REGISTERED CHARITY NUMBER: 1050425
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022
FOR
R L ST. J HARMSWORTH MEMORIAL RESARCH FUND
Lawes & Co Boyce's Building 40-42 Regent Street Clifton Bristol BS8 4HU
R L ST. J HARMSWORTH MEMORIAL RESARCH FUND
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 12 |
| Detailed Statement of Financial Activities | 13 |
R L ST. J HARMSWORTH MEMORIAL RESARCH FUND
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 30 APRIL 2022
TRUSTEES Lord T H R Harmsworth Lt Col C Clarke Dr J Russell Mrs P Chambers The Hon T Harmsworth PRINCIPAL ADDRESS c/o Lt. Col, Charles Clarke Park Stream House Horsebridge King's Somborne Hampshire SO20 6PU REGISTERED CHARITY 1050425 NUMBER INDEPENDENT EXAMINER Lawes & Co Boyce's Building 40-42 Regent Street Clifton Bristol BS8 4HU
Page 1
R L ST. J HARMSWORTH MEMORIAL RESARCH FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2022
The trustees present their report with the financial statements of the charity for the year ended 30 April 2022. The trustees have adopted the provisions of 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 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Deed of Foundation, dated 3 April 1924, as amended by a Scheme
from the Charity Commissioners, dated 4 January 1957, states:-
a) The Trust shall be entitled "The R L St J Harmsworth Memorial Research Fund"
b) The object of the Trust now is to promote the advancement by means of research and otherwise of the investigation and solution of the problem of the diseases Rheumatism and Cancer or either of them as the Trustees in their discretion see fit.
Significant activities
During the year the charity generated a net surplus of £87,385 (2021: £74,777).
Public benefit
The donations made by the research fund are geared towards scientific research to alleviate suffering and are therefore of great public benefit.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
In pursuance of the objectives of the Trust the Trustees have not made any grants in the current year nor the previous year .It is the policy of the Trustees to make one off larger donations as funds allow.
Investment performance
During the year the value of the fund's investments increased by £31,106 (2021:£61,984)
FINANCIAL REVIEW
Financial position
At the year end the fund was valued at £424,470 (2021: £337,085).
Principal funding sources
The charity is funded from income arising from its investments.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Structure, Governance and Management
The Fund was established by a Deed of Foundation dated 3 April 1924, in order to advance the research into Infective or Ulcerative Endocarditis. The objects were later amended (see below).
The income and capital of the trust fund is to be applied by the Trustees in their absolute discretion, in making grants, donations or subsidies in furtherance of the object of the Trust.
Decision making
The trustees meet from time to time to consider requests received for donations and recommendations from the funds stock broker.
Key management remuneration
None of the Trustees receive remuneration for their services.
Page 2
R L ST. J HARMSWORTH MEMORIAL RESARCH FUND
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2022
Approved by order of the board of trustees on 22 November 2022 and signed on its behalf by:
Lt Col C Clarke - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF R L ST. J HARMSWORTH MEMORIAL RESARCH FUND
Independent examiner's report to the trustees of R L ST. J HARMSWORTH MEMORIAL RESARCH FUND
I report to the charity trustees on my examination of the accounts of R L ST. J HARMSWORTH MEMORIAL RESARCH FUND (the Trust) for the year ended 30 April 2022.
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').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
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:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
I have no concerns and have come across no other 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.
Paul Freeman BA FCA FCCA (Senior Statutory Auditor) Lawes & Co Boyce's Building 40-42 Regent Street Clifton Bristol BS8 4HU
30 November 2022
Page 4
R L ST. J HARMSWORTH MEMORIAL RESARCH FUND
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2022
| 30.4.22 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 10,000 Investment income 2 29,042 Total 39,042 EXPENDITURE ON Raising funds 3 120 Charitable activities 4 Barretts Oesophagus (18,029) Other 672 Total (17,237) Net gains on investments 31,106 NET INCOME 87,385 RECONCILIATION OF FUNDS Total funds brought forward 337,085 TOTAL FUNDS CARRIED FORWARD 424,470 |
30.4.21 Total funds £ - 13,585 13,585 120 - 672 792 61,984 74,777 262,308 337,085 |
|---|---|
The notes form part of these financial statements
Page 5
R L ST. J HARMSWORTH MEMORIAL RESARCH FUND
BALANCE SHEET 30 APRIL 2022
| 30.4.22 Unrestricted fund Notes £ FIXED ASSETS Investments 7 351,329 CURRENT ASSETS Debtors 8 192 Cash at bank 74,293 74,485 CREDITORS Amounts falling due within one year 9 (1,344) NET CURRENT ASSETS 73,141 TOTAL ASSETS LESS CURRENT LIABILITIES 424,470 NET ASSETS 424,470 FUNDS 10 Unrestricted funds 424,470 TOTAL FUNDS 424,470 |
30.4.21 Total funds £ 320,223 170 17,364 17,534 (672) 16,862 337,085 337,085 337,085 337,085 |
|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 22 November 2022 and were signed on its behalf by:
C Clarke - Trustee
The notes form part of these financial statements
Page 6
R L ST. J HARMSWORTH MEMORIAL RESARCH FUND
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, 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 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Page 7
continued...
