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← Humphrey Richardson Taylor Charitable Trust

2024-12-31-accounts

Financial Statements Year Ended 31[st] December 2024

Charity registration number: 1062836

The Humphrey Richardson Taylor Charitable Trust

Financial Statements

Year Ended 31 December 2024

Contents
Page
Charity Reference and Administrative Details 1
Trustees’ Annual Report 2
Independent Auditor’s Report 6
Statement of Financial Activities 9
Balance Sheet 10
Statement of Cash Flows 11
Notes to the Financial Statements 12

The Humphrey Richardson Taylor Charitable Trust

Charity Reference and Administrative Details

Year Ended 31 December 2024

Charity registration number 1062836 Trustees Mr C J Edgerton Mr I Catling Mr M S Wood Mr S J Oliver Mrs K Goldsmith Mr J M F Malings Administrator Mrs C R Perry Deputy Administrator Mrs S J Goddard Registered office 32 Chipstead Station Parade Chipstead, Surrey CR5 3TF Auditor Nichols & Co (Accountancy) Ltd Unit 7 Mulberry Place, Pinnell Road Eltham, London SE9 6AR Solicitor gunner cooke LLP 1 Cornhill London EC3V 3ND Bankers Lloyds Bank Plc 64 High Street Epsom, Surrey KT19 8AT Investment managers Barclays Bank UK PLC 1 Churchill Place London E14 5HP Property Advisers HB Surveyors & Valuers Ltd 14 Beaumont Mews London W1G 6EQ

1

The Humphrey Richardson Taylor Charitable Trust

Trustees’ Annual Report

Year Ended 31 December 2024

The Trustees present their annual report and the audited financial statements for the year ended 31st December 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.

Structure, Governance and Management

Mr H R Taylor, who died in 1996, was devoted to music all his life and wished to establish a Charity for the advancement of music. The Humphrey Richardson Taylor Charitable Trust was incorporated under a Trust Deed dated the 23rd May 1997 and amendment Deed dated 4[th] April 2019, and its registration number is 1062836. Of the original Trustees, William John Fortnam Malings continued in office until July 2024.

New Trustees may be appointed at any time either by way of replacement or addition and whilst there is a minimum number of three Trustees, there is no maximum. Appointments are made by a resolution of a meeting of the Trustees provided that a memorandum declaring such appointment or discharge shall be signed as a deed either at a meeting by the person presiding or in some other manner directed by the meeting and attested by two persons present at the meeting.

Trustees are recruited either on personal recommendation or, where appropriate, through advertising. Care is taken to maintain a balance between the business and music experience and skills contributed by the Trustees. References are taken up on potential Trustees and they are required to attend a briefing on the Trust’s activities given by the Administrator, where they are provided with background information, copies of the latest audited accounts, and the latest Charity Commission guidance.

The day-to-day activities of the Trust are managed by the Administrator and the Deputy Administrator who deal with funding applications and correspondence, visits to schools and other organisations, preparation of reports for the Trustees and the minutes of meetings, and maintenance of the accounts. The Trustees take all funding decisions either at their regular meetings or, more rarely, by email. The latter decisions are ratified by the Trustees at a subsequent meeting.

The Trustees have reviewed the major risks facing the Trust and taken action to manage those risks. The major risks are a fall in income due to difficulties in the property and financial markets, as occurred in late 2008, 2009 and 2020, and possible employee fraud. The Trustees employ professional advisers to manage the Trust’s significant property and equity portfolios and meet them regularly to review performance and the advice provided. The possibility of fraud is minimised by only the Trustees being signatories on the bank accounts, and robust bank account security. In addition, the Trustee Indemnity Insurance Policy includes cover against possible employee fraud.

The members of the Board of Trustees during the year ended 31st December 2024 and since the year end are:

Mr W J F Malings (retired as Chairman on 8th February 2024 and as a Trustee on 4th July 2024) Mr C J Edgerton (appointed as Chairman on 8th February 2024)

Mr I Catling Mr M S Wood

Mr S J Oliver Mrs K Goldsmith (appointed as a Trustee 25th January 2024) Mr J M F Malings (appointed as a Trustee 10th April 2025)

It was with great sadness that the Trustees accepted Mr W J F Malings’s resignation from the board due to ill health. Mr Malings was appointed an executor of the late Mr Taylor’s will in 1996, was one of the original Trustees appointed in May 1997 and served as Chairman for fourteen years. He had an expansive knowledge of the property market which was greatly beneficial to the Trust. He led the board with wisdom, he showed a keen interest in the bids and beneficiaries and showed kindness, compassion and gratitude to staff and Trustees for the work they undertook. The H R Taylor Charitable Trust has much to be thankful for from the years of Mr Malings’s involvement. The Trustees were pleased to appoint Mr Malings’s son as a Trustee, continuing the family connection and maintaining a professional understanding of the property market.

