TIIE IfRSITLA KEYES TRUST TRUSTEES, REPORT AND ACCOIJNTS 31 December 2024 Registered Charity No. 517200
THE IJRStJLA KEYKS TRUST TRIYSTEES, REPORT AND ACCOUNTS 31 December 2024 Contents Legal and Adrninistrdtive Details Trustee5' Report Auditors, Report Statement of Financial Activities Balance Sheet Notes to the Accounts 10- 15
THE URSULA KEYES TRUST LEGAL AND ADmI£sTRATIvE DETAILS 31 December 2024 Registered Charity No. 517200 Legal Status The Ursula Keyes Trust was established under a Trust deed dated 11 tkcember 1985 (as amended on 27 January 2023) and was approved by the In]and Revenue Charity Division on 14 March 1989. Trustees MrJ R t£aman Mr J A McLintock Mr J D Brirnelow (Chaiman) Mr E A Elliott Dr l A Russell DrPGReid Miss E J Redmond Mrs S Preston Address cjo RSM UK T&x and Accounting Livnited One City Place Queens Road Chester CHI JBQ Banliers Handelsbanken Albion House Albion Street Chester CHI IRQ Solicitors DTM Legal LLP Kn?Jts ts Court I Weaver Street Chester CHI 2BQ Auditors Charnpion Accountants LLP Statutory Auditors 2 Floor. Refuoe House 33 - 37 Watergate Row Chester CHI 2LE
THE URSULA KEYES TRusr TRUSTEES. REPORT 31 December 2024 The Trustees present their report along with the financial statements of the Charity for the year ended 31 December 2024. The financial statements have been prepared in accordance with ihe accounting policies set out on pages 10 to I l of the accounts and comply with the Charity's Trust Deed. the CharÈties Act 2011 and Accounting and Reporting by Charities: Financial Reporting Standard applTrcable in the UK and Republic of Ireland (FRSI 02) (effective 1st January 2019). Structllrey governance aDd management The Trust is an unincorporated trusL constituted under a trust deed dated I l December 1985 as amended on 27 January 2023 and is a registered Charity, number 517200. The Trust was established by Ursula Keyes prior to her death in 1989. The Trustees are recruited in accordance wtth the Trust Deed which states that the Trustee body will be no more than 8 with at least 2 Trustees being medical practitioners. The TnteeS meet quarterly to decide on the grant applications, review the investment portfolio and keep up to date on all policy decisions which are minuted. All grant requests falling in the correct geographical area are considered by the TrStee5. The Trust assesse5 related party and conflict of interest issues annually by the completion of a related party fortn by each Trustee. A list of Triistees who have served during the year are set out on page l. New Trustees are proposed through recommendations froTn any of the Trustee body. The induction prcesS for new Trustees involves meeting the Chair and one or two other Trustees to di5¢uss investments. the grant vnaking process and the responsibilities of a Trustee Board. Trustees attend training courses as approprtate. There are no employees. The Trustees have appointed agents to collect rents due on the Trust's behalf and administrators who look after all the administrdtive and financial management requirements of the Trust Objectives of the Trust The Trustees confimi ihat they have refeed to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objective5 and in pla[]ng future activitie5 and setting the grant making policy for the year. The objectives are.. (i) Primarily (but not exclusively) 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 paiients whether in public or private hospitals or nursing homes (including hospic&s) or in their own homes. Review of Activities and Achievements During the year ended 31 December 2024 the Trust has supported a wide range of deserving causes in pursuit of its charitable objectives &s summarised in Note 2 to the accounts. Grants were only Tnade in response to a specifIc application either for a specific purpose or ventu, for the general purposes of a charitable applicant and for emergency situation5 in the e of individuals. Grants of £5,000 or less can be agreed by a sub-committee consisting of th¢ chairman and two other Trustees.
