Charity registration number 801107
THE CHRISTINE KING MEMORIAL TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
THE CHRISTINE KING MEMORIAL TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
| Trustees | Karen King |
|---|---|
| Helen Ball-King | |
| Juliana Wong | |
| Kieran Ball | |
| Laurence Ball | |
| Richard Hopper | |
| Charity number | 801107 |
| Principal address | 3 Anchor Quay |
| Norwich | |
| Norfolk | |
| NR3 3PR | |
| Accountant | Richard F Hopper |
| 4 Rhodfa Clawdd Offa | |
| Denbigh | |
| Denbighshire | |
| LL16 4RJ |
THE CHRISTINE KING MEMORIAL TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 |
| Accountant's report | 2 |
| Statement of financial activities | 3 |
| Balance sheet | 4 |
| Notes to the financial statements | 5 - 11 |
THE CHRISTINE KING MEMORIAL TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The trustees present their annual report and financial statements for the year ended 30 September 2023.
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 the trust'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 1 January 2019)".
Objectives and activities
The trust's objects are the advancement of education and the relief of poverty and suffering. The policies adopted in furtherance of these objects are the support of other charities both in the UK and abroad and there has been no change in these during the year.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the the trust should undertake.
Achievements and performance
During the year the trust supported three other charities, two in UK and one abroad.
Financial review
The financial income and expenditure for the year and the financial position at the end of the year are set out in the attached accounts. The trustees consider the financial position to be satisfactory.
The trustees are gradually using the charity's reserves to support its objects.
The trustees have assessed the major risks to which the the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Structure, governance and management
The the trust was established by a charitable trust deed on 30 January 1989.
The trustees who served during the year and up to the date of signature of the financial statements were: Karen King Helen Ball-King Juliana Wong Kieran Ball Laurence Ball Richard Hopper
Any additional trustees are appointed by the unanimous consent of the existing trustees.
The trustees oversee the running of the charity, while the majority of day-to-day matters are dealt with on their behalf by Helen King and Richard Hopper.
The trustees' report was approved by the Board of Trustees.
..............................
Trustee
Date: .............................................
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THE CHRISTINE KING MEMORIAL TRUST
CHARTERED ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE CHRISTINE KING MEMORIAL TRUST FOR THE YEAR ENDED 30 SEPTEMBER 2023
In order to assist you to fulfil your duties under the Charities Act 2011, I have prepared for your approval the accounts of The Christine King Memorial Trust for the year ended 30 September 2023, which comprise and the related notes from the charity's accounting records and from information and explanations you have given me.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, I am subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulationsstandards-and-guidance/.
This report is made to the charity's trustees, as a body, in accordance with the terms of my engagement letter dated 10 September 1993. My work has been undertaken solely to prepare for your approval the accounts of The Christine King Memorial Trust and state those matters that I have agreed to state to the charity's trustees, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at icaew.com. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than The Christine King Memorial Trust and the charity's trustees as a body, for my work or for this report.
It is your duty to ensure that The Christine King Memorial Trust has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and surplus of The Christine King Memorial Trust. You consider that The Christine King Memorial Trust is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.
I have not been instructed to carry out an audit or a review of the accounts. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the accounts.
Richard F Hopper
.........................
Chartered Accountant
4 Rhodfa Clawdd Offa Denbigh Denbighshire LL16 4RJ
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THE CHRISTINE KING MEMORIAL TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
| Unrestricted Restricted funds funds 2023 2023 Notes £ £ Income from: Donations and legacies 3 50,038 22,380 Investments 4 8,794 - Total income 58,832 22,380 Expenditure on: Raising funds 5 4,773 - Charitable activities 6 12,957 22,260 Total expenditure 17,730 22,260 Net gains/(losses) on investments 11 2,689 - Net income/(expenditure) and movement in funds 43,791 120 Reconciliation of funds: Fund balances at 1 October 2022 394,044 480 Fund balances at 30 September 2023 437,835 600 |
Total Unrestricted Restricted funds funds 2023 2022 2022 £ £ £ 72,418 75 746 8,794 6,907 - 81,212 6,982 746 4,773 5,285 - 35,217 10,008 16,376 39,990 15,293 16,376 2,689 (65,686) - 43,911 (73,997) (15,630) 394,524 468,041 16,110 438,435 394,044 480 |
Total 2022 £ 821 6,907 7,728 5,285 26,384 31,669 (65,686) (89,627) 484,151 394,524 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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THE CHRISTINE KING MEMORIAL TRUST
BALANCE SHEET
AS AT 30 SEPTEMBER 2023
| Notes Fixed assets Investments 13 Current assets Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities The funds of the the trust Restricted income funds 16 Unrestricted funds |
2023 £ 341 74,782 75,123 1,675 |
£ 364,987 73,448 438,435 600 437,835 438,435 |
2022 £ 173 46,528 46,701 2,036 |
£ 349,859 44,665 |
|---|---|---|---|---|
| 394,524 | ||||
| 480 394,044 |
||||
| 394,524 |
The financial statements were approved by the trustees on .........................
..............................
Trustee
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THE CHRISTINE KING MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
1 Accounting policies
Charity information
The Christine King Memorial Trust is an unincorporated trust formed by a trust deed.
1.1 Accounting convention
The financial statements have been prepared in accordance with the the trust'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 1 January 2019)". The the trust is a Public Benefit Entity as defined by FRS 102.
The the trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the the trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the the trust 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.
1.4 Income
Income is recognised when the the trust 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 the trust 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 the trust 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.
1.5 Expenditure
Expenditure is charged in the accounts at the time when a liability to make payment is incurred and is shown as a liability until such time as the payment is made.
