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← The Haramead Trust

2024-03-31-accounts

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The Haramead Trust

Trustees’ Report and Financial Statements

For the year ended

31 March 2024

Charity No. 1047416

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THE HARAMEAD TRUST

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

INDEX PAGE
Legal and administrative details l
Trustees’ annual report 2-5
Independent auditor’s report 6-8
Statement of financial activities 9
Balance sheet 10
Statement ofcash flows 1}
Notestothefinancialstatements 12-16

THE HARAMEAD TRUST

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

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LEGAL AND ADMINISTRATIVE DETAILS

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Charity registration number: 1047416
Principal office: Park House
Park Hill
Gaddesby
Leicestershire
LE74WH
Trustees: Mr RH
Smith
MrsWM
Linnett
Mrs V L Duddles
DrM B Hanlon
Bankers Coutts& Co
440 Strand
London
WC2R 0QS
Solicitors: Shakespeare Martineau LLP
2 Colton Square
Leicester
LEI 1QH
Auditor: Magma AuditLLP
(Part of the Dains Group)
Chartered Accountants
Unit 2
Charnwood Edge Business Park
Syston Road
Leicester
LE74UZ

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THE HARAMEAD TRUST

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2024 errant ie i es

The trustees present their annual report together with the audited financial statements of The Haramead Trust for the year ended 31 March 2024.

OBJECTIVES AND ACTIVITIES

1 OBJECTIVES

There have been no changes to these objectives since the Trust was established.

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The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities and setting the grant making policy for the year.

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2 GRANT POLICY
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It is the policy ofthe trustees to make donations to other registered charities working in connection with the objects of The Haramead Trust and to individuals and families in direct need of assistance.

The trustees have sought to benefit the public through a range of grants to charitable causes within the conditions of the trust deed.

ACHIEVEMENTS AND PERFORMANCE

SJ ACTIVITIES REVIEW

In addition, the spread ofdonations over issues that the trustees feel worthy ofsupporting has been in the areas of:

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* Children’s charities
— Social and medical assistance
 Homelessness
Education
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Of the grants, 42 were for £10,000 or more, whilst there were 90 for £5,000 or more but less than £10,000 and none for less than £5,000. Details of donations for £10,000 or more are given in note 3 to the accounts.

In total the trustees have received over 564 requests for assistance during the year. All such requests have been acknowledged and examined by the trustee administrator who puts before the trustees those that fulfil the aims of the Trust taking into account the various grants that have been made during the year.

The governance and administration costs of the Trust consist of the audit fee. All other costs. including the travel to review projects and office costs, have been borne by the settlor.

The Trust has no commitments on its funds.

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6 INVESTMENT POLICY

THE HARAMEAD TRUST

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2024

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FINANCIAL REVIEW

4 FINANCIAL AND ACTIVITIES REVIEW

The Trust received £500,000 (2023 - £1,000,000) in donations, dividend income of£54,375 (2023 - £90,000) and eamed interest of £24,631 (2023 - £9,302) in the period. The value of the shares owned by the Trust increased by £27,728 (2023 — £45,892).

Donations were made totalling £1,075,000 (2023 - £1,525,000). All of the donations were to charities or organisations that are connected with the provision of help to the disadvantaged. Details of the donations are shown in note 3 to these financial statements.

The trustees have made 132 donations. In doing so they have endeavoured to spread those grants over a number of areas of[interest.][Geographically][the][split][has][been:]

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5 RESERVES POLICY

The trustees intend that all funds which are received. with the exception of the shares in Charles Street Buildings Group Limited and Charles Street Buildings Properties Limited, should be paid out in furtherance of the Trust’s objectives as soon as appropriate causes can be evaluated. The Charles Street Buildings Group Limited and Charles Street Buildings Properties Limited shares are currently held for their income potential. It is not the intention of the trustees to build up funds out of donations.

The Trust depends upon private donations from its founder.

The charity held £502,259 (2023 - £495,308) of[free][reserves][held][mainly][in][cash][as][at][3)][March][2024.][The][charity] aims to use these reserves to fund donations in future years.

Whilst the Trust has funds awaiting distribution, these are maintained to give rise to the best rate of return whilst being available for immediate access.

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7 GOING CONCERN

After making appropriate enquiries, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

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THE HARAMEAD TRUST

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

8 ORGANISATION STRUCTURE AND DECISION MAKING POLICIES

The Haramead Trust is an unincorporated charity established by deed of settlement on |] April 1995.

The original trustees were appointed under the deed of settlement which gives the settlor the right to appoint new trustees during her lifetime. The current practice is to appoint new trustees that are known to the settlor and no formal checks are therefore considered to be necessary. Appointees are invited to a trustee meeting prior to appointment. New trustees receive a copy of the governing document, accounts and Charity Commission publication CC3 “The essential trustee: what you need to know, what you need to do”.

