Docusign Envelope ID: DE12E0B0-86DE-4CAD-8B35-3557409F8BC3
**The J and D Hambro Charitable Trust**
**Financial Statements**
**For the year ended 31 December 2023**
Docusign Envelope ID: DE12E0B0-86DE-4CAD-8B35-3557409F8BC3
## **The J and D Hambro Charitable Trust**
|**Contents**|||
|---|---|---|
|||**Page**|
||Report of The Trustees|1-3|
||Independent Examiners Report|4|
||Statement of Financial Activities|5|
||Balance Sheet|6|
||Balance Sheet Schedules|7|
||Notes to Accounts|8-9|
||Schedule of grants/donations|10|
||Schedules of investments|11|
||Schedules of investment income receivable|12|
Docusign Envelope ID: DE12E0B0-86DE-4CAD-8B35-3557409F8BC3
## **The J and D Hambro Charitable Trust**
## **Report of the Trustees**
The Trustees present their report and accounts for the year ended 31 December 2023.
## **Structure, Governance and Management**
The Charity is established to pay or apply the annual income of the Trust Fund to such Charity or Charities or for such Charitable Purpose or Charitable Purposes as the Trustees shall from time to time in their absolute discretion determine and the Trustees may also in their absolute discretion from time to time pay or apply the capital of the Trust Fund in furtherance of such objects.
The constitution of the Charity is by Deed of Settlement made 26 June 2001. It is a registered Charity Number 1088252 managed by Trustees and its registered address is 45 Pall Mall, St James's, London, SW1Y 5JG.
The Trustees who served throughout the financial year were:
James Daryl Hambro Diana Mary Hambro Bartholomew Guy Peerless (retired 23 January 2024) Rachel Ann Bailey (appointed 23 January 2024) Daisy Georgina Adcock (appointed 23 January 2024) Lucy Catherine Cadisch (appointed 23 January 2024)
Power of appointing new Trustees is vested in the Settlor, James Daryl Hambro, during his lifetime and thereafter in Diana Mary Hambro, subject thereto in the surviving or continuing Trustees. Any new Trustees will be chosen by the Settlor for the skills and expertise they can bring to the Charity. Training needs will be assessed on an individual basis.
Bankers: SG Kleinwort Hambros One Bank Street Canary Wharf London E14 4SG Accountants: Saffery LLP 71 Queen Victoria Street London EC4V 4BE Investment Advisors: James Hambro & Partners LLP 45 Pall Mall St James's London SW1Y 5JG
Page 1
Docusign Envelope ID: DE12E0B0-86DE-4CAD-8B35-3557409F8BC3
## **The J and D Hambro Charitable Trust**
## **Report of the Trustees**
## **Principal Aims and Objectives**
The Trustees manage the portfolio of investments to produce a balance of income generation and long term capital appreciation.
The Trustees aim to make distributions for Charitable purposes utilising first current year income and then transferring from expendable endowment if required.
The Trustees have no set predetermined policy for awarding grants. Grants are made on the perceived merits of every application at the Trustees' absolute discretion.
## **Activities and Financial Performance**
The income available for distribution in the year to 31 December 2023 was £5,849. Total donations made amounted to £54,244, which were distributed to those Charitable organisations listed in these accounts.
Additions made to the expendable endowment fund by I Hennig & Co, totalled £25,000, and £2,500,000 was added by Jamie Hambro. £625,000 of gift aid is due to the Trustees as a result of the additional funds settled.
Total assets of the Charity at 31 December 2023 amounted to £4,136,281 (2022 £986,752), which represents an increase of 319.18%, in the main due to the addition to the Trust by James Hambro.
## **Financial Review**
The Charity has no forward commitments and therefore does not deem it necessary to have a formal reserves policy.
## **Risk Management**
The Trustees have examined the major strategic, business and operational risks which the Charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen the risks.