TEtE URSULA KEYES TRUST TRUSTEES, REPORT 31 December 2024 (eontinued) Financial Review The Financial Activities for the year to 31 December 2024 can be sutnmarised &$ follows.'_ 2024 2023 £'ooo £'ooo 429 (167) (15) Income from retRts and interest Less: Property and other costs Governance costs (84) (16) Net income available for grants Charitable grants 299 (164) 247 (167) Net increase in resources for the year Add.. Gainsl (Ios5es) oli investments 135 (102) 80 10 Net rnovement in funds for the year 33 90 Income for the year consisted of Crross rents receivable on freehold inve5tmenl properties of £388,015 (2023.. £42J,245) and interest of £10,918 (2023= £6,145). Expenditure COTnprised property costs of £8i,745 (2023- £166,662). Movement in the bad debt provision in the year was £Nil (202J.' £Nil). governance costs £15,975 (2023: £15,214) and other costs £393 (2023: £908). The total cost telaling to Charitable grants for the year wa5 £16i.586 (2023: £166.793). Following consultation with the TnLSt's property advisor. the property market portfolio at 31 December 2024 has been revalued with a decrease in the portfolio value of £102,000 (2023= increase of £ l O.000}. As a re5uIt, the property portfolio valuation at 31 Decetnber 2024 is £4.338,000 (2023". £4,440,000) At the year end the net &ssets COTnprise freehold investment properties at a valuation of £4.338,000 (2023: £4,440,000) and bank balances and debtors of £777.8iO (2023: £649.847) less sundry creditors and accruals of £79,694 (2023: £86.925). Reserves policy The Trustees have examined the requiretnent for free reserves which are those unrestricted funds not invested in fixed assets or otherwise committed. They consider free reserve5 of £250,000 to be appropriate. At the balance sheet date, the Trnst had £698,156 (2023: £562.922) of free reserves. The trustees have held back reserves above the appropriate larget of £250,000 with the Tnain purpose being the aim to acquire new investment property in the near future. as well as: to provide larger charitable grants to important projects as and when requir1 to protect 115 assets against fluctuations in the Tnarket to cover adlninistration and property costs.
THE iIRSULA KEYES TRUST TRUSTEES, REPORT 31 December 2024 (continued) Rtsk review The Trustees have examined the major risks to which the Charity is ey)osed and systems have been established to rnitigate those risks. Intemal risk5 are minimi5ed by the irnpleTnentation of procedures for authorisation of all trdnsactions 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 p1211S The TteeS intend to continue providing grants in a similar way and they infrnd to continue looking for appTopriate investment opportunities. Trustees, responsibilities in relation to the financial statements The law applicable to charities in England and Wale5 require5 the Charity Trustees to prepare financial statements for each 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 ihe Charity for that period. In preparing the financial statements, the Trustees are required to.. select suitable accounting policies and then apply them coiisistently" observe the methods and principles in the Charities SOiiP' tnake judgements and estimates that aTe reasonable and pdenL state whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial statetnents. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the ChitIeS Act 201 I, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Tn15t deed. They are also r&sponsible for safeguarding the assets of the Charity and taking reasonable steps for the prevention and detection of frdud and other ]egUlar1tie5. Approved by the Trustees and signed on their behalf by: By order of the Trustees Mr J D Brimelow Date ". IO" Oclo5 2c)1s
ADORs, REPORT Iudependent ADditors? Report to the Trustees of The Ursula Keyes Trust Opinion We have audited the financial statements of Th¢ Utsula Keyes Trust ('the ttust.) for the ycar ended 31 December 20?4 which comprise the statement of financial activities. the ba]ance sheet and the notes to thc financial statement5, including a summary of significant accounting policies. The financial reporting framcwork that has been applied in their preparation is opplicable law and Uni(ed Kingdom Accounting Stondards. includin Financial Reporting Standard 10? The Financial Reporting StaTJdard applicable in th¢ UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice)- In our opinion, she financial statements.. give a true and fair virw of the state of the Charity's affair5 at 31 December 2024 8nd of its inc£Trming re50ur¢es and applicalion of resources. for the yw then ended. have been properly prewdred in accordance with United Kinudom Genernlly Accepted Accountin¢v Praetice. and hav¢ been prepared in accordance with the requirements of the Chorities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applic&bSe law. Our responsibilitie5 under those 5tsndards are fiirther described in the Auditorfs responsibilitie5 for the audit of the accounts section of our rew)rt. We arc Éndependent of The Trusi in accordance with ihe ethical requirements that e relevant to our audit of the accounts in the UK, includinu the FRC'S Ethical Siandard. and we have fulfilled our otl)er ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going coneern In auditing the financtal statemenw we have concluded that the Trustee5' use olthe going concern basis of accountirkg in the prepardlion of the financial statemenls is appropriate. Based on lh¢ work we have perforn)ed, we have not identified any material uDcertaintie5 relatin(F to events or conditions thaL individually or collectively. may cast significant doubt the Charity's ability to tontinue as a goino concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to tsointy ¢oncern are described in the relevant section5 of this repori Other information The other informakion comprises the inforniation included in the Trustee report oiher than Ihe financial ststements and our auditor'5 reporl thereon. The Trustees are rcspon5ible for the other information containcd within ihe Trustee report Our opinion on the financial sialements does not cover thc other information and. we do not express any fom of assurance conclusion thereon. Our responsibility is lo read the other infomation and, in doing so. consider whether the other inforniation is m&terially inconsistent with the fitsancial stateTnents or our knowledge obtained in the coursc of the audit or oihenwise appear5 to be rnaterially Tnisstated_ If we identify such material inconsistencie5 or apparent material misstatements. we are required to delerniine whether rhss gives rise to a material misstsiement in the financial slatemetlts thetnselves. If. based on the work we hav¢ perforn)ed. we wn¢lude that there is a material misstatement of this other infomation. we a required to report that fact. We have nothing to report in this regard.
