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2024-12-31-accounts

THE HAREBELL CENTENARY FUND

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

THE HAREBELL CENTENARY FUND

INDEX

Year ended 31 December 2024

Page
Trustees’ annual report 2
Independent examiner's report 7
Statement offinancial activities 8
Balance sheet 9
Notes to the financial statements 10
Appendix: Investment portfolio 15
(notfiledwiththeCharityCommission)

1

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| THE HAREBELL CENTENARY FUND TRUSTEES' ANNUAL REPORT

Year ended 31 December 2024

eee The Trustees present their annual report along with the financial statements of the Charity for the year ended 31 December 2024. 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).

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.

Trustees are given a copy of the Charity’s governing document, accounts and financial information, policies and anything else that explains how it works.

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, reports and related administration prior to the consideration of the Trustees is handled by the Administrator. No Trustee expenses or 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 for such general charitable purposes as the trustees in their absolute discretion think fit, including towards any one or more of the following:

(c) The relief of sickness and suffering amongst animals

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THE HAREBELL CENTENARY FUND

TRUSTEES' ANNUAL REPORT (CONTINUED)

Year ended 31 December 2024

Objects, objectives and principal activities for the public benefit (continued)

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.

The main aims of the Charity are:

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

Over time the Charity’s grant making programme has evolved to focus on particular areas within the charitable objects, within the agreed grant making strategy. In the period, the policy of the Trustees remained to concentrate (in the main) 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.

  2. 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 general policy is to make donations only to registered charities (with limited exception) which are well known to the trustees 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 engage in a rolling programme of visits to those charities which receive regular distributions from The Harebell Centenary Fund.

During the course of the year the trustees have visited The Daws Hall Trust, Success After Stroke, Ferrriers Barn, Headway Essex, St Helena Hospice, Age Well East, Braintree District Mencap ClO and The Tabor Centre.

Achievements and performance

The investment income for the year was £7,220 lower than last year. The Trustees are satisfied with the level of investment income received by the Charity during the year ended 31 December 2024, which reflects the overall market conditions. During the year the Charity made 36 grants (2023 - 13) to 28 charities (2023 - 13).

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| THE HAREBELL CENTENARY FUND | TRUSTEES' ANNUAL REPORT (CONTINUED) Year ended 31 December 2024 eee 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 2024 comprised dividends and interest amounting to £236,610 (2023 - £243,830). The governance costs of the Charity for the year ended 31 December 2024 were £28,016 (2023 - £16,012). An income surplus arose after governance expenses for the year ended 31 December 2024 of £208,594 (2023 - £227,818) before income donations to charities of £349,100 (2023 - £109,400) and investment management fees of £48,117 (2023 - £45,465).

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

The Trustees decided towards the end of the financial period that they would review their grant making strategy with a view to spending down the Charity’s funds within a defined period. To this end, the Trustees have engaged the charity, NPC (New Philanthropy Capital) to assist with this project, taking into account the grant making programme of the Trustees to date, the intentions of the original founder, the size of the current endowment and the best interests of the Charity going forward. The Trustees determined also to review the management of their funds and associated investment policy in conjunction with their strategy review.

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 2024 has been 8.2% (2023 — 7.7%) compared to a CP! + 4% benchmark of 7.5%.

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).

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.

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THE HAREBELL CENTENARY FUND

TRUSTEES' ANNUAL REPORT (CONTINUED)

Year ended 31 December 2024

a

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:

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.

