Charlty reglstratlon number 511141 KEMP HOUSE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
KEMP HOUSE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs M Young CPFA Mrs S Thompsorb Mr D Rees Mr J P Cadwallader Charlty number 511141 Principal address mfg Solicitors LLP Adam House Birmingham Road Kidderminster Worcestershire DY10 2SH Independent examiner Orrnerod Rutter Limited The Oakley Kidderminster Road Droitwich Worcestershire WR9 9AY Bankers The Co-operative Bank 6th Floor 1 Balloon Street Manchester M60 4EP Scottish Widows Bank PO BOX 883 Leeds LS19TY Solicitors mfg Solicitors LLP Adam House Birmingham Road Kidderminster Worcestershi DY10 2SH Investment advlsors Investec Wealth & Investment Limited (Rathbones) 30 Gresham Street London EC2V 7QN
KEMP HOUSE TRUST CONTENTS Page Trustees, report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 7-17
KEMP HOUSE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial statements for the year ended 31 March 2024, which have been subject to independent examination. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements 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 (FRS 102)" (effective from 1 January 2019). Objectlves and actlvltles Purposes and aims The Declaration of Trust created on 6 May 1981 and subsequent amendrnents govern the Trust. A scheme to update the constitution was agreed by the Charity Commission on 30 July 2013 and a further deed of variation completed on 31 March 2014. Our objeclives= To provide clinical, emotional and spiritual care with practical support for people, their families, carers and the wider community who may be affected by serious life limiting illness within Kidderminster and district. Our Activities: KEMP House Trust's principal current activity is to manage its investment portfolio and support Ihe charitable activities of KEMP Hospice {formerly KEMP House Trust Limited, charity number 1146310 and company number 7846810) by providing the hospi building at a peppercorn rent and financial support in the form of grants. The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remained focused on ils stated purposes. The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefil when reviewing the charity's aims and objectives and in planning its future activities. In particular. the trustees Consider how planned activities will contribute to the aims and objectives that have been set. Beneficlaries of our servlces In the current year the Trust has made a grant of £351k to KEMP Hospice to enable it to adapt and continue its support of people with life limiting illnesses, their families and carers including provision of a day hospice, bereavement Gounselling for adults and children and support for carers. These services. provided free of charge to service users. benefit both service users and the community as a whole.
KEMP HOUSE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and performance Financial review The Trust's work is now almost entirely reliant on income and investment returns from its investment portfolio and legacies. The trustees work closely with Iheir investment advisors with the aim of creating a reserve that will grow at least in line with inflation such that when called upon, its purchasing power will not have diminished. In managing Ihe investment portfolio the trustees adopt a balanced strategy and a medium to long term investment strategy of 5 to 10 years. Unlike 2022123, the trustees reverted to re-investing dividends as they arose rather than drawing them down. The truslees meet regularly with their investment advisors to review strategy and performance. The annual net return achieved on listed investments during the year was 7.17/0 against a benchmark of 9.86 %, a considerable improvement on 2022123 where the respective figures were-5.29 % and -3.95 %. Despite ongoing uncertainty. global equity markets grew during the year which led to inflation falling slower than anticipated, whilst interest rates cuts were pushed back into 2024125. A review during 2023124 confirmed that over the long term the value of the portfolio had grown in real terms despile Ihe spike in inflation in recent years. The situation is under constant review. Investment income totalled £74.1k in the year against £66.6k in 2022123. Grants and contributions made during the year totalled £351 k (2023.. £50k). Income from donations and legacies amounted to £2.4k (2023= £147.9k). As of 31 March 2024 the fair value of fixed investments was £1.95m compared to £1.98m as at 31 March 2023. The 2024 figure includes £37.4k held by the investment broker pending reinvestment (2023- £20.1k). Cash at bank at the year-end stood at £482.9k down from £577.5k (31 March 2023). Net assets at 31 March 2024 were £2.24m (2023: £2.41 m). Reserves policy and going concern With net assets at £2.24m (2023.. £2.41 m) and net current assets at £198.9k (2023.. £337.7k) the finances of the Trust remain healthy. A medium risk approach is taken to investment and the holding is spread in terms of market sector and world markets to minimise risk. The trustees have reviewed the position on holdin9 reserves and have concluded that a specific policy is inappropriate. The Trust's charitable purpose is to provide funding to other organisations whose activities meet Ihe objeds of the Trust. It is not to build up substantial reserves. The Trust does not actively raise funds and over time legacies and donations will dry up. The Trust has no direct employees and whilst creditors stand at £289k they are covered more than 8 times by net assets. The financial position of the Trust is kept under review to ensure that we can meet any commitments as they become due. Of the £2.24m (2023.. £2.41m) funds held by the Trust at 31 March 2024 £1.9m (2023.. £2.1m) is for unrestricted use. The £335k (2023: £335k) restricted funds a for capital projects in the main. Structure, governance and management The organisation is an unincorporated charity registered as a charity on 6 May 1981 in England and Wales. The charity is constituted under a trust deed dated 12 February 1981 and subsequent amendments. A scheme to update the constitution was agreed by the Charity Commission on 30 July 2013 and a further deed of variation was ompleted on 31 March 2014. All trustees give their time voluntarily and receive no benefits from the charity.