2

The Humphrey Richardson Taylor Charitable Trust

Trustees’ Annual Report

Year Ended 31 December 2024

Objectives and Activities for the Public Benefit

The objectives of the Trust are “the advancement of public education in and appreciation of the art and science of music and allied performing arts (including the presentation of public concerts and recitals).” The Trust’s aims are to encourage and support music education at state primary, secondary and tertiary levels and to seek the continuing performance of live music in society, particularly by amateur performers.

Initially, awards were restricted to organisations and individual applicants living in areas adjacent to Cheam, the lifelong home of Humphrey Richardson Taylor, but they have since been extended to cover the historical and geographical area of Surrey and occasionally other adjacent areas.

The Trust’s main financial objective is to maintain a balance between expenditure and income whilst giving due diligence to funding projects and maintaining financial prudence. The Trust does not engage in fund raising, nor does it employ professional fund-raisers.

The main areas of activity pursued by the Trust are:

Where funds are granted to schools, the Trust would normally expect a contribution towards the cost.

Where applicable, beneficiaries are required to provide evidence that their grant is being used appropriately and in accordance with the original bid.

Grants are awarded on the basis of need and merit, case by case. Individual applicants are requested to provide full details of their musical experience, aspirations and financial circumstances. Choirs and orchestras are expected to be efficiently run and largely self-financing, as evidenced by recent annual accounts. A visit is always made to schools applying for a major grant to determine the level of musical activity and how the Trust may best provide assistance. School visits may often be made to ensure the best use of funding, to see a completed project funded by the Trust, to see lessons in progress or to watch a performance. In the field of education, the main emphasis is on supporting the state sector, although limited assistance is very occasionally provided to independent schools.

Public Benefit

The Trustees have referred to the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and grant making policy.

The Trust’s funds are used to promote the study and playing of musical instruments, including the voice, and are disbursed to deserving applicants – schools, choirs, orchestras, other musical societies, undergraduate and postgraduate students of music and individuals within the Trust’s field of operation and/or with a strong link to the area. All schools in the Trust's area of operation are eligible for funding, although the Trust gives priority to state schools and, within independent schools, as far as possible, to children of parents of limited means.

3

The Humphrey Richardson Taylor Charitable Trust

Trustees’ Annual Report

Year Ended 31 December 2024

Support to amateur choirs and orchestras is available to musical societies in the Trust’s area of operations and the Trust encourages them to make selective use of local young professional performers, both to encourage high standards and to help young local talent embarking on a career in music. A number of music scholarships are available, on the recommendation of the institution, to British students at the Royal College of Music (postgraduate) and the University of Surrey (undergraduate) and, on personal application to the Trust, to individual students with a strong connection to the Trust’s area of operation.

Privacy

The Trust holds information provided by correspondents securely. It is used only as required for the smooth operation of the Trust and will never be sold or passed to a third party.

Achievements and Performance

As a grant-making Trust, expenditure reflects both the level of income and the number of viable applications received each year.

In 2024, rental income and equity dividends were generated throughout the year. Income for the year was £534,826 compared to £526,551 in 2023. Expenditure for the year was £698,969 (2023: £525,818).

Charitable expenditure was split between:

World Events

Conflicts in Ukraine and Israel/Palestine, as well as global inflation and the US election, had an impact on the markets. This was offset to some extent by higher interest rates. High inflation and living costs meant that bid amounts were often increased. The Trustees understood prudence was important but still believed that grants should continue to be made whenever appropriate.

Financial Review

The Trust’s principal sources of funding are freehold commercial and residential investment properties in Chelsea, London, SW3, funds quoted on the stock exchange, and cash and short-term bank deposits.

The investment properties were externally valued in December 2021 at a total of £6,300,000 and the value incorporated into the accounts.

The Trustees continued to monitor other market fluctuations during the financial year and kept under review their policy of diversification to ensure that it met the Trust’s requirements for income generation and capital growth and that the return on investments was satisfactory.

Unrestricted funds invested in tangible fixed assets, equities and investment properties rose from £11,872,986 to £12,076,425 during the year.

