# **HARROW SCHOOL CRICKET FUND** **Accounts for the year ended 31st December 2024** _Page 1_ ## **Harrow School Cricket Fund REPORT OF THE TRUSTEES** The Trustees submit the statutory report and accounts of The Harrow School Cricket Fund for the year ended 31st December 2024. The Fund is constituted by Deed of Trust and became registered on 12 September 2000, number 1082374 The fund's principal address is Field House South, West Street, Harrow on the Hill, Middlesex, HA1 3ER. ## **Objectives** The Fund's charitable objectives are to help the Governors of the Free Grammar School of John Lyon to provide first class cricketing at Harrow School. ## **Principal Activity** The Fund's principal activity is to donate funds to the School to support and improve its cricket coaching and facilities. In planning their activities for the year the Trustees considered the guidance on public benefit as issued by the Charity Commission. During the year donations were made to the School in response to specific requests for cricket equipment and Field House Club expenses which this year included sight screens, cricket cages, boundary rope, an umpire's bell, team wear, a tracking computer and financial support for six boys on the South Africa cricket tour. ## **Organisation** The trustees meet with representatives of Harrow School twice a year on a formal basis to discuss how best to assist The Governors in improving the cricketing facilities. The major risks to which the charity is exposed, as identified by the Trustees, have been reviewed and systems have been established to mitigate those risks. ## **Financial Report for the Year** The Accumulated Fund has risen by £82,238 in the year to £992,852. The investment fund increased in value during the year by 10.6%. With effect from 1 January 2015 the Trustees decided to adopt a total return approach in order to calculate the amount that can be made available for donations. Details of the calculation in respect of the coming year are included in note 6 to the accounts. The amount calculated as available for withdrawal in 2024 is £32,634 In the view of the trustees none of the income has been restricted by the donors other than the requirement for the income or donations to be used for the furtherance of cricket in its broadest sense. The Fund's bankers are National Westminster Bank in Harrow, Middlesex. The Fund's investment advisers are Cazenove Capital Management, 1 London Wall Place, London EC2Y 5AU ## **Trustees** During the year management of the fund was carried out by: D P Wiggin (Chairman, resigned 15[th] October 2024, remained trustee) R A J Hills (Chairman, appointed 15[th] October 2024) J D S Fricker (Honorary Treasurer) H St J R Foster (Honorary Secretary) R D Nelson (Trustee) J Marsden (Trustee, appointed 15[th] October 2024) S P Berry (Trustee, resigned 15[th] October 2024) A Snow (Trustee, appointed 15[th] October 2024) New Trustees are appointed by the Board of Trustees and will normally hold office for an indefinite term. ## **Staff & Volunteers** There are no staff involved in running the fund. ## **Examiner** The Trustees recommend that the accounts be examined by Ian Walker of Fixturerose Limited. Signed on behalf of the Trustees. Date. _Page 2_ ## **Harrow School Cricket Fund** ## **Independent Examiner's Report** This report is on the accounts of the Harrow School Cricket Fund (charity number 1082374) for the year ended 31st December 2024, which are set out on pages 3 to 8, and is in respect of an independent examination. ## **Respective responsibilities of trustees and examiner** The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. It is my responsibility to: - ~ examine the accounts (under section 145 of the Charities Act); - ~ to follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 145(5)(b) of the Charities Act); and - ~ to state whether particular matters have come to my attention. ## **Basis of independent examiner's report** My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts with those records. It also includes considering any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair' view and the report is limited to those matters set out in the statement below. ## **Independent examiner's statement** In connection with my examination, no matter has come to my attention : - (1) which gives me reasonable cause to believe that in any material respect the requirements - ~ to keep accounting records in accordance with section 130 of the Charities Act; and - ~ to prepare accounts which accord with the accounting records - ~ to comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 have not been met; or - (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Ian Walker CAT, ATT (Fellow) Fixturerose Limited 43 Beresford Road St Albans Hertfordshire AL1 5NW _Page 3_ ## **Harrow School Cricket Fund** ## **Statement Of Financial Activities for the year to 31st December 2024** |**Notes**
**INCOMING RESOURCES**
£
