## **THE HAREBELL CENTENARY FUND** **TRUSTEES’ REPORT AND FINANCIAL STATEMENTS** **YEAR ENDED 31 DECEMBER 2021** ## **THE HAREBELL CENTENARY FUND** I N D E X ## **Year ended 31 December 2021** ||**Page**| |---|---| |Trustees’ annual report|2| |Independent examiner’s report|7| |Statement of financial activities|8| |Balance sheet|9| |Notes to the financial statements|10| |Appendix: Investment portfolio|15| |(not filed with the Charity Commission)|| 1 ## **THE HAREBELL CENTENARY FUND** ## T R U S T E E S ' A N N U A L R E P O R T ## **Year ended 31 December 2021** The Trustees present their annual report along with the financial statements of the Charity for the year ended 31 December 2021. The financial statements have been prepared in accordance with the accounting policies set out on pages 10 and 11 and comply with the Charity’s Trust Deed, the Charities Act 2011 and the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Report Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). ## **Structure, governance and management** The Harebell Centenary Fund is an unincorporated registered charity, which was created by Deed on 18 June 1991, with the initial Trust Fund of £100 cash. The Trustees shall hold the capital and the income of the Trust Fund upon trust to apply the income and as far as may be necessary the capital for or towards such charitable purposes and to make donations to such charitable bodies or institutions at such times and in such manner as the Trustees may in their absolute discretion think fit. The minimum number of Trustees, as required by the governing Deed, is three. Trustees serve an indefinite term based on their relative experience and contribution to the Charity as a whole. In selecting new Trustees the existing Trustees’ policy is to take account of the benefits of appointing a person who through residence, occupation, employment or otherwise has special knowledge of the area of benefit or who is otherwise able, by virtue of his or her personal or professional qualifications, to make a contribution to the pursuit of the objects or the management of the Charity. There is no policy for induction and training of new Trustees. The Trustees meet on a six-monthly basis to agree the broad strategy and areas of activity for the Charity, including consideration of grant-making, investment, reserves and risk management policies and performance. The day to day administration of grants and the processing and handling of applications prior to the consideration of the Trustees is handled by the Administrator. All Trustees give of their time freely and no Trustee remuneration was paid in the year. Details of Trustee expenses and related party transactions are disclosed in note 8 to the accounts. 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. ## **Risk management** The Trustees have considered the major risks to which the Charity is exposed and have reviewed those risks and established systems and procedures to manage those risks. Major risks identified by the Trustees are the volatility of market values of the quoted investments held, and their short and long term performance and viability, together with the proper use of grants given by the Charity each year. The Trustees will continue to keep the adequacy of the systems in place under review. The Trustees considered that the greatest risk was the misuse of the funds that are held in custody by the brokers. However, the Trustees had assessed the risk and, given the regulatory regime to which the investment managers are subject, were satisfied that the level of risk was minimal such that it was appropriate to be accepted by the Trustees. ## **Objects, objectives and principal activities for the public benefit** Under the terms of the original Deed, the Trustees have discretion to pay or apply the Trust Fund or the income thereof to further the advancement of the education of the general public particularly in matters of providing funding to young persons to further their education, the promotion of neurological and neurosurgical research and the relief of sickness and suffering