Investment Policy

The Trustees reviewed the balance and nature of their investments in the light of rates of return from property and continuing low interest rates and carried out an annual review of their investment policy with Barclays Wealth. The value of their units in Barclays’ Charity Fund (excluding cash held for re-investment within the portfolio) rose in 2024 from £5,552,986 to £5,756,425.

Assets Policy

The Trust's assets are property, Charity Fund units and cash. It aims in 2025 to generate around 70% of its income from a net 6.6% return on its property holdings, or around £418,235, and the remaining 30%, or around £180,000, from a net 3.1% dividend return on its Charity Fund holdings. Its cash holdings are held in reserve (see below) and are expected to generate only a minimal return.

4

The Humphrey Richardson Taylor Charitable Trust

Trustees’ Annual Report

Year Ended 31 December 2024

Reserves Policy

The Trust's reserves are its assets, in the first instance cash. It is likely to need to call on reserves if tenants default on their rental payments - as occurred in 2008, 2009, 2020 and 2023/24 - or if the stock market experiences a serious fall in value and dividends. The Trustees reviewed the balance and nature of the Trust’s reserves in the light of the need to match income with variable commitments and decided to hold reserves of £200,000 in interest bearing but readily realisable cash accounts, supplemented by a variable amount in a low interest-bearing instant access account linked to its current account, topped up as needed by withdrawals from equity investments in the event of a sharp drop in income. The complete refurbishment of a Trust property whilst it was vacant resulted in some of this reserve being used. The Trustees intend to replenish the deposit accounts as rental income improves cash balances.

The Trustees’ priority remains to meet demand for essential support in core activities: music tuition in schools, scholarships and support to amateur choirs and orchestras.

Plans for the Future

The Trustees' budgeting will reflect both the long-term future of the charity and the need for short-term income, in accordance with the Objectives of the Charitable Trust. In addition to its existing activities, the Trust will seek actively to increase awareness in schools in its area of operation of the availability of funds for major projects, instrument purchases and tuition.

Auditors

During the year, Nichols & Co, Chartered Accountants, have acted as auditors to the Trust and have indicated their willingness to continue in office.

Trustees' Responsibilities Statement

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

The law applicable to charities in England and 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 Trust and the incoming resources and application of resources of the Trust for the period. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the Trust’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report was approved by the Board of Trustees on 3 July 2025 and signed on its behalf by:

C J Edgerton Trustee

5

The Humphrey Richardson Taylor Charitable Trust

Independent Auditor’s Report

Year Ended 31 December 2024

Independent Auditor’s Report to the Trustees of The Humphrey Richardson Taylor Charitable Trust

Opinion

We have audited the financial statements of The Humphrey Richardson Taylor Charitable Trust for the year ended 31st December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including 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).

In 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the Trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern 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 Trust’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

The other information comprises the information included in the Trustees’ annual report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

6

The Humphrey Richardson Taylor Charitable Trust

Independent Auditor’s Report

Year Ended 31 December 2024

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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which 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 set out on page 5, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they 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 Trust’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 Trust 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 auditor’s 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.

7

The Humphrey Richardson Taylor Charitable Trust

Independent Auditor’s Report

Year Ended 31 December 2024

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-ofthe-auditor%E2%80%99s-responsibilities-for.This description forms part of our auditor’s report.

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 auditor’s 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 the Charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Nichols & Co (Accountancy) Ltd Chartered Accountants and Statutory Auditors Date: 3 July 2025

Unit 7 Mulberry Place, Pinnell Road Eltham, London SE9 6AR

8

The Humphrey Richardson Taylor Charitable Trust

Statement of Financial Activities

Year Ended 31 December 2024

Note
Income and endowments from:
Investments
2
Total income and endowments
Expenditure on:
Raising funds
3
Charitable activities
4
Other
5
Total expenditure
Net (expenditure)/income before
investments gains/(losses)
Net gains/(losses) on
investments
8
Net income/(expenditure)
Transfers between funds
Other recognised gains/(losses)
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
Restricted
Funds
Endowment
Funds
2024
Total
£
£
£
£
534,826
-
-
534,826
534,826
-
-
534,826
185,213
-
-
185,213
442,488
-
-
442,488
71,268
-
-
71,268
698,969
-
-
698,969
(164,143)
-
-
(164,143)
221,400
-
-
221,400
57,257
-
-
57,257
-
-
-
-
-
-
-
-
-
57,257
-
-
57,257
11,908,025
-
-
11,908,025
11,965,282
-
-
11,965,282		 2023
Total
£
526,551
526,551
83,482
375,658
66,678
525,818
733
315,271
316,004
-
-
316,004
11,592,021
11,908,025

All income and expenditure derive from continuing activities.

