THE R J AND A H DANIELS CHARITABLE TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE R J AND A H DANIELS CHARrrABLE TrUST CONTENTS Page Trustee's Report Independent Examinerfs Report Statem8nt of Financial Activities Balance Sheet Notes to the financlal statements 7-11 Investment Schedule 12-18
THE R J AND A H DANIELS CHARITABLE TRUST TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustee presents their annual report and financial statements of the charity for the year ended 31 December 2023. Th8 financlal stat8ments have been prepared In accordance wlth the accounting pollcles set out in note 1 to the financial statements and comply with the charity's Trust Deed, the Charities Act 2011 and Accountlng and Reporting by Charitles: Statement of Recommended Practlc8 applicable to chariti8s preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019. Legal and Admlnistratlve Inforniatlon Constitutlon The R J & A H Daniels Charltable Trust is a registered charity govemed by a Settlement Deed dated 29 December 1994 Charlty Number. 1050703 Registered Offlce The Administrator One Bank Street, Canary Wharf, London E14 4SG Bankers and Investment Managers SG Kleinwort Hambros Bank Limited One Bank Street, Canary Wharf. London E14 4SG Independent Examingrs Couch Bright Klng & Co 2 Tolherst Court, Turkey Mlll Buisness Park, Ashford Road, Maidstone, Kent ME14 5SF Trustee SG Kleinwort Hambros Trust Company (UK) Limited Objects of the Charlty The objects of the charity are to pay or apply the capltal or income of the Trust Fund for such charitable purposes, and in such proportlons that the Trustee shall think fit. No fijndraising Is undertak8n to support the work of the charity. Grant maklng pollcy The Trustee's current policy Is to consider all written appeals received, but only successful appllcations are notified of the Trustee'5 decision. Donations are decided periodically. Appointment of Trustee and Charlty Organisatlon The charity Is managed by the Trustee who is appolnted under the tems of the Trust Deed, with dally administration being dealt with by the Corporate Trustee, SG Kleinwort Hambros Trust Company (UK) Limited. No fundraising Is undertaken to support the work of the charity. Flnanclal review and investmènt policy and performance The finanual statements cover all the activities of the charity and have been prepared on an accruals basis. They are presented in a format that reflects the spllt of funds betreen income lunr8Stricted) and capital (expendable endowment). The financial ststements show a balance of unspent unrestricted funds of £212,074.76 (2022.. £180,489.74),. this is derived from income from Stock Market investments and cash deposlts.
THE R J AND A H DANIELS CHARITABLE TRUST TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Incoming resources totalled £181,585.02 (2022: £150.806.13). £150.000.00 (2022.. £172.000.00) was committed to charitable donations, and total administration expens88 totalled £76.996.24 {2022: £69,135.89). Under the Trust Deed, there are no restrictions on the chariws power to invest. The overall investment policy is to achieve long temi capital growth in real terms, whilst providing an income yield broadly in line with or above that of the UK equlty mark8t. Revlew of the activities and future developments Th8 Trustee is satisfied Viith the financial posltlon of the charity and confinn that they have adequate assets available to fijlfil their obligations. There are no plans to alter the charitys activities next year. Charity8 publlc benefit The Trustee has ensured that all activities throughout the period have been for the public benefrt. This is evidenced by the contributions made to charities totalling £150,000.Crf) (2022: £172.000.00). The Trustee confirms that they have referred to the guidance contained in the Charity Commission's general guidance on public benefrt when revlewing the charity's aims and objectives and in planning fijture activities. Reserves pollcy and risk management The Trustee alms to malntaln free reserves in unrestricted funds at a level which equates to approximately three months of unrestricted charitable expenditure. The Trustee considers that this level will provide sufficient funds to respond to applications for grants and ensure that th8 SUPPOrt and govemance costs ar8 covered. The Trustee considers that a level of three months is sufficient given the flexibility afforded by the totsl retum approach towards the investrnent of the pemianent endowment which allows the Tnjstee to transf8r amounts from the unapplied total element of the endowment fund in the case of urgent n88d. The balance held as unrestricted funds at 31 December 2023 was £212,074.76 which is regarded as free r8serves. The current level of reserves is therefore higher than Is needed and this will be adjusted by reducing the amount from the unapplied total retum in 2024. It is the Trustee's intention to maintain an unrestricted fund appropriate to expected levels of annual donations. together with a small cash balance of income, partly to offset any fluctuation in investrnents Income in futur8 Periods and to en8ble them to contlnue wlth their policy of responding quickly to appeals for significant support where appropriate, the timing of which is unpredictable. The Trustee has considered what risks the charity faces and believe these to be fraud or poor investment perfonnance. Adequate systems are in place to mitigate fraud and investment perfomiance is regularly monitored. Trustee's rpOnSIbIlItIeS in relation to the flnanclal statements The charity Trustee is responslble for preparing a Trustee's annual report and financial ststements in accordance with appllcable law and United Klngdom Accounting Standards (United Klngdom Generally Accepted Accounting Practice).