TItE URSULA KEYES TRUST AuDORs, REPORT Indepeudent Auditors, Report to tbe Trustee5 of The Ursula Keye5 Trust {contiuu¢d) Matters on which we are required to report by exteption We have nothing to report in respect of the following tnatters wbere the Charities Act 201 I requires us to report to you if. in our opinion: the infomiation given in the financial statements 15 inconsistent in any material respect with the Trustees, repor¢ or sufficient accounting records have not been kep¢ or the financiaI statements Rre not in agreement with the accounting records. or we have not received all the information and planatIOnS we require for our audit. Responsibilities of Trustees As explained morc fully Tn the statement of Trustees, Responsibilities. the Trustees are respJnsible for thc preparation of the financial statetnents and for b¢ing satlsfied that they give a true and fair vicw. and for such intErnal control a5 the Trustees determine is necessary to enablc the preparation of financial statements that are free from material mis51atement, whether due to fraud 01 etror. In pparIng the financial statements. the Trustee5 are restKFn5ible for &sse55ing The Trust'5 ability lo continue as a going concern, disclosing. as applicable. matters related to going concern and usints ihe goinu concern basis of accounting unless the Trustees either intend to cease oFrations, or have no realistic alternative to do so. Auditor's TponsIbIlitieS for the audit of the financial ststements We have been appointed as audilors under Section l44 of the Charittes Act 2011 and rew)rt in accordance with the Act and relevant regulations made or having effect thereunder. Our objective5 are to obtain msonable assurance about whether the financial statements as a whole are free fi7)m material Tnisstatemen¢ whcther due to fraud or emir. and to issue an auditor's report that includes our opinion. Reason&blc assurance is a high level of assurance, but is not a guardntee that an audit conducted in accordance with ISAS (UK) will alway5 detect a material misstatement when it exi51s. Misstatements can arise from frdud or error and are considered Tnaterial if, individually or in the regate. they could reasonably be expected to influence the economic decisions of users taken on th¢ basis of th&se Iinanci81 ststements. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our respon55bilities, outlined abov¢. to dctcct Materi misstatements in respect of irregularitiC5. including frau The e.xtent to which our procedures are capable of d¢lecting irregularities, including fraud. is detsiled below: Eitent to ivhieh the audit is considered capable of detectiDg irreoularities. ineluding fraud Irreoularities are instance5 of non-cosnplionce with laws and regulations. The objectives of our audit a to obtain sufficient appropriate audit evidence regardino compliance with laws and regulations that have a direct effect on the detennination of material amounts and disclosures in the financial statements. to perform audit procedures to help identify instances of non-¢omplianre with oth¢r laws and regulations that may have a material effect on the financial statements. and lo respond appropti&tely to identified or suspcctcd non-compliancc with laws xnd regulations identified durino the audit Audit Procedures We dctermine siunificant applicable laws and regulatiotts through discussion with those charoed with governance and our own knowledtse of the sector and design audit pr(Kedures to help identify instances of non-compliance with those laws and regulations that may have & matertal effect on the financial statcments. We consider the applicabl¢ laws and gUlatIonS to be the financial reporting framework - the Statement of Recommended Prdctice.. Accounting and Reporting by Charities preparing their accounts in accordance with th¢ Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102). the Charities Act 2011 arAd relevant tax regulalion5.
