REGIsfERED CHARITY NUMBER: 1070223 THE F AND E HARRIS MEMORIAL TRUST REPORT OF THE TRUSTEES AND UNAUDITED FXNANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024
THE F AND E HARRIS MEMORIAL TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024 Page Report of the Trustees Independent Examiner's Report Statement of Financial Activities Statement of Flnancial Position Notes to the Financial Statements 8 to 12 Detailed Statement of Financlal Actlvities 13
THE F AND E HARRIS MEMORIAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH JUNE 2024 The trustees present their report with the financial statements of the charity for the year ended 30th JLJne 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective I January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims To relieve either generally or individually persons resldent in the area of beneflt who are in condition of need, hardship or distress, sickness or ill health. Provide or contribute towards the provision maintenance or repair of vlllage facllities available for the residents of South Narston. Advance the education of persons resident In South Marston by the provision of flnancial a5SlStance In connection with their education. Proposed Eastern Expansion HHT Consortium ex an5ion Since 2008 It has become clear that a major development West of Swlndon was Inevitable. In 2013 HHT applied for outllne plannlng permission for 2380 dwellings which was granted in 2017, Matters have proceeded appallingly slowly but the detailed planning to fulfil the various conditions 15 proceeding apace and the Trustees are very aware of the grants that may be applied for. The Parish Council has sought a positive working relationshlp with the developers allowlng it to play an active part in decisions. Construction of the new prlmary road through the village should start before the end of the year and will be initially for constructlon traffic only. As that come5 online the first 2 phases of about 130 houses should start. Slgnificant activities Provision for transport by Dial-A-ride for senlor citizens of South Marston who do not have their own transport. This includes transport to attend appointments at hospitals, doctors and other medical facilities. The annual seaside trip was to Portsmouth/Southsea and the Annual Christmas market is to Cardiff in November. Provislon of transport by Barnes Coaches Ltd on a fortnlghtly basls for all residents of South Marston to Swlndon and Cirencester, the trustees are providing a coach to Cirencester because some banks and shops in Swindon have closed. This is provlded because the public transport to and from the village was terminated and it is not likely to be reinstated until the expanded vlllage is completed. Annual gift of Christma5 hampers to 157 senior citizens of South Marston. Payment of rent for hire of village hall for the Tot-n-Toddlers Grou p and the church Meeting Point Club. Hire of 2 defibrillators from Southwestern Ambulance Service situated at 2 strategic points in the village. This service has been discontinued and the Trust have agreed to provide spare parts such as batteries and pads as and when required. Page I
THE F AND E HARRIS MEMORIAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH JUNE 2024 OBJECTIVES AND ACTIVITIES Significa nt activities continued In addition to the above the Trust were able to make the followlng grant5: Grant for 'South Marston In LSghts' where villager5 decorate and light up their propertles over the Christmas period. Grant to provide picnic tables and an 'all weather, path on the Recreation Ground. Grant towards the repair of the church organ. Grant for village 'Party in the Park,. Grant for upgrading electrical system and flre regulatlons in the vlllage hall. Grant to support South Marston Gardening Club annual flower and produce show. Grant for a coach to take year 5 and 6 chlldren to Mary Arden Farm at Stratford Upon Avon. ACHIEVEMENT AND PERFORMANCE Charitable activities Funding requests for items above have all been achieved. Investment performance Average ybeld for 202312024 was 2.8 010. FINANCIAL REVIEW Financial position The Trust Portfollo market voluatlon at 30th June 2024 was £2,166,470 with a yield of 2.780/0. The actual income was £58,192 and actual expendlture was £61,398 includlng £20,000 Snvestment wlth Brewin Dolphln. Investment policy and objectives Brewin Dolphin of Marlborough has successfully managed the Trust Portfollo since the Trust was formed by the Harris Family 20 years ago. They keep a close eye on the investment and keep the Trustees Informed of every transaction they carry out. Their aim is to find the lowest level of risk with the highest level of potential for achleving the Charity's objectives. Our Trustee, Nigel Hole, closely follow5 the investment activity of the Trust and is happy with Brewin Dolphin's management. Reserves pollcy The intention Is not to expend more Income than the Trust receives. A current account balance of not less than £20,000 is maintained. Any surplus funds a re invested. Page 2
THE F AND E HARRIS MEMORIAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH JUNE 2024 FINANCIAL REVIEW Going concern The Brewin Dolphin fees and charges from July to April amounted to £13,325 including VAT. The Trust Portfolio investment is very diversified and unlikely to cause a problem. Annual review with Myles Palmer 12th June 2024 The Trust grants made in 202312024 were explained to Myles Palmer of Brewin Dolphin and he was pleased with the dSstribution of funds to benefit a cross section of villagers. He summarised performance.. 2023 was like a game of two halves, we started the year with rates continuing to rise to try to counter inflation which was becoming out of control. In the end we saw 14 rise5 over 14 months which was really one of the fastest paces of increase5 we had ever seen. By October markets were forecasting that rates would roll over in the beginning of the second quarter of 2024 and this led to much better market returns especially form the major Tech companies in the USA. 2024 has so far seen the world markets dragged higher by the same major Tech companies which include Apple, Microsoft, Google, Amazon, Nvidia, Tesla and Meta. On the other slde of the coin, we have seen China really struggle with the collapse of the commercial real estate market and the Government support is now in place but was probable too late and too small. We are still dealing with troubles in many part5 of the world and as I type, we are in the middle of an election In France, in two day5 the UK will have an election and In November the USA wlll have on election. We are Still quletly confident that rates wlll start to decrease, albeit at a slow rate but thls wlll provide a reasonable backdrop for market5 and 50 we remain as fully invested as we can whi15t watching data to see if some of the Impressive returns from the USA need to be taken before the election, FUTURE PLANS The intention of the Trust Is to continue to help the villagers of South Marston the best way they can. The trustees are mlndful of the proposed large Eastern Expansion and bear this in mind when making grants and Investments. