THE R J AND A H DANIELS CHARITABLETRUST UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
THE R J AND A H DANIELS CHARITABLE TRUST CONTENTS Page Trustee'8 Rèport Independent Examinerfs Report Statèment of Financial ActivitS Balance Sheet Notes to the financAal statements 7-11 Investment Schedule 12-19
THE R J AND A H DANIELS CHARITABLE TRUST TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustee presents thèir annual report and finan(#al statemen15 of the charity for the year ended 31 December 2022. The financial statements have been prepared in accordance with the accounting policios sel out in note 1 to the financial statements and comply with the charity's Trust Deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicab to charities prèparing their finanual statements in a¢¢ordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in Oclober 2019. Légal and Admirtlstrativg Inf0mtion Constitution The R J & A H Daniels Charitab18 Trust is a règistered charity govemed by a Settlement Deed dated 29 December 1994 Charity Nvmbw: 1050703 R•gl$tsr•d Offl¢e The Administrator One Bank Str8&t. Canary Wharf. London E14 4SG Bankers and Investmant Managern SG Kleinwort Hambros Bank Limf(ed One Bank Street. Canary Wharf. London E14 4SG Independent Examingrs Couch Bright King & Co 2 Tolherst Court. Turkey Mill Buisness Parf(, Ashford Road, Maldstone. Kent ME14 5SF Tru8tet SG Kleinwort Hambros Trust Company IUKI Limited Objects of tho Charity The objects of the charity are to pay or aPY the capital or income of Ihe Trust Fund for such ch8rilable purposes, and in such prcportics that the Trustee shall Ihii)k fil. No fundralslng is underiaken to support the work of the charity. Gvant making policy The Trustee's current policy Ss to consider all written appeals r8c&ived. but succe8sful applications are notified of the Trustee's deusion. Donations are decided periodically. Appointment of Trustso and Charfty Organisation The charity is managed by the Trustee who is appointed under the lernis of the Trust Deed, wlh daily administration being dealt with by fhe Corporate Trustee, SG Kleinwort Hambros Trust Company IUK) Limited. No lundraising is undertaken to support the work of the charity. Flnanclal revlew and investment policy and perfom)anc8 The financial statements cover all the activrties of thè charity and have been wepared on an accruèls basis. They are presented in a fomiat that reflects the split of funds between income lunrestriciedl and Ca'tal (expendable endowmentl. The financial 31alements show a balan of unspent unrestricted funds of £180,489.74 12021.. £201,683.61}'. this is derived frorn income from Stock Market investments and cash dgposits.
THE R J AND A H DANIELS CHARITABLE TRUST TRUSTEE'S REPORT FOR THE Y&4R ENDED 31 DECEMBER 2022 Incoming resources totalled £150,806.13 12021.. £30,388.48>. £172,000.00 {2021-. £nill was commltted to charitable donations. and lolal admbnistrallon expenses lotalled £69,135.89 12021.. £15,745.94). An expendable endowment of £5,565.208.39 was donated from A H Daniels Estale during the year ended 31st December 2021. Under the Trust Deed. there are no rèslrictions on the charity's power to invest. The overall investment policy 15 to achieve long term capital gro¥Mh in real terms, whilst providing an income weld broadly in line with or above that of the UK equity market. Rèview of the activities and future developments The Trustee is satisfi8d wilh the financial p05itson of the charity and confirm thal they have adequate assets available to fulfil their obligations. Thèie are no plans to alter ihe charitls activities next year. charit5 publlc benefit The Trustee has ensured that all activities throughout the period have been for the public benefit. Thls is evidenced by Ihe contributions made to charitie5 totalling £172.000.0012021'. £nill. The Trustee conffirms that they have referred lo the guidance contained in the ChaTty CoThmi551Dn's general guidance