Rtr.. c[A833 THE CHARLES SKEY CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS RFGI.YTERED CjIARNUmBER.. 377097 for the year ended 5th Aprll 2024 IJJdlowTnJsÈ C(wy(LOziI Limi*d I Sollth&rnptoJi sii¢e¢ don WC2R OLR
THE CHARLES SKEY CHARITABLE TRUST CONTENTS PAge Tru8tee8' Atuwal Report Report of the Ind¢F*Thl¢nt Audrton Stat¢ment of Finoticial Activities Balance Shcet Cath Flow StsteTnent Notes to the FiDaDci81 Statements 10- 15
THE CHARLES SKEY CHARLTABLE TRUST TRUSTEESI ANNUAL REPORT FOR THE YEAR ENDED 5th APRIL 2024 Reference nd #dthlthkttatlve laformdo Founder arlo4 Henry Alall Skey {died 7th July 20121 Dates of Deeds Trust Deed- 4th April 1979 DEed of AppoiDtment- 10th Mllrth 1987 D¢ed of AppointsneTlt- 6th May 1997 De of Appointment- 8th November 2000 Decd of Appoin¢m¢n¢- 7th November 2006 De of Appointment- 30th O¢tob¢r 2010 Tnwt¢e8 ChriBtophcr Bry Berkeley Jobn Matyn Leggett Reverend James Henry Aufr¢re Le88ett D&vid Bryan Berkeley Edward Jam¢s Berkeley The power lo r¢move and lo appoint i ts¢w or addiliondl Tnlet$ 15 vr$*d ill the Trusteel. The objec18 orth¢ Trust is to $upport or pron su¢h ¢haritabl¢ purposc5 As thc Trnte may in their abgolute di5rrrliOll determine. Natyjre of Trust A re8iStered ehrity, rcgis¢¢red with the Charity Commissioners for England and Wa]¢$ a number 277697. Resisred Offic¢ Ludlow Trust Con¥>any Limited Towcr Whf Che¢5¢ L4ne Bris101 BS2 IJJJ liylwLd¢ni Auditor Moore Klttgstort Smith LLP 9 Appold Stre¢t Lonthjn. EC2A 2AP Inv¢smient MAn&8er8 InYest¢c Wealth & lnVesmnt Ltd 30 Gresham Street Lorthn. EC2V 7QN B#nkers C. Hoa & Co. 37 Fleet Street EC4P 4DQ Adrnini$trators Ludlow TnLSt Company (London) LiiNit¢d 8th Floor, I Souihampton Street London WC2R OLR Solicitors Russell-cooke LLP 2 Pulney Hill Lotmlon. SW15 6AB
THE CHARLLS Sy CHARITABLE TRUST TRUSTEES, ANNUAL REPORT{CONTINUEDI FOR THE YEAR ENDED 5th APRIL 1014 Rtportof the Thiyteu for ttse ytrtr tndtd Sth Aprfl 2024. The Tru$k¢s pr¢Fcnt theirTA)orl along with th¢ fujancial statemonts ofthe chatity forth¢ y¢4rendcd 5th April 2024. The finaTKiai statements hov¢ be¢n prepgr¢d in uccordanor with th¢ accouating ry)li¢ie5 $cI out pag¢5 10 and I l and ¢omplyMth Lhe charitys Ttust Deed, th¢ Charilies Act 2011 a[ the r¢quir¢ments of the StsnJBlll of R¢¢ommended Practice 4)pli¢tble 10 charities piepuring th¢iT accounts in accordance with tbe Financial Reportin8 Standtrd applicable in the UK Republic of Jre]aDd including Vpdatc Bulleiin 2. The Trusi Deed dirEcls Ehal the capital (expendable endowmEnll and incon of the Fund bc Appli¢d to or for the benefit of s charitoble (rltI, institytions orpuTpose8 the Tru&lEes think fil. d Atiivi Th¢ Trusle¢$ support causes oh In basi5, irre8ularly and on a onc off ba518. Fortho8c ¢harilie5 receivin¥ annual donation4 lh¢ amount 10 bE ¥ivrn is rcviewed an If appropriiit. award •nnually. For those rtteivin¥ petiodic donalioTr5, thc Trn5te¢5 Ire the jud8e of when & furth¢r grani should be made. For one off donHitons, the TTu51ers cxthirtc thi r¢qu¢y which have bc¢n reccivtd and have &ol< wihority a510 which to suppurt. In gcnrral, th¢ Trnsl supports Ihosc c4US¢s wh¢ the 8rAnt i5 nningfUl ts the rrfipi¢nl. Th¢ TNst undertakes no fvndrni$in8 a¢llvitie8.' ther¢ is no involvement of third pwty fundrai5crs End Iher¢fore no conylaints wer¢ rc¢ei¥ed in the yetr re8llTdin8 fllndrnising prartices. All incom¢ ij denved ftom the Tnjst'g endowmcnl. The annual in¢omc from Ihc Charithbl¢ Trust and ils capLi#I are used from lim¢ lo timc to cover the attttual chuit4bl¢ and ¢xp4n5e8. The Tnjstees med ¥¥v¢ral linws ejch ar dlde what liS they wish to m#ke, in o¢e0rdr• with th objectives and livI1]eS polL¢y set out Ebovl. Ai required bythc Chariiie$ Aci 2011. the TnJyte¢¥ hav¢ referred to the Ch8rrity CommiJsioft¥ 8enernl guidAncc on Pllbllo benefit whcn formulatin8 the yini making policy. In particular, the TN*iees conyider how ¥Tlln cin be made to th)sur¢ mAximum bcnefiE flows through 10 the intended uliimar¢ b¢n¢fI¢iBri¢8. The 8r8ntq benefil o number of publi¢ causes. as d¢thiled in note 3. In sh&pin8 thcir4Jbje¢lives for Ihc and planning their a¢iivities. the TnL&tc¢i have con8id¢red the Ch4rityCommissiofi'8 guidan¢¢ UbliC benefii.. nJnninB * ¢hthty IPBZI.. Th¢ i¢iiviiic% of the Trust remoin sRtlsfactory and Ihe objects of Ihc Trusl w¢re achieved durittB the )¢&r. All th¢ fund5 of th¢ Trust are considered lo fottnpart of on¢ Unresiricied frund. which MDY bo 5¢d for the general furtherance ofthi Tn]$l'y obj¢cts. The TTU8tets are 88ti#fi that the Trust% 88Bets are avalloble and idequate fvifil Ihe oblis8tion$ of the TnL8t. To1 uDrc5trJcted income during th¢ yc&r arnounled lo £427,78912023.. £512,543). Totsl UtrIcted ¢ipend¢iure, includin anL8. aftted to £540,49812023.. £896,250). The net Ir¢Se of1ots1 fvnds 4ITK>unted to £958,44312023'. redu¢iion of £1,685,820) after taking BccounLof invcsmieni 8oitts of £1.071,15212023.. I0e8 of £1.302.113). Th¢ financial 5¢al¢m¢nts for the year are out on pa8eb 7 to 15. The Trustees have assessed th¢ mjoi tisks lo which the Charity is exposcd, in pani¢ulAr those rEl&lEd lo thc operation and fanCeS of the Trusi, and are 50ti&fied ikni yysl¢m5 are in place to rnOllAge thesc m&joT riEks. The TTU$lers' CUent pDlicyon tnaking donations is to expend, broadly speaking> an amount equiv#lertl lo IheiT annual income. either in th¢ yr ID quethts, oron avernge ovcr a pcriod of Say 3 years. However, if a radical chan in nrket conditions, pani¢ulaTly in r¢lation 10 equities. wcre lo affect advcTsely the expc¢ied level of incom¢, then thr Ttuslee5 may need ID reduce th¢ level of 8rnnty In the light of this risl the TTusf¢¢5 make il ¢lcaT to the Charities supported by the Tnjsi that they cannot. and do not, offcrany guarantee 10 Ihe ¢twitie5 a5 to the making of fuiurE 8tallts. Nev¢rth¢less, th¢ Trustees keep their iDvesment PHgt2
THE CHARLES SKEY CHARITABLE TRUST TRusf£ES' ANP4UAL REPORT ICONTINUEDI FOR THE YEAR ENDED Sth APRIL 2024 5trolegyundtr regular review and r¢quir¢ their ittvestmeni advis¢TS 10 4dvis¢ them if thai sty8t¢8yDo Ion8erproperly upports, oris likely w support, Iheir doT)alions policy. Another 5iyificant risk would be A failure to CUTnply with ¥ teBulaiory requir¢TrKDi &ff£cting the Nnning of the Trust. To tnili8ate that risk, the TTuyttts instnL¢t Ludlow CompaTJy (London) Limited lo alcrt them 10 material chanEc8 in Ihost requiTem¢nt5 and to TnDnjloT regul8rory ¢ompliRnc¢ on aTr ongoing btsi8. TheChaLnnon BJ$o adviyc5 the TEu8tr¢8 &t mcetillg Lf the Cbarity CoDvnis8ion has issucd new 8uidon¢e which rnay rquire the Trus$ to th acrion. Under thE TnLSI Deed t TTU¥¢ttS mly u$¢ IkLeir absolu dis#1190 to inV¢51 any money in Bny VestM¢(S which Ih¢y thirtk fit. Th¢ Trust¥ illv¢srnent NJnager8 have be¢n Sei & performance iarw of achievin8 the 80th per¢enlil¢ of the ncOnStra1ned fund4 as tnea5Uttd by * composi index ba5cd 80V• on lh¢ FT Allsharc, 15% on UK Govemm¢nt AIiAocks and on 5Yll CBsh ILIBOR). For th¢ yenT to 5th April 2024. th¢ portfolio posicd a Total RcDJrn of 9.B7V., ¢ompared with the Benchmork reNrn of 6.41%. Acc4>rdinB to the Charity Commission's 8uidan¢¢ updaie in their St8t¢ment ¢f Re¢omm¢nded PrtiCe. Acuntin6 Ind RcportinB by Charili¢s' reviscd in July 2014, the TnJst'5 vxp¢ndgblc endowrncni 18 llOI C0115idgred pBrt of The hEriWs frce res¢rv¢s. How¢vcr, this endowmenl is • con$idcr&ble sum. the capital be used al Ihe discretion of Ihe'lru5te¢8 to fund 8nydoficii on exp¢ndilure. Il 18 Ihcrefore thc view ofthe TTu$k¢s thAI the Trust do¢6 nol n¢¢d lo hold any &ddilional trxTrney in reserye. The inlcnrion of the Trustees 18 to ¢onlinue with the presentovernll policywiih re84rd 10 inv¢¥tTnvnts and dOnlon&. Stgltmenl ofTru•teu' Te•poNilblllt The tnL5te•3 OT¢ T¢Spon$ible for preporing the Report of the TnJBtees and the fiD•n¢iil Jtaiements in occordpn¢¢ th 8pplicable14w nd Uttittd Kin8dom Accounti SiznthTd8 (Uniied KiDgdom Gentrally Axepd A¢¢ountinE Praclicel. Chnrily law rEquirex the 1rn8let8 lo Prepa financial ststemenis for Ih fin8n¢iil priod thai give a truo and fair view of the stste of 8ffair8 of the charity gDd of the in¢omin8 re50urc¢s 4nd Appliclon of resources, including the income And expendinjre, ofthe charity for that period. In prepuring th05¢ finEnciil gtstsmenis, the TnJsleES are requlred .. elecl wi¢able llccounlin8 policiu and then Jpply them consL8nilyi comply with appliGable ac¢ouniin8 $18ndDTds. includlng Fils 102, wb)1 tu any material depur¢S diwlosed and explAined in finHnciil 51alcrnent$; bEllte whether a Statemeni of R¢¢orruncnded Pr8ciice ISORPI applies and has been followcd, subject to any mllieriol depamjru which are explained in thc financial stsiemertts.. rrtakc jUdgllen and uliiD&I¢8 that tea80nable aDd prudcnt.. prepir¢ the firwicial 8tat¢ments on 8 80in8 ¢on¢crn b¥)5 vnless It ii inappToprial¢ to pKsumt that the ctrLarily will ¢OLEinuo in bts$ille85. The Trnslets are rewnsible for keeping prop a¢nting T¢rdS which disclose with reast>nable 8¢¢uracy g18ny litnE Ihc financial position of the Eharityand 10 enable them to ensure Ihttt Ihe fin8nci81 slat¢lln15 mplY with the Cbarities A 2011. They are ¥lso resp0Tr5ible for saf¢8uardin8 Ihc •s%ts of tlLC charity and hence for taking renable steps for the Prevcntion d¢tection of fraud and other iTre8uiJritlq5. Approv¢d bythe Trustee& on.. and 5igncd on their bEhaif by.. rusi¢¢ stee P4B¢ 3