The statement of financial activities includes all gains and losses recognised during the year.

9

The Humphrey Richardson Taylor Charitable Trust

Balance Sheet

Year Ended 31 December 2024

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
14
Investments
15
Cash at bank and in hand
Creditors: amounts falling due within one year
16
Net current (liabilities)/assets
Total assets less current liabilities
Provisions for liabilities
Net assets
Charity Funds
Unrestricted funds
Total Charity Funds		 2024
£
-
12,076,425
12,076,425
14,194
11,467
378,316
403,977
515,120
(111,143)
11,965,282
-
11,965,282
11,965,282
11,965,282		 2023
£
-
11,872,986
11,872,986
875
10,437
490,461
501,773
466,734
35,039
11,908,025
-
11,908,025
11,908,025
11,908,025

Approved by the Board of Trustees on 3 July 2025 and signed on its behalf by

C J Edgerton Trustee

The notes on pages 12 to 26 form part of these financial statements.

10

The Humphrey Richardson Taylor Charitable Trust

Statement of Cash Flows

Year Ended 31 December 2024

Note
Cash flow from operating activities
18
Interest paid
Net cash flow from operating activities
Cash flow from investing activities
Payments to acquire investments
Receipts from sales of investments
Interest received
Dividends and bond income received
Rents received from investment properties
Net cash flow from investing activities
Cash flow from financing activities
Interest paid
Net cash flow from financing activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December
Cash and cash equivalents consists of:
Cash at bank and in hand
Cash held by investment adviser
Cash and cash equivalents at 31 December		 2024
£
(663,710)
-
(663,710)
-
17,769
4,959
178,387
351,480
552,595
-
-
(111,115)
500,898
389,783
378,316
11,467
389,783		 2023
£
(541,280)
-
(541,280)
-
16,146
5,314
164,952
356,285
542,697
-
-
1,417
499,481
500,898
490,461
10,437
500,898

11

The Humphrey Richardson Taylor Charitable Trust

Notes to the Financial Statements

Year Ended 31 December 2024

1 Summary of significant accounting policies

(a) General information and basis of preparation

The Humphrey Richardson Taylor Charitable Trust is a charity formed under a trust deed in England. The address of the registered office is given in the Charity information on page 1 of these financial statements. The nature of the Trust’s operations and principal activities are detailed in the Report of the Trustees on page 2.

The Trust constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the Trust and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Trust and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Trust for particular purposes.

Endowment funds represent those assets which must be held permanently by the Trust.

The Trust has no designated, restricted or endowment funds in the current or previous year.

12

The Humphrey Richardson Taylor Charitable Trust

Notes to the Financial Statements

Year Ended 31 December 2024

(c) Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the Trust is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the Trust will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Trust and it is probable that they will be fulfilled.

No amount is included in the financial statements for volunteer time in line with the SORP.

Investment income is earned through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the Trust’s right to receive payment is established.

(d) Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the Trust.

(e) Support costs allocation

Support costs are those that assist the work of the Trust but do not directly represent charitable activities and include office costs, governance costs and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the Trust. The Trust has one activity, grant-making so all support costs are in furtherance of this objective.

The analysis of these costs is included in note 5.

13

The Humphrey Richardson Taylor Charitable Trust

Notes to the Financial Statements

Year Ended 31 December 2024

(f) Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Fixtures and equipment

20% straight line basis

(g) Investment properties

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in “net gains/(losses) on investments” in the SoFA.

(h) Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in “net gains/(losses) on investments” in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposit, cash held by the investment manager and cash equivalents with a maturity of less than one year.

(i) Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

(j) Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

(k) Provisions

Provisions are recognised when the Trust has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

14

The Humphrey Richardson Taylor Charitable Trust

Notes to the Financial Statements

Year Ended 31 December 2024

(l) Foreign currency

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

(m) Employee benefits

When employees have rendered service to the Trust, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

(n) Tax

As a registered charity, the organisation is exempt from income and capital gains tax to the extent that its income and gains are applicable to charitable purposes only. Value Added Tax is not recoverable by the Trust, and is therefore included within the relevant costs in the Statement of Financial Activities.

(o) Going concern

The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Trust to be able to continue as a going concern.

