THE URSUIA KEYES TRUST TRUSTEES, REPORT AND ACCOUNTS 31 December 2023 Registered Charity No. 517200 THE URSULA KEYES TRUST TRUSTEES, IiEPORT AND ACCOUNrs 31 DeCe￿ber 2023 Contents Page Legal and Administrative Iktails Trustees, Report Auditors, Report Statement of Financial Activitie5 Balance Sheet Notes to the Accounts 10-15 THE iJRSULA KEYES TRusr 31 December 2023 Registered Charity No. 517200 Legal S￿￿8 The Ursula Keyes Trt￿t w&5 established under a Trust deed daled 11 December 1985 (as amended on 27 January 2023) and was approved by the Inland Revenue Charity Division on 14 Ma￿h 1989. Trustee5 Mr J R Leaman Mr J A McLintock Mr J D Brimelow {Chairnian) Mr E A Elliott Dr l A Russell DrPGReid Mi55 E J Redrnond Mrs S Preston Address cjo RSM UK and Accountintr Limited One City Place Queens Road Chester CHI 3BQ Bankers Handelsbanken Albion House Albion Street Chester CHI IRQ Solicitors rm Legal LLP Archway House Station Road Chester CHI 3DR Auditors Champion Ac£ountsnts LLP Statutory Audilors 2 Floor, Re￿ge House 33- 37 Watercvate Row Chester CHI 2LE TKE URSULA KEYES TRUST TRUSTEES. REPORT 31 December 2023 The Trustees present their report along with the financial statements of the CharÉty for the year ended 31 Decefflber 2023. The financial statements have been prepared in accordance with the accounting policÈe5 set OLtt on pages 10 to 11 of the accounts and Comply with the Charity's Trust Deed, the Charities Act 2011 and Accounting and Reporting by Chatities.. Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1st January 2019). Structurei governance and man2ryement The Trust is an unincorporated trusL constituted under a trust deed dated I I tkcember 1985 a5 aTllended on 27 January 2023 and is a reoisterd Charity, number 517200. The Tn￿t was established by Ursula Keyes prior to her death in 1989. The Trustee5 are recruited in accordance with the Tn￿ Deed which states that the Trustee body will be no tnore than 8 with at least 2 Tn￿tee5 being tnedical practitioners. The Trustees tneet quarterly to decide on the grant applications, review the investment portfolio and keep up to date on all policy decisions which are minuted. All grnnt requests falling in the correct geogrdphical area are considered by the Trustees. The Trust &ssesses related party and conflict of interest issues annually by the completion of a related party fonn by each Trustee. A list of Trustees who have served during the year are set out on page l. New Trustees are proposed through recomrnendations froTn any of the Trustee b(Kly. The induction process for llew Trustees involves meetino the Chair and one or two other Ttt￿tees to discus5 investments, the grant mak-ing process and the responsibilities of a Trustee Board. Trustees attend training courses as appropriate. There are no employees. The Tn￿teeS have appointed agents to collect rents due on the Trust's behalf and administrators who look after all the administrdtive and financial rnanLuement requirements of the Trust. Objectives of the Trust The TrLlStees confirm that they have referred to the guidance contained in the Charity Comrnission's general ... guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year. The objectives are: (i) Primarily (but not exclllsively) for the benefit of the inhabitants of the area administered by CWAC. (li) The dissemination and improvement of medical knowledge. skills and the care or treatment of patients whether in public or private hospitals or nursing homes (including hospices) or in their own homes. Review of Activities and Achievements During the year ended 31 December 202J the Tnjst has supported a wide range of deserving causes in pursuit of its charitable objectives as summarised in Note 2 to the accounts. Grants were only made in response to a specific application either for a specific purpose or venture. for the general purposes of a charitable applicant and for emergency situations in the case of individuab. Grants of £5.000 or less Can be agreed by a sulFcomTnittee consisting of the chairnian and two other Trustees. THE URSULA KEYES TRUST TRUSTEES, REPORT 31 December 2023 (continued) FinaDcy21 Revlew The Financial Activities for the year to 31 December 2023 can be summarised as follows-_ 2023 2022 £'ooo 429 £?ooD 342 Income frorn Tents and interest Less". Propety and other costs Governance costs (167) (15) (118) (15) Net income available for grants Charttable grants 247 (167) 209 (128) Net Increase in resources for the year Add: Gainsl (losses) on investments 80 io 81 175 Net movement in funds for the year 90 256 Income for the year consisted of gross Ten15 receivable on freehold investment properties of £423,245 (2022- £340,641) and interest of £6,145 (2022.. £987). Expenditure comprised propetty costs of £166,662 (2022: £117,123)- Movement in the bad debt provision in the year w&s £Nil (2022.. £Nil), governance cost5 £15,214 (2022: £15,119) and other costs £908 (2022: £285}. The total c(st relating to Charitable grants