INDEPENDEF4T AUDrroR'S REPORT TO THE TRUSTEES OFTHE CHARLES SK£Y C1L4RABLE TRUST FOR THE YEAR ENDED 5th APRIL 2024 OplnloTh We have aUdId ihe fin]1 statements ofThe Charl¢$ Skcy Charitable Trust forthe year cnded 5th April 2024 which ¢ompri the Statement of Financial Adiwties. the Bal4nce SheeL Cfish Flow Ststemeni and notes to th¢ fiLttn¢ial statem¢nls, in¢lud¢ng ignificant aCCOUttlin8 policieL The financial reportill8 frAtllew that h&s beets applied in their prepAr&iion is 8pplicabl¢ law and United KingdiKnAecountillg Standard4 including FRS 102 'The FiDcIal Reporting StTd Applicable in the UK and Ireland, (United Kin8dorn Generally Acceptd A¢¢oun¢in8 Praciicel. In our opiniort the finfyncial statements.. 8iv¢ a In and fair view of the state ofih¢ Charity's affair8 8s 115th April 2024, and of ils incoming 5[JrrcS 4nd ttppli¢otion of re80wces. for the year then ended.. have been prop¢rly PT¢par¢d in 8ccord&nce wilh United Kingdom Gcncrally Acccpted AecountinR PTaCticc' and have been wepaTed in rdnCe with the Tequiretnen15 Of tbe chitieS Act 2011. B48h for oplnk+n W¢ rondud¢d our oudit iti a¢¢oTdancc with Intern&iionJl Swndlrds on AuditllJ8 IUKI IISAs(UKII and app12table law. Our Ttsponsibilitiey under Ihose standardx &rr furth¢r dc5cribed in the AudilTrr's Rcspon¥ibilities for Ihe Hudit ofthe fJnHncial 41atemenls se¢lion of our Tepffi. We are independeni of the charity Tn A¢COTdance with Ihe elhiGal T¢quiKm¢nts IhAI are relevant lo our Audit ofihe finan¢ial ¥lat¢ments in thc UK. including thc FRC'8 Ethical SiaThd&rd. and w¢ hove fijlfilled our other ethical SponSIbl]i11tS Itt occothnce with thege requirrn¢n. We believe th&t ib¢ iudil cvidcncc we have obtsined 18 sufficieni and appr(yri&l¢ lo provide a basi$ for OUT IDIOn. Concluoni relAtln¥ to goln8 conttrn In auditing thc firwnrigj statements. we httve concluded Ihot the truytee$' of th¢ 80ifbg concem ba8ii of 011¥ in Ihe pitpitAlion of the financial Mat¢m¢ntJ is appropriate. Bttsed on Ihc work we have performed. have not iderttified ony rnHttrial uncertainties rcltttln8tO ¢VCDI8 or condittons th&t. ludivid11Y¥t ¢ollcrtiv¢ly may cu818i8ttLfJ¢ant doubt on itse charity's 8bilily to ¢¢)ntinue 08 a going ¢on¢¢rn for a prriod of al least twelve monihs from when Ihv financial stalemcnis Are authuriyed for issue. Ourre8ponsibilities ond the re8p)nyibililie5 of the trustee8 with r¢$p¢ci to Boingconcern ire d¢Tibed in tbe relevant settionB of this Other thformitlo The other infmnation ¢omprise5 the infom)ation included in the annual Tep(rt, other ihan the financial stAtsmEnlx Jnd our lluditor's rKFrt ther¢on. The tDJslc¢s are re&wnbibl¢ for Ihe Oiher infOr[lion contained wiihin the ann1 Teport. Our opinion on the finNn¢i&l slatemcnis d$ not covcr thc other infomiaiion Bnd, ¢xcep¢ w the exieni oih¢rws¢ P1)cit1Y in our repoT4 w¢ do rLoI expTeBS anyform of &55uTrnc¢ tonclusion Ihcreon. Our TeSponsibility 15 lo re8d the oth¢r infornalion #nd. in doing so, consider whthher the other inf0mt10ll Is materially inconsi$t¢nl with ihe finan¢i81 stateTnents orourknowledEe obtained in ihc ¢outK of the &udit or oihm¥ise appears tu b2 tnBl¢rially misswied, Tl w¢ identify such marial inconsistencies or apparent material mi55lal¢mcnt$. wc are requitcd to delcrniinc whether there is a maleiial mi5slaiement in the rLnllDGj STat¢ments therLselves. If, based OD Ihe work we h&v¢ pcrforncd. wc ¢on¢lude that Ihere is a rnal¢rial misstaiemcnt of thi5 other inf0mli0. w¢ •r¢ required io report iknt fact. We have nothing to r¢port in this regard. Matters on wbleb we Tequlred to report by excepdon W¢ hJve noihinB 10 report in r¢sp¢ci of Ihe following Tnatters where the Chatities Acl 2011 rcquirc5 us to Tepori to you if, in our opinion".
