The Ray Harris Charitable Trust
Charity no. 1122811
THE RAY HARRIS CHARITABLE TRUST
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2025
The Ray Harris Charitable Trust
Reference and administrative details for the year ended 31st March 2025
| Charity number | 1122811 | |
|---|---|---|
| Principal Office | 37 High Street | (2 Queen Square) |
| Warminster | (Bath) | |
| BA12 9AJ | (BA1 2HQ) | |
| Trustees | The Trustees who served during the year and up to the date | |
| of this report were as follows: | ||
| JJ Thring, DL | (Chairman) | |
| C I W Hignett | ||
| J M Layton | ||
| A M Pitt | ||
| Secretary | Mrs N Fox | |
| Solicitors | Farnfields LLP | (Thrings LLP) |
| 37 High Street | (2 Queen Square) | |
| Warminster | (Bath) | |
| BA12 9AJ | (BA1 2HQ) | |
| Investment Managers | Rathbone Investment Management Ltd | |
| 7th Floor EQ | (10 Queen Square) | |
| 111 Victoria Street | (Bristol) | |
| Bristol | (BS1 4NT) | |
| BS1 6AX | ||
| Independent Examiner | M Bracher BSc FCA | |
| Gravita Audit Western Limited | ||
| 6-8 Bath House | ||
| Bath Street | ||
| Bristol BS1 6HL | ||
| Bankers | CAF Bank Ltd | |
| 25 Kings Hill Avenue | ||
| Kings Hill | ||
| West Malling | ||
| Kent, ME19 4TA |
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The Ray Harris Charitable Trust
Trustees Annual Report for the year ended 31 March 2025
The Trustees present their report with the financial statements of the charity for the year ended 31st March 2025. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Structure, governance and management
The Ray Harris Charitable Trust was constituted under a trust deed dated 14 November 2007 and is a registered charity, number 1122811. The Trust does not actively fundraise and seeks to continue the charitable work as desired by the Trustees through the investment of existing resources.
The Trustees who have served throughout the year and since the year end are set out on page 1. Trustees are appointed by the board of Trustees and may serve without limitation other than as imposed by law. New Trustees are inducted by the existing Trustees and the procedure includes imparting knowledge of the history of the charity, its constitution including an understanding of its trust deed and other deeds and documents, the charity's objects and the Trustees' current policies. The Trustees meet twice per annum, and the day to day administration of the charity is delegated to the Secretary. All Trustees give of their time freely and no trustee remuneration was paid in the year. Details of any trustee expenses and related party transactions are disclosed within the notes to the financial statements. Trustees are required to disclose all relevant interests and register them with the Secretary and, in accordance with the Trust's policy, withdraw from decisions where a conflict of interest arises. Current related party transactions are disclosed in Note 8 to the financial statements.
The Trustees have considered the major risks which the charity faces and confirm that systems have been established to manage those risks. The Trustees consider that the variability of investment return on the portfolio constitutes the charity's major financial risk and volatility in the global stock market has demonstrated this over recent years. However, the Trustees regularly review the performance of the portfolio and that of the investment manager to ensure that the total return of the portfolio is in line with comparable indices.
Objectives and activities
The objects of the charity are to pay or apply the income and capital of the trust fund to such charitable organisations or for such other general charitable purposes as the Trustees in their discretion think fit.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting grant making policy for the year.
The charity carries out its objects by inviting applications for funding from both individuals and charitable organisations. Support is focussed on West Wiltshire, with particular emphasis on Trowbridge, North Wiltshire south of the M4, and the Bath area. That objective is met by making grants to a range of charities in the target area covering a wide spectrum of charitable causes in the fields of arts, education, medicine and mental health, youth organisations and projects, social welfare and conservation. Additionally, the Trustees make grants to individuals within the target area, supporting education, aid for the disabled and social welfare.
The Trustees were pleased to support charitable institutions and individuals during the year in line with the charity's objectives.
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The Ray Harris Charitable Trust
Achievements and performance
There are no restrictions on the charity's power to invest. The investment strategy is set by the Trustees for a period of three years and takes account of recent demand for funds and the quality of the grant applications. The Trustees consider the income requirements, capital grant funding requirements, the risk profile and the investment manager's view of the market prospects in the medium term. This strategy is set within an overall policy which states that the trust fund is to be invested to obtain an annual increase in the value of the fund which, as a minimum, matches inflation, and to produce a reasonable income yield in line with the yield on the FTSE-100 Share Index. The Trustees review their investment strategy with their investment manager annually, and also receive interim reports.
During the period, the charity's investments increased in value by £40,190 [2024 increased by £181,109]
Financial Review
The trust receives income from its investments. The results for the year are shown on page 5. The Trustees consider the results to be satisfactory given the current market conditions.
