PETER HARRISON FOUNDATION Report and Consolidated Financial Statements Year Ended 31 May 2024
PETER HARRISON FOUNDATION Annual report and consolidated financial statements for the year ended 31 May 2024 Content5 Page: Report of the trustees Rcport of the indepcndcnt auditors Consolidatcd Statcmcnt of Trinancial Activilics Consolidated Balance Sheet 13 Balance Sheet 14 Consolidated Statement of Cash Flows 15 Notes forniing part of ihe financial slalements Trustees J C Harrison-Lcc LL.B P J (J Lcc DL LL.B N P Halson Director S J Ridlcy Principal office Second Floor, Foundation House, 42-48 London Road, Reigate, Surrcy, RH2 9QQ Bankers Coutts & Co. 440 Strand, London c2R OQS Bank of Scotland, The Mound. Edinburgh EHI IYZ Sanlander UK pl¢. 100 Ludgate Hill. London EC4M 7RE Auditor Moore Kingston Sn]ith LLP, Betchworth House. 57-65 Station Road, Redhill. Surrey. RH I IDL Solicitors Withcrs. 16 Old Bailey, London. EC4M 7F.G Charity registration lluber 1076579
PETER HARRISON FOUNDATIO Report ol the trustees for the year ended 31 May 2024 The Tru5tecs of the Peter Hanison Foundation present thcir report togcther with the consolidated financial statcments for thc ycar endcd 31 May 2024. l. Structure. governance and management The Peter Harrison Foundation is an indepcndcDt graTLt-making ttusl that supports registered chdritlC5 and Cotnmunity Aindt¢ur Sports Clubs (CASCs) in the Unitcd Kingdum. ThL Truiindation was e.%t&ibli8hcd b). trust dccd on 29 April 1999 wilh dn original gifi of £1,000 Ihc initial LndowmLnt nd_ A d()nation trom the foundcr of £314().401 was crcdited 10 unrcstricied incon)c lunds" in tlic financial pcnod to 31 May 2000. uiingF thc ycai tr> I l Mdy 20ni, the Fuundation gifted £311.000,(M)O of loan noles on l Q ()ctober 2000 by th¢ Pcter Harrison K(yCN LBE family scttlements. Th¢ TteeS cncashed the loan on 15 April 2001 . During the ycar tv 31 Maj 200? d fiirther endowment of £fi90.417 was gifted by the Peter Hdrrison KGCN CBE fainily settleiiienls, whiLli hab been cr¢dited io th¢ expendable endowment fund On 9 Martyh 2011 a furthcr £15,(MIO,000 was gifted by thc P¢ter Harri50n A Settlement Discretionary Fund. Th¢sc ¥ifts have been add¢d to the origindl endowinent fuTLd for investment and generalion of inLomc for annual distribution. Th¢ Cndoivment gift fund may be distributed at the Trustees, discretion. but ihe cUent policy is lo maintain thc value of this C&ipitsI while distributing incomc of approximately £1.5 million annually for charitable purposes. The Troundation's wholly Dwned subsidiary company PHF InvcstmcnLS Limitcd holds invcsrmcnt propcrtics and loans for property dcvclopmcnl. Profits madc hy PHF InvcstTMcnts Limiicd are donaicd to the Foundaiion. PHF Inveslnients Limitcd i managcd by Chanccrvgaic Limitcd which also ad1¢5 On inicstm¢ni acquisitions and disposals. Petcr Lcc, a Tiustcc, is a .%hareholdcr and dircctor of Chancerygate Limitcd. Dct&Als of transactions with Chancerygate Limited arc disclosed in note 1.1 to the tinancial statement5. Thc Trubtees meet four lim¢s a year whcn they revieiv thc operation of th¢ Foundation <ind considcr ¥rant applicatiuns. The Trustees delegate th¢ day to day running of the Foundation lo th¢ Foundation DircLior who rcpcirts to the Trubtees. A small team of staff supports the Direci()r and during ihc year ihere wa5 one part-thmc Grants Adminisirator. Th¢ Trustees devote time and cffort to keep abreast of the latesi dev¢lopmenls in the chariiablc sector. The founder and fornier Chairm¢m of rhe Foundation passed awuy on 18 Junc 2021. Pder Wds generous, wdnn heartcd and is much missed by his family and fellow Truslces as well as man}, of Ihe bcnefiLiaries of the FoundatiOTI'i Erants. Th¢ Foundation lives on in rncmory of Pel¢r and the current TTUStees CODtinue the work hc began with SULh generosity vf spirii. Since its founding. all Truitc¢b of PHF have bccn fatt)ily members. Folloii'ing the passing of Peter Harrison in 2021, thc Trustees rccognised the nccd to brin¥ ID ncw, iTLdependeDt tncmbers to the Board. This deuision aimed to not only expand the numbci of people involved bui also to cnhance the skills and expericncc within the Board. To aLliieve this, the Trn5tees conducted d skills audit to identify the Bodrd's strengths dnd arc4s for improvement. A rol¢ desLriptioii was then devclop¢d, detsilinu thc r¢sponsibilitlC5. time Lollunitmeni, dnd spccific skills and cxperiencc required. A compr¢henbive recruitment pdLk was also created: providing infoLlllatiun about thc Founddtion, the role of TLWStces, and thc skills beinH souO]t. Our recruitmcnt sliategy prioritl5c¢J attracting individuals i¥ith divcrse perspccrives and expcrt15c aligr2ed with the charity's mission and btr&tegic ubjeciivcs. Twsiee vacancics ulere advertiscd across public platforn]s. Lharity sectoi ncnvorks. and ihrough our uwn contdLls to cnsure a broad and diverse pool of Landiddtes. Candidates wcrc 5hortli%ted b)T thc i¢Lruitment comrn2ltee. dnd thosc selected wcrc invited to illterview with the full Eloard. Tht intcntion is tu dppoint neiv Tru%tees aftcr thc approvdl of rhes¢ accounts. Upon dPPOllltm¢nt, new Trustecs will undergo a Lomprehensivc induction proc¢ss, including mc¢tings with staft.and current Truslees. and a thurough introduLtion to the blidritV'.s governance tramcwork: policies, financial standing, and key activities. Trust¢¢b also reLeiv¢ published guidance trom the Chdrity Commission. Ongoing training and dcv¢lopment oppuminities ar¢ provided to enbure Trustees remain intormed and effeutive in rheir rolcs. As outlined in the Trustees i¢ms of ref¢ience, independent Tnjstees arc required to cottuni( to a minimum temi ot three ycar4. with the possibility ()f btrrving up to nin¥ years acri)ss ihree conseLuiive tcnns. Family Trubtees. howcvcr. do not havc time limit on thcir tenure. .411 Tru.%tee% serve in & vnluntsry capacity, iidhering to the Lharity's conflict of lllteret policics regularly d¢claring any relevant interests. Remuneration ol key mic nageincnl personnel is set &Lt a level iyhich promotes stdff morale and retelltion whilst bearing IT] mind the charitable purposes of thc Foundatiotl. R¢muneration is reviewed annuallv by onc uf the Trusiccs.
PETER HARRisofi FOLNDATION Report of the trustees for the year ended 31 May 2024 (continued) 2. Objectives and actitIeS Under ihe l¢m15 Ot. the Trusi Dc¢d, the objecis of the Foundation are wide and provide thai arc "applied for such chariiable insiitutions or such other objccts which are eharitablc in accordance with ihe laws of England and Wales as thc Trustecs may in Ihcir absolute discretion sclcct.-" Last year the Trustccs refreshed the Foundaiion's vision. mission and objeciivcs whiLh ale set out bclow.. The FoundatlUll'5 vision is a sQCiCty in which all people havc acccss tu opportunitics to aLhiLVC thcir potcntial. Its mi881()n ig ta improvc liveg by supporting opportunities that enable p¢oplc who are physically. mentally, socially or economically disadvant<igcd lo achicvc thcir potcntial_ Tlie Foundation's objeLtives ar¢ iv support inspiring 41nd ¢nirepreneurial organisatiuns and prvj¢¢ls that credte a legacy thai imprDI'es lives by providing access tv opportunities thai enablc people who arc physicdlls? mentally. socially or economiLdlly disddvantaged to a¢hi¢i'¢ their potential. The Trustccs also articulatcd tour key N'alues of thc Foundaiion.. ExL¢llciice - Supporting and Aiilplementing best praLtiLe. EinlreprcLicurship- Opcrating with ambiiion, inspiration and deLeTmination. Int¥griry - ALting responsibly, respcLifully, rcflccrively and transpdrcntly. %u.%tainability- Empowcring stakcholders to dtlivcr a lasting legacy. Thi Trustee., current strategi¢s for achieving ihe objccliies of the Foundation are to= invcstigate thoroughly all requests for graT]ts- fund prujeLts that mc¢t the Foundation'b ubjcctives and emiN)dy ihe Foundativn's values. maintain the N'alue of Ihc cndowmeni fund.. maximisc incoffle" and, di%tributc incomL of appioximatcly £1.5 million pcr annum. PrDgrammes 'fhc Foundation h¢ thre¢ principal grdllt-rnaking programtne5 d) ()pportunltles through Sport and physical activlty Thc Founddtiun supports projects tha( creatc acccss ro upportunitics for sport and physical aLtivily dl a grassroots Icvel ihal enablc pcoplc acruss the UK who are phybiLdlly. rncntally, 5ULliilly QT cconomiL4LII}, disddvantagcd tu devel()p pcrsonal and lift .%kill% to fulfil thLir pulential. AppliLaiionb 41fE &lCCCPtcd from chlIe& and CASC5 throug,hout thc United Kinbdom. Grant awards fur this pragrdmmc are usually up to £30.000. bl Positive futurey for children and yuung people Thc Foundation supports projeLls that CnhaCc the childrcn and young pcoplc in deprived arcas of thc Southeast who arc physically, mentally, or socially didatagcd. Application8 arc acccpted fr()m charitics and (".4,%(". in Ihc followin ci)untics.' Rcrkshire- Buckinghanishirc- H#imp.%hirc' Islc of Wight- Kent. Oxfordshire" .llCY: F,.ast Sussex- and Wcsi Susscx. Cirani dwards for this programmL are usually up to L30.ono. c) Trustees, DisLretio Thi5 prugyrammc supports Project of particular intere.s1 lo thc Trusiees that may fall outside thc Foundation's main progrdmmES," such fullding is still in accordancc with the ternis of thc Tntst DEed. A part of this piogTrammc supporls Lht proiTision uf tducational faciliiies and bursary places for children within an 8 milc radius of Reigdle (Irammar School (o cnablc thcm to attend ihc school. The-l'ruslees do not inTrite applications to this prugrammc. Grant-msking policy The Foundation only makLg gbranls to rcgistered UK charities and Community Ama(eur Sport% Clubs {CASCs). Thc Trustees have d¢v¢lopcd publicly availablc guidelines ihat icl oul ihe details of ihc grant-making prograinn)es and Ihc application process. Thi5 iTilorniation, an eligibility chccker and an initial application forni call be found on Ihc Foundation'% websilc at vnvw.peterharri60nfoundation.org. All ouiline projcLt% that mcct the funding eritcria arc asse&sed by thc Dircccor and th¢ Granis Administrator. Thc Director then ndertakcs a tull review. often including a call or a %ilc visit. for the purpo.8e of assessing giant applications under consid¥rittion. A shortlist of IppILLII0s arc invitcd tts submit morc dctailed inlomiation to btr LOt]sider¢d by Tnisiees. Tlic Dircctor prcpares rep()rt8 on all application5 for cnll5idcration by ihe Tru5tccs and ¥rants arc approved by ihtt Tnistccs. During. Ihc last ycar l of grant applirations were succcs%ful in bcing appmved by the Trnstees. Ongoing proj¢ct5 are monitored on a rcgular basis and grdntccs are asked to submii a repon on ¢vmplctcd projects.
