OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-04-05-accounts

The Kelton Charitable Trust

Registered Charity No. 327363

Accounts

5 April 2023

The Kelton Charitable Trust

Reference and Administrative Information

Trustees

Richard Anthony Bettinson. Hayley Anne Bettinson.

Registered Charity Number

327363

Address

Somer Barns Camp Lane Shelsley Beauchamp Worcester WR6 6JQ

Accountants

G. C. Cooper Accountancy Ltd 5 Church Mews Barlby Selby North Yorkshire YO8 5LL

Bankers

National Westminster Bank Plc 1 St Philips Place Birmingham B3 2PT

Investment Managers

Canaccord Genuity Wealth Management (CGWM) Trading as Adam & Company Investment Management Limited 41 Lothbury London EC2R 7AE

CCLA Investment Management Ltd COIF Charity Funds 1 Angle Lane London EC4R 3AB

1

The Kelton Charitable Trust Trustees' Report for the year ended 5th April 2023

The Trustees present their annual report and Financial Statements of the Charity for the year ended 5th April 2023. The Financial Statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity’s Trust Deed, 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 (FRS102).

Structure, Governance and Management

Establishment

The Charity was established by a Trust Deed executed on the 31st December 1986 by Edith Mary Forsyth, a retired Physician who lived and worked in Birmingham for many years. The Charity's funds have since been added to by transfers from other Charitable Trusts.

The Charity is administered by the Trustees, who have the power to appoint their successors. Training is available for Trustees through membership of the Association of Charitable Foundations. The Charity has no Employees.

Risk Management

The Trustees confirm that systems are in place to examine and mitigate the Charity's exposure to its principal risks. The most significant risks identified by Trustees are potential falls in the value of the Charity's investments or in the income received from those investments. These risks, if they were to continue over the longer term, would impact on the Charity's ability to make grants. They are addressed by holding a diversified portfolio of investments.

Objectives and Activities

Objects of the Trust

The Charity is established for general charitable purposes. The Trust Deed provides that both the capital and income of the Charity shall be held and applied to such charities or for such charitable purposes and in such proportions as the Trustees shall determine.

When considering applications for grants, the Trustees continue to take these provisions into account and also have regard to the Charity Commission's guidance on public benefit. In almost all cases grants are made to other registered charities and emphasis is given to applications which support the elderly or areas of medical research.

With regard to grants to local or regional charities, the Trustees' policy is to prefer those in the Birmingham area because of the connection with the Forsyth family.

Review of Financial Activities

The Trustees are pleased to report that there has been continued success in meeting the objectives of the Charity during the financial year. The results for the year are set out in the Statement of Financial Activities on page 5. Investment income increased by 3.0% to £64,077 primarily as a result of the continued recovery from the Covid-19 pandemic. Grants made during the year, which are detailed in Note 5 to the Financial Statements, increased by 19.0% to £62,500. Total funds carried forward at the end of the year decreased by £105,753.

2

The Kelton Charitable Trust Trustees' Report for the year ended 5th April 2023

Investment Policy and Performance

The Trustees have full and unrestricted powers of investment. With the exception of the element invested with COIF, the investment portfolio is managed on a discretionary basis by Adam & Company Investment Management Limited in accordance with a policy set and reviewed at least annually by the Trustees.

The value of the Charity's Investment Portfolio, decreased by 5.1% during the year.

Equities
Government Securities
Unit Trusts
Cash Awaiting Investment
Corporate Debentures & Loan Stocks		 Original Cost
Market Value
570,426
931,447
61,376
57,304
395,543
685,138
146,603
128,996
1,173,948
1,802,885
66,291
66,291
1,240,239
1,869,176

All investments are listed on the London Stock Exchange. With the exception of the investments in the COIF Charities Investment Fund (18.8%) and JP Morgan AM UK Ltd US Equity Income C INC NAV (5.2%), no holdings represent more than 3.5% of the total portfolio.

Reserves Policy

Although the Trust Deed allows the Trustees to treat the capital of the Charity as expendable endowment, the current policy is to retain the capital as a fund in order to generate investment income for grant-making. As the Charity has no other sources of income, the Trustees aim to maintain a free reserve on its income fund at a minimum level equivalent to six months' grant-making and administrative costs.

The Trustees are satisfied that this gives the Charity sufficient flexibility to cover any temporary fall in investment income.

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.