Page 2
Docusign Envelope ID: DE12E0B0-86DE-4CAD-8B35-3557409F8BC3
## **The J and D Hambro Charitable Trust**
## **Report of the Trustees**
## **Statement of Trustees' responsibilities**
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with the applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to Charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the Charity and of the application of resources of the Charity for that period. In preparing these financial statements the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _**
## **Mr James Hambro**
On behalf of the Trustees
Date:
Page 3
Docusign Envelope ID: DE12E0B0-86DE-4CAD-8B35-3557409F8BC3
## **The J and D Hambro Charitable Trust**
## **Independent Examiner's report to the Trustees of the J and D Hambro Charitable Trust**
I report on the accounts of the Trust for the year ended 31 December 2023 which are set out on pages 5 to 12.
## **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(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
It is my responsibility to:
- examine the accounts under section 145 of the 2011 Act;
- to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 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 Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any 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 2011 Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
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.
Catherine Sullivan ACA Beresford Marney Ltd 5 Marneys Close, Epsom, KT18 7HR Date: 29 August 2024
Page 4
Docusign Envelope ID: DE12E0B0-86DE-4CAD-8B35-3557409F8BC3
## **The J and D Hambro Charitable Trust**
## **Statement of Financial Activities For the year ended 31 December 2023**
|**Page**
**Income and expenditure**
**Income and endowments:**
Addition to Trust Fund by Jamie Hambro
Additions to Trust Fund by I Henning & Co
Gift Aid due on current year additions
Addition to the Trust Fund from NBKA
Income from investments
12
Interest received
**Total income and endowments**
**Expenditure on:**
**Direct charitable activities:**
Grants/Donations
10
**Other expenditure:**
Accountancy fees
Investment management fees
**Total expenditure**
**Net income/(expenditure)**
Transfer between funds
**Net income/(expenditure) and net**
**movement in funds before gains and**
**losses on investments**
**Net gains/(losses) on investments**
Realised
11
Unrealised
11
**Total investment gains (losses)**
**Net movement in funds**
**Total funds brought forward**
**at 1 January 2023**
**Total funds carried forward**
**at 31 December 2023**
5|**Income**
**£**
-
-
-
-
5,691
158
5,849
(54,244)
-
-
(54,244)
(48,395)
48,395
-
-
-
-
-
-
-|**Expendable**
**Endowment**
**£**
2,500,000
25,000
625,000
-
-
-|**Total**
**£**
2,500,000
25,000
625,000
-
5,691
158
3,155,849
(54,244)
(7,698)
(267)
(62,209)
3,093,640
-
3,093,640
5,475
50,414
55,889
3,149,529
986,752
4,136,281
**2023**|**2022**
**Total**
**£**
-
25,000
-
175
4,524
3|
|---|---|---|---|---|
|||3,150,000||29,702|
|||-
(7,698)
(267)||(46,373)
(1,806)
(204)|
|||(7,965)||(48,383)|
|||3,142,035
(48,395)||(18,681)
-|
|||3,093,640||(18,681)|
|||5,475
50,414||(924)
(100,198)|
|||55,889||(101,122)|
|||3,149,529
986,752||(119,803)
1,106,555|
|||4,136,281||986,752|
Page 5
Docusign Envelope ID: DE12E0B0-86DE-4CAD-8B35-3557409F8BC3
## **The J and D Hambro Charitable Trust**
## **Balance Sheet At 31 December 2023**
|**Page**
**Fixed Assets**
**Investments (at market value)**
11
**Current Assets**
**Cash**
7
**Debtor**
**Creditor**
7
**Net Current Assets**
**Total Assets less**
**Current Liabilities**
**Funds - unrestricted**
5
**As trustees we approve these accounts**
**Mr James Hambro**
**Mrs Rachel Ann Bailey**
**Mrs Lucy Catherine Cadisch**|**Income**
**£**
-
-
-
-
-
-
-|**2022**
**Expendable**
**Endowment**
**Total**
**Total**
**£**
**£**
**£**
3,494,698
3,494,698
949,933
23,183
23,183
40,065
625,000
625,000
-
(6,600)
(6,600)
(3,246)
641,583