for the year was £166,79J (2022: £127,811). Following consultation with the Trust's property advisor, the property market portfolio at 31 December 2023 has been revalued with an increase in the portfolio value of £IO.000. As a reslllL the property portfolio valuation at 31 December 2023 is £4,440.000. At the year end the net ￿etS coTnpri5e freehold investTnent properties at a valuation of £4.440,000 (2022: £4,430,000) and bank balances and debtor5 of £648.847 (2022: £546,828) less sundry creditors and accTuals of £86.925 (2022= £63.719). Reserves policy The Trustees have examined the requirement for free reserves which are those unrestricted funds not invested in fixed assets or otherwise committed. They consider free reserves of £250,000 to be appropriate. At the balance sheet date. the Trust had £497.922 (2022.- £483,109) of free reserves. The Trustees plan to maintain the free reserves at the level of £250.000 over the coming years in ordeT: to fund a fvrther property investment to provide larger charitable grants to important projects as and when required to protect its assets against fluctuations in the market to cover administration and property costs. THE URSULA KEYES TRUST TRUSTEES, REPORT 31 December 2023 (continued) Risk review The TTUStees have examined the major risks to which the Charity is exposed and systems have been established to mitigate those risks. Internal rtsks are minimised by the Émplementation of procedures for authorisation of all transactions and Projects. External risks to funding had led to an investment portfolio which generates both income and capital growth over a number of years. Future plans The Trustees intend to continue providing grants in a similar way and they intend to continue looking for appropriate investment opportunities. Trustees, responsibilities in relation to the financial ststements The law applicable to charities in England and Wales requires the Chartty Trustees to prepare financial statelnents for each year which give a true and fair vi¢w of the state of affairs of the Charity and of the illCOT¥]ing resources and application of resources. of the Charity for that perio(t In preparinu the financial statetnerLts, the Trustees are required to- select suitable accounting policies and then apply them consistently. observe the tnethods and principles in the Charities SOIiP; make judgements and estirnates that ore reasonable and prudent" State whether applicable accounting standards have been followrf subject to any material departures disclosed and explained in the financial staternents, and prepare the financial statements on the goino concern basis unless It is inappropri*e to presume that the CEwity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any tiTne the financial position of the Charity and to enable Éhetn to ensure that the financial statements Cotnply with the Charities Act 20 I l. the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and taking reasonable Steps for the preveThtion and detection of fraud and other irregularities. Approved by the Trustee5 and signed on their behalf by: By order of the Trustees Mr J D Brimeloiv Date . THE URSULA KEYES TRUST AUDrroRS' REPORT Independent Auditor5, Report to the Trustees of The Ursula Keyes Trust Opinion We have audited the finan¢ial staternents of The Ursula Keyes Trust ('the trust,) for the year ended J l December 20?- which comprise the statement of financial a¢tivities, th¢ balance sheet and the notes 10 the finimcial statements. including a summary of sionificant accounting policies. Thc financial reportinLT framework that has been applied in their prepatation is applicable law and United Kingdom Accounting Standards. includino Financial Reporting StsTidard 102 The Financial Reporting Stsndard applicablc in the UK and Republi¢ of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the Charity's affaiTS os at 31 Dettmber 20?3 and of its incoming resources and application of resolirces. for the year then ended- have bcen prop¢rly prepared in accordance with United Kintsdom Generally Accepted Accounting Prdctice. and have been prepared in accordance Wkih ihe requirem¢nts of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Stsndard5 on Auditino (UK) (ESAS (UK)) and applicable law. Our responsibiliti¢s under those standards are further described in the Audi￿￿S resFK)nsibilities for the audit of the accounts section of our report. We are independent of The Trust in accordance with the ethical requirements that Are relevant to our audit of ihe accounts in the UK, includints the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that th¢ audit evidcnce we have obtained is su￿1¢PetIt and appropriate to provide a basi5 for our opinion. Conclusions re12ting to going concern In auditing the financial statements, we havc concluded that Ihe Trustees, use of the goin¢y concern basis of accounting in the prepardtion of the financial statements is appropriate. Based on the work we have perfornie