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2021-03-31-accounts

A N N U A L R E P O R T

&

F I N A N C I A L S T A T E M E N T S

For the year ended 31 March 2021

Registered Charity No: 311246

Keswick Hall Charity

Index

Page No
Report of the Trustees 1 - 8
Auditor’s Report 9 - 12
Statement of Financial Activities 13
Balance Sheet 14
Notes to the Accounts 15 - 23

Keswick Hall Charity

Report of the Trustees of Keswick Hall Charity For the year ended 31 March 2021

The Trustees present their report and audited financial statements for the year ended 31 March 2021.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s Governing Document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.

Reference and administrative information

Charity name Keswick Hall Charity Charity number 311246 Address of charity PO Box 307 [Until 15/4/2021] Woodbridge Suffolk IP13 6WL PO Box 169 [From 16/4/2021] High Peak SK17 1DF

Nominative Trustees Nominator

The Rev Dr H Cleugh The Bishop of Ely Mr PN Dunning Norwich Diocesan Board of Education Mrs JM Eccleston The Bishop of St Edmundsbury and Ipswich Mrs S Paice The Bishop of Norwich Mr A Read Ely Diocesan Board of Education Mrs J Sheat St Edmundsbury & Ipswich Diocesan Board of Education

Co-optative Trustees

Mr DC Broom Mrs AJ Kenna Mr PB Maxwell Mrs L Moore Professor LB Marsden

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Keswick Hall Charity

Report of the Trustees of Keswick Hall Charity For the year ended 31 March 2021

Reference and administrative information

[continued]

Executive Officer Mr MJ Green
T/A MJG Business
Karinya Woodbridge Road [Until 24/3/2021]
Grundisburgh
Woodbridge
IP12 6UF
1 Hockerley New Road [From 24/3/2021]
Whaley Bridge
High Peak
Derbyshire
SK23 7GA
Treasurer Mr DC Broom
Bankers Barclays Bank plc
4 Church Street
Woodbridge
IP12 1DJ
Auditor Lovewell Blake LLP
Chartered Accountants
Bankside 300, Peachman Way
Broadland Business Park
Norwich
NR7 0LB
Investment Managers JM Finn & Co
4 Coleman Street
London
EC2R 5TA
Solicitors Lee Bolton Monier-Williams
1 The Sanctuary
Westminster
London
SW1P 3JT

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Keswick Hall Charity

Report of the Trustees of Keswick Hall Charity For the year ended 31 March 2021

Objectives and activities

The present activity is to apply the Charity’s income to: grants for in-service and initial training of teachers of religious education; providing resources for use by teachers of religious education; and research and development in religious education. Grants are made to individuals and corporate bodies.

Public benefit

The Managing Trustees have had due regard to the Charity Commission’s guidance on public benefit in The Advancement of Religion for the Public Benefit and have had due regard to it in their administration of the Charity.

The Charity provides funding to individuals and corporate bodies for the advancement of higher and further education including the promotion of research and development of religious education. The geographical area of benefit is generally within the east of England, however, with the diminishing resource centre availability throughout the UK, this geographical area is continuing to expand nationally and also internationally.

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Keswick Hall Charity

Report of the Trustees of Keswick Hall Charity For the year ended 31 March 2021

Objectives and activities (continued)

The advancement of education supported by the Charity is generally in accordance with the doctrines of the Church of England. However, in our ever changing multi-faith world the need for teachers to be equipped to educate young people in all faiths has led to an expansion of the work supported by the Charity.

Grants are available to those who seek to advance their knowledge and understanding in the teaching environment. It is to enable teaching in schools to be enhanced through greater knowledge of the teacher rather than in the provision of physical resources. Help is available to teachers from whatever religious background, and to schools, not just Church of England schools, and regardless of their financial means.

Achievements and performance

This financial year has been an exceedingly difficult time for all due to the Covid-19 Pandemic. This has resulted in no face-to-face trustee meetings and a limited number of opportunities for the trust to support grant applicants and the annual Keswick Hall Lecture series at the university of East Anglia.