PETER HARRISON FOUNDATION ReDort of the trustee5 for the vear ended 31 Mav 2024 (continuedb Achievements and performance Opportunitie5 throll£h &port ph)'sical activily* £789,539 6.5 grants ivere illade to UK ihiiritits. primaTily in ihc field of disability spurt. Thc prinLipal awardb were.. £35,UOII to Gympani.ces". towards funddmental design work for thr UK'S first, fully acccbsible and inclusive, exercise and pldy fdLility wliich will Latcr fur the play, cx¢iGise and social needs ofchildren dl)d young peoplc, with any ability or di%dbility £311.UIIO to Pdrkrun." tuwards thc c()re costs S{l31Ed with growing. junior park tun in deprived arcas ofihe UK, cspeci4111y thc Nurtli Wcst £3U,DOO to Investing in Pcoplt atld Culture.. towards capacity building to enable volunte¢r Community l¢aders living in tsonie uf the most deprived comtnunities in the North E"iLSt of England to bccoTn¢ sports ledders and promolc sports volunte¢ring in their Lommuniti¢s £30,000 io Bridlingion Club For Young Peopl¢.' towards ihe cxpansion of Bridlington Club for Young Pcople £311,000 to .4ldcr H¢y Children's Charity.. towards the core c0515 of Ihe Alder Abtive progr&iinme £2<,000 to Whc¢ls for Wellbcing.. ioM'ar(Ls corc funding to sUprt the d¢e10pment of inclusive cycling for disabl¢d qtudenLs in mainstream.qchools £25,000 to Sporting Equals: towards corc funding for ihe FUre Female L¢aders prograTnme in Biniiingham £25,0110 to Rritish Gymnastics Foundation.. tOWiLrds the roll out of the "I'tn In" programme, co-Lrealing appropriatc, innovativc and inclusive gytTrTrna%tics resourccs and 4lLllVltics to ensurc CTr¢TI Lhild gcts a potsitivc cxpcrienLt of sport and physical activity at school dnd beyond £20.000 to United Respon8¢- towards thc Cmployment of a Health Coach in the southca5t for 18-months £20.000 to Sported Foundalivn.. toivards a pilot programm¢ Iiimed at iTnproving community sport prvvision for young peopl¢ with hidd¢n disabilitieb in South Landrkshire L?O.01111 to GoodGym.' tvwards corc funding for thc d¢liNery of GoodGym's national programrnc £?O.000 to Disability Bowl.q England.. iom'ards the deli¥ery of evcnts to encoiiragc participalion in Disability Bowls at a Frassroots levcl across the country £20,000 to DanceSyndromc- towards the cvsts of delivering the 'Dance b} Exampl¢, l¢adership training coursc over 2 years for dis&ibled and non-disabled people fa¢ing dibadvantag £?O.000 to Bolton Lads and CJirls Club.. toward5 ihe core costs of delii'ering the Sport Plu5 Programmc £20.000 to Boccia England.. iowards the Lore costs associared with building infrastructurc iii the Northwcst and NoitinghaTnshire to endble more people, particularl ihose I1th disabiliti¢s, to take part in boccia. PositiTr'e futures for cbildrcn and youDg people, £381 JIMI Grants were made to 27 charities. The principal avAards tre. £30,000 lo MYTIME Youngy Carers.. towards work to hclp Schools on the l-le of Wight identify youi)g carcrs and eqiiip schools With thc understanding, toolg 2nd siraiegics neLessary to provide thc best Support youngv carer.s, both cducationally and emotionally £30:000 10 13eyundAutism.' towards the cxpansion of thc inllovativc Fast Responder st]ce for auti.%lic children facing cxclusion fiom .%chool £25,11110 to Stripey Stork.. towards the Lore costs of delivering ihe School Ddys pru2ramme £25,OOD to Dame K¢lly Holmc.s Trust.. toth'ards ihc coTe costs of nicntoring programmes in Thanet, Kent L22,500 to Young F.pilep.%y- towards the Lure costs of planning and delivering an ItLLlusion ProgramIne across the southedst foi Lhildren agcd I 1-18. £22,500 to Learn dnd Thrive.. towards the dev¢lopTn¢ni ofonlin¢ 41ge-appropriat¢ resources fuLused on salcty and cons¢nt for young people with Down's syndrome. £21,000 to Spina bifidd-HvdioL¢phalus-It]fomiation-Networking-Equality". toThards th¢ "Optimising Pc)tCTJtial" projelt in the South EAst of England delivering &peciali5t suppDn io children living wilh spina bifida and l)ydroccphalus £20:11110 to Wessex Children's Hospic¢ Trust." IDward5 core expenses to support litc limiied and life ihreatencd Lhildren, young pcc)plt dnd ihcir tdmilics. £20,1100 to stormbr¢dk'. toivards corr Lusts of the'5tonnbreak Tog¢ther' progratnme supporting vulnerabl¢ and disadvantaged Ihildren in care in Hampshir¢ 41nd Berkshir¢ to iniprove Ihcir mental health and wellbcing. £20,000 to No5 Young Pcopl¢: towards th¢ core cosls assOLlated with work aimed at preventing pcnnanent schoul exLlusions in Rcading £2n,11(JO io Helen Aikell Dyslexia Charity.. lowards ihe provision of speLialist support for disadvanlaged Lhildren and yuung pe(Iplc witl) dyslexia in South F.<Ls1 England L2U,OOD to I lainpshirc Huspitals Charity.. t()wardb tlic rcnovation of facilities for pacdiairiL carc as Pdtl uf thc N()rthbruok Ward retrurbishment, speLifiLally the store in the oulpaiients wailing iirea
PETER HARRISON FOUNDATION Report of the trustees for the year ended 31 May 2024 (continued) Achievements and ptrcotmance Icuntinued) rugtees, Discretlon= F.dvcation, £163.969 Thc iotal aivaidcd comprisL.% Iivc bursaries totalling £163.969 commencing in Scpiembcr 2024 to enablc gifted childrcn to attend Rcigalc Cirammar S¢hool irrespc¢liv¢ of family incomc. TruslLCS' Di5cretlon: Other £165.500 CJrants werc tnade to 6 charities. Ihe largest tm'o donations of which were= £IOO,000 to Loughborough Univer%iry'. Pctcr Harrison Centre lor Disability Sport - Ycar 20 £50.000 to Conimunity Fow]ddtion for Surrey." Peter Hlsun Foutldatioll Community Fund 2024125 Grants from the eIpend8ble endowment fuDd5, £311,500 (irants were tnddc tu 5 charitie.s. Thcse griints were principally made in m¢TllOry of th¢ liilc founder Pct¢r Harrison and in dccordance with his known int¢rests. The principal award was.. £20,001) tc) Seashell Trubt." towdrds th¢ inclusive sports hub in the ncw Ro}al Coll¢gc Manchester Thc Trustees havc rcferred to thc Charity Commission's guidancc on public bcnefii when rcvicwing their vision, mission ayld objcctivcs and in planning futuic activities. In Darticular. the Trustees cnnsider hoiE' plAnnL.d actii'itic% will ¢OTltributo to th i8inn. mis.%ion and objcctivcs they havc sei. The Trusices believc that: taken tagcthcr, the.se grants mcet tht nhjcctivc of 5llPPOrting in.spiring and entrcprcncurial organi5ations and projccts that creat a Icgacy Ihat improves lives by providing acces5 to opportunities that ¢llable people who are ph}si¢ally, mentally, <ocially or e¢onomically disadvantaged co a¢hievc their potLntial. 4. Future plans Thc Trusiees intend to maint&in a 5ignificani grant-making programme to benefit a wide rdng¢ of charitable causes of particular intcrest to thcm. Cjrants will coniinue io be madc in ihe Foundation's threc programme8. In deciding on th¢s¢ grants, Trustees will continue to favour project8 (both capital and rcvenue) .tre support from the Foundation will make a subslaniial dit'fLicncc in improving thc quality of Ilfc for peopl¢ in dcprii'ed arcab 11,ho f&cc difficulties ihrough disabiliry (br oihtr disadvantage. Potential projects in thc Opportunitics Thniugh Sport and Physical Ac(ivity progran]me (whiLh in fi)ture will be kn()wn as thc 'Aclivc Lives, pri)grammc) will continuc to be c()n.%idcrcd on a IJK wide bagis. Potcntial projtcl8 in thc Positive Futllres for Childrcn and Young Pcople prograrnTnC (which in tre will be known simply as th¢ 'Positivc Futurcs, proqrammel will continuL to bc restricted 10 proiccts in the souih east. C.'onsiderable work has been caryicd out refreshing and enhancing the chariry's wcbsite which wcnt live aftcr the year end. Thc opportLinity ha.q also been taken lo rcbrand the charity's logo. which 15 bhown on the froni pag¢ of ihese accounts. 5. Financial review Thc financial statcments consolidate the r&glllts of the Foundation with ihose of its sub.qidiary. PHF Investments Limited, for the year ended 31 May 2024_ li) Total £rvs5 income TL)lal gr05s income foT thc year amountcd to £2.857,196 {2023= 12.321,8311. Tlie unrestriLted incume fiind received itLtcrc51 trom property develupment loans of £919.795 ("2023-. £735.103). rental inLomc of £1,155,76412023.. £1,015.9_36) and inLUm¢ from listed invcstmcnts 01£47fi.425 (2023-. L412,010). -l-he report on invcsiments below ¥xp141in% the movcmeni in types of investvnent and hcnLe ihc changes in incomc. (li) Charitable grants aTrvarded In order tu maintain the Vdluc of the endowmcnl and thereby cnable future grant making th¢ Trustees have dccided that cuenT ¥rani m&Lking from the unrcstricted fund b¢ limited to cir¢d £1..5 million1s¢¢ Section 6 bclow). After duc consideration and asscssment the Trustces awarded yants for ihe year of £1.475.308 12073.. £1,483,341) froin the unrcstricted fund. In addiiion grants 01.£311,-500 {2023.. £565.000) wrrc made from th¢ expendable cndowmeni fvnds durinu the yCdF. t)etdils of thc priDciDal grdnts RLV¢ll are bhown in scction 3 above.
