The Teresa Keswick Charitable Trust Charil no. 27 577 orts Ind Finantial Stltemertts Ytgr Ended 5 A ril 2024 The Teresa Keswi¢k Charitable Trust Statement of Account5 For the YeRr Ethded 5th A ril 2024 Legal and Administrativc Information R¢port of the Trustces Ind¢p¢ndeni Examiners, RepoTI Schedule I Siaiemeni of Financial Aciivit1¢5 Schedule 2- Balance s￿et Schcdulc 3 - Ac¢ounting Policies Sch¢dulc 4- No￿$ to the Firtancial Sthiemenis Schedule 5 - Not¢5 to the Financial Stst¢ments The Teresa Ke5wick Charitable Trust l And Administrative Information For the Year Endtd 5th A ril 2024 Regisiered Charity by Charity Commission Number 276577 Correspondance Addr¢5S Teresa Keswick Charitable Trust CIO Nick GoodwD Math¢son & Co Ltd 3 Lombard Sire¢i London EC3V 9AQ Trust¢es Henry Neville Lindley Keswick John Chippendale Lindley Keswick AdaTn K¢swirk Accountants FaTfi¢5, Kirk & McV¢an Dumfries Bnt¢rpTise Park Heathhall Dutnfiies DGI 3SJ Bankers and Correspondent Address HSEIC Private flank IUKI Limited 78 St Jarnes's Street London SW IA IJB Inv¢sim¢nt Advisors HSBC Pri¥at¢ B8nk IUKI Limitrd Soli¢iiors Linklaiers One Silk Street London EC2Y 8HQ Page I The Teresa Keswick Charit3ible Trust ort of the Trustee5 For tbe Year Ended 5th A ril 2024 Tru$tet$' Report for the yegr ended S Aprll 2024 The Tru51¢es of The Tcrcs2 Kcswick Charitable Trust Ithe 'Tr￿st,) present ihcir repon, together with the Finon¢ial Stalem¢nt5 for the year tnded 5 April 2023. '1'he financial 8tat¢tnenlS have been preparcd in accordaTKC With the accourtling Policies sei oul in Note I to the Financial Sialcrncnis and comply wilh ihc charity's trust deed. the Charitie5 Act 2011 and th¢ Statement of Recommended Practice.. Accounting 4nd Reporting by Charities 2005. Structur< goverhAllte and management Thc'l"TUSt 1$ an unincorpordied trusi, consiiiuted under a trust d¢ed daLL￿ 18 Augusi 1978 end is a regi5t¢r¢d charity nutnber 276577. The Trust d￿5 not actively fundraise and seeks to colliinue the philaniliropic work desired by ihe 5¢tt1or through cartful stewardship of lis existing resource5, The tTUSte¢s tniyt ai regular intervals to discuss investment 51fdtegy, the making of grants and ihe running of the Trust 8ener2lly including Ihe appoiniment of new trwsl¢es when considered nccessary. The trustees who s¢rY¢d duTing the y&ir and since the ycar end are set oul on pagc l. Risk Management The iru5te¢s have con5id¢red the major ri.sks to which thc charity 15 ¢XP05¢d and have ￿vieWed those risks and cslablishcd 5ySt¢m5 and procedur￿ to managt those risks. Objectivu and attlvltles The Trusi is a grani making charity and th¢ capital and i￿ome of the Tru* shall be applied for such ch&ritobl¢ purtx)seh for Ihc public benefii as the tru51ees in their absolute di5crction sh211 decide. Thc trustecs confirm that they have referred 10 ihe Bllidance coniained in the Charity Cotnmission's general gutdan¢¢ on public benefit whcn reviewing Ihe Trust-s aims and objectives and in planning futurc activities and settin8 grani making wlicy for the year. GrRnt Thaking polity Thc trustLes mcti rtgularly 10 discuss the making of grallts but do not invite unsolicited grani applications. The orgenisatlOll5 that have benefited from the Trust arc oihcr regisicred char¥tie5. Aehievements And performAnce During th¢ year, th¢ Trust made grants of£30,00012023.. £70.0001 lo a thTK charitsbl¢ TTUSts. Details of thc grani tnad¢ are shown in rtoie 3. Financial rewiew The principal source of irKom¢ 15 the holding of lardine Math¢$on shares which had a market value of £2,731,009 a5 at 5 April 2024 12023.. £2.526.31 O See page 91. Given the naturc of tk Trust's assets it is anticipated ihat