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2024-03-31-accounts

Registered number: 08208048 Charity number: 1149240

Harris (Belmont) Charity

Trustees’ report and financial statements for the year ended 31 March 2024

Harris (Belmont) Charity

Page
Reference and administrative details of the charity, its trustees and advisers 1
Trustees' report 2 - 7
Independent auditors' report on the financial statements 8 - 11
Consolidated statement of financial activities 12
Consolidated balance sheet 13
Charity balance sheet 14
Consolidated statement of cash flows 15
Notes to the financial statements 16 - 36

Harris (Belmont) Charity

Reference and administrative details of the charity, its trustees and advisers

Trustees The Lord Colgrain, Chairman
A Mathewson
Lady Jessel
A J S Ross
D M Del Mar
J A Stainton
Company number 08208048
Charity number 1149240
Registered office Well Close Square
Framlingham
Suffolk
IP13 9DU
Principal operating office Belmont Park
Throwley
Faversham
Kent
ME13 0HH
Chief executive officer Henry Birch & Sally Watts of Clarke Simpson (Chartered Surveyors)
Independent auditors Chavereys Audit Limited
The Goods Shed
Jubilee Way
Faversham
Kent
ME13 8GD
Accountants Chavereys Limited
The Goods Shed
Jubilee Way
Faversham
Kent
ME13 8GD
Bankers Coutts & Co
440 Strand
London
WC2R 0QS
Solicitors HCR Legal LLP
50-60 Station Rd
Cambridge
CB1 2JH
Investment advisers Schroder & Co Limited (Cazenove Capital)
1 London Wall Place
London
EC2Y 5AU
Property consultants Clarke & Simpson
Well Close Square
Framlingham
Suffolk
IP13 9DU

1

Harris (Belmont) Charity

Trustee’s report for the year ended 31 March 2024

The Trustees (who are the Directors for Companies Act purposes) present their annual report and financial statements for Harris (Belmont) Charity (the Charity) for the year ended 31 March 2024 which are also prepared to meet the requirements for a directors' report and accounts for Companies Act purposes.

The financial statements have been prepared in accordance with the accounting polices set out in note 2 to the accounts, the Charity’s governing document, the Charities Act 2011, the Companies Act 2006 and the 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).

Since the Charity qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

Policies and objectives

The Harris (Belmont) Charity was established in 1980 and is responsible for all aspects of the House and the wider estate at Belmont.

The Trustees’ objectives are derived from the Original Trust Deed (1980), the Memorandum and Articles of Association (2012), and the Harris family’s wishes. To meet these objectives, the Trustees set out to achieve the following: -

Whilst these objectives are very long term in nature, this report details what the Trustees have done to meet the objectives during the financial year 2023/24.

In the exercise of its powers to that end, the Charity has paid due regard to the published guidance from the Charity Commission on the operation of the Public Benefit requirement under the Charities Act 2011.

Strategies for achieving objectives

Managing the House, its grounds and opening to the public

The House was completed in its current form in 1793 and is one of the finest examples of the architectural work of Samuel Wyatt. The grounds have been evolved by the family over time and as a Millennium Project, the Trustees invited Arabella Lennox- Boyd to create a new kitchen garden which was implemented by the Belmont Garden staff.

The Trustees employ 16 full time members of staff to look after and maintain the House and Grounds and employ a part-time archivist.

Events are organised throughout the year and promoted on the website, social media, specialist magazines and the local press to reach our target audience. These include The Spring Fair, Woodfest, plant shows, open garden events, garden tours, open air theatre productions, specialist clock tours, craft workshops and other bespoke tours.

The House is accessed by guided tours staffed by volunteers; these guides educate visitors on the importance of Belmont and its place in British history and life.

2

Harris (Belmont) Charity

Trustee’s report for the year ended 31 March 2024

Preserving and displaying the House, its clocks, pictures, and other chattels

There is an ongoing programme of repair and refurbishment to the property and its content at Belmont. These are agreed and prioritised by the Trustees. Room displays within Belmont House enhance the visitor experience, informing and educating visitors in new and stimulating ways. These displays are reviewed annually and are constantly developed and improved.

There are many remarkable items in the contents of the House, but the most significant is the clock collection. The 5[th] Lord Harris was the founding president of the Antiquarian Horological Society and is described by Jonathan Betts, our Curatorial Adviser, as “one of the twentieth century’s great horological celebrities”.

The Farm

The farming of the Estate is carried out by Belnor Farms Limited, the Charity's subsidiary, which farms 2,000 acres of land in hand, comprising mostly combinable crops (wheat, oil seed rape, beans, peas and spring barley) along with fallow land, downland grass meadows, parkland and orchards - combining commercial farming with best practice through environmental stewardship.

Managing the assets

The Trustees’ ability to achieve the Charity’s aims is dependent on the performance of the Charity’s core assets – rental property, farming & forestry operations, the investment portfolio and visitor revenue.

The farming (2,034 acres), woodland (704 acres), properties, other tenanted land (298 acres) and investment assets need to justify themselves financially. This is less true of the House and gardens which whilst the Trustees aim to make a return on these assets, ultimately it is a central purpose of the Trust to provide access to the House and the estate. It is also inconceivable that visitor revenue will cover the costs of maintaining Belmont House and opening it to the public without a contribution from the other income sources.

