THE HAYMANS TRUST FUND Annual Report and Aeeounts 31st Docwnlw 2023 Roglst•r•d Ch•rlty Number 1000369 Peter B. Shone Homefield Chidden Holt Hambledon Waterloovilbe Hampshire P07 4TG
HE HAYMANS TRUST FUND lan Adrnln ra Info Full name of the Charlty The Haymans Trust Fund Charity iegislralmin nurnber 1000369 Goveming Instrurmnt Illent dated 3rd November 1989 TrLtstse8 FINa Joscdyne Stubbs Peter Benth811 Shone Power of 8ppoinlrr*nt of new tru8tees Vested TnJ8te8s lor the Ilma belng Power8 of InVè8trnt Wtholly unreslrthd. set tyjt In Clause 5 of tha settment Correspondent Peter B. Shone Prindpal address ofthè Chanty Homefiald Chidden Holt H8mbl¢don Walertoovil Hampshlrn P07 4TG Soll¢rtorlAdmlnl8trator Peter B. Sl)on8 Homefleld Chdert Holl Hambledon WaterlcDvilLg Hampshire P07 4TG Telephone 02392 63241 B8nk8rB Cater Al¢n Private Bank g Nelson Street Btadford BD1 SAN Investsnent Managols Brewtn thjlphln Securfties Llmiled 12 Smlthfidd Street LorKlon EC1A9BD Independenl Examinern Martin and Company Halls Barn Brows Farm Business Park Farnham Roaj LISS GU33 6JG Page 1
Re of the Trustees The Trustees of The Haym8ns TN5t Fund prBs8nt their report togethor with the finarKial statements of thè Charity for the year ended 31st December 2023. The financial statements have been prepared in accordance with Ihe accounting policies set out in Note 1 to the A¢Gounts and compty trt the Charbty's Trust Deed. the Charibes Act 2011 and the Ststement of Recommènded Practice .' Accounting and Reporting by Ch8ri1i88 (FRS102) effective from 1st janu 2019. Hlsto The ChaTrty wa$ established by a Sdtiement TrAde by Mr. H.C. lthilbre•J on 3rd November 1989. ect of the Char The Charity 1$ a grant-making tnJst The object of thè Charty L8 lor a capltsl fijnd and the income therefrom to be applied lor Juch CharItae purposes as the TnJste85 detemilne In their discrellon. The Trustees have no pr8s0nt knt&nbon to expend or appty any of the ¢awtsl. cture ovemanco and Mana oment The SolicltorlAdmlnistrator conducts the daY408Y adnuni5tration ofthe Charfty. Th18 Includes deallng wlth all correspondence and teleph¢)ne enquiries.. book-keeping- issuing giant cheques., and the pr¶bon of the Charlty'5 proper fom Tnjsl Accounts and of thi¥ Report & Accounts. The Trustees meet or confw regularly. Tho present Trustees do not envlsage any need for new or additDnal trusieos. In the event that they do. they wlll dld8 on a proGedure for 8electing them at Ihe Ume. The Trustees conslder tt)e board of Trustee¥ to be the key m8nag6ment p6rsoTrnel of thg charity In charge of directing and conlrolllng the chsrlty and runnlng and operating the charlty on a day lo day basss. All Trustees gNe of their time freèty and no tnJsle8 remuneralton was pald in the year. Tru8lee8 are required to d18close all relev8nt Intergsts ond In accoftlance wth the charity's policy wlthdraw from declslons where e confllct of Interest arises. The Charlty invests In quoted securtlies for Ihp long18mi Imth a view to malntaining the eapltal value of the investrnents and seGuring a rLsing Inco. The holding ofsecurib'es and Investlng activities pursuant lo the investment pollcy involv& certain wih&rent risks. Events may cur that result in either a Teduotion in the valuo of th¢ cha.5 caprtal Qr o reduction in