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTELS OF THE CHARLES SKEY CHARITABLE TRusf (CONTINUED) FOR THE YEAR ENDED 51h APRIL 2024 Matten on pblcb we ir¢ requSr¢d to report by ex¢eptlon (¢ontknued) tk infoThnatloth giwen in the T1¢¢8, Rewl is inconsistenl in 8rty material respcct with th¢ finattcial stalcments. i)T th¢ ¢hority hag not kepi adequatc 8CCOUrtiinB records., or ¢he finanLial sthternents T1 in 8gre¢ment wilh the accounting ie¢oTds 2nd rebjrns. or wc have noL received Hll the ittfortnaiitin and ¢xplaJJations we rcguir¢d for OUT audit. Re1ponbIlIte1 tsf the truxtt As Explained more fijlly in the trustCCS' T¢spon%ibilitie$ slaiement sct out on p8ge 3, the tslee3 ttre re$sIble forthe prepBT&tion of ihe finan¢iAI si8icmcnis and for bEin8 $21isfied Ihai Ihey Bivc a INe 8nd fair view, &nd foT such ini¢rnal control as the mLgtees d¢tErrin¢ is necessary to enJbl¢ th¢ prcparalion of fInala1 Bl•tcm¢Di$ that 8T¢ free fr M1&1 missratemenl, whcther du¢ rtaud or error. In preparing the fin&neiÈl Stsltmenis, the Iste¢S [¢51$1b1e for a55eujn8 the charily'g abiliiy to continue as 8 going conttn diyc105in81 a5 rtppli¢rtble. matters rclat¢d to goin8 concern and using lh¢ 8oinB concern bag18 of 4c¢ounting unle98 the ITusIc¢5 ciiher ind to liquidatc the charity or lo ceise oper10S, or havr no r¢ali8tic aliemative but to do 80. Audltor'i Rt•POTrslblll¢les for the audlt of the flnindal g¢4¢¢ment• We havc ken appointed 88 audiwr undcr 8e¢tion 144 of the Ch&rities Act 2011 And report ill aCCOTd¢e with re8ulations rrthd¢ undcr sectiatt 154 of that Act. Our obj¢¢tiV¢4 are lo obtain reasortAbk ¥sur8ncc about wlL¢thrr the fitw)cial s¢alemcnts as a whole are free from m&l¢risl nyg$iamenl, wtleiher due to fraud or error. and to issu¢ an audiiur's reporl thai includ¢s our I>PiniOll. Rea50nabl¢ sUranCe is 8 high level of assuran¢E. but i8 noi 8 8varanlec ikni an Audil conducicd in accordC with ISAS IUKI will &lwEy8 deiecl o malcri&l mi4s¢alemenl wh¢D It rxi$is. Missi8lemetLt5 from fraud or error llnd wnsidered mllleriHI if, individually or in a8gate, th¢y could r¢8onably be expected lo infl¢¢ th¢ xonomic decision$ of us¢rs taken on the basi5 of th¢$e financial starn¢nts. As plrt of An audit in accordanc¢ wilh ISAS IUKI we exercis¢ PTofc$sional judgement and Tn8intsin PTofeBBionol 6ceoi¢ism throushoui the audit. We also., Identify and a$5¢55 the risks of material misstalernent of the financial 5tHlcment8, whether due lo fraud or error. design and pcrfom) audit procedures res[s1ve to tho3¢ risk$, and obtain Hudit ¢dence th81 is suIfici¢nl and #ppropriaie io provid¢ 4 bH$is for our opinion. The risk of rLQt d¢l¢ctiT]8 a maleridl mi55tat¢ment resuliing from fraud is higher than for Qllc TC5uItlTh8 from ¢rror. Is fraud may involv¢ ¢ollu$ion, forKery. LTrteDtional thni88ions. mi8represcrtlation$, the oveTri¢k of int¢nLiI c(mtrol. Obiain an understanding of irti¢rnal control relevant to the ftudii in Order to design tsudii pr(rtedure8 Ipprriate in the CiTcum5tan¢e5. bllt noi for the Purposes of expressinB an opinion th¢ ¢ffectiveness of the chRrity'S internal control. Evaluat¢ the apprDpriRtene88 of accounting policies used and the r¢a50n8bl¢ne$s of accounting estLIn8ies and related disclo5reS made by the tDJSIC¢S. Conclude on the appropTiarenes5 of th¢ tswgtee$' use of the going ¢oncern b&8is of accountin8 and, based on thc lludit evidence obtained, wh¢th¢r a tnaterial uncertainly u1515 rc]aied to evcn15 or condilion5 that m8y C8St 5ignifi¢ant doubt on the chanty's ability to ¢onlinue as a going conc¢rn. If we conclude that a [11¢T107 uncertainty exists, w¢ are rcquired to draw attention in our auditor's report to thc r¢latcd di5closllres itt the financi415titements OT, ifsuch di10$ureS are inadequHte, to tn(Klify our i)pinion. Our conclusi0Th5 are basd Ihc al1t ¢vid¢nce obtsincd up to th¢ date of Dur audilor's rcpLYt. However. hjture events or conditL0115 tnay Cause the charityto cease to colliinue as 8 going concern. Ev8luate the overall pr¢sentAlion. structurc and CODtent of the financial statcmcnts. iDcludinE the di8c5osures, ÈThd whether the financial sialetnetLts repr¢5cnl Ihc underlyiThg transaction5 and Cvents in a matmer thai achi¢v¢s fair pteseniaiion. PaKe5