Achievements and performance

Review of activities

House, its grounds and opening to the public

Visitor numbers during the year were 14,397, an increase on normal numbers but less than last years when Belmont was the host to the Antiques Roadshow.

The events manager organised a varied and full programme of open air theatre events (Loves Labours Lost, and The Wizard of Oz), numerous workshops and meet the Head Gardener tours. The monthly clock tour hosted by Jonathan Betts, the clock curator continues to be well attended. The season culminated with the annual Woodfest weekend in September.

Visitors have enjoyed the self – guiding on Tuesdays and Thursday afternoons and the group tours conducted by a Guide are also well attended on Wednesdays and Sundays.

The Trustees have appointed Purcell, architects, to assist them in reviewing the visitor experience at Belmont and helping them to prepare a planning application with the aim of improving the tearoom café facilities, improving visitor orientation upon arrival and the provision of some extra residential service accommodation within the west wing of the House overlooking the courtyard.

3

Harris (Belmont) Charity

Trustee’s report for the year ended 31 March 2024

The Farm

Revenue from farm activities was significantly down on last year as a result of lower sales prices, poorer yields on account of a cold spring and higher input costs, coupled with the continuing reduction in Basic Payment Scheme money from the government.

Rental property

Rental property continued to provide a significant proportion of the Charity’s income and there was an increase in rents of 11% over the previous year. Property maintenance on the Estate houses and cottages remains a significant area of expenditure and will be ongoing; cottages on the estate are externally redecorated by rotation every 5 years. Where possible the Trustees will make investment into energy saving features – an airsource heatpump has been installed in No 1 North Eastling Cottage this year along with double glazing.

Investment portfolio

The Trustees are satisfied with the performance of the investment portfolio which provided an important contribution to the Charities income in the year. Investment income increased by 38% (excluding one off exceptional distributions) over the previous year.

Financial Review

Financial performance and position

Income has decreased by 12% compared to the prior year. Expenditure however has also increased significantly with an increase of 8% compared to 2023. This has resulted in a net deficit before investment gains of £157,326 (2023 – surplus £228,508).

The performance of investment portfolio (including investment properties) was satisfactory, with net gains on investments totalling £746,500.

Overall there has been an increase of £679,624 (2023- decrease £783,378) in the net assets of the Charity which remains in a strong financial position to meet the challenges of future years.

Reserves policy

For long term planning, the Trustees estimate an average annual surplus based on the experience of previous years which, together with an element of capital withdrawal from the investment portfolio, is available for projects to maintain and enhance the house and estate, or charitable donations. The Trustees have a 5-year strategy for that expenditure, for which they draw on the advice of several external experts.

The Trustees hold designated funds which represent its heritage and investment assets (listed investments and property portfolio of farmland and cottages). Belmont House and grounds and its collection serve the main charitable purpose of the Charity and the investment assets provide the income required to manage the estate as the Trustees do not actively fundraise for the Charity, therefore these funds do not form part of the free reserves of the Charity.

4

Harris (Belmont) Charity

Trustee’s report for the year ended 31 March 2024

The Trustees consider a balance equivalent to 6 months’ worth of operating costs for the Charity is the minimum balance to hold in reserves, this figure is currently around £500,000. The financial statements show a free reserves balance of £1,116,496 (2023: £1,382,140). However since the Charity is in the main dependent upon its own resources rather than seeking funding from the government or general public for its continuing existence a conservative policy of maintaining reserves in excess of the minimum level is considered prudent to enable the Charity to meet any unexpected liabilities as they fall due.

Principal sources of funding

Continues to come from residential property, commercial property, farming profits and income from the investment portfolio. The Charity runs events that are attended by the general public but as the above sources of funding provide the income required to manage the Estate, the Charity does not actively fundraise from the general public.

Investment Powers

The investment policy is to be prudent as regards risk and to maintain the capital value of the portfolio whilst providing a significant level of income to the Charity.

Risk Management

The Trustees have conducted their own review of the major risks to which the Charity is exposed, and systems have been established to mitigate those potential risks. Procedures have been put in place to minimise both external and internal risks and these procedures are periodically reviewed to ensure that they still meet the needs of the Charity.

Plans for future periods

A rolling programme of investment and expenditure is being established in collaboration with advisers.

The primary objectives for the financial year to 31 March 2025 include agreeing a design for the tearoom and courtyard so that work can commence during 2025 with the new tearoom being opened for the 2026 season. The events programme will be maintained and enhanced, work will continue with the chattels’ conservation programme in the House to identify paintings and clocks on an annual basis that require conservation work.

Structure, governance and management

Constitution

The Charity is registered as a Charitable Company limited by guarantee and is constituted under its Memorandum of Association dated 10 September 2012 and is a registered charity, number 1149240.

The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 per member of the company.

Management of the charity

The Trustees meet regularly and are actively involved with the operation of the Charity. The Trustees delegate the day to day running of the Charity and its farming subsidiary to the Executive Officers (Clarke and Simpson, Agents to the Trustees). The Charity employs specialist professional advisors who assist both on a day to day and a periodic basis.

