The Teresa Keswick Charitable Trust
Charity no. 276577
Reports and Financial Statements
Year Ended 5th April 2021
Statement of Accounts For the Year Ended 5th April 2021
The Teresa Keswick Charitable Trust
| Index | |
|---|---|
| Legal and Administrative Information | 1 |
| Report of the Trustees | 2-3 |
| Independent Examiners' Report | 4 |
| Schedule 1 – Statement of Financial Activities | 5 |
| Schedule 2 – Balance Sheet | 6 |
| Schedule 3 – Accounting Policies | 7 |
| Schedule 4 – Notes to the Financial Statements | 8 |
| Schedule 5 – Notes to the Financial Statements | 9 |
The Teresa Keswick Charitable Trust Legal and Administrative Information For the Year Ended 5th April 2021
| Registered Charity by Charity Commission | Number 276577 |
|---|---|
| Correspondance Address | Teresa Keswick Charitable Trust |
| C/O Nick Goodson | |
| Matheson & Co Ltd | |
| 3 Lombard Street | |
| London | |
| EC3V 9AQ | |
| Trustees | Henry Neville Lindley Keswick |
| John Chippendale Lindley Keswick | |
| Adam Keswick | |
| Accountants | Farries, Kirk & McVean |
| Dumfries Enterprise Park | |
| Heathhall | |
| Dumfries | |
| DG1 3SJ | |
| Bankers and Correspondent Address | HSBC Private Bank (UK) Limited |
| 78 St James's Street | |
| London | |
| SW1A 1JB | |
| Investment Advisors | HSBC Private Bank (UK) Limited |
| Solicitors | Linklaters |
| One Silk Street | |
| London | |
| EC2Y 8HQ |
Page 1
The Teresa Keswick Charitable Trust Report of the Trustees For the Year Ended 5th April 2021
Trustees’ Report for the year ended 5 April 2021
The Trustees of The Teresa Keswick Charitable Trust (the ‘Trust’) present their report, together with the Financial Statements for the year ended 5 April 2021. The Financial Statements have been prepared in accordance with the accounting policies set out in Note 1 to the Financial Statements and comply with the charity’s trust deed, the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting by Charities 2005.
Structure, governance and management
The Trust is an unincorporated trust, constituted under a trust deed dated 18 August 1978 and is a registered charity, number 276577. The Trust does not actively fundraise and seeks to continue the philanthropic work desired by the settlor through careful stewardship of its existing resources.
The trustees meet at regular intervals to discuss investment strategy, the making of grants and the running of the Trust generally including the appointment of new trustees when considered necessary. The trustees who served during the year and since the year end are set out on page 1.
Risk Management
The trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks.
Objectives and activities
The Trust is a grant making charity and the capital and income of the Trust shall be applied for such charitable purposes for the public benefit as the trustees in their absolute discretion shall decide. The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting grant making policy for the year.
Grant making policy
The trustees meet regularly to discuss the making of grants but do not invite unsolicited grant applications. The organisations that have benefited from the Trust are other registered charities.
Achievements and performance
During the year, the Trust made grants of £55,902 (2020: £76,000) to a single charitable Trust. Details of the grant made are shown in note 3.
Financial review
The principal source of income is the holding of Jardine Matheson shares which had a market value of £2,667,214 as at 5 April 2021 (2020: £2,195,682 – see page 9). Given the nature of the Trust’s assets it is anticipated that grants will continue at a similar level in the future.
Investment policy and performance
The Trust’s investments were managed by HSBC Private Bank during the period and the Trustees are satisfied with the performance in the period under review.
Reserves policy
The trustees are aware of the requirement of the Charity Commissioners to review their policy on reserves at regular intervals and it is current policy to distribute an amount at least equal to all incoming resources, less investments management and governance costs. The trustees have set aside reserves in order to protect the future operations of the charity from the effects of any unforeseen variations in its income streams as part of a policy of good financial management.
Plans for the future
The trustees plan to continue with the current investment and grant making policies.
Page 2
The Teresa Keswick Charitable Trust Report of the Trustees For the Year Ended 5th April 2021
Trustees’ responsibilities in relation to the financial statements
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 Trust’s financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the trustees should follow best practice and;
select suitable accounting policies and then apply them consistently
make judgements and estimates that are reasonable and prudent
state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation.
The trustees are responsible for keeping accounting records which disclose with reasonable accuracy, the financial position of the Trust and which enable them to ascertain the financial position of the Trust and to ensure that the Financial Statements comply with the Charities Act 2011, the Charity (Financial Statements and Reports) Regulations and the provisions of the trust deed. The trustees are responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the trustees on 10th February 2022 and signed on their behalf by;
………………………………..
Chairman of Trustees
Page 3
Independent Examiner's Report to the Trustees of The Teresa Keswick Charitable Trust
Report of the Independent examiners to the Trustees of the Teresa Keswick Charitable Trust
We have examined the financial statements of the Teresa Keswick Charitable Trust for the year ended 5 April 2021 which comprise the Statement of Financial Activities, the Balance Sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practices).
This report is made solely to the charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of the Act. Our 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 independent examiners report and for no other purposes. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our work, for this report, or for the opinions we have formed.
Respective responsibilities of Trustees and Examiner
As explained more fully in the Trustees’ Responsibilities Statement, the trustees are responsible for the preparation of Financial Statements which give a true and fair view.