on public benelil when reviewing the charity's aims and objective5 arhd in planning future activrties. Reserves policy and risk management The Trustee 8irns to maintain free reserves in unrestricted funds at 8 level which equates to approximately three months of unrestTlCted Charitable expenditure. The Trustee consideFS that this level will provide sufficient funds to respond to applications for granls and ensure that the support and governance costs are covered. The Trustee considers that a level of three monihs is sufficient given the flexibility afforded by the total felurn approach towards the investment of the peimanent endowment which allows the Trustee to transfer amounts from the unapplied total element of the endowment fund in the case of urgent need. The balance held a5 unrestricted funds at 31 December 2022 wa5 £180.489.74 whith 15 regarded as free reserves. The current level of resetves is therefore higher than is needed and this will be adjusted by reducing the arnount Irom the unapplied lotal return in 2023. 11 is the Truslee's intention lo maintain an unTe51ricted fund appropriate to expected levels of annual donations, together with a small cash balance irf income, partly to offset 3ny fluctuation in investments incom8 in luture periods and to &nable them to continue with their policy of responding quickly to appeals for significant support where appTopriale. the timing of which is unpredictable. The Truste8 has considered what risks the chaflty faces and believe these to be fraud or poor investrnent perfomiance. Adequate systems are in place to mitigate fraud and investment perfomiance is regulady monitored. Trustee's respon51blllties in relation to the financial statements The ¢h8rty Tnjslee is responsible for preparing a Trustee's annual report and ffinancial sl8lements in a¢eordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
THE R J AND A H DANIELS CHARITABLE TRUST TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The law appllcable lo charitles IT7 England and Wales requiie5 the charty Trustee lo prepare financial statements for each year which give a tiue ai)d fair wew of the stale of affair5 of the charity and ol tho incoming resour¢es and 8pplication of resources, of the charity for that period. In preparing the financial statements, the Trustee is required to.. select suitable accounting polic4es and then apply them consistently., observe the methods and prinaples in the applicablè Charities SORP.. make judgements and eslimales that are reasonable and prudent; state whether applic8ble accounting stsndards have been followed. gubject to any rnaterial departuros that musl be discjosed and explained in the fiiidllLldl ¥ldleiiiviils,' PIÈP8re the finanaal statements on the qoinq concern basis unless 11 is inapproprialo lo presume that the charity wll continue in buslness. The Tw$t8e is responsible for keeping prer accounling recoTds that disdose wth reasonable accuracy at any time the financial position of the charity and to enable them to Ènsure that the financial 51atemenls comply th the Charttiès Acl 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the ch8Tty and taking reasonable steps for the Prevention and detection of traud and other irregularftbes. Dlgi£ally slgned by Bradley WALDEN Date.. 2024.09.17 11..35.-46 +OI'OO' Digitally signed by Mike CONSIDINE Dale.. 2024.09.17 15..48..57 +01,00, SG Kleinwort Hambros Trust Company IUKI Llmitsd Dats
