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2024-12-31-accounts

THE PROMOTION OF ENGLISH TRUST

31 DECEMBER 2024

FINANCIAL STATEMENTS

SOMERBYS LIMITED CHARTERED ACCOUNTANTS 30 NELSON STREET LEICESTER LE1 7BA

THE PROMOTION OF ENGLISH TRUST

INDEX

Page
Charity Particulars 1
Annual Report 2 – 3
Independent Examiner’s Report 4
Receipts and Payments Account 5
Statements of Assets and Liabilities 6
Notes to the Accounts 7
Schedule of Investments 8 – 10

THE PROMOTION OF ENGLISH TRUST

1

CHARITY REGISTRATION NO: 313002

Trustees Killik & Co Trustees Limited
The Directors of which were:
C H Mac Taggart
S M Hollowell
R J A O’Neil
R J Bullamore
S E Last
S A Robson
Offices Killik & Co
Crown House
Crown Street
Ipswich
IP1 3HS
Independent Examiner A M West FCA
Somerbys Limited
Chartered Accountants
30 Nelson Street
Leicester
LE1 7BA
Bankers CAF Bank Ltd
25 Kings Hill
Kings Hill
West Malling
Kent
ME19 4JQ
Investment Managers Killik & Co
46 Grosvenor Street
London
W1K 3HN

THE PROMOTION OF ENGLISH TRUST

2

ANNUAL REPORT YEAR ENDED 31 DECEMBER 2024

Administration Details

The Promotion of English Trust is a registered charity, the registered office and charity number is shown on page 1.

Structure Governance and Management

The Promotion of English Trust is governed by the Deed of Trust dated 17 April 1947 as amended by Charity Commission Schemes dated 30 September 1993 and 23 April 1997.

Organisation

The board of Trustees as shown on page 1 administers the charity.

Policies and procedures for induction and training of trustees

The only people who would be appointed as Trustees are those who are familiar with the teaching of English, have a literary background or know about education and the English Language.

Objectives and Activities

The Charity objects are to propagate the teaching and study of English or basic English as an international and educational medium and thereby to increase the knowledge of English among mankind.

Aims and objectives.

The trust meets these objectives by giving grants to assist schools and other institutions and individuals with English study and teaching projects.

Public Benefit

The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities.

Achievements and Performance

Grants

During the year the Trust paid grants totalling £11,500 to the following organisations to assist them in the furtherance of their educational objectives.

Help2read
Chapter One (UK) Ltd
Assisting Berkshire Children to Read		 £
6,500
4,000
1,000
11,500

THE PROMOTION OF ENGLISH TRUST

3

ANNUAL REPORT (CONTINUED) YEAR ENDED 31 DECEMBER 2024

Investments

The investments are reviewed in conjunction with the Stockbrokers on a regular basis. At the end of the year the market value of the investment portfolio was £1,238,205 compared with £1,223,691 a year earlier.

Financial review

The Receipts and Payments account on page 7 disclose a net surplus of £44,772 compared with £4,356 in the previous year. At the end of the year the cash funds that were available amounted to £61,333, an increase from £16,561 in the previous year.

The trustees were satisfied with the trust’s activities during the year and the position at the year end. They are confident that the charity can meet its liabilities whenever they fall due.

Reserves Policy

The Trust’s policy is to retain sufficient resources to enable it to carry out its charitable activities from a sound financial base and to achieve its long-term objectives. Capital, in the form of fixed asset investments, is maintained with a view to generating as much investment income as is possible as part of incoming resources to meet charitable expenditure year by year.

Statement of trustees’ responsibilities

The Trustees are responsible for preparing the Trustees’ Annual Report and the account and statement in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to Charities in England & Wales requires the trustees to prepare the receipts and payment and statement of assets and liabilities for each financial year in accordance with the Charities Act 2011 and regulations thereunder. In preparing these accounts, the trustees are required to:

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 applicable Charity (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.

On behalf of the trustees

Killik & Co Trustees Limited _____2026

4

INDEPENDENT EXAMINER’S REPORT

TO THE PROMOTION OF ENGLISH TRUST

FOR THE YEAR ENDED 31 DECEMBER 2024

I report to the Trustees of Promotion of English Trust on my examination of the accounts of the Charity for the year ended 31 December 2024.