dNidend and interest inGOff. The main rfsk from holding Inv8strnents is matet prkè risK whh arfses mainty from uncertainty about Jture price8 ofseeuritiej. It represents the POntIal loss the Charity may sufvr through hokjing marK?t positlons In the lace of price movements. Market price risk Is monitored on a daily basis by Ihe Investment Manager and with the AdminkstratOF. The other risks, liquidity risk and cash flow risk. are min1rrS8d caUse the Charity'$ Inve$lments ar8 all readity re81isable and can be sold to meet any fvnding commitments. •n Ob Th9 Trustees, policy is to pay the trust In¢omg onty to UK registsred Gharities. They do not make grants to individuals. They receive a number of appeals eh year. but Ihgy tend to make grants to chanties Sndependentty identified by them. Grant A Ilc onP The Ch8rity Is listed in son* of the directories of grnnt-makers. In view of their cuent grant-making pollcy, il is not reGommended that grant-8eekers make unsolicited applications to the Charity. Page 2
Grant Prlori The Trustees make grants onty to UK regter8d charflles. Review of A¢tlYh108 Two Incomè grants for a total of£20.000 were made In the year. Publlc 88nofit The Truslees confirrn that Ihey regard for fhe Charity Commi5slon's guidarKe on public benefit. They lake the view that the requlrement 10 show public benefit is sab'sfied for a granl-making trust of thls type by Ihelr m8kln9 grants onty to UK-regiStered charities. erfomiance M The Trustees expect to receive a repcxt from the 1pt charities during th8 year in which Ihg gr8nl Is made. parbculady rf they wish to be ¢onsidered lor a repe8t granL Flnanclal Revl8w In The Char(ty Is dependent upon Income from invgstments. ThLg amounted to £25,35512022 .' £23,718). The value of the granls made was £20.CQO (2¢)22 '. £5.000). At 318t Decerrtler 2023. undlstributed Income am¢)unted lo £55.755 {2022 ' £51.300). Inv tm8 The Charlty's Investment Portf1¢ in¢reasad In value from £553,154 to £579.787. AJI iTrveslments held by Charity been acqulred in accord8nee with the powers of th8 Trustee6 and Ihe Charity's assets are avallable and adequate to fvhll rts obligatlons. The Charity dces not lay down a partkular target total relum for the Investment portfolio. 11 Is not the Trustees, policy to malntsln slgnificant reserves of Income. Grants are made to ullllse the income Irorn investrnents recglvtrj In the year. There has been no materlal change In the TfUStee8' polky since last year. The Trustees have no present inlentlon lo expend or appty any capital. At 31st December 2023, the capital element of the fund arnounled lo £590,01612022 .' £577.4661. Future Plan• Thg Trustee8 rrentlY expect to continue thelr estsblished grant-making poficy. This Report was approved by the Trust5 on 16 2024 Page 3
EXAMINER'S UNQUAUFIED REPORT Indwnd•nt Examln# Report to tho Trusto9s ol Tho Haymans Tftmt Fund I report on the A¢wJnts ofthe cl Ihe yew ended 31st Dermb•r2023, £re set ¢xrt In pagè$ 5 to 9. Respon•lbilltlfrs #nd Basls of R•ptht A¥ the tnjstsos ol lh• Chanty you are respo[t48 for Ih8 preparation of Ihe KcOts In a¢£ordarKe th8 requiremènts ofthe Ch8thles Ad 2011 (Ihts 2011 Acr). I report ln reSFeci of my 8xarnlnatkJn of your charrty's acco15 a$ carrfed ¢xrt under section 145 of th8 Charltios Act 