PETER HARRISON FOUNDATION Report of the trustees for the year ended 31 May 2024 (eontinued) Financial review {cuntinued) {iii) Investments The Tnjbtees. vveiall inv¢5tmenl objcctive is to achicve sufficicnt iotal r¢rn to fund its Cxisting grant prOgrme whilst protccting thc Lapitdl Vdlue ot ils d5sets for the benefit of fumrc bcneficiarics. Thc Foundation'.$ principal invc5tm¢ni.s compTise invesuncnl propcrtie5. pfopcTly dciiclopment loan.% dnd managed inN'cstsMent fi]nds. To take advantaje of thc ielativcly high intcrst ratcs currcntly availablc £6.319.6921202_3.. £(?.054,676) of thu Foundativn'.% cah is managcd bv Cazcnovc C.'apital. Investment properties ar¢ boughr and sold depending on markct conditions and opportunities dfising. No propcrti¢s were bought or sold during thr year. Thcrc was a £75,DIIO gain (?0?3= £1.419,500 loss) in the valudcion of lh¢ propcrti¢s. reflccting the relativclv tlat markci over thc last year. Th¢ Trustees ai¢ fvlly aw4ire of tnark¢t volatility but arc also conscious that the Foui)dation's propcrti¢s are Inainly held io provide incoJn¢ to fund the chdrity's grant programme and are preparcd to tak¢ a long tctm view. Thc Tn]stees continue lo monitor the Wbltion, balancing the nced for income against possible long tenll falls in C&lPltal Vdlue. The prL)perty market CODtinues to k Lhallenging tind the Trustees consider opportuniiies ibat provide a reasonablc rcturn with an &iccepiabl¢ level of risk. The Foundation has made Iodlls tci fund property developmrnts ivhich earn inlcrcst and. OD tiertain d¢velopments, also entitlc the Foundation to a share ol any devtlupmcnt pi()fiib: bw nol uf any In.5se5. Thc iniercst on thebe loan.% is payable quarterly which prDvidcs the Foundation witb rcgular inLomc from .hich to fund granls. Thcrc were IWO titw ILians taken out during thc Y¢ amounting to £7,OOD.000 (202.3." £2:700,000) and no loan repaym¢nls (202.3= L5,434.4.591. The incredbe in loanb durinR the year Tn¢ant that th¢ interest Tcveived sitnilarlST increas¢d. The Foundation has Ill¢5tLd in N'ariou% charity pooled funds. which arc held PriTnarily to g¢neraTr income to finance the paymcnl of grants. The rcmrns on these fund5 tend not to be as grcat thosc on the Foundation's property relalcd inN'cRlmcnts. howcver the iiicom¢ from th¢ propety rclaied inN'cstsn¢nts can fluctuatc particularly thrhcn propettics arc sold or loan.£ repaid and it can iakc time befo new propcrties can bc acquired or new loans made. Thc ¢harity pooled ndS tend to provide more coiisistci)l income. Thc value ofthc fidS ros¢ by £817.3?6 {?023= lthss of £41J,941) during the ycar reflec(ing the gcncral improvcment in siock markets. Thc Foundation and its subsidiary held cash at the ycar ¢nd of £7.033.633190?3: £13.409.156). Thc rL.duclion in cash largely arose from thc two new propcrty devLlopmcnt loan5 made during the ycar. The cash held is morc than thc chariry nccds to tneet its comniitments and operating COgLg and conscquenily a proportiov is under th¢ management of C.a7£nove Capital (sec abovc) pcnding othcr inve.%tment oppOrnitIes. The Trustecs regularly Inonilor the Foundation's ini'esiments and cash resteS with a view. to balancing prudence with the need to gencratc inconie. lii so doing the Trustees consider the risks associaied with eaLh cla55 of invcstmcnt, bcaring in mind thc risks inherent with ihose particular assets and the wider economic risks arising_ During the ycar the Truslces undertook- a high level external review OT thc Foundation's inveJtmciiis which largely cndorsed thc Foundation's PTe.qent invegtment portfolio whilst recommending that thc Tru%ees adopt a toial return approach to invcstments which has becn ad()pled by the T.le¥s. The Ttusttes considLr that thc present mix provides a reasonablc bdlancc of rLturns with an acccptdbltr Icv¢l ol" risk but continuc to kecp thc chariry's aSe18 undcr reiew. Thc Trustees Lonsidcr that the chdrity s invcstments and ihe incoinc these invc5ttnents Ernrrate shuuld be suifibient to m¢¢t thc vharity's prcseni obligationè and also cnsure its ability to continue to mdke grants in the long tem. 6. Reserves pulicy The TnistLes arc conscious ol-the rcccDt hig.h ratcs of inflation and thc impaci ihi.s has had on thc r¢al value of ihc Foundation's r¢5¢rves. If th¢ rcscrves olL51.0?6.416 ai 31 May 20? I wcr¢ to be mainlained in linc with thc Consumcr Price Jndex thcy would need lo have incr¢as¢d 10 £61.001,1150 by 31 May 20?4. The rcsctves at 31 May ?024 wcre in fact £54.8.16,645 - a shorttall of £6.165,205. Thc TrSteeS arc prcpared to take a long temi vicw and w'ish to balance the in)poi"lance of contiiiuing 10 make grants Il'lth the neid to considcr the long iemi tiiturc ol Ihe chariry and currci)tl5p award graniq at circa L1,500,000 per annum. The Tmstccs monilor ai)d regularly review this policy. Legal and 2dministratii'e The Legal and Adminiqiraiive Information s¢t out after thr titlc pagc forms part of the Rcport. Thc financial stalemeiit8 coniply with current statutory requiremcnls. the Tnisl Deed. and prLseni accounting rcgulaiions. Thc Foundalion is constitutcd under a Trust Deed datcd ?9 April 1999 and was rcgistercd a.% a charity in England and Walc8 on 15 July 1999 undcr rcgistratiori iiumber 1076579. The govcming body i5 the Board of Trustees. Futurc trustees be appointed by rcsolution of the Trnstec5.
