Charity reg15tralion nurnber.. lo￿1￿87 The H C Beer Charitable Trust Annual Report and Financial Stalements for the year LYKled 31 tknmber 2023 Contents Reference and AdministTative Details.. Trustees, Report................................................................................................... 2to4 IndeFendent Examiners, Rew)rt............................................................................... Statement of Finanaal Activities............. Balance5h￿t...............................-....................................... Notestothe Finanaa15iatements...................................................... 8t014 The H C Beer Charitable Trusl Reference and Administrative Details Charity name The H C Beer Charitable Trust Charity registration number Principal office Salisbury House iA)ndon Wall London EQM ?PS Trustees Mr M N Duncan Mr P R Campbell Mrs E West-sadler MrA Grier Rev C West-sadler Independent examiner Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD Jnveglmeni Mana8er Quilter Cheviot Senator HoLtse 85 Queen Victoria Street London EC4V 4AB Pagel I The H C Beer Trusl TTUStees' Report The Trustees Present their report and financial statements for year Émded 31 Detrmber 2023. The finanaal statements have been prepared in accordantr with the accounting poliaes Set out in nole l of the financial Statements and comply with thecharities Act 2011 and Accounling and Rep)rting by Charities.. Statement of Recommended Practice applicable lo charities preparing iheir financial statements kn accordan￿ with the Financial Reportin8Standard applicable in the UK and Republic of Ireland IFRS 1021 lelfective January 20191. Structllre, sovernanct and manas¢ment Constitulion The charity was fomied by a Charitable Tru￿ Deed l-the Deed") dated 7 March 199) between Mr5 Hilda Charlotte Beer I'the Seltlor'l and Mrs Hilda Charlolte Beer and Charles Francis Williarn West-sadler I'the TrustL*S"l. the Settlor transferred to the trustees the sum of £l(M). Under the terms of the Deed the 'Tru5t Fund which not only includes the aljove but also any additional transfers and accumulations of income. Since the date of the deed the proFerty "The Drum and Monkey" Whilecross Street, London and the holding of Ji61 Sun Life & Provincial Holdings PIC ordinary £1 shares have been added to the trust by the Settlor and the sum of £18,6S7.02 by the trustees of the Miss L K Duff Discretionary Settlement. Method of appointment or elertion of Trustees New trustees are aP￿Inted by the existing Iruslees by way of a meeting and a subsequent deed formalL5Lns the appotntmen¢. or simply by deed alone. Pollcles adopied for ihe indurtion and trainin8 of truslees Due to the small size of the charity. there is no formal induction process save the attendance at meetings and inforniation made available to that trustee by the existing trustce& Related party Trlation5hips All related party relationships are noted elsewhere in these account& Risk mana8ement The trustees have identified main risks applicable to the charity and these ¢oNprn the value of the investments. The trustees have mitigated this risk by appinting Quilter Cheviot, as investment managers. to mana8e the portfolio on their behalf. The trustees appointed Quilter Cheviot to manage the investment w)rtfolio. This is managed by reference lo a poliLy d(Kument which sets out the obiertives of the trustees as regards the investments and the respective responsibilities. The portfolio is currently managed under a 'bala￿Ed. approath between capital and income. Page12 The H C Beer Trust Trnstees, Report Objecliyes and Artivities Policies and objertives The twslees have agreed a FX)liLy statement with (￿lI￿r Cheviot and monitor the Performan￿ of the investments regularly by way of YetM)rtiDg and other communications retrived from Quilter Cheviot. Strategies for achlevin8 objeclives The trustees haye regard to the Charity Commiwon guidart￿ con￿mIng the public i*nefit when furthering the objecliYe5 of the charity- Activities for achievins objeetives The charity is a grant-making tharily. A¢hlevements and perforniance Review of artivities Donations totaling £31,(￿l2022- £49,(NXII were made dur&n8 the year. Investment policy and perfornunce The value of the investments rose in the period under ￿vieW, ￿CoUPlng some of the unrealized1055e5 