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← Kemp House Trust

2025-03-31-accounts

Charity registration number 511141 (England and Wales)

KEMP HOUSE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

KEMP HOUSE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

‘Trustees Mrs M Young CPFA
Mrs S Thompson
Mr D Rees
Mr J P Cadwallader
Charity number 511141
Principal address mfg Solicitors LLP
Adam House
Birmingham Road
Kidderminster
Worcestershire
DY10 2SH
Independent examiner Ormerod 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
LS1 9TY
Solicitors ; mfg Solicitors LLP
Adam House
Birmingham Road
Kidderminster
Worcestershire
DY10 2SH
Investment advisors Investec Wealth & Investment Limited (Rathbones)
30 Gresham Street
London
EC2V7QN

KEMP HOUSE TRUST

CONTENTS

Page

Trustees’ report

Independent examiner's report

Statement of financial activities

Balance sheet

1-3

4

5

6

Notes to the financial statements

7-16

KEMP HOUSE TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

The trustees present their annual report and financial statements for the year ended 31 March 2025, 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).

Objectives and activities

Purposes and aims

The Declaration of Trust created on 6 May 1981 and subsequent amendments 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 objectives: 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 the charitable activities of KEMP Hospice (formerly KEMP House Trust Limited, charity number 1146310 and company number 7846810) by providing the hospice 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 its stated purposes.

The trustees 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 its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

Beneficiaries of our services

In the current year the Trust has made a grant of £275k 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 counselling 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.

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KEMP HOUSE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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 their 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 the investment portfolio the trustees changed to a medium term investment strategy of 5 years to reflect the anticipated longevity of the fund. Dividends are reinvested as they arise.

The trustees meet regularly with their investment advisors to review strategy and performance. The annual net return achieved on listed investments during the year was 2.10% against a benchmark of 3.82%, disappointingly lower than the respective figures for the previous year of 7.17% and 9.86%. Current year performance was against a backdrop of uncertainty with a change of government in UK and the re-election of President Donald Trump in USA. Markets continued to be led by the Mega -cap US equities, whilst inflation and interest rates failed to fall as rapidly as anticipated. The year end valuations reflect anxiety over the US trade tariffs announced two days after the year end. The fund's performance against the benchmark, is kept constantly under review.

Investment income totalled £62.2k in the year against £74.1k in 2023/24.

Grants and contributions made during the year totalled £275k (2024: £351k).

Income from donations and legacies amounted to £46k (2024: £2.4k).

As of 31 March 2025 the fair value of fixed investments was £1.74m compared to £1.95m as at 31 March 2024. The 2025 figure includes £18.8k held by the investment broker pending reinvestment (2024: £37.4k).

Cash at bank at the year-end stood at £195k down from £482.9k (31 March 2024).

Net assets at 31 March 2025 were £2.01m (2024: £2.24m).

Reserves policy and going concern

With net assets at £2.01m (2024: £2.24m) and net current assets at £174k (2024: £198.9k), 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 holding 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 the objects 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 £30.9k they are covered substantially 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 £2.01m (2024: £2.24m) funds held by the Trust at 31 March 2025 £1.7m (2024: £1.9m) is for unrestricted use. The £335k (2024: £335k) restricted funds are 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 anda further deed of variation was completed on 31 March 2014.

All trustees give their time voluntarily and receive no benefits from the charity.

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~ KEMP HOUSE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Appointment of trustees

Trustees are elected or co-opted and the total number of trustees may not be less than three. New trustees are deemed to be appointed by resolution of the board. The board of trustees can co-opt members for terms 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 organisations

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 between the organisations, a trustee/director 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’ responsibilities

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 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:

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. 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 information. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other[jurisdictions.]

The trustees' report was approved by the Board of Trustees.

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Mrs M Young C
Chair of Trustees
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Date: peak...
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KEMP HOUSE TRUST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF KEMP HOUSE TRUST

| report to the trustees on my examination of the financial statements of KEMP House Trust (the charity) for the year ended 31 March 2025.

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.

| report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination | have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements 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. | understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.

