THE R J AND A H DANIELS CHARITABLE TRUST UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE R J AND A H DANIELS CHARITABLE TRUST CONTENTS Page Trustee's Report Independent Examinels Report Statemenl of Financial Adivities Balance Sheet Notes to the financial 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 2024 The Twslee presents their annual report and financial ststements of the charty for the year ended 31 December 2024. The financial statements have been prepared in accordance Mth the accounting policies set out in note 1 to the financial statements and comply wth the charty's Trust Deed, the Charities Act 2011 and Accounling and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance Vth the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019. Legal and Administrative Infomiation Constitution The R J & A H Daniels Charitable Trust is a registered charity govemed by a Settlement Deed dated 29 December 1994 Charity Number: 1050703 Registered Office The Administrator One Bank Street, Canary Wharf, London E14 4SG Bankers and Investment Managors Union Bancaire Privee One Bank Street, Canary Wharf. London E14 4SG Independent ExamiMrs Couch Bright King & Co 2 Tolherst Court, Turkey Mill Buisness Park, Ashford Road, Maidstone, Kent ME14 5SF Trusts8 Kleinwort Hambros Trust Company (UK) Limited On 31 March 2025 the legal name of the corporate trustee Changed from S G Kleinwort Hambros Trust Company (UK) Limited to Kleinwort Hambros Trust Company {UK) Limited. Objects of the Charlty The objects of the chaiity are to pay or apply the ¢apital or income of the Trust Fund for such charitable purposes, and in such proportions that the Trustee shall think frt. No fundraising is undertaken to support the work of the charity. Grant making policy The Trustee's cuent policy is to consider all written appeals received, but only successful appSications are notified of the Trustee's decision. Donations are decided periodically. Appolntsnont of Trustse and Charity Organisation The charity is managed by the Trustee who is appointed under the terms of the Trust Deed, with daily administration being dealt with by the Corporate Trustee, Kleinwort Hambros Trust Company IUK) Limited. No fundraising is undertaken to support the work of the charity.
THE R J AND A H DANIELS CHARITABLE TRUST TRUSTEE'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Flnanclal revlew and invostmont policy and perfomiance The financial 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 split of funds beeen income (unrestricted) and capitsl (expendable endowment). The finanGial statements show a balance of unspent unrestricted funds of £176.088.74 (2023.. £212,074.76).. this is derived from income from Stock Market investments and cash deposits. Incoming resources totalled £214,013.98 (2023- £181,585.02). £250,000.00 (2023.. £150,000.00) was committed to charitable donations, and total administration expenses totalled £74,988.23 (2023.. £76.996.24). Under the Trust Deed, there are no restrictions on the charity's poKEr to invest. The overall investment policy is to achieve long temi Gapital growth in real terms. lIst providing an income yield broadly in line with or above that of the UK equity market. Revlew of the activities and future developments The Trustee is satisfied wth the financial position of the charity and confiTh that they have adequate assets available to fulfil their obligations. There are no plans to alter the charity's activities next year. Charitys public benefit The Trustee has ensured that all activities throughout the period have been for the public benefit. This is evidenced by the contributions made to charities totalling £250,000.00 (2023.. £150,000.00). The Trustee confirms that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit en reviewing the charitls aims and objectives and in planning future activities. Res•rves policy and rlsk managemont The Twstee aims to maintain free reserves in unrestricted funds at a level vknich 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 the support and governance costs are covered. The Trustee considers that a level of three months is sufficient given the flexibility afforded by the total retum approach towards the investment of the pemanent endowment thich allows the Trustee to transfer amounts from the unapplied total element of the endowment fund in the case of urgent need. The balance held as unrestricted funds at 31 December 2024 was £176,088.74 which is regarded as free reserves. The current level of reserves is therefore higher than is needed and this wll be adjusted by reducing the amount from the unapplied total retum