The trust fund is entirely unrestricted, and produced an income of £70,083 [2024 £75,179]. Grants and related management expenses funded out of both capital and income totalled £170,512 [2024 £71,930].
The Trustees ensure that their grant making policy accords with their available resources each year and as they can make distributions from both capital and income, the Trustees consider that there is no need for a specific reserve.
Plans for future periods
The Trustees consider that the trust fund is sufficient to ensure the future of this trust, and for it to carry out its charitable objectives, for the foreseeable future.
Independent examiners
The Trustees have asked Matthew Bracher BSc FCA of Gravita Audit Western Limited to undertake the independent examination of the Trust.
Approved by the Trustees and signed on their behalf by:
…...........................................................................................................2025 Jeremy John Thring Date Chairman
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The Ray Harris Charitable Trust
Independent examiner's report to the Trustees of The Ray Harris Charitable Trust
I report on the accounts of the Trust for the year ended 31 March 2025, which are set out on pages 5-13.
Responsibilities and basis of report
As the charity's Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 *'the Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no materialmaters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as rquired by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a property understanding of the accounts to be reached.
….........................................................................................................2025
Matthew Bracher BSc FCA
for and on behalf of
Gravita Audit Western Lmited 6-8 Bath House Bath Street
Bristol BS1 6HL
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The Ray Harris Charitable Trust
The Ray Harris Charitable Trust
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31ST MARCH 2025
| Note Income from: Investments 2 Total income Expenditure on: Raising funds: Investment Management 3 Charitable activities 3 Total expenditure 3 Net gains/(losses) on investments Net income/(expenditure) & net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Total Total 2025 2024 £ £ Unrestricted Funds Unrestricted Funds 70,083 75,179 70,083 75,179 9,398 8,587 161,114 63,343 170,512 71,930 40,190 181,109 (60,238) 184,358 2,491,773 2,307,415 2,431,535 2,491,773 |
|---|---|
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above.
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The Ray Harris Charitable Trust
The Ray Harris Charitable Trust
| BALANCE SHEET AT 31ST MARCH 2025 Note Fixed Assets Investments 5 Current Assets Cash at bank Current Liabilities Creditors: amounts falling due within one year 6 Net current assets Total assets less current liabilities Creditors: amounts falling due after one year 7 Net assets Funds General funds Total charity funds Approved by Jeremy John Thring on behalf of the Trustees: ………………………………………… Date Jeremy John Thring Chairman |
2025 2024 £ £ Unrestricted Funds Unrestricted Funds 2,266,967 2,231,333 2,266,967 2,231,333 251,644 263,152 251,644 263,152 37,076 2,712 214,568 260,440 2,481,535 2,491,773 50,000 - 2,431,535 2,491,773 2,431,535 2,491,773 2,431,535 2,491,773 ……………………. 2025 |
|---|---|
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The Ray Harris Charitable Trust
Notes for the financial statements for the year ended 31st March 2025
ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention except for the revaluation of investments.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following 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 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2015 which has since been withdrawn.
The financial statements are prepared in sterling which is the functional currency of the charity and are rounded to the nearest £.
The financial statements have been prepared on the assumption that the charity is able to continue as a going concern, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
Investments
Listed investments held at the year end are valued at fair value being current market value at that date. Investment income from dividends is included in incoming resources when realised and unrealised losses and gains on investments are shown separately on the Statement of Financial Activities (SOFA). Realised and unrealised gains are shown as one figure being net gains/(losses) in the SOFA on page 5. Unrealised gains and losses are calculated on investment holdings at the year end as the difference between the closing market value and the opening market value or purchase value during the year.
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The Ray Harris Charitable Trust
Notes for the financial statements for the year ended 31st March 2025 (contd)
Debtors
Debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.
Creditors
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objects at the discretion of the trustees.
Financial instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Short term liquid investments and cash
Cash at bank is held to meet short-term cash commitments as they fall due rather than for investment purposes and includes all cash equivalents held in the form of short-term highly liquid investments. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to a significant risk of changes in value.