5

Harris (Belmont) Charity

Trustee’s report for the year ended 31 March 2024

Method of appointment or election of trustees

The Trustees of the Charity have powers to appoint a new Trustee. The number of Trustees shall be not less than three but no more than seven. Potential candidates are identified, and their suitability assessed by the existing Trustees. New Trustees are required to be able to demonstrate the appropriate skills and experience necessary to be a Custodian of Belmont. Trustees are re-elected after 5 years should they wish to remain in the position; after 10 years of service, should they wish to remain, Trustees must demonstrate the skills that they are bringing to the post.

Induction and training of Trustees

New Trustees are provided with an information pack which includes copies of the Memorandum of Association, the Financial Accounts and other relevant documentation.

Pay policy for Senior Staff

The agreement with Clarke & Simpson is reviewed on a regular basis and is bench marked against charges by other similar agents.

Statement of Trustees’ responsibilities

The Trustees (who are also directors of Harris (Belmont) Charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice)

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company and the group's transactions and disclose with reasonable accuracy at any time the financial position of the charitable group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to the auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

6

Harris (Belmont) Charity Trustee's report for the year ended 31 March 2024 Approved by order of the members of the board of Trus￿% and signed on their behalf by. The Lord Colgrain, Chairman Trustee Date: 23 October 2024

Harris (Belmont) Charity

Independent auditors' report to the members of Harris (Belmont) Charity

Opinion

We have audited the financial statements of Harris (Belmont) Charity (the 'parent charitable company') and its subsidiaries (the “group”) for the year ended 31 March 2024, which comprise the consolidated statement of financial activities, the consolidated balance sheet, the charity balance sheet, the consolidated statement of cashflows and the related notes including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustee’s with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

8

Harris (Belmont) Charity

Independent auditors' report to the members of Harris (Belmont) Charity (continued)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

9

Harris (Belmont) Charity

Independent auditors' report to the members of Harris (Belmont) Charity (continued)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the Group and parent Charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of fraud through management bias and override of controls. In addressing the risk of fraud through management bias and override of controls, we;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

10

Harris (Belmont) Charity

Independent auditors' report to the members of Harris (Belmont) Charity (continued)

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of part 16 of the Companies Act 2006, and to the charitable company’s trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Iain Morris (senior statutory auditor) for and on behalf of

Chavereys Audit Limited Chartered Accountants and Statutory Auditors Faversham Date: 23 October 2024

11

Harris (Belmont) Charity

Consolidated statement of financial activities (incorporating income and expenditure account)

for the year ended 31 March 2024

Note
Income from
Charitable activities
4
Other trading activities
5
Investments
6
Other income
7
Total income
Expenditure on:
Raising funds
8
Charitable activities
9
Total expenditure
Net
expenses
before
net
gains
on
investments
Net gains/(losses) on investments
16
Net movement in funds before other recognised
gains
Gains on revaluation of fixed assets
14
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
Funds
2024
£
117,619
959,298
665,310
9,452
1,751,679
925,598
983,407
1,909,005
(157,326)
746,500
589,174
90,450
679,624
50,649,241
679,624
51,328,865		 Total
funds
2024
£
117,619
959,298
665,310
9,452
1,751,679
925,598
983,407
1,909,005
(157,326)
746,500
589,174
90,450
679,624
50,649,241
679,624
51,328,865		 Total
funds
2023
£
95,102
1,329,719
531,900
32,233
1,988,954
949,646
810,800
1,760,446
228,508
(1,011,886)
(783,378)
-
(783,378)
51,432,619
(783,378)
50,649,241

12

Harris (Belmont) Charity Registered number:08208048 Consolidated balance sheet a5 at 31 March 2024 2024 2023 Note Fixed a$5ets Tangible assets 14 20.478.723 19,915,527 Heritage assets 15 3.847.688 3,834,388 Investments 26,138,161 25.781.020 SO.464,572 49.530.935 Current a55ets Stocks 473,993 524.267 Debtors.. amounts falling due within one year 169.831 211,119 Cash at bank and in hand 23 364.973 731.165 ,008,797 1.466.551 Creditors.. amounts falling due within one year (144,504) {348.245) Nèt eurrtnt assets 864.293 1,118,306 Total net assets 51,328 865 50.649.241 Charity funds Unrestritted funds 20 51,328,865 50.649.241 51.328.865 50.649.241 The trustees atknowledge their r￿Ponsibl11t¥es for complying the requiremen￿ of the Act with respert to accounting records and preparation of financial 512tements. The financial St8￿Ments have been prepared in accordance wtth pro￿S1OnS applicable to entities subject to the 5rnall Companies regime. The finartrcial stttements were approved and authorised for Issue by the board and were signed on its beh￿f by.. The Lord Colgrain Trustee Date: 23 October 2024 The note5 on pages 16 to 36 fom part of these financial $ra￿mentS. 13