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25 June

28 July

THE HAREBELL CENTENARY FUND

STATEMENT OF FINANCIAL ACTIVITIES

Year ended 31 December 2024

Unrestricted Expendable
income endowment 2024 2023
Note fund fund Total Total
£ £ £ £
Income and endowments from:
Investments:
Income from listed securities 220,216 - 220,216 230,820
Interest on cash deposits 16,068 - 16,068 13,010
Other investment income 326 - 326 -
Total income and endowments 236,610 - 236,610 243,830
Expenditure on:
Raising funds:
Investment management fees - 48,117 48,117 45,465
Charitable activities:
Grants made 3 349,100 - 349,100 109,400
Governance costs 2 14,008 14,008 28,016 16,012
Total expenditure 363,108 62,125 425,233 170,877
Net (expenditure)/income before
Investment gains and losses (126,498) (62,125) (188,623) 72,953
Net gains on investments 4 - 388,528 388,528 313,006
Net loss on foreign exchange - - - (75)
Net (expenditure)/income (126,498) 326,403 199,905 385,884
Net movement in funds (126,498) 326,403 199,905 385,884
Reconciliation of Funds
Fund balances broughtforward at 1 January 2024 175,150 7,801,246 7,976,396 7,590,512
Fund balances carried forward at
31December2024(page9) 48,652 8,127,649 8,176,301 7,976,396

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.

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25 June

| Year ended 31 December 2024

THE HAREBELL CENTENARY FUND

NOTES TO THE FINANCIAL STATEMENTS

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 ona fair estimate of the time spent dealing with ongoing matters, between the income and capital account.

10

THE HAREBELL CENTENARY FUND

NOTES TO THE FINANCIAL STATEMENTS

Year ended 31 December 2024

(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 Unrestricted Expendable Unrestricted Expendable
income endowment Total income endowment Total
fund fund 2024 fund fund 2023
£ £ £ £ £ £
Administration fees 9,623 9,623 19,246 4,722 4,722 9,444
Accountancy fees 1,550 1,550 3,100 1,450 1,450 2,900
Independent examiner fees 500 500 1,000 500 500 1,000
VAT 2,335 2,335 4,670 1,334 1,334 2,668
14,008 14,008 28,016 8,006 8,006 16,012

3. Grants made

Unrestricted Unrestricted Expendable Unrestricted Expendable
income endowment Total income endowment Total
fund fund 2024 fund fund 2023
£ £ £ £ £ £
Age Well East 20,000 - 20,000 10,000 ~ 10,000
Alzheimer’s Research UK 10,000 - 10,000 - - -
Amber Trust 10,000 - 10,000 - - -
Ambitious About Autism 10,000 - 10,000 10,000 - 10,000
Braintree District Mencap CIO 10,000 - 10,000 - - -
Brain Tumour Support 10,000 - 10,000 10,000 - 10,000
Canine Partners for Independence 10,000 - 10,000 10,000 - 10,000
Carers Trust 10,000 - 10,000 - - -
Changing Faces - - . (10,000) - (10,000)
Crathie School 4,400 - 4,400 4,400 - 4,400
Carriedforward 94,400 - 94,400 34,400 - 34,400

11

THE HAREBELL CENTENARY FUND

NOTES TO THE FINANCIAL STATEMENTS

Year ended 31 December 2024

3.
Grants made (continued)		 3.
Grants made (continued)
Unrestricted Expendable Unrestricted Expendable
income endowment Total income endowment Total
fund fund 2024 fund fund 2023
£ £ £ £ £ £
Brought forward 94,400 - 94,400 34,400 - 34,400
Ferriers Barn 20,000 - 20,000 10,000 - 10,000
Headway Essex 20,000 - 20,000 10,000 - 10,000
Helen& Douglas House Hospice 20,000 - 20,000 - - -
Hypo Hounds 10,000 - 10,000 - - -
Moorfields Eye Charity 10,000 - 10,000 - - -
Nordoff-Robins Music Therapy 20,000 - 20,000 - - -
Oscar’s Brain Tumour Charity 10,000 - 10,000 - - -
Omega - - - 5,000 - 5,000
Oxfordshire Homeless Movement 5,000 - 5,000 - - -
Parkinson's UK 10,000 - 10,000 - - -
Sound Waves 3,300 - 3,300 - - -
St Helena Hospice 20,000 - 20,000 ~ - -
Success After Stroke 20,000 - 20,000 10,000 - 10,000
Support Dogs 10,000 - 10,000 - - -
Talitha Arts 10,000 - 10,000 10,000 - 10,000
The Brain Tumour Charity 10,000 - 10,000 - - -
The Daws Hall Trust 20,000 - 20,000 10,000 - 10,000
The Hugs Foundation 6,400 - 6,400 - - -
The Macular Society 10,000 - 10,000 - - :
The Tabor Centre 20,000 - 20,000 10,000 - 10,000
Wildlife Foundation - - - 10,000 - 10,000
Total 349,100 - 349,100 109,400 - 109,400