Investment Income
1 & 2
Other income
1 & 2
Donations
1 & 3
**RESOURCES EXPENDED**
Cricketing equipment
Speech Day Reception
Assistance for 6 members of Cricket Tour to South Africa
Field House Expenses :
Maintenance
Other running costs
Governance costs
Investment Management costs
Bank charges
Independent Examination fee
**NET INCOMING/(OUTGOING) RESOURCES**
**GAINS AND LOSSES ON INVESTMENTS**
Profits/(losses) realised on investments
974
Net increase/(decrease) in market value
of investments
83,942
**REALISED AND UNREALISED INVESTMENT GAINS/**
**(LOSSES) FOR THE PERIOD**
**NET MOVEMENT IN FUNDS**
BALANCE BROUGHT FORWARD AT START OF PERIOD
**BALANCE CARRIED FORWARD AT END OF PERIOD**|**Notes**
**INCOMING RESOURCES**
£
Investment Income
1 & 2
Other income
1 & 2
Donations
1 & 3
**RESOURCES EXPENDED**
Cricketing equipment
Speech Day Reception
Assistance for 6 members of Cricket Tour to South Africa
Field House Expenses :
Maintenance
Other running costs
Governance costs
Investment Management costs
Bank charges
Independent Examination fee
**NET INCOMING/(OUTGOING) RESOURCES**
**GAINS AND LOSSES ON INVESTMENTS**
Profits/(losses) realised on investments
974
Net increase/(decrease) in market value
of investments
83,942
**REALISED AND UNREALISED INVESTMENT GAINS/**
**(LOSSES) FOR THE PERIOD**
**NET MOVEMENT IN FUNDS**
BALANCE BROUGHT FORWARD AT START OF PERIOD
**BALANCE CARRIED FORWARD AT END OF PERIOD**|**Year to**
**Year to**
**31/12/2024**
**31/12/2023**
£
£
£
37,271
36,763
0
0
181
183
£37,452
£36,946
24,008
15,640
6,732
2,394
7,000
0
462
6,600
23
23
881
922
555
529
29
3
440
440
£40,130
£26,551
(2,678)
10,395

146

15,267
84,916
15,413
£82,238
£25,808
£910,614
£884,806
£992,852
£910,614| |---|---|---| |||| The notes on pages 6 to 8 form part of these accounts. Independent Examiner's Report page 2. _Page 4_ ## **Harrow School Cricket Fund** ## **Balance Sheet as at 31st December 2024** |**LISTED INVESTMENTS**
At market value (notes 1 & 6)
**CURRENT ASSETS**
Debtors (note 4)
Cash at bank
Current accounts
Deposit accounts
**CURRENT LIABILITIES**
Creditors (note 5)
**NET CURRENT ASSETS**
**NET ASSETS**
**REPRESENTED BY :-**
ACCUMULATED FUND (unrestricted)
APPEAL FUND (unrestricted)
Donations received
Approved by :
Chairman|**31/12/2024**
**31/12/2023**
£
£
£
£
1,008,940
912,318
0
0
3,717
8,949
188
185
3,905
9,134
9,845
690
9,845
690
(5,940)
8,444
£1,003,000
£920,762
992,852
910,614
10,148
10,148
£1,003,000
£920,762
Hon Treasurer & Trustee| |---|---| date: date: The notes on pages 6 to 8 form part of these accounts. Independent Examiner's Report page 2. _Page 5_ ## **Harrow School Cricket Fund** |**Harrow School Cricket Fund**|**Harrow School Cricket Fund**|**Harrow School Cricket Fund**|||| |---|---|---|---|---|---| |**Statement of source and application of funds**|||||| |**for the year to 31st December**|**2024**||||| ||||**2024**||**2023**| |**SOURCE OF FUNDS**|||||| |Proceeds from sale of investments (net of expenses)|||25,560||15,757| ||||25,560||15,757| |**APPLICATION OF FUNDS**|||||| |Income reinvestment / Purchase of investments|||(37,266)||(36,757)| |Excess of income over expenditure|(2,678)|||10,395|| |Adjustment for items not involving|||||| |the movement of funds||-|||| ||||(2,678)||10,395| |**(DECREASE)/INCREASE IN WORKING CAPITAL**|||(£14,384)||(£10,605)| |(Decrease)/increase in debtors||-||-|| |(Increase)/decrease in creditors|(9,155)|||-|| ||||(9,155)||-| |(Decrease)/increase in bank and cash balances|||(5,229)||(10,605)| ||||(£14,384)||(£10,605)| _Page 6_ ## **Harrow School Cricket Fund** ## **Notes to the accounts for the year ended 31st December 2024** ## **1. Accounting Policies** The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards the Statement of Recommended Practice on Accounting by Charities (FRS 102), the Charities Act 2011 and on a going concern basis. ## a.) _Funds_ The funds of the Harrow School Cricket Fund are of an unrestricted nature, in that they are not subject to any restrictions regarding their use, and are available for application on the general purposes of the Harrow Cricket Fund. ## b.) _Investment Income_ Investment Income is included on the basis of dividends, interest and accumulation credits receivable during the year. Accumulation credits may be reinvested in the investment fund as they are received. ## c.) _Donations and Gift Aid_ Donations are included as they are received, together with any income tax recoverable under Gift Aid. ## d.) _Gains and losses on investments_ Realised gains or losses are recognised when investments are sold. Unrealised gains or losses are accounted for on revaluation of investments at 31st December. ## e.) _Expenditure_ Expenses are accounted for on an accruals basis. ## f.) _Listed Investments_ Investments are valued at market value at 31st December. The market value is determined as the mid-market value. ## g.) _Fixed Assets_ Fixed Assets are written off in the year of purchase. In respect of certain artefacts owned by the Fund, some of which were acquired many years ago, the original cost is not easily ascertainable. In the opinion of the Trustees, the cost of obtaining a reasonable estimate of original cost or current value to the Fund would outweigh significantly the benefit to be derived from doing so. Accordingly such assets are not included on the balance sheet. _Page 7_ ## **Harrow School Cricket Fund** ## **Notes to the accounts for the year to 31st December 2024** |**2. Investment Income (unrestricted funds)**
Investment Fund Accumulation Credits (reinvested)
Deposit interest
Other income
**3. Donations (unrestricted funds)**
Subscriptions and Donations
**4. Debtors**
Prepayments and accrued income
**5. Creditors**
Creditors for goods and services
Dividends from listed investments and
cash based financial instruments|**2024**
**2023**
-
-
37,266
36,757
5
6
-
-
£37,271
£36,763
**2024**
**2023**
181
183
£181
£183
**2024**
**2023**
-
-
£-
£-
**2024**
**2023**
9,845
690
£9,845
£690| |---|---| _Page 8_ ## **Harrow School Cricket Fund** **Notes to the accounts for the year to 31st December 2024** ## **6. Investments under management with Cazenove Capital** |**s under management with Cazenove Capital**|||| |---|---|---|---| |||**2024**|**2023**| |Market value at beginning of period||912,318|875,905| |Reinvested Accumulation Credits||37,266|36,757| |Purchases - at cost||-|-| |Sales - net proceeds||(25,560)|(15,757)| |Changes in market value - unrealised gains/(losses)||83,942|15,267| |Realised gains/(losses) upon sale||974|146| |Market value at end of period||£1,008,940|£912,318| ||||| |Historic cost at end of period||£849,684|£835,177| |**Details of material (value over £50,000) investments**|**in portfolio**|**at 31/12/2024**|| |_Holding_||_Historic cost_|_Market value_| ||_No._||| |Charity Multi Asset Fund|1,090,981|
£849,684|£1,008,940| |Within this multi asset fund the following material investments are held :|||| |Schroder SSF Wealth Management – Special Situations|Fund||£67,129| With effect from 1 January 2015 the Trustees decided to adopt a total return approach to calculate the amount that can be withdrawn from the fund in a financial year. Under the new policy up to 3.5% of an average of the fund value for each of the preceding 3 years can be distributed. |_Amount available for distribution_
Investment valuation at 31 December 2022
Investment valuation at 31 December 2023
Investment valuation at 31 December 2024
Three year average
Amount available for distribution at 3.5% - 2024|£
875,905
912,318
1,008,940
932,388| |---|---| ||32,634| ## **7. Trustees' Remuneration and Expenses** No remuneration directly or indirectly out of the funds of the charity was paid or payable for the period to any trustee or to any person or persons known to be connected with any of them. The only reimbursements of expenses relate to incidental costs arising from the six-monthly Trustee meetings. These totalled £631 for the year (2023: £672). No reimbursement of any kind remains due to be made to any of the Trustees in respect of the year (2023 £nil).