Harri5 (Belmont) Charity Registered number:08208048 Charity balance sheet as at 31 March 2024 2024 2023 Note Fixed a55ets Tangible assets 20,226.520 19.651.693 Herittge assets 15 3,847,688 3.834.388 Investments 16 26.446.248 26.112.849 50,520,456 49.598.930 Current assets Stocks 17 1,851 1.851 Debtors.. amounts lalling due within ¢)ne year 18 616,618 728.113 Cash at bank and in hand 305.349 421.368 923.818 1.151.332 Creditors.. amounts falling due within one year (115.409) {101.021) Net currÈnt assets 808.409 1,05Q,311 Total net assets 51 328865 50.649.241 Charity funds Unrestritted funds 20 51.328,865 50.649.241 51.328.865 50,649.241 The ￿U$￿eS acknowledge their responsibiliDes for coMpl￿ng the requirements of the Att respect to accounting records and preparatyon of financi￿ St8￿Ment The financial sta￿MentS haye Lwi prepared in accordance with PrO￿s1onS applicable to entities su￿.ect tts the 5rnall companies regime. The financial statements were approved and authorised for issue by the l)oard and were signed on rt5 behalf br. TheL Trustee Colgrain Date: 23 Ottober 2024 The notes on pages 16 to 36 form part of these financi￿ Sta￿ment 14

Harris (Belmont) Charity

Consolidated statement of cash flows for the year ended 31 March 2024

Note
Cash flows from operating activities
Net cash generated in operating activities
22
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash provided by investing activities
Change in cash and cash equivalents in the year
24
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
23		 2024
£
(896,444)
665,310
(524,416)
2,322,220
(1,932,862)
(366,192)
(366,192)
731,165
364,973		 2023
£
(148,449)
531,900
(69,239)
2,674,785
(2,657,416)
480,030
480,030
251,135
731,165

The notes on pages 16 to 36 form part of these financial statements.

15

Harris (Belmont) Charity

Notes to the financial statements for the year ended 31 March 2024

1. General information

Harris (Belmont) Charity is a company incorporated in England and Wales. The address of the registered office is given on the company information page. The nature of the company's operations and its principal activities are set out in the trustees’ report on pages 2 to 7.

These financial statements are presented in pound sterling because that is the currency of the primary economic environment in which the company operates.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS102)-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 (FRS102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Harris (Belmont) Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

The following principal accounting policies have been applied:

2.2 Company status

The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 per member of the company.

2.3 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

16

Harris (Belmont) Charity

Notes to the financial statements for the year ended 31 March 2024

2. Accounting policies (continued)

2.4 Income

All income is recognised once the Group has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income from other trading activities comprise farming activities, gift shop/tearoom sales, holiday cottage income and renewable heat incentive income. Income from farming activities is recognised in the period when the crop is sold. Holiday cottage income is recognised in the period when the cottage is let. Remaining income is recognised on receipt.

Income from investments comprise rental property income, investment portfolio income and interest receivable. Investment income is recognised on a receivable basis.

Income from charitable activities comprise admission fees from visitors to the House and grounds and other events held and are recognised on the date of admission or when the event is held.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Interest on funds held on deposit Is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank

2.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. It also includes the cost of generating funds and these comprise the costs associated with attracting voluntary income and the costs associated with running the giftshop and the farm. Support costs are those costs incurred directly in support of the expenditure on the objects of the company and include project management carried out at Headquarters.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. Governance costs relate to professional fees and trustees' expenses.

All expenditure is inclusive of irrecoverable VAT.

2.6 Going concern

The trustees have reviewed the budgets and forecasts for a period of twelve months from approval of these financial statements. The trustees have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future.

17

Harris (Belmont) Charity

Notes to the financial statements for the year ended 31 March 2024

2. Accounting policies (continued)

2.7 Government grants

Government grants are credited to the Consolidated Statement of Financial Activities as the related expenditure is incurred.

2.8 Tangible fixed assets

Land and buildings

Land is stated at valuation and is not depreciated.

Belmont House and grounds

Subsequent additions to Belmont House and grounds representing improvements to the property are depreciated over 10 years. General repairs and maintenance expenditure is written off in the year to which it relates. It also includes improvements to property through the trading subsidiary, which is also depreciated over 10 years.

Other fixed assets

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment.

Assets in the course of construction are included at costs incurred to date. Depreciation on these assets is not charged until they are brought into use.

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives are as follows:

Plant and machinery - Between 3 and 20 years

2.9 Heritage assets

These are those fixed assets which are of historical significance and are held in order to advance the preservation and conservation objectives of the Charity. As such, they comprise Belmont House and grounds, which is carried at the original cost or valuation when it was transferred to the Charity, and The Belmont House Collection which comprises the contents of Belmont House, being works of art, paintings, furniture and other chattels together with a collection of clocks and watches which are deemed to be of historic or artistic importance.

In accordance with the SORP, heritage assets are not depreciated, as the Trustees consider that the lives of these assets are sufficiently long and residual values, based on prices prevailing at the time of acquisition or subsequent valuation, are sufficiently high that their depreciation is insignificant. Impairment reviews for all heritage assets are undertaken whenever there is evidence that the value of the underlying assets may be less than their carrying amounts in the accounts.

18

Harris (Belmont) Charity

Notes to the financial statements for the year ended 31 March 2024

2. Accounting policies (continued)

2.10 Investment properties

Investment property is carried at fair value. Revaluation surpluses are recognised in the Statement of Financial Activities.

2.11 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment.

Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

Investments in subsidiaries are valued at net book value.