THE URSULA KEYES TRUST AiTDtTORS' REPORT Independent Auditors, Report to the Trustees of The Ursula Keyes Trust {continued} We consider the control environment and the procedu in place to addre55 identified risks. including managemcnt override, non-compliancc with law5 and regulations and to prevent and detect fraud or irregularity. Our procedures are designed to provide reasonablc assurance that the financial statements are free from material mi5Statement or error and include: enquiries of iT]dividuals in key compliance fiJnctions- review of minute5 of meetings of those charged with govemance. review and testing of manual journals and significant transactions outside the nornial course of busines5- reviemf of financial statement disclosures and testinu to SUPFKbrting docuTnentation.' performance of an7Llyti¢al procedure& We ale not responsible for pVenting non-compliance and due to the inhercnt limitations of an audiL as described above. the audit cannot be r¢lied upon to detect all instances of non-cornplian¢e with laws and r¢gulations. A furfher description of our responsibilities for the audit of the financial stateTnents is located on the Financial Reporting Coun¢il'5 website at: http'Jlwww.frc.org.uklauditorsresw)nsibilities. Thi5 description fonns part of our auditovs report Use of our report This report is made solely to the Chirity's Tntee$, &8 a IM)dy. in accordance with part 4 of the Tharities (Accounts and Reports) Re. ulations ?008. Our audit work has been undertaken so that we might statc lo the Charity's Tru5tces those mattcrs we are required to state lo them in an auditors, report and for no other purp)se. To the fvllest extent peTmitted by law. we do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for our audit work, for this report. or for the opinions we have formed. Susan Harris MA ACA (Senior Statutory Auditor) for aud on behalf of ChAmpioll Accountants LLP Chartered Accountants Statutory Auditor 2nd Floor RefLIe House 3)-J7 Watergate Row Chester CHI 2LE Champion A¢countsnts LLP is eli¢yible for appointment as audTtor of The Trust by virtue of its eligibility for appointment as auditor of a company under of section l ?12 of the Componies Act 2006
THE URSULA KEYES TRUST STATEMENT OF FtNANCLIL ACTIVITIES for the year ended 31 December 2024 Unrestricted 2024 2023 Note INCOME Investment income: Rental income from inveslment pmperties in the UK Bank interest 388.015 10,918 423,245 6,145 Total illcome 398.933 429,390 EXPENDITURE Costs of raising funds 84,138 l67.570 Expenditure on charitable activities 179,561 182,007 Total expenditure 263,699 J49.577 Net income before investments gains 135,234 79.813 Net investment (losses)I gains (102,000) 10,000 Net income and net movement in funds 89,813 Fund balances brought forward 5,002.922 4,913,109 Fund balances tarried forward 5.036.156 5,002.922 All of the above re5uIt5 are derived from continuing activities.
THE URSULA KEYES TRUST BALANCE SHEET at 31 December 2024 2024 2023 Note Fixed assets Investment property 4,338,000 4,440,000 Current assets Debtors Cash at bank and in hand 126.598 651.252 I 14,568 535,279 777.850 649.847 Creditors: Amounts falling due within one year (79,694) (86,925) Net current assets 698.156 562,922 Net assets 5,0)6,156 5.002,922 Funds Unrestricted- General Unrestricted- Designated Fund 5.036.156 5,002,922 Unrestricted funds 5,OJ6,156 5,002,922 Approved and allthorised for issue by the Trustees on . igned on their behalf by= Mr J D Brimeloiv Trustee
10 THE URSULA KEYES TRUST NOTES TO TItE ACCOurs 31 December 2024 l Accounting pollcies Charity infomation The Ursula Keyes Trust is a charity registered in England and Wales by the Charity Commission (charity number 517200). Details of the principal address are given on the infomiation page of the financial statements. The charity's operations and principal activities are described in the TnL5tees' Report. Basis of accounting The financial Statements have been prepared under the historical cost convention with items recognised at C05t or transaction value unless Otherwise stated Èn the relevant note5 to these accounts. The financial statements have been prepared in accordance with the StateTnent of RecoTnmended Practice.. Accounting and Reporting by Charities preparinc¥ their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective Ist January 