tNDEFE14DENT AVDITOR'5 REPORT TOTHE TRVSTEES OFThE CHARLE5 SKEY CHARITABLETRUSTICOP4TINUEDI FOR THE YEARENDED Sth APIULIIJ24 Audltsr't RespondbMltl•yf•rthèAuditof ¢kn IIThAAchl•tÈtm¢Dt•(¢ontiThutd) W¢ ¢omrnunicat¥ with Ihosechar8ed withBovernLKernBardill& ATrMgother mutten. th¢plJnnwJ Scope andtimi of the avth"I and¥iyificontaudit fiodig4 incluthn8 anylilfiUn¢ dcficirncics in inth&l rQntrol thjiwc id¢miifyduringourAud ExplDAIIDn tD Vbatoxtf tht •wditwM ronth•red upbLt•fd¢tEthlli Irrryularkie4 frNud IrrewJTaritie8, )lUdIn hud, Bf¢ in5thnce4 of non4ornpl1wWilh laws and regulltiow. wcdes1prttedv1e& irj ljny withiwr respoll5ibilitie& 0)1¢d abovc, lodtheei mitetial rn135L8terncms in respert Dri[sUri11e&, includin8 ftaud. TheextEnl to whichouT prAUt£S a(aPAble ofdcteetin8 irrewdaritics, including frBud Is detsi1 10. The objwiivesofour lllldit th rEApecl of frllud, are.. 10 ideoUfyAJd 461css the riik& ofJw(iAl5Sl8le¢niof the fclaI stAt4ntn duv frgu4' io DbtÈthAufffticniappropri&Le audit ov1dr(C regardinglhc l¢sd riskiof rmleri mi5StstetMni to fra1. d¥i8rtin¥ ind irnpkmcTriin8 ttPPrtpriDtc rc5ponsfl to thoie assessed risks, 4nd to rcypr>nd &pprtytiatBly ioiD5t8nc¢sof fraud or5usprclcd f[L idmiifiedduringtheAudiT. Howwer, the primary rqspw¥ibility foT the prevention ind dth¢ciion of frllud TNts With b¢thYathugIllld th¢ eharKtsJ with w¢rnanc£ofth¢¢hrity, OUrPro1¢h w¥ ¥ followi.. Weobtsin¢dill uTh1orstAndiof IhokBolind rew2lotOry]EqviromEnis QFplic#blo to lh¢ ¢Ilty •wJ coniiLkred th#1 the m1 ¥ilfIcant ale th¢ Ch#rilitsAci 2011, Ihechoriiy SQRP, Ind UK finDnci41 tepornni$ard5 88 iiiued by the Fing0¢111 R4inge0ftth1. We obEd pnwththndiD8 ofknw th¢¢hrily¢iwllu with th£ Nuhmcnt&by dixuliioni wiib rnDn1t thos2 chArAed wlih CMn¢8. we456¢¢d the ofiEriil MIthtMenI0r th¢ fill¢1&] st4t¢mcni4 incluthngthp nsk ofmitcrial Mi#1rnOnl due ID fvoud and h¢w il might orcur, by hfrldtn¥diy¢uJsy>nb with rnDrwmii Ind tho¥¢ ch4rocd with 8o¥cm•nce. We illquired ¢f thos¢¢harBo4 with lovernorel to •ttyknDwn iwthncoi ofn¢n4ompbinrciYwipethod Y4)n-¢tthpISDncBwith wI Bolcd on this undortsndin& w¢ d•$ned s1(1¢ •pproprill audit proeeduy¢s tD idcnlify in8tfin¢KX of non-eompliAMeÈ liws I1 rea1#¢101. Th15 enquiri¢$ 0fMDgrnniQth0Ich1rgdWith 8ovemonceand ¢bl18 4ddilional corroboratsv•¢yidu roquired. Trteaye IthEnT li1rlatiOnS in theAudit pro¢tduresdeJcribed obov¢. We trc less lik¢ty tobe¢0ttWr7n3I4wes of zvJn4oDwliÈn¢¢ with l&w$ and TeBulnlionx thtt ore notcki¥cly r¢lit¢d tocvtnts #nd trww¢tiQN¥ Tcfle¢tyl in thc finanFi41 sthi¢rn¢nts. Al8q the rijk ofnotdet¢¢tlng4 m&lEnÈl mivafolemtn¢ du¢ ir> fr4ud 1cr than th¢risk Drn d¢leciin8 losh)n6 from t¥ror. frnud rnoy involvcdelibcrilcconccBhncni foTcxarnpl¢, for8vry ur intvntionil nllweyttxntltlo$, DT¢1Jlh ¢oilwioTr. ofNr r•port Thi4 report 15 rnadc solety lo the ¢han5 truocy. body, awordjnce wi¢h Chapr] of Pprt8 of the Chariiies Ac120I l. Ouruudit wue Bs bccn undcrthken So thtmi¢Ste thechanry'1 tru5ttts th0 rnDLtcra weare rwulrtd trj 8iaie io in an aydiiorf$ r¢port and forn othcrpurprrt. To thE tb11¢5t cxtentperrnitted by &w.w¢ do not iccep10rusllTh rE5PDll8ibility tQ 4ryparty othErthDn th¢¢lwriryand charityx InWtO lli a by1 foT Duf Audii vjork, for this ryQrt, or forthe roinioTh WE h fDrmLYJ. ocrt Qkk LLP M•DtsKIDyloll Smlth LLP Sé•fytory •¥dlthr 9 Awk15ttvt Lon6on D•te: 2511112024 MooreKth8$t¢ts knTb LLP Li tble toarl 458uditorio tern of S¢¢tion L212 8f *CothpAnithAct2006.
THE CHARLES SKEY CHARITABLE TRUST STATEMENT OF FINANCIAL AcfivITIES FOR THE YEAR ENDED 5th APRIL 2024 Unreitrkted Fund& Expendable EndDwni¢nt Unrestricted Fund$ Exp¢ndablc End0vt Toial Fund5 2023 Income Fllnd 2(124 lYJ¢ome Not¢s Ineomt and ElndItU INCOME JnvestTnent ittcome 427,789 427,789 427.789 512.543 427.789 512.543 512.543 512,543 TOTAL INCOME EXPENDITURE Costs of raising funda Investmen¢ 88¢Ment Coats Chan'14ble activities TOTAL EXPENDITURE 69.163 69,163 471 J35 826.579 540,498 826,579 69.671 69,671 826.579 896,250 471 J35 471 J35 69.163 69,671 NET OPERATING {EXPENDITURE) {43W6) 169,163) (112,7119) 1314.036) 169,671) {383,707) OTHER RECOGNISED (LOSSESVCAINS Reali8ed (Losses) on inve8tsnent dispo15 Gain51(Losges) on revaluation of invesm)¢nts 1313,619) 1313,6191 lJ84.771 1,384,771 1191.42SI 1191.425) 1,110,688) {1.110.688 NET IEXPENDITUREytNCOME 143J46) 1,001.989 958,443 1314.0361 11,371,784) 11,685.8201 OT05S traThJfer ben¥een Fundj 43J46 (43.5461 314,036 (314,036) NET MOVEMENT IN FUNDS 958,443 958,443 11,685,820) 11,685,820) RECONCILIATION OF FUNDS Total fiJndB brought forward 15,018.839 15.018,839 16,704.659 16.704,659 BALANCES CARRIED FORWARD 15,977.282 15.977.282 15,1I18.839 15,018.839 All amounts relate to continuing 8¢tivitie&. All rryogniséd g8in$ and198se8 aTE included in the Statemeni of Fin8n¢ial Actsvities.