2.12 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

2.13 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.14 Cash and cash equivalents

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.15 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Group anticipates it will pay to settle the debtor the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

2.16 Financial instruments

The Group only has financial assets and financial 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

19

Harris (Belmont) Charity

Notes to the financial statements for the year ended 31 March 2024

2. Accounting policies (continued)

2.17 Pensions

The Group makes contributions to various money-purchase schemes.

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

2.15 Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

3. Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Investment properties

Investment properties are included in the Balance Sheet at their open market value in accordance with FRS102 and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the Trustees, necessary in order to give a true and fair view of the financial position of the Company and the Group.

20

Harris (Belmont) Charity

Notes to the financial statements for the year ended 31 March 2024

4.
Income from charitable activities
Admissions and events
TOTAL 2023		 Unrestricted
funds
2024
£
117,619
95,102		 Total
funds
Total
funds
2024
2023
£
£
117,619
95,102
95,102
5.
Income from other trading activities
Income from fundraising events
Shop and tea room income
Holiday cottage rent
Other income
TOTAL 2023
Income from other trading activities
Farming
TOTAL 2023		 Unrestricted
funds
2024
£
38,885
39,572
8,012
86,469
84,230
Unrestricted
funds
2024
£
872,829
1,245,489		 Total
funds
2024
£
38,885
39,572
8,012
86,469
84,230
Total
funds
2024
£
872,829
1,245,489		 Total
funds
2023
£
32,860
41,643
9,727
84,230
Total
funds
2023
£
1,245,489

21

Harris (Belmont) Charity

Notes to the financial statements for the year ended 31 March 2024

6. Investment income

Estate rents
Listed investments
Interest receivable
TOTAL 2023		 Unrestricted
funds
2024
£
460,434
195,613
9,263
665,310
531,900		 Total
funds
2024
£
460,434
195,613
9,263
665,310
531,900		 Total
funds
2023
£
416,374
113,200
2,326
531,900

7. Other incoming resources

Government grants receivable
TOTAL 2023		 Unrestricted
funds
2024
£
9,452
32,233		 Total
funds
Total
funds
2024
2023
£
£
9,452
32,233
32,233

Government grants receivable includes amounts receivable under the Renewable Heat Incentive scheme (RHI).

8. Expenditure on raising funds

Costs of raising voluntary income

Shop and tea room purchases
Event costs
Holiday cottage costs
Postage, stationery and advertising
Subscriptions
Management fees
TOTAL 2023		 Unrestricted
funds
2024
£
30,215
18,815
24,960
13,892
6,122
26,389
120,393
106,002		 Total
funds
2024
£
30,215
18,815
24,960
13,892
6,122
26,389
120,393
106,002		 Total
funds
2023
£
18,341
17,459
23,299
17,489
6,777
22,637
_106,002 _

22

Harris (Belmont) Charity

Notes to the financial statements for the year ended 31 March 2024

8. Expenditure on raising funds (continued)

Fundraising trading expenses
Farming trading expenditure
TOTAL 2023
Investment management costs
Investment management fees
TOTAL 2023
9.
Analysis of expenditure on charitable activities
Summary by fund type
Belmont House and grounds
Estate costs
TOTAL 2023		 Unrestricted
funds
2024
£
768,323
805,597
Unrestricted
funds
2024
£
36,882
38,047
Unrestricted
funds
2024
£
527,507
455,900
983,407
810,800		 Total
funds
2024
£
768,323
805,597
Total
funds
2024
£
36,882
38,047
Total
funds
2024
£
527,507
455,900
983,407
810,800		 Total
funds
2023
£
805,597
Total
funds
2023
£
38,047
Total
funds
2023
£
431,006
379,794
810,800

23

Harris (Belmont) Charity

Notes to the financial statements for the year ended 31 March 2024

10. Analysis of expenditure on charitable activities

Belmont House and grounds
Estate costs
TOTAL 2023
Analysis of direct costs		 Activities
Undertaken
directly
2024
£
467,713
435,780
903,493
726,252		 Support
costs
2024
£
59,794
20,120
79,914
84,548		 Total
funds
2024
£
527,507
455,900
983,407
810,800		 Total
funds
2023
£
431,006
379,794
810,800
Staff costs
Equipment repairs
Motor vehicle expenses
Light and heat
Insurance
Property rates
Repairs to property
House restoration
House opening
Grounds and garden maintenance
Woodland maintenance
Depreciation
TOTAL 2023		 Belmont
House and
grounds
2024
£
278,969
26,781
22,446
23,735
23,713
10,108
47,942
6,839
8,378
18,802
-
-
467,713
366,591		 Estate
costs
2024
£
113,946
21,272
9,168
-
24,263
10,108
199,957
-
-
18,756
11,912
26,398
435,780
359,661		 Total
funds
2024
£
392,915
48,053
31,614
23,735
47,976
20,216
247,899
6,839
8,378
37,558
11,912
26,398
903,493
726,252		 Total
funds
2023
£
319,165
20,239
14,780
18,718
37,044
22,083
220,450
3,294
8,008
21,588
19,410
21,473
_726,252 _

24

Harris (Belmont) Charity

Notes to the financial statements for the year ended 31 March 2024

10. Analysis of expenditure on charitable activities (continued)

Analysis of support costs

Belmont
House and
grounds
2024
£
Finance costs
3,017
Professional fees (governance costs)
46,290
Trustee expense (governance costs)
351
Telephone
7,703
Bad debts
-
Other costs
2,433
59,794
TOTAL 2023
64,415		 Estate
costs
2024
£
3,017
11,077
88
1,926
3,100
912
20,120
20,133		 Total
funds
2024
£
6,034
57,367
439
9,629
3,100
3,345
79,914
84,548		 Total
funds
2023
£
4,533
60,262
1,731
17,667
(17)
372
84,548

11. Auditors’ remuneration

The auditors’ remuneration amounts to an auditor fee of £11,000 (2023 - £11,000), and non-audit services of £9,200 (2023 - £9,700).