2 Income from investments

Dividends and bond income
Interest - deposits
Rental income
Other income		 2024
£
178,387
4,959
351,480
-
534,826		 2023
£
164,952
3,599
356,285
1,715
526,551

15

The Humphrey Richardson Taylor Charitable Trust

Notes to the Financial Statements

Year Ended 31 December 2024

3 Investment management costs

Investment manager fees
Investment property costs
Professional fees investment properties
Property agents commission		 2024
£
17,111
144,075
24
24,003
185,213		 2023
£
16,147
6,143
36,600
24,592
83,482

4 Analysis of expenditure on charitable activities

Individuals
Schools
Partner Organisations
Societies		 Grant funding
of activities
£
17,790
165,565
127,783
131,350
442,488		 Support costs
£
-
-
-
-
-		 2024
Total
£
17,790
165,565
127,783
131,350
442,488		 2023
Total
£
23,970
142,711
104,927
104,050
375,658

5 Allocation of support costs

Governance
6
Staff costs
11
Office costs (incl. rent)		 2024
£
13,805
39,800
17,663
71,268		 2023
£
14,487
37,975
14,216
66,678

16

The Humphrey Richardson Taylor Charitable Trust

Notes to the Financial Statements

Year Ended 31 December 2024

6 Governance costs

Trustee expenses
10
Auditor’s remuneration
9
Legal fees
Indemnity insurance for Trustees and employees		 2024
£
3,517
9,000
224
1,064
13,805		 2023
£
2,548
11,000
-
939
14,487

7 Analysis of grants

Capital projects
Concerts
Tuition fees
Bursaries/Scholarships
Instrument & equipment purchases
Recipients of grants:
Grants to Institutions
Capital projects
Worplesdon Primary		 Grants to
Individuals
Grants to
Schools
Grants to
Partners
Grants to
Societies
2024
Total
£
£
£
£
£
-
4,457
-
-
4,457
-
-
33,500
136,350
169,850
2,480
145,371
10,947
-
158,798
6,310
-
83,336
-
89,646
9,000
15,737
-
(5,000)
19,737
17,790
165,565
127,783
131,350
442,488
Unrestricted
Funds
£
Restricted
Funds
£
Total
2024
£
Total
2023
£
4,457
-
4,457
-
4,457
-
4,457
-

17

The Humphrey Richardson Taylor Charitable Trust

Notes to the Financial Statements

Year Ended 31 December 2024

Unrestricted Restricted Total Total
Funds Funds 2024 2023
£ £ £ £
Concerts
Aquarian Opera 2,000 - 2,000 1,000
Ashtead Choral 3,000 - 3,000 1,500
Banstead Arts Festival 4,000 - 4,000 4,000
Banstead Musical Society 4,000 - 4,000 4,000
Baseless Fabric Theatre 3,000 - 3,000 -
Bookham Choral Society 2,000 - 2,000 2,000
Brockham Choral Society 2,500 - 2,500 3,000
Buckland & Betchworth Choral 1,000 - 1,000 1,000
Burgess Hill Choral Society - - - 3,500
Burgess Hill Symphony Orchestra 3,500 - 3,500 3,000
Carshalton Choral 6,000 - 6,000 -
Chantry Singers 3,000 - 3,000 2,500
Children’s Concerts 3,000 - 3,000 3,000
Coulsdon & Purley Festival 2,500 - 2,500 1,700
Croydon Bach Choir 3,000 - 3,000 3,000
Croydon Symphony Orchestra 3,500 - 3,500 2,500
Dorking Chamber Orchestra 2,500 - 2,500 2,000
Dorking Choral Society 2,500 - 2,500 2,500
Dorking Philharmonia 3,500 - 3,500 -
Egham & District Music Club 500 - 500 500
ELOC - - - 2,500
Epsom Chamber Choir 2,500 - 2,500 2,500
Epsom Male Voice Choir 2,000 - 2,000 -
Epsom Players 3,000 - 3,000 2,000
Erato Society 1,000 - 1,000 1,000
Farnham & Bourne Choral 2,700 - 2,700 2,700
Farnham Youth Choir 3,000 - 3,000 -
Genesis Chorale - - - 2,000
Guildford Chamber Choir 3,000 - 3,000 3,000
Guildford Music Society 4,000 - 4,000 -
Guildford Opera 8,000 - 8,000 6,500
Hampshire & Surrey Hills Men’s Choir 2,000 - 2,000 -
Harlequin Chamber Choir - - - 1,000
HHH Concerts 2,800 - 2,800 -
Holmbury St Mary Choral Society 1,000 - 1,000 1,000
Horsham Performers Platform 1,000 - 1,000 -
Horsham Symphony Orchestra 4,000 - 4,000 -
Hythe Singers - - - 2,000
Imagine That Productions 4,100 - 4,100 4,600
Instant Opera 5,000 - 5,000 5,000
Kew Wind Orchestra 3,000 - 3,000 -
Kingston Choral 3,500 - 3,500 2,750
Kingston Orpheus Choir 3,000 - 3,000 3,000
Kingston Third Age Orchestra 950 - 950 -
Kingston Philharmonia - - - 2,500
Knaphill & St Johns Opera Group - - - 2,000
Laudamus Chamber Choir 1,000 - 1,000 -
Leith Hill Music Festival 3,000 - 3,000 -

