The Teresa Kesivick Charitable Trust Charli no. 276 d FinnneiAI Stitements Year Ended S A ril 202
The Teresa Keswick Charitable Trust Stale¢t of ALLOUlltS r the Yexr Lnded 5th A ril 202S Lt8al and Administraiivc Information Report of the Trustees Independent Exsrtiiners, Report SchBdule I Sialetnerti of Financial Activities Schedule 2- Balance Sheei Schedule 3- Accounting Policies Schedule 4- Noies 10 the Financial Statem¢DIS Schedule 5-Noies lo the Financial Statements
The Teres9 Kcswick Charitable Trust l .adininistrtIye lTr[ormlEO For tht Y¢#r Ended 5th A ril 2025 Regisiered Charity by Cliariry Commi5SlOD NuJnb¢r 276577 Corr¢spondan¢¢ AddEe5S Terega Keswick Chariiable Trust CIO Nick GdSon MTrE thc50n & Co Ltd 3 Loinbard Sireei Londot) EC3V 9AQ TTUStees Henry Nevill¢ Lindl¢y Ke$wick John Lhipp¢ndLle Lindley Keswick Adam Keswick AccountaDt5 FÉtrries. Kirk & Mcvean DumfTies Enietprise Park Htaihhall Dumfri¢s DGI 3SJ Bankers and Correspondent Address HSBC Private Bank IUKI Limitsd 78 Si James's Sireel London SWIA iJr4 Inv¢$tsn¢nt Advsors HSBC Privaie Bank IUKI Limit¢d Soliritors Linklaiers One Silk Str¢ci London EC2Y 8HQ Pagc I
The Teresa Keswick Charitable Trust ort of tht Trusttt For the YeAr Ertdt¢l Stli A rf1202 Trustees, Report for the year ended S April 2025 The TTU8tee5 of 'fh¢ Teresa Keswick Charitable Trust {Ihe 'TrLlSt'I pirsenl their I'eport. together with the Fin&ncial Siatemenrs for the yeai. ended 5 April 2025. '1-he F inancial Stalem¢nis have been prepared in accordance ivith the accounting policies sei out in N'ote I to the Financial Siatemenls and comply with the cliarity's trust deed, th¢ Charities Act 2011 and the Sialeinenl of Recornm¢nded Praciice.. Accouniing and Ileporling by Charities 2005. Structure? governance and mAnagement The I rust 15 an unin¢orporat¢d Iru51. ¢onsiituied under a trust deed daied 18 Augusi 1978 and is a registered charity. number 276577. The Trust does not a¢tiv¢ly fundraise and $eek$ 10 ci>ntinue the phi18nthropic work desired by the setTloi' through ¢ar¢ful stewardship of its exi$iinE resources. The trust¥es tn¢¥l at regul inietyals 10 discuss invLStmeni Sli?tegy, (he making of grants and the running of lh¢ Trust gtDerally in¢luding th¥ appointrn¢nt of new tiustees when considered necessary. The trusiees who Served during Ihe year and since ihe vear end al'e sel out OD pag¢ l. Risk Mngtment The trustee5 hav¢ consideT¢d the tnajor risks 10 which the charity is exposed and have Teview¢d those Tisks and established sy5terns and proG¢durs to mana8e those Tisks. ObjectiV¢5 8nd wrtivities The Trusl is a grani making charity and ihe capiial and income of the Trust shAII be applied for $uch charit2blc purposes for the public benefit as the tru8tees in Iheir absolute discretion shall decid¢. The Irusl¢e$ confimi thai they have referred 10 the guidL¢ cuntained in the Charity Coininission's geiTreral guidance on publi¢ b¢n¢fit when reviewing the Trust'5 aims and obj¢ctiv¢s dnd in planning I'uiure activities and setiing grant making policy for the year. Grant mxking polity The trust3 tncet regUl"1Y 10 discuss ihe makin8 of grants but do not inviie unsolicited grant applitions. The organi5ations that have bcn¢fited fTom the Tru51 are oiher Tegisiered charities. Achicvtmtnts #nd performAnce During the year. th¢ Trust tn8de grnnts of £40,000 {2024.. £30.0001 to a charitable Trusts. Details of the grant Tnade are shown in note 3. Financi&l review The principal source of in¢otne is the holding of Jardine Mdthcson shares which had a maiket value of £2,686.981 as at 5 April 2025 12024.. £2,731,009 se¢ page 91. Given IhL nature ol. Ihc