9 RISK MANAGEMENT

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The major risks to which the Trust is exposed as identified by the trustees have been reviewed and systems have been established to mitigate those risks. The main financial risk to the Trust is liquidity risk. The Trust manages this risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & 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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that are sufficient to show an explain the Charity’s transactions and disclose with reasonable accuracy at any time 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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THE HARAMEAD TRUST

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2024

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DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are trustees at the time when this trustee’s report is approved has confirmed that:

¢ — so far that trustees are aware, there is no relevant audit information ofwhich the charity's auditor is unaware: and

e the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

The trustees are responsible for the maintenance and integrity of the charity and financial! information included on any charity website.

Approved by order of the members ofthe board of trustees and signed on their behalf by:

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RH SMITH TRUSTEE

Date: 16 Jie] 26 ae

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THE HARAMEAD TRUST

INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF THE HARAMEAD TRUST

FOR THE YEAR ENDED 31 MARCH 2024

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Opinion

We have audited the financial statements of The Haramead Trust (the ‘charity’) for the year ended 31 March 2024 which comprise the Statement of financial activities, the Balance sheet, and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

{n our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

{n auditing the financial statements, we have concluded that the trustees' use of the going concem basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

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The other information comprises the information included in the Annual report other than the financial statements and our Auditors’ report thereon. The trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon, Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our Knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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THE HARAMEAD TRUST

INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF THE HARAMEAD TRUST

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FOR THE YEAR ENDED 31 MARCH 2024
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Matters on which we are required to report by exception

We have nothing to repert in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with [ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below:

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Based on our understanding ofthe charity and the sector, we have identified that the principal risks of noncompliance with laws and regulations related to UK Tax and legislation and breaches of the Charities Act. and we have considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011fraudulentand provisionsmanipulationof theof the Charitiesfinancial SORPstatements (FRS 102).(including We evaluatedthe risk ofmanagement's[override][of] controls)incentivesand anddeterminedopportunitiesthat thefor principal risks were related to posting inappropriate journal entries, and management bias in accounting estimates. Audit procedures performed included:

There are inherent limitations in the audit procedures described above. The more removed non-compliance with laws and regulations is, from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by forgery or intentional misrepresentation. for example, or through collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www. fre.org.uk/auditorsresponsibilities. This description forms part of our Auditors’ report.

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THE HARAMEAD TRUST

INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF THE HARAMEAD TRUST

FOR THE YEAR ENDED 31 MARCH 2024

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Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those Matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

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Magma Audit LLP

Chartered Accountants Statutory Auditor Unit 2 Charnwood Edge Business Park Syston Road Leicestershire LE7 4UZ

Magma audit LLP are part of the Dains Group.

Magma Audit LLP are eligible to act as auditors in terms ofsection 1212 of the Companies Act 2006.

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THE HARAMEAD TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2024

Note Unrestricted Designated Total Total Unrestricted Designated
funds funds funds funds funds funds
2024 2024 2024 2023 2023 2023
£ £ £ £ £ £
Income from:
Donations and legacies
- Cash and tax refunds 625,000 - 625,000 1,250,000 1,250,000 -
Investments 2 79,006 - 79,006 99,302 99.302 -
Totalincome 704.006 2 704,006 1,349,302 1,349,302
Expenditure on:
Charitable activities 3 1,075,000 - 1,075,000 1,525,000 1,525,000 -
Administration = 2,970 - 2,970 2.829 2.829 -
Total resources
expended 1,077,970 - 1,077,970 1,527,829 1,527,829 -
nietexpenmiureheiore
investment gains		 (373,964) - (373,964) (178,527) (178,527) .
Maneativedgains:
investments		 6 27,728 27,728 45,892 45,892 2
Hettexbentiwrey
income		 (346,236) - (346,236) (132,635) (132,635) .
Transters between funds 13 9,000 (9,000) - - - .
Total transfers 9.000 (9,000) - - Le se
iain
funds		 (337.236) (9,000) (346,236) (132.635) (132,635) -
Reconciliation of
funds:
Total funds brought
forward 1,939,147 9,000 1,948,147 2,080,782 2,071,782 9.000
al fiae
forward		 1,601,911 - 1,601,911 1,948,147 1,939,147 9,000

The notes on pages 12 to 16 form part of these financial statements.