in 2025. It is the Trustee's intention to maintain an unrestricted fund appropriate to expected levels of annual donations, together fjth a small cash balance of income. partly to offset any fluctuation in investments income in future periods and to enable them to continue wth their policy of responding quickly to appeals for significant support where appropriate. the timing of vthich is unpredictable. The Trustee has considered what risks the charity faces and believe these to be fraud or poor investment perforniance. Adequate systems are in place to mitigate fraud and investment performance is regularly monitored. Trustee's responsibilities in rolation to tho financlal ststsments The charity Trustee is responsible for preparin9 a Trustee's annual report and financial ststements in a¢¢ordan¢e 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 2024 The law applicable to charities in England and Wales requires the charity Trustee to prepare financial statements for each year vA)i¢h 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 suitable accounting policies and then apply them consistently., - observe the methods and principle$ in the applicable Charities SORP. - make judgements and estimates that are reasonable and pwdenl; state vthether 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 concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustee is responsible for keeping proper accounting records that disclose Yiryth reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply th the Charittes Act 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 charity and tsking reasonable steps for the prevention and detection of fraud and other IegUlatIes. Digitally slgned by Bradley WALDEN Date: 2025.10.22 1325.13 +01,00, Digitally signed by Michael Considine Date: 2025.10.29 16:17:03 Z Klelnwort Hambros Trust Company {UK) Limited
THE R J AND A H DANIELS CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT Independent Examlner's Report to tho Trust•• 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 2024 vthich are set out on pages 5 to 18. Responsibilities and tklsis of report As the charity Trustee of the Trust you are responsible for the preparation of the accounts in accordance fjth the requirements of the Charitie5 Act 2011 (Ihe Act). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in Garrying oul my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5>(b) of the Act. Independent examlner's statement I have completed my examination. I confirm that no material matters have come to rny attention in connection with the examination giving me cause to believe that in any material respect.. 1. Accounting records were not kept in respect of the Trust as required by section 130 of the Act,. or 2. The accounts do not accord wth those records; or 3. The accounts do not comply with the applicable requirements concerning the form and Gontent of a¢counts 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 wth the examination to thich 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 A¢¢ountants 2 Tolherst Court, Turkey Mill Business Park Ashford Road Maidstone Kent ME14 5SF Date 31 202(
THE R J AND A H DANIELS CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Note Unrestricted Fund Expendable Endonent Total 2024 Total 2023 Incomg and Endowments Investments: Investment Income 214,013.98 214,013.98 181,585.02 Total In¢om• and Endowments £214,013.98 £214,013.96 £181,585.02 Expenditure Cost of raising funds.. SG Kleinwjrt Hambros Investment Management Fee 56,798.21 56,796.21 54,538.24 Expenditure on Charitable Activities: Donations Support Costs 250,000.00 250,000.00 18,192.02 150,000.00 22,458.00 18,192.02 Total Expenditur6 £250.000.00 £74,988.23 £324,988.23 £226,996.24 Net Income Before Gains and Losses on Inveslments 1£35,986.02) (£74,988.23) (£110,974.25) 1£45,411.22) Gain$llLossesl on Investments Realised Unrealised 24,024.46 357,139.32 24,024.46 (9,263.25) 357,139.32 277,109.25 381,163.78 381,163.78 267,846.00 Not Movement in Funds in the Year {£35,986.02) £306,175.55 £270,189.53 £222A34.78 Funds At 31 December 2023 Net Movernent of Resources in the Year 212.074.76 (35.986.02) 6.401,685.22 6,613,759.98 8,391,325.20 306,175.55 270,189.53 222,434.78 At 31 December 2024 £176,088.74 £6,707.860.77 £6.883.949.51 £6,613,759.98