PETER HARRISON FOUNDATION Report of the trustees for the year ended 31 May 2024 (¢ontlnued) Risk management The TrustC¢5 acknuwledgc their responsibilitlC5 and Tecognisc that good practiuc includes Lonsiderdfion and reporiing of risk InlnageTn¢t. The Ttustees hdvc exainined ihc major slrdl¢¥iL. busincss and uperational risks invulved in the Found4Lliun's activities and have conduLted a risk assessmeni. Thc Trustees havL idcntified and CL)nsidcrcd potenlidl risks under the follawing cate¥uries- GovcrndnLe aT]d management Opcrational riEk rilldncial ri.%k l-.nvironmental and external factors Complian¢¢ with the law dnd regulations The Trustees hdV¢ r¢viewed and asscised the potenlidl impact of the majur risks identifird and have noted the steps taken to rnitigate those risk6. The Trustees lir¢ confident that Cutrcntly there are nv ediuM or high risks to tlie Found&ition and the likelihood of buch risks arising is low. Any significant ¢h¢Lnges in procedu s have d risk a&sebsment mdde prior to iinpl¢mentation. Regular reviews of the risk a5sebSment are madc prior to meetings of the Trnstc¢s. Statevnent of Trustees, responsibilitie5 The Tn]4tees arc responsible lor prcparing the-frustccs, Repurt dftd thc financiiil .4talcTncllts in aLLordancc ivith appliL4Lble law alld United Kingdom ALLounting Standards {l.niied Kingdom Cienerally Accepted Accouutillg Pr&lLlice} including FRS 102 'The Finan¢i&LI Rcporting Stdndard applicable in ihc UK and Republic ol" Ircland, Th¢ law applicable (o charities in En¥land and Wales r¢quireb the Trubte¢6 lo prepare fman¢iiil 51atements for ¢&i¢h tinancial yfdr whicl) give a tru¢ dnd tair view of the slate of the 41ffdirs of the Foundation and of the in¢vrn¢ and expenditui¢ of the FoundatiVT] for thai period. In preparing thcs¢ finanuial statrmcnls the Tn]stees drc Tcquired to.. sclect suitable 8L¥ounting policies dnd then apply rhem consislently. observe thc methods and principles in ihe Charities SORP- ' stale whether applicable UK ALCOiIT]ting Standards hav¢ bccn followed, subj¢ct to any mat¢rial dcpartures disLlos¢d and explaincd in the financi4115tatements; ' make judgements aT)d estimates thar arc rcasonable and prudcnt- and. prcpare the financial statements on Ihc going conccrn basi5 unless it is inappropriate to presumc that the Foundation will continuc in busine.q4. Th¢ Trustees are responsible for keeping proper accouniing reLords which disclosc with reasonable accuracy at any tim¢ th¢ financial position of the Foundation to enabl¢ them to ensll that thc fmancial 5talements comply with the Charities ALt 2011 dnd the Charity IALLounts and Rcports) Regulations ?008 the provisio[ of the ttU5t deed. They are dlso responsible for safeguarding the asscts Dt'the Foundaiion and hence for taking reasonable steps for the prevention 2nd deteLtion of fraud and othcr irregularities. 10. Auditors Moore Kingston Smith LLP have indicated their willingne5S to continue in 01CC and it is proposcd that they be re-appointed auditors for ihc ensuing year. On behalf of thv Board Dated: 15 October 2024 PJGLeeDL Trnstee
PETER HARRI.SON FOUNDATION Independent Auditor's Report to the Trustees of the Peter Harrison Foundation Opinion We have audited the financial statem¢nts of the Peter Harrison Foundation for thc year ended 31 May 2024 which Lomprise the Consolidaled Sidtemenl of Financidl Aclivities, the Consolid(Iled and Charity Balance Sheet, thc Coiisolidated Cash Flow Statcm¢ni and noies to the financial statements, including .%ignificant dLLounting poliLiL"s. The findllLial Tepurting framework that has becn applied in their prcparation is applicable law and lJniiLd Kingdom AcLounting Standards, including FRS 102 'The FinanLial Ilepurting Standard Applicable in thc LK and Rcpublic of Ircland. (Unitcd Kingdom Gcncrally Acccpted Accounting Practicc). In our opinion thc financial statem¢nts'. giN'e a true and fair vicTh' of the state of the group and charity's affairs as at 31 May 2024. and of its inLuming resourLC% and application of resources, for the year then ended. haiie been properly prepared in accordance wilh Lniied Kingdom Generally Accepted ALcounting Practice,. and, have been prepared in accordanc¢ with the Tequircments of the Charilics Act I. Basis for opinion Wc conducted our audit in accordanc¢ ivith International Standards on Auditing (UK) (ISAS UK)) and applicablc law. Our respunsibilities under those standard5 are further desLribed in the Auditor's Responsibilities for the audit of the financial slalcmenls section of our report. W¢ are independent of the charily in accordance with the ethical requirements that are relevant to our audit of the financial stdlemenl in the UK, including the FRC'S Ethical Standard: and we have fulfilled our other ethical r¢sponsibilities in aLLordanLe with these requirement%. We belieN'e that the audii evidcnce 'e have obtained is suffiLient and appropriate to provide a basis for our opinion. CDnclu>•iOllS relatlng to going concern In auditing the financial statemcnts, we have concluded that the trustecb. use of the goiiig concern babis of accounting in the preparation of the financial 5tal¢ments is appropriate. Ba%ed on the work we have performed, we have not identified any mdterial uncertainties relatiT]g to events or conditions that, individually or collectively, may cast significant doubt on the group and charity's ability to continue as a going concem for a period of at least twelve months fr(Im when the financial slat¢ments are authoris¢d for issue. Our responsibilities and the responsibilities of ihe trustecs with respect to going conccm are describcd in the relevant secliunb of this reporl. Other information The other infonnation comprise4 the informalion inLluded in the dnnual report, other than the financial statements and our auditor's report thereon. The truslces are rcsponsible for the other inforniation containrd within the annual report. OUT opinion on the financial staiement.s does not cover the other inforniation and, except to tbc cxl¢nt otherwisc cxplicidy stated in our report, we do not express any fonn of dS5urance Lunclu%iun thereon. Our responsibility is to read the other inforniaiion and, in doing 50, consider whether the other inforn]ation is matcrially inLunsislcnl with the tinancial stdtements or our knv,1edgC obt&ined in Ihc Lourse of ihe audit or othcnvibc appcars to bc materially rni55talcd. If wc idcnlify such matcrial inconsistcnLies or apparent material mi%statemenls, we dre required to delennine .hether there i,s a material misstalement in thc finaiicial statements th¢mselves. If. bas¢d on the work wc haNe perfomied, wc conclude that there is a material misslalement of this other inforn]ation. we are required iu report Ih8L fact. We have nothing to report in this regard.
PETER HARRISON FOUNDATION Independent Auditor's Report to the Trustees of the Peter H8rrison Foundation (continued) Matters on which Trve are required to report by exception We have nothing to report in respect of ihc fullowing matters where the Charities Act 201 I requires us to report to you if, in our opinion- the information given in the TrnsÉees' Annual Report is inconsistent in any material respect with the finanLial stdtcmcnt%' or tIIL group dnd chdrity hdb not kept adequaie accounting records= or the financial statements arc not in agreement ivith the accounting records and returns- or we have not received all the information and explanations we required for our iiudit. Re5P0115ibilities of trustees As explained more llY in the trnstCC.4' TC.4pon%ibilities statement set out on page 6, the trustees are responsible for th¢ prcparation of the financial stalements and t.or being satisfied thal they give a Irue and fair iwiew, and for SULh intem<il Lontrol as the trustees de(emiine is necessary tu ¢nable the preparation of findllLldl sldtLInLnl.% that arL Ircc from rnatcrial misbtaicmcnt, whether due to fraud or error. In preparing the finanLial statementb. the trnstees are responsible for assessin¥ ihr group alld charity'5 ability to Lontinue as a going concern, disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the trnstees either intend to liquidate the charity or to cease opcrations, or have no realistic alt¢mativ¢ but to do so. Auditor's responsibilities for the audlt of the financlal statements We have becn appointcd as auditor under section 144 of the Charities Acr 2011 and report in acLordance wiih regulations made under seLlion 154 of thai ALt. Our c)bjLCtivcs arc to obtain rcasonablc a55urance about whether the financial statements as a wholL arL free from material misstatem¥nl, wh¥thcr du¥ tu fraud ur CTror. and to Issue an auditor s report that includes our opinion. Rcasonable assurance 15 a high level of assurance. but is not a guarantee that an audit conducted in acLordance ivith ISA- {bK) will always detect a material misstatcmcnt when it cxist5. MisstaiLmenls can arise from fraud OT ¢rror and ar¢ considcrcd matCTial if, individually or in aggregate, thY Luuld re(Isonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAS (L) we exercise professional judg¢mcnt and maintain profebsional bLeptiLism throughout the audit. We also- Idcntify Lind asscss the risks of matcrial mi5Statcment of thc financial statcmcnts, whLthLf duc tu IT#iud ur c0[. design and perform audit procedures responsive to thosc risks, and obtain audit evidence that is sufficient and appropriate to pruvide d bdSiS fur uur upinivn. The risk L)f not delecling a material misstatcmcnt resulting from fraud is higher than for one resulting from error, as fraud may involve Lollusion, forgery, intentional omissions, misrepresentaiions. or the override of in(etnal cunlrul. Obtain an understanding of internal control rel¢i'an(10 the audit in order to dcsign audit procedures that are appropriate in the circumstances, bul not for the puryoses of expressing Lin opinion on the effectiveness of the group and charity's intLmal LonlrDI. Evaluate the appropriateness of accountiiig policies used and the reasonableness of accouiiting timdlc% and rcl&tcd di%Llu%urc% made by thc
PETER HARRISON FOUYDA TION Independent Auditor's Report to the Trustees of the Peter Harrlson Foundatlon (contlllued) Auditor's responsibilities for the audit ol Ihe financial 5tatement5 (continued) Conclude on the appropriateness of thc tru5teeb' use ot"th¢ going concern basis of acrounting and, bascd on the audit evidence oblain¢d. whether a material uncertainty exists related to ¢iicnrs or conditions that may cast significant doubt on the group and charity's ability to continue a5 a going concern. If we conclude that a maierial uncertainty exists. Ive are required (o draw attention in our auditor s report to the related disclosures in the financial st2temcnts or, if SULh disclThsures are inad¢quate, to modify our opinion. Our conclusions are based on the audit eN'idence obiained up to Ihe date of our auditor's report. However, futtirc events or conditions may cause Ihe group and chariry to cease to continue as a going conccrn. Evdluate thL ovcidll prescntdtion. strucknrL and conient of Ihc financlal %latemcnL%. including thc disclosurcs, and whcther the financial statemcnts rcpreseni Ihe underlying tranbactions and events in a nianner that achicves faiT presentation. Wc ¢ommunicatc with those charged willi gov¢mancc regarding. amoii8 other mattcrs, the planned scope dnd timingT ()f the dudit and SI.nIficant audii findings: inLluding any significant dcfiLicfirLC.% in intcrnal control that wc idctitify duriDg our dudit. Explanation as to what extent the audit was considered capable of detecting irreEularitie& including fraud Irregwldnti¥.s, including fraud, arc in%liinLes of nun-compliaDCC With laws and rcgulations. We desig procedurcs in linc with our rL"%ponsibilitics. outlined abovc, to detcci mdlerial mik%iatements in respect of ILLyu]rit]es, inLluding fraud. ThL C_Kt¥nt to which our proccdurcs are capablc of detccts.ng irregulantics, iiicluding fraud is dctailcd below. The objcctivcs of our audit ill respect of Iraud, are- to idcnts.ty and asscss the risks uf matcrial mi%%lalement of Ihc finiincial statcments due lo fraud- to obtain sufficienl dppropridtc audit evidcnce rcgyarding the asscsscd risks of matcridl misstatcrncnl due 10 fraud. through dcsigning and implemcnting dppropriatL rc%pon%es to iho%e dS.%cssed ri.%k%,' dnd io respond dppropridlcly to instanLCb of frdud or %USPLLted traud idLntified durin&T thc audit. HowL"vcr, the priniary responsibility tor thL preTrentlOll dnd detLLtic)n uf traud rL%t% M'iih both mdndgement and th05c Lhargcd wilh govLrndllLe of thc group and charity- Our approach was as follows- we obtdlTiLd dn undLrstdnding of thc ILgdl and regllldtory requirL"mcnts applicablc 10 the chanty through IhL use of pcmiancnt audit filc infonnation. updrflted ihis ycar for any changes that haiFL been idcnlified by mandLJLin¥nt or by uur oivn inNestigation.s and con.4idctcd that thc tnust signifiLdnt are thc Charities ALt 201 l. thc Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council; wt obtained all understdnding of how Ihc group and charity complies with these requirements by discussion% with manag?cmcnt and thosc charg¥d with govLmance and through r¢iLw of rclcvani dLLounliiJg) and mdndgemenl rcLords- we ti%%L.%%cd the risk uf Inalcrial misstatcnicnl of thc financial statcmcnls. including the risk ofmaterial misslalemcnt duc to fraud and how it might occur, based on our work as ouilined abovc" we enquired of management dnd those charged with governance as to dny kno in%tances of non- compliance or suspcct¢d non-compliance with laws and regulations. using associated documentary evidenLe to belter undersiand ileins of interest; bascd on this uiidcrst2nding, we dcsigned specific appropriate audit proccduies to identify instanc¢s of non-cornplidnce with laws and rcgrulations. As well as speLific audit tcsling. this included appiudLhing dLLountinLJ rcLords with an inquisiiivc and sceplical mindscl such thai we examinL"d itenis that were fcli to be of interLbt or ol higher ribk in this arca. and obtaining dddilional corroborativc ¢idenCe ds r¢quired.