THE R J AND A H DANIELS CHARITABLE TRUST TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The law applicable to charities in England and Wales requires the charity Trustee to prepare financial statements for each 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 the financial statements. the Trustee is required to.. - select suitsble accounting policies and then apply them consistently: observe the methods and principles in the applicable Charities SORP; make judgements and estimates that are reasonable and prudent: state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements. prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in business. The Tnjstee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply viith the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations. and the provisions of the Trusl Deed. They are also responsible for safeguarding th8 assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. Dlgltally signed by Bradley WALDEN Date: 2025,02.25 13:57:58 Z 019rtal slgned by Mlke CONSIDINE Date., 2025.02.25 14A2..13 Z SG Klelnwort Hambros Trust Company (UK) Limltsd Date
THE R J AND A H DANIELS CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT Independent Examlnerfs Report to the Trustso of The R J and A H Danlels Charitable Trust I report to the Trustee on my examination of the accounts of the RJ and AH Daniels Charitable Trust for the year ended 31 December 2023 which are get out on pages 5 to 18. Responslbllltles and basis of report As the charity Trustee of the Trust you are responsible for the preparation of the accounts in accordance wth the requirements of the Charities Act 2011 ('the Acf). 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 Charily Commission under section 145(5)(b) of the Act. Independent examinerfs statement I have completed my examination. I confinn 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 Vre 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 Viith the applicable requirements conceming 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 concems 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 understsnding of the accounts to be reached. D R Cates BA, FCA Couch Bright King & Co Chartered Accountsnts 2 Tolherst Court, Turkey Mill Business Park Ashford Road Maidstone Kent ME14 5SF
THE R J AND A H DANIELS CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Nots Unrestrlcted Fund Expendable Endowment Total 2023 Total 2022 Income and Endowments Cash Settled 10,880.83 Investments: Investment Income 181,585.02 181.585.02 150.806.13 Total Income and Endowments £181.585.02 £181,585.02 £161,686.96 Expenditure Cost of raising funds: SG Kleinwort Hambros Investment Management Fee 54,538.24 54,538.24 48,795.89 Expenditure on Charftable Activities: Donations Support Costs 150,000.00 150.000.00 172,000.00 22,458.00 20,340.00 22,458.00 Total Expenditure £150.000.00 £76,996.24 £226,996.24 £241.135.89 Net Income Before Gains and Lo88e8 on Investments £31,585.02 (£76.996.24) (£45,411.22) (£79,448.93) Gainsl(Los$es> on Investmants Realised Unrealised (9,263.25) (9,263.25) (136,221.93) 277,109.25 277,109.25 {390.497.19) 267.846.00 267,846.00 (526.719.12) Net Movement in Funds in the Year £31.585.02 £190.849.76 £222,434.78 (£606,168.05) Funds At 31 December 2022 Net Movement of Resources in the Year 180,489.74 31,585.02 6.210.835.46 6,391,325.20 6.997.493.25 190.849.76 222.434.78 (606.168.05) At 31 December 2023 £212.074.76 £6,401.685.22 £6,613,759.98 £6,391,325.20
THE R J AND A H DANIELS CHARITABLE TRUST BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2023 Note 2023 2022 Flxed Assets Investments 6,543,023.71 6,338,580.85 Current Assets Cash at Bank 90,474.27 226,064.35 90,474.27 226,064.35 Currenl Llabllltles Creditors, amounts falling due within one year 19,738.00 173,320.00 Net Current Assets 70.736.27 52,744.35 Assets le88 Current Llablliti85 £6.613,759.98 £6,391,325.20 Capltsl Fund Expendable Endowment 6,401,685.22 6,210,835.46 Incorne Fund Unrestricted Fund 212,074.76 180.489.74 £6.613.759.98 £6,391,325.20 The finandal statements were approved by the Truste8 on 2025 SG Kleinvrt Hambros Trust Company (UK) Limited Dlgltally slgned by Bradley WAI.DEN Date.. 2025.02.25 13=58..29 Z Dlgltally slgned by .MlkeCONSIDINE Date: 2025.02.25 14:43(J6 z Trustee