12. Staff costs

Wages and salaries
Social security costs
Defined contribution
pension scheme		 Group
2024
£
359,666
26,248
7,001
392,915		 Group
2023
£
293,704
20,656
4,805
319,165		 Charity
2024
£
359,666
26,248
7,001
392,915		 Charity
2023
£
293,704
20,656
4,805
319,165

25

Harris (Belmont) Charity

Notes to the financial statements for the year ended 31 March 2024

12. Staff costs (continued)

The average number of persons employed by the Charity during the year was as follows:

Employees Group
2024
No.
Group
2023
No.
16
13

The key management personnel of the Charity comprise the Trustees and Clarke & Simpson who are considered part of key management. Fees were paid to Clarke & Simpson in the year totalling £61,601 (2023- £85,968) comprising £55,601 (2023 - £47,150) in relation to Harris (Belmont) Charity and £6,000 (2023 - £38,818) in relation to Belnor Farms Limited.

13. Trustees’ remuneration and expenses

During the year, no Trustees received remuneration or other benefits (2023 - £nil).

During the year ended 31 March 2024, expenses totalling £243 were reimbursed or paid directly to 1 Trustee (2023 - £365 to 1 Trustee).

26

Harris (Belmont) Charity

Notes to the financial statements for the year ended 31 March 2024

14.
Tangible fixed assets
Group
Freehold
land
£
Cost or valuation
At 1 April 2023
19,489,000
Additions
397,550
Disposals
-
Revaluations
90,450
At 31 March 2024
19,977,000
Depreciation
At 1 April 2023
-
Charge for the period
on owned assets
-
Charge for the period
on leased of use
assets
-
Disposals
-
At 31 March 2024
-
Net book value
At 31 March 2024
19,977,000
At 31 March 2023
19,489,000		 Property
improvements
£
1,037,265
1,437
-
-
1,038,702
779,138
11,573
-
-
790,711
247,991
258,127		 Plant and
machinery
£
551,238

112,129
-
-
663,367
382,838
26,798
-
-
409,635
253,732
168,400		 Total
£
21,077,503
511,116
-
90,450
21,679,069
1,161,976
38,371
-
-
1,200,346
20,478,723
19,915,527

27

Harris (Belmont) Charity

Notes to the financial statements for the year ended 31 March 2024

14. Tangible fixed assets

Charity

Cost or valuation
At 1 April 2023
Additions
Disposals
Revaluations
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the period
on owned assets
Charge for the period
on leased of use
assets
Disposals
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Freehold
land
£
19,489,000
397,550
-
90,450
19,977,000
-

-

-
-
19,977,000
19,489,000		 Property
improvements
£
311,332
1,356
-
-
312,688
299,604
1,405
-
-
301,009
11,679
11,728		 Plant and
machinery
£
482,928

111,868
-
-
594,796
331,963
24,992
-
-
356,955
237,841
150,965		 Total
£
20,283,260
510,774
-
90,450
**20,884,484 **
631,567
26,397
-
-
**657,964 **
20,226,520
19,651,693

The freehold land was revalued at 31 March 2024, on a basis of market value, by qualified professional valuers working for Clarke & Simpson, acting in the capacity of independent valuers which valued the freehold land at £19.977m.

The revaluation model has been adopted and the trustees consider the valuation of the freehold land to be materially consistent with the net book value 31 March 2024.

If the historic cost basis of accounting has been used, the freehold land would have had a carrying value of £1.016M (2023 - £618K).

28

Harris (Belmont) Charity

Notes to the financial statements for the year ended 31 March 2024

15. Heritage assets

Assets recognised at cost

Carrying value at 1 April 2023
Additions
Carrying value at 31 March 2024
2024
£
Purchases
Collection
13,300
Revaluations
-
Total additions
13,300		 2023
£
-
-
-		 Belmont
House and
grounds
2024
£
489,482
-
489,482
2022
£
-
-
-		 Belmont
House
Collection
2024
£
3,344,906
13,300
3,358,206
2021
£
-
-
-		 Total
2024
£
3,834,388
13,300
3,847,688
2020
£
-
-
-

Heritage asset management policy

The Charity holds in trust Belmont House and grounds, along with the house collection. National and international standards in the care of its collection are followed with every endeavour to protect and safeguard the collection in its care for future generations.