THE CHARLES SKEY CHARITABLE TRUST BALANCE SHEET AS AT 5th APRIL 21J24 Notsi 2024 2023 FIXED ASSETS Investjwits 15J91,485 14.138,681 CURRENT ASSETS Cash at Bank FIX ternj deposii Debton 327,629 250,00 46854 624,483 359,675 soo.000 50,954 910,629 CURRENT LIABILfTIES Cr¢ditors- falling due within one year 138.6861 30,471 IYET CURREiYT ASSETS 585.797 880.158 NET ASSETS 15,977,282 15.018,839 UNRESTRICTED FUNDS Exp¢ndable Endownent 15,977,282 15,018.839 TOTAL UNRESTRICTED FUNDS 15.977,182 15,018,839 Approved by th¢ Trustees and authorised for i88Ue Ort.. gnd signed on their beh&lf by.. Dale Trllslee - TtU5tce Pllgo 8
THE CHARLES SKEY CHARITABLE IRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 5TH APRIL 2024 2024 2023 Not¢5 Cmh floivj from op¢rthtln8 atdwllks r4et t8h In) operAtID8 8rdtt io {528,1831 1873.8521 Cash noA from Invejtbne xtlvltlu Dividends 8nd inre&t from invemEnts Movement in fixtd terni d¢posits Pro¢eods fvom Bale of fLicd J&&¢¢ inv¢$thrtts Flwcha8e of fLI invfUts 427,789 250.(X)O 2.516.92J 12.694,7361 512.543 776234 {472,0851 Np ¢w¥b proTAded by knveid•K gtlfvllks 499.978 816.692 Chiiy In elih AAd ti>h equlvAientJ ID tb¢ r¢portltt8 pèrfod 128,20SI 157.160) CA•b ••d ¢Aih equlvAI¢Dts At l¢ b4lttttln8 of tlt reportlD8 perlod 365.120 422280 Ciih Ald equlvAleDti at th¢ ¢ttd of the reportlnl perlod 336.915 365,IZO Cash & ¢1sh cquivolents compri4¢'. C8sh 81 Bank Cash held IL invejtsnentportfolio 327.629 9286 339,675 5,445 331915 365.120 The notes on p88es 10 to IS form pErtof those financial 8t8rnent
THE CHAPLES SKEY CHARfTABLE TRUST NOTES TO THE FINANCIAL STATEMEf4TS FOR THE YEAR ENDED 5th APIUL 2024 ACCOUT4TING POLICIES (81 B18 of PreparAtlon Th¢se fuwicial stsi¢m¢nt$ art Pteparcd on a going concern b&8i$, under th¢ historical ¢051 convention, modifi¢d by th¢ revaluation of invcslments bein8 Mred at fair valuc throuBh income and cxpcndttute ythi th¢ Stst¢menl of Financial Acliviti¢s. The fJnArtClAI $tatem¢nts havc been prepared in 8ccordan¢¢ with th¢ Financial Rq)orting Standard applicable in Ihe UK And Rcpublic of Ireland IFRS 102). Th¢ ChAn'ty 15 a public benefit enttty for the purposes of FRS 102 and ¢hcrefore the Charity a]so pr¢pared its financial siaterncnL8 in acCOrdt with the Statement of Recornrnendgl Practice applicable to charitics PTq)arin8 their accounts in a¢¢ordan¢¢ with the Financial ReFQrting Standard &ppli¢4ble in the UK and Republic ofirel8nd (The FRS 102 Charit1¢5 SORP) includin8 Upd8ie Bullditt 2 und lh¢ Chariti¢5 Act 2011. The finAn¢i81 stalemenls are prepared in sterli which is the fifftctionlll Currency of the clJArity. Monetary atnounts in these finarKial statellwils are rounded io the Theest pound. The principAI a¢wuntittg poli¢ies Adopted in the preptIon ofthe fitten¢idl ¥tslcments arc 5Ct out below. (b) Fund Structure The Expendthle Endowmeni Fund represcnt8 those a15cls which are held for thc l(>nBer terni of the Trust, in accordance wirh th¢ t¢m)$ of the Trust Deed. Income orisin8 on th¢ Expendablc EndowThenl Fund can used in the UnT¢8rri¢d Funds. As lln Expendable Endowment Futtd can bc uscd in accordance with the objects of the Trnst, capital can &lso be $peni in ¢¢nfyin cir¢um$thnccs in fijltilrnent of the Trllst'$ objects. Any capital 88in5 or losse8 ari$in8 on ih¢ inv¢$tmefits held in the ExpeThd&ble Endowment Fund form pArt of thdt Fund. {¢) In¢om¢ All income 18 reCols in the Slatemertt otFinan¢ihl Activities (SOFA} when the conditions for rCipt have becn mct and receipt is prob&ble. Whcrc J claim for repayment of in¢om¢ WK h8$ bE¢n or will be rnade. such inc4)me 18 grossed up for Ihc i&x rccoverllble. The followin8 a£UtIng poli¢ic5 are Epplied lo ditTereni ¢at¢gories Of irt¢omc'. Crants ADd DonAtloni Re¢eiYoble Grants xnd Donalion5 &rc rccogniBed in the SOFA wheTh conditio115 for Teceipl have been complied wiih. lthv¢$tment Income Interest receivable on deposit Artd SeCUTit1¢5 is accounted for as it A¢¢ni¢$. Dividend income Teceiyable on securities is accouttid for when received by the inve$tm¢nt rna¢r. (d) Expendlture Liabilities are recOgniS a5 upenditure as soon as there is 41¢881 or ¢on$tni¢iive obligation committing the charity to th¢ ¢Kp¢nditsre, All expetlditure 1$ 2ccoun*d for on an accrua15 basis and has been cl&88ified under headin85 that 88gregaie all costs relBt¢d to th¢ ¢#¢¢gory. The following accounting JM)licies are Appli¢d to the different categories of eXpIltUrE.. Costs of Ral$ing FuDd5 Th¢ wst5 of raisiTLg funds consisl of inv¢stm¢nt man8g¢m¢nt and Ctain legal fees. Chirltable Actlvltles Donaiions payable ite retogni$¢d when they are approvcd by the Injsteeg knd th¢ r¢cipi¢nt of the ( has been )nfornd of thE amDunr to be paid. Page10