Trustees have met twice during the year using a ‘Paper Trail’ methodology. This has enabled the trust to continue to operate whilst ensuring that all the relevant governance procedures are maintained.

The operation of the trust carries on with the accounts and investments being monitored on a regular basis by the Executive Officer and Honorary Treasurer.

Due to the continued income from the trust investments with JM Finn, Trustees have been able to maintain their annual grant payments of £180,000 previously committed to the three dioceses of Ely, Norwich and St Edmundsbury and Ipswich.

£34,660 was offered in grants of which £16,500 was to organisations and £18,160 to individuals who were undertaking RE studies.

The Coronavirus Pandemic has impacted on the Keswick Hall Trust that will prevent the trustees meeting on a physical basis until the lockdown is over and the government changes its advice on physical meetings.

No staff are employed by the trust, so it is not necessary to take advantage of the various support options being offered by the government. Similarly, there are no regular payments for pensions or PAYE/NI.

Financial review

Net income for the year ended 31 March 2021 prior to gains/losses on investment assets amounted to £14,048 (2020: net expenditure £4,279).

The net gain on investment assets for the year amounted to £781,265 (2020: loss £328,147), giving a net increase in funds for the year of £795,313 (2020: net decrease in funds £332,426).

Principal funding sources

Most the Charity’s income comes from investments.

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Keswick Hall Charity

Report of the Trustees of Keswick Hall Charity For the year ended 31 March 2021

Financial review (continued)

Grants policy

Grants are given to the dioceses of Ely, Norwich and St Edmundsbury and Ipswich for the development of religious education.

Grants are also made to individuals and corporate bodies for in-service and initial training of teachers of religious education; providing resources for use by teachers of religious education; and research and development in religious education

Investment policy

The Managing Trustees have invested the capital funds with JM Finn & Co Fund Managers. The accumulated income is also invested by JM Finn & Co Fund Managers.

Reserves policy

On 31 March 2021, unrestricted free reserves totalled £2,642,426 (2020: £1,840,798) represented by investments valued at £3,467,203 (2020: £1,840,798) less net current and longer-term liabilities of £824,777 (2020: £907,237) as contained in note 11. The liabilities include in full the commitment to the three Dioceses for the support of religious education until 2026. The Restricted Investment Fund balance is £1,500,000 (2020: £1,506,810).

Trust (Capital and Income) Act 2013

During the period ending 31 March 2019 the Managing Trustees used the above Act to release capital from the Restricted Investment Fund. In identifying the value of the portion of the permanent endowment fund that represented unapplied total return, the Trustees first identified the value of the initial founding gift, and a figure of £1,500,000 was agreed by Trustees as being the level of the Restricted Investment Fund as at 31 December 2018. From this date anything above this amount is transferred to the Unrestricted Investment Fund. This has allowed the Trustees to set a 10-year budget that will allow the Charity to continue to provide support to religious education during that period.

When reaching the decision as to the unapplied total return to transfer to income, the Trustees have taken the relevant professional advice.

Plans for future periods

With the proposed lifting of the Coronavirus Restrictions on 19 July the Managing Trustees are proposing to start holding their Managing Trustee Meetings face to face three times a year.

Applications from organisations and individuals for grants have started to be received in the numbers that compare with pre-Covid. This will form the major work of the Managing Trustees to consider the applications and make appropriate decisions on if and how much should be granted to the applicants. The trust will continue to support the educations departments of Ely, Norwich and St Edmundsbury & Ipswich dioceses for the next 5 years by providing a grant of £60,000 per diocese per year.

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Keswick Hall Charity

Report of the Trustees of Keswick Hall Charity For the year ended 31 March 2021

Plans for future periods (continued)

The trust is a member of the Association of Church College Trusts and although meetings are currently on Zoom there are plans to revert to face to face meetings in the near future. This enables information to be shared between the trusts about the future of RE in our schools and colleges.