amongst animals and generally for such purposes or objects which are from time to time recognised as exclusively charitable according to the law of England and Wales. The Trustees, having regard to the public benefit guidance published by the Charity Commission in accordance with section 17 of the Charities Act 2011, consider that the purposes and activities of the charity satisfy the requirements of the public benefit test set out in section 4 of the same Act. The Charity carries out these objects by providing grants to institutions which are also UK registered charities and whose objects comply with the Charity’s criteria. Whilst the Trustees are mindful of their own obligation to ensure that the Charity benefits the public generally, they take some assurance from the fact that the recipients of grants are themselves regulated to ensure that they operate in accordance with the guidance from the Charity Commission on public benefit. 2 ## **THE HAREBELL CENTENARY FUND** T R U S T E E S ' A N N U A L R E P O R T ( C O N T I N U E D ) ## **Year ended 31 December 2021** ## **Objects, objectives and principal activities for the public benefit (continued)** The main aims of the Charity are: - To support charitable causes which are of particular interest to each individual Trustee together with causes which are of interest to the Trustees as a whole. - To provide charitable funding in accordance with the governing Trust Deed and the Objects contained within. - To maintain resources at a reasonable level in order to continue to provide general charitable assistance in the foreseeable future. The main objectives for the year are shaped by these strategic aims with a view to continuing to fund chosen general charitable causes in line with the Trust Deed. ## **Grant-making policy** The current policy of the Trustees is to concentrate on making donations to charities which do not receive widespread public support with three main factors in mind: 1. To reduce the administrative costs of the Charity in the making and monitoring of donations. 2. To effectively increase the amount of distributable income. 3. To be able to increase the amount of support to those causes for which the Trustees assess in the Charity’s donations provide a significant social reward. The Trustees have decided to make donations only to registered charities and not to individuals. The Trustees do not respond to unsolicited applications as they prefer to support donations to charities whose work they have researched and which is in accordance with the aims and objectives of the Charity for the year. Financial circumstances will be relevant only in determining the amount of an award. The Trustees request regular reports from the recipients of their donations to provide details of how the grants have been allocated and spent. Grants are only continued where the applicant provides sufficient relevant information to the Trustees and satisfies the Trustees that continuation of funding is in the interests of the Charity. In order to enable the Trustees to be satisfied as to the work of the charities and the specific projects which they support the Trustees have agreed a rolling programme of visits to those charities which receive regular distributions from The Harebell Centenary Fund. During the course of the year, measures implemented by the UK Government in response to the Covid-19 pandemic continued to restrict on-site visits. However, notwithstanding the effects of Covid-19, the Trustees met their due diligence obligations by arranging Zooms with and attending virtual events organised by the recipients of the Charity’s grants. In particular contact had been made with Crathie School in relation to pupil numbers and lock-down activities. Ms Penny Chapman, Trustee, contacted Nordoff Robbins Music Therapy Centre and Kinship (formerly Grandparents Plus). Michael Goodbody, Trustee, contacted Headway Essex and Success After Stroke. Mrs Angela Fossick, Trustee, visited Ferriers Barn more than once and contacted Daws Hall, The Amber Trust, Talitha Arts and the Tabor Centre. ## **Achievements and performance** The investment income for the year was £11,239 higher than last year. The Trustees are satisfied with the level of investment income received by the Charity during the year ended 31 December 2021, which reflects the overall market conditions. During the year the Charity made 24 grants (2020 - 23) to 24 charities (2020 - 22). 