R L ST. J HARMSWORTH MEMORIAL RESARCH FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2022
2. INVESTMENT INCOME
| Dividends Other Interest 3. RAISING FUNDS Investment management costs Support costs 4. CHARITABLE ACTIVITIES COSTS Barretts Oesophagus |
30.4.22 30.4.21 £ £ 28,921 13,455 121 130 29,042 13,585 30.4.22 30.4.21 £ £ 120 120 Grant funding of activities £ (18,029) |
|---|---|
During the year, a project previously supported by the Trust was closed down and the Trust received a refund of monies not spent by the Charity.
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 April 2022 nor for the year ended 30 April 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 April 2022 nor for the year ended 30 April 2021.
Page 8
continued...
R L ST. J HARMSWORTH MEMORIAL RESARCH FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2022
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | ||
|---|---|---|
| fund | ||
| £ | ||
| INCOME AND ENDOWMENTS FROM | ||
| Investment income | 13,585 | |
| EXPENDITURE ON | ||
| Raising funds | 120 | |
| Other | 672 | |
| Total | 792 | |
| Net gains on investments | 61,984 | |
| NET INCOME | 74,777 | |
| RECONCILIATION OF FUNDS | ||
| Total funds brought forward | 262,308 | |
| TOTAL FUNDS CARRIED FORWARD | 337,085 | |
| 7. | FIXED ASSET INVESTMENTS | |
| MARKET VALUE | Listed investments £ |
|
| At 1 May 2021 | 320,223 | |
| Revaluations | 31,106 | |
| At 30 April 2022 | 351,329 | |
| NET BOOK VALUE | ||
| At 30 April 2022 | 351,329 | |
| At 30 April 2021 | 320,223 | |
There were no investment assets outside the UK.
Page 9
continued...
R L ST. J HARMSWORTH MEMORIAL RESARCH FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2022
7. FIXED ASSET INVESTMENTS - continued
Cost or valuation at 30 April 2022 is represented by:
| Valuation in 2020 Valuation in 2021 Valuation in 2022 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments and accrued income 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 10. MOVEMENT IN FUNDS At 1.5.21 £ Unrestricted funds General fund 337,085 TOTAL FUNDS 337,085 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 39,042 17,237 TOTAL FUNDS 39,042 17,237 |
Listed investments £ 227,620 92,603 31,106 351,329 30.4.22 30.4.21 £ £ 192 170 30.4.22 30.4.21 £ £ 1,344 672 Net movement At in funds 30.4.22 £ £ 87,385 424,470 87,385 424,470 Gains and Movement losses in funds £ £ 31,106 87,385 31,106 87,385 |
|---|---|
Page 10
continued...
R L ST. J HARMSWORTH MEMORIAL RESARCH FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2022
10. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | |||||
|---|---|---|---|---|---|
| movement | At | ||||
| At 1.5.20 | in funds | 30.4.21 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 262,308 | 74,777 | 337,085 | ||
| TOTAL FUNDS | 262,308 | 74,777 | 337,085 | ||
| Comparative net movement in funds, included in the above are as follows: | |||||
| Incoming | Resources | Gains and | Movement | ||
| resources | expended | losses | in funds | ||
| Unrestricted funds | £ | £ | £ | £ | |
| General fund | 13,585 | (792) | 61,984 | 74,777 | |
| TOTAL FUNDS | 13,585 | (792) | 61,984 | 74,777 | |
| A current year 12 months and prior year 12 months combined position is as follows: | |||||
| Unrestricted funds | At 1.5.20 £ |
Net movement in funds £ |
At 30.4.22 £ |
||
| General fund | 262,308 | 162,162 | 424,470 | ||
| TOTAL FUNDS | 262,308 | 162,162 | 424,470 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds | Incoming Resources Gains and resources expended losses £ £ £ |
Movement in funds £ |
|---|---|---|
| General fund | 52,627 16,445 93,090 |
162,162 |
| TOTAL FUNDS | 52,627 16,445 93,090 |
162,162 |
Page 11
continued...
R L ST. J HARMSWORTH MEMORIAL RESARCH FUND
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 APRIL 2022
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 April 2022.
Page 12
R L ST. J HARMSWORTH MEMORIAL RESARCH FUND
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2022
| 30.4.22 | 30.4.21 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 10,000 | - |
| Investment income | ||
| Dividends | 28,921 | 13,455 |
| Other Interest | 121 | 130 |
| 29,042 | 13,585 | |
| Total incoming resources | 39,042 | 13,585 |
| EXPENDITURE | ||
| Charitable activities | ||
| Grants to institutions | (18,029) | - |
| Support costs | ||
| Governance costs | ||
| Professional fees | 792 | 792 |
| Total resources expended | (17,237) | 792 |
| Net income | 56,279 | 12,793 |
This page does not form part of the statutory financial statements
Page 13