There are no staff currently employed by the trust and there are no plans for any staff to be employed in the future so there will be no need for a pension scheme or payment of PAYE/NI.

The properties at Keswick Park – currently rented out to Keswick Riding Stables – and 59 Low Road – currently rented out to a former caretaker of Keswick Hall Teacher Training College – will continue to be owned by the trust and rented out for the foreseeable future.

Structure, governance, and management

Governing document

The Keswick Hall Charity (Registered Number 311246) was set up by a Scheme made by the Secretary of State for Education and Science on 9 September 1968, as varied by subsequent Schemes dated 19 October 1971, 18 November 1971, and a Charity Commission Scheme dated 25 February 1981, and subsequently amended on 16 June 2014.

Custodian Trustee

The Official Custodian for Charities is the Custodian Trustee for the Charity. All the capital assets including investment assets are retained in the name of the Custodian Trustee. The Custodian Trustee plays no part in the daily management of the Charity and is not a signatory to the revenue bank accounts and accumulated income investments.

Recruitment and appointment of trustees

Nominative managing trustees are appointed as follows:

The appointment of five co-optative trustees is by a resolution of the Trustees. New Trustees are identified by the existing Trustees and invited to join the trustee body. They are chosen as being people of good character and standing within the local community usually with previous experience of being a charity trustee.

Trustee induction and training

As new Trustees often have previous experience formal training is not usually required but where necessary appropriate briefing is arranged. Background information is provided in the form of previous year’s annual report and financial statements, minutes of the meetings of the trustees in the previous year and a copy of the grant application pack.

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Keswick Hall Charity

Report of the Trustees of Keswick Hall Charity For the year ended 31 March 2021

Structure, governance and management (continued)

Risk management

The major risks, to which the Charity is exposed, as identified by the Trustees, have been considered, a risk management policy (which includes procedures to minimise financial risk, reputational risk, operational risk and legal and statutory risk) adopted and systems established to mitigate them. The Managing Trustees reviewed risks in all categories annually and made appropriate policy amendments in order further to reduce future potential risk exposure, particularly in the areas of the review of Trustee experience, conflicts of interest, monitoring arrangements for significant projects, cash flow and income, and authorised signatories.

Organisational structure

Trustees normally meet three times each financial year and at each of their meetings consider grant applications and also receive any feedback from recipients of grants previously given. They also review their investment policy and received reports from the Fund Managers. Trustees are responsible for the administration of the Charity and therefore reviewed their various strategic policies regularly in the light of changing circumstances and legislative changes.

The Board of Managing Trustees no longer have committees with all issues considered and decisions taken at meetings of the Managing Trustees.

The Trustees have engaged Mr MJ Green T/A MJG Business as the Executive Officer of the Trust.

Related parties

While considering grant applications one of the Dioceses may be considered for a grant. Mr PN Dunning is a Nominative Trustee appointed by the Norwich Diocesan Board of Education, The Revd Dr H Cleugh is a nominative Trustee appointed by the Bishop of Ely, Mr A Read is a Nominative Trustee appointed by the Ely Diocesan Board of Education, Mrs J Sheat is a Nominative Trustee appointed by the St Edmundsbury and Ipswich Board of Education, Mrs JM Eccleston is a Nominative Trustee appointed by the Bishop of St Edmundsbury and Ipswich and Mrs S Paice is a Nominative Trustee appointed by The Bishop of Norwich.

Trustees’ responsibilities

The Trustees are responsible for preparing the Report of the Trustees 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:

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Keswick Hall Charity

Report of the Trustees of Keswick Hall Charity For the year ended 31 March 2021

Structure, governance and management (continued)

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 Charities (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.

True and fair override

The financial statement have been prepared to give a “true and fair” view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a “true and fair view”. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice from 1 April 2005 which has since been withdrawn.

Auditor

Lovewell Blake LLP have indicated they are willing to continue in office and a resolution to reappoint them will be proposed at the next Annual General Meeting.