PETER HARRISO FOUNDATION Independent Auditor's Report lo the Trustees of ihe Peter Harrison Foundation (continued) Explanation as to what extent the audit Was considered capable of detecting irregularities, including fraud (continued) To address the risk of fraud throu¥h Tnanagement override uf controls. we carried out the following work: proccdurcs were undertak¢n to identify any unusual or unexpected matlers. and the rationale behind any such matterb was examined. joumal entries were reviewed to identify unu.sual transilLtions- judgements and assumptions made in del¢miining the accounting estimatcs set out in the a¢¢ounting poIiLies wcrc reviewed. Thcre are inhercnt limitations in the audit proc¢durcs described above. We arc less likely to become awarc of instance% uf non-compliance with laws and regulations that dr¢ not closely related t(J evenls and transactions reflected in the finaiicial statements. Also. the risk of not delectlng a niaterial misstatement due lo fraud 1% higher than the risk of nol detecting one resulting frum error, as fraud m<ly involve delibcrate concealmei)t by, for example, forgery or intentional misrepresentations. or through collusion. Use of our report This report is made solely to the group and eharitv's trustees. as a body. in accordance with Chapler 3 of Pari 8 of IhL C.hJirities ALL 2011. Our audit ivork has bccT] undLTtdkcr] so that wc might slalc lo the group and charity's trustCL% thosc niatlers we are rLquircd to state to them in an auditor s report and for no ()thcr purpLTrse. To Ihc fullest extent perrnitlcd by law, we do nol acLepl ur a&%ume responsibility Lo any party other than thc charity and group and charity's trust¢¢s as a body, for our audit '"ork, for this report, or for the opinion wc have fornivd. Moore Kingston Smith LLP Sta(Ory auditor Betehworth House 57-65 StdliDll Rodd Redhill 15 October 2024 RHI IDL Nloore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companics Act 2006. io
PF,TER HARRISON FOUNDATION Con501idated Statement of Financial Activilies for the year ended 31 May 2024 Notes 2024 2024 Expendable endowment fund5 2024 2023 Unrestricted income fund Total Total Income from: Donation Investmcnts and cash deposits Rental incoine 16,577 1,289,318 1,015,936 1,693.801 1,155.764 7.631 1.701,432 1,155,764 Tolal income 2,849,565 7.631 2,857,196 2,321,831 Expenditure on: Raising funds.. Renlal activity Charitable activities 136.481 1,696.154 136,481 1,726,654 104,837 2,237,295 30,500 Tot21 ¢xpenditur¢ 1.832.635 30,500 1,863,135 2,342,132 et operating incomel(loss) 1,016.930 (22.869) 994.061 (20.301) Nel realised investment gain Net unrealised investment gains (2023- losses) 476.234 892,326 476.234 892,326 (1,833,441) NLt income (2023.. lobs) and net movement in funds 2,385.490 (22.869) 2,362,621 (1,853,742) ReconLiliatioD of fund runds brc)ught fonvard 729_3.398 45,180,626 52,474,024 54,327,766 Fund5 carried forward 9,678,888 45,157.757 54,8)6,C)45 52,474,024 All dniounts relate to continuing activities. All recognised gains and losses are iDcluded in the stalcment of financial activitie5. The notes on pages 16 to 26 forni PIrt of these financial statements. li
PETER HARRISON FOUNDATION Consolidated Balance Sheet as at 31 MAY 2024 2024 2023 Fixed assets Managed iT]vestmcnt thnds InvcstmLnl propLrtiL% Luiins 11.753.953 17.325,000 19.100.000 48.178.953 74.308 48,253.261 10,936,627 17,250,1100 Total investments Intangible fixed assets Total fixed assets 40,2%6,fi27 11,7nO 40.298,327 Current assets Debiur5 Investmcnl.. rnedium Icm] bank deposit Cash al bank and in hand Cash and bank baldnces Short temi deposit5 968,007 468,8911 750,000 30,500 7.003,133 6,196 12,572,960 8,001,640 13,878,054 Creditors: amounts falling duc Ivithin one year Charitable grants provided and contracted for, but not Pdid Other creditors (384.884) (686,670) io 502,636) (416.218) (887,520) (1,10? 8824) el eurrent assets 7,114,120 12,775,166 Tolal assets less current liabilitles 55.367.381 53,073,49.1 Creditors: amounts payable after rnore than one year Chariiable grants provided and contracted for. but nut paid (530,736) (599,469) et assets 54.836,645 52,474,024 Expendable endowments Fndowment gifts Expendable endowment gift 45.001,IK)O 156,757 45,001,000 179,626 45,157,757 45,180.626 Income funds Unrestricted income lld 9.6711.888 7.293,398 Total expendable endowment and income fund5 4.%36.645 52.474,024 The notes on pages 16 to 26 forni part of these financial 5tatcments. The ncial .8iatements w¥r¥ r¥vicwLd dnd dpprovLd by thc Board ot Trustces, on 15 Octobcr 2024 Trustee 12
PETER HARRI.SC)N FOUNDATION Balance Sheet as at 31 May 2024 Notes 2024 2023 Fixcd assets Managcd investmeni fidS Loan to subsidiary company Inve8tmeiiC in subsidiarv company Total invcslments Intaiigiblc fixed assels Total fixed asbets 11.753,953 34,XOO.000 1,000 46.554.953 74.308 10,936,627 32.800,000 1,000 43,737,627 11,700 43,749,327 46.629.261 Current assets Debtorb Investment.. medium tem] bank dcposit (nuturing Novcmber 2024) Cash at bank and in hand Cash and bank balances Short term deposits 395,924 79,731 750,000 20.500 6.916,007 76,196 7.412,151 7.332.4.31 8,-3111,078 Creditors: Amounts fallinE due within one year Chdritablc grants, providcd and contractcd. but Iiot paid Other creditors (384,884) {686,670) io (24,117) 23.497) (409,001) (710.167) Net current assets 6,923,430 7,607,911 Total assets less current liabilities 53.552.691 51,357,238 Creditors: aTnounts payable after more than one year Charit<ible ¥rants, provided and contracted, but not paid (5.30,736) (599,469) Net assets 53,021,955 50,757,769 Expendable endowments F.ndowmcnl gifts F.xpendablc ciidowmcnt gift 45.IK)I.000 156,757 45.001,000 179,62CJ 45,157.757 45,180,626 Income funds Unre.qtrictLd inLome tiind 7.864.19X 5.577.143 Total expendable endom'ment and income funds 53.021.955 -511.757.769 ThL nDt¢s on pagcs 16 10 26 torm part of thesc financial statemcnts. financial statLmcnts wcrc rcvicwcd and approvcd by Ihc Board of TrnstLcs. un 15 ()ctobcr 2024 Trustee 13
PETER HARRISON FOUYDATIOY Con501idated Statement of Cash Flows for the year ended 31 May 2024 2024 2023 et income {2023: loss) for the reportin% period AdJu%lmLnts fcir.. Realised LFain% on invLslments L'nrcaliscd gains (2023: Iosbes) on investments Incom¢ r¢c¢ivablc frorn investments and cash deposits Renls receivable from investments Ainortisalion Increase (2023.. decre(Ise) in debtors Decreasc in creditors 2.362,621 (1,%53.742) (476,234) (892,326) (1,701,412) (1.155.764) 6.200 (259.504) (295.209) 1,833.441 (1 ?77.519) (1,015,936) 45,437 (?54,480) Net cash used by operatlng activities (2,411,648) (2,522,799) Cash flows from Investfing activities: Dividend distributions dnd interest received Rent received Proceeds from investment loan repayments Tnvcbtmciit loans made PurLhd.SL of managed investment funds PurLha%c of- invcstment properties PurLhd%L of intdnLyible fixed asset DLPVS11 in mcdium tcmi bank deposit 1,669.711 1,435.222 1,537,768 1,012,217 5,434,459 (2,700,000) (1,000.000) (9,894,500) (11,700) (750,000 (7.000,000) (68,808) 750,000 Net cash provlded by investing actijrylles (3.213,875) (6,371,756) Change in cash in the reporting period (5.625,5?3) (8,894,555) Cash at the beginning olthe reporting period 12.659,156 21,553,711 Cash at the end of the reporting period 7.033.633 12,659,156 Analysis of Cash 31 May 21124 31 May 2023 Cash and bank balanccs Short Icmi dcpusits 30,5 7,003,133 86,196 12,572,960 7.033,633 12,659,156 The notes on pages 16 to ?6 form part of these financial statements. 14