KEMP HOUSE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Appointment of trustees Trustees are elected or co-opted and the total number of trustees may not be les5 than three. New trustees are deemed to be appointed by resolution of the board. The board of trustees can co-opt members for term5 determined by the board at the time of their co-option. In appointing trustees the board look for individuals with relevant experience and integrity. Related parties and relationships with other organlsatlons In pursuit of its charitable objectives, the trust provides funding to KEMP Hospice, a stand-alone charitable company limited by guarantee. To assist in communication beeen the organisations. a tnjsleeldirector of each organisation meets from time to time to verify that funds are being utilised effectively in line with the Trust's objectives. Statement of trustees, responssbilities Law applicable to charities in England and Wales requires the trustees to prepare financial slalements for each financial year which give a true and fair view of the charity's financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and: Select suitable accounting policies and then apply them consisténtly Observe the methods and principles in the Charities SORP Make judgements and estimates that are reasonable and prudent State whether applicable UK Accounting Standards and ststements of recommended practice have been followed, subje¢t to any material departures disclosed and explained in the financial statements Prepare the financial statements on the going ¢on¢ern basis unless it is inappropriate to presume that the charity will continue in operalion. The truslees are responsible for keeping proper accounting records Ihat 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. 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. The trustees are responsible for the maintenance and integrity of the corporate and financial infonnation. Legislation in the United Kingdom governing the preparation and dissemination of financial ststements may differ from 18gislation in other jurisdictions. Th8 trustees, report was approved by the Board of Trustees. Mrs M You CPFA Chalr of Trustees
KEMP HOUSE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KEMP HOUSE TRUST I report to the trustees on my examination of the financial statements of KEMP House Trust (the charity) for the year ended 31 March 2024. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 {the 2011 Act). I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(51(b) of the 2011 Act. Independent examiner's statement Your attention is drawn to the fact that the Gharity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. l understand that this has been done in order for financial statements to provide a true and fair view in accordance wilh Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come to my attention in Connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act., or the financial statements do not accord with those records., or the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports} Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. 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 financial statements to be reached. Colm McGrory F Ormerod Rutter Limited The Oakley Kidderminster Road DroitwiGh Worcestershire WR9 9AY Dated..21../0.1..12..02J
KEMP HOUSE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes Income and endowments from: Donations and legacies Investments Other income 2.364 74,141 2,364 74,141 147,901 66,580 200 147,901 66,580 200 Total income 76,505 76,505 214,681 214,681 Expenditure on: Raising funds Charrtable activities 20.995 356,234 20,995 356.234 22,940 55,708 22,940 55,708 Total expenditure 377,229 377.229 78,648 78,648 Net gainsl(losses) on investments 13 130,380 130,380 (153,044) (153.044) Net expendlture and movement in funds {170,3441 1170.344) (17,011) (17,011) Reconciliation of funds: Fund balances at 1 April 2023 2.078.260 335,422 2,413.682 2.095,271 335,422 2.430,693 Fund balances at 31 March 2024 1,907,916 335,422 2,243,338 2.078.260 335,422 2.413,682 The statement of financial activities includes all gains and losses re¢ognised in the year. All income and expenditure derive from Continuing activities.