By order of the Board

P B Maxwell

Managing Trustee

12 July 2021

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Independent Auditor’s Report to The Trustees of Keswick Hall Charity

Opinion

We have audited the financial statements of Keswick Hall Charity (the ‘charity’) for the year ended 31 March 2021 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (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 annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Report of the Trustees. 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.

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Independent Auditor’s Report (continued) to The Trustees of Keswick Hall Charity

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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 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 7), 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

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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:

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Independent Auditor’s Report (continued) to The Trustees of Keswick Hall Charity

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 or 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.

A further description of our responsibilities for the audit of the financial statements is located 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, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's members 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 and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

LOVEWELL BLAKE LLP Chartered Accountants Statutory Auditor Bankside 300, Peachman Way Broadland Business Park Norwich NR7 0LB

4 August 2021

Lovewell Blake LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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Keswick Hall Charity

Statement of Financial Activities

For the year ended 31 March 2021

Notes
Unrestricted Endowment Unrestricted Endowment
Fund Fund Total Fund Fund Total
2021 2021 2021 2020 2020 2020
£ £ £ £ £ £
Income and endowments from:
Investments 2 97,694 48,345 146,039 119,169 54,947 174,116
Total 97,694 48,345 146,039 119,169 54,947 174,116
Expenditure on:
Raising funds 3 12,914 22,080 34,994 23,778 12,087 35,865
Charitable activities 3 96,997 - 96,997 142,530 - 142,530
Total 109,911 22,080 131,991 166,308 12,087 178,395
Net (expenditure) and net movements in funds before gains and (12,217) 26,265 14,048 (47,139) 42,860 (4,279)
losses on investments
Net gains (losses) on Investments 536,119 245,146 781,265 (248,033) (80,114) (328,147)
Transfers between funds 278,221 (278,221) - (44,064) 44,064 -
Net movement in funds 802,123 (6,810) 795,313 (339,236) 6,810 (332,426)
Reconciliation of funds:
Total funds brought forward 1st April 2020 1,840,798 1,506,810 3,347,608 2,180,034 1,500,000 3,680,034
Total funds carried forward 31st March 2021 2,642,921 1,500,000 4,142,921 1,840,798 1,506,810 3,347,608

The notes on pages 15 to 21 form part of these financial statements

The Statement of Financial Activities includes all gains and losses recognised in the year. All activities are from continuing operations.

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Keswick Hall Charity

Balance Sheet

31 March 2021

Notes
Fixed assets
Tangible assets
4
Investments
5
Current assets
Cash at bank and in hand
Creditors: amounts falling due within
one year
6
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
7
Net assets
Funds
Endowment Fund
10
Income Fund
10
Approved on 12 July 2021
…………………………………………………………………..
…………………………………………………………………..
…………………………………………………………………..		 2021
£
495
4,967,203
4,967,698
41,779
41,779
(195,875)
(154,096)
4,813,602
(670,681)
4,142,921
1,500,000
2,642,921
4,142,921
- Managing Trustee
Canon PB Maxwell
- Managing Trustee
Mrs JM Eccleston
- Managing Trustee
Mr DC Broom		 2020
£
660
4,254,185
4,254,845
96,994
96,994
(187,781)
(90,787)
4,164,058
(816,450)
3,347,608
1,506,810
1,840,798
3,347,608

The notes on pages 15 to 21 form part of these financial statements

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Keswick Hall Charity

Notes to the accounts

Year ended 31 March 2021

1 Accounting policies

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding year.

General Information

Keswick Hall Trust is a registered charity in England and Wales, and is unincorporated. The address of the principal office is given in the reference and administrative information on page 1 of these financial statements. The nature of the charity's operations and principal activities is outlined on page 3 of these financial statements.

The Charity constitutes a public benefit entity as defined by FRS 102.

Statement of Compliance

These financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The accounts (financial statements) have been prepared to give a "true and fair" view and have departed from the Charites (Accounts and Reports) Regulations 2008 only to the extent required to provide a "true and fair view". This departure has involved following Accounting and Reporting by charities by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

Basis of accounting

The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the entity and rounded to the nearest £.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Managing Trustees in furtherance of the general objectives of the charity.