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

| 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 FCA

Ormerod Rutter Limited

The Oakley

Kidderminster Road

Droitwich

Worcestershire WRQ SAY

Dated: dslil ae 6

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KEMP HOUSE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2025 2025 2025 2024 2024 2024
Notes £ £ £ £ £ £
Income from:
Donations and legacies 3 45,984 - 45,984 2,364 - 2,364
Investments 4 62,294 - 62,294 74,141 - 74,141
Total income 108,278 - 108,278 76,505 - 76,505
Expenditure on:
Raising funds 5 21,534 - 21,534 20,995 - 20,995
Charitable activities 6 280,802 - 280,802 356,234 - 356,234
Total expenditure 302,336 - 302,336 377,229 - 377,229
Net gains/(losses) on
investments 12 (42,634) - (42,634) 130,380 - 130,380
Net expenditure and
movement in funds (236,692) - (236,692) (170,344) - (170,344)
Reconciliation offunds:
Fund balances at 1 April 2024 1,907,916 335,422 2,243,338 2,078,260 335,422 2,413,682
)
Fund balances at 31 March
2025 1,671,224 335,422 2,006,646 1,907,916 335,422 2,243,338

The statement offinancial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

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KEMP HOUSE TRUST

BALANCE SHEET

AS AT 31 MARCH 2025

2025 2024
Notes £ £ £ £
Fixed assets
Tangible assets 14 88 843 91,371
Investments 15 1,743,832 1,953,108
1,832,675 2,044,479
Current assets
Debtors 16 9,873 5,083
Cash at bank and in hand 194,979 482,889
204,852 487,972
Creditors: amounts falling due within
one year 17 (30,881) (289,113)
Net current assets 173,971 198,859
Total assets less current liabilities 2,006,646 2,243,338
Income funds
Restricted funds 18 335,422 335,422
Unrestricted funds 1,671,224 1,907,916
2,006,646 2,243,338

The financial statements were approved by the Trustees on AA otf od G Mrs M Young +omy Chair of Trustees

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KEMP HOUSE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Charity information

KEMP House Trust is a an unincorporated charity registered with the Charity Commission for England and Wales.

The registered office address is c/o 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 accounting policies adopted are set out below.

Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

1.2 Going concern

At the time of approving the 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. Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to 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.

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 conditions 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 donation.

Legacies are recognised on receipt or otherwise 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 contingent asset.

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KEMP HOUSE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

(Continued)

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:

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 the 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.

« Grant - making activities - 55%

1.6 Tangible fixed assets

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% on cost

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.

1.8 Impairment of fixed assets

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KEMP HOUSE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

| Accounting policies

(Continued)

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 instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual 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 set 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 financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at 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 liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes 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 operations from suppliers. Amounts payable are classified as current liabilities if payment is due within 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 financial liabilities

Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled.

Provisions are recognised when the charity has a legal or constructive 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 be 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 income/(expenditure) in the period in which it arises.

Rental income is recognised on a straight line basis over the term of the lease.

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KEMP HOUSE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

(Continued)

1.13 Grants payable

Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation 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 to 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 between 3 and 12 months.

2 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 experience 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 revision affects both current and future periods.

3 Income from donations and legacies

||||Unrestricted|||Unrestricted| |---|---|---|---|---|---| ||||funds||funds| ||||2025||2024| ||||£||£| |Donations|and|gifts|-||364| |Legacies|||45,984||2,000| ||||45,984||2,364|

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KEMP HOUSE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

4 Income from investments

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||||||| |---|---|---|---|---|---| |Unrestricted|Unrestricted| |funds|funds| |2025|2024| |£|£| |Rental|income|8,125|7,570| |Income|from|listed|investments|54,169|66,571| |62,294|74,141|

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5 Raising funds

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|||||||| |---|---|---|---|---|---|---| |Unrestricted|Unrestricted| |funds|funds| |2025|2024| |£|£| |Raising|funds| |Support|costs|(see|note|9)|4,907|4,207| |Investment|management|fees|16,627|16,788| |21,534|20,995|

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6 Charitable activities

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|||||||||| |---|---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Grant|funding|of|activities|(see|note|7)|275,436|351,000| |Share|of support|costs|(see|note|8)|2,528|2,528| |Share|of governance|costs|(see|note|8)|2,838|2,706| |280,802|356,234| |7|Grants|payable| |2025|2024| |£|£| |Grants|to|institutions:| |Grant|to|KEMP|Hospice|275,436|351,000|