641,583
36,819
4,136,281
4,136,281
986,752
4,136,281
4,136,281
986,752
**Mrs Diana Hambro**
**Mrs Daisy Georgina Adcock**
**2023**|**Total**
**£**
3,494,698
23,183
625,000
(6,600)
641,583
4,136,281
4,136,281
**2023**|**2022**
**Total**
**£**
949,933|
|---|---|---|---|---|
|||||40,065
-
(3,246)|
|||||36,819|
|||||986,752|
||||||
|||||986,752|
||||||
||||**Mrs Diana Hambro**||
Page 6
Docusign Envelope ID: DE12E0B0-86DE-4CAD-8B35-3557409F8BC3
## **The J and D Hambro Charitable Trust**
## **Balance Sheet Schedules At 31 December 2023**
|**Page**
**Cash**
SG Kleinwort Hambros
James Hambro & Partners LLP
Capital account
Income account
5
**Debtor**
HM Revenue & Customs
5
**Creditor**
Saffery LLP
5|**Income**
**Capital**
**Total**
**£**
**£**
**£**
-
23,030
23,030
-
153
153
-
-
-
-
23,183
23,183
-
625,000
625,000
-
6,600
6,600
**2023**|**2022**
**Total**
**£**
27,274
10,000
2,791|
|---|---|---|
|||40,065|
|||-|
|||3,246|
Page 7
Docusign Envelope ID: DE12E0B0-86DE-4CAD-8B35-3557409F8BC3
## **The J and D Hambro Charitable Trust**
**Notes to the Financial Statements For the year ended 31 December 2023**
## **1.[ Accounting Policies]**
The financial statements are prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland ( FRS 102) issued on 16 July 2014 and the Charities Act 2011. The particular policies adopted by the trustees are described below.
## 1) Accounting convention
The financial statements are prepared under the historical cost convention as modified by the revaluation of investments to market value.
## 2) Fund accounting
The Charity maintains an expendable endowment and income fund, which represents unrestricted income and capital which is expendable at the discretion of the trustees in the furtherance of the objects of the Charity.
## 3) Incoming resources
All income is recognised in the statement of financial activities when the conditions for receipt have been met and there is reasonable assurance of receipt.
Investment income is accounted for when receivable. Tax recoverable relating to investment income is accounted for in the same period as the related income.
## 4) Direct Charitable expenditure
Direct Charitable expenditure comprises donations directly related to the objects of the Charity.
## 5) Other expenditure
Other costs relate to expenditure incurred in the management of the Charity's assets, dealing with donations and administration, and compliance with constitutional and statutory requirements.
## 6) Investments
Investments are stated at market value. Gains and losses are shown in the appropriate section of the statement of financial activities.
## 7) Income from investments
Dividends from UK investments are shown at the gross amount received.
Page 8
Docusign Envelope ID: DE12E0B0-86DE-4CAD-8B35-3557409F8BC3
## **The J and D Hambro Charitable Trust**
**Notes to the Financial Statements For the year ended 31 December 2023**
## **2. Information regarding Employees and Trustees**
There were no employees in the year or prior year.
James Hambro is the founder and a member of James Hambro and Partners LLP, which receives investment management fees from the Trust, which are immaterial in the context of its overall business.
## **3. Investments held as fixed assets**
|Market value at 1 January 2023
Purchases during the year
Disposals at book value
Net unrealised gain/(loss)
Market value at 31 December 2023
Historical Cost at 31 December 2023|**2023**
**£**
949,933
2,796,412
(302,061)
50,414
3,494,698
3,230,559|**2022**
**£**
1,060,964
725
(11,558)
(100,198)|
|---|---|---|
|||949,933|
|||603,253|
Investment revaluation as above is at middle market value at the year end. All investments are held within unrestricted funds.
Material Investments (over 5% of portfolio) :
All investments held, being the Barnham Broom Fund.
## **4.[Taxation]**
The Trust is a registered Charity and does not trade for tax purposes. It is not liable for income tax or corporation tax on its surplus.