Endowment funds represent assets which must be held permanently by the charity.

Income

All income included in the statement of financial activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Investment income is included when receivable.

Expenditure

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.

Expenditure on raising funds includes investment management costs.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature to support them. Grants are included in the Statement of Financial Activities once authorised and there is a resulting obligation for payment.

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Keswick Hall Charity

Notes to the accounts

Year ended 31 March 2021

Expenditure (continued)

The provision of a multi-year grant is recognised at its present value where settlement is due over more that one year from the date of the award, there are no unfulfilled performance conditions under the control of the charity that would permit the Charity to avoid making the future payments, settlement is probable and the effect of discounting is material. The discount rate used is the average rate of investment yield in the year in which the grant award is made. The discount rate is regarded by the Trustee as providing the most current available estimate of the opportunity cost of money reflecting the time value of money to the Charity

Governance costs include those costs associated with meeting the constitutional and statutory requirement of the Charity and include the audit fees and costs linked to the strategic management of the Charity.

All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, other are apportioned on an appropriate basis.

Fixed Assets

Fixed assets are stated at cost less accumulated depreciation. The costs of minor additions costing below £100 are not capitalised. Depreciation is provided on tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life as follows:

Computer equipment - 25% per annum on a straight line basis.

Taxation

The charity is exempt from taxation in respect of income or capital gains received to the extent that such income or gains are applied to exclusively charitable purposes.

Investments

Investments held for the long-term to generate income and preserve capital in real terms are carried at market value as fixed assets. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year. The freehold investment properties are included at a valuation by the Trustees as at 31 March 2020. It is the Managing Trustees' intention to revalue the investment properties periodically.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate are receivable or payable within one year are recorded at transactions price. Any losses arising from impairment are recognised in expenditure.

Cash at bank

Cash at bank and in hand included 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.

Going concern

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Charity to be able to continue as a going concern.

Judgement and key sources or estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgments are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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Keswick Hall Charity

Notes to the accounts

Year ended 31 March 2021

2 Investment Income
Dividend Income
Bank Interest
Rental Income		 2021
2020
£
£
135,407
163,420
90
154
10,542
10,542
146,039
174,116

Income from investments was £146,039 (2020: £174,116) of which £48,345 (2020: £54,947) was attributable to endowment funds and £97,694 (2020: £119,169) was attributable to Unrestricted funds

3 Total expenditure

Investment management costs
Individual grants
Institutional grants
Keswick Park
Low Road Expenses
Insurance
Sundry expenses
Depreciation
Bank Charges
Finance costs
Legal and professional fees
Copy/Post/Computer Services
Executive Officer's expenses
Executive Officer's Charge
Managing Trustees' travel
Managing Trustees' meetings
Audit
Accountancy
Subscriptions		 Raising
funds
Grant
funding
Support
costs
Governance
costs
2021
2020
£
£
£
£
£
£
34,994
-
-
-
34,994
35,865
-
18,160
-
-
18,160
9,564
-
16,500
-
-
16,500
55,985
-
-
-
-
-
11,804
-
-
1,485
-
1,485
1,683
-
-
745
-
745
717
-
-
35
-
35
325
-
-
165
-
165
220
-
-
54
-
54
80
-
-
34,231
-
34,231
31,239
-
-
-
-
-
1,061
-
-
-
1,568
1,568
2,098
-
-
-
-
-
1,028
-
-
-
13,475
13,475
14,488
-
-
-
-
-
438
-
-
-
150
150
646
-
-
-
4,660
4,660
4,304
-
-
-
5,200
5,200
6,400
-
-
-
569
569
450
34,994
34,660
36,715
25,622
131,991
178,395
*** Charitable activities ***

£22,080 (2020: £12,087) of the above costs were attributable to endowment funds, and £109,911 (2020: £166,308) attributable to unrestricted funds.