THE CHARLES SKEY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5th APRIL 2024 ACCOUNTING POLICIKS IcontlDy¢d) Governnc¢ Colti Govemance c051s comprise all costs involving Ihc public accountability tsf the charity and its ctsmpli8n¢e with re8ulation and good practic¢. These COS15 ITitlude costs rclatcd lo statutory Audit fees together with 5UPPOrt Costs. (e} Flxed A$#tts tnvestments are statcd al market value al the Balance Sheet date. The SOFA includes the net gains artd los on r¢vAlu81ion and disposa15 throug1 the y¢ar. (f) Reilked Unreallied GAIDS and Lomei All gains and losse5 are taken its the SOFA as they arise. Rcwli5¢d gain5 8nd losses on invcstmcnt5 •r¢ ¢al¢ulal¢d && the difference between sllle5 pro¢¢eds And openirbg market vuluc (PUTchw dale if181eTI. Unreali5cd Bain$ and 105$¢$ Are calCuled QB the diffcrence betwe¢n th¢ mfyrket value at the year end and optnin8 markei value (or purch88e date if18terl. {gl Coln¥ concern The tnLStees have assesscd whether ih¢ use of ihe gohng concern basis LS appropria¢t and have con5idcTed PDssible evtnts or conditions that might C1 signifi¢ani dwbi on the ability of thr chgriry to continue as a going conccrn. The ttustees have rn2de thi8 a88e55menE for a p¢rod of at leasl one year from ihe date of approval of the financial sr&temcnt$. The tru$t¢¢s have the flexibility io draw down on the expendable endowment furtd if required lo support grant cxpcndilutt. After making enquirie8 the tN$tee$ hAv¢ ¢on¢luded that there is a Trasonable ¢xpectatioTh that thc charity has ad¢qu81¢ T¢SQUTces to continue in op¢tional existence that ¢her¢ l5 a reasonxbl¢ ¢xp¢ct&lion that the charity h88 Adequa1¢ r¢sow¢¢8 to continue in oper3lion#l eJLisience for ihe foreSeble future. The ¢hariiy ther¢for¢ ¢onlinuc5 to adopi Ihe goin8 ¢oncern bAsis in prepariu¥ its financiAI statements. ) Fln*ntiJil Injtruments The charity has elected lo apply the proviBion8 of Section I I 'Basi¢ Financial In8lNm¢n¢S' of FRS 102 to all of ils financial inslnjmenls. FinHncio1 instruments are recogni8cd in the ¢hariry's bal8nce sheet when the charity becomes pany to the contrachwl provi5ion5 of the Insment. Financial 855cls and li8bilit1¢5 are offset, with the net arnoun PTesEnted in th¢ financial statements. when IhcTe 1$ A legally enforceoble right to 5Ct off th¢ recognised amounts and there is an inten(ion ¢0 set¢l¢ on a net b&qis or w rcajise ihc asset 8T s¢tt1¢ the liability 5imultsTh¢4)usIy. With th¢ ¢x¢eplion$ ofprepa)rynents and dcfetted income all other debtor and creditor bal&nces are con5Lder¢d to bc basic fiTnlI7 instsuments urth FRS 102. S¢¢ rtotc 8 for the debknr8 notc and note 9 for th¢ ¢reditors note. (11 Cgih and taih equlvalelltS C¥sh ¢ash eqLLivalents include ca5b in hand, d¢po8iis held at call with banks, Diher short-term liquid investments with originol maiuriLies of three monitL5 or less. (J) K¢y E•tlm&tr and JudiemeAts In prep2rirtg finimcial slalemenls il i5 n¢ce558ry ¢0 make certain judgements, cs1irnts ond &8sumptions that affc¢t th¢ thunts r¢¢ogni8¢d in the fin¢la[ statements, In the view of the ITU8t¢eS ID gppI)Yng the aecouniing policies adopt¢d, tto judgements were required that hayc sigrtificant effect on the amounts recolj in the financial staiements llOT do any esiimaies or assumptions rnade cary a $igttifJtAnt risk of material adju5tsn¢nt in the M¢xt fJnancia] year. Pwll
