2023-03-31-accounts - Kelsick's Educational Foundation

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Trustees' annual report
Reference and administrative	details
Structure, governance gr management
Objectives and activities
Achievements and performance		and plans for future periods
Public benefit
Financial review
Trustees' responsibilities
independent Auditors' report
Statement offinancial activities
Balance sheet			12
Statement ofcash flows			13
Notes tothe financial statements			14

Cate pries of rant awards a	nd com arisen with	2021-22
	2022-23		2021-22
Category	Grantfor	As%age of	Grant for	As%age of
	Category	total grant	Category	total grant
Primary - Individuals	E12,775	4.52%	E4,595	1.72%
Secondary and Further	626,434	9.35%	E23,323	8.71%
Education - Individuals
Higher Education	E29,598	10.47%	E31,710	11.85%
Schools	E212,962	75.31%	E205,942	76.93%
Special needs	E1,000	0.35%	E2,121	0.79%
TOTAL	E282,769	100.00%	E267,691	100.00%

					Unrestricted	Restricted	Total	Total
					Funds	Funds	Funds	Funds
				Note	2023	2023	2023	2022
					E	E	E	E
INCOME
Investment income
- Income from properties					348,656		348,656	347,314
- Income from investments					57,685		57,685	58,972
Other income								1,250
Totalincome					406,341		406,341	407,536
EXPENDITURE
Costs ofraising funds
Investment property costs					175,613		175,613	95,530
Investment management	costs				10,466		10,466	10,256
Expenditure on charitable		activities
Education					282,769		282,769	267,691
Governance costs					12,776		12,776	8,874
Total expenditure					481,624		481,624	382,351
Net income (expenditure)			and net
movement in funds before			gains and	losses
on investments					(75,283)		(75,283)	25,185
Gains (losses) on revaluation			and
disposal of investments				10	(140,036)		I140,036)	80,617
Gain on revaluation of investment
property				9				1,101,250
Net movement in funds					(215,319)		(215,319)	1,207,052
Fund balance at 1April 2022					10,505,663	500	10,506,163	9,299,111
Fund balance at 31March		2023			10,290,344	500	10,290,844	10,506,163

			Note	2023	2022
				6	6
Fixed assets
Investment	properties		9	7,620,000	7,620,000
Investments			10	2r485,208	2,639,476
				10,105,208	10,259,476
Current assets
Debtors				690	8,957
Cash at bank and in		hand		226,643	276,494
				227,333	285,451
Creditors: amounts		falling
due within	one year		12	I41,697)	I38,764)
Net current	assets			185,636	246,687
Net assets				10,290,844	10,506,163
FUNDS
Restricted funds			14	500	500
Unrestricted	funds		15
General funds				10,290,344	10,505,663
Total funds				10,290,844	10,506,163

			2023	2022
			6	6
Net cash generated from	operating	activities	(64,083)	44,715
Cash flow from investing	activities
Purchase ofinvestments			(472,849)	(53,675)
Disposals ofinvestments			487,081	46,826
Net cash flow from investing activities			14,232	(6,839)
Change in cash and cash	equivalents	in the year	(49,851)	37,876
Cash and cash equivalents	brought	forward	276,494	238,618
Cash and cash equivalents	carried forward		226,643	'276,494
Cash and cash equivalents	consists	of:
Cash at bank and in hand			226,643	276,494
Net cash generated from	operating	activities
Net movement in funds before gains and
losses on investments			(75,283)	25,185
Depreciation
(increase) decrease in debtors			8,267	16,297
(Decrease) increase in creditors			2,933	3,233
			(64,083)	44,715

3	Investment income			2023	2022
				f	f
	Income from UK property
	Rents receivable			339,598	339,759
	Room hire			9,058	7,555
				348,656	347,314
	Income from UK investments
	Interest and dividends			56,841	58,944
	Bank interest receivable			844	28
				57,685	58,972
4	Other income
	This represents the proceeds from the sale		of a small parcel of land.
5	Staff costs			2023	2022
				E	E
	Salaries and wages			36,509	33,246
	Social security costs
				36,509	33,246
	The average number	ofpart time employees	during the year was	Number	Number
	Administration support staff
	Cleaner
				3	3

Grants payable		2023 f	2022 f
Grants awarded	to voluntary schools and organisations
Ambleside	Primary School	80,070	79,914
Grasmere	Primary School	65,498	59,109
Langdale	Primary School	67,394	66,520
Special grant for Kids Centre booklets			399
		212,962	205,942
Grants awarded	to individuals	69,807	61,749
		282,769	267,691