3 T R U S T E E S ' A N N U A L R E P O R T ( C O N T I N U E D ) ## **THE HAREBELL CENTENARY FUND** ## **Year ended 31 December 2021** ## **Financial review (including reserves policy)** The Charity is reliant on the income from its investments. The Charity’s investment income during the year ended 31 December 2021 comprised dividends and interest amounting to £221,931 (2020 - £210,692). The governance costs of the Charity for the year ended 31 December 2021 were £23,400 (2020 - £25,304). An income surplus arose after governance expenses for the year ended 31 December 2021 of £198,531 (2020 - £185,388) before income donations to charities of £223,300 (2020 - £208,500) and investment management fees of £50,184 (2020 - £43,958). No donations (2020 - £nil) were made from the endowment fund during the year. The Trustees aim to maintain free reserves in unrestricted funds at a level which is sufficient to distribute the Trust Fund to charitable causes whilst retaining capital for the maintenance and growth of the Fund. It is the policy of the Trustees to use the investments to generate income and whilst the capital can be spent it will be used to generate income. ## **Future plans** It is the intention of the Trustees to continue to manage the investment portfolio so as to produce an investment income from which grants will be made to charitable organisations in line with the grant-making policy set out on page 3. The Trustees have reviewed the impact of Covid-19 on future activities and anticipate a fall in income for the short term. The Trustees do not intend to reduce the level of grants and plan to meet any shortfall from the Expendable Endowment Fund should the need arise. ## **Investment policy and performance** The charitable Trust Deed confers upon the Trustees wide powers of investment, in all respects, as if they were absolute owners beneficially entitled to the underlying assets. At present the Charity’s funds comprise listed securities and cash. Trust monies requiring investment under the Trust may be invested in the purchase of such stocks, funds, shares, securities or other investments of whatsoever nature as the Trustees shall in their absolute discretion think fit. The Trustees shall have the same full and unrestricted powers of investing and converting investments in all other respects as if they were absolutely entitled to the Trust fund beneficially. The Trustees monitor the performance of the investments held by the Charity in line with their short and long term aims and objectives. The securities are looked after by an investment manager, who supplies advice on investment matters and manages the fund in line with the Trustees’ objectives. The Trustees report that the total return from the investment portfolio for the year ended 31 December 2021 has been 12.5% (2020 - 5.6%) compared to a CPI + 4% benchmark of 8.6%. Investments are shown at market value rather than book cost in accordance with the Statement of Recommended Practice: Accounting by Charities (FRS102) (effective 1 January 2019). In the year to 31 December 2021, the Charity made realised gains on listed investments of £179,816 (2020 - £127,561) and unrealised gains of £582,492 (2020 - £74,799). The Trustees confirm that the Charity’s assets are sufficient to fulfil its obligations in respect of unrestricted funds and that all investments held by them on behalf of the Charity have been acquired in accordance with the powers available to them under the Trust Deed. The Trustees set 5% of period-end market value of the investment portfolio as the threshold for reporting material investments. Holdings of greater than the threshold are acceptable only by the approval of the Trustees. The Trustees agree to a reserves policy of £50,000 in liquid assets. All cash is held on interest-bearing deposit. The Trustees are satisfied with the financial position of the Charity and confirm that they have adequate assets available to fulfil their obligations. ## **The Accounts** The accounts comply with statutory requirements. 