Plans for Future Periods

The Trustees recognise the increasing level of applications to the Charity for grants and will endeavour to increase grant distributions for the coming year, subject to the expected improvement in investment income, and to keep tight control of administration costs.

Attention will continue to be paid to changes in charity legislation and to relevant guidance issued by the Charity Commission. Every effort will be made to ensure that the Charity complies with any new requirements that affect its work and status.

Public Benefit

The Trustees have referred to the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objective and in planning its activities. In particular, the Trustees consider how any activities will contribute to the aims and objectives of the Charity and satisfy the public benefit requirement.

3

The Kelton Charitable Trust Trustees' Report for the year ended 5th April 2023

Trustees' Responsibilities

The Trustees are responsible for preparing the Trustees' Report and 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 the Financial Statements, 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 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

Approved and signed on behalf of the Trustees

4

The Kelton Charitable Trust

Independent Examiners' Report on the unaudited accounts of The Kelton Charitable Trust for the year ended 5th April 2023

We have examined the accounts of the Trust, for the year ended 5th April 2023, set out on pages 5 to 9.

Respective responsibilities of the Trustees and the Examiners

As the Charity's Trustees you are responsible for the preparation of the accounts. You consider that an audit is not required for this year under Section 144 of the Charities Act 2011 and that an independent examination is needed.

It is our responsibility:-

To examine the accounts under section 145 of the Act.

To state whether particular matters have come to our attention.

Basis of Independent Examiners' Report

Our examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently we do not express an audit opinion on the view given by the accounts.

Independent Examiners' Statement

In connection with our examination, no matter has come to our attention which:

  1. gives us reasonable cause to believe that in any material respect the requirements; to keep accounting records in accordance with Section 130 of the said Act; and

  2. to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act

have not been met;

or

  1. in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

G. C. Cooper Accountancy Ltd. Accountants

5 Church Mews Barlby Selby North Yorkshire YO8 5LL

21 December 2023

5

The Kelton Charitable Trust Statement of Financial Activities for the year ended 5 April 2023

Unrestricted Funds:-
Income
Investment Income
Total Income
Expenditure
Direct Charitable Expenditure:-
Grants and Donations
Other Expenditure:-
Administration Costs
Total Expenditure
Net (Outgoing) before Valuations
Net Gains/Losses on Investments:-
Realised
Unrealised
Total (Losses)/Gains
Net Movement in Funds
Total Funds brought forward
Total Funds carried forward		 Notes
4
5
6		 2023
£
64,077
64,077
62,500
11,220
73,720
(9,643)
29,307
(125,417)
(96,110)
(105,753)
2,057,928
1,952,175		 2022
£
62,216		 2022
62,216
52,500
11,597
64,097
(1,881)
15,935
110,336
126,271
124,390
1,933,538
2,057,928

The notes on pages 7 to 10 form part of these Financial Statements. The Charity has no recognised gains or losses other than those stated above. All incoming resources and resources expended derive from continuing activities.

6

The Kelton Charitable Trust Balance Sheet as at 5 April 2023

Notes
Assets:-
Investments:-
Quoted Securities
7
Current Assets:-
Income receivable from the Investment Manager
Cash at Bank
Total Assets
Current Liabilities:-
Creditors
Total Liabilities
Net Assets
Represented by:-
Total Unrestricted Funds:-
Capital Fund
Income Fund
Revaluation Reserve
Approved by the Trustees
Monies held by the Investment Manager
awaiting Investment		 2023
£
1,802,885
66,291
1,869,176
30
89,232
89,262
1,958,438
6,263
6,263
1,952,175
1,069,934
253,304
628,937
1,952,175		 2022
£
1,945,891
24,134		 2022
1,970,025
446
91,805
92,251
2,062,276
4,348
4,348
2,057,928
1,069,934
233,640
754,354
2,057,928

R. Bettinson

H. Bettinson Trustees 21 December 2023

The notes on pages 8 to 10 form part of these Financial Statements.

7

The Kelton Charitable Trust Notes to the Financial Statements at 5 April 2023

1 Accounting Policies

i) Basis of Preparation of Financial Statements

The Financial Statements have been prepared under the historical cost convention with the exception of investments, which are included on a market value basis. The Financial Statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their Financial Accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

ii) Cash Flow

The Financial Statements do not include a cash flow statement because the Charity, as a Small Reporting Entity, is exempt from the requirements to prepare such a statement under the Charities SORP(2019) FRS 102.

iii) Preparation of Financial Statements on a Going Concern Basis

The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.

iv) Investment Income

Investment income is accounted for in the period in which the Charity is entitled to receipt.

v) Resources Expended

Expenditure is included on an accruals basis and includes attributable VAT which cannot be recovered. Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Charity.

vi) Fixed Asset Investments

Investments are included at their fair value at the Balance Sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year.

vii) Fund Accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objects of the Charity.