Investment	properties		Fixtures,
		Freehold land	fittings and
		and buildings	equipment	Total
		E	E	E
Cost / Valuation
At 1April 2022		7,620,000	70,319	7,690,319
Additions
Revaluation
At 31March	2023	7,620,000	70,319	7,690,319
At cost			70,319	70,319
At valuation		7,620,000		7,620,000
		7,620,000	70,319	7,690,319
Depreciation At 1April 2022			70,319	' 70,319
Disposals
Charge for the year
At 31March	2023		70,319	70,319
Net book value:
At 31March	2023	7,620,000		7,620,000
At 31March	2021	7,620,000		7,620,000

Fixed Asset Investments	Fixed Asset Investments	2023	2022
Fair value:		E	E
At 1April 2022		2,639,476	2,552,020
Additions at cost		472,849	53,675
Disposal proceeds		(487,081)	(46,836)
Increase (decrease)	in fair value	(140,036)	80,617
At 31March 2023		2,485,208	2,639,476

Fixed Asset Investments (continued)		Market		Market
	Cost	Value	Cost	Value
	2D23	2023	2022	2022
Direct Property &Property Funds	6	E	E	E
Mayfair Capital In Prop Inc Trust	25,986	25,740	76,016	92,288
First Sentier inv responsible listed infrastr	42,201	36,814
FP Foresight OEIC FP FRSGHT GBL REAL INFRS A	42,217	35,453
	110,404	98,007	76,016	92,288
Fixed interest &fixed interest funds
Rathbone UT MGT Ethical Bond	48,235	38,337	48,235	44,511
Royal London Ethical Bond	49,435	39,968	49,435	45,974
RCB Bonds PLC4.4% SNR 30/04/2027	17,825	17,175
RCB Bonds PLC4.259SSNR 06/07/2028	14,625	13,525
Places for People 4.25% GTD SNR 15/12/23 GBP			24,425	25,312
RETAIL CHARITY BON 4.259SSNR 06/07/2026 GBP			14,625	15,197
Retail Charity BON 4.4% BDS30/04/25 GBP1000			24,307	24,867
RETAIL CHARIOV BON 49sSNR MTN 31/10/27 GBP			26,725	27,205
Retail Charity BON 4.259oSNR 30/03/2028 GBP10	22,725	20,691	22,725	22,316
RETAIL CHARITY BON 4.259SSNR 20/06/2B GBP10	24,625	23,210	24,625	25,073
	177,470	152,906	235,102	230,455
Global Equities &Equity Funds (ex UKI
CFP Castlefield FD CFP Castlefield Suet UK SML	80,478	134,537	45,913	126,521
Global Equities &Equity Funds
FUNDROCK PTNRS LTD FP WHEB SUET BGBP ACC	136,514	142,899	73,044	83,789
Conbrio FD PTN LTD CFP CFLD BESTSUET EURP Gl	152,946	170,836	63,396	77,372
FIRSTS EN TIER INVR STEWART INV WW IDE SUSTA	151,120	161,726	85,782	101,035
LIONTRUST FUND PAR SUET FUTURE GBLGTH 2 A	92,670	92,164	39,120	44,929
SARASIN FUND MANAG SARSIN RESPONSIBLE GBI	75,737	76,759	3D,095	35,785
	608,987	644,384	291,437	342,910
Multi-Asset Funds
CELA INVESTMENT MA INVESTMENT INCOME	23,785	517,068	23,785	547,226
	23,785	517,068	23,785	547,226
Other assets
Capital for Colleagues Ord 0.40	43,605	45,089	43,605	64,074
CFP Castlefield FD CFP Real RTN GN	125,078	138,174	88,763	111,633
	168,683	183,263	132,368	175,707
UK Equities &Equity Funds
Castlefield FD PTN BESTIncome			517,846	536,892
Castlefield FD PTN UK Smaller Cos Fund	593,11D	755,043	379,378	587,477
	593,110	755,043	897,224	1,124,369
TOTAL	1,762,917	2,485,208	1,701,845	2,639,476

11	Debtors				2023	2022
					E	E
	Other debtors				690	8,957
	Prepayments and accrued income
					690	8,957
12	Creditors: amounts		falling due within one year		2023 E	2022 f
	Trade creditors	and accruals			21,813	14,130
	Other creditors				19,884	24,634
					41,697	38,764
13	Analysis of net assets between funds			General
				Unrestricted	Restricted	Total
				funds f	fundsf	fundsf
	Fixed assets			10,104,708	500	10,105,208
	Current assets			227,333		227,333
	Current liabilities			(41,697)		(41,697)
	Net assets at 31March 2023			10,290,344	500	10,290,844
14	Restricted funds				2023	2022
					E	E
	At31March20	23	and31March2022		500	500

Unrestricted funds		2023	2022
		f	f
Balance at 1April 2022		10,505,663	9,298,611
Incoming resources		406,341	407,536
Resources expended		(481,624)	(382,351)
Investment (losses)	gains	(140,036)	80,617
Property revaluation	gain		1,101,250
Balance at31March	2023	10,290,344	10,505,663