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 2024
THE HIGHAM FAMILY TRUST (A company limited by guarantee) CONTENTS Page Reference and administrative details of the Charity, its Trustees and advisers Trustees. report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 8-14
THE HIGHAM FAMILY TRUST (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Mr Richard Charles Higham Gabrielle Eleanor Higham (appointed 26 May 2024) Isabelle Julia Higham (appointed 26 May 2024) Company registered number 08417421 Charity registered number 1151340 Registered office The Old Rectory Brisley Dereham Norfolk NR20 5LJ Independent examiners Larking Gowen LLP Chartered Accountants 1st Floor, Prospect House Rouen Road Norwich NR1 1RE Page 1
THE HIGHAM FAMILY TRUST (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together with the financial statements of the The Higham Family Trust for the 1 April 2023 to 31 March 2024. The Annual report SeeS 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, including the guidance 'Public benefit.. running a charity (PB2)'. 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 operations have been reduced in the current year following death of Jacqueline Higham. one of the trustees, in January 2023. During the year the Trust has supported a number of individuals who took part in various races and other charitable events, total grants amounted to £2,050 {2023: £39,500 grants to charities). These awards have been funded from the interest income earned on the investment in endowment funds. The 2 new trustees were appointed in May 2024, this will enable the Trust to resume its nomial operations in 2024. 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 £59,412 (2023 - £51,473) in the year. Page 2
THE HIGHAM FAMILY TRUST (A company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Financial review a. Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason. they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Reserves policy The reseNes of the charity at the year end totalled £2,078,525 (2023.. £1,899,101) of which £1,859,604 (2023.. £1,734,196) is endowment which is to be held within reserves to generate future income from which grants are to be paid. and £218,921 (2023.. £164,905) 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 constituted under a Memorandum of Association 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. Page 3
THE HIGHAM FAMILY TRUST (A company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 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 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.. select suitable accounting policies and then apply them consistently. observe the methods and principles of the Charities SORP IFRS 102)-, make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards (FRS 1021 have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping 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. Approved order of the members of the board of Tru*ees arKI signed on their behalf by: ir Rlchar (Trustee) Date.. 24.07.2024 arfes trllgham Page 4
THE HIGHAM FAMILY TRUST (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Independent examinerfs report to the Trustees of The Higham Family Trust ('the Charity.) I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2024. 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, I 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 I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examinerfs statement I have completed my examination. I 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 the accounts do not accord with those records" or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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., or 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 1021. I 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 I might state to the Charity's Trustees those matters l am required to state to them in an Independent examinerfs report and for no other purpose. To the fullest extent permitted by law. I 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.. p4 Christopher Yeates FCA DChA Larking Gowen LLP Norwich 25 July 2024 Page 5
THE HIGHAM FAMILY TRUST (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Endowment Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income and endowments from: Investments 59,412 59,412 51,473 Total income and endowments 59,412 59,412 51,473 Expenditure on: Charitable activities 771 5,396 6,167 43,338 Total expenditure 771 5,396 6,167 43,338 Net (expenditure)lincome before net gainsl(losses) on investments Net gainsl(losses) on investments (771) 126,179 54,016 53,245 126,179 8, 135 (74,834) Net movement in funds 125,408 54,016 179,424 (66, 699) Reconciliation of funds: Total funds brought fomard Net movement in funds 1,734,196 125,408 164,905 54,016 1,899,101 179,424 1,965,800 (66,699) Total funds carried fonNard 1,859,604 218,921 2,078,525 1,899,101 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 8 to 14 form part of these financial statements. Page 6