2019) and the CharÈties Act2011. The fiTwicial statements have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and RepoTts) Regulation5 2008 only to the eytent required to provide a 'true and fair, view. This departure has involved following 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) issued in October 2019 rather than the Accounting and Reporting by Charitie5: Statement of Recotnmended Practice effective from l April 2005 which has since been withdrawn. The financiaE statements are prepared in sterling, which is the fun¢tTonal currency of the entity and rounded to the nearest L The trust constitute5 a public benefit entity as defined by FRS 102. Going Concern The Trustees have Considered the likely level of income and expendiluTe for the foreseeable future. The Trustees are satisfied that the Charity can meet its obligatioT)s as and when they fall due. Accordingly, the going concern ba515 of preparation is appropriate for these financial statements. Incoming Resoureos All incoming resources are included in the Statement of Financial Activities (SOFA) when the Charity is legally entitled to the inc0e and the amount can be quantified with ronable accuracy. The followintr specifjc policie5 are applied to particulaT categories of income: Investment incotne and bank interest is included when receivable. Rental income is included in full in the Statement of Ftnancial Activities in the period in which the Trust is entitled to the receipt. Direct charitable expenditure Expenditure is accounted for on an accruals basis. Costs of generating funds are those costs incurred in maintaining the property portfolio. Charitable activities include expenditure associated with the running of the ChaTity and in¢5ude botli the direct Costs and support costs relating to those activities.
li THE tiRSULA KEYES TRUST NOTES TO THE AccouNrs 31 December 2024 Aecounting policies (contlDued) Grants payable are payments made to third parties in funherdnce of the Charity's objects under the terms of the trust deed. Grants that are approved by the Trustee5 and authorised for payFnent are accrued in the financial statements. Grants approved but not authorised for payment are not accrued as expenditure. Governance costs comprise the costs of running the charitable trus¢ including strategic planning for its future development, audit and leoal fees and all the costs of cornplying with constitutional and Statory requirements, such as any costs of Trustee meetings, of preparing statutory accounts and satisfying public accountability- Taxation The Trust is a registed charÈty and generally exempt frotn taxation. Freehold investment properti& Freehold investment properties are initially recognised at their tra[ctiOn value and subsequently me&5ured at their market value as at the balance sheet date. The investment properties weie fornially valiied at 28 January 2015 by Mr R Heyes FRICS. Chartered Surveyor on half of Bolton Birch Chartered Surveyors. On an annual basis the Tn]stees update the valuation following consultation with the Trust's property adviser if there h&% been a significant change in market value5. Debtors Debtors are measured on initial recognition at settlement amount. Subsequently they are measured at the cash or other consideration expected to be received. Creditors The Trust has creditors which are measured at settlement amounts less any discounts. Irreeoverable VAT Irrecoverable VAT is charged as a cost to the SOFA. Fund Accountin General Funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and whtch have not been designated for other purposes. Designated funds comprise unrestricted fund5 that have been set aside for specific purposes where there are commitments of substantial amounts by the charjty to third parties. The aitn and use of each designated fund is set out in the notes to the financial statements. Charitable E.Ypenditur¢ Basis of Apportionment Total 2024 TotAI 2023 Grants payable Governance costs Actual Actual Note 2a Note 2d 16i,586 15,975 166.793 15.214 179.561 182,007