RESPONSIBILITIES AND BASIS OF REPORT

As Trustees of the Foundation, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Foundation’s accounts carried out under section 145 of the Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

INDEPENDENT EXAMINER’S STATEMENT

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or 2. the accounts do not accord with those records.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

A M West FCA

Somerbys Chartered Accountants 30 Nelson Street Leicester LE1 7BA

THE PROMOTION OF ENGLISH TRUST

5

RECEIPTS AND PAYMENTS ACCOUNT YEAR ENDED 31 DECEMBER 2024

Receipts
Income receipts
From assets
Interest & dividends
Other Receipts
Proceeds from sale of investments
Total Receipts
Payments
Charitable activity direct expenditure
Grants
Management and Administration
Accountancy fees
Investment management fees
Commission charges
Trustee expenses
Other payments
Purchase of investments
Total payments
Net surplus receipts for the year
Cash funds at 31 December 2023
Cash funds at 31 December 2024		 2,220
16,792
20
-		 2024
£
29,080
1,356,848
1,385,928
11,500
19,032
30,532
1,310,624
1,341,156
44,772
16,561
61,333		 2023
£
13,431
10,526
23,957
8,710
2,100
8,657
79
55
10,891
19,601
-
19,601
4,356
12,205
16,561

THE PROMOTION OF ENGLISH TRUST

6

STATEMENT OF ASSETS AND LIABILITIES AT 31 DECEMBER 2024

Monetary assets
Cash funds
Held by Killik & Co:
Capital account
CAF Bank:
Cash Income account
Market Value
2024
2023
Non-monetary assets
£
£
Investments
1,238,205
1,223,691

(See page 10)
Monetary liabilities
Creditors:
Accountancy
Management fee
These accounts were approved by the Trustees on ______2026		 2024
2023
£
£
21,188
919
-
12,280
40,145
3,362
61,333
16,561
Cost
2024
2023
£
£
1,186,824
556,956
2024
2023
£
£
2,286
2,200
1,378
2,933
3,664
5,133		 2023
£
919
12,280
3,362
16,561
2023
£
2,200
2,933
5,133

Killik & Co Trustees Limited

THE PROMOTION OF ENGLISH TRUST

7

NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2024

1. Accounting policies

These accounts have been prepared on the receipts and payments basis.

The principal accounting policies are set out below and have remained unchanged from the previous year.

2. Funds

All funds of the charity are unrestricted and may be applied by the Trustees as income or capital in promotion of the charity’s objects.

3. Trustees

During the year expenses were paid to its Trustees as follows:-

The Rev’d D Maudlin 2024
£
-
-		 2023
£
55
55

During the year no remuneration was paid to the trustees.

4. Related party transaction

Killik & Co Trustees Limited were appointed as trustee on 6 December 2023. The trust paid Killik & Co LLP management fees of £16,792 and accruals contain accrued management fees of £1,378.

THE PROMOTION OF ENGLISH TRUST

8

SCHEDULE OF INVESTMENTS YEAR ENDED 31 DECEMBER 2024

Description
Equity
Accenture Plc
Adyen Nv
Airbus Se
Align Technology Inc
Alphabet Inc
Amazon.com Inc
Ansys Inc
Ashtead Group
ASML Holding Nv
AstraZeneca Plc
BP Plc
Canadian Pacific Kansas City Ltd
Chewy Inc
CME Group Inc
Cognex Corporation
Costco Wholesale Corporation
Crowdstrike Holdings Inc
Danaher Corp
Diageo
Ecolab Inc
Entegris Inc
Experian - Ord
Freeport-McMoRan Inc
Gallagher AJ & Co
Harmonic Drive Systems
Hypoport Se
Infineon Technologies Ag
Inspire Medical Systems
Interpump Group Spa
Intuitive Surgical Inc
JPMorgan Chase & Co
Keyence Corporation
Kws Saat Se & Co.
Linde Plc
Live Nation Entertainment Inc
Lonza Group Ag
Meta Platforms Inc
Microsoft Corp
Moncler Spa
MSCI Inc
Netflix Inc
Nextera Energy Inc
Nomura Research Institute Ltd
NVIDIA Corp
Okta Inc		 No of
Shares
22
5
53
10
125
167
25
68
18
113
2,209
184
133
51
118
26
15
67
234
71
42
311
336
52
128
33
209
15
147
30
101
33
103
38
46
14
24
95
91
20
17
203
127
306
57		 Cost
£
6,189
5,421
6,763
2,348
14,640
23,448
6,823
3,776
13,409
11,888
10,621
12,436
1,836
8,349
3,427
15,189
3,828
13,396
6,929
12,599
3,382
8,742
13,220
12,768
2,478
5,411
6,041
2,408
5,343
9,102
15,334
12,125
4,195
13,340
3,248
5,709
11,657
31,292
4,566
8,786
8,347
9,081
2,813
34,226
3,481		 Market
Value
£
6,184
5,944
6,786
1,666
19,022
29,277
6,738
3,376
10,107
11,828
8,681
10,640
3,559
9,464
3,381
19,036
4,101
12,289
5,937
13,294
3,324
10,713
10,224
11,794
2,176
4,589
5,429
2,222
5,188
12,512
19,346
10,840
5,010
12,713
4,760
6,605
11,229
31,997
3,838
9,589
12,108
11,629
3,007
32,836
3,589