in previous periLx15 and this was due to improving market sentiment. The Trustees continue to monitor the POSLtion alons with the inyeslment manager, Quilter Cheviot. Financial Review Results The Trust had a nel in¢rease for the period of £éAJ.131. increasing total funds from £1,556,657 to É1,617,088. Reserves policy The trustees will maintain suffioenl reserves to meet unforeseen requirements and wnsider that unrestricted reserves should be no less than £IO.IJKI. The trustees recognise that the objects of the charity are not such as to nornially giye rise to anv S￿Lia1 risk or require any contingencies. The donation5 are reviewed each year in line wilh available irKome Plans for future There are no significant changes planned for the charity whidi will conlinue with its Lurrent objeclives. Pag¢13 The H C Beer CharitabIe Trnsl Trustees, Report Statement of truste¢s' responsibilities The trustees are responsible for preparins the Annual Report and the finanaal statements in accordance with applicable law and regulations. The law applicable to charities in England & Wales requires ihe trustees lo prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accountins Practice (United Kingdom Accounting Standards and applicable law). The trustees must not approve the financial statements unless they are 5atlsfied that they give a true and fair view of the State of affairs of the charity and of the incoming resources and application of resour￿5. including the income and expenditure, of the charity lor that ￿riod. In preparing these financial statemen￿ the Iruslee5 are required to: select suitable accounting polioes and apply them Consistently: observe the methods and prinaples in the Charities SORP,. make judsments and accountins estimates that are reasonable and prudent.. state whether applicable UK Accounting Standards have been followed, subpcl to any material departures discl(wd and explained in the financial statements,. prepare the financial statements on the goitis ¢on¢ern basis unle55 it is inappropriate to presume that the charity WLII tontinue to oterate. The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy t any time the financial position of the charity and enable them to ensure that ihe financial statements comply with the Charities Art 2011. the Charity (Accounis and Reports) Regulations 2(M)8 and the provlslun5 of the trust deed. They are also responsible for safeguarding the a55ets of the charity and hence lor takins reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Truslees and siwd on their behalf by: Mr P Campbell Truslee Date 29 October 2024 Pag¢14 Independent Examinets Report to the Trustees of The H C Beer ChJrAtsble Trnst I report to the trustees on my examination of the financial statements of H C Beer Charitable Trust I'the charity'l for the year ended 31 De￿mber 21ll3 which comprise the Statement of Finanaal Activitie5. the Balance Sheet and related notes. This reporl is made solely tothecharity'strustees.asatrx)dy, in accordantr with wtion 145 of thecharities Act 2011. My work has been undertaken so ihat I might state to ihe tharity's trustees those matters l arn reiiuired to state to them in thi5 rewTrrt and lor no other purpose. To the fullest extenl permitted by law, I do not accept or assume respon5Lbility to anyone other than ihe charity and the charity's twslees as a body, for my worl for this ￿POrL or for the opinions I have fornied. Responsibillties and ba6is of ffport As the trustees of the charity you are ￿￿￿)nSible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 I'the Acl'l. I report in respect of my examinalion of the tharity's fina[￿al statements carried out under section 145 of the Act and in carrying out my examination I have followed all tl* applicable Directions siven by the Charity Commission under section 14515)(b) of the Act. An inderendent examination d￿5 not involve gatherin8 all the evidence that would be required in an audit and consequently does not cover all ihe malters that an audilor considers in giving their opinion on the financial statements. The planning and Conduct of an audit goes beyond the limited assurance that an indL'wident examination can provide. Consequently l express no opinion as to whether the financial statements present a 'true and fair. view and my report is limited to those SE￿I￿.C