16. Fixed asset investments

Group

Cost or valuation

At 1 April 2023
Additions
Disposals
Revaluations
At 31 March 2024		 Listed
investments
£


8,730,728
1,777,253
(2,331,889)
866,169
**9,042,261 **		 Cash
investments
£


37,772
155,608
-
-
193,380		 Investment
properties
£

17,012,520
-
-
(110,000)
**16,902,520 **		 Total
£
25,781,020
1,932,861
(2,331,889)
866,169
**26,138,161 **

29

Harris (Belmont) Charity

Notes to the financial statements for the year ended 31 March 2024

16. Fixed asset investments (continued)

Charity

Cost or valuation
At 1 April 2023
Additions
Disposals
Revaluations
At 31 March 2024		 Share in group
undertaking
£

331,829
-
-
(23,742)
308,087		 Listed
investments
£


8,730,728
1,777,253
(2,331,889)
866,169
**9,042,261 **		 Cash
investments
£


37,772
155,608
-
-
193,380		 Investment
properties
£

17,012,520

-
-

(110,000)
16,902,520		 Total
£
26,112,849
1,932,861
(2,331,889)
732,427
26,446,248

The Trustees annually review the risks faced by the Charity and have established an investment policy to identify and monitor the financial risks in the investment portfolio. Consideration is given to the inroads of inflation overtime, currencies, volatility and liquidity and discretionary investment managers have been appointed. The investments are diversified across asset classes, regions and managers.

The portfolio is managed on a total return basis with the emphasis on growth. As a consequence a degree of volatility is anticipated and tolerated. The portfolio is a small part of the overall assets but is nonetheless an important component. Income has been paid to the Charity historically which has allowed the Trustees to invest in a number of projects to improve and enhance the fabric of the Estate rather than being used for the day-to-day operational running.

Principal subsidiaries

The following was a subsidiary undertaking of the Charity:

Name Company Registered office Principal activity Holding
number
Belnor Farms Limited 00457383 Well Close Square, Farming 100%
Framlingham, Suffolk
IP13 9DU

The financial results of the subsidiary for the year were:

Profit for the
Name Income Expenditure year Net assets
£ £ £ £
Belnor Farms Limited 826,182 (885,924) (23,742) 308,087

30

Harris (Belmont) Charity

Notes to the financial statements for the year ended 31 March 2024

17. Stocks

Farm stocks
Goods for resale
18.
Debtors
Due within one year
Trade debtors
Amounts owed by group
undertakings
Other debtors
Prepayments and accrued
income		 Group
2024
£
472,142
1,851
473,993
Group
2024
£
65,843
-
40,886
63,102
**169,831 **		 Group
2023
£
522,416
1,851
524,267
Group
2023
£
37,191
-
13,052
160,876
211,119		 Charity
2024
£
-
1,851
1,851
Charity
2024
£
57,484
485,351
10,681
63,102
616,618		 Charity
2023
£
-
1,851
1,851
Charity
2023
£
36,415
657,185
-
34,513
728,113

19. Creditors: amounts falling due within one year

Trade creditors
Other taxations and social
security
Other creditors
Accruals		 Group
2024
£
89,000
7,084
7,075
41,345
**144,504 **		 Group
2023
£
75,253
-
14,861
258,131
348,245		 Charity
2024
£
64,605
7,084
5,075
38,645
115,409		 Charity
2023
£
41,120
6,877
5,984
47,040
101,021

31

Harris (Belmont) Charity

Notes to the financial statements for the year ended 31 March 2024

20. Statement of funds

Statement of funds – current year

Balance at 1
April 2023
£
Unrestricted
Funds
Designated funds
Investment funds
25,781,020
Estates – farm
land
15,969,000
House and
grounds fund
3,834,388
Fixed asset fund
3,682,693


49,267,101
General funds
General funds
1,382,140

Total
unrestricted
funds
50,649,241		 Balance at 1
April 2023
£
Unrestricted
Funds
Designated funds
Investment funds
25,781,020
Estates – farm
land
15,969,000
House and
grounds fund
3,834,388
Fixed asset fund
3,682,693


49,267,101
General funds
General funds
1,382,140

Total
unrestricted
funds
50,649,241		 Income
£
-
-
-
-		 Expenditure
£
-
-
-
-		 Transfers
in/(out)
£

(389,359)
397,550
13,300

86,827		 Gains
/(losses)
Balance at
31 March
2024
£
£

746,500
26,138,161
90,450
16,457,000

-
3,847,688

3,769,520

49,267,101
1,382,140

50,649,241		 -
1,751,679
1,751,679		 -
(1,909,005)
(1,909,005)		 108,318

(108,318)
-		 836,950
50,212,369

-
1,116,496

836,950
51,328,865

The investments fund includes the Investment Properties and Investment Portfolio which the Trustees are holding for the long term to secure an ongoing income for the Charity and as such there is no intention to reduce the value of the investment assets. The balance on the fund is equivalent to the balance of the investments. The transfers in the year represent funds withdrawn from the investment portfolio and gains realised in the year.

The Belmont House and grounds designated fund was established at the same time that the Charity was founded. The purpose of the Charity is the preservation, maintenance and upkeep of Belmont House, the surrounding land and property and the contents which are deemed to be of historic architectural or artistic importance or beauty which are available for the education and benefit of the public. The primary assets transferred to the Charity when it was founded are central to the continuation of the Charity and as such will remain intact for as long as the Charity exists. The Trustees are empowered to add to and dispose of items from the collection and contents of Belmont House for the benefit of the Charity as long as the collection and contents are not fundamentally diminished. The fund is represented by heritage assets.