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charlty Is controlled by Sts governing document, a deed of trust and constitutes an unlncorporated charity. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1070223 Princlpal address Highview Thornhill Road South Marston SWINDON Wiltshire SN3 4RY Trustees Mr Terence Sansum (resigned 31 December 2023) Mr Rlchard Sansum Mr5 Mary Cooper (resigned 31 December 2023) Mrs. Hazel Beaver Mr Nigel Hole Mrs Irena Skapin Osborne (appointed 01 January 2024) Mr5 Robina Ann Taylor (appointed 01 January 2024) Page 3
THE F AND E HARRIS MEMORIAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH JUNE 2024 REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner Morris Owen Chartered Accountants 43-45 Devizes Road SWINDON Wiltshire SN14BG Approved by order of the board of trustees on 19th September 2024 and signed on its behalf by,. Mr N J Hole Trustee Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE F AND E HARRIS MEMORIAL TRUST Independent examiner's report to the trustees of The F and E Harris Memorial Trust I report to the charity trustees on my examination of the accounts of The F and E Harris Memorial Trust (the Trust) for the year ended 30th June 2024, Responsibilities and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'the Act,). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145{ 5)(b) of the Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination glving me cause to believe that in any material respect., accounting records were not kept in respect of the Trust as requlred by Section 130 of the Act,. or the accounts do not accord with those records,. or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts glve a true and fair vlew which Is not a matter considered a5 part of an independent examlnatlon. I have no concerns and have come across no other matters in connection with the examinatlon to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. nna Wheeler ACA A Morris Owen Chartered Accountants 43-45 Devlzes Road SWINOON Wiltshire SNI 4BG Date., Page 5
THE F AND E HARRIS MEMORIAL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30TH JUNE 2024 2024 Unrestricted fund 2023 Total funds Notes INCOME AND ENDOWMENTS FROM Investment income 58,191 52,384 EXPENDITURE ON Raising funds 14,976 14,436 Charitable activities Charitable attivitie5 46,422 25,143 Total 61,398 39,579 Net gains on investments 168,023 58,357 NET INCOME 164,816 71,162 RECONCILIATION OF FUNDS Total fu nds brought forward 2,032,255 1,961,093 TOTAL FUNDS CARRIED FORWARD 2,197,071 2,032,255 The notes form part of these financial statements Page 6
THE F AND E HARRIS MEMORIAL TRUST STATEMENT OF FINANCIAL POSITION 30TH JUNE 2024 2024 Unrestricted fund 2023 Total funds Notes FIXED ASSETS Current Investments 2,114,481 1,895,017 CURRENT ASSETS Debtors Cash at bank io 51,989 36,766 96,283 48,059 88,755 144,342 CREDITORS Amounts falling due within one year li (6,165) (7,104) NET CURRENT ASSETS 82,590 137,238 TOTAL ASSETS LESS CURRENT LIABILITIES 2,197,071 2,032,255 NET ASSETS 2,197,071 2,032,255 FUNDS Unrestricted funds 12 2,197,071 2,032,255 TOTAL FUNDS 2,197,071 2,032,255 The financlal statements were approved by the Board of Trustees and authorlsed for issue on 19th September 2024 and were signed on its behalf by.. Mr N J Hole- Trustee The notes form part of these financial statements Page 7
THE F AND E HARRIS MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024 CHARITY INFORMATION The charity 15 unincorporated, formed by a trust deed and registered at the Charity Commission for England & Wales. The principal place of business is Highvlew, Thornhill Road, South Marston, Wilts., SN3 4RY. These financial statements are presented in Britlsh Pounds (GBP), which Is the charity's functional and presentational currency, ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charity, which is a public benefit entity under FRS 102 have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by CharSties: Statement of Recommended Practlce applicable to charities preparing their accounts in accorda nce with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective l January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard appllcable in the UK and Republlc of Ireland, and the Charlties Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. Income All income is recognlsed In the Statement of Financlal Activltles once the charity has entitlement to the funds, it 15 probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obllgation committing the charlty to that expenditure, it Is probable that a transfer of economic benefits wlll be required In settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to actlvities on a basis consistent with the use of resources. Grants offered subjert to condltlons which have not been met at the year end date are noted as a commltment but not accrued as expenditure. Investments Investments are held at the market value as at the year end. The gains/losses on revaluatlon are treated as unrealsied gains/los5es In the Statement of Financial Activltie5. The fund manager will purchase and sell investment products to maximise the long term benefit to the charlty. The sales proceeds on disposal of an investment are treated as the disposal figure (note 9 to the financial statements} and form part of the unrea Ilsed gains/losse5 in the Statement of Financial Activitle5. Taxation The charity is exempt from tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restritted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Financial instruments Short term debtors are measured at transaction price, le55 any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 8 continued...