Capital Fund

The Trust Deed allows the Capital Fund of the Charity to be spent as income or retained as Capital at the Trustees' discretion. However, the Charity's current policy is to retain the Capital as a fund to generate investment income for grant-making. Investment gains or losses arising on disposal of fund assets are transferred to the Income Fund, while those arising on revaluation are held within a separate reserve forming part of the Capital Fund.

Income Fund

The Income Fund is an unrestricted fund and is expendable at the discretion of the Trustees in furtherance of the objects of the Charity. Income is derived from the investment of the Charity's Capital Fund.

2 Trustees' Remuneration and Related Party Transactions

The Trustees neither received nor were entitled to receive any emoluments in the year (2022: £nil). However, administration costs shown in Note 6 include £265 for reimbursement of travelling, subsistence and related expenses to one Trustee (2022: £265 to one Trustee).

8

The Kelton Charitable Trust Notes to the Financial Statements at 5 April 2023

3 General Declarations

4
5		 Investment Income
Dividends received:-
Equities etc
Unit & Investment Trusts
Interest received:-
Government Securities
Corporate Bonds & Loan Stocks
Investment Manager's Client Account
Bank Accounts
Grants
ABF The Soldiers' Charity
Action for M.E.
Alzheimer's Research UK
Arrive Alive
B. I. D. Services
Birmingham PHAB Camps
Birmingham Women's & Children's Hospital Charity
Bowel Disease Research Foundation
British Heart Foundation
British Wireless for the Blind Fund
Cerebral Palsy Midlands
Dementia Carers Count
Diabetes UK
Epilepsy Research UK
Guide Dogs for the Blind
Headway Birmingham and Solihull
Home From Hospital Care
InterAct Stroke Support
Macular Society
Martineau Gardens
c/f		 2023
£
43,714
16,013
488
3,070
373
419
64,077
1,000
1,000
6,500
-
1,500
3,000
2,000
-
2,000
2,500
8,000
2,000
2,000
-
1,500
1,000
2,000
2,000
1,500
1,000
40,500		 2022
£
45,454
14,160
488
2,072
33
9		 2022
62,216
1,000
1,000
-
1,500
1,000
-
-
1,500
1,000
2,000
7,000
2,000
2,000
2,000
1,000
-
1,500
2,000
1,000
-
27,500

9

The Kelton Charitable Trust Notes to the Financial Statements at 5 April 2023

5
6
7
8		 Grants
bf
Midlands Air Ambulance Charity
Myaware
Omega
St Mary's Youth Project
St Richard's' Hospice
Shropshire RCC
The Cure Parkinson's Trust
The Disasters Emergency Committee (Ukraine Appeal)
The Hospice Charity Partnership
The Migraine Trust
The Pituitary Foundation
The Respite Association
Thrive
Wellbeing of Women
Administration Costs
Administration Charges
Investment Manager's Fees
Postages, Telephone etc.
Examiner's Fees
Investments
Equities
Government Securities
Unit & Investment Trusts
Corporate Bonds & Loan Stocks
Analysis of the Changes in the Investments Portfolio during the year
Market Value at beginning of Year
Acquisitions at Cost
Disposals at Carrying Value
Net (Decrease)/Increase on Revaluation
Market Value at end of Year		 2023
£
40,500
3,000
1,000
1,000
3,000
2,000
-
5,000
-
2,000
-
3,000
-
-
2,000
62,500
265
9,250
85
1,620
11,220
931,447
57,304
685,138
128,996
1,802,885
1,945,891
81,008
2,026,899
(142,039)
1,884,860
(81,975)
1,802,885		 2022
£
27,500		 2022
2,000
1,000
-
2,000
2,000
1,000
4,000
5,000
-
1,500
3,000
1,000
1,000
1,500
52,500
265
9,627
85
1,620
11,597
1,082,248
59,092
707,191
97,360
1,945,891
1,783,939
62,544
1,846,483
(23,726)
1,822,757
123,134
1,945,891

10