grants Mill continue ai a similar level in the futur¢. Investm¢nt poll¢y #ttd performanee The Trust's inv¢stmenis were managed by HSBC Private Bank during the period and the Trustees arc satisfied with the p¢rformanc¢ in the period under review. Reserves policy "rhe trU￿teS are aware of the requiremcnt of thc Charity Comrnissionet5 10 review their policy on reserves at regular intervals and it is cunent policy to distrib￿C an amount ai least equal 10 all incorning r¢sour¢¢s, less inveamenLS manag¢tnenl and govemante cosis. The trustees have sei ￿ld¢ K5erve5 in order lo protect the futur¢ operations of the ¢harily from the effetts of any unforeseen variations in ils income sti¢atn5 as part of a ptsliry of good financi managcm¢ni. Pl#tt$ for the future The Irusiees plan 10 continue with the current investment and granl tnaking poli¢i¢s. Page 2 The Teresa Keswiek Charitable Trus¢ ort of the Trustees For the Year Ended 5th A ril 2024 Tru5tees' re5pon5ibilities in relation to the fJnY4ncial statements The law applicable to charities in England and Wa1¢5 Tcquif¢5 thc trustee5 to prepare fInancial 5tal¢m¢nts for each financial year, which give a tru¢ and fair view of the 'fru5t's financial activities during ihe year and of ils financial position al th¢ end of the year. In preparing financial 51atcment5 giving a tr￿ and fair view, the trustecs should lollow best PTactic¢ and. select 5uitsble accounting policies and then apply them consislenily make judgern¢ntS and estimaies thai are r¢ason3ble and prud¢ni 51ate whether applicable accounting standards and stat¢m¢nts of recommended prncti¢e have been followed, stjbjeci 10 any depariures disclosed and explained in Ihe financial staiemeni$; and prepare the financial staiements on the going concern basis unless it is inaPp￿p[laIC to presutne that the Trust will continue in operation. Th¢ trustees are responsible foT keeping accounling ret¢rd5 which dis¢lo% with reasonable accuracy, th¢ financial position of th¢ Trust and which enable them 10 a5C¢rtain the financial position of ihe Trust and to ensur¢ that iht Financial Sts(¢menis comply wilh the Chariiies Aci 2011. th¢ Chariiy (Financial SLiiemenis and Reports) Regulaiions and the provisioD5 of the Irusi deed. The iruslees ar¢ responsible for safeguarding the asses of the Trust and henc¢ for uking re￿Onable steps for the preveniion and d¢teciion offyaud a￿j other irregularilics. Ad Keswick. Chairman of Tiustees Pag¢ 3 Indt endtnt Examiner's Re ort to the TrusteÈ$ of wick Charitable Trust The Ter Report of the Independent examiners to the Tru$tets of the Ttresi Keswi¢k CharitAble Trust Welove examined the financial siaiernenls of the Tersa KeswiLk Chariiable Trull for ihe year ended 5 April 2024 whi¢h comprise the Sialemenl of Financial Activitie%, the Balanec Sheet and the related note5. The financial reportin￿ frJm¢work thai has been applied in their preparation is applicable law and Unilcd Kingdom Accounting Standard$ Iunited Kingdom G¢nerally Accepted Accounting Praclicesl. This report is made solely tts the ¢hArity's trustses, as a body, in accordance wilh section 144 of ihe Charities Act 2011 and regulations Made undeT section 154 ofthe Ati. Our work ha5 been undenaken so ihat W¢ Tnight state to the ¢harity'S trusiccs matter5 we ar¢ required to stste 10 them in an independent examiners report and for no other PUTwses. To the fullest exteni per￿lti¢d by law. we do not accepi or assume responsibility to anyone other than th¢ ¢hariiy and the charity's trustees as a body. for our work, for this repor¢ or for ihe opinions we have formed. Respective responsibilities of Trustee5 and Ex•miner As explained more fully in ihe Truslees