THE R J AND A H DANIELS CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT Independent Examlnerf$ Report to the Tru$tee of The R J and A H Daniels Charitable Trust l port to the Trustee on my examination of the accounts of the RJ and AH Daniels Charitable I rust for the year ended 31 DeceTnber 2022 which are sel out on pages 5 to 19. Responsibilities and basis of report As the charity Trustee of the Trust you are ie5ponsible fow Ihe preparallon of the accounts in accordance wlh the fequiremen15 of the Charities Act 2011 I'lhe Act'l. 5 report in respect of my examination of the Trust's accounts carried out under section 145 01 Ihe 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Comrni55ion under sèction 14515llbl of the Aet. Independent examinerfs ststement I have completed Tny examination. I confim that no material matleTS have come to my altention in connection with the examination giving me cause to believe that in any material respect.. 1. Accountlng records were not kept in respect of the Trust as required by section 130 of the Act,. or 2. The accoLJnls do not accord with those records., OT 3. The accounts do not comply with the applicable requirement5 ColeIng the form and content ol accounts sel out in the Charitie5 {A(Lounls and Reports) Regulation5 2008 other than any requirement that the accounts give a Irue and fair vie¥V which is not a matter considered as part of an independent examination. I have no concern5 and have come auoss no other matters in (x)nnection 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. D R Cates BA, FCA Couch Bright King & Co Chartered Accounlanls 2 Tolherst Court, Turkey Mill Business Park Ashford Road Maidslone Kent ME14 SSF Date 2+1911*
THE R J AND A H DANIELS CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022 Note Unrestricted Fund Expendabl• Endowmant Total 2022 Total 2021 Income and Endowmènts Cash Settled Donation5'. Various Investments Donated from A H Danie15 Eslale 10,880.83 10.880.83 5.565.208.39 Investments: Inveslmonl Income 150,806.13 150,806.13 30,388.48 Totsl Income and Endowments £150.806.13 £10,880.83 £161.686.96 £5,595,596.87 Expenditure Cost of Taising funds.. SG Kleinwort Hambros Investment Manag&menl Fee 48,795.89 48.795.89 10,501.94 Expenditure on Chaiitable ActNtties.' Donation5 Support Costs 172,OCWJ.00 172.000.00 20,340.00 20,340.00 5.244.(KJ Totsl Expgnditure £172,000.00 £69,135.89 £241.135.89 £15,745.94 Met Income Before Gains and Lossès on Invostments 1£21.193.871 1£58,255.06} {£79,448.93) £5,679,850.93 GaIn[Lo$S¥$I on Inve$tmgnts Realised Unrealis8d (136,221.931 (136.221.931 21,006.53 (390.497.191 (390.497.191 179,720.86 (526.719.121 {526,719.12} 200,727.39 Net Movement in Funds In the Y¢ar 1£21.193.871 1£584.97&1811£606.168.OSI £S.780.578.32 Funds At 31 December 2021 Net Movement of Re$ources in the Year 201,683.61 121,193.87) 6,795,809.64 6,997,493.25 1,216,914.93 (584.974.181 (606,168.05) 5.780,578.32 At 31 December 2022 £180,489.74 £6,210.835.46 £6.391.326.20 £6,997,493.25
THE R J AND A H DANIELS CHARITABLE TRUST BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2022 2022 2021 Flx•d Ass•ts Investrnenls 6,338,580.85 6,905,640.93 Current As$gts Cash Bt Bank 228.084.35 94.372.32 226,C64.35 94,372.32 Curront Ltabllltl&s Crediiors. amounts falling duo within ono yèar 173,320.00 2,520.00 Net Current Assets 52.744.35 91.852.32 Ass•ts 1688 Curr•nt Liabilldès £6,391.325.20 £6,997.493.25 Capltal Fund Expendable Endowment 6,210.835.46 6,795,809.64 In¢om• Fund Unrestricted Fund 180,489.74 201.683.61 £6,391,325.20 £6,997.493.25 The flnandal 8talements were approved by the Trustee on 2024 SG laelnwort Hambros Trusi Company (UK) Llrnited DlgllaltysnÈ by Biadley WALDEN Dat. 2024.09.17 11'.36.'11 +070. . Digitaltysigned by MikÈCONSIDINE Date.. 2024.09.17 15-.50.'45 +01,00, TNstee
THE R J AMD A H DANIELS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 1 Accounting Policies Tliese financial 51atetnent5 h8vB been prepared in accordance with Ihe p8rticul8r accounling Polie5 describ2d below. Basis of Preparation and Assessment of Golng Concern The financi41 statement5 have been pr8par8d under the historical c05t convention except for invesbrents. which have been induded al market value. The financial statements have boen prepared in accordance with Ihe Statement of Recommended Practice.. Accounting and RepDrting by chare$ preparing their Financial Statements in accordance with the Financial Reporting Stsndard