Institutional grants comprised of £2,500 to God & The Big Bang, £5,000 to the A/B York Youth Trust £5,000 to Diss Methodist Church , £1,500 to Cambridge Theological Federation and £2,500 to Wintershall Education

Auditor's remuneration
Audit - current year
Audit - previous year
Other financial services		 2021
2020
£
£
4,500
4,560
160
(256)
4,660
4,304
-
-
4,660
4,304

17 | Page

Keswick Hall Charity

Notes to the accounts

Year ended 31 March 2021

4 Tangible fixed assets

Cost
At 1 April 2020 and 31 March 2021
Depreciation
At 1 April 2020
Charge for the year
At 31 March 2021
Net book value at 31 March 2021
Net book value at 31 March 2020
All fixed assets are for the Charity's own use.
5 Investments
Investment properties
Securities
Investment properties
59 Low Road Keswick (original cost £30,800)
Valuation
Pasture land adjoining Keswick Hall (original cost £28,750)
Valuation		 Computer
equipment
2021
£
3,742
(3,082)
(165)
(3,247)
495
660
2021
2020
£
£
295,000
295,000
4,672,203
3,959,185
4,967,203
4,254,185
2021
2020
£
£
95,000
95,000
200,000
200,000
295,000
295,000

18 | Page

Keswick Hall Charity

Notes to the accounts

Year ended 31 March 2021

5 Investments [continued]

Securities
Market value at 1 April 2020
Additions
Disposal proceeds
Unrealised gains/losses
Market value at 31 March 2021
6 Creditors:amounts due within one year
Accruals
Deferred income (note 8)
Grants committed - Diocesan RE advisers (note 9)
7 Creditors: amounts due after more than one year
Long Term Grant Commitment for Diocesan RE advisers (note 9)
8 Deferred income
Deferred income brought forward
Released during the year
Deferred during the year
Deferred income carried forward		 2021
2020
£
£
3,959,185
4,489,337
869,314
211,799
(937,561)
(413,805)
3,890,938
4,287,331
781,265
(328,146)
4,672,203
3,959,185
2021
2020
£
£
12,500
4,406
3,375
3,375
180,000
180,000
195,875
187,781
2021
2020
£
£
670,681
816,450
670,681
816,450
2021
2020
3,375
-
(3,375)
-
3,375
3,375
3,375
3,375

Deferred income relates to rental income received in advance.

19 | Page

Keswick Hall Charity

Notes to the accounts

Year ended 31 March 2021

9 Grant commitments

**10 ** Individual
Corporate
Diocesan RE advisers
Funds
2021
Endowment Fund
Unrestricted Income Fund
Total funds
Funds
2020
Endowment Fund
Unrestricted Income Fund
Total funds		 Commitments
Increase in
Commitments
brought forward
commitments
Payments
carried forward
at 1.4.20
less variations
in year
at 31.3.21
£
£
£
£
-
18,160
(11,660)
6,500
-
16,500
(15,000)
1,500
996,450
34,231
(180,000)
850,681
996,450
68,891
(206,660)
858,681
Balance at
1.4.20
Income
Expenditure
Transfers
between funds
Gains/
(losses)
Balance at
31.3.21
£
£
£
£
£
£
1,506,810
48,345
(22,080)
(278,221)
245,146
1,500,000
1,840,798
97,694
(109,911)
278,221
536,119
2,642,921
3,347,608
146,039
(131,991)
-
781,265
4,142,921
Balance at
1.4.19
Income
Expenditure
Transfers
between funds
Gains/
(losses)
Balance at
31.3.20
£
£
£
£
£
£
1,500,000
54,947
(12,087)
44,064
(80,114)
1,506,810
2,180,034
119,169
(166,308)
(44,064)
(248,033)
1,840,798
3,680,034
174,116
(178,395)
-
(328,147)
3,347,608

The Endowment Fund is invested to protect the value of the Income Fund, and to provide supplementary income. During the year 2018/2019 the Trustees adopted a total return investment policy and released funds from endowed funds, retaining a permanent endowment of £733,000 and an unapplied total return of £767,000.