12 NOTES TO Tl[£ Accouwrs 31 December 2024 Grants payable The Charity did not undertake any activity directly but met its charitable purp)ses by making grants to Institutions and Individuals. The total amount of grdnts payable. analysed between institutional grants and grants to individua15 are as follows: Institution5 (note 2b) Individuab (note 2c) Totaj 2024 Total 2023 Charitable grdnts payable 163.586 163,586 166,793 2b Grants to Institutions Total unrestricted funds 2024 2023 Grants to Institutions Alder Hey Children's Charity Amasino Projects CIC Bishops Bluecoat C&E School Blesma British Forces Foundation British Wireless for the Blind Canal & River Trust Chapter (West Cheshire) Ltd Cheshire Deaf Society Chester Cathedral Chester Gang Show Chester Mystery Plays Citizens A.dvice Chester Claire House Deva Boxing CeTTrtre Dtal West Cheshire Dream Holiday5 DSL Farndon Community Trust Freedom for Kids Friends of Lache Community GEH Servic¢s Go Kids Go Green Power Trading UK Limited Happy Days Charity Healthbox CIC Hearing Dogs for Deaf People Holy Trinity PCC H05pice of the Good Shepherd Huntington's Disease Association Leonard Cheshire Disability Live Malp&s Young Persons Project Millercare Limited Motor Neurone Disease Aociation Neuro Therapy Centre OPAL Service5 Pslon for Leaming PCC of St Helens Centre Platfonn for Life Royal Air Force 5,000 3,000 3.656 5,700 1,000 1,000 1,290 1.750 2.030 1,590 1,860 1.000 3,000 10.000 2,200 ,996 2.507 1.150 1,700 5,688 30.000 5,000 ,495 1,000 1,790 1,449 1,090 1,500 2.500 40,000 3,000 1,500 2,000 1,000 1,425 1.500 50,000 2,500 1,236 22,950 2,500 1,000
13 THE URSULA KEYES TRUST NOTES TO THE ACCOUNTS 31 December 2024 2b Grants to Institutions (continued) Save The Family Shine Chartty SSAFA Chester StaTr in the Community Tattenhall Park Primary School The Bren Project The Countess of Chester Hospital Upton-By-Chester High School Wesley Church 1° Saltney (St Mark Scout Group) Donations under £1,000 4,410 2,000 1.500 1.200 1,000 3.0(M) 43.743 3.000 2,500 7.510 15,000 1.520 5,482 163,586 166,79) Grants lo Individuals 2024 2023 Grant5 to Individuals Total amouiit paid in aggregate No. Nutnber of individuals who received grdnts Total of charitable grants payable 163.586 166,79J 2d Governance costs Basis ol Apportionment Total 2024 Total 2023 Legal and Professional fees Statutory audit fees Actual Actual 11,367 4.608 10,454 4.760 15.975 15,214
14 THE URSULA KEYES TRUST NOTES TO ThE ACCOUNTS 31 December 2024 Costs of raising ndS Basis of Apportionment Total 2024 Total 2023 Property costs Website costs Bank interest and charges Bad debts charged Actual Actual Actual Actual 83,745 95 298 166,662 614 294 84,138 167.570 Total resources expended No staff are employed by the Trust. No staff received employee benefits exceeding £60k. The Trustees received rjo remuneratio or incutted any other expenses during the year. lllvestmeTht property Total 2024 Total 2023 Market value- blfwd at l January Revaluation 4,440,000 (102,000) 4.430,000 10,000 Market value - c/fwd at 31 De¢etnber 4.J38.000 4.440,000 Historical cost 4,062,154 4,062,154 The investment properties were fomally valued at 28 January 2015 by Mr R Heyes FIUCS, Chartered Surveyor on behalf of Bolton Birch Chartered Surveyor5. Following consultation with the Trust's property advisor. the valuation of the PToperty market FK>rtfolio has been arnended to the values included in this report iipdated for further propety valuation movements in the year ended 31 December 2024. Debtors 2024 2023 Rents due from tenants and property agents Prepayments 2nd accrued income 114,312 12,286 104,855 9,713 126.598 114,568
15 THE URSULA KEYES TRUST NOTES TO THE ACCOUNTS 31 December 2024 Creditors: amounts falliniF due within one year 2024 2023 Accruals and deferred incovne (note 8) Value Added Tax 68,080 11.614 73,376 13,549 79.694 86,925 Deferred Income 2024 2023 Balance brought forward (Decrease)IlncFease in liability recognised during the year 57,)80 (5,777) 36.780 20,600 Balance carried forward 51,603 57.380 The deferred income amounts above are the result of timing differences between rental periods and the year end of the trust. Unrestricted funds The unrestricted funds comprise the following: Balanee at 01.01.24 Income Expenditure Net investment gainsl(lo&ses) Balancc 2t 31.12.24 General unrestricted fund 5.002,922 398.933 (263,699) (102,000) 5,036,156 Total fuT)ds 5,002.922 398,933 (26J,699) (102,000) 5.036,156 io Related Parties The TrteeS all give their time aTJd expertise freely without any form of remuneration or other benefit in cash or kind (2023: £Nil). No related party transactions arose during the year.