18

The Humphrey Richardson Taylor Charitable Trust

Notes to the Financial Statements

Year Ended 31 December 2024

Meath Society Everyone Choir
Mickleham Choir Society
NewSPAL
Odd Fellows Male Voice Choir
Redhill & Reigate Music & Drama Festival
Redhill Sinfonia
Reigate & Redhill Music & Drama Festival
Richmond Orchestra
South London Sinfonia
South Nutfield Choral
Spelthorne Choral
Surrey Heath Singers
Surrey Opera
Surrey Philharmonic Society
Sutton Music Festival
Sutton Music Service
Sutton Music Trust
Sutton Symphony Orchestra
Sutton Theatre Company
Thames Music Theatre
The Barnes Choir
The Hythe Singers
Vaughan Williams Singers
Vocal Dimension Chorus
Wallington County Grammar
Waverley Singers
West Barnes Singers
Wimbledon Chamber Choir
Woking Choral
YESPA
Tuition fees
Abbey Primary
All Saints Primary
Ark Blake Academy
Ashford C of E School
Burgess Hill Academy
Carshalton Boys Sports College
Clandon C of E Primary
Dorchester Primary School
Fullbrook School
Glenthorne High School
Green Wrythe Primary
Harris Academy Merton
Harris Academy Wimbledon		 Unrestricted
Funds
£
Restricted
Funds
£
Total
2024
£
Total
2023
£
1,000
-
1,000
-
1,500
-
1,500
-
10,000
-
10,000
-
-
-
-
1,000
-
-
-
2,000
3,000
-
3,000
3,000
2,000
-
2,000
-
2,500
-
2,500
2,500
2,000
-
2,000
-
2,800
-
2,800
-
-
-
-
1,500
3,000
-
3,000
2,500
-
-
-
3,000
-
-
-
2,500
5,000
-
5,000
3,500
-
-
-
2,564
-
-
-
2,000
-
-
-
3,000
2,000
-
2,000
-
2,000
-
2,000
-
1,000
-
1,000
-
2,000
-
2,000
-
2,000
-
2,000
-
-
-
-
1,000
-
-
-
1,000
-
-
-
2,000
1,500
-
1,500
-
2,000
-
2,000
2,000
3,000
-
3,000
2,000
3,000
-
3,000
3,000
169,850
-
169,850
126,814
3,570
-
3,570
3,068
530
-
530
(6,037)
(669)
-
(669)
5,892
1,390
-
1,390
1,560
12,493
-
12,493
7,852
7,689
-
7,689
7,605
3,480
-
3,480
-
3,180
-
3,180
6,540
-
-
-
475
6,580
-
6,580
(3,696)
6,670
-
6,670
5,530
3,554
-
3,554
8,525
6,346
-
6,346
10,240

