THE HAYMANS TRUST FUND Annual Report and Accounts 31 st December 2024 Registered Charity Number 1000369 Peter B. Shone Homefield Chidden Holt Hambledon Waterlooville Hampshire P07 4TG THE HAYMANS TRUST FUND Le al and Admlnlstrative Information Full name of the Charity The Haymans Trust Fund Charity registration number 1000369 Goveming instrument Settlement dated 3rd November 1989 Trustees Flora Joscelyne Stubbs Peter Benthall Shone Power of appointment of new trustees Vested in Trustees for the time being Powers of investrnent Vtholly unrestricted, set out in Clause 5 of the Settlement Correspondent Peter B. Shone Principal address of the Charity Homefield Chidden Holt Hambledon Waterlooville Hampshire P07 4TG SolicitorlAdministrator Peter B. Shone Homefield Chidden Holt Hambledon Waterlooville Hampshire P07 4TG Telephone 02392 6324C6 Bankers Cater Allen Private Bank 9 Nelson Street Bradford BD15AN Investment Managers RBC Brewin Dolphin 12 Smithfield Street London EC1A 9BD Independent Examiners Martin and Company Old Halls Bam Brows Fam Business Park Famham Road LISS GU33 6JG Page 1 Re ort of the Trustees The Trustees of The Haymans Trust Fund present their report together with the financial ststements of the Charity ft)r the year ended 31 st December 2024. The financial statements have been prepared in accordance with the accounts'ng policies set out in Note 1 to the Accounts and comply with the Charty's Trust Deed, the Charities Act 2011 and the Statement of Recommended Practice . Accounting and Reporting by Charities (FRS102) effective from 1st January 2019. Histo of hec The Charity VRS established by a Settlement made by Mr. H.C. lthitbread on 3rd November 1989. Ob ect of the Chari The Charty is a grant-making trust. The object of the Charty is for a capital fund and the income therefrom to be applied for such charitable purposes as the Trustees determine in their discretion. The Trustees have no present intention to expend or apply any of the capital. Structure Governanc Mana oment The SolicitorlAdministrator conducts the day-to-day administration of the Charity. This includes dealing with all correspondence and telephone enquiries," book-keeping. issuing grant cheques" and the preparation of the Charity's proper form Trust Accounts and of this Report & Accounts. The Trustees meet or confer regularly. The present Trustees do not envisage any need for new or additional trustees. In the event that they do, they will decide on a procedure for selecting them at the time. The Trustees consider the board of Trustees to be the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All Trustees give of their time freely and no trustee remuneration was paid in the year. Trustees are required to disclose all relevant interests and in accordance with the charity's policy withdraw from decisions where a conflict of interest arises. Rlsk Man en The Charity invests in quoted securities for the long term with a view to maintaining the capital value of the investments and securing a rising income. The holding of securities and investing activities pursuant to the investment policy involve certain inherent risks. Events may occur that result in either a reduction in the value of the Charity's capital or a reduction in dividend and interest income. The main risk from holding investments is market price risk. which arises mainly from uncertainty about future prices of securities. It represents the potential loss the Charity may suffer through holding market positions in the face of price movements. Market price risk is monitored on a daily basis by the Investment Manager and discussed with the Administrator. The other risks. liquidity risk and cash flow risk. are minimised because the Charity's investments are all readily realisable and can be sold to meet any funding commitments. Grant-makln Pollc Alms and Ob ectlves The Trustees, policy is to pay the trust income only to UK registered charities. They do not make grants to individuals. They receive a number of appeals each year. but they tend to make grants to charities independently identified by them. Grant A Ilcatlon Process The Charity is listed in some of the directories of grant-makers. In view of their current grant-making policy, it is not recommended that grant-seekers make unsolicited applications to the Charity. Page 2 Grant Prlorltles and Selection Crlterla The Trustees make grants only to UK registered charities. Revlew of Activities Eight income grants for a total of £50,000 were made in the year. Public Benefit The Trustees confirm that they have regard for the Charity Commission's guidance on public benefil They take the view that the requirement to show public benefit is satisfied for a grant-making trust of this type by their making grants only to UK-registered charities. erfor ance Monltorin and Revlew The Trustees expect to receive a report from the recipient charities