PETER HARRISON FOUNDA TION Note5 forming part of the con501idated financial stlltements for the year ended 31 May 2024 Accounting policies Ba.fiS ofpreparalEOll and us.se.¥.%melll olxoing copicerpi The financial slatemcnts havc been prepar¢d under thc historical cost convention. as niodificd by thc revaluatioii of investments at mark¢t value, and 4ire in dLcordance with Accounting and Reporting by Charities: Siatement of Recommended PraLlicc applicable io charities preparing their account5 in accordance ivith thc Finai)cial Reporting Standard applicable in ihc UK and RepubliL of Treland (FRS 102) effcclive l Jdnuary 2015 ('Ihc SORP,), FRS 102: The Financial Reportiiig Standard applicable in the UK and Republic of Ireland ('FRS 102,), thc Charities Act 201 I and UK Gcnerally AcLepiLd Accounting Practice. ThL lindncial .4tdtcmcDls arc prcparcd in Stcrling whiLh is thc funLtiunal cu)Tcncy of thc charity. Monetary amounts in thcse financial 5tatement.8 aic iounded to thc ncarest Pound. Thc Foundation constitutes a public kncfit entity as defined by FRS 102. The Trustees consider that there are no malcrial uncertainlics about the Foundalion's ability to continue as li going conccrn. Thc m05t sisnificartt area of uncertaintv is thc valuauon of the Found2tion s investmcnr prnperties. howLv¢r, Iheqc forni only part of Ihc Foundation's nct a55<ts and with the Fnundation's cash balances excccding it grant commitments and oiher liabilities there is no risk Ihat the Foundation Cannot mcct its current obligations. Thc TTllStces arc Lunfidcnt of thc Foundation"s ability to continue ab a going conLem for at Icdst twelve months from thc date of approval of these financial statements. CriliL'al uccniin£iiig g.glimale.Y and areu.s ofiudgmeFII In preparing financial Sthlcments it is necessary to make certain judgments, estimates and assumptions that affect the amounts reLognised in the financial statetncnts. The irustces Lollsitler that the valuation of the subsidiary's investinent propcrtiCS the only amuuni which rcquires Judgment and estimation and that could have a significanl effect on thc findncial statcmLnts. Th¥ invc.stmcnt propertics. valuatiuns arc bascd un advicc frotn thc .4ub%idiary'.s propcrty consiiltants of their Vic, of thc market valuc al the year end. Property valuations ncccssarily requirc judgment howevcr the subsidiary's propcrty consultants are experts In their field and ihe mistccs consider that the risk of a matcrial misstatemcnl is unlikely to occur. Furthermore: the impact of a misstatement M'ould not affect the ability of the Foundation to meet its grant Lommitments as ihe Foundation's cash balanccs and readily realisablc invcstments are sufficient to settle its grani commitments in full. GrouI).fEnapzcial slalements Thcse finaiicial statements consolidate the results of the charity and its wholly owned subsidi&ry PHF Investments LiTnited on a linc by line ba.sis. A stparatc slatCTncnt uf tinancial Lt]Vities. or illLumc and ¢xpcDditurc aLLounl. tor the charity itself is not presented because the charity has takeLi advantage of the exemptions Iiffordcd by thc Charities SORP FRS 102. Incom¥ ib accounlcd lur gross in thc pciiod in which thr Foundation is entitlcd to rcLeipt. Fcc.% for the managcmtnt of the Foundation's cash deposit5 are netted agaiiist the inlcre5t receivablc on ihese deposit5 as the fecs are immaterial. Expenditure All cxpcnditure is included on an accruals basis. Support Costs compribe costs for pr(Kcssing grant applications. including support to aLtual and potential appliLants, iogbiher witli govcrnance costs meeting conslituiional and staLutory requirements which include d)c cost of Trustcc mcctings dnd audit fL"L%. Whrre co%ts cannoc be dircctly attributed to eithcr of thcsc catcgories an appurtionment 15 mddL based cstimated .8laff timc. Is
PETER HARRISON FOUNDATION ]Yotes forming part of the consolidated financial stalements for the year ended 31 May 2024 (continued) Accounting polieies (continued) Churitahle griipil.s Lharged ipi iheyedl- are a.s Jollc)ws.' (a) AwardLd by the Trustees, )d all contractual Londitions met in thc year. (b) AwardLd by the Trustees in the previous ycar for which thc contractual ternis havL bccn mel in Ihc tUent year. Fix£'il a55el inve.stmepTt. Investment properties are stated at their estimated market value. No depreciation is providcd on invcstment propLrtiLs. The inanaged invcstment funds arc stated at their listed prire. Loans for property dcvclopmcnt aTe staled at cosi Icss provision lor dilninution in valuc. The propcrty devttlopment loans earn interest and, for certain of ihe loans, a share of any iiel developmcnl profit. but not ot any losses. The share uf net devcloptnent profiLs iq accounted foi when thcy can be determined with reOnable ccrtainty. The Founddlion's inve.qttnent in ils subsidiary undertdkin& PHF Invesnnents Limited, is ullquoted and shown at cost. As consolidated financial statements are presented. and in view of the disclosures in notcs 4 and 7 regarding the subsidiary, the Trusteei do not belici'c that estimating ihe m(Irket value of this invcstment and including tl)Ib vdlue on the chariry Balance Sheel would bc rclevanl lo users, understanding of the accounts. As a iesult tlie investmcnt is presented at historic Lost. Thc Statement of Financial Activitie.s includes realised gains ]d losses from investmenis that have been sold and unrLali%Ld LFdill8 2nd losses arising fiom thc rcvaludtion of inl'cstments thal dlc slill hcld. /Filapigible]ixed assets Intangible fix¢d assets comprise set up co.sts tar thc Lharity's grdllt datab&se and management sysl¥in. JDILmgible fixcd as.scts arc stated at cosi and dLprccialcd on a straigyhi linc basis over three ycais oncc thc .systcrn is fully operational. Oiher finapicial insln4ment.Y a) Cash and cash equivalents Cash alld cash equivalents include cash at banks and in hand and short terni deposits Wlth a maturity date of three months or less. b) Debtors and eredilurs Debturs dnd creditors receivable or payable wiihiT] onc ycar of the rcporting dale are carried at thcir transaction price. Debtors and crcditors that are reccivable or payable in morc than one year and not subject 10 a market rate of interest dre measured at the prebent value of the expeLlcd futhre rcccipts or payment. discounted dt d Inark<t rate of intcrcst. Grants payable after morc than one year are noi considered io be financial instrumencs as chey are i)on-contraLtual in nature dnd LoniequLntly are not mcasurcd al their pres¢ni i'alue. Expendable endoivmenifund. WhLrc fiinds are given to be held as endowmL"llts, Ihcy arc shOn as cxpendable endowrncnl lunds in Ihc financial tat¥rn¥nt5. ExpcndablL Lndoivmcnl.s arc thosc wherc Ihc Irust Icm15 providL for COnCr$Inn 10 inLoine undcr L¥rtdin ircum.8tances. Of the endowmeni funds £131,413 (2023= £150,018) is restricted to grdIils iii accoidancc with thc latc fuundtr's known intLfL5ts (scc notc 2) and £15fi,757 {2023- £179.626) is r¢tstriLtcd to cxpenditure subj¥ut lo the donor's approval. 16
PETER HARRISI)IY FOUNDATION L%otes forffling part ol the financial statenieThts for the ye4r ended 31 Ma) 2024 (continued) 2 Donatlolls received The Peter Harrison Heritagye Foundation ('PI4HF') donated £nil (2023.. £6,628) to one of thc Foundation's expendable Lndowment nds. The formcr chairn]an and director of PHHF was the late Pcler Harrison, who was also ¢hairmdn and Tru51ce ol-the Foundation until his death on 18 June 2021. PHHF was dissolved on 13 December 2022. The Trustee Peter Lce W<lS also a dircctor vf PHHF. In IhL PdSt PHHF made mdny granis of d heritdge naNr# and the TnlettS intend io make grants of & similar nature, or in accordance with Peier Hatri.son's known inteiests. froiii the expendable endownient fund in memory of Peier Hdrrisoii. The Foundation al.%0 received a donation of £nil 120?3= £9.199) from Ihc Clarence Housc Restoration Tnjst ('CHRT'I. The fonner chaimian and truslcc of CFIRT was thc lalc Pctcr Harrison. Thc Foundatiun Trustcc Pcltir L¢¥ was al.%0 a itU5lc¥ of CIIIIT. CHRT wa% dissolved and removcd from the Ccntral Regisler of Charities on 18 January 2023 willi ils remaining dsset8 of £9,199 b<ing donalLd lo thc Foundaliun. Thc donation mdde to ihc same expcndablc ¥nduwmciiL fund iu which thc donations Irom PEIIIF were madc, bringing total donalions to that fund io £nil {?023.. £15.827). 3 Income from investments cash deposits 2024 2023 Jnuome fron] listed invcstments Interest rcceivable from loans for propert5, development Inlercsl reccivable from bank dcposiis and other dcposil accounts= Unrestricted income tui)d 496,425 919.795 412,010 735,103 347,581 1,693.801 7.631 130,406 1,277,519 11,799 Expendable endowment fllnd -701,432 1,289.318 All ot-thc inLome shown above, other than the inleresl receivablc for the expendablc endowmcnt fund, is attributabl¥ to the unrcslrictcd ii)COlnL fuTLd in both yL"ars. 4 Subsidlary companv Thc wholly L)wncd subsidiary, PHF Investment?* Limited pays the lower of a) its taxablc profits and b) thc amount that can be laivfully distributed io the charity under a Deed of CovenanL A summary of the subsidiary's re.8ults is shown below.. 2024 2023 Rental income Inicrest reccivable Operating expenses for rental activities Fair value blains (2023.. 105ses) un iiivcstment propertics Other operating expenbes InicrLsI paydble on sharLholdcr loans Share ul- net devclopmcnl profit on loans ,155,764 963,676 (136,481) 75,000 (14,709) (2,057.753) 476.234 1.015,93A 776,12n (104,X37) (1,419,500) 113,006) (1,622,$19) Pr()fil (2023.. 10.s.s) on ordinary aLlivitics Donation payable to parent charity Profil (2023= 10%$) retained in the Subsidiary 461.731 (1,168,106) (26.463) -163,296 98.435 (1,394,569) All L)f the inLoine ¢ind cxpendilure of PHF Ini'eslmcnls Limited, iiicluding rcntal inconic and renthl expenditure. is attributable to the unre.8tricled income nd in both year5. 17