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THE HARAMEAD TRUST

BALANCE SHEET

AS AT 31 MARCH 2024

Note 2024 2023
Fixed Assets £ £
Investments 6 974,653 946.925
Current assets
Gift Aiddebtor 125,000 505.914
Cash at bank 507,958 498,158
1,607,611 1.948.626
Less: Creditors: amounts falling due within oneyear
Accruals (5,700) (2.850)
Total net current assets 627,258 1,001,222
Total net assets 1,601,911 1.948.147
Charity Funds
Unrestricted funds 1,601,911 1.939.147
Designated funds 7 - 9.000
Totalfunds 1,601,911 1,948,147

The financial statements were approved and authorised for issue by the Trustees on AOSTA = Aeand signed on their behalf by

RH SMITH TRUSTEE

The notes on pages |2 to 16 form part of these financial statements.

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THE HARAMEAD TRUST

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2024

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2024 2023
£ £
Cash flows from operating activities
Net cash used in operatingactivities (69,206) (408,446)
Cash flows from investing activities
Dividends and interest received from investments 79.006 99,302
Change in cash and cash equivalents in the year 9,800 (309,144)
Cash and cash equivalents at the beginning ofthe year 498,158 807.302
Cashandcashequivalents at theend of theyear 507.958 498.158
Reconciliation ofnetmovement in funds to net cash flow from operating activities
2024 2023
£ £
Net expenditure for the year(as per Statement ofFinancial Activities) (346,236) (132.635)
Adjustments for:
Gains on investments (27,728) (45,892)
Dividends and interest received from investments
Decrease increase) in debtors		 (79,006)
380,914		 (99,302)
(130,731)
Increase in creditors 2,850 14
Netcash used in operating activities (69,206) (408 446)
Thenotesonpages12to16formpartofthesefinancialstatements.

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THE HARAMEAD TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES

The following accounting policies have been adopted and applied consistently in dealing with items which are considered material in relation to the Trust’s financial statements.

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) — 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 I January 2019), the Financial Reporting Standard applicable in the UK and Republic of lreland (FRS102) and the Charities Act 2011.

The Haramead Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance ofthe general objectives of the Trust and which have not been designated for other purposes.

Unrestricted funds include capital investments and income investments. Capital investments are held to generate income for distribution by way of grants. If any of the capital investments are sold the proceeds are reinvested. Income investments are available for distribution by way of grants.

Designated funds are unrestricted funds which have been designated for specific purposes by the trustees.

1.3 Income

All income is recognised once the Trust has entitlement to the income.

Investment income is accounted for when received and where possible is received gross of income tax. Where investment income is received net of income tax, account is also taken of any income tax recoverable.

Interest is recognised when receivable.

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1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, 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 governance costs are allocated to the applicable expenditure headings.

Expenditure on grants for charitable purposes is recorded once the Trust has made an unconditional commitment to pay the grant and this is communicated to the beneficiary or the grant has been paid whichever is the earliest.

Governance costs relating to the audit of the Trust are dealt with on an accruals basis.

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THE HARAMEAD TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

1, ACCOUNTING POLICIES (continued)

1.5 Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date calculated in accordance with a formula provided in the Articles of Association of Charles Street Buildings Group Limited and Charles Street Buildings Properties Limited. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

1.6 Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity date of three months or less from the date of acquisition or opening of the deposit or similar account.

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1.7 Going concern

The trustees assess whether the use of going concern is appropriate, i.c. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the charity trust has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the charity’s ability to continue as a going concem, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

1.8 Financial instruments

The charity only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the charity and their measurement basis are as follows:

Financial assets — other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at face value.

Financial liabilities — trade creditors, accruals and other creditors are financial instruments, and are measured at amortised costs.

2. INVESEFMENT INCOME

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2024 2023
z £
Dividends receivable on unlisted investments 54,375 90,000
Bank interest receivable 24,631 3,388
Other interest received - $.914
79,006 99,302

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THE HARAMEAD TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