4 ## **THE HAREBELL CENTENARY FUND** T R U S T E E S ' A N N U A L R E P O R T ( C O N T I N U E D ) ## **Year ended 31 December 2021** ## **Trustees’ responsibilities in relation to the financial statements** The Trustees are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards. The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial 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 the charity for that period. In preparing these financial statements, the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles of the Charities SORP; - make judgements and accounting estimates that are reasonable and prudent; - state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; 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 accounting records which disclose with reasonable accuracy the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 5 THE HAREBELL CENTENARY FUND TRUSTEES ANNUAL REPOKT ICONTINUEDI Year ended 31 December 2021 ReglsLcred Chirity num IfJ)3552 Mr M l A Goc•*>ody Ms P I Ch8pm Mrs A R Fr￿l£k Principal office BDB Fltmans iLP C￿e Barthdomew Cb)se London ECIA78L Adminisff4tor M5 PJ Chapman Indepehdent Examiner Steven WakefiEld ACA 22 Chancery Lane London WC2A ILS Investwt athsers and bankers Rathbone Investment Managvment Ltd I Cur2on Street London WII5F8 SdclLors BDB FltmaTrs LLP One BYthcAomew London ECIA78L Sl%med w the Tnjstees, beTroif by M I A GOODBODY 19. %- 2022 ## **THE HAREBELL CENTENARY FUND** I N D E P E N D E N T E X A M I N E R ’ S R E P O R T ## **Year ended 31 December 2021** ## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE HAREBELL CENTENARY FUND** I report to the trustees on my examination of the accounts of the Trust for the year ended 31 December 2021. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). You are satisfied that an audit is not required for this year under charity law and that an independent examination is needed. I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Dixon Wilson, a firm of Chartered Accountants of which I am a partner has provided bookkeeping services to the Trust and I have applied the FRC’s Revised Ethical Standard in carrying out my examination. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement. ## **Independent examiner’s statement** I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination. 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. STEVEN WAKEFIELD ACA Dixon Wilson 22 Chancery Lane London WC2A 1LS > 31 October 2022 7 ## **THE HAREBELL CENTENARY FUND** S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S ## **Year ended 31 December 2021** |**Unrestricted**
**Expendable**
**income**
**endowment**
**Note**
**fund**
**fund**
**£**
**£**
**Income and endowments from:**
_Investments:_
Income from listed securities
221,931
-
Interest on cash deposits
-
-
**Total income and endowments**
221,931
-
**Expenditure on:**
_Raising funds:_
Investment management fees
(all charged to expendable endowment fund)
-
50,184
_Charitable activities:_
Grants made
3
223,300
-
Governance costs
2
11,700
11,700
**Total expenditure**
235,000
61,884
**Net expenditure before**
**Investment gains and losses**
(13,069)
(61,884)
Net gains on investments
(all charged to expendable endowment fund)
4
-
762,308
Net losses on foreign exchange
-
-
**Net (expenditure)/income**
(13,069)
700,424
Net movement in funds
(13,069)
700,424
**Reconciliation of Funds**
Fund balances brought forward at 1 January 2021
37,698
7,915,456
**Fund balances carried forward at**
**31 December 2021**(page 9)
24,629
8,615,880|**2021**
**Total**
**£**
221,931
-
221,931
50,184
223,300
23,400
296,884
(74,953)
762,308
-
687,355
687,355
7,953,154