Trust's a55els it 15 anticipated that grants will continue at a similar level in th¢ futur¢. Investment policy and p¢rformRnce The Trusi's investments were managed by HSBC Privaic Bank during the period and the TTusi¢es aTe saiisfieil with the pcrformance in the period under review. Reserve5 policy 'I'lie Iru51te5 are aware orth¢ r¢quir¢tn¢nt of the Charily Coinmi55ioncrs to rtview their policy on reserves at regular intervals and ti is curreni policy lo distribute an ainounl 31 least ¢qiial lo all illCOTning resouTces, less investments mana8ement and govemance costs. 'fhe Iruslees have sel aside Te5erv¢s in order to prottGI lh¢ I'utur¢ oper2tions of th¢ charity fTOJn the effe¢ts of Any unforeseen variaiions in its income streams as pan ot a policy ot. gwd financial management. Plan5 for tlie future The Iruste¢s plan io continue with the eurreni invesimcni and grani making policies. Pag¢ 2
The Teresa Keswirk Chxritable Trust orl of th¢ Try.stce% For the I'trtr Ended 5th A ril 2025 Tru$t¢¢s' rc5pon$ibilitiCs in relation to the financial 51at¢m¢nt¥ Th¢ law applicable to chari11¢5 ID England and Wales T¢quir¢s ih¢ Iru51¢¢5 lo pr¢paT¢ financial slat¢Tnents for each rjnancial year, which giv¢ a true and fair view ef Iht Trusi's finaiicial a¢iiviiies durinby the year and of ils financtal sition &1 the end of the year. In preparin8 financial 5tatcmcnls Bivin8 a true and fair view. Ihc trustees should follow best practice and., s¢l¢¢t suiiÈbl¢ 8cwunting wlici¢s 8nd then apply them tOn5iStertily mak¢ judg¢Tnenls and estimates that are r¢asonable and prudent SLqlC whciher applicablc accounting siandards and slaiemcnts ofr¢commended praditt have b¢eD follo¢d, subject io any departures disclosed and explained in the tinancial siar¢nients: and prepare tlie fiTtsntial si2iem¢nis on Ihe 80in8 conccm b&sis unles5 il is inapproprJal¢ lo pr¢5UDl¢ that Ihc Tru51 will continue in otKration. The trustee5 #Te Tespongible for keeping acwuniing rc¢ords which di5closc with reasonable aGcura¢y. the financial rA)sJtion of ihe Trust and which ¢nabl¢ ih¢ni io J5¢¢fEain th¢ financiELI wsilion of (he Trust and to ensure tliat th¢ Financial Ststemenis comply with the Charities Acl 2011, th¢ Charily IFinanci21 Sidiemenis and Reports) Keguldtions dnd the provisions of the Irusi deed. ThL trus¢5 arc responsible for 5af¢gug1'ding ihe 3ssets of the Trust and henc¢ for taking reasonable steps for the prevention and deie¢iion of fraud and Oihcr irregularities. Ad Keswick. Chairman of Trusiees Page J
¢n(lent Exminer'$ Rc vrt to thL' Trustees of The Teresa Keswick Charitabl¢ Trust Report of the Ind¢p¢nd¢nt ¢%arnin¢ri to the TruytLes of the Tere5a Ke8Wltk Charitable Trugt WB havc cxamined th¢ financiul slalem¢iit$ of the Tcresa K¢swi¢k Chariiable Trwi for th¢ y¢w ended 5 ApTiI 2025 which coTnpris¢ the Stalcrnenl of Fin&nctal Acriviiies, th¢ Balgnce %heet and the relaied nores. Th¢ fingn¢ial porting framework that has k¢n applied in their prepardiion is applicable law gnd United Kingdom Accounting Standards (United Kingdom Generally Accepted Acwunling PrtICe81. This report 15 made solcly to th¢ ¢heTity'S Irllsiees, 85 a dy, in acwrd8nce with 8eciion 144 of the ChaTitits Act 2011 and r¢gulations made under seciion 154 of th¢ Aci. Our work has be£n undenaken so that we tnighi siaic io th¢ charity's Iruste¢s those mDtters we thre required 10 slate io th¢m in an independent examIrS report and for no other purposes. To the fullest ektenl rMItted by law, we do nei abwi or a55um¢ reswnsibility 10 anyone other Ihan the charity and th¢ charity's trusiees as a body, lor our work. for thi5 report, or for the