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3. GRANTS TO INSTITUTIONS

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|||||||| |---|---|---|---|---|---|---| |2024|2023| |£|£| |Action|Against|Hunger|10,000|“| |Action|Aid|-|250.000| |Action|for|Kids Charitable|Trust|- AFK.|10,000|-| |African|Child|Trust|-|10,000| |Age UK|Leicestershire|&|Rutland|20,000|-| |Barons|Court|Project|-|10,000| |CAFOD|50,000|-| |Carers|First|10,000|-| |Centre|of Wellbeing,|Training &|Culture|-|10,000| |Charity|Link|20,000|-| |Christina|Noble|Children’s|Foundation|-|26,000| |Dementia|Support|10,000|-| |Dhaka|Alsana|10.000|-| |EMICS|-|10,000| |Emmaus|Bolton|-|10,000| |Farm|Africa|10,000|-| |Fields of Life|Trust|10,000|10,000| |Five Talents|10,000|-| |Framework|10,000|-| |Home|for Good|-|10,000| |Hope|House|Childrens|Hospice|10.000|>| |Independent Age|-|10,000| |International|Rescue|Committee UK|-|10,000| |Into|Giving|10,000|-| |Jericho|10,000| |Jigsaw|Trust|-|10,000| |Jumbulance Trust|10,000|10,000| |Just|a|Drop|-|10,000| |Leaps|and|Bounds|-|10.000| |Leicester Samaritans|10,000|-| |Leicestershire|&|Rutland|Age|UK|20,000|-| |Leicestershire|and|Rutland Community|Foundation|-|150,000| |Leicestershire,|Derbyshire &|Rutland|Air Ambulance|16,000|-| |Leicestershire|Education|Business|Company|-|25,000| |Leicester MS Therapy|Centre|10,000|-| |Libby|Mae’s|Little Angels|20,000|-| |Livability|-|20,000| |Live|Unlimited|-|10,000| |MapAction|-|10,000| |Marylebone|Project|10,000|-| |Mary’s|Meals|20,000|-| |Maxability|-|10,000| |Medcare|-|10,000| |MIND| |Missio|-|250,000| |Multiple|Sclerosis|Society|20,00010,000|10,000-| |Music|in|Hospitals and Care|10,000|-| |NAYC|(Northampton|Association|of Youth Clubs)|-|10,000|

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THE HARAMEAD TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

3. GRANTS TO INSTITUTIONS (continued)

2024 2023
£ £
Partneraid 10,000 -
Plan International 10,000 -
Red Cross - 250.000
Reform Restore Respect 10,000 -
Ripple Effect 25.000 :
Samaritans ofLeicester& Rutland - 10,000
Shelter - 10,000
St Mungo’s - 10,000
Sunny Days Childrens Fund 10,006 -
The Childrens Adventure Farm Trust 10.000 -
The Ireland Funds 50,000 -
The Laura Centre 10,000 -
The Salvation Army 20,000 -
The Silver Line - 10,000
Trinity Methodist Church 10,000 -
Vista 20,000 .
Warning Zone - 10,000
Water Aid 10,000 -
We R Here 16,006 -
Wonder Foundation 10,000 -
Workaid 10,000 -
YMCA Leicestershire 40,000 .
Youth Space - 10,000
625,000 1,215,000
Donations less than £10,000 and more than £4,999 450,000 310,000
Donations less than £5,000 -
1,075,000 1,525,000
4, SUPPORT COSTS
2024 2023
£ £
Governance costs:
Audit fees 2,370 2,256
Accountancy fees 480 480
2,850 2.736

§. TRUSTEE REMUNERATION

The trustees received no remuneration, fees, salaries nor any other financial benefits during the year (2023 - £Nil). There were no reimbursements of any other expenditure in the year (2023 - £Nil).

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THE HARAMEAD TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

6. FIXED ASSET INVESTMENTS

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|||||||| |---|---|---|---|---|---|---| |Unlisted|investments| |2024|2023| |£|£| |Cost/value|at|||April|2023|946,925|901,033| |Revaluation|27,728|45.892| |At31|March|2024|974.652|946,925|

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During the year ended 31 March 2015, Mrs W M Linnett. a trustee, gifted 3,000 £1 ordinary shares in Charles Street Buildings (Leicester) Limited to the Trust. Following a group demerger of Charles Street Buildings (Leicester) Limited on 19 August 2022. the Charity's investments now comprise shareholdings in both Charles Street Buildings Group Limited and Charles Street Buildings Properties Limited. Mrs W M Linnett was a director and shareholder of Charles Street Buildings Group Limited and Charles Street Buildings Propertics Limited for the financial year ended 31 March 2024.

The initial value of the gift was based on other share transactions that occurred on a commercial basis ata similar time to the gift being made and was the Trustee's reasonable estimate as to the value of the gift. The shares are revalued annually based on a formula which applies a percentage discount from the net asset value ofcither the most recent year end accounts or an updated valuation.

7. DESIGNATED FUNDS

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Balance|at|Income|Expenditure|Transfers|out|Balance|at| |1|April|2023|31|March|2024| |£|£|£|£|£| |Needy|families|9,000|-|-|(9,000)|-| |The|funds|were|set|up|for|the|following|purposes:| |Needy|families|—|to|provide|for needy|families|in|and|around|Leicester|

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The designated fund has been gradually reduced from 25,000 and the Trustees have agreed to transfer this full amount to unrestricted funds in the current year.

8. RELATED PARTY TRANSACTIONS

During the year donations were received from Mrs W M Linnett £500,000 (2023 - £1,000,000) a trustee of the charity.

During the year the charity had an investment in and received dividends from Charles Street Buildings (Leicester) Limited, a company in which Mrs W M Linnett was a director and shareholder

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