2011 Cthe 2011 Arf). In canw.ng oul my ex8mrnation I follNed tho Dlre(thns gen by the Charity Commlsskn under $$¢tion 145(51 (bl of tha 2011 Aca. Ind•p•nd•nt •x•mln•rf• •tat•n>w Slnce the Charty's grosB ccffie •xe8•ded £25.f)J) your gxamit)er must b¢ 8 m•mberol a bo(ly li8ted In sectlon 14S Df the 2011 Ad. I confimi th8t l am quallfied to undertake the ¢xamlnation because l a member ol the Institute ofCharter•d Aceountants In EnglaTrJ & Wes. whth18 one oflhe Il$knJ bode8. I have eompleted my examlnation. l a)nfinn Ihat matt•r8 hov• c¢xn• to my gttendon In connocllon wlth th examlnavon giving me U0e to b•llgve It1.. acecMJn1ing recordA wero nol kept In r•sp0Ct of th• crtty w rtyulr•d by a•elk)n 130 ofthe , or Ihe 8ccounts do not accryd whh tlw• the a¢counts donotComWth a¢xoim reqLlrwn8nts concemlng th¥ lomi and ¢onlent o1ocMunt8 $•1 oul In the Chyrflies (Acc(wJnts 8rKI Rep)rt8) ReguLqb'on$ 2TrJ8 other Ihan any wuirwn•nt that th• a¢coun¢8 gfve a •nd f vEeYl [• t a mailer ¢>)n8lder8d as part of an indewndent examinetion,. or th• aecounts hav• Mt t•on •c¢Ndw w6th thtr methods and prkn¢lpl•8 oftrbe Stsiomgnt of Recommded Pr8dk• lor CnI1a and by chJriti•8. I hDve no concerni and h•v¢ acros8 no Olhgr mallers In ¢OTThLYon wllh tho ex8mlnaiion Ic whlth gffeniion •htyJld b• drawn In th18 r•port kn order to en1• 8 undtan(lorrfJ ofth• X£¢Amis ¢0 b? rethd. Name.. DJI8: 2d 21r24 Relevant PTolessk¢181 qu•llkatton or bc4y: Addr$8 '. Mttrtin afKI Cory•ny Old Hall6 8am Br(3 Fa Bu8$9 Park Famhom Ro LISS GU33 &JG Page 4
THE HAYMANS TRUST FU Statement of Flnancial Actlvlty for the ywr ended 31st DeceMr 2023 Unro8ttlGted Fund 2023 Unrestricted Fund 2022 Income Inve8lmenl Income £23.647.38 £23,442.43 Gros8 Inlere$t 1,707.70 275.19 Tot•1 Incom• £25.355.06 £23,717.62 Expendlturo Raising Funds Investment management costs £5,574.00 £5.656.11 Charitable acUvib'8s 20,900.00 5,000.00 Total Expendlturn £26,474.00 £10.656.11 Net InComlexp•ndItUle} befor• galn• and108•e8 on Inv•stmonts £ 13.061.51 Not g•Sns Ilo¥•••) on Inv••tm•nt •88•ts 18,123.52 (49.590.291 N•t Movorn•nt In Fund• £ 17,004.58 £ {38.528.781 Balance brought fon¥ard at 1st January 2022 628,787. 865,295.84 Fund8 ¢arrl•d forward at 318t Dè¢gmber 2023 £645,771.84 £628,767.06 Page 5
E HAYMAN TRUST FUND alan h t•t31$tD• omber 2023 Fixed A8$0ts UK Quoted Investments at Cunt market value 2023 2022 £Slg,787.06 £553,153.83 Cyrr•nt Assets Debtor 0.00 55,244.49 11,640.09 0.00 Ca8h at Bank 50,287.42 25,325.81 Cash with Broker Ll•bllltlo• 66.884.58 75.613.23 Credltor# . •mounts hlllng duo wlthln onè y•ar 900.fy) 0.00 Not CuTrent Asoet8 65,984.58 75,613.23 Total As$ets1888 Current Llabllltle• £645.771.84 £628,767.0 UNRESTRICTED FUND £64S,771.64 £628,767.06 TOTAL CHARITY FUNDS £645,n1.64 £828,767.06 The nole8 on pages 6 to 9 form part of tlwe ACnts. The flnanci81 Statements wer8 approvod by the Trustee8 on (6*K fvl 2024 .. Trustee Tru8lee Paje 6