The Estates - farm land designated fund represents the value of farm land utilised by Belnor Farms.

The Fixed asset designated fund represents the net book value of fixed assets at the year end.

32

Harris (Belmont) Charity

Notes to the financial statements for the year ended 31 March 2024

20. Statement of funds (continued)

The Trustees consider a balance equivalent to 6 months’ worth of operating costs for the Charity a reasonable balance to hold in reserves, this figure is currently £500,000. The financial statements show a free reserves balance (non-designated unrestricted funds not represented by operational fixed assets) of £1,382,140 (2023-£1,069,650). Bearing in mind the cyclical nature of the business ,the 'farm' balance provides the working capital requirement for the farm. The balance provides for approximately 9 months’ worth of estate costs and is higher than the Charity's reserve policy. The Trustees are satisfied that these additional amounts will fund the increased expenditure expected in the maintenance plan in the next few years.

Statement of funds – prior year

Balance at 1
April 2022
£
Unrestricted
Funds
Designated funds
Investment funds
26,815,774
Estates – farm
land
15,721,000
House and
grounds fund
3,834,388
Fixed asset fund
3,991,807


50,362,969
General funds
General funds
1,069,650

Total
unrestricted
funds
51,432,619		 Income
£
-
-
-
-
-
1,988,954
**1,988,954 **		 Expenditure
£
-
-
-
-
-
(1,760,446)
(1,760,446)		 Transfers
in/(out)
£

(76,250)
248,000
-
(309,114)

(137,364)
137,364
-		 Gains
/(losses)
£

(958,504)
-

-

-		 Balance at
31 March
2023

£

25,781,020

15,969,000

3,834,388

3,682,693
(958,504) 49,267,101

(53,382)		 1,382,140
(1,011,886) 50,649,241

33

Harris (Belmont) Charity

Notes to the financial statements for the year ended 31 March 2024

21. Summary of funds

Summary of funds – current year

Balance at 1
April 2023
Income
£
£
Designated funds
49,267,101
-
General funds
1,382,140
1,751,679

Total
unrestricted
funds
50,649,241
1,751,679
Summary of funds – prior year
Balance at 1
April 2022
Income
£
£
Designated funds
50,362,969
-
General funds
1,069,650
1,988,954

Total
unrestricted
funds
51,432,619
1,988,954		 Expenditure
£
-
(1,909,005)
(1,909,005)
Expenditure
£
-
(1,760,446)
(1,760,446)		 Transfers
in/(out)
£
108,318
(108,318)
-
Transfers
in/(out)
£
(137,364)
137,364
Gains
/(losses)
£
836,950
-
836,950
Gains
/(losses)
£

(958,504)

(53,382)		 Balance at
31 March
2024
£
50,212,369
1,116,496
51,328,865




Balance at
31 March
2023

£

49,267,101

1,382,140
- (1,011,886) 50,649,241

34

Harris (Belmont) Charity

Notes to the financial statements for the year ended 31 March 2024

22. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year as per Statement of Financial Activities
Adjustments for:
Depreciation charges
Gains on investments
Dividends, interest and rents from investments
Decrease in stocks
Decrease in debtors
Decrease in creditors
Net cash expended in operating activities
23.
Analysis of cash and cash equivalents		 Group
2024
£
679,624

38,371
(836,950)
(665,310)
50,274
41,288
(203,741)
(896,444)		 Group
2023
£

(783,378)
34,379
1,011,886
(531,900)
(176,674)
194,107
103,131
(148,449)
Cash at bank and in hand
24.
Analysis of changes in net debt
At 1 April
2023
£
Cash at bank and in hand
731,165		 Group
2024
Group
2023
£
£
364,973
731,165
Cash flows
At 31 March
2024
£
£
(366,192)
364,973

35

Harris (Belmont) Charity

Notes to the financial statements for the year ended 31 March 2024

25. Contingent liabilities

A number of fixed asset investments were passed to the Charity upon the death of The Rt. Hon G R J Baron Harris (Sixth Baron Harris) who in turn had inherited them from the Fifth Baron Harris who died in 1984. The assets in question were granted conditionally exempt status. However, because the Sixth Baron Harris died within 30 years of the Fifth Baron Harris, HM Revenue & Customs would be entitled to claim Inheritance Tax at rates applicable at the time of death on whichever estate proved to be more beneficial to them. The Inheritance Tax liability will only crystallise if the Charity sells these assets in the future. The Trustees have a list of these assets and do not intend to sell them in the foreseeable future. Therefore no provision has been included in the accounts in respect of the future liability.

26. Related party transactions

The Charity rents farmland to its subsidiary, Belnor Farms Limited, and receives a deed of covenant from the company at the year end. The rental charge in the year totalled £114,497 (2023 -£113,472). The deed of covenant in the year amounted to £nil (2023 - £269,466).

As at 31 March 2024 £746,718 (2023 - £657,185) was outstanding. This includes a loan advanced to the subsidiary of £400,000 (2023 - £250,000). This loan bears interest at 5% per annum, over the Bank of England base rate and has a fixed repayment date.

36