8,640,509|| |---|---|---| |||| The notes on pages 10 to 14 form part of these financial statements. All amounts are attributable to continuing activities. All income from investments relates to unrestricted income funds. The Trust has no recognised gains and losses other than as stated above. 8 THE HAREBELL CEKfENAAY FUND ALANCE SH EET At 31 December 2011 N•t¢ 2020 Flxed asKts Investrnents.. I￿ored 1nveWn￿ts af market vatue &6KiOI 7.928,151 Curnt a55e¢S Debtors 14.138 123.no 942 39.004 137.858 47,946 Currert IlablUd¢s Credttors.. amtyjnrs fralkng due ￿thin one year Net current ￿Sets 1145,5501 17.6921 (22,9431 25.003 &640.51XI 7.953.154 Total Ch•thy Funds Ur**sEritted Fund Unrestricted incc*ne knd (page 8) Expendable endowmenc fvnd (pake 8) 10 10 24.629 615 37.698 7.915,456 &640509 7.953.154 The fin￿£￿ sratvnthrs on page$ 8 to 14 were aFvroved by the Tnjrtee on 31 October 21ll2 were &sned c thdr bdwWbT.. MR M I A GOODBODY TnMee M5 PI CHAPMAN Trtjsree MBS A R FOSSICK Trustee The no(es on pages lo to 14 form part of th¢se financmt starements. THE HAREBELL CENTENARY FUND BALANCE SHEET At 31 ￿e¢￿￿￿r 2021 2021 2020 Fixed as$ets Quoted inyestments at market Ydlue B.648,201 7.928.151 Debtars Cash 14.138 123.720 8.942 39.094 137.858 47,946 Current Ilabllltles Creditors: arrrfx4nts fallThg due within one year Net current assets 1145,550} 17,6921 (22,943) 25,OQ3 Total net assèts 8.610,509 7,953,154 T¢)tal Charity F¥nd Unrestrlcted Fund$: Urtre5tricted income fund Ipage 81 Eypendabbe erbdowment fund {page 81 10 10 24,629 8.615.880 37.698 7.915.456 8.640,509 7.953.154 The financial statements on pw 8 to 14 were approved by the Trustees on 31 O¢tober 2022 and were signed on theSr behalF br.- MR M I A GOOD80DY Trustee S PJ CHAFMAN Trustee MRS A R FOSSICK Trustre The notes +)n pages 10 to 14 forni parr of these ffinanciaE statements. N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ## **THE HAREBELL CENTENARY FUND** ## **Year ended 31 December 2021** ## **1. Accounting policies** ## **(a) Basis of preparation and assessment of going concern** The financial statements have been prepared in accordance with applicable accounting standards, the Statement of Recommended Practice "Accounting and reporting by Charities" in preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) and the Charities Act 2011. The particular accounting policies adopted are described below. The Trust constitutes a public benefit entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. The financial statements are presented in Sterling which is the functional currency of the Trust rounded to the nearest £1. ## **(b) Fund accounting policy** The Trust comprises of an unrestricted income fund and an expendable endowment fund. Unrestricted funds are general funds that are available for use at the Trustees’ discretion in furtherance of the objectives of the Trust. Expendable endowment funds are capital funds that may be freely converted into spendable income as the Trustees see fit. All the Trust’s funds are unrestricted. The income fund is held for distribution and the capital fund is held to facilitate the maintenance and growth of The Harebell Centenary Fund unless capital is needed for distributions should a shortfall arise in the income fund. ## **(c) Income** Investment income is credited to the Income account when receivable. Dividends are recognised where the Trustees are entitled to receive payment. Investment gains and losses includes any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year. Funds added to the Trust are credited to the expendable endowment fund when receivable provided no restrictions have been specified by the donor. ## **(d) Expenditure and liabilities** Liabilities are recognised as soon as there is a legal or constructive obligation committing the Trust to the 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. No material item of deferred income has been included in the accounts. The Trust has creditors which are measured at settlement amounts less any trade discounts. Donations are charged to the income or the capital account on the date of approval by the Trustees. Governance costs comprise all costs involving the public accountability of the Trust and its compliance with regulation and good practice and are inclusive of irrecoverable VAT. These costs also include costs relating to the independent examination of the financial statements. The costs have been split equally, based on a fair estimate of the time spent dealing with ongoing matters, between the income and capital account. 