We have been appointed as Examiners under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our responsibility is to examine the accounts following the general directions given by the Charity Commission and to state whether any particular matters have come to our attention.
Scope of the Financial Statements
Our work involves obtaining evidence about the amounts and disclosures in the Financial material misstatement, whether caused by fraud or error. This includes an assessment of; whether the accounting policies are appropriate to the charity’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the trustees; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Trustees’ Report to identify material inconsistencies with the Financial Statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Independent Examiners statement
In connection with our examination, no matter has come to our attention which gives reasonable cause to believe that in any material respect the following requirements, have not been met or to which in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
To keep accounting records in accordance with the Charities Act 2011; and
To prepare accounts which accord with the accounting records and to comply with the accounting requirements of the above act.
Gerald McGill B.A., C.A. Farries, Kirk and McVean Chartered Accountants Dumfries Enterprise Park Heathhall Dumfries DG1 3SJ
Page 4
The Teresa Keswick Charitable Trust
Statement of Financial Activities
For the Year Ended 5th April 2021
| Notes INCOME AND EXPENDITURE Incoming Resources Investment Income 2 Total Incoming Resources Resources Expended Investment management costs Grant Funded Activity 3 Governance Costs 5 Total Resources Expended Net (Outgoing)/Incoming Resources Other recognised gains and losses Realised and unrealised gains/(losses) on investment assets 6 Fund Balance brought forward at 6th April 2020 Fund Balance Carried Forward at 5th April 2021 |
2021 Unrestricted Funds £ 76,443 76,443 2,914 55,902 720 59,536 16,906 452,843 469,749 2,218,121 2,687,870 |
2020 Unrestricted Funds £ 92,946 |
|---|---|---|
| 92,946 | ||
| 1,357 76,000 420 |
||
| 77,777 | ||
| 15,169 -357,875 |
||
| -342,706 2,560,827 |
||
| 2,218,121 |
Page 5
The Teresa Keswick Charitable Trust
Balance Sheet
As at 5th April 2021
| Notes Fixed Assets Investments 6 Current Assets Cash at Bank Total Assets Liabilities Creditors falling due within one year 7 Net Assets The Funds of the Charity Unrestricted Funds |
2021 £ 2,667,214 21,495 2,688,710 840 2,687,870 2,687,870 |
2020 £ 2,195,682 23,279 |
|---|---|---|
| 2,218,961 840 |
||
| 2,218,121 | ||
| 2,218,121 |
The statement of accounts were approved by the Board of Trustees on 10th February 2022
Page 6
The Teresa Keswick Charitable Trust Notes to the Financial Statements For the Year Ended 5th April 2021
1 Accounting Policies
A Basis of Preparation
The financial statements have been prepared under the historic cost convention, with the exception that investments are included at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice 'Acounting and Reporting by Charities' (SORP 2005) issued in March 2005 and applicable UK Accounting Standards and the Charities Act 2011.
B Funds Structure
Unrestricted funds comprise those funds which the trustees are free to use for any purpose in the furtherance of the charitable objects.
C Incoming Resources
All incoming resources are recognised once the Trust has entitlement to the resources. It is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.
D Resources Expended
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Grants payable are payments to third parties in the furtherance of the charitable objectives of the Trust. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the trustees.
E Irrecoverable VAT
Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
F Costs of Generating Funds
Costs of generating funds consist of investment management fees.
G Charitable Activities
Costs of charitable activities consists of grants made as shown in note 3
Page 7
The Teresa Keswick Charitable Trust Notes to the Financial Statements For the Year to 5th April 2021
H Goverance Costs
Goverance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs relating to the independent examination and preparation of the financial statements.
I Fixed Asset Investments
Investments are accounted for at market value as at the balance sheet date. The statement of financial activities include net gains and losses arising on revaluation and disposals throughout the year.
J Realised Gains and Losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase cost if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase cost if later). Realised and unrealised gains are not seperated in the Statement of Financial Activites.
| 2 Investment Income Dividends - Overseas equities Interest on Cash Deposits 3 Analysis of Grants Edith Bessie Gibson Trust |
2021 £ 76,443 - 76,443 £ 55,902 |
2020 £ 92,946 - |
|---|---|---|
| 92,946 | ||
| £ 76,000 |
4 Analysis of Staff Costs
No staff were employed by the Trust during the year. (2020 £nil)
Trustees received no emoluments or expenses in the year. (2020 £nil)
5 Analysis of Governance Costs Accountancy and Audit Fees
£ £ 720 420
Page 8
The Teresa Keswick Charitable Trust Notes to the Financial Statements For the Year Ended 5th April 2021
6 Fixed Asset Investments
| Movements in Fixed Asset Investments Market Value brought forward Net Gain/(Loss) on revaluation Cash Held on Capital Account by Brokers Historical Cost as at 5th April 2021 |
2021 £ 2,195,682 452,843 2,648,525 18,689 2,667,214 60,723 |
2020 £ 2,553,557 -357,875 |
|---|---|---|
| 2,195,682 - |
||
| 2,195,682 | ||
| 60,723 |
The sole investment consists of 55,366 Jardine Matheson US$0.25 (Singapore Quote) shares.
| **7 ** | Analysis of Current Liablilities | 2021 | 2020 |
|---|---|---|---|
| £ | £ | ||
| Creditors under 1 year | |||
| Accruals for Professional Fees | 840 | 840 |
Page 9