THE R J AND A H DANIELS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 1 Accountlng Pollcies Thes8 financial ststemants have been prepared in accordance wth the partlcular accounting policies described below. Basis of Preparalion and Assessment of Going Concern The financlal statements have been prepared under the historlcal cost convention except for investments, which have b66n induded at market value. Thè financial statements have been prepared in accordanc8 with the Statem8nt of Recommended Pracllc8.' Accounting and Reporting by Charities preparing their Financial Statem8nts in accordance with the Financial Reporting Standard applicable in the United Klngdom and Republlc of Ireland (FRS 102 2019) Issued in October 2019 and the Charities Act2011. Th8 charity constitutes a public benefit 8nfjty as defined by FRS 102. The Trustee considers that there are no materlal uncertainties about the charitls ability to conllnue as a going concem. The prèsentation cuffency (rf these financial statements is Pounds Sterflng. The figures have not been rounded. Basls of Accounting - Income recognltlon All incomlng resources are Included in the Statement of Flnancial Activities when the chaiity is legally entitled to the income and the amount can be quantlfied with reasonable accuracy. Income tax recoverable in relation to investment Income is recognised at the tlme investment income is receivable. Donations 8re recognised when the charity has been nolified in vthllng of both the amount and settlement date. In th8 èvent that a donallon is subjed to conditlons that r8qulr8 a level of perfomiance before the charity is enlltled to the funds, the Income is deferred and not recognlsed until either those condltlons are fully met, or the fuffilment of those conditions is olty within the control of the charity and It Is probable that those conditions will be fiJlfilled in the reporting perlod. Legacy gifts are r8cognised on a cas8 by case basis followlng the granting of probate when the administratorlexecutor for the estate has communicated in vthting both the amount and settlement date. In the event that the gift Is In the fomi of an asset other than cash or a financlal asset tradgd on a recognised stock exchange, recognitlon is subject to the value of the gift being reliably méasurable with a degree of reasonable accuracy and the tltle to the asset havlng be6n transferred to the charlty. Interest on funds held on deposlt Is included when receivable and the amount can be measured reliably by the charlty: thls is nomially upon notification of Ihe interest paid ¢y payable by the bank. Dividends are recognised once the dividend has béen declared and notlfication has been rec8Sved of the dividend due. This is normally upon notification by our invesiment manager of the dividend yleld of the investm8nt portfolio.
THE R J AND A H DANIELS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 - ExndIture recognltlon 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 settlement V•411 be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activilies. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources. Grants payable are charyed in the year when the offer is made except in those cases where the offer is condslional. such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commilment. but not accNed as expenditure. Fund Structure Income funds are unrestricted funds which are available for use at the discrelion of the Trustee in furthoTanGe of the general objectives of the chaiity and which have not been de51gnated for other purposes. Capital funds comprfse expendable endowments, whereby there is no requirement to Spend the capital unless, or until, the charity Trustee decid8 to do so. These funds are invested to produce unrestricted income whlch can be spent in accordance viith the charitable objectlves. Investment income, gains and losses are allocated to the approprlate fund. Instments Listed investments ar8 Included in the financial statsments gt mid-market value at th8 balancé she8t dale. Unllsted Investments are included in the balance sheet at their historical cost less any amounts written off. Investments indude cash held for investment purposes. Reallsed galns and losses All gain5 and losses are taken to the Statement of Flnandal Activities as they arise. Reallsed gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to Ihe first day of the financial year. Unrealised gains and losses are calculatsd as the differ8nce batween the fair value at the year end and their carrying value. 