THE HIGHAM FAMILY TRUST (A company limited by guarantee) REGISTERED NUMBER: 08417421 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Investments 1,813,357 1,688,307 1,813,357 1,688,307 Current assets Debtors Cash at bank and in hand 297 366 269,767 213,383 270,064 213,749 Creditors.. amounts falling due within one year (4,896) (2,955) Net current assets 265,168 210,794 Total net assets 2,078,525 1,899,101 Charity funds Endowment funds 10 1,859,604 218,921 1, 734, 196 164,905 Unrestricted funds 10 Total funds 2,078,525 1,899,101 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 ffinan ments tre approved and authotsed for issue by the Tnjstees and signed on their behalf by: Mr Richa crrustee? Date.. 24.07.2024 rles Higham The notes on pages 8 to 14 form part of these financial statements. Page 7
THE HIGHAM FAMILY TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 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 the public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless OtheISe 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 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 8
THE HIGHAM FAMILY TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 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 'Gainsl{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. Page 9
THE HIGHAM FAMILY TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Investment income 59,412 59,412 51,473 Total 2023 51,473 51,473 Analysis of expenditure Grant funding of activities 2024 Support costs 2024 Total funds 2024 Total funds 2023 Charitable activities 2,050 4,117 6,167 43,338 Total 2023 39,500 3,838 43,338 Analysis of support costs Total funds 2024 Total funds 2023 Activities 2024 Expenditure on governance 4,117 4,117 3,838 Total 2023 3,838 3,838 Page 10
THE HIGHAM FAMILY TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Grant Awards 2024 2023 Sponsorship of charitable fundrasing events The Matthew Project Brain Tumor Charity Its Time Charity The Anthony Nolan Trust Norfolk and Norwich University Hospital Bramerton District Council Macmillan Cancer Support Cancer Care 2,050 1,650 500 500 11,000 10,000 12,750 2,000 1,000 100 Dementia Research 2,050 39,500 Independent examiner's remuneration 2024 2023 Independent examinerfs remuneration 1,680 1,620 Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL). Debtors 2024 2023 Due within one year Prepayments and accrued income 297 366 297 366 Page 11
THE HIGHAM FAMILY TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Fixed asset investments Cash held Listed by securities stockbroker 2024 2024 Total funds 2024 Total funds 2023 Market Value As 1 April 2023 Additions 1,663,709 164,520 {144,489) 126,179 24,598 (21,160> 1,688,307 143,360 {144,489) 126,179 1, 764,820 113,839 (175,519) (74,834) Disposals Revaluations Total 2024 1,809,919 3,438 1,813,357 1, 688,306 Creditors: Amounts falling due within one year 2024 2023 Accruals and deferred income 4,896 2,955 Page 12
THE HIGHAM FAMILY TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Statement of funds Statement of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Gainsl (Losses) Income Expenditure Unrestricted funds General Funds 164,905 59,412 (5,396) 218,921 Endowment funds Endowment 1,734,196 (771) 126,179 1,859,604 Total of funds 1,899,101 59,412 {6,167) 126,179 2,078,525 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. Statement of funds - prior year Balance at 31 March 2023 Balance at l April 2022 Gains/ (Losses) Income Expenditure Unrestricted funds General Funds 156,257 51,473 (42,825) 164,905 Endowment funds Endowment 1, 809,543 (513) (74,834) 1, 734, 196 Total of funds 1, 965,800 51,473 (43,338) (74,834) 1,899,101 Page 13
THE HIGHAM FAMILY TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. Analysis of net assets between funds Analysis of net assets between funds - current period Endowment Unrestricted funds funds 2024 2024 Total funds 2024 Fixed asset investments Current assets Creditors due within one year 1,813,357 46,247 1,813,357 270,064 {4,896) 223,817 (4,896) Total 1,859,604 218,921 2,078,525 Analysis of net assets between funds - prior period Endowment Unrestricted funds funds 2023 2023 Total funds 2023 Fixed asset investments Current assets 1,688,307 45,889 1,688,307 213,749 (2,955) 167,860 (2,955) Creditors due within one year Total 1, 734, 196 164,905 1,899,101 12. Related party transactions There were no related party transactions during the year (2023.. None) Page 14
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 2024
THE HIGHAM FAMILY TRUST (A company limited by guarantee) CONTENTS Page Reference and administrative details of the Charity, its Trustees and advisers Trustees. report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 8-14
THE HIGHAM FAMILY TRUST (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Mr Richard Charles Higham Gabrielle Eleanor Higham (appointed 26 May 2024) Isabelle Julia Higham (appointed 26 May 2024) Company registered number 08417421 Charity registered number 1151340 Registered office The Old Rectory Brisley Dereham Norfolk NR20 5LJ Independent examiners Larking Gowen LLP Chartered Accountants 1st Floor, Prospect House Rouen Road Norwich NR1 1RE Page 1