Under the terms of the Trust (Capital and Income) Act 2013 the Restricted Investment Fund has to be retained at the level of £1,500,000.

11 Analysis of net assets between funds

2021
Fixed assets
Investments
Net current liabilities
Long term liabilities
2020
Fixed assets
Investments
Net current liabilities
Long term liabilities		 Unrestricted
Endowment
Total
£
£
£
495
495
3,467,203
1,500,000
4,967,203
(154,096)
(154,096)
(670,681)
(670,681)
2,642,921
1,500,000
4,142,921
Unrestricted
Endowment
Total
£
£
£
660
-
660
2,747,375
1,506,810
4,254,185
(90,787)
-
(90,787)
(816,450)
-
(816,450)
1,840,798
1,506,810
3,347,608

20 | Page

Keswick Hall Charity

Notes to the accounts

Year ended 31 March 2021

12 Transactions with Managing Trustees

No salaries or wages have been paid to employees, including the Managing Trustees, during the year or the previous year.

During the year £150 was reimbursed to one Managing Trustee in respect of training costs (2020: Eight Managing Trustees for travel expenses, £438).

13 Financial instruments

The carrying amounts of the charity's financial instruments are as follows:
Financial assets
Measured at fair value through net income;
Fixed asset listed investments (note 5)		 2021
2020
£
£
4,672,203
3,959,185
14 Total return investment
At start of accounting period:
Trust for permanent endowment
Unapplied total return
Movements in the accounting period:
Investment return (dividends, interest)
Investment return (gains/losses)
Less investment management costs
Unapplied total return allocated to income
Net movements in the accounting period
At end of accounting period:
Trust for investment/permanent endowment
Unapplied total return
Held as follows:
Deposit account
Stock account		 Unapplied
Endowment
Total Return
Total
£
£
£
733,000
-
733,000
-
773,810
773,810
-
48,345
48,345
-
245,146
245,146
-
(22,080)
(22,080)
-
(278,221)
(278,221)
-
(6,810)
(6,810)
733,000
-
733,000
-
767,000
767,000
733,000
767,000
1,500,000
1,483,903
16,097
1,500,000

The investment power of total return was exercised by the trustees under section 104A of the Charities Act 2011 as as amended by the Trust (Capital and Income) Act 2013.

21 | Page

Keswick Hall Charity Year ended 31 March 2021

The following pages do not form part of the financial statements. They are for the use of the Charity's Trustees and management only.

22 | Page

Keswick Hall Charity

Detailed Income and Expenditure account

Year ended 31 March 2021

Income
Investment income on J M Finn & Co portfolio
Rents
Keswick Park Tenancy
Barclays Bank Loyalty Reward
Barclays Bank Saver Account Interest
Expenditure
Costs of generating funds
Investment management costs - Endowment Fund
- Income Fund
Grants payable
Individual
Corporate
Support costs
Low Road Expenses
Keswick Park Maintenance
Copy/Post/Computer Supplies/Software/Website
Insurance
Sundry expenses
Bank Charges
Governance costs
Executive Officer's Expenses
Executive Officer's Charge
Managing Trustees' Travel
Managing Trustees' Meetings
Audit & Review - re current year
- re previous year
Finance costs
Accountancy
Legal and professional fees
Depreciation
Subscriptions
Net income/(expenditure) for the year before
gains/(losses) on investments		 2021
2020
£
£
135,407
163,420
3,792
3,792
6,750
6,750
-
6
90
148
146,039
174,116
12,914
12,087
22,080
23,778
18,160
9,564
16,500
55,985
1,485
1,683
-
11,804
1,568
2,099
745
717
35
325
54
80
-
1,028
13,475
14,488
-
438
150
646
4,660
4,560
(256)
34,231
31,239
5,200
6,400
0
1,061
165
220
569
450
131,991
178,395
14,048
(4,279)

23 | Page