during the year in which the grant is made, particularly if they wish to be considered for a repeat grant. Financial Review Incomln Resources The Charity is dependent upon income from investments. This amounted to £27,463 (2023 '. £25,355). The value of the grants made was £50.000 (2023 . £20,000). At 31st December 2024, undistributed income amounted to £32,258 (2023 . £55,755). estment Pollc Performance The Charity's investment portfolio decreased in value from £579,787 to £543,615. All investments held by the Charity have been acquired in accordance wtth the powers of the Trustees and the Charity's assets are available and adequate to fulfil its obligations. The Charity does not lay down a particular target total return for the investment portfolio. Reserves Polic It is not the Trustees. policy to maintain significant reserves of income. Grants are made to utilise the income from invesknents received in the year. There has been no material change in the Trustees, policy since last year. The Trustees have no present intention to expend or apply any capital. At 31st December 2024, the capital element of the fund amounted to £585,985 (2023 . £590,016). Future Plans The Trustees currently expect to continue their established grant-making policy. This Report was approved by the Trustees on 2025 Page 3 EXAMINER'S UNQUALIFIED REPORT Independent Examinerfs Report to the Trustees of The Haymans Trust Fund I report on the Accounts of the Charity for thé year ended 31st De￿mber 2024. which are Get out in pages 5 to 9. Re8ponsibilitles and Basis of Report As the trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Chaiities Act 2011 (the 2011 Act,). I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 (Ihe 2011 Arf). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. Independent examiner's statement Since the Charity's gross income exceeded £25,(K)O your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified lo undertake the examination because l a member of the Institute of Chartered Accountants in England & Wales, which is one of the listed bodies. I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe that . accounting re¢ords were not kept in respect of the Charity as required by section 130 of the Act; or the accounts do not accord with those re￿rds. the awounts do not comply with the accountlng requirements ¢on¢eming the fomi and cont8nt ofaccounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and falr view, which is not a matter considered as part of an ind8p8ndent examination" or the accounts have not been prepared in accordancè with the m8thods and principl6s of the Statement of Recommended Practl¢e for accounting and reporting by charities. I have no conc8ms and have come across no other matters in conn8Ction with thé 8xamination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Name . Harriét Sergeant FCA Slgned - Date . ¢l- 2025 Relevant professional qualification or body . Chartered Accountant Address '. Martin and Company Old Halls Bam Brows Fami Business Park Farnham Road LISS GU33 6JG Page 4 THE HAYMANS TRUST FUND Statement of Flnancial Actlvlty for the year ended 31st December 2024 Unrestrlcted Fund 2024 Unrestricted Fund 2023 Note Income Investrnent income £26,038.23 £23,647.36 Gross interest 1,424.69 1.707.70 Totsl income £27.462.92 £25,355.06 Exponditure Raising Funds Invesknent management costs £3,147.72 £5,574.00 Charitable activities 50,960.00 20.900.00 Total Expenditure £64,107.72 £26,474.00 Net incomel{expendituro) before gains and losses on investments £ <26,644.80) £ (1.118.94) Net galns {10ssos) on investment assets (883.58) 18,123.52 Net Movement In Funds £ {27,528.38) 17,004.58 Balance brought forward at 1 st January 2024 645,771.64 628,767.06 Funds carried fonNard at 31st December 2024 £618,243.26 £645,771.64 Page 5 THE HAYMANS TRUST FUND Balance Sheet at 31st December 2024 Note 2024 2023 Fixed Assets UK Quoted Investments at current market value £543,614.79 £579,787.06 Current Assets Debtor 0.00 0.00 Cash at Bank 31,956.81 43,631.66 55,244.49 11,640.09 Cash with Broker 75,588.47 66,884.58 Liabilities Creditors . amounts falling due within one year 960.00 900.00 Net Current Assets 74,628.47 65,984.58 Total Assots less Current Llabllltles £618,243.26 £645,771.64 UNRESTRICTED FUND £618.243.26 £645,771.64 TOTAL CHARITY FUNDS £618,243.26 £645,771.64 The notes on pages 6 to 9 form part of these Accounts. The financial statements were approved by the Trustees on o, 2025 . Trustee . Trustee Page 6 THE HAYMANS TRUST FUND Notes to the Accounts for the year ended 31st December 2024 1. Accountin Pollcies The financial statements have been prepared in accordance with 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 1st January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The Accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these Accounts. The Haymans Trust Fund meets the