THE CHARLES SKEY CHARABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (COIYTINUED) FOR THE YEAR ENDED 5th APRIL 2024 INVESTMENT INCOME 2014 2023 Investmenl income Intere51 on cash deposits 409.775 18,014 427,7¥9 508,833 3,710 512,543 CHARITABLE ACTIVITIES The charity underwok no direct ch4ritsblc actiwli but awarded donation$ to a number of ittstitutions in fwther8Thcc of its charil3bl¢ a¢tivities. 2024 2023 Grants nde 424,500 8,000 Support C08t5 Governance Costs (see note 4) 46.835 471,135 26,579 826.579 The 8Tanl$ m¢ ¢ompriscd the following.. Advinttrnent of educatlo Bra5enoEe Colle8e, Oxford Monkion Combe School St Sepul¢hre-without-NewAat¢ 48,5(Ml 15,000 30,000 3JlYJ 45,0110 15,(K)O 30,000 AdvAn¢em¢nt of rellglon Becontrc¢ Chur¢h Faith in Kids Immanuel Church LoDdon Clty Mission St. James, Chur¢h, Rydo Stewardship (Eam Cow¢s) 80,000 280,000 250,001) 10,000 iO,ODO 20.OIJO 10,000 30,OIJO 20.000 10,000 Adv•ncernent of Ilealth or the i*vlD¥ of Ilves Detncntia UK French Hospital World Sighi Foundation 30,000 10,000 io.(wo lo.)0 30.000 10.000 10,000 10.000 Adv&lleeJnent of cllizeDBhlp or ¢ommuDIty deveJoprneDt C¢ntr¢ for Enterprise Markets and Ethics Envision Th¢ Brnnch, ChippingNonon 411,01 70,000 10,DOO 10,000 50,000 30.OIKI Page12
THE CHARLES SKEY CllkRITABLE TRUST NOTES TO THE FINAf4CIAL STATEMEPffS (CONTINUED) FOR THE YEAR Ef4DED 5th APRIL 2024 CHARITABLK AcfiviTIES Co•t'd 24 2023 Adv#ncemen¢ of ¢ultur•. lerlts8¢ or 8thD¢e Alm¢ida Thtre British Film In&llw Gre¢nwi¢h Foundati( for the Old Royol Naval Coll¢g¢ Insiitutc of [nginatIott Polka The&tr Royal Museurns Ott¢nwi¢h Woodchester ManBion 137,50 Isooo 137.500 l2.5(Y) 10.000 35.000 30.000 10.000 40,0Tr) 60,100 io,wo 21•00 22,500 Advinttmtnt of•m#ttur MCC Found•iion On Cours¢ Found4tiort 45.000 20,000 25.000 50,orK> 30.0(K> 20,0 Relltfof iboie IN n¢¢d by rtawfi ofyouth, 18ei lll-h¢AIth. dtsAbllity finan¢l•l b•rdshlp or oihtrdl•r¢dvantsR¢ Hebridean Pwjulis OutdoorLein SiMBA Stephen House Mcnwrial Fund we Ham Soll Cadets 23JOO 22.500 147,5fy1 22,51M> 25.(MKS 100,orMI 1,000 Promollon ofihe ¢tll¢lellfy of the Irthed for¢e• of the Crowoi OT ofthe trritltnty of the pollte. flre awd r¥I¢ or AmbulAnce itrvltei Th¢ FusilicTh Fund The Welsh Cmard dO,(hXI 20,000 20.r zfj,000 ANALYSIS OF GOVERNANCE COSTS 2024 2023 TTle¢s. expen8e8 Audiiorfs r¢muu¢ratLOrt.'- Audit fee for thB ye Priorytar underpToviwon Messr& HoBr¢ Tru5t¢gs:. Adminiytr&tiDn fee foi the ye•r Prior ye4r underllov¢rl provi$i¢m R5¢1[ Cooke LLP le881 f¢¢8 819 1323 7JOO i Jty) 5.900 210 .000 4,200 5,016 18.000 lJ46 26,579 IDVagttnent M8D&8ellnt Cc4ts Inveslec Wealth & tnve5ttneDt- Ixgal Elltity ldtnufl r Invcstec Managetnent f& 78 69.593 69.671 69,103 69,163 Pa 11
THE CHARLES SKEY CHARTtABL& TRUST NOTES TO THE Fif4ANCiAL STATEMKf4TS (CONTINUED) FOR THE YEARENDED 5th APRIL 2024 REMUNERATION OF TRUSTEES In the fJtsatttiAI year ended 5th April 2024 non¢ of rhe Trtee4 who ar¢ d¢¢mcd to b¢ keymaDa8emettt rrtrsonDcl. T¢¢¢iv¢d any remunerl0rt fTOtti the Charity12023.. Nill. Five TrusL¢¢B received a total of£819 in r¢spxt of the rcimbuT8ement of in¢u¢d ¢n thesrdllties li Twtcc& {2023.. £I.223). Ther¢ were no employ¢¢g durin8the yur under review {2023', nil). FIXED ASSET INVESTMENTS Mowemtnt In nI¢d lllvestmpnts 2024 2023 L4•ted IAvéiimen Markd Value Brought Fonv4rd Addi¢ions ai co¥1 Ltsg Di8poyEI prtteeds R¢aliKd on distxwls Gain1188e5I on rcv4luNtion Mlrket Volu¢ C4rrlfd ForwArd Cash h#ld by brokers 14,133.236 2,694,7M 2JIA9231 {313,619) l J84,771 ISJ8Z,199 9.286 15,439,498 772.085 1776,234} 1191,4251 14.133.236 5,445 Totl IDV¢ltm¢nti It 5th Aprll 2024 lJJ91.485 14,138,681 Hisiori¢AI e08t of Investments 8$ At 5th April 2024 10,043,796 9,784.151 G¢o8r4pbl¢AI An4ly•l• United Kin8dom inv¢5trrt¢nts Overgea5 Lnvejtmente SJ52.674 9,829.525 1SJ82,199 5,968,645 8.158,487 14,127,132 VUND TRANSFEILS The mad¢ a tT4n8f¢r of £43,54612023.. £314,036) from Ihe Expendable Endowm¢nt Fund lo the Income Futs DEBTORS 2024 2023 Year end incom¢ $h lrnnsfer due from Inv¢s 46,854 46054 50.954 50,954 CREDITORS 2024 2023 ItbveytEC W¢alih & Investment MBnJg¢m¢nl fees Moor¢ KinB*on Smith- Audito5 R¢muneraiion Ludlow T51 Company (Loisdonl Lid AdtllilliStrati¢)n ftt5 7J86 7.500 23,800 38.686 6.571 5,900 18.0(K 30.471 P4et 14
THE CHARLES SKEY CHAIUTABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5th APRIL 21124 RECONCILIATION OF OPERATING DEFICIT TO NET CASH OUTFLOW FROM OPEIL4TING ACTIVITIES 2024 2023 Net operating expenditure Investment Income De¢reas¢l(In¢r¢ase) in Debtors (Decrease)Ilncrease in CreditOT5 Nei cash oufflow from operating a¢tivilies (112,709) (427,789) 4,100 8,215 (383,707) (512,543) 20.717 873.852 RELATED PARTY DJSCLA)SURE In the y¢ar the ¢harity gave grBnts totslling £lO.000 (£10,000; 2023) to St James'5 Church Ryde for the furtherance of theiT chariiable obje¢tiYes. a chatity with a trustee in common with The Charles Sk¢y Cbaritable Trust. Page 15