opinions have formed. Rt$pcttiv¢ r¢sponyibilitics of Tru$teey Examin¢r A$ explained more fully in the Trust¢e5' Respunsibiliiies SlaienienL the Irusiees are responsible for th¢ prBparalion of Fin8ncial Sialemvnts which give a true gDd fair view. W¢ hove been appoinico as ExamiD¢Ts under seciion 144 of Ihe Charities Aei 2011 and rewrt ID g¢wrdance with regulaiions made uDder se¢iion 154 of thai Act. Our r¢5ponsibilily is io examine th¢ accounts followin8 Ihe general dlreciions given by ihe Charity Comrnission to 8thie wlietli¢r 8ny particular tnaiiers havc com¢ to our gttention. Scopt of tht Financial Stat¢m¢ntS Our work involves obtaining ¢IdenCe about th¢ amounls and disclosures iii the financial mateTial mi5siatemenL eiher caused by fraud or ¢rror, This includes an a$s.ment uf,. wh¢iher thc at¢ouniinÉ polici¢s ar¢ appropriAte te th¢ charity'5 CTrcumsiane£s and hav¢ been consistently applied and ad¢qual¢ly di%clo%ed: the reasonablcness of significant accounting estimates madc by Ihe Irusl¢es: and lh¢ overall presentation of Ihe financial $18i¢menis. In addition. we read all Ihc financial and non-financial inlorniaiion in the Tru5te¢s' Report 10 ideniify material inconsist¢ncie5 Wlth th¢ Finttncial Siaicmenrs. If we beconi¢ awaie of any appar¢nt mat¢rial mibslaiements or inconsistencies we consider th¢ impli¢aiions for our repori. Independent Examiner5 Statement In connection with gur ¢xtminEttion, no mallcr has come to our gttention which gives reOnable caus¢ lo believe thai iti Ally material respect th¢ following r¢quirernents, have not en mei or to which in our opinion, ainiioii should b¢ drawi in order 10 enable a proper und¢rsu9nding of the accounls 10 be reached. To k¢¢p a¢counlin8 re¢oTds in accordance with th¢ Chari11¢5 Art 2011: ttnd To prepar¢ aGcount5 which accord wilh the accouniing recvrds and to cemply with the CoUn11E r¢quirenients of the abov Gerald McGill B.A., C.A. Farrie5, Kirk and Mcvean Chbrtered Ac£ounian15 Dutnfiies Enierprise Park Heaihhall Duinfries S} Ioiis DGI 3SJ PaBe ¢1
The Teresa Keswick c.h?¢ ritable Trust For the Ychr Li nd¢(i sih A ril 2025 2024 UnYestri¢t¢d Ilnreytricted Funds Notes INCOME AND EXPINDITIIRE lrttomlng Resour¢es Investment Income 76,303 97.090 Totwl InronJin£ Rtsour¢es 97.090 Rcsuurces Expended Invesent managem¢nl WSIS 165 Grant Funded Aciivity 40.0(K) 30.000 Gov¢rnonce Costs 540 Tot1 Resources Exptnde 40.705 31.088 Net IOut2oithgVlnLoming Re50ur¢¢s 35.598 66,002 Other retogthlstd gain5 #nd 1055ts Realised and unrealised gainslllosses} on invcsiment a55tts .44.028 204.699 -8.430 270.701 Fund Balance broughi forwwd at 6th April 2024 2.859,438 2.588.737 Fund Balan¢¢ Carri¢d fiofwArd 15ih April 20Z5 2.851.008 2.859,438 P88t 5
Tlie Teresa Ke5wick Charjtable Trust A5 Mt 5th A ril 2025 2025 2024 FixeiS Asset5 Investments 2.823,449 2.830.830 Current Assets Cosh at Bank 28,398 Total A55cts 2,851,848 2.860.279 Liabiliti¢$ CdItOrs f211ing due within one year 840 840 Net Asjtts 2.851,008 2,859,439 Tht fiundy of the Ch*rity Unrestri¢ied Funds 2.851.008 2 859 439 The 5tat¢m¢nt of 4c¢ounts were approved by lh¢ Board of Trustees on Adam Kcswick, ChairTnan Page 6