19

The Humphrey Richardson Taylor Charitable Trust

Notes to the Financial Statements

Year Ended 31 December 2024

Howard of Effingham
Linden Bridge School
Minster Junior
Minister School Tuition
Norbury High School for Girls
Nutfield Church Primary
Overton Grange School
Reigate School
Riddlesdown College
Riverview Primary
Robin Hood Infant School
Robin Hood Junior School
Rushy Meadow Primary
Sandcross Primary School
Sandfield Primary
Sherwood Park School
Shirley High School
St George’s Primary
St Lawrence C of E Primary
Sutton Music Trust
Tolworth Girls
Trinity Oaks Primary
Victor Seymour Infants
Wallington Primary
Wood Field Primary
Bursaries/Scholarships
ENO
National Children's Orchestra
NYCGB
NYO
RCM
South London Music Days
Southbank Sinfonia
University of Surrey		 Unrestricted
Funds
£
Restricted
Funds
£
Total
2024
£
Total
2023
£
1,260
-
1,260
1,200
2,640
-
2,640
2,103
5,437
-
5,437
10,408
-
-
-
(660)
6,480
-
6,480
-
1,089
-
1,089
400
7,834
-
7,834
15,618
14,270
-
14,270
6,737
-
-
-
900
4,455
-
4,455
4,890
867
-
866
945
5,290
-
5,290
5,127
7,827
-
7,827
7,563
2,520
-
2,520
1,520
2,412
-
2,412
-
3,211
-
3,211
2,665
7,620
-
7,620
7,088
-
-
-
(4,487)
2,359
-
2,359
1,300
10,947
-
10,947
7,023
1,872
-
1,872
(2,871)
3,192
-
3,192
-
2,872
-
2,872
-
5,051
-
5,051
1,497
2,000
-
2,000
-
156,318
-
156,318
116,520
3,500
-
3,500
3,000
2,776
-
2,776
4,050
3,260
-
3,260
2,590
8,000
-
8,000
4,000
38,000
-
38,000
38,000
550
-
550
500
9,250
-
9,250
9,000
18,000
-
18,000
18,000
83,336
-
83,336
79,140

20

The Humphrey Richardson Taylor Charitable Trust

Notes to the Financial Statements

Year Ended 31 December 2024

Instrument and equipment purchases
Ashcombe School
Ashford C of E School
Burgess Hill Academy
Collyer’s College
Eastwick Infant & Junior
Fullbrook School
Glebelands School
Glenthorne School
Grey Court School
Harris Academy Wimbledon
Holmesdale Primary
Milton Mount Primary
Nightingale Academy
Oaks Park High School
Overton Grange
Reigate School
Rushy Meadow Primary
St Andrew’s Church
St Mary’s Primary
St Paul's C of E Primary
The Brit School
Wallington Primary
Total grants to institutions
Grants to individuals
Bursaries
Instrument purchases
Tuition fees and scholarships
Total grants to individuals
Total grants paid		 Unrestricted
Funds
£
Restricted
Funds
£
Total
2024
£
Total
2023
£
(520)
-
(520)
7,180
143
-
143
119
(687)
-
(687)
687
2,390
-
2,390
-
-
-
-
842
-
-
-
1,796
-
-
-
8,000
-
-
-
935
-
-
-
(624)
982
-
982
3,431
-
-
-
1,615
704
-
704
-
-
-
-
(271)
575
-
575
-
11,353
-
11,353
-
-
-
-
2,520
-
-
-
236
(5,000)
-
(5,000)
-
840
-
840
-
-
-
-
330
(43)
-
(43)
1,288
-
-
-
1,130
10,737
-
10,737
29,214
424,698
-
424,698
351,688
6,310
-
6,310
10,000
9,000
-
9,000
1,500
2,480
-
2,480
12,470
17,790
-
17,790
23,970
442,488
-
442,488
375,658

21

The Humphrey Richardson Taylor Charitable Trust

Notes to the Financial Statements

Year Ended 31 December 2024

8 Net income/(expenditure) for the year

Net income/(expenditure) is stated after charging/(crediting):

2024 2023
£ £
(Profit)/loss on sale of investments (2,975) (1,462)
(Profit)/loss on fair value movement of investments (218,425) (313,809)

9 Auditor’s remuneration

The auditor’s remuneration amounts to an audit fee of £9,000 for 2024 (2023: £9,000 plus an under provision of £2,000 in respect of 2022).

10 Trustees' and key management personnel remuneration and expenses

The Trustees neither received nor waived any remuneration during the year (2023: £Nil).

The reimbursement of Trustees’ expenses was as follows:

2024
2023
Number
Number
Travel
6
6
Other
6
6		 2024
2023
£
£
973
937
2,544
1,611
3,517
2,548
11 Staff costs and employee benefits
2024 2023
£ £
Wages and salaries 39,800 37,975

The average number of employees during the year was 2 (2023: 2) with all employee time involved in either providing support to the governance of the Trust or support services to charitable activities.

12 Tangible fixed assets

The Trust had no tangible fixed assets in the current or previous year.