THE R J AND A H DANIELS CHARITABLE TRUST BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2024 Note 2024 2023 Fixed Assets Investments 6.873,680.94 6.543.023.71 Current Assets Cash at Bank 22,802.57 90,474.27 22,802.57 90,474.27 Current Uabilltles Creditors. amounts falling due thin one year 12,534.00 19,738.00 Net Currant Assets 10,268.57 70,736.27 Assets less Current Liabilities £6,883,949.51 £6,613,759.98 Capltsl Fund Expendable Endowment 6,707,860.77 6,401,685.22 Income Fund Unrestricted Fund 176,088.74 212.074.76 £6,883,949.51 £6,613,759.98 The financial statements were approved by the Trustee on 2025 KleinwJrt Hambros Trust Company (UK} Limited Digitally slgned by Bradley WALDEN Date.. 2025.10.22 13..25..47 +01'W' Digitally signed by Michael Considine Date: 2025.10.29 16:18:32 Z Trustee
THE R J AND A H DANIELS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1 A¢¢ountlng Pollcles Those financial statements have been prepared in accordance with tho particular accounting policies deribed below. Basls of Prèparatlon and Assessmont of Going Concern The )Inancial statements havè been prepared under the historical Gost convention except for investrnents, which have been included at mawket value. The financial statements have been prepared in accordance the Statement of Recommended Practrce.. Accounting and Reporting by Charities preparing their Financial Ststements in accordance wtth the Financial Reporting Stsndard applicable in the United Kingdom and Republic of Ireland {FRS 102 20191 issued in October 2019 and the Charities Act2011. The charty constitutes a public benefit entity as defined by FRS 102. The Trustee considefs that there are no material uncertainties about the charitys ability to conts.nue as a going concem. The presentation currency of these financial statements is Pounds Sterling. The figures have not been rounded. Basls of Accountlng - Ineome reeognitlon All incoming rèsources are included in the Ststement of Financial ActitieS when the ¢h8rity is legally entitled to the income and the amount can be quantified with reasonable a¢Guracy. Income tax recoverable in relation to investment income is recognised at the time investment income is receivable. Donations are re¢ogni$ed when the charity has been nolified in writing of both the amount and settlement date. In th8 event that a donation is subject to conditions that require a level of performan¢e before the charity is entitled to the fijnds, the income is deferred and not recognisèd until either those conditions are fully met, or the fvlfilment of those ¢onditions is wholly wthin the control of the charity and it is probable that those condition$ wll be fiJ1fi118d in the reporting period. Legacy gifts are recognised on a case by case basis following the granting of probate when the administratorlexecutor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recogni5ed stock exchange, recognttion is Subject to the value of the gift being reliably measurable wilh a degree of reasonable accuracy and the tiue to the asset having been transferred to the Charity. Inte$t on funds held on deposit is included when re1vable and the amount can be measured reliably by the charity.. this is noallY upon notificalion of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received ofthe dividend due. This is nomially upon notification by our investsnent manager of the dividend yield of the investment portfolio.
THE R J AND A H DANIELS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 - Expenditure re¢ognition Liabilits'es are recognised as expenditure as soon as there is a legal or constructive obligation ¢ommitting the charity to that expenditure. it is probable that setuement will be required and the amount of the obligation can be measured reliably. All exndItUre is accounted ft•r on an accruals basis and has been included under expense categorias that aggregate all costs for allocation to activities. Where costs cannot be dir8ctly attributed to particular activitl8S they have been allocated on a basis consistenl wth the use of the resources. Grants payable are charged in the year when Ihe offer is rnade except in those cases where the offer is conditional, such grants being recognisèd as exp&nd¢ture when the conditions attaching are fulfilled. Grants offered subject to condTtion$ which have not been met at the year end are notsd as a commitment, but not accwed as expenditure. Fuhd Structure Income fvnds aré unrestflcted funds bthich are available for use at the discretion of the Trustee in furtherance of the general objectives of the charity and which have not been designatsd for other purposes. Capitsl fvnds comprise expendable endowmonts, whereby there is no réquirement to spend th8 capitsl unless. or until, the charity Trustee decide to do so. These funds are invested to produce unrestricted income which can be spent in accordancé with the charitable objectives. Investment income, gains and losses are allocated to the