Responsibilities Statem¢nl, th¢ tru%te¢5 are rcsponsible for the preparation of Finaniidl Siaiemenis which give a true and fair view. Wc have been appoinicd as Examincr5 under section 144 of ihe Charities Aci 2011 and report in accordance with regulations m&dt under section 154 of ihai Act. Our rcspoN5ibility is to examine the a¢¢ounts following ihe general directions given by ihc Charity Commission and to state whetheT any partieu18r have come io our attention. Scope of the FinanciAI Ststements Our work involvcs obtaining evidencc aboth the amoun15 and dis¢losure$ in the Finan¢ial rnaierial misstsiement, wheth¢r ¢au3cd by fraud Dr ermr. This includcs an asscssmcrst of.. whether the accounting policies are approwiate io Ihe charity's ¢ir¢umstan¢e% and hav¢ betn consi￿entlY applied and adequately di5c109ed.. the reasonableness of significant arcouDtTng tstitnaie* made hy thc tru￿te5. and thc ovcrall prescniaiion of the finan¢ial statements. In addition, we read all the financial and non-financsal inftsrmaiion in Iht Trusicts, Rcport io identify material incon5151encie5 Wlth th¢ FiDancial StaietnenL%. If wc btcomc aw&r¢ of any app8￿nt material misstatetnents or incon515tcncie5 wc co>nsid¢T the itnplications ftsT OUT r¢port Independent Ex#miner$ st•t¢metht In conneciion wilh our examinaiion, no matter ha5 come lo our attention which give5 reasenable taU8e 10 believe thai ID any maierial respeet the following requircmeni& have not been mel or to which in our opinioT4 attention should br drawn in ordtr to enable a proper UnderSt￿ding o(Ih¢ accounts to b¢ rached. To k¢ep ar¢ounling re¢ords in accordantt wtth thc Charities Aei 2011. arml To prcparc account$ which accord with tht accounting re£ords and to cornply with the accounting ￿quIreMents of th¢ above act. Gerald McGill B.A., C.A. rarri¢s, Kirk and McV¢dll Chartued A¢couniatllS Dumfries Enicrprise Pdrk Healbhall Dumfries DGI 3SJ Page 4 The Teresa Keswick Charitablc Trust Ststtment of Tr i￿anCIAl Activitie5 For the YeAr Ended 5th A ril 2024 2024 2023 Unrestrietsd Funds Unrestricted Funds Notes INCOMEAND EXPENDITURE Incoming Resource5 Investtnenl In¢om¢ 97.090 98,508 Totsl InromiDg Resources 97,(￿0 98,508 Resources Expended Investrn¢ni menagcm¢nt C051S 810 Gr2ni Funded Activity 30,OIX) 70,000 Governan¢ Costs 984 Total Rtsources Expended 31.088 70,810 Net Ioutgoingyjncoming Resources 6AQ02 27.698 Other recognised gains And losses Realised and unrealised gainOllosse51 on investment assets 204.699 136,674 270.701 164.372 Fund Balance brought forward at 6th April 2023 2,588.737 2,424,365 Fund Balwnc¢ Cirri¢d Forward #t 5th April 2024 2,859,438 2,588,737 Page 5 The Tere5a Keswick Charitable Trnst Balance Sh¢¢t A5 #t 5th A ril 2024 Notes 2024 2023 Fixed As$ets In￿51￿¢￿ts 2.830.830 2,528,997 Current Asset5 Cash ai Bank 29,449 60.380 Total A55ets 2.860,278 2,589,578 IAgbilities Creditors falling due within one year 840 Net Assets 2,859.438 2,588.738 The Funds ofthe Charity UnTe5trict¢d Funds 2.859 438 2 588 738 The st&iem¢nt of ￿coUnts were approved by the Board of Tru5t¢¢5 Q ifj/ii J 2 4- dam Keswick, Chairrnan Page 6 The Teresa Keswiek Chgritable Trust Notes to the FittArttlAI St*tements For the Year Ended 5th A ril 2024 Atcouthtlng Poli¢ies A BASIS of PrepAr*tlon The finartcitJ 3tal¢tn¢nts have bc¢n prepared under lh¢ liistoric cosi conveniion, with th¢ ¢xc¢ption that investments are included at market value. The linancial siaicmenis havc bccn prepared in accordance with the Statement of Retomrncnded Pra¢tire'A¢ounting and Keporting by Charlties, ISORP 20051 ISSULd Trn Mar¢h 2005 and applicable UK Accounting Standards and Charities Att 2011. B Funds Stru¢ture