2 Infomiation regardlng Trustee's and Employees SG KleInrt Hambr05 Trust Company (UK) Limited received a remuneration at market rate for its services as CorFK)rate Trustee. The chaiity had no employees. 3 Investment Income 2023 2022 Income from UK Listed Securities Bank Interest 170,845.54 10,739.48 149,263.31 1,542.82 £181,585.02 £150,806.13
THE R J AND A H DANIELS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 4 Donations to Charitsble Instltutions 2023 2022 3H Helping Hands for Holidays Action for Children Alzheimers Research UK Barnardo's Battersea Dogs Home BBC Children in Need Cats Prot8ction Childrens Adventure Fami Trust Children with Cancer UK Coram Chlldren's Charity Dementia UK Dogs for Good Guide Dogs forthe Blind Happy Days Children Haven Hosplce Headwoy Honeypot Charity Hopefield Animal Sanctuary Hope for Kidz KIDS Kids N Action Macmlllan Cancer Make a Wish UK Mane Chance Sanctuary NSPCC Penny Brohn Redwings Horse Sanctuary Save the Children Scope St Chrlstophers Hospice Stèp by Step Strongbones Children's Charitsble Trust Teenager Cancer Trust The Horse Rangers Association The Mayhew Animal Home The Royal Marsden Cancer Charity Tiny Tim's Children's Centre Trussell Trust UNICEF Valgrays Border Collie Rescue Wlnston's Wlsh 5,000.00 4,000.00 8,000.00 4,000.00 8,000.00 4,000.00 8,000.00 4.000.00 8,000.00 5.000.00 8,000.00 8,000.00 4,000.00 4.000.00 8,000.00 8,000.00 4.000.00 8,000.00 8,OCXJ.00 4,000.00 8.000.00 10,000.00 5,000.00 5,000.00 4,000.00 5,000.00 4,0(J).00 4,OCM).00 8,OCrf).00 10,000.00 5,000.00 4,000.00 4,0(JJ.00 4,OCrfJ.00 4.OC(J.00 4,000.00 4,000.00 4,000.00 8.000.00 4,000.00 6,000.00 10,000.00 5,000.00 5,000.00 8,000.00 5,000.00 4.000.00 8.000.00 5.000.00 8,000.00 6,000.00 5,000.00 6,000.00 4,000.00 2,000.00 5,000.00 £150,OCQ.00 £172,000.00
THE R J AND A H DANIELS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 S Support Costs 2023 2022 Governance Costs: SG Kleinvrt Hambros Trust Company (UK) Limited Fees Independent Examinerfs Fees 21.078.00 1,380.00 19.020.00 1,320.00 £22.458.00 £20.340.00 6 Investments Ilsted on a recognised Stock Exchange 2023 2022 Market Value Brought Forward Purchases Shares Donated Disposals 5,981,827.00 1,243,046.67 6,663,118.00 1.254,702.83 (1,035,027.67) (1,409.274.71) 6,189,846.00 6,508.546.12 Realised Gainl{Loss) Unrealised Gainl(Loss) {9.263.25) 277,109.25 (136,221.93) (390,497.19) Market Value 6,457,692.00 5,981.827.00 Cash on SG Klelnwort Hambros Account 85,331,71 356,753.85 Total Investments £6,543,023.71 £6,338.580.85 Investments comprising greater than 5•/0 of the Portfollo 2023 2022 Aberdeen Europ Ex Aviva Investors US Equlty Fidelty American Growth Fidelrty Index US Invesco Funds SICAV Ishares Physical Gold JPM American 7.68 5.56 5.12 5.76 5.80 5.07 5.28 5.17 10-
THE R J AND A H DANIELS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 7 Creditors, amount8 falllng due wlthln one year 2023 2022 Independent Examiner's Fee Provision SG KleinvK•rt Hambros Trust Company (UK) Limited Fees Donatlons Due 2.700.00 13,038.00 4,000.00 1,320.00 172.000.00 £19,738.00 £173,320.00 8 Expendable Endowment Movement In Funds Balance 31 Dec 2022 Galns and Transfers Balance 31 Dec 2023 £6,210,835.46 £190,849.76 £6,401,685.22 Income Is available for general purposes. The expendable end0nent is represented mainly by investments listed on a recognised Stock Exchange. 9 Unrestrlcted Funds The income fijnds of the charlty will be allocated by the Trustee towards charitles and charStable activities. as set out in the Trustee's Report attached to these financial statements. Unrestricted funds are represented by the net current assets of the charity. 10 Related party transactions and trustee's expenses and remuneration The charity does not have a relationship with any other charity or organisations. Remuneration of £21.078.00 {£19,020.00 in 2022) including VAT was paid to SG Klelnwort Hambros Trust Company (UK) Limited for Its service as Corporate Trustee,