KEMP HOUSE TRUST BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets Investments 15 16 91,371 1,953,108 93.900 1,982,126 2,044,479 2.076,026 Current assets Debtors Short term deposits Cash at bank and in hand 18 19 5,083 28.759 467 577,504 482,889 487,972 606,730 Creditors: amounts falllng due within one year 20 {289.113) 1269,074) Net current assets 198,859 337.656 Total assels less current liabilities 2,243,338 2,413.682 Income funds Restricted funds Unrestricted funds 21 335,422 1,907,916 335,422 2.078.260 2.243.338 2,413.682 The financial statements were approved by the Trustees on Jo bLJl..,.{.,.. Mrs M Youn Chair of Trus PFA ees
KEMP HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity Information KEMP House Trust is a an unincorporated charity registered wilh the Charity Commission for England and Walés. The registered office address is clo mfg Solicitors LLP. Adam House. Birmingham Road. Kidderminster, Worcestershire DY10 2SH 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011. FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the Charities SORP "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 (FRS 102)" (effective 1 January 2019). The financial statements are prepared in sterling. which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accoLSnting policies adopted are set out below. Public benefit enlity The Charity meets the definition of a public benefit entity under FRS 102. 1.2 Going concern At the lime of approving Ihe financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of Iheir charitable objectives. Restricted funds are subject lo specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance ¢onditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donalion. Legacies are recognised on receipt or otheiSe if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known. the legacy is treated as a ontingent asset.
KEMP HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings.. Costs of raising funds relate to Ihe costs incurred by the charity in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose Expenditure on charitable activities includes the costs of making grants to KEMP Hospice (formerly KEMP House Trust Limited) undertaken to further the purposes of the charity and their associated support costs Other expenditure represents those items not falling into any other heading Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Resources expended are allocated to the particular activity where Ihe Cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity. Support and governance costs are re-allocated to each of the activities where applicable.. Raising funds 70/0 Grant - making activities 930/0 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently m8asured at cost or valuation, net of depreciation and any impairment losses. Items of equipment are capitalised where the purchase price exceeds £500. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Freehold property 2°k on cosl The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Fixed asset Investments Fixed asset investments are initially measured at Iransaction price excluding transaction costs, and are subsequently measured al fair value al each reporting date. Changes in fair value are recognised in net incomel{expenditure) for the year. Transaction costs are expensed as incurred. 1.8 Impairment of fixed assets At each reporting end date, the charity reviews the carying amounts of its tangible assets to determine whether there is any indiGation that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss {if any). 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks. other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
KEMP HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.10 FinanGial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial inslruments are recognised in the charity's balance sheet when the charity becomes party to the contraGlual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to sel off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financlal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including Iransaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement constitutes a financing transaction. where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilltles Basic financial liabilities. including creditors and bank loans are initially recognised at transaction price unless the arrangement constitules a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operalions from suppliers. Amounts payable are classified as current liabilities if payment is due wilhin one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of flnan¢ial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.11 Provlslons Provisions are recognised when the charity has a legal or Gonstructive present obligation as a result of a past event, it is probable that the charity will be required to settle that obligation and a reliable estimate can b8 made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material. the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in net incomel(expenditure) in the period in which it arises. 1.12 Leases Rentals payable under operating leases. including any lease incentives received. are charged as an expense on a straight line basis over the term of the relevant lease. Rental income is recognised on a straight line basis over the term of the lease.