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THE CHRISTINE KING MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
1 Accounting policies
(Continued)
1.6 Fixed asset investments
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
1.7 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.
1.8 Financial instruments
The the trust 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 the trust's balance sheet when the the trust 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 the trust’s contractual obligations expire or are discharged or cancelled.
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THE CHRISTINE KING MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
2 Critical accounting estimates and judgements
In the application of the the trust’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 | Restricted | Total | Unrestricted | Restricted | Total | |
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||
| 2023 | 2023 | 2023 | 2022 | 2022 | 2022 | |
| £ | £ | £ | £ | £ | £ | |
| Donations and gifts | 50,038 | 22,380 | 72,418 | 75 | 746 | 821 |
4 Income from investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| £ | £ | |
| Income from listed investments | 7,885 | 6,850 |
| Interest receivable | 909 | 57 |
| 8,794 | 6,907 |
5 Raising funds
| Unrestricted funds 2023 £ Investment management 4,773 4,773 |
Total 2022 £ 5,285 |
|---|---|
| 5,285 |
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THE CHRISTINE KING MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
6 Charitable activities
| Support of | Support of | |
|---|---|---|
| other | other | |
| charities | charities | |
| 2023 | 2022 | |
| £ | £ | |
| Grant funding of activities (see note 7) | 34,700 | 25,875 |
| Share of support costs (see note 8) | 517 | 509 |
| 35,217 | 26,384 | |
| Analysis by fund | ||
| Unrestricted funds | 12,957 | 10,008 |
| Restricted funds | 22,260 | 16,376 |
| 35,217 | 26,384 | |
| For the year ended 30 September 2022 | ||
| Unrestricted funds | 10,008 | |
| Restricted funds | 16,376 | |
| 26,384 |
7 Grants payable
| Grants to institutions: Other 8 Support costs Support costs Governance costs £ £ Administrative expenses 517 - 517 - Analysed between Charitable activities 517 - |
2023 £ 34,700 2023 £ 517 517 517 |
2022 £ 25,875 |
|---|---|---|
| 2022 £ 509 |
||
| 509 | ||
| 509 |
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THE CHRISTINE KING MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration during the year, but one of them was reimbursed a total of £25 administrative expenses (2022- one was reimbursed £25) and Mr Hopper was paid £330 for professional accountancy services (2021: £342).
10 Employees
The average monthly number of employees during the year was:
| 2023 | 2022 | |
|---|---|---|
| Number | Number | |
| Total | - | - |
There were no employees whose annual remuneration was more than £60,000.
11 Gains and losses on investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2023 | 2022 | |
| Gains/(losses) arising on: | £ | £ |
| Revaluation of investments | 2,689 | (65,686) |
12 Taxation
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
13 Fixed asset investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 October 2022 | 349,859 |
| Additions | 12,439 |
| Valuation changes | 2,689 |
| At 30 September 2023 | 364,987 |
| Carrying amount | |
| At 30 September 2023 | 364,987 |
| At 30 September 2022 | 349,859 |
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THE CHRISTINE KING MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
14 Debtors
| 14 Debtors |
||
|---|---|---|
| Amounts falling due within one year: Other debtors 15 Creditors: amounts falling due within one year Other creditors Accruals and deferred income |
2023 £ 341 2023 £ 120 1,555 1,675 |
2022 £ 173 |
| 2022 £ 120 1,916 |
||
| 2,036 |
16 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.
| At 1 Support of other charities Previous year: At 1 Support of other charities |
October 2022 Incoming resources Resources expended At 30 September 2023 £ £ £ £ 480 22,380 (22,260) 600 October 2021 Incoming resources Resources expended At 30 September 2022 £ £ £ £ 16,110 746 (16,376) 480 |
|---|---|
17 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.
| At | 1 | October | Incoming | Resources | Gains and | At 30 | |
|---|---|---|---|---|---|---|---|
| 2022 | resources | expended | losses | September | |||
| 2023 | |||||||
| £ | £ | £ | £ | £ | |||
| General funds | 394,044 | 58,832 | (17,730) | 2,689 | 437,835 |
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THE CHRISTINE KING MEMORIAL TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023
| 17 | Unrestricted funds | (Continued) | |||||
|---|---|---|---|---|---|---|---|
| Previous year: | At 1 October | Incoming | Resources | Gains and | At 30 | ||
| 2021 | resources | expended | losses | September | |||
| 2022 | |||||||
| £ | £ | £ | £ | £ | |||
| General funds | 468,041 | 6,982 | (15,293) | (65,686) | 394,044 | ||
| 18 | Analysis of net assets between | funds | |||||
| Unrestricted | Restricted | Total | |||||
| funds | funds | ||||||
| 2023 | 2023 | 2023 | |||||
| £ | £ | £ | |||||
| Fund balances at 30 September | 2023 | are represented by: | |||||
| Investments | 364,987 | - | 364,987 | ||||
| Current assets/(liabilities) | 72,848 | 600 | 73,448 | ||||
| 437,835 | 600 | 438,435 | |||||
| Unrestricted | Restricted | Total | |||||
| funds | funds | ||||||
| 2022 | 2022 | 2022 | |||||
| £ | £ | £ | |||||
| Fund balances at 30 September | 2022 | are represented by: | |||||
| Investments | 349,859 | - | 349,859 | ||||
| Current assets/(liabilities) | 44,185 | 480 | 44,665 | ||||
| 394,044 | 480 | 394,524 |
19 Related party transactions
There were no disclosable related party transactions during the year (2022 - none).
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