PETER HARRISON FOLThDATION INotes forming part of the financi&l statements for tht year ended 31 May 2024 {continued) S Charitable activities Grants awarded Support Costs Total 2024 Opportunities tl]rou¥h sport £ind physical activity Positivc futures for children and young people TTuslees' Discretion Unreslricled income fund-. education Unrestricted income fund- other - Expendable endowment funds L¢55 grants awarded in previous years not taken up 789,539 381,300 163,969 165,500 30,500 (25.000) 139.369 928.908 439,192 174,6XY 178,165 57,892 10.7?0 12,865 (25,000) ,505.808 220.846 1,726.654 2023 Opportunities through sport aiid physical activity Positive futures for Lhildrcn and young pcoplc 'rrustccs' Discrction Unrestricted income fund-. education Unrestricted income fund.. oiher Expendablc endom'ment funds Le.s.s granls awarded in PTeN'iuu.% ye4trs not taken up 845,546 358,?89 156.132 ?23.374 565.000 (1.000) 120,609 46.233 14,071 966,155 404,522 170,203 ?31,415 565,000 ( loo,000) 2.048.141 188.954 2,237,?95 Tbc support costs have been apportioned to grants awardcd on the babis of the number of grants &warded, exccpt for xprndablc cnduwmcJ]i fund% whcrc CXPLnditurc 15 subjcL* to thc donor'.4 dpproval. Reconeiliation of grants provided or reserved: 2024 2023 Grants itwarded during the year Add charitable gran15 awarded and contracted in previous year but not paid at 31 May 20?3 1,505,808 2,048,341 1,286,139 1,315,X05 2,791,947 {1,876:327) 3,364.146 (2,078,007) Chai'ltable grants paid during Ihc ycar Charitable grants provid¢d and ¢onlrd¢ted for but not paid at 31 May 2024 915.6?0 1,286,119 Charilablc grants provided and conlractcd for but nol pald comprise: Grdnt,% paydbl¥ afi¥r muic th<in onc ycdr but within fivc ycaTs (irants payable after five years Grants payablc after more than one ycar Grants Piiydblc during thc ncxt ycdr 505,374 25,362 575,469 24.000 530,736 599,469 384.884 6x6,670 915,620 1,286,139 18
PETER HARRTSON FOL'DATIoN Dtes forming part of the financial statements for the year ended 31 May 2024 (continued) 6 Support Costs Grant-making costs Governance Costs Total support cvsts 2024 Staff costs CJross salaries Einployer's National In.suranLe Pension Staff recnLitment and irdining 77.524 6,932 3,101 150 3,770 337 81,294 7,269 3,252 150 151 87,707 4.258 91.965 Professional fees Audit fLes Legal and profcssional fee.% 28,431 5.2_50 5,250 33,681 33,681 Premises costs Rent 19,424 13,137 8,400 945 20,369 13,776 8.809 Rates Premibcs managcment 409 40,961 1,993 42,954 Office costs 43,911 2,135 46,046 Amortisation of intanglble assets 5.912 288 6,200 178.491 42,355 220.1446 Support LOStS Lomprise cost.% for proce.ssing grant dppliLation%. Including support to actual and potential applicants, together with g0CranCe costs meciing consiituiional and statutory requir¢inents which includc the LO%t ul. TrustLe rtieeting% dT]d dudit ftics. Where Losts Lannot bc directly dttributtd to either of thcse catLgories an apportic)nment is mdde bascd c)11 Lstimatcd .%taff limc_ Nu Tru.%lee received any remuneration or was reimbursed for expenses iT]curred on the activitie% of the Foundation. The average number of persons employed during the ycar was 2 {2023.. 2), all employecs are part time bcing equivalent to 1.2 (2023: 1 ?) full time employees. All employee time is ini'oliied in PToviding either support to thL govcrnancc of thc charity or 5UPPOrt services to charilable activilies. Thc Tnlstees consider thc ()und<ilion'% kcy managFcmL"nL personnLI Lumpri4c ihc TrustCLS dnd the Dircctor. Thc total cmploymeni bL"ncfits ol-thc kcy managciMLnt personncl were £55,44112023= £47,62n). No employc¢'s cmoluments cxcceded £60,000 in either year. 19
PETER HARRISON FOUNDATION Yotes forming part of the financial statements for the year ended 31 May 2024 (continued) 6 Support costs (conilnued) Grant-maldng costs Governance costs Total support Costs 2023 Staff costs (iruss salarics Emplc)y¢r's National Insurance Pension 6Y.920 6,280 2.797 949 79.946 3,550 319 73,470 6,599 2,939 949 83,957 142 Staff rccrultent and aillIng 4.011 Professional fees Audit fees 23,247 6,280 29,527 23,247 6,2SO 29,527 l.egal and profe.s.8ional fees Premises costs Rent Rate5 Premi.%e5 management 19.385 10,415 7,940 37.740 984 529 403 1,916 20.369 10,944 8,343 39,656 0]ce costs 34.084 1.730 35,814 151.770 37,184 188,954 20
PETLR HARRISON FOLINDATION vtes forming part of Ihe tijjancial stateentS for the year ended 31 May 2024 (contiuued) 7 InTr'estments lanaged investment fuDds Investment properties Loans Total for Group group co.lt and valualion Ai l June 2023 10,936,627 17.250,000 i ? i 00,000 7.000,000 40,286,627 7,000,000 Additions Dispo.sals R¢valuation gains 817,J26 75,000 892,326 At31 May_ 11.753.95J 17.325,000 19,100.000 48,178,9i3 Hi.IloYic co.Fl Al 31 May 2024 At 31 M<ly 2023 10,500.000 10.500.000 16.307,689 16,-107,689 19,100,000 12,100,000 45,907,689 38,907,6149 Managed InvestTneDt in inVestmet funds subsidiary company Loan to subsidiary company Total for charity Charity Co,¥t valualTon Al l June 2023 Addiiiuns Repdyment Revdluation gains 10.936.6?7 1.000 32.800,000 2,000,000 43,737,627 2,000,000 817,326 817,326 At 31 May 2024 11,753.953 1,000 14,SOO,000 46,554,953 Hisluric co.¥1 Al 31 May 2024 At 31 M<ly 2023 10,500.000 10.500.000 1,000 1,000 34,800,00 32.800.000 45,31I1,000 43,JOI,000 2024 2023 Net realised investment gains Revaluation gain on iiiN'estmenl property sold Loans: share of development profils 476,234 476.234 Net unrealised investment gain5 (2023: losses) Managed investmcnt funds Investment propcrties 817,326 75,000 (413,941) (1,419.500.1 892,326 (1,833,441) Thc managed inveslmcnt funds dre all listed and compnsc-. COIF Charities Invesuneiit Fund managcd by CCLA lllvesiment Mdnagement LimitLd. Ncwton Gruwth and InLume Fund for CharitiL"5 managcd by InvLStment Mdnageincnt Limited (both mixed fund%), Charities UK Equity IndLx Fui)d managed by BldckRuck Invc5tment Mandgenient (UK) Liinited and 'Charifund' InanagLd by M&CJ InvL.stment Mdnageineni Liiniied (both L'K eqllitl, funds). All Dr the nidnaLJLd inve%tniLnl funds aic held prinLIp4illy to &Tencialc income. Thc Foundation's wholly owncd subsidiary, PHF Invesimenis Limited (company number 06772346), holds investment propertics for which it collccls renlal income (.gee note 4). The property valuations are ba%ed on advicc from the company'5 property Lonsultants of Ihcir view of thc markLt valuc as at 31 May 2024. The Vdlualions do not factor in any pot¢n(ial hdiiges in Vdlue beyond 31 May ?024. 21