10 N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ## **THE HAREBELL CENTENARY FUND** ## **Year ended 31 December 2021** ## **(e) Assets** Fixed asset investments in quoted shares, traded bonds and similar investments are valued initially at cost and subsequently at fair value (their market value) at the year end. Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the Trust. Subsequently, they are measured at the cash or other consideration expected to be received. ## **(f) Taxation** The Trust is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objectives. ## **(g) Cash flow** The financial statements do not include a cash flow statement because the Trust, as a small reporting entity, is exempt from the requirement to prepare such a statement under FRS 102. ## **2. Governance costs** |**Unrestricted Expendable**
**income endowment**
**fund**
**fund**
**£**
**£**
Administration fees
8,000
8,000
Accountancy fees
1,250
1,250
Independent examiner fees
500
500
VAT
1,950
1,950
11,700
11,700|**Unrestricted Expendable**
**Total**
**income endowment**
**2021**
**fund**
**fund**
**£**
**£**
**£**
16,000
8,793
8,794
2,500 1,250 1,250
1,000 500 500
3,900 2,109 2,108
23,400
12,652
12,652|**Total**
**2020**
**£**
17,587
2,500
1,000
4,217
25,304| |---|---|---| ## **3. Grants made** |**Unrestricted Expendable**
**income endowment**
**fund**
**fund**
**£**
**£**
Alzheimer’s Research UK
10,000
-
Amber Trust
10,000
-
Ambitious About Autism
10,000
-
Bloodwise
-
-
Brain Tumour Support
10,000
-
Brighter Opportunities for
5,000
-
Carers Trust
10,000
-
Changing Faces
5,000
-
Crathie School
3,300
-
Dystonia UK
10,000
-
Carried forward
73,300|**Unrestricted Expendable**
**Total**
**income endowment**
**2021**
**fund**
**fund**
**£**
**£**
**£**
10,000
_10,000_
_-_
10,000
_10,000_
_-_
10,000
_10,000_
_-_
-
_10,000_
_-_
10,000
_-_
_-_
5,000
_-_
_-_
10,000
_10,000_
_-_
5,000
_-_
_-_
3,300
_5,500_
_-_
10,000
_-_
_-_
73,300
_55,500_
_-_|**Total**
**2020**
**£**
_10,000_
_10,000_
_10,000_
_10,000_
_-_
_-_
_10,000_
_-_
_5,500_
_-_
_55,500_| |---|---|---| 11 ## **THE HAREBELL CENTENARY FUND** ## N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ## **Year ended 31 December 2021** ## **3. Grants made (continued)** |**Unrestricted Expendable**
**income endowment**
**fund**
**fund**
**£**
**£**
Brought forward
73,300
Ferriers Barn
10,000
-
Grandparents Plus
10,000
-
Headway Essex
10,000
-
Helen & Douglas House Hospice
10,000
-
Hot Lines Meals Service (London)
-
-
Listening Books
-
-
Muscular Atrophy
10,000
-
Nordoff Robins Music Therapy
10,000
-
Parkinson’s UK
10,000
-
Royal hospital for Neuro-disability
10,000
-
Shrine UK
-
-
SSAFA
-
-
St Helena Hospice
10,000
-
Starlight Children’s Foundation
10,000
-
Success After Stroke
10,000
-
Talitha Arts
10,000
-
The Daws Hall Trust
10,000
-
The Macular Society
10,000
-
The Tabor Centre
10,000
-
Total
223,300
-|**Unrestricted Expendable**
**Total**
**income endowment**
**2021**
**fund**
**fund**
**£**
**£**
**£**
73,300
_55,500_
_-_
10,000
_10,000_
_-_
10,000
_10,000_
_-_
10,000
_10,000_
_-_
10,000
_10,000_
_-_
-
_5,000_
_-_
-
_10,000_
_-_
10,000
_-_
_-_
10,000
_10,000_
_-_
10,000
_10,000_
_-_
10,000
-
_10,000_
_-_
-
_10,000_
_-_
10,000
_10,000_
_-_
10,000
_10,000_
_-_
10,000
_10,000_
_-_
10,000
_8,000_
_-_
10,000
_10,000_
_-_
10,000
_-_
_-_
10,000
_10,000_
_-_
223,300
_208,500_
_-_|**Total**
**2020**
**£**
_55,500_
_10,000_
_10,000_
_10,000_
_10,000_
_5,000_
_10,000_
_-_
_10,000_
_10,000_
_10,000_
_10,000_
_10,000_
_10,000_
_10,000_
_8,000_
_10,000_
_-_
_10,000_
_208,500_| |---|---|---| All grants were made to institutions, with no restrictions attached and are to be used by the Trust to meet its general objectives. |**4.**
**Fixed asset investments**
**Listed investments**
Market value at 1 January
Acquisitions at cost
Proceeds of disposals

Net realised and unrealised gains