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The Ray Harris Charitable Trust
Notes to the financial statements for the year ended 31st March 2025
| 2 Investment income Investment income Interest |
2025 2024 £ £ 60,316 69,404 9,767 5,775 70,083 75,179 |
|---|---|
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The Ray Harris Charitable Trust
Notes to the financial statements for the year ended 31st March 2025
3 Total expenditure
| Total expenditure | |||||
|---|---|---|---|---|---|
| Investment | Charitable | Support and | |||
| management | activities | governance costs | 2025 Total | 2024 Total | |
| £ | £ | £ | £ | £ | |
| Grants payable (note 4) | 149,586 | 149,586 | 51,150 | ||
| Investment management fees | 9,398 | 9,398 | 8,587 | ||
| Independent examination fees | 1,000 | 1,000 | 900 | ||
| Independent examination fees (U/prov) | - | 100 | |||
| Administration and secretarial fees | 10,440 | 10,440 | 10,440 | ||
| Bank charges | 88 | 88 | 98 | ||
| Sundry expenses | 655 | ||||
| Sub-total Allocation of support costs |
9,398 | 149,586 11,528 |
11,528 (11,528) |
170,512 | 71,930 |
| Total expenditure | 9,398 | 161,114 | - | 170,512 | 71,930 |
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The Ray Harris Charitable Trust
Notes to the financial statements for the year ended 31st March 2025
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4 Grants payable 2025 2024
No. £ No. £
Grants to individuals * 1 4,586 1 3,000
Grants to charitable institutions 26 35,000 37 33,150
Grants payable from capital 2 110,000 1 15,000
29 149,586 39 51,150
Bowyers Senior Citizens Club members
Grants payable to institutions 2025 2024
No. £ No. £
Bath Philharmonia 1 1,000
Bristol Children's Help 1 1,000
Childrens' Hospice SouthWest 1 1,000
Crohns & Colitis UK 1 1,000
DeafBlind 1 1,000
Designability 1 1,000
Dorothy House 1 5,000
Dressability 1 1,000
FareShare Southwest 1 1,000
Genesis 1 1,000 1 1,000
Great Western Air Ambulance 1 1,000
Grow for Life 1 1,000
Happy Days 1 1,000
Headway Southampton & West Wessex 1 1,000
Help Counselling Services 1 1,000 1 1,000
Holburne Museum 1 1,000
Island Trust 1 5,000
Mentoring Plus 1 1,000
Mothers for Mothers 1 1,000
Music for Miniatures 1 1,000
OPA Cancer Charity 1 1,000 1 1,000
Police Community Trust 1 1,000
React 1 1,000
Relate Avon 1 1,000
RICE 1 2,000
RUHX 1 1,000
Forward 15 23,000 14 15,000
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The Ray Harris Charitable Trust
| Grants payable to institutions Forward Safe Families Salisbury Cathedral Sixty Plus Social Afternoons Smallpiece Trust Soundabout Swallow Swindon Carers Centre Tall Ships Youth Trust Teen Talk The Amber Foundation Theatre Royal, Bath The OPA Top UK Trowbridge Park Club Trustees of the Saxon Church Voices for Life Wiltshire Air Ambulance Wiltshire Live Music Centre Wiltshire Sight Youth Adventure Trust Other institutional grants (under £1,000) |
No. £ No. £ 15 23,000 14 15,000 2 2,000 1 1,000 1 1,000 1 1,000 1 1,000 1 1,000 1 1,000 1 1,000 1 1,000 1 1,000 1 1,000 1 1,000 1 1,000 1 2,000 1 1,000 2 2,000 1 3,000 1 1,000 1 1,000 - - 13 6,150 26 35,000 37 33,150 2025 2024 |
|---|---|
| Grants payable from capital Young Carers' Development Trust Wiltshire Live Music Centre |
2025 2024 £ £ 60,000 15,000 50,000 - 110,000 15,000 |
|---|---|
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The Ray Harris Charitable Trust
| 5 Investments - pooled investment vehicles Market value at 1st January 2024 Additions Disposal proceeds Revaluations Market value at 31st March 2025 Historical cost: At 31st March 2025 6 Creditors : amounts due within 1 year Grants awarded yet unpaid Accruals 7 Creditors : amounts due over 1 year Grants awarded yet unpaid |
2025 2024 £ £ 2,231,333 2,110,568 515,376 455,586 (519,933) (515,930) 40,190 181,109 2,266,967 2,231,333 1,582,778 1,389,489 2025 2024 £ £ 30,000 - 7,076 2,712 37,076 2,712 2025 2024 £ £ 50,000 - 50,000 - |
|---|---|
8 Related party transactions
Jeremy Thring is on the staff list as a Consultant for Thrings LLP. Thrings carried out all of the administration and accounts preparation of the trust until November 2024. The fees charged for this service in 2024, solely by Thrings LLP, was £3,716 including VAT. (2024: £10,440).
9 Trustees remuneration and receipts
There was no Trustees' remuneration or other benefits for the year ended 31st March 2025 nor for the year ended 31st March 2024.
There was no Trustees' expenses paid for the year ended 31st March 2025 nor for the year ended 31st March 2024.
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