PETER HARIUSON FOLIYDATION otes formlng part of the finanelal statements for the year ended 31 May 2024 (eontlnued) 7 IDvestment5 {contlnued) During thc year two new loans were taken oul (2023.. none) and none of the loans were repaid (?023'. Iwo). Onc of th loans was due to be repaid on 31 May 2024 but, due to banking difficulties. wa5 repaid on l June 2024. Th¢ group was enliiled to a profit share as al 31 May 2024, eslimaled ai £476,234 12023.. £nil). which has accordingly been accrned. PHF Investments Limited had aggregatc capital and reserves at the yedr end of £1:815.690 (2023= £1,717,255). The company's result% for the year are shown in note 4. PHF InvesLmenls Limiied is incorporated in England and one of the Trnslees, Peter Lee, Is d direcloi of the company. The loan from the Foundation to PIIP Investments Limiicd is rcpayable on 8 May 2029 or earlier at the discretion of ihc company's dircctors. The inierest chargcd on this loan w35 formerly sct at 2 % abovc the prevailing Bank of England base rate but W(is reduced to 0.50/0 above the Bank of England base rate with effeci frotn I stember 20?3. 8 Illtangible fixed Assets Group and charlty At l June 2023 11,700 6S.IIOS Addiliun Dispo%&ls Ai 31 May 21124 80,511t4 Amorfi.sulio At l June 2023 ChargL for Ihc ycar Di.spo.8als At 31 Mdy 2024 6,200 6.?00 Atel book amount A(31 May 2024 74,308 Ai 31 May 2023 11.700 Intangible fixed assets cornpri.sc .set up costs for thc charity's new grant dalabasc and m2nagFcrnent syslem and development costs lor Ihc chdritv's new websitr. The grant datdbase and nagcmCnl systcm became operational during Ihc ycar and has slart¢d io b¢ amorti.scd. The new websilc was not opcrdlional by thc ycar cnd and accordingly no amortlsiltion has been charged. 9 Debtor5 Group 2024 Group 21123 Charity 2024 Charity 2023 Trade debtors Profil sharcs receivable Oihcr debiors and prepaymenis Accrned income receivable Donation receivable from subsidiary company 311,575 476,234 22.740 157,458 268.350 74,811 125,737 7,457 25,171 363,296 Y,827 43,441 26,463 968.007 4fi8,89 395,924 79,731 22
PETF,R IIARRISON FOUYDATION Notes forming part of the financial statements for the year ended 31 May 2024 (continued) 10 Other creditors Group 2024 Group 2023 Charlty 2024 Charlty 2023 Rent received in advance Trade creditors Accruals Taxes and social security Other crcditor 327,609 29,113 67,588 55,276 23.050 316,501 824 565 824 22.673 35,976 55,463 7.454 23.552 502,636 416.?18 24,117 23,497 11 Analysis of funds Group At l June 2023 Income Expenditure Gains and losses At31 May 2024 Expendable endowmenls Endowment gifis Further expendable endowment gifts 45.001,000 179,626 45.180.626 45,001,000 156,757 45,157,757 7.631 7,631 {30.500) (30,500) Ineome funds Unrestricted fund 7,293.398 2.849.565 (1,832,635) 1,368,560 9.678,888 52,474.0?4 2.857,196 (1,863,135) 1,368,560 54,836.(J45 Charity At l June 2023 Inconie Expenditure CN&ins and losses At31 May 2024 Expendable endomments Endowmcnt gifts Further ¢xpcndable endowm¢nt gifts 45.001,000 179,6?6 45.180,626 45,001,000 156,757 45,157,757 7.631 7,631 (30,500) (JO,500) Income funds Unrestricted fund 5,577.143 3,151,174 (1.681,445) 817,326 7,864.198 5U,757:769 3.158,805 (1.711,945) 817,3?6 53,0?1,955 The endowment gifts May bc distributed al the Truslees. discrelion, but ihe cuent policy is lo retain the endowment in order to maximi.se incorne for gr2nt distribution in each year. The further expendable endowment gifts are those where thc trust ternis provid¢ for conNersion to income under ccrtain circumstanLes. During the year £30,500 donations (2023= £565.000) were made. 23
PETER HARRISON FOLINDATION Notes forming pArt of the financial statements for the year ended 31 May 2024 (continued) 11 Analysis of funds (Conllnued) Group Al l June 2022 Incume F.xpeDditure Gains and 1055e5 At31 May 2023 Expendable endowments Endowment gifts 45.001,000 45,001,UOO Further expendable endowment gifts 717,QOO 45,718,000 27,626 27.626 {565,000) {565.000) 179,6?6 45,180,626 Income funds UnrestriLted fund 8,609.766 2.294,205 (1.777,132) (1,833.441) 7,293,398 54.327.766 2,321.1131 (2,34? 13?) (1.833,441) 52,474,024 Charity At l June 2022 Income Expenditure Galns Ind 10$5es At31 May 2023 Expendable endoivments Endowmcnt gilts 45.001.(K)O 45,001,000 Further expendable cndowment gifts 717.(X)O 45,718,(x)o 27,626 27,626 (565,000) (565.nnO) 179,626 45,180,626 Income funds Unrestricted fund 5.498,942 2.151.431 (1,659,289) (413,941) 5.577.143 51,216,942 2.179.057 {2,224,289) (413,941) 50,757,769 24
PETER HARRTSON FOUNDATION Notes forming part of the financial statements for the year ended 31 Mav 2024 (continued) 12 Analysis of net assets between funds Group - 2024 Endowmcnt fund Expendable endow'ment fund Unrestricted income fund Total funds Fixed dSbels Current assets Currcnt lidbilities Creditors paydblc after MOTL" than one year 45,001,000 3,252,261 7,844,883 (887,520) (530,736) 48,953,261 8,001,640 (887,520) (530,736) 156,757 At 31 May 2024 45,001.000 156,757 9.678,8t48 54.R36,()45 Charity- 2024 Endowment fund Expendable endowment fund Unrestricted income fund Total I'unds ixcd asbLIs Currcnt assets C.urrcnt liabilitics C.rL"ditors payablc af(Lr more than onc year 45,001.000 1,62X.261 7,175,674 (409,001) (5_30,731)) 46,629,261 7,332,431 (409,001) 15_30,736) 156,757 At 31 May 2024 45.001,00() 156.757 7,864.198 53,021,955 Group- 2023 ndoiTrment fund Expendable endowment fund Unrestricted incomc fund Total fund5 FixLd assets 40.298.327 4.702.673 40,298.327 8,995,755 13,X78,054 (1,102,8S8) (1,102,8148) ($99,469) (599,469) c.urrent assLts 179,626 Current liabilities Credilors payable after more than one ycar At 31 May 2023 45.001.000 179,626 7,293.3911 52,474,024 Charity- 2023 Endowment fund EApend&ble endowment fund Unrcstricted income fund Total funds Fixcd asset 43,749.327 1,251.673 43,749.327 8,318,078 {710,167) (599,469) Current assets C.UTt¥nt liabilitiL. Creditor% payable after morc than one ycar 179.626 6,886,779 (710.167) (599.469) At 31 May 2023 45.001,000 179,626 5,577,14.3 50.757,769 25
PETER HARRISON FOUYDATION Noles forming part of the financial stydtements for the year ended 31 May 2024 (eontinued) 13 Related party transactions I)UTing the year the Founddlion opcratcd from the Second Floor. FuuT]dation House, 42-48 London Rodd, ReigalL, RE12 900. "rhe frcchuld building Wd% 0.ed by the Peter Robert Hdrritsun 19Y7 H Settlement (Ihe 'B Scttlcincnt,). The TrustLL"s J C Ilarrison-Lcc and N P Harrison arL bcncficiarics of the B SeitlemcnL. ThL TruslLe P J QF J.ee is <i dircLtor of thc cory)orate trusiees uf Ihc B Sciilcmcnt. An a&rreernent has been made bctwccn Ihe Foundation and the B Scttlcmenl that the occupatiun by Ihc B Settlement and Ihc Foundation ot- the sharcd officc 15 ba.scd on thc space OCCUPiLd b}F cach cntity and the number ofstaff employed. During the year the Foundation was charged und¢r this agreement £20,369 (2023.. £20,369) for r¢nt. £8,809 (2023.. £%,343) for sen'ice charges. £13.776 (2n23= £10.944) for raies, £17,414 {2023.. £15,936) for general office coslb and £1.046 (2023.. £1,263) for in%urdTlC¢ (all figures include V AT). The Peter Robert Harrison 1997 A Seiilemenl (Ihe 'A Settlemenl.) Lharged ihe Fuundation £4,773 (2023: £3,791) for bookkeeping services providcd during the year (figures include V AT). The Trustees J C Harrison-Lc¢ and N P Harrison arc bcneficiaries of the A Seiilement. Th¢ Trustee P J G Lee is a direLtor Of the corporate tru4tees of thc A Settlement. The Foundation's wholly owned subsidiary PHF Investmcnls LiTnited is managed by Chanc¢ry¥atc Limited. Chdncerygate Limited charged £99,113 (?023- £58,419) for managing the propertie5 owned by PHF Investments Limited, advising on a¢qui5ilions and disposals of the subsidiary'5 investments, advising on th¢ loan5 for property dcvelopTnenl and for administering thc Lompany. The Trustees consider thill Ih¢5¢ management fees are harged at a commercial rate. Petcr Lc¢, a Truitee, is a shareholder and director of Chancerygate Limited but does not participaie in ihe negotiation of either Ihe managemenl or performance feei chargeable by Chamcerygate Limited. At the year end PHF Investments Limilcd had net loans outstanding to Chanccri'gate Limited of £19,100,000 (2023.. £12,100,000) for the purpose of property development. These loans are repayablc within 5 years and interest is charged at between 5 /0 and 6°/0 Wlth thc company also entiiled 10 250/0 to 27.50/u of any net dcvclupmeiit profit% un cenain of the Iodn% once complete. During the year interest on the loans of £919,795 {2023-. £735,103) was ¢arn¢d. In addition £476,234 (2023: £nil) was payable by Chancerygate Limited to PHF Investments Limited in respect of profit shares on loan4 repayable. During the year PHF Investments Limited, the Foundation's wholly uivned subsidiary, pdid £2.057,753 (2023.. £1,622,819) of interest lo the Foundation. The company also made donations in respect of the year of£363,296 (2023-. £26,4C)3) of which £363,296 {2023'. £26.463) Is inLludcd in the charity's dcbiors at thL yLar end. 26