matters set out in the indeFendent examinef s statement. Independent examinees slalement I have completed my examination. I confimi that no material matters have come to my attention in connectLOn Wlth the examination 8ivins me cause to believe that in any material reSFeCt.' accounting records were Doi kept in respect of ¢harity as required by section of the Act,. or the linanoal statements do not arcord with ihose records.. or the financial statement5 do not comply with the applÉcable requirements concernins the form and content ol accounts set out in the Charilies (Accounts and Report51 Regulations 2W8 other Ihan any requirement ihat the accounts give a 'true and fair view which is nol a matter conside￿d as part of an independent examination. I have no con￿rn5 and have come across fKY other matters in connection with the examination to which attenlion should i* drawn in this report in order to enable a proper understanding of the financial statements to be reached. Gres stevenson Knox CroP￿r LLP 65 Leadenhall Street London EC3A 2AD Date... Page15 The H C Ueer Charitable Trust Balance Sheet as at 31 December 2023 2023 2022 Note Fixed assets InV￿tment ProFety Investments 165.(iKI 1,433.888 1,598,888 175,( 1.367,i41 l.A2.241 10 Currenl a55els Cash al bank and in hand 24.785 24,785 20,931 20,931 Creditors: Amounts falling due within one year 12 6,515 Net th costs that can k allocated directly to 5urh artivities and ih05e costsof an indirect nature ne￿sSary to support them. Governance costs Govemance costs include cosis of the preparation and examination of the statutory financial Statements. the costsof trustee meetin8s and the cost ofany legal advice to trustees on governance or constitutional matters. Investment$ Fixed a55et investments which are publicly traded or where the fair value Can be measured reliably are initially measured at fair value. with changes in fair value recosni5ed in profit or 1055. Fixed asset investments whith are nol publicly traded and W￿re fair value cannot be measured reliably are measured at cost less impairnient. Reali5ed sains and losses on investments are calculated as the differentr between sales proceeds and their market valueai the start of the year. or their subsequent cost. and arecharged or credited to the statement of the Einanoal activities in the perii)d of dIsFrf￿1. Unrealised gains and losses repre￿* the movemenl in market values during the year and are credited or charged to the Statement of financial activities ba*d on the maTket value at the year end. Cash held for investments purposes is included within investmen Pa8e19 The H C BeeT Charitsble Trust Notes to the Financial Statements for the year ended 31 December 2023 Investment properties Investment proFerties are measured at fair value at each reporting date with changes in fair value recognised in the Statemenl of Financial Activities. Depreaation is not provided in respect of investment properties. Finanaal instruments Basic financial instruments, which include debtors, creditors. equity investments and bank balances. are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effertive interest method unless the arrangement constitutes a finanting transaction, where the transartion is measured at the present value of the future re￿lFIS discounted at a market rate of interest. The trust only has basic financial irL8irument Cash ènd cash equivalents Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or les5 from the dale of acquisition or opening of the deposit and similar account. Creditors Credtlors are recognised where thecharity has a pre*nl oblivalion ￿%￿lting from a past event that will probably ￿sUIt in the transfer of funds to a ihird party and the amount due lo settle the obli8ation Can ￿ measured or estimated reliably. Credilors are nornially reco8ni*d at their settlement amount after allowing for any discounts due. Judgmenis The preparation of the fmanoal statements requires management lo make judgements, estimates and assumptions that alfeci the amounts reported for assets and liabilities a5 al the balan￿ sh￿t date and the amovnls reported for revenues and expenses during the year. However, the nature of estimation means that a(lual outcomes could differ trom those estimates. Fair value of Investment Properties Lnve5tment properties are medsured at