THE HAYMANS TRUST FUND Notes to the Accounts for tho ygar ended 31st December 2023 Polkle8 1. Accountln The financial 5talemenls have been prepared in 8c¢ordance with AluntIng and Reporting by Char(iies . Statement of Recommended Pracb"ce aP1¢able to charities preparing thelr aecounts In accordance with the Financial Reporting Stsndard appluble in the UK and Rèpublic of Ireland IFRS 1021 {effective 1st January 2019}- {Charibes SORP IFRS 102)), the Flnancial Reportlng Stsndard applicabkn in the UK and Republic of Ireland {FRS 1021 and the Charlties 2011. The Accounts have been prepar&J under the hlslorical c051 conventton wlh items recryni38d at cost Of Irart$aclton Value unless otherwise staled in the felevanl notsls) to these Acwunts. The Haymans Trust Funtl meets the deflniliort ol a public benefit entity under FRS 102. Golng Con¢em The Trustee8 con¥lder that there 8fe no rnaterfal unwtalnties abtyJt the Charfvs abillty to contlnue as a going concern nor any slgnlflcanl a85 of uncertainty that affect the carrying value of the assets hèld by the Charity. Incom¢ R•cognltlon All income Is recognlsed once the Chartty has èntitlement ID the Income. there Ss suffiuenl certalnty of receipt and 80 It Is probable that the Inwme wlll be raceived. ar>J the amount of Income recelvable can be measured rellabty. Interest on funds held on deposil Is In¢luded upon notltsalion of the inleTrst paKI or payable by the bank. Dlvidends are re¢ogn5$ed 0e the dIdend ha8 teèn declared and notrfic8kn has been recelved of th8 dividend due. Expendftur? Recognltlon Liabilill8s ole recognl$gd as 6xperKlllur8 88 goon 88 there18 0 legal or constru¢Uv• i)t4igation Gommitting the Charity lo U)al oxpendilure, tt Is probabl& that $ettk*menl wlll be wuired and the amount of the obligation can bo measured reliably. All expendlture15 accounted for on an accwals basis. hjl expenses. Inc1j1n9 support Costs and governance costs. re allocated or apportlon8d to the applicablg gxpendiluro headings in the stslement of financial aGbvities. Gr8nts payablo 8r8 payments made lo thlrd parugs In Ihe furtherance of thg charitable objects of the chaty. In tho case of an uncondkional grant offer this 1$ arKru&l once the reclplent has been nollfi&J of the grant avrard. Grant awards that are subject to the recipient fulfillir@ performance condltions are onty arUed when the redpfent has been nolitied of the grant and any remaining Unfulfill conditsons attaching to the gTanl are outside the control of the Charity. Raising Funds a those costs Incurred in attracting Invgstrnent IrKome and the manag8ment of investments that ra158 funds. Charttable athltie• The Tru31ees consider that granl-making is the Charity$ sole charitabl8 activty. Th8 exp8ndlture on charitable aclvllle3 Includes grnnls made and gI)veman cosls. Govemancè C08t¥ Governance costs Comprise all costs invotving the puNk &¢ounlability of Ihe char and Its compllan th regulation and gooJ Pti. Pag8 7
Flxed Assot Investmgnt8 Investments are Inltiaity rwognlged at their transaction value and substrquentty measured at their market value a5 at the balance sheèt dale using the mid-market pri. The statement of financlal actiwtses Includes the nel gains and losses arfsing on revaluatlon and dlsposals throughout thg r. The Chadty does not acquire or use put options, derivatives or other complex financial instruments. I gains and losses a taken to the ststement of fina[1 actltIeS as they wise. Rea115ed gains and losses on InV8Stm8nts are calculated as the differerKe betren Se$ prcS and their opening carying walue or their purchase value if acquired subsequenl to the first day of the financial