applicable in the Unrted Kingdom and Rèpublic of Ireland IFRS 102 20191 Issued in October 2019 and the Charities Art2n11. The charty constiteS a public benefit entity as defined by FRS 102. The Trustee considers that there are no Material uThcertaintEs about the charitV8 ability to continue a8 a going concern. The pres8Thtstion CuncY of these financial ststements is Pound8 StertiNJ. The figures have not been rounded. Ba$1$ of Accountlng - Income recognition All incoming resources are included in the Statement of Financial Activitl¥s whèn tha charity Is l•g8lly entitkd to the income and the amount CAn be quantified with reasonable accuracy. Income tax recoverable in relation tts inve5trnent inceme is COgnised at the tim6 investment income is receivable. Donations are recognised bvhen the charity has been notffied in wriling gf both the amount and sewement d8te. In the event that a donabon is subject to ¢ondrtions that require a level of perfOanCe before the charity is entiled to the funds, the income is deferred and not recDgni5ed until eitherth05e ¢ondition5 are fully met, orthe fulfilmant of those conditions is wholty within the control of the charity and it is probabl& that those ¢onditlons wll be fulfilled in the r8POrtin9 period. Legacy gifts are cognIsed on a ca$e by ra$¢ basis following the granting of probate then the admini51ratorlexecutor for the estate has cornrnunicated in writing both the amount and seltlement date. In the Èv8nt that the gift is in the fomi of an asset Dther than ca3h or a financial asset traded on recogni5ed stock exchange, recognition is subject to the value gf the gift being reliabty rneasurablo wtth a degree of 0$onable accuracy aiid the title to the asset h8Mng be8n tr8nsf&rred to the ch8rity. Interest on funds held on deposit is included ¥vhen receNable and the arnount can be measured Teliably by th8 charity, this is normally upon notification of the interest paKI or payable by the bank. Dithdtsnds are recognised once the dividend has been dedared and notification has been received of1he dividend due. This is normally upon notIficaon by Dur Investment Fnanager of the dividend yiekj of the investment portfdio.
THE R J AND A H DANIELS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 - Exponditure recognilion Liabilrties are ro¢ognis8d as 8enditur as soon as th8re 18 8 18g81 or constructive obligation ¢ommitb"ng the charity to that expenditure, it is probable that 5elllement w11 be required and the amount of the obligation can be measured reliably. All expenditure is aGcountsd for on an accruals ba8is and has been induded under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly atlribuled to particular activities they have been allocated on a basis consistent with the use of the resources. Giants payablp are charged in the year when the offer is made exc8Pt in tho¥e cases where the offer is conditiDnal, such grants being recognised as expenditure when the CDnditions attaching a fulfilled, Grant8 off•red subject lo conditions which have not been Fnet sl thc ye&r ond Bro notod o commitment, but not accrued as expendrtuie. Fund Stru¢ture Incorne funds are unrestricted funds which are available for use at the discretion of the Trustee In furtherance of the general objectives of the ¢harity and which have not been d8signaied for other purposes. Capltal funds cornprise expendabk endo%yments, whereby there is no requirement to spend the capital unless, or until, the ¢harrty Trustee decide to do so. Thesè funds are invested to prcduce untsstricted income which can be spent in accordance wilh the charitable objective5. Investment income, 9ains and lo$se$ are allocated to the appropriatè fund. Inve$trnents Listed Investments are included in the finani#al statements at mid-market value 8t the b8lance she date. Unlisted investments are included in the balance sheet at their historical cost less any amounts written off. Investments indude cash held for investment purpose5. Reali$td gains and lo$$e$ All gain5 and Ios5e5 are taken to the StatEment of Financial Activities as Ih2y arise. Realised gains and losses on Inveslments are calculated as the differen¢e between sales proceeds and their opening carrying value or their purch8se value if acquired subsequent lo the first day of the financial year. Unrealised gains and losses art calculated a5 the d1ffefeTr beNveen the fair value at the year 8nd and their carrying value. 