Registered number: 08417421 Charity number: 1151340
THE HIGHAM FAMILY TRUST (A company limited by guarantee)
UNAUDITED
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
THE HIGHAM FAMILY TRUST
(A company limited by quarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details ofthe charity, its Trustees and advisers | 1 |
| Trustees' report | 2-4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7-8 |
| Notestothefinancialstatements | 9-16 |
THE HIGHAM FAMILY TRUST
(A company limited by quarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2021
Trustees
Trustees Mr Richard Charles Higham Mrs Jacqueline Nada Higham Company registered number 08417421 Charity registered number 1151340
Registered office The Old Rectory Brisley Dereham Norfolk NR20 5LJ Accountants Larking Gowen LLP Chartered Accountants King Street House 15 Upper King Street Norwich NR3 1RB
Page 1
THE HIGHAM FAMILY TRUST (A company limited by quarantee)
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021
The Trustees present their annual report together with the financial statements of the Higham Family Trust for the year 1 April 2020 to 31 March 2021. The Annual report serves the purposes of both a Trustees’ report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) 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).
Since the charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The charity is a general purpose charity where the income and capital shall be paid to or applied for the benefit of such charities or such charitable purposes as the Trustees deem fit.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit.
b. Activities undertaken to achieve objectives
The charity will, through the provision of funds, support the work of a diverse range of charitable organisations. The trust will not be directly involved in the delivery of charitable services. The funds will be provided from income generated through endowment fund investments.
Achievements and performance
a. Review of activities
The Higham Family Trust has, after consideration by the Trustees as laid out in the Articles of Association, awarded grants in the current year to charitable organisations who have approached the Trust. These awards have been funded from the interest income earned on the investment in endowment funds.
b. Investment policy and performance
The endowment fund is currently invested in a deposit account with HSBC bank, as well as investments with Barratt & Cooke, and COIF Charity Investments Fund. These investments have earned a total income of £44,394 (2020 - £47,602) in the year.
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THE HIGHAM FAMILY TRUST
(A company limited by quarantee)
TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Financial review
a. Going concern and COVID-19
The Trustees have considered the Trust’s position at the time of signing the financial statements. The Trust will continue to support organisations from income generated whilst retaining the endowment fund to ensure that the Trust will be able to continue to provide this support in the future. For this reason, the Trustees continue to adopt the going concern basis in preparing the financial statements.
b. Reserves policy
The reserves of the charity at the year end totalled £1,776,953 (2020: £1,518,192) of which £1,654,540 (2020: £1,428,974) is endowment which is to be held within reserves to generate future income from which grants are to be paid, and £122,413 (2020: £89,218) is unrestricted reserves.
c. Principal funding
The charity was set up with an initial donation of £1,000,000 which was to be treated as an endowment, with the income generated from this investment being used to make grants to other charitable organisations on application.
Structure, governance and management
a. Constitution
The Higham Family Trust is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 25 February 2013.
The charity is consituted under a Memorandum of Assocation dated 25 February 2013 and has a registered charity number 1151340 and a registered company number 08417421.
b. Methods of appointment or election of Trustees
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.
c. Organisational structure and decision-making policies
The charity is to be run by the Trustees as named in the Memorandum of Association who will share responsibility for the consideration and approval of applications from other charitable groups to the Trust for the award of grants.
d. Financial risk management
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. The Trustees consider there to be no significant areas of concern.
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THE HIGHAM FAMILY TRUST
(A company limited by quarantee)
TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Plans for future periods
The charity will continue to provide financial awards to charities providing charitable services.
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the 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 charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
e select suitable accounting policies and then apply them consistently;
-
° observe the methods and principles of the Charities SORP (FRS 102);
-
e make judgments and accounting estimates that are reasonable and prudent;
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° state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
e 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 adequate accounting records that are sufficient to show and explain the charity's transactions and 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 Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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tp of the members of the board of Trustees and signed on their behalf by:
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Trustee
Date: [Gh iz i
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THE HIGHAM FAMILY TRUST
(A company limited by quarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2021
Independent examiner's report to the Trustees of The Higham Family Trust (‘the charity’)
| report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 March 2021.
