2023

__________

Cash flows from Operating Activities
Net Income before Other Recognised Gains and Losses
Adjustments for:
Depreciation and Amortisation
Increase in Debtors
Increase in Creditors
Investment Income
Late Payment Compensation Received
Loss on Disposal of Investments
Investments Portfolio Management Fees
Option Fee Received
Net Cash Generated from Operating Activities
_
Cash Flows from Investing Activities
Purchase of Tangible Fixed Assets
Sale/(Purchase) of Investments
Interest Received
Dividends Received
Loss on Disposal of Investments
Investment Portfolio Management Fees
Increase/(Decrease) in Cash and Cash Equivalents in the Year
Cash and Cash Equivalents at 1st April 2022
Cash and Cash Equivalents at 31st March 2023
Cash and Cash Equivalents at 31st March 2023 Comprise:
Cash at bank and in hand		 __
2023
£
4,122
8,403
(5,447)
2,675
(43,858)
-
42,581
13,919
1
_
22,396
__
-
13,052
9,429
34,429
(42,581)
(13,919)
_
410
__
22,806
183,930
_
206,736
___
206,736
 _
2022
£
42,325
11,203
(1,798)
466,651
(21,552)
15,000
9,049
8,655
-
__
529,533_
_
(1,374)
(2,014,652)
_4,500
17,052
(9,049)
(8,655)
_
(2,012,178)
__
(1,482,645)
_1,666,575
_
_183,930
___
183,930

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 2023

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 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 2023

(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 comprises interest received on bank deposit account balances held by the Trust, together with income generated from the managed investment portfolio held by the Trust.

Page: 12

L.M. KENDON SETTLEMENT

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31ST MARCH 2023

______________
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 Investments
Finance Charges and Interest
Accountancy		 ___
2023
£
33,886
83,493
21,636
8,713
232,274
-
4,624
1,106
887
2,198
148,366
65,414
_
602,597
___
2023
£
105,993
5,922
6,840
28,431
1,180
____
148,366
 _
2022_
£
46,254
62,097
18,874
9,821
235,578
750
3,210
1,208
997
4,118
140,196
33,902
______
557,005
___
2022
£
102,290
4,266
6,840
25,221
1,579
_____
140,196
___
2023
£
8,403
42,581
90
14,340
____
65,414
 ___
2022
£
11,203
9,049
-
13,650
_____
33,902

Page: 13

L.M. KENDON SETTLEMENT

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31ST MARCH 2023

7.
Staff Costs
Salary Costs
National Insurance
Pension Costs
Subcontract Labour		 2023
£
263,499
31,321
143
43,304
_____
338,267
 2022
£
281,359
28,608
1,712
42,477
____
354,156

During the year retirement benefits were accruing to 1 member of staff (2022 – 1) in respect of a defined contribution pension scheme.

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

2023 2022
Management 3 3
Administration and Maintenance - 1
____ ____
3 4
___ ___
Employee salaries fell into the following bands:
2023 2022
£180,001 - £190,000 1 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 £186,096 (2022 - £180,844) .

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 £143 (2022 - £1,712).

Page: 14

L.M. KENDON SETTLEMENT

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31ST MARCH 2023

__________________________

9. Tangible Fixed Assets

9.
Tangible Fixed Assets		 9.
Tangible Fixed Assets

Freehold Land
and Buildings
£
Cost or Valuation
Balance at 1st April 2022
10,100,000
Additions
-
Deficit on Revaluation
(1,075,000)
__
Balance at 31st March 2023
9,025,000
_
Depreciation
Balance at 1st April 2022
-
Charge for Year
-
__
Balance at 31st March 2023
-
__
Market or Net Book Value
At 31st March 2023
9,025,000
_
At 31st March 2022
10,100,000
___
Freehold Land and Buildings are comprised as follows:-


Kendon House		 Furniture
and Equipment
£
194,544
-
-
__
194,544
__
160,937
8,403
___
169,340
 Total
£
10,294,544
-
(1,075,000)
__
9,219,544
__
160,937
8,403
_
169,340
___
9,050,204
___
10,133,607_
______
2022
£
10,100,000
_
9,025,000
___
10,100,000_
______

 _
25,204
___
33,607_
______
2023
£
9,025,000

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. The cost of such property was £2,905,786.

During the year ended 31st March 2022 contracts were exchanged for the sale of Kendon House (excluding the three studio apartments which were valued at £500,000) for an amount of £9.6 million plus an overage payment. Completion was originally agreed to take place in October 2022 but was subsequently deferred to October 2023 and did not actually take place at that time. The three studio apartments were, however, sold for £525,000 with completion taking place on 21st August 2023.

As a result of certain difficulties, the purchasers were unable to complete on the purchase of Kendon House and after detailed discussions and negotiations the contact was varied to reduce the sale price to £8.5 million, plus an enhanced overage payment. The sale was eventually completed on 30th November 2023.

Page: 15

L.M. KENDON SETTLEMENT

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31ST MARCH 2023

10. Debtors

Trade Debtors
Prepayments
Other Debtors
11. Current Asset Investments
Listed Investments
12. Creditors: Amounts Falling Due
Within One Year


Creditors
Accruals and deferred income
Payment on account
Other creditors		 2023
£
36,999
11,372
20,340
_
68,711
_
2023
£
1,956,496
__
2023
£
2,134
18,458
480,000
14,000
___
514,592
 2022
£
36,515
9,252
17,497
___
63,264
___
2022
£
2,034,317
_
2022_
£
7,648
17,943
480,000
6,326
______
511,917

13. Transactions with Trustees and Connected Parties

No trustee received remuneration or expenses during the year (2022 - £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:-


Clay Ratnage Strevens & Hills		 2023
£
20,262
 2022
£
17,916

At the balance sheet date the charity was owed £16,709 by Clay Ratnage Strevens & Hills (2022 - £13,971).

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 2023

14. Revaluation Reserve

Surplus Brought Forward
(Deficit)/Surplus Arising During the Year on
Current Asset Investments
Deficit Arising During the Year on the Revaluation
of Fixed Assets
Surplus Carried Forward		 2023
£
7,213,879
(19,665)
(1,075,000)
___

6,119,214
 2022
£
7,194,214
19,665
-
___
7,213,879

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