Unrestricted funds comprise those funds which the trustees are free to Use for any purrM)se in the fvrtheran¢e of the charitable objects. C Incoming Re3ource5 All incoming r¢sourc¢s are rccognised once the Tru%t has cntitlctncnt to th¢ r¢sourc¢s. It is certain thai the resources will b¢ received ind th¢ tnonetary value of incoming resources can be measured with sutTici¢nl reliahility. D Resour¢¢$ Exp¢nd¢d Liabiliti￿ are r¢cognised as Te50urce5 expended as seon as there is a legal or ¢onstTU¢tive obligation committing Ihe charity to the expenditure. All expendiiure 1% 2ttounied for on an accruals basi5 and has been classifjed under headings that aggr¢gat¢ all costs ￿lated to th¢ caie80ry. Grant5 payable are payments to third parli¢s in the furtherance of tk charitable objetlives of the TrusL Single or multi-ye4T 8Tants aTe accounted foi when either th¢ ￿Cipl¢￿t has a r¢asonabl¢ expeciarion that ihey will rcceivt 2 grani 8nd ihe Irusi¢¢s have agreed io pay ihc grani without ¢OtidttlOll OT th¢ r¢ripi¢nt ha5 a re&sonabl¢ expectation that ih¢y will receiv¢ a grani and any condilion attaching to th¢ grant is outside of the control of the trusiees. E Irrecoverable VA T Irrecoverable VAT is charged against the category of resources expended for whi¢h li was in¢wred. F Costs of Generating Funds Costs of generating fund5 consist of investinenl mana8ement fces. G Charitsble Activities Costs of charitable activities consists of grdnts mode AS showi in wte 3 Pag¢ 7 The Tere5a Keswi¢k Charitable Trust 4otes to the Fittxtktixl Stxiement5 For the Yexr to 5th A ril 2024 H Govtrath¢¢ Costs Gov¢Tanc¢ costs ¢Otnprise all cosis involving the public accouDtabilily of th¢ rharity and its compliance with re8ulation and good practice. These cos15 includ¢ c051s rcldiill8 to the indeP￿dent examination and prcparalion of the financial slatetmenls. Fixed A55et IDV¢5tm¢nts Inveslmcnts arc ac£ounted for at market value as at the balance sheet dale. The statement of financial Cliyities include net gains and losse5 arising on revaluatloll lind di4)osal$ throughoui the year. J R¢ali5¢d G¥in$ gthd Iknsses All gains and losses are laken to the Sratement of Financial Aclivilics as they artsc. Rcaliscd gains and 105ses on inv¢sttnents ar¢ calculalcd as the differcncc betwren 58le.% proceed5 and opcning tnarket value Ipurchasc cosi if later). Unrealised gains and1055¢% ar¢ ¢alculaied as the differencc bclwccn the market value at the year end and opening mork¢i valuelor purchasc Cost if lalcrl. Rcalised and unr¢alis¢d gain5 arc not seperaied in thc stsiemcnt ol Financial Activit¢5. 2 Investment Income 2024 2023 Dividends- Overseas equities Interest on Cash l)¢posi15 97,090 98.508 97.090 98,508 3 AnAlysis of Grants Edith Bessie Gibson Trust lope & 14omes for Children The Church in Need UK 30.000 So_￿)0 10.000 10.000 70.000 30,WO 4 AnAlysis of Staff Costs No ￿a[[ were employed by (he Trust during the year. {2023 £nill Truskes received no emoluments or expenses in ihe year. 12023 £nill 5 Analysi5 of Governance Cost5 Accountancy and Audit F¢¢s 984 840 Pag¢ 8 The Teresa Keswick Charitable Trust Yotes to the Finfineial Stitements For the Ytar Ended 5th A ril 2024 6 Flxed Asstt lthvestments Mtsvem¢nts in Fixed Asset Invé5¢meTrts 2024 2023 M8rk¢t Value brought forward 2,526,310 2.389,636 GainllLosg1 on revaluation 204.699 136,674 2.731,009 2,526,310 Cash Held on Capital Account by Brok¢T5 99,821 2.687 2 830.830 2,528.997 Historic￿ Cost a5 at 5th April 2024 60,723 60,723 The sole invesimeni consists of 55.366 Jardine Matheson USSO.25 (Singapore Queicl shares. 7 Anilysis of Current Li#blilitie5 2024 2023 Creditors under l year Accruals for Profession￿ Fe¢s 840 Page 9