2 Inforniation regarding Tru8tee'B and Employees SG elWOrt H3rnbrDS Trust Company IUKI Lim"rted received a remuneration at market rate for its services as Corporate Trustee. The charity had no employees. 3 Investsnent Income 2022 2021 Income from UK Listed Securities Bank Interest 149,263.31 1,542.82 30,388.48 £150,806.13 £30,388.48
THE R J AND A H DANIELS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEMBER 2022 4 Donalion¥ to Charitable Institutions 2022 2021 3H Helplng Hands for Holld8yS Alzheimeis Research UK Barnardo's Battersea Dogs Hom¢ Cals Protection Children with Cancèr UK Dementia UK Dogs for Good (iuide L)ogs tor the Ellind Haven Hospice H$adway Honeypot Charty Hope for Kidz Macmillan Cancer Make a Wish UK Mane Chanc¢ SanctsJ8ry Rèdwings Horse Sanctuary Save the Children Sl ChTlStophers Hospice Step by Slep Strongbones Children's Charitabl8 Trust Teenager Cancer Trust The Mayhew Anim81 Home The Royal Marsden Cancer Charity Tiny Tim's Children's Centre Trussell Trust Valgrays Border Collie Rescue Winston's Wish 5,000.00 8,Ix)o.00 5.(KJO.00 8,(K)O.00 8,000.00 4,000.00 8.000.00 4.000.00 8,000.00 10.000.00 5,000.00 5,000.00 5,000.00 10,000.IXJ 5,000.00 4,OlXJ.00 4,000.00 6.0.00 10.000.00 5,000.00 5.000.00 8.000.00 8.000.00 6,000.00 5,000.00 6,000.00 2.000.00 5,000.00 £172,000.00 5 Support Costs 2022 2021 Govwn•n¢e C08ts: SG e1nWOrt Hambros Trust Company IUK} Llmiled Fees Independent Examiners Fees 19.020.00 1.320.00 3,984.00 1,260.00 £20,340.00 £5,244.00
THE R J ANO A H DANIELS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 6 Inve8tments listsd on a ogniSed Stock Exchang 2022 2021 Market Valuè Brought Forward Purchases Shares Donated Disposals 6,663,118.00 1,254,702.83 1.125,617.00 497,842.43 5,565.208.39 (726.277.211 (1,409,274.71) 6,508,546.12 6,462,390.61 R??lised fJainllLo$$l Unrealised GainllLossl 111B,??1.931 (390,497.191 ?I,n06.53 179,720.86 Pkrket Value 5.981.827.00 6,663,118.00 Cash on SG Kleinwort Hambros Account 356,753.85 242.522.93 Total Inveslments £6.33B,SBO.8S £6,905.640.93 Inwstm•nts comprt¥lng greatsr than 6% ofthè Portfollo 2022 2021 Aberdeen Europ Ex Aviva Investors US Equlty Fidelity American Growth Fidelty Index US Ishares Phy5ic81 Gold 8.08 5.56 9.97 5.09 5.07 5.28 7 Credltor4. amounts falllng due wlthln one year 2022 2021 Independent Examinerfs Fee Provision DonatlOll8 Due 1,320.00 172,000.00 2.520.00 £173.320.00 £2,520.00 10-
THE R J AND A H DANIELS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 DECEMBER 2022 B Expendablo Endowment Movement in FundB Balan¢¢ 31 Dec 2021 Galns and Transfers Balance 31 Dec 2022 £6.795,809.64 (£584,974.18) £6,210.835.46 Income is availablè fgr general purposes. The expendable endowment IS Tepresented mainty by invcstments listed on a reco9ni$$d Stock Exthange. Y Unre¥trictsd Funds The income funds of the charity will be allocated by the Trustee towards charities and charrtabl8 activitles, as set out in the Trustee's Report att3d)ed to thèse financial stalemenls. Unrestricted funds are represented by the nel current assets of the charity. 10 Relatsd party transactlon$ and trustee'¥ expen8 and remuneratlon Thè charty does not have a relationship wlh any other charity or organisations. Remuneialion of £19,020.001£3.984.00 in 20211 including VAT was paid to SG Kleinwort Hambros Trust Company IUIO Limited for its seryice as Corporate Trustee. The Latè Mrs A H Daniels. estate grfted shares worth £5.565,208.39 to the Trust in the year ended 31 Oecember 2021.