Responsibilities and basis of report
As the Trustees of the charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, | report in respect of my examination of the charity's accounts carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination | have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts givea 'true and fair’ view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that | might state to the charity's Trustees those matters | am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, | do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report. Signed: 4 D~ Dated: 02.12.2021
Joanne Fox FCA
Larking Gowen LLP Chartered Accountants King Street House 15 Upper King Street Norwich, NR3 1RB
Page 5
THE HIGHAM FAMILY TRUST
(A company limited by quarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021
| Unrestricted | Endowment | Total | Total | ||
|---|---|---|---|---|---|
| funds | funds | funds | funds | ||
| 2021 | 2021 | 2021 | 2020 | ||
| Note | £ | £ | £ | £ | |
| Income and endowments from: | |||||
| Investments | 2 | 44,394 | - | 44,394 | 47,602 |
| Total incomeand endowments | ial | : | cal | aga | |
| Expenditure on: | |||||
| Charitable activities | 3 | 11,199 | 480 | 11,679 | 41,060 |
| Total expenditure | 11,199 | 480 | 11,679 | 41,060 | |
| Net income/(expenditure) before net | |||||
| gains/(losses) on investments | 33,195 | (480) | 32,715 | 6,542 | |
| Net gains/(losses) on investments | . | 226,046 | 226,046 | (86,351) | |
| Net movement in funds | 33,195 225,566 258,761 meee |
(79,809) =e |
|||
| Reconciliation of funds: | |||||
| Total funds brought forward | 89,218 | 1,428,974 | 1,518,192 | 1,598,001 | |
| Net movement in funds | 33,195 | 225,566 | 258,761 | (79,809) | |
| Totalfundscarriedforward | 122,413 ee |
1,654,540 | 1,776,953 1,518,192 _ |
The notes on pages 9 to 16 form part of these financial statements.
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THE HIGHAM FAMILY TRUST
(A company limited by quarantee) REGISTERED NUMBER: 08417421
BALANCE SHEET AS AT 31 MARCH 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | |||
| Fixed assets | |||||
| Investments | 1,608,502 | 1,383,871 | |||
| 1,608,502 | 1,383,871 | ||||
| Current assets | |||||
| Debtors | 6 | 937 | 416 | ||
| Cash at bank and in hand | 169,839 | 136,190 | |||
| 170,776 | 136,606 | ||||
| Creditors: amounts falling due within one | |||||
| year | 8 | (2,325) | (2,285) | ||
| Net current assets | 168,451 | 134,321 | |||
| Total net assets | 1,776,953 | 1,518,192 | |||
| Charity funds | |||||
| Endowment funds | 9 | 1,654,540 | 1,428,974 | ||
| Restricted funds | 9 | - | - | ||
| Unrestricted funds | 9 | 122,413 | 89,218 | ||
| Totalfunds | 1,776,953 | 1,518,192 |
Page 7
THE HIGHAM FAMILY TRUST
(A company limited by quarantee) REGISTERED NUMBER: 08417421
BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2021
The charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
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Mr Richard EYarles Higham
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(Date: Ie fuifo ;
The notes on pages 9 to 16 form part of these financial statements.
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THE HIGHAM FAMILY TRUST
(A company limited by quarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. Accounting policies
1.1. Basis of preparation of financial statements
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Higham Family Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 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.
- 1.3 Income
All income is recognised once the charity 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 tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Dividend income is recognised when it is receivable.
1.4 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.
Governance costs are those those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. .
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
Page 9
THE HIGHAM FAMILY TRUST (A company limited by quarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1. Accounting policies (continued)
1.5 Interest receivable
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 institution with whom the funds are deposited.
1.6 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 Statement of financial activities.
1.7 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.
1.8 Cash at bank and in hand
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.
1.9 Liabilities
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 charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
1.10 Financial instruments
The charity 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.
1.11 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 charity and which have not been designated for other purposes.
The endowment fund is to be invested to generate investment income. The income generated from this investment is to be used to make grants to other charitable organisations on application.