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KEMP HOUSE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

8 Support costs allocated to activities

8 Support costs allocated to activities
2025 2024
£ £
Depreciation 2,528 2,528
Oxford Street costs 1,907 1,207
Legal and professional fees 3,000 3,000
Governance costs 2,838 2,706
10,273 9,441
Analysed between:
Fundraising 4,907 4,207
Charitable activites 5,366 5,234
10,273 9,441
9 Net movement in funds 2025 2024
£ £
Net movement in funds is stated after charging/(crediting)
Depreciation ofowned tangible fixed assets 2,528 2,528
Independentexaminer'sfees 2,838 2,706

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

11. Employees

The average monthly number of employees during the year was:

2025 2024
Number 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 (2024: ENil).

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KEMP HOUSE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

12 Gains and losses on investments

Unrestricted Unrestricted
funds funds
2025 2024
Gains/(losses) arising on: £ £
Revaluation of investments (47,406) (188,217)
Sale of investments 4,772 318,597
(42,634) 130,380

13 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

14 Tangible fixed assets

Tangible fixed assets
Freehold
property
£
Cost
At 1 April 2024 126,403
At 31 March 2025 126,403
Depreciation and impairment
At 1 April 2024 35,032
Depreciation charged in the year 2,528
At 31 March 2025 37,560
Carrying amount
At 31 March 2025 88,843
At31March2024 91,371

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 charitable objectives. KEMP House Trust retain the title absolute of the property 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.

.

KEMP HOUSE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

15 Fixed asset investments

Listed Cash in Total
investments portfolio
£ £ £
Cost or valuation
At 1 April 2024 1,918,837 34,271 1,953,108
Additions 464,107 - 464,107
Valuation changes (47,406) - (47,406)
Increase/(decrease) in year - (15,467) (15,467)
Disposals (610,510) - (610,510)
At 31 March 2025 1,725,028 18,804 1,743,832
Carrying amount
At 31 March 2025 1,725,028 18,804 1,743,832
At 31 March 2024 1,918,837 34,271 1,953,108
16 Debtors
2025 2024
Amounts falling due within one year: £ £
Trade debtors 3,236 2,363
Accrued income 6,637 2,720
9,873 5,083
17 Creditors: amounts falling due within one year
2025 2024
£ £
Trade creditors 3,043 3,000
Other creditors 25,000 283,407
Accruals and deferred income 2,838 2,706
30,881 289,113

17 Creditors: amounts falling due within one year

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KEMP HOUSE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

18 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Movement Movement
in funds in funds
Balance at Incoming Balance at Incoming Balance at
1 April 2023 resources 1 April 2024 resources 31 March 2025
£ £ £ £ £
Capital projects 335,422 - 335,422 - 335,422
Purposeofrestrictedfunds

Capital projects

This relates to funds received to be spent on capital projects in line with the Charity's charitable objectives.

19 Unrestricted funds

The unrestricted funds of the 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.

At1 April Incoming Resources Gains and At31 March
2024 resources expended losses 2025
£ £ £ z £
General funds 1,907,916 108,278 (302,336) (42,634) 1,671,224
Previous year: At 1 April Incoming Resources Gains and At31 March
2023 resources expended losses 2024
£ £ £ £ £
General funds 2,078,260 76,505 (377,229) 130,380 1,907,916
Analysis ofnetassets between funds
Unrestricted Restricted Total
funds funds
2025 2025 2025
£ £ £
At 31 March 2025:
Tangible assets 88,843 - 88,843
Investments 1,408,410 335,422 1,743,832
Current assets/(liabilities) 173,971 - 173,971
1,671,224 335,422 2,006,646

20 = Analysis of net assets between funds

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.

KEMP HOUSE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

20 Analysis of net assets between funds

(Continued)

Unrestricted Restricted Total
funds funds
2024 2024 2024
£ £ £
At 31 March 2024:
Tangible assets 91,371 - 91,371
Investments 1,617,686 335,422 1,953,108
Current assets/(liabilities) 198,859 - 198,859
1,907,916 335,422 2,243,338

21 _~—~Related party transactions

There were no disclosable related party transactions during the year.

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