appropriate fund. Invostmonts Listed investments ar8 included in the financial statements at mid-market value at the balance shéèt date. Unlisted investments 8re included in the balance sheel at their historical cost less any amounts written off. Investménts include cash held for investment purposes. Reallsed galns and 1088es All gains and losses are laken to th8 Statement of Financial Adivities as they arise. Realised gains and losses on investménts are calculated as the difference b8een sales proceeds and their opening Carrying value or their purchase value if acquired subsequent lo the first day of the finaneial year. Unreali$ed gains and lossés are calculated as the difference ben thé fair value at the year end and their carrying valu8. 2 Informall¢ regarding Trustee's and Employeos Kleinwort Hambros Trust Company (UK) Limited received a remuneration at market rate for its services as Corporate Trustee. The Charity had no employeès. 3 Investment Income 2024 2023 Income from UK Listed Securities Bank Interest 212,383.81 1,630.17 170,845.54 10,739.48 £214,013.98 £181,585.02
THE R J AND A H DANIELS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 4 Donatlons to Charltsble InStitlOn$ 2024 2023 Action for Children Alzheimers Research UK Alzheimers Society Bamardo's Battersea Dogs Home BBC Children in Need Blue Cross Cats Protection Children5 Adventure Farni Trust Coram Children's Charity Dementia UK Friends of the Elderly Guide Dogs for the Blind Happy Days Children Haven Hospice Hopefield Animal Sanctuary KIDS Kids N Action Ma¢millan canr Make a Wish UK Mane Chance Sanctuary NSPCC Penny Brohn Prostate Cancer UK Redwngs Horse Sanctuary Save Ihe Children Scope St Christophers Hospice Teenager Cancer Trust The Brilish Horse Society The Give a Duck Foundation The Horse Rangers Association The Mayhew Animal Home The Royal Marsden Cancer Charity Trussell Trust UNICEF Worfd Cancer Research Fund 4,000.00 8,000.00 15,000.00 5,000.00 15,000.00 10,000.00 10,000.00 5,000.00 15,000.00 4,000.00 8,000.00 4,000.00 8,000.00 4,000.00 4,000.00 8,000.00 15,000.00 10,000.00 10,000.00 8,000.00 4,000.00 8,000.00 4,000.00 4,000.00 4,000.00 8,000.00 15,000.00 5,000.00 5,000.00 15,000.00 4,000.00 4,000.00 4,000.00 5,000.00 10,000.00 15,000.00 4,000.00 4,000.00 4,000.00 8,000.00 5,000.00 10,000.00 15,000.00 5,000.00 5,000.00 4,000.00 8,000.00 5,000.00 10,000.00 10,000.00 10,000.00 5,000.00 4,000.00 £250,000.00 £150,000.00
THE R J AND A H DANIELS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 S Support Costs 2024 2023 Govomance Costs: SG Kleinwort Hambros Trust Company (UK) Limited Fees Independent Examinerfs Fees Rounding Adjustment 16,752.00 1,440.00 0.02 21,078.00 1,380.00 £18,192.02 £22,458.00 6 Investhients Ilsted on a recognised Stock Exchange 2024 2023 Market Value 8rought Forward Purchases Disposals 6,457,692.00 2,012,272.56 {1,987,481.34) 6,663,118.00 1.243,046.67 (1,035,027.67) 6,482,483.22 6,189,846.00 Realised Gainl(Loss) Unrealised Gainl{Loss) 24,024.46 357,139.32 {9.263.25) 277,109.25 Market Valuo 6,863,647.00 6A57,692.00 Cash on Union Bancaire Privee Account 10,033.94 85,331.71 Total Investments £6.873,680.94 £6,543,023.71 Invostm•nts comprising greater than 5QA of the Portfolio 2024 2023 Aberdeen Europ Ex Aviva Investors US Equity Fidelty American Gr0h Fidelity Index US Invesco Funds SICAV JPM American Multi Units Luxembourg Pimco Global Investors 7.28 5.42 7.68 5.04 5.12 5.76 5.80 5.17 5.02 6.33 6.69 6.77 10-
THE R J AND A H DANIELS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 7 Creditors, amounts falling due wlthln one year 2024 2023 Independent Examinerfs Fee Provision SG Kleinwort Hambros Trust Company (UK) Limited Fees Donations Due 2,820.00 9,714.00 2,700.00 13,038.00 4,000.00 £12,534.00 £19,738.00 8 Expendable Endowment Movomgnt 5n Funds Balance 31 Dec 2023 Gains and Transfers Balance 31 Dec 2024 £6,401,685.22 £306,175.55 £6,707,860.77 Income is available for general purposes. The expendable endowment 1$ represented mainly by inveslments listed on a recognised Stock Exchange. 9 Unrestrl¢tsd Funds The income funds of the charity will be allocated by the Trustee towards charities and charitable activities, as set out in the Trustee's Report attached to these financial statements. Unrestrided funds are represented by the net current assets of the charty. 10 Related party transactions and trustee's expenses and romunoration The charity does not have a relationship wth any other charity or organisalions. Remuneration of £16,752.00 (£21,078.00 in 2023) including VAT Wds paid to Kleinwort Hambros Trust Company (UK) Limited for its seDii¢e as Corporate Trustee.