THE HIGHAM FAMILY TRUST (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together with the financial statements of the The Higham Family Trust for the 1 April 2023 to 31 March 2024. The Annual report SeeS 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, including the guidance 'Public benefit.. running a charity (PB2)'. 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 operations have been reduced in the current year following death of Jacqueline Higham. one of the trustees, in January 2023. During the year the Trust has supported a number of individuals who took part in various races and other charitable events, total grants amounted to £2,050 {2023: £39,500 grants to charities). These awards have been funded from the interest income earned on the investment in endowment funds. The 2 new trustees were appointed in May 2024, this will enable the Trust to resume its nomial operations in 2024. 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 £59,412 (2023 - £51,473) in the year. Page 2
THE HIGHAM FAMILY TRUST (A company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Financial review a. Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason. they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Reserves policy The reseNes of the charity at the year end totalled £2,078,525 (2023.. £1,899,101) of which £1,859,604 (2023.. £1,734,196) is endowment which is to be held within reserves to generate future income from which grants are to be paid. and £218,921 (2023.. £164,905) 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 constituted under a Memorandum of Association 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. Page 3
THE HIGHAM FAMILY TRUST (A company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 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 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.. select suitable accounting policies and then apply them consistently. observe the methods and principles of the Charities SORP IFRS 102)-, make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards (FRS 1021 have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping 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. Approved order of the members of the board of Tru*ees arKI signed on their behalf by: ir Rlchar (Trustee) Date.. 24.07.2024 arfes trllgham Page 4
THE HIGHAM FAMILY TRUST (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Independent examinerfs report to the Trustees of The Higham Family Trust ('the Charity.) I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2024. 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, I 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 I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examinerfs statement I have completed my examination. I 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 the accounts do not accord with those records" or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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., or 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 1021. I 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 I might state to the Charity's Trustees those matters l am required to state to them in an Independent examinerfs report and for no other purpose. To the fullest extent permitted by law. I 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.. p4 Christopher Yeates FCA DChA Larking Gowen LLP Norwich 25 July 2024 Page 5
THE HIGHAM FAMILY TRUST (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Endowment Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income and endowments from: Investments 59,412 59,412 51,473 Total income and endowments 59,412 59,412 51,473 Expenditure on: Charitable activities 771 5,396 6,167 43,338 Total expenditure 771 5,396 6,167 43,338 Net (expenditure)lincome before net gainsl(losses) on investments Net gainsl(losses) on investments (771) 126,179 54,016 53,245 126,179 8, 135 (74,834) Net movement in funds 125,408 54,016 179,424 (66, 699) Reconciliation of funds: Total funds brought fomard Net movement in funds 1,734,196 125,408 164,905 54,016 1,899,101 179,424 1,965,800 (66,699) Total funds carried fonNard 1,859,604 218,921 2,078,525 1,899,101 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 8 to 14 form part of these financial statements. Page 6
THE HIGHAM FAMILY TRUST (A company limited by guarantee) REGISTERED NUMBER: 08417421 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Investments 1,813,357 1,688,307 1,813,357 1,688,307 Current assets Debtors Cash at bank and in hand 297 366 269,767 213,383 270,064 213,749 Creditors.. amounts falling due within one year (4,896) (2,955) Net current assets 265,168 210,794 Total net assets 2,078,525 1,899,101 Charity funds Endowment funds 10 1,859,604 218,921 1, 734, 196 164,905 Unrestricted funds 10 Total funds 2,078,525 1,899,101 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 ffinan ments tre approved and authotsed for issue by the Tnjstees and signed on their behalf by: Mr Richa crrustee? Date.. 24.07.2024 rles Higham The notes on pages 8 to 14 form part of these financial statements. Page 7