THE PROMOTION OF ENGLISH TRUST

9

SCHEDULE OF INVESTMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2024

Description
Equity (Continued)
Pegasystems Inc
Procter & Gamble
PTC Inc
RB Global Inc
RELX Plc
Rio Tinto
Ross Stores Inc
Salesforce Inc
SAP Se
Servicenow Inc
Shell Plc
Shiseido Co Ltd
Sika Ag
Skyworks Solutions
SPS Commerce Inc
SSE Plc
Take-Two Interactive Software Inc
Teradyne Inc
Thermo Fisher Scientific Inc
TJX Companies Inc
Ulta Beauty Inc
Unitedhealth Group
Universal Music Group Nv
Vonovia Se
Vulcan Materials
Waste Management Inc
Wingstop Inc
Xylem Inc
Zalando Se
Zoetis Inc

Fixed Income
Anglo American Capital Plc
Aviva
B&M European Value Retail Sa
B.A.T. International Finance
Barclays Plc
BP Capital Markets Plc
British Telecommunications Plc
Burberry Group Plc
Heathrow Funding Ltd
Hiscox
Holcim Sterling Finance (Netherlands) BV
HSBC Holdings Plc
IG Group Holdings Plc		 No of
Shares
41
61
51
108
391
182
36
37
50
20
478
76
32
36
10
490
57
57
31
124
10
43
380
282
15
75
20
97
158
52
18,000
18,000
17,000
18,000
16,000
18,000
16,000
14,000
19,000
17,000
19,000
15,000
18,000		 Cost
£
1,621
7,720
7,321
5,917
13,403
9,840
4,178
9,716
7,557
12,286
12,137
1,677
7,299
2,993
1,475
7,964
7,717
4,479
13,107
9,630
4,134
17,739
8,719
6,277
3,433
12,089
4,712
9,785
2,626
7,271
16,404
16,551
18,233
16,223
16,867
16,990
17,222
13,486
16,967
16,995
16,323
16,430
15,467		 Market
Value
£
3,053
8,172
7,493
7,785
14,189
8,595
4,351
9,884
9,774
16,942
11,835
1,076
6,081
2,551
1,470
7,859
8,384
5,735
12,887
11,970
3,475
17,381
7,771
6,840
3,083
12,093
4,542
8,992
4,233
6,770
16,794
17,019
18,163
16,958
17,136
17,363
16,679
13,583
17,468
17,051
16,301
16,445
16,026

THE PROMOTION OF ENGLISH TRUST

10

SCHEDULE OF INVESTMENTS (CONTINUED) YEAR ENDED 31 DECEMBER 2024

Description
Fixed Income (Continued)
Kier Group Plc
Legal & General Group
Lloyds Banking Group
Nationwide
NatWest Group Plc
NGG Finance
Orsted As
RAC
Rolls Royce Plc
Tesco Property Finance 1 Plc
United Kingdom (Government of)
Vattenfall Ab
Zurich Finance

Funds
3i Infrastructure
BH Macro Ltd
Capital Gearing Trust
Cordiant Digital Infrastructure Ltd
Coremont
Ennismore GLBL EQ
FTF ClearBridge
Greencoat UK Wind Plc
International Public Partnerships Ltd
Invesco
LondonMetric Property Plc
Lumyna
MI TwentyFour
Pantheon Infrastructure Plc
Trojan
TwentyFour Income Fund Ltd
Winton

 No of
Shares
17,000
17,000
16,000
120
16,000
17,000
18,000
16,000
16,000
20,000
26,000
16,000
18,000
1,830
2,090
400
9,260
57
467
4,761
2,461
4,760
40
3,190
21
4,668
6,040
7,867
5,610
67
 Cost
£
17,233
15,492
16,360
15,720
15,454
16,840
17,531
15,608
16,218
12,879
16,652
16,361
17,251
5,984
7,381
18,192
5,915
4,500
6,575
5,468
3,534
5,954
6,137
6,035
6,500
4,940
4,930
9,900
5,991
9,900
1,186,824
 Market
Value
£
17,923
15,871
16,564
15,720
15,859
16,981
17,424
15,885
16,248
16,625
16,331
16,425
17,177
5,810
8,485
19,100
8,334
4,704
6,855
5,780
3,142
5,769
8,042
5,745
6,616
5,044
5,387
10,530
6,058
9,678
1,238,205

The profit on disposal of investments sold in the year amounted to £676,359.