THE F AND E HARRIS MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30TH JUNE 2024 ACCOUNTING POLICIES - continued Financial instruments Short term trade creditors are measured at the transaction price. Other financial Ilabilities including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective Interest method. INVESTMENT INCOME 2024 2023 Dividends 58,191 52,384 RAISING FUNDS Investment management costs 2024 2023 Portfollo management Administrative expenses 13,352 1,624 12,923 1,513 14,976 14,436 SUPPORT COSTS Governance costs Charltable attlvltles 1,104 Support costs, Included In the above, are as follows: 2024 Charitable activlties 2023 Total activlties Accountancy and legal fees 1,104 846 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 30th June 2024 nor for the year ended 30th June 2023. Trustees. expenses During the year, trustees were reimbursed a total of £3,254 (2023,. £9,843) for charity expenses pald privately. These expenses relate to office and admin supplies. Page 9 continued...
THE F AND E HARRIS MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30TH JUNE 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricte fund INCOME AND ENDOWMENTS FROM Investment income 52,384 EXPENDITURE ON Raising funds 14,436 Charitable activities Charitable activities 25,143 Total 39,579 Net galns on investments 58,357 NET INCOME 71,162 RECONCILIATION OF FUNDS Total funds brought forward 1,961,093 TOTAL FUNDS CARRIED FORWARD 2,032,255 FIXED ASSET INVESTMENTS There were no investment assets outside the UK. CURRENT INVESTMENTS Other investment MARKET VALUE At 1st July 2023 Additions Dlsposals Revaluations Reclassification/transfer 1,895,017 261,151 (229,710) 168,023 20,000 At 30th June 2024 2,114,481 NET BOOK VALUE At 30th June 2024 2,114,481 At 30th June 2023 1,895,017 Page 10 continued...
THE F AND E HARRIS MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30TH JUNE 2024 io. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors 51,989 96,283 ii. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other creditors 6,165 7,104 12. MOVEMENT IN FUNDS Net movement n funds At 30.6.24 At 1.7.23 Unrestricted funds General fund 2,032,255 164,816 2,197,071 TOTAL FUNDS 2,032,255 164,816 2,197,071 Net movement in funds, included in the above are as follows,, Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 58,191 (61,398) 168,023 164,816 TOTAL FUNDS 58,191 (61,398) 168,023 164,816 Comparatives for movement in funds Net movement in funds At 30.6.23 At 1.7.22 Unrestricted funds General fund 1,961,093 71,162 2,032,255 TOTAL FUNDS 1,961,093 71,162 2,032,255 Comparative net movement in fiJnds, included in the above are as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 52,384 (39,579) 58,357 71,162 TOTAL FUNDS 52,384 {39,579) 58,357 71,162 Page 11 continued...
THE F AND E HARRIS MEMORIAL TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30TH JUNE 2024 12. MOVEMENT IN FUNDS - continued A current year 12 months and prior year 12 months combined position is as follows.. Net movement in funds At 30.6.24 At 1.7,22 Unrestricted funds General fund 1,961,093 235,978 2,197,071 TOTAL FUNDS 1,961,093 235,978 2,197,071 A current year 12 months and prSor year 12 months combined net movement In funds, included in the above are a5 follows,. Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 110,575 (100,977} 226,380 235,978 TOTAL FUNDS 110,575 (100,977) 226,380 235,978 13. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 30th June 2024, Page 12
THE F AND E HARRIS MEMORIAL TRUST DETAILED STATEMENT OF FINANCIAL ACTIvrriES FOR THE YEAR ENDED 30TH JUNE 2024 2024 2023 INCOME AND ENDOWMENTS Investment income Dividends 58,191 52,384 Total incoming resources 58,191 52,384 EXPENDITURE Investment management costs Portfolio management Adminlstrative expenses 13,352 1,624 12,923 1,513 14,976 14,436 Charitable activities Contributions glven 45,318 24.297 Support costs Governance costs Accountancy and legal fees Total resources expended 1,104 846 61,398 39,579 Net (expenditure)/lncome before gains and losses (3,207) 12,805 Vnrealised recognised gains and losses U nrealised gains/(losses) on fixed asset investments 168,023 58,357 Net income 164,816 71,162 This page does not fomi part of the statutory financial statements Page 13