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THE HIGHAM FAMILY TRUST
(A company limited by quarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
2. Investment income
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2021 | 2021 | 2020 | |
| £ | £ | £ | |
| Investment income | 44,394 | 44,394 | 47,602 |
| Total2020 | 47,602 | 47,602 |
3. Analysis of expenditure
| Grant | ||||
|---|---|---|---|---|
| funding of | Support | Total | Total | |
| activities | costs | funds | funds | |
| 2021 | 2021 | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Charitable activities | 8,870 | 2,809 | 11,679 | 41,060 |
| Total2020 | 38,250 | 2,810 | 41,060 |
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THE HIGHAM FAMILY TRUST
(A company limited by quarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
3. Analysis of expenditure (continued)
Analysis of support costs
Expenditure on governance
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|||
|---|---|
|Total|Total|
|funds|funds|
|2021|2020|
|£|£|
|2,809|2,810|
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- Grant Awards
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||||||||
|---|---|---|---|---|---|---|
|2021|2020|
|£|£|
|Matthew|Project|4,870|15,000|
|Norwich|Cirty|Community|Sports|Foundation|3,500|-|
|Priscilla|Bacon|Hospice|-|20,000|
|North|Walsham|Rugby|Club|-|2,000|
|Other|(under|£1000)|500|1,250|
|8,870|38,250|
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5. Net income/ (expenditure)
This is stated after charging:
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||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|2021|2020|
|£|£|
|Independent|examiners’|remuneration|1,350|1,310|
|1,350|1,310|
|During|the|year,|no|Trustees|received|any|remuneration|(2020|-|£NIL).|
|During|the|year,|no|Trustees|received|any|benefits|in|kind|(2020|-|£NIL)|
|During|the|year,|no|Trustees|received|any|reimbursement|of|expenses|(2020|-|£NIL)|
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THE HIGHAM FAMILY TRUST
(A company limited by quarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
6. Debtors
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Due within one year | ||
| Prepayments and accrued income | 937 | 416 |
| 937 | 416 |
7. Fixed asset investments
| Cash held | |||
|---|---|---|---|
| Listed | by | Total | |
| securities | stockbroker | funds | |
| £ | £ | £ | |
| Market Value | |||
| As 1 April 2019 | 1,341,879 | 41,992 | 1,383,871 |
| Additions | 128,950 | - | 128,950 |
| Disposals | (116,599) | (13,766) | (130,365) |
| Revaluations | 226,046 | - | 226,046 |
| Total2021 | 1,580,276 | 28,226 | 1,608,502 |
8. Creditors: Amounts falling due within one year
Accruals and deferred income
| 2021 | 2020 |
|---|---|
| £ | £ |
| 2,325 | 2,285 |
Page 13
THE HIGHAM FAMILY TRUST
(A company limited by quarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
9. Statement of funds
Statement of funds - current year
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||||||||
|---|---|---|---|---|---|---|
|Balance|at|
|Balance|at|1|Gains/|31|March|
|April|2020|Income|Expenditure|(Losses)|2021|
|£|£|£|£|£|
|Unrestricted|funds|
|General|Funds|89,218|44,394|(11,199)|-|122,413|
|Endowment|funds|
|Endowment|1,428,974|-|(480)|226,046|1,654,540|
|Total|of funds|1,518,192|44,394|(11,679)|226,046|1,776,953|
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The endowment fund is to be invested to generate investment income. The income generated from this investment is to be used to make grants to other charitable organisations on application.
Page 14
THE HIGHAM FAMILY TRUST
(A company limited by quarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
9. Statement of funds (continued)
Statement of funds - prior year
| Balance at | ||||||
|---|---|---|---|---|---|---|
| Balance ai | Gains/ | 31 March | ||||
| 1 April 2019 | Income | Expenditure | (Losses) | 2020 | ||
| £ | £ | £ | £ | £ | ||
| Unrestricted funds | ||||||
| General Funds | 82,148 | 47,602 | (40,532) | - | 89,218 | |
| Endowment funds | ||||||
| Endowment | 1,515,853 | - | (528) | (86,351) | 1,428,974 | |
| Total offunds | 1,598,001 | - | (41,060) | (86,357) | 1,518,192 | |
| Analysis of net assets between | funds | |||||
| Analysis of net assets between | funds - | current | year | |||
| Unrestricted | Endowment | Total | ||||
| funds | funds | funds | ||||
| 2021 | 2021 | 2021 | ||||
| £ | £ | £ | ||||
| Fixed asset investments | - | 1,608,502 | 1,608,502 | |||
| Current assets | 124,738 | 46,038 | 170,776 | |||
| Creditors due within one year | (2,325) | - | (2,325) | |||
| Total | 122,413 | 1,654,540 | 1,776,953 |
10. Analysis of net assets between funds
Analysis of net assets between funds - current year
Page 15
THE HIGHAM FAMILY TRUST
(A company limited by quarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
10. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Unrestricted | Endowment | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2020 | 2020 | 2020 | |
| £ | £ | £ | |
| Fixed asset investments | - | 1,383,871 | 1,383,871 |
| Current assets | 91,503 | 45,103 | 136,606 |
| Creditors due within one year | (2,285) | - | (2,285) |
| Total | 89,218 | 1,428,974 | 1,518,192 |
11. Related party transactions
During the year a donation of £4,870 was made to The Matthew Project, of which Mrs J Higham became a Trustee on 20 January 2020.
The charity considers the Trustees to be key management personnel of the charity. No remuneration was paid to the Trustees during the year (2020 - ENIL).
Page 16