All grants were made to institutions, with no restrictions attached and are to be used by the recipient to meet its general objectives.

4,
Fixed asset investments		 2024 2023
£ £
Listed investments
Market value at 1 January 7,631,989 6,814,807
Acquisitions at cost 4,630,229 3,293,267
Proceeds ofdisposals (5,106,315) (2,789,097)
Net realised and unrealised gains in the year to 31 December 388,528 313,006
Market value at 31 December 7,544,431 7,631,989
Cash and settlements pending, held as part ofthe investment portfolio 601,691 184,208
8,146,122 7,816,197

12

THE HAREBELL CENTENARY FUND

NOTES TO THE FINANCIAL STATEMENTS

Year ended 31 December 2024

5. Debtors 2024 2023
£ £
Accrued income 4,668 1,834
4,668 1,834
6. Cash 2024 2023
£ £
Cash held with investment manager— income accounts 174,751 176,214
174,751 176,214
7. Creditors: amounts falling due within one year 2024 2023
£ =
Other creditors and accruals
Administration fees 7,560 1,409
Accountancyfees 4,680 4,440
Investment management fees 12,000 12,000
Donations Payable 125,000 -
149,240 17,849

8. Trustees’ remuneration and expenses

No Trustee received remuneration during the year. Trustee Mrs S Williams (appointed by deed of appointment dated 6 June 2024) was a partner of Broadfield Law UK LLP in the period until 30 September 2024. Broadfield Law UK LLP charged net fees of £19,246 (2023 - £9,444) in respect of professional fees during the year. The Charity owed Broadfield Law UK LLP £7,560 (2023 - £1,408) 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.

9. Employees

The number of employees employed by the trust in the year was nil (2023 — nil).

10. Unrestricted funds Funds Funds
brought Incoming Outgoing carried
forward
£		 resources
£		 resources
£		 Gains
£
Unrestricted income fund 175,150 236,610 (363,108) - 48,652
Expendable endowment fund 7,801,246 - (62,125) 388,528 8,127,649
7,976,396 236,610 (425,675) 388,528 8,175,839

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THE HAREBELL CENTENARY FUND

NOTES TO THE FINANCIAL STATEMENTS

Year ended 31 December 2024

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |11.|Analysis|of total|net|assets|between|funds|Unrestricted|Expendable| |income|endowment| |fund|fund|Total| |£|£|£| |Funds|as|at|31|December|2024| |are|represented|by:| |Investments|at|market|value|-|8,146,122|8,146,122| |Debtors|4,668|-|4,668| |Cash|at|bank|174,751|-|174,751| |Creditors|(130,767)|(18,473)|(149,240)| |48,652|8,127,649|8,176,301| |Funds|as|at|31|December|2023| |are|represented|by:| |Investments|at|market|value|-|7,816,197|7,816,197| |Debtors|1,834|-|1,834| |Cash|at|bank|176,214|-|176,214| |Creditors|(2,898)|(14,951)|(17,849)| |175,150|7,801,246|7,976,396| |12.|Financial|instruments|2024|2023| |£|£| |Financial|assets|measured|at|fair value|through|income|and|expenditure|8,146,122|7,816,197|

----- End of picture text -----

Financial assets measured at fair value through income and expenditure comprise fixed assets investments.

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