The Teresa Keswick ChnrTtable Trust F(kr thc Yer F.ndcd 5th A ril 202.5 l Accounting Policies A Basis of Pr¢paration The financia] 51aiem¢nls hav¢ Lren Preprd under the hisioric cosi convenlion, with ih¢ exc¢plion that investhjenls aFe in¢luiJed ai market valu¢. Th¢ financial statements liavc prtparcd in a¢wTdance with tbe Sialetnent of Recommended Practice'Acouniing and Reporting by Chariries, ISORP 20051 issued in March 2905 and applicable UK Accouniing Slandard5 and the Chnrities Aci 2011. B Furtd$ Structure Unresiricied funds compri5¢ thos¢ fund$ 1th the ItUSICCs free to us¢ for tny purpN)se in the furtlieran¢¢ of th¢ charitable objecis. C Incoming Re50urc¢s All incoming resources ar¢ recognised tsre the Trust has eniitlein¢nt to the ffjSOUTtes. It is certain that tlie T¢sourres will be received and th¢ monetory value of incoming resources caD measurLd with surricieni reliability. D Resources Expend¢ Liabilities are te¢ognised as r¢sourc¢s expEDd¢d #$ soon as Ihere is a Icgal or con5¢ru¢tive r>bligaiion cominitting the charity to ihc cxpcnditure. All exptnditUT¢ is tt¢counied for on an accruals basis and been el&%sifd und¢r h¢#dings thai aggrega all cosis r¢laJ 10 Il category. Granis payable att payinenls lo third pDrties in Ilic turthcrance ofthe charitable objectives ofihe Trusi. Single or multi-year 8rants arc accouiiied for when eilheT the rtcipi¢ni has a rcasonable extK¢la¢ion thai tY will receive a grant 2nd ihe trusiees hav¢ agreed to pay the grant wiihoul condition or the r¢cipienl has a reasonable ¢AelatIon that they will receive a grani aDd any condition attachirJ8 io the gr11 is outsid¢ ofthe £onirol olihe Iruslets. E Irre¢ov¢rabl¢ VA T Irre¢overablc VAT is charg¢d again$1 the uteBory of resources exptnd¢d for which it incurred. F CD5tg of Generating Fund$ Costs of generating funds consisi of inv¢stm¢rtt TnonÈgemeni fees. G Chxrii#blt Aetivitits Costs of chaTiiable activities consists of grants mad¢ as Shown in note 3 Page 7
The Teresa Keswlek Charitable Trust iNot¢s to the Fin&nL'Lal Siiitetncnls For Iht Y¢¥r to f th A rtl 2025 H Governte Costs Gov¢ranc¢ costs comprise all costs involving th¢ publi¢ a¢counlab2lity ofthe charity and ils Compliance with Tegulation and good pid¥tice. These costs include cosis relalin8 10 the indendent exwninalion and pparatIon of the financial statements. Fixe¢J As$tt Inv¢stments Investments are a¢¢ounted foT ai market value at the balgnce sheet daie. The stal¢m¢nl of finBncial activit1¢5 includ¢ nel gains and lesses arising on r¢valu8tion and di5ptrsals Ihroughout the y¢. J R¢ali$ed Gain5 and Losses All gains and losses are taken 10 the Sia¢¢tnent of Fintncial Activiiies ih¢y aris¢. Reali5ed gains and losses on investments are calcul8l¢d the diffeienLL' bciwccn 5a1¢5 pro¢¢¢ds and opcning market value (purch¢ cost if later). Unreali5¢d gains and losses are calculai¢d as the difference beiwecn the market value 81 the ycar cnd and opcniDg markei value lor purc11¢ c051 if laierl. Realised and unrealis¢d gRin$ are noi sep#rad in ihe SiateJn¢nl of Financial Aciivites. 2 Investment Ineome 2025 2024 DivideDds- Overseas equiises Int¢r¢st on Cpsh Deposils 76.303 97.090 76,303 97.090 3 Ath8lysls of Gronts Edith Bessie Gibson Trust ?? LondotL UK 40,iX)O 30,000 30,000 40,(X)O 4 AnAIy5is of Staff Costs No staff were employed by Ilie Trust during the yeaT.12024 £nill Trus*es receiv¢d no ¢molunients OT expenses in ihe ycar. 12024 LDill 5 Anwly515 of GoYernantE Colts Accountsncy and Audit Fees 540 984 Page 8
The Tere5a Kcswick ChaTltable Trust Notes 10 the Finan¢i¥l Stilomtnts lior thc Yt*r Ended 5th A ril 2025 6 Fiied Asset Investmeb)t5 Movement5 in Fixed Asset Investments 21J25 2024 M3rk¢t Value broughi forward 2.731,009 2,526,310 Net Gain/lLos$l on revaluation -44,028 204 699 2.686,981 2.731.009 Cash Held on Capitsl Accouni by Brokers 136,468 99,821 2.823,449 2,830.830 Historical C0518s al 5th April 2025 60,723 The sole inve51m¢nl consists of 55,366 Jardine M8th¢son USSO.25 {Singapore Quote) shaT¢$, 7 Analy515 of Current Ltablilitie$ 2024 Cr¢ditor5 under l yethr Accruals for Prof¢5sional Fr¢s Pagc 9