in the year to 31 December
Market value at 31 December
Cash and settlements pending, held as part of the investment portfolio|**2021**
**2020**
**£**
**£**
7,558,807
_7,277,739_
1,118,142
_1,537,968_
(1,280,234)
_(1,459,260)_
762,306
_202,360_
8,159,021
_7,558,807_
489,180
_369,344_
8,648,201
_7,928,151_| |---|---| (continued) 12 ## **THE HAREBELL CENTENARY FUND** ## N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ## **Year ended 31 December 2021** ## **4. Fixed asset investments (continued)** The Trustees set 5% of period-end market value of the investment portfolio as the threshold for reporting material investments. The following shareholdings or investments are considered individually to be material with the market values and proportion of the portfolio shown as at 31 December 2021: |**Holding**
Mayfair Capital Investment Management Trust for Charities|**Market Percentage of**
**Value**
**portfolio**
**£**
**%**
489,503
6.00|**Market Percentage of**
**Value**
**portfolio**
**£**
**%**
489,503
6.00| |---|---|---| |**5.**
**Debtors**
Accrued income
Inter Fund Debtor|**2021**
**£**
2,046
12,092
14,138|**2020**
**£**
_1,895_
_7,047_| |||_8,942_| |||| |**6.**
**Cash**
Cash held with investment manager – income accounts|**2021**
**£**
123,720
123,720|**2020**
**£**
_39,004_| |||_39,004_| |||| |**7.**
**Creditors: amounts falling due within one year**
**Other creditors and accruals**
Administration fees
Accountancy fees
Investment management fees
Inter Fund Creditor
Grants payable|**2021**
**£**
8,058
8,400
12,000
12,092
105,000
145,550|**2020**
**£**
_696_
_4,200_
_11,000_
_7,047_
_-_| |||_22,943_| ## **8. Trustees’ remuneration and expenses** No Trustee received remuneration during the year. Trustee Ms P J Chapman is a partner of BDB Pitmans LLP. BDB Pitmans LLP charged net fees of £16,000 (2020 - £17,587) in respect of professional fees during the year. The Fund owed BDB Pitmans LLP £8,058 (2020 - £696) at the balance sheet date. The Trustees are authorised by the Trust Deed to pay professional charges to Trustees engaged in a professional capacity on the instructions of the other Trustees. The Trustees have not purchased indemnity insurance. 13 ## **THE HAREBELL CENTENARY FUND** N O T E S T O T H E F I N A N C I A L S T A T E M E N T S ## **Year ended 31 December 2021** ## **9. Employees** The number of employees employed by the trust in the year was nil (2020 – nil). |**10.**
**Unrestricted funds**
Unrestricted income fund
Expendable endowment fund|**Funds**
**brought**
**Incoming**
**Outgoing**
**forward**
**resources**
**resources**
**£**
**£**
**£**
37,698
221,931
(235,000)
7,915,456
-
(61,884)
7,953,154
221,931
(296,884)|**Gains**
**£**
-
762,308
762,308|**Funds**
**carried**
**forward**
**£**
24,629
8,615,880
8,640,509| |---|---|---|---| |**11.**
**Analysis of total net assets between funds**
**Unrestricted**
**Expendable**
**income**
**endowment**
**fund**
**fund**
**£**
**£**
Funds as at 31 December 2021
are represented by:
Investments at market value
-
8,648,201
Debtors
14,138
-
Cash at bank
123,720
-
Creditors
(113,229)
(32,321)
24,629
8,615,880|**11.**
**Analysis of total net assets between funds**
**Unrestricted**
**Expendable**
**income**
**endowment**
**fund**
**fund**
**£**
**£**
Funds as at 31 December 2021
are represented by:
Investments at market value
-
8,648,201
Debtors
14,138
-
Cash at bank
123,720
-
Creditors
(113,229)
(32,321)
24,629
8,615,880|**11.**
**Analysis of total net assets between funds**
**Unrestricted**
**Expendable**
**income**
**endowment**
**fund**
**fund**
**£**
**£**
Funds as at 31 December 2021
are represented by:
Investments at market value
-
8,648,201
Debtors
14,138
-
Cash at bank
123,720
-
Creditors
(113,229)
(32,321)
24,629
8,615,880|**Total**
**2021**
**£**
8,648,201
14,138
123,720
(145,550)
8,640,509| |---|---|---|---| |**12.**
**Financial instruments**
Financial assets measured at fair value through income and expenditure||**2021**
**£**
8,648,201|**2020**
**£**
_7,928,151_| Financial assets measured at fair value through income and expenditure comprise fixed assets investments. 14