## **5.[Charitable Commitments]**
At the Balance Sheet date there were no commitments for future donations.
Page 9
Docusign Envelope ID: DE12E0B0-86DE-4CAD-8B35-3557409F8BC3
## **The J and D Hambro Charitable Trust**
## **Schedule of Grants/Donations For the year ended 31 December 2023**
|**Page**
Adenbrookes Charitable Trust
Alzheimers Society
BE Support Trust
Bloodwise
Buckingham Emergency Appeal
Childhood First
Childhood First Norfolk
Friends of the Royal Marsden Hospital
Guide Dogs for the Blind
Hospitality Action
Marie Curie
Norwich Samaritans
Priscilla Bacon Norfolk Hospice
Reach out Youth
St Pauls Cathedral
Suffolk Art Link
Syngap Research Fund
The Brain Tumour Charity
The Felix Project
The Global Canopy Foundation
The Norfolk Heart Trust
The Royal Marsden Cancer Charity
The Shetland Pony Stud Book Society
Tribe Freedom Foundation
War child
We are GROW
ZSL
5|**2023**
**2022**
500
-
-
500
-
500
-
500
2,500
500
-
1,000
300
-
500
-
-
12,461
1,000
5,000
-
500
-
500
25,000
5,000
1,000
-
-
12,000
500
-
-
1,000
-
500
1,000
-
500
-
5,000
-
-
1,000
-
500
-
500
15,444
4,412
500
-
500
-|
|---|---|
||54,244
46,373|
Page 10
Docusign Envelope ID: DE12E0B0-86DE-4CAD-8B35-3557409F8BC3
## **The J and D Hambro Charitable Trust**
## **Schedule of Investments For the year ended 31 December 2023**
|||**Investments held at**|**Investments held at**|||**Acquisitions/(disposals)**|**Acquisitions/(disposals)**|**Acquisitions/(disposals)**|||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||**1 January 2023**||||||**Profit or**|**(loss) on :**|||**Investments**|**held at 31 December 2023**||
||||**Market**||||**Cost/**||**2022**|||**2022**|**Market**|**Unrealised**|
|**UK Equities**
**Holding**||**Cost**|**value**|**Date**||**Holding**|**(proceeds)**|**Cost**|**value***|**Holding**|**Cost**|**value***|**value**|**profit/(loss)**|
|||**£**|**£**||||**£**|**£**|**£**||**£**|**£**|**£**|**£**|
|James Hambro Harrier|||||||||||||||
|Capital Growth Fund B £ A|282,333|154,297|282,898|Mar|7|(1,631)|(1,700)|808|65||||||
|||||May|11|(280,702)|(286,877)|133,472|5,614||||||
|The Barnham Broom Fund|||||||||||||||
|Income units|366,905|448,956|667,035|Feb|20|6,806|12,762||||||||
|||||May|11|152,711|280,000||||||||
|||||Sep|5|(9,417)|(17,000)|3,732|(169)||||||
|||||Nov|8|(1,094)|(1,959)|418|(35)||||||
|||||Dec|15|1,332,156|2,503,650|||1,848,068|3,230,559|3,444,284|3,494,698|50,414|
|||603,253|949,933||||2,488,876|138,430|5,475||3,230,559|3,444,284|3,494,698|50,414|
* = value at 1 January 2022 adjusted, if necessary, for the cost of subsequent additions.
Page 11
Docusign Envelope ID: DE12E0B0-86DE-4CAD-8B35-3557409F8BC3
## **The J and D Hambro Charitable Trust**
## **Schedule of investment income receivable For the year ended 31 December 2023**
|||||**Paid**||**Paid with tax**|**deducted**|
|---|---|---|---|---|---|---|---|
|**UK Equities**|**Holding**|**Date**||**Gross**|**Gross**|**Tax**|**Net**|
|The Barnham Broom Fund||||||||
|Income units|373,711|May|31|1,893||||
||515,911|Nov|30|3,798||||
5,691
Page 12