definition of a public benefit entity under FRS 102. Going Concern The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of the assets held by the Charity. Income Recognition All income is recognised once the Charity has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount of income receivable Gan be measured reliably. Interest on funds held on deposit is included upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Expenditure Recognition Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the statement of financial activities. Grants payable are payments made to third parties in the furtherance of the charitable objects of the Charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled conditions attaching to the grant are outside the control of the Charity. Raising Funds are those costs incurred in attracting investment income and the management of investments that raise funds. Charitable activities The Trustees consider that grant-making is the Charity's sole charitable activity. The expenditure on charitable activities includes grants made and governan￿ costs. Govemance Costs Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. Page 7 Fixed Asset Investments Investrnents are initially recognised at their transaction value and subsequently measured at their market value as at the balance sheet date using the mid-market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Charity does not acquire or use put options, derivats.ves or other complex financial instruments. All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the statement of financial activities. Funds structure Unrestricted income funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objectives. Irrecoverable VAT Irrecoverable VAT is charged against the category of resources expended for which it was incurred. Taxatlon The Trust is a registered charity and accordingly is exempt from taxation on its income and gains where they are applied for charitable purposes. 2. Ex endlture on C o Actlvltles 2024 2023 The following grants were made in the year, all to institutions . OperaGlass Works Cure Parkinson's Trust The Rowans Hospice St. Wilfrid's Hospice Teen Yoga Foundation Hawkwood College Limited Petworth Festival The Deacon Foundation £10,000.00 £10,000.00 2,500.00 7,500.00 5,000.00 5,000.00 5,000.00 15,000.00 £10,000.00 £50,000.00 960.00 £20,000.00 900.00 Governance costs Charitable activities expenditure £50,960.00 £20,900.00 3. Governance Costs The charity has no employees. The management and administration of the Charty is carried out by Peter B. Shone, a Solicitor, in conjunction with the Charity's investment managers. The costs shown in the Accounts are in respect of Independent Examinetrs Fees. The Charity's investment management charges of £3,147.72 including VAT (2023 '. £5,574.00) are charged to capital. 2024 £960.00 2023 £900.00 Independent Examinerfs Fees No remunerats'on was paid to a Trustee and no expenses were reimbursed to the Trustees. No payments V￿re made to any related parties. Page 8 4. Fixed Asset Investments UNRESTRICTED FUND Listed investments Listed investments MARKET VALUE 2024 2023 Market Value at 1 st January 2024 Additions to investrnents at cost £579,787.06 74,567.50 {109,858.19) 1,300.28 {2,183.86) £543,614.79 £553,153.83 27.439.87 (18,930.16) 598.11 17,525.41 Disposals at carrying value Net Gainl{loss) on disposal Net Gainl(loss) on revaluation At 31 st December 2024 £579,787.06 All investments are carried at their market value. Investment in equities and fixed interest securities are all traded in quoted public markets. primarily the London Stock Exchange. Investments re resentln more o of the total Market Value Percenta 7,000 HG Capital Trust PLC Ord 2.5p 13,230 Henderson Far East Income Limited NPV 18,000 Invesco Bond Income Plus Limited NPV 9,684.71 Man GLG Japan Core Alpha Professional 14,000 Mercantile Investment Trust PLC Ord 2.5p 1,140 Shell PLC Ord É0.07 665 Unilever PLC Ord 3119P £37.730.00 £30.362.85 £31,320.00 £30,448.74 £33,320.00 £27,226.40 £30,244.20 6.94° 5.59Q/o 5.76 % 6.130 5.010 S. Net Current Assets CAPITAL INCOME TOTAL 2023 At 1st January 2024 Increasel(Decrease) £10,229.07 55,755.51 £65,984.58 8,643.89 £75,613.23 (9,628.65) Capital Income 32,140.97 (23,497,08) 32,258.43 At 31 st December 2024 £42,370.04 £74,628.47 £65,984.58 6. Liabilities The onty liability for the year is an accountancy fee as disclosed in Note 3 in respect of an Independent Examination. 7. Unrestricted Fund MOVEMENT IN FUNDS CAPITAL INCOME TOTAL 2024 TOTAL 2023 At 1 st January 2024 Net (expenditure)lincome Gainsl(Losses) on investment assets At 31st December 2024 £590,016.13 (3,147.72) (883.58) 55,755.51 (23,497.08) 645,771.64 (26,644.80) (883.58) 618,243.26 628,767.06 (1,118.94) 18,123.52 £585,984.83 32,258.43 £645,771.64 The unrestricted funds are available to be spent for any of the purposes of the charity. Page 9