year. UnrealtS8d gains and losses are calculated as the difference betsveen Ihe falr value al the year end and thew carrwrKJ value. Realised and unrealised investment gains and10sse8 are Gomt¥ned in the slaternent of financial activltkns. Funds •tructur• Unrestricted income fund8 comwlse thoEe fvn¢J8 1¢h the Trustees are free to Uso for any purpos• In furtheAnce ol the ¢harltable oblect5veB. Irrgcovfrrnbl• VAT Irrecoverable VAT is charggd agalnst the category of resources expended for whrh it was InCurJ. Taxatlon The Trust Is a registed charlty and aCCdIrJfyl5 exempt lThn taxation on ils Incom8 and galns wheré they are applSed for Charitable purposes. nd tlv 2023 2022 The followlng grants were made In the year, all lo institutions '. Whlte Clty Theatre Project OperaGla$s Works Teen Yoga Foundation £5,000.00 £10.000.00 10,000.CIJ £20.000.00 900.00 £5,000.00 0.00 Governance cogt$ Charltable aGUMties exFendf(ure £20,900.C(I £5,000 00 3. Gov•rTrance Co8ts The charity h83 no employees. The management and administrat)n of the Charity is carried out by Peter B. Shone. a Sollcilor, In conlunctlon with thg Charsvs investment msnagors. The costs shown in the Accounts are tn respect of Independent Examinerfs Fees. The Chartvs Investment rnanagernent charges of £5,574.00 including VAT {2022 . £5,656.11) are charged to capital. 2023 £900.¢)0 2022 £0.00 Independent Examinerf$ Fee8 No remunèration was papj to a Trustee and no expenses V*we reimbursed to the Trustees. No payments were made lo any related partlgs. Page 8
- FIX tments NRESTRICTED FUND Li8ted investments L¢sted investments MARKEf VALUE Market Value at 1st January 2023 Addillons lo investments al cost Dlsposals al carying value Nel Gainl{10$8) on diswsal Nel G8lnlllo881 on revaluation At 31st D&cember 2023 2023 2022 £553,153.83 27.439.87 118.930.16) 598.11 17.525.41 £828,477.84 79,490.94 1105.224 66} 110,201.511 139.388.781 £553,153.83 £579,787.06 AJI investments are carried al th8ir markot value. Investment kn equittes and foxed interest se¢udtSe8 are sll traded In quoted publlc markets. primarity tho London Stc¢k Exchange. tln rotha 7,000 HG Capital Trust PLC Ord 2.Sp 18,000 Invesco Bond Income Plus Umlted NPV 11,700 Legal & General Group PLC Ord 2.Sp 14.000 Mercantile Inv8Stment Trust PLC Ord 2.5p 1,140 Shell PLC Ord É0.07 700 SSGA SPDR S&P US Div Ax[Slrats 885 Whltbread PLC Ord 761221153P
- Not Cumint A•8•ts en £30,415.00 30,780.t)) 29,378.70 31.010.00 29,315.10 38,024.00 32.355.60 5.25% 5.31% 5.07% 5.350 s.05% 6.56% 5.58% At 1st January 2023 Incre¥sel{Decr6ose) £24,312.78 51.300.45 £76.613.23 (9,628.65) £36,818.00 38.796.23 Cawtal Iorne 114,083.71) 4.455. Al 3181 December 2023 £10,229.07 55.765.51 £65,984.68 £75,613.23
- Lla The only Ilablllty for the year Is an accountancy fee as dlKlosed in Notè 3 In respect of an Independent Examination.
- Unrestrlcted Fund MOVEMENT IN FUNDS CAPITAL INCOME TOTAL 2023 TOTAL 2022 628,767.06 11,118.941 18,123 52 At 1st January 2023 Net lexpendilureifincome Gainsl{Lossesl on investment assets At 31st December 2023 £577.466.61 {5.574.00) 18,123.52 51.300.45 4.455.06 e85,295.84 13,061.51 149,590.29) £590,016.13 55.755.51 645.771.64 £628.767.06 The unreslricled funds are available to be spent for any of the purposes of the charity. Pag8 9