KEMP HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Conlinued) 1.13 Grants payable Grants payable are made lo third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expeclation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity. Provisions for grants are made when the intention to make a grant has been communicated lo the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable. 1.14 Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.15 Short term deposits Short term deposits includes cash balances that are invested in accounts with a maturity date of beeen 3 and 12 months. Critical accounting estimates and judgements In the application of the charity's accounting policies, the trustees are required to make judgements. estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical expertence and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the rgvision affects both current and future periods. Income from donations and legacies Unrestricted funds 2024 Unrestricted funds 2023 Donations and gifts Legacies 364 2.000 1,316 146,585 2.364 147.901 10-
KEMP HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from investments Unrestricted Unrestricted funds funds 2024 2023 Rental income Income from listed investments 7,570 66,571 8,105 58,475 74,141 66,580 Other income Unrestricted Unrestricted funds funds 2024 2023 Other income 200 Raising funds Unrestricted Unrestricted funds funds 2024 2023 Raising funds Support costs (see note 91 4.207 6,117 Investment management fees 16.788 16,823 20.995 22,940 Charitable activities 2024 2023 Grant funding of activities (see note 8) 351,000 50,000 Share of support costs (see note 9) Share of governance costs (see note 9) 2,528 2,706 3,128 2,580 356,234 55.708 11
KEMP HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Grants payable 2024 2023 Grants to institutions: Grant to KEMP Hospice 351,000 50.000 12-
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KEMP HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Net movement in funds 2024 2023 Net movement in funds is stated after chargingl{crediting) Depreciation of owned tangible fixed assets Independent examiner's fees 2,528 2,706 2,528 2.580 11 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. 12 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Total There were no employees whose annual remuneration was more than £60,000. Remuneration of key management personnel The remuneration of key management personnel was as follows: £Nil (2023.. £Nil). 13 Gains and losses on investments Unrestricted Unrestricled funds funds 2024 2023 Gainsl{losses) arising on.. Revaluation of investments 130.380 (153,044) 14 Taxation The charity is exempt from taxation on its a¢tivities because all its income is applied for Gharitable purposes. 14-
KEMP HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Tangible flxed assets Freeh¢ld property Cost At 1 April 2023 126,403 At 31 March 2024 126,403 Depreclation and impairment At 1 April 2023 Depreciation charged in the year 32,504 2,528 At 31 March 2024 35,032 Carrylng amount At 31 March 2024 91,371 At 31 March 2023 93,900 All of the above assets are used for charitable purposes. KEMP House Trust granted a 99 year lease to KEMP Hospice for the sole use of the building to deliver its Gharitable objectives. KEMP House Trust retain the title absolute of the properly in Mason Road and it recognises only the retained interest in the freehold on its balance sheet as the risks and rewards of ownership have been transferred to KEMP Hospice for the duration of the lease. 16 Fixed asset investments Listed investments Cash in portfolio Total Cost or valuation At 1 April 2023 Increaselldecrease) in year 1.962,033 {46.385) 20.093 17.367 1.982,126 129,018) At 31 March 2024 1,915,648 37.460 1.953,108 Carrying amount At 31 March 2024 1,915,648 37.460 1,953,108 At 31 March 2023 1.962,033 20,093 1,982.126 17 Financial instruments 2024 2023 Carrying amount of financial assets Instruments measured at fair value through profit or loss 1,915.648 1.962,033 15-
KEMP HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Accrued income 2.363 2,720 158 28,601 5,083 28,759 19 Current asset Investments 2024 2023 Unlisted investments 467 20 Creditors: amounts falling due within one year 2024 2023 Trade Creditors Other Creditors Accruals and deferred income 3,000 283,407 2,706 266.494 2,580 289.113 269,074 21 Restricted funds The restricted funds of the charity comprise the unexpended balances of donatlons and grants held on trust subject to specific conditions by donors as to how they may be used. Movement In funds Incoming resour¢e$ Movement in funds In¢tsming Balance at resources 31 March 2024 Balance at 1 April 2022 Balance at 1 April 2023 Capital projeds 335,422 335,422 335.422 Purpose of restricted funds ital ro ects This is a legacy received to be spent on capital projects for the benefit of the patients of KEMP Hospice. 16-
KEMP HOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 22 Unrestrlcted funds The unrestricted funds of Ihe charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 April 2023 Incoming resources Resources expended Gains and At 31 March losses 2024 General funds 2,078,260 76.505 (377,229) 130,380 1,907,916 Previous year: At 1 Aprll 2022 Incoming resources Resources expended Gains and At 31 March losses 2023 General funds 2,095,271 214,681 {78.648) (153,0441 2.078,260 23 Analysis of net assets between funds Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 31 March 2024: Tangible assets Investments Current assetsl(liabilities) 91,371 1.953,108 (136,5631 91,371 1.953,108 198,859 335,422 1.907,916 335,422 2.243,338 Unrestrtcted funds 2023 Restricted funds 2023 Total 2023 At 31 March 2023: Tangible assets Investments Current assetsl(liabilities) 93,900 1,982,126 2.234 93,900 1,982,126 337.656 335,422 2,078.260 335,422 2.413.682 Related party transactions There were no disclosable related paty transactions during the year. 17-