22

The Humphrey Richardson Taylor Charitable Trust

Notes to the Financial Statements

Year Ended 31 December 2024

13 Fixed asset investments

Cost or valuation
At 1 January 2024
Additions
Disposals
Revaluation
At 31 December 2024
Impairment
At 1 January 2024
Written off
Eliminated on disposals
At 31 December 2024
Carrying amount:
At 31 December 2024
At 31 December 2023		 Listed
Investments
£
5,552,986
-
(14,985)
218,424
5,756,425
-
-
-
-
5,756,425
5,552,986		 Unlisted
Investments
£
20,000
-
-
-
20,000
-
-
-
-
20,000
20,000		 Property
Investments
£
6,300,000
-
-
-
6,300,000
-
-
-
-
6,300,000
6,300,000		 Total
£
11,872,986
-
(14,985)
218,424
12,076,425
-
-
-
-
12,076,425
11,872,986

Investments at fair value comprise:

Listed equities
Unlisted investments
Property investments		 2024
£
5,756,425
20,000
6,300,000
12,076,425		 2023
£
5,552,986
20,000
6,300,000
11,872,986

All investments are carried at their fair value. Investments in listed equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

23

The Humphrey Richardson Taylor Charitable Trust

Notes to the Financial Statements

Year Ended 31 December 2024

The unlisted investments comprise 2,000 ordinary shares of £10 each (4% of total issued share capital) of Clyde Hall (Addiscombe) Limited, a private limited company. The principal activity of Clyde Hall (Addiscombe) Limited is to own and manage premises known as Clyde Hall (located in Croydon, Surrey) for use as a local community resource. More particularly, Clyde Hall is the home of Surrey Opera, a regular recipient of grants from the Trust. As it is an unquoted company, there is no readily identifiable market for its shares. Accordingly, the value of the Trust’s investment has been assessed by the Trustees on the basis of the share of the value of the underlying net assets attributable to the Trust’s holding. The latest accounts for the company show net assets of £575,873 as at 31st October 2024. Therefore the Trustees have valued the investment at £20,000.

The investment properties were subject to independent, professional valuation as at 31st December 2021. The valuation was undertaken by Richard Moss MSc MRICS and Neil Duffy BSc MRICS of Cluttons LLP, Portman House, 2 Portman Street, London, W1H, 6DU. The properties were valued on the basis of fair value in accordance with RICS valuation professional standards. Current and future income streams were capitalised using appropriate multipliers, and the results checked against market evidence.

14 Debtors

Rent deposits
Accrued income
Other debtors
All debtors fall due within one year.
Current asset investments
Cash held by investment managers		 2024
£
875
12,569
750
14,194
2024
£
11,467
11,467		 2023
£
875
-
-
875
2023
£
10,437
10,437

15 Current asset investments

24

The Humphrey Richardson Taylor Charitable Trust

Notes to the Financial Statements

Year Ended 31 December 2024

16 Creditors: amounts falling due within one year

Other tax and social security
Other creditors
Accruals for grants payable
Accrued expenses
Prepaid income		 2024
£
556
224,793
217,183
32,588
40,000
515,120		 2023
£
801
80,988
287,772
53,423
43,750
466,734

17 Accrued funding commitments

At 1 January 2024
Additions during the year charged to income
Amounts paid during the year
At 31 December 2024		 Under 1 year
Over 1 year
Total
£
£
£
287,772
-
287,772
442,488
-
442,488
(513,077)
-
(513,077)
217,183
-
217,183

18 Reconciliation of net expenditure to net cash flow from operating activities

Net income/(expenditure) for year
Dividends and bond income received
Rent received from investment properties
Interest receivable
(Gains)/losses on investments
(Profit)/loss on disposal of fixed asset investments
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash flow from operating activities		 2024
£
57,257
(178,387)
(351,480)
(4,959)
(218,424)
(2,784)
(13,319)
48,386
(663,710)		 2023
£
316,004
(164,952)
(356,285)
(5,314)
(313,809)
(1,462)
28,612
(44,074)
(541,280)

25

The Humphrey Richardson Taylor Charitable Trust

Notes to the Financial Statements

Year Ended 31 December 2024

19 Related party transactions

During the previous year a grant of £3,500 was made to the Burgess Hill Choral Society who employ Trustee Mr M S Wood as Musical Director. Burgess Hill Symphony Orchestra also employ Mr M S Wood and received a grant of £3,500 in the current year (2023: £3,000).

Trustee, Mrs K Goldsmith is a committee member of Banstead Arts Festival Society who received a grant of £4,000 from the charity in 2024 (2023: £4,000).

26