fair value at each reFOrting date with changes in fair value recognised in the Siatement of Financial Activilies. The Trustees asse55 the fair value of the investment proFerties based on recent market values. In detemining the fair value on this basis, the Yaluation remains sen51tive to fluctuations in property market. Pagel 10 The H C Beer Charilable Trust Notes to the Financial Statements for the year ended 31 December 2013 Jnvestmenl income 2023 2022 Deposit interest Income from investments Income trom commercial PrO￿rtY 366 45.642 183 43,230 55,408 52,813 Expenditstt on raisin8 funds 2023 2022 Investment management fees 9.939 9,378 Charltable aetlvities 2023 2022 Governance costs Independent examinerf5 fees Administration t*s 1.662 ii, 10,448 Trustee exp￿se$ 49 13284 12,159 Charitable acliviti Charitoble donations {note 7) 31,(YM) 49.1 44,284 61,159 Charitsble donations by cate80ry 2023 Advancement ol health or saving of lives Prevention or relief of poverty Education and trainins ArtslcultureiheritagelKience General charitable Disability Religious activities I i.XMI 31,(KX) Pagel 11 The H C Beer Charitable Trust Notes to the Financial Slatements for the year ended 31 December 2023 7 Charitsble Donations 2023 Maggie's St Barnabas Hospi￿ Trust Corpus Christi College The Lincolnshire & Nottinghamshire Air Ambulance Charitsble Trust St Georges PCC Stamford The Evergreen Care Trust English Martyrs School Rutland Rotaraci Family SuP￿rt Centre The Lodge Trust Market Overton St Augustine's *hool London Legal Support Trust St Augustine'5 RC Churth FTiends of the Holy Land St Edmund's College Cambridge Cambridge University Catholic A55ooation CIO Building Resilience in Communities Sue Ryder Fundraising Stamford Singers Com Exchange Theatre Company Stamford Street Pastors Initiative Total 31,OlX) Trnslees, remuneration and expens No trustees r￿e1Ved remuneration durin8 the No Iru51ee re￿IVed exFenses in the period 12022- two tnistees re￿Ived a total of £49). There were no employee5 durin8 the Peri￿. 9 Investment PToperty 2023 2022 Value at 1st january 21Y23 Addktions Diminution in Value Value al 31st t)e￿rnber 2023 175,CXXI 187.YX) 112,-7(K)I 175,0(4) 165,(KlO Share in the Chauntry Haverhill Share in i7161 Hish Styeel. Rayleigh l?.{ I7.￿,{mX) Page,, 12 The H C Beer Charitable Trust Notes to the Financial Statements for the year ended 31 December 2023 10 Investments held a$ fixed assets List Inv 21 2022 Market value Brought forward Additions Disposals Profitl1055 on disposal Revaluation iJM289 78.923 154,1961 {1.491) 72.177 iJ61,541 1235,946 11,149,927) 110,4il) 1102.820) I,k34,289 Carried Forward 1,429,762 Cash avtil1￿1b7e to tnk'e51 As at 31 December 2023 4,126 1,433,888 1.367,541 Material Investments At 31 December 2023, one holding had a value greater than 5% of the quoted securities porlft)lio Yalue. as follows.. JP Morgan American Investment Trnst 75.163 Investment assets can be further anal￿ as follow& Overseas Totsl Total 2022 Listed investments 1,429,762 4,126 1,334,289 Cash dep)5tts 4,126 950J35 483J53 IA33,888 1.367.541 11 Analysis OÉ cash and cash equlvalenls 2023 2022 Cash available to invest (Note 10) Cash at bank and in hand 4,126 24.78) 28,911 20.931 Pagel IJ The H C Beer CharAt8ble Trust Notes to the Financial Slatements for the year ended 31 December 2023 12 Creditors: Amounts fallin8 due within one year 2023 2022 Accruals 6.515 13 Analysis of fund5 2023 UnTtstrirted Funds Expendable Endowment Funds Totsl Fund8 2023 Investment Properties Investments 165,( l J94.543 165,IKX) 1.433.888 39.345 Current assets 24.785 24,785 Accruals 14.1(Ml {2.4811 16,-5851 Assets (4).026 1.557,062 1,617,088 2022 UnTrstrirted Funds Expeftdable Endowment Funds Total Fund8 2022 Investment Properties Investments 175.IKXI 1,348,492 175,(JXI I,307,.￿4] 19.049 Current assets 20,&71 14.0621 35,618 20.631 Accruals 12,4.53) 16,5151 Assets 1,521,039 1,556,657 14 Related parties During the period Druces LLP provided administration serviL*S to the H C Eeer Charitable Trust amounting to £l1,Y￿12022- £10.4481. Trustees Mr M Duncan and Mr P Campbell are a150 partners of Druces LLP. These servi¢e5 are not related to the Mr M Duncan and Mr P Campbeu and therefore are not deemed to ￿ Tnt5tees' TeMur￿rati0n. At the balano 5heei date amount due to Druce5 LLP wa5 £2,4￿(2D22- Q4(M)I. Pa8¢114