THE HIGHAM FAMILY TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 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 the public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless OtheISe 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 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 8
THE HIGHAM FAMILY TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 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 'Gainsl{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. Page 9
THE HIGHAM FAMILY TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Investment income 59,412 59,412 51,473 Total 2023 51,473 51,473 Analysis of expenditure Grant funding of activities 2024 Support costs 2024 Total funds 2024 Total funds 2023 Charitable activities 2,050 4,117 6,167 43,338 Total 2023 39,500 3,838 43,338 Analysis of support costs Total funds 2024 Total funds 2023 Activities 2024 Expenditure on governance 4,117 4,117 3,838 Total 2023 3,838 3,838 Page 10
THE HIGHAM FAMILY TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Grant Awards 2024 2023 Sponsorship of charitable fundrasing events The Matthew Project Brain Tumor Charity Its Time Charity The Anthony Nolan Trust Norfolk and Norwich University Hospital Bramerton District Council Macmillan Cancer Support Cancer Care 2,050 1,650 500 500 11,000 10,000 12,750 2,000 1,000 100 Dementia Research 2,050 39,500 Independent examiner's remuneration 2024 2023 Independent examinerfs remuneration 1,680 1,620 Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL). Debtors 2024 2023 Due within one year Prepayments and accrued income 297 366 297 366 Page 11
THE HIGHAM FAMILY TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Fixed asset investments Cash held Listed by securities stockbroker 2024 2024 Total funds 2024 Total funds 2023 Market Value As 1 April 2023 Additions 1,663,709 164,520 {144,489) 126,179 24,598 (21,160> 1,688,307 143,360 {144,489) 126,179 1, 764,820 113,839 (175,519) (74,834) Disposals Revaluations Total 2024 1,809,919 3,438 1,813,357 1, 688,306 Creditors: Amounts falling due within one year 2024 2023 Accruals and deferred income 4,896 2,955 Page 12
THE HIGHAM FAMILY TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Statement of funds Statement of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Gainsl (Losses) Income Expenditure Unrestricted funds General Funds 164,905 59,412 (5,396) 218,921 Endowment funds Endowment 1,734,196 (771) 126,179 1,859,604 Total of funds 1,899,101 59,412 {6,167) 126,179 2,078,525 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. Statement of funds - prior year Balance at 31 March 2023 Balance at l April 2022 Gains/ (Losses) Income Expenditure Unrestricted funds General Funds 156,257 51,473 (42,825) 164,905 Endowment funds Endowment 1, 809,543 (513) (74,834) 1, 734, 196 Total of funds 1, 965,800 51,473 (43,338) (74,834) 1,899,101 Page 13
THE HIGHAM FAMILY TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. Analysis of net assets between funds Analysis of net assets between funds - current period Endowment Unrestricted funds funds 2024 2024 Total funds 2024 Fixed asset investments Current assets Creditors due within one year 1,813,357 46,247 1,813,357 270,064 {4,896) 223,817 (4,896) Total 1,859,604 218,921 2,078,525 Analysis of net assets between funds - prior period Endowment Unrestricted funds funds 2023 2023 Total funds 2023 Fixed asset investments Current assets 1,688,307 45,889 1,688,307 213,749 (2,955) 167,860 (2,955) Creditors due within one year Total 1, 734, 196 164,905 1,899,101 12. Related party transactions There were no related party transactions during the year (2023.. None) Page 14
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 2024
THE HIGHAM FAMILY TRUST (A company limited by guarantee) CONTENTS Page Reference and administrative details of the Charity, its Trustees and advisers Trustees. report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 8-14
THE HIGHAM FAMILY TRUST (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Mr Richard Charles Higham Gabrielle Eleanor Higham (appointed 26 May 2024) Isabelle Julia Higham (appointed 26 May 2024) Company registered number 08417421 Charity registered number 1151340 Registered office The Old Rectory Brisley Dereham Norfolk NR20 5LJ Independent examiners Larking Gowen LLP Chartered Accountants 1st Floor, Prospect House Rouen Road Norwich NR1 1RE Page 1
THE HIGHAM FAMILY TRUST (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together with the financial statements of the The Higham Family Trust for the 1 April 2023 to 31 March 2024. The Annual report SeeS 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, including the guidance 'Public benefit.. running a charity (PB2)'. 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 operations have been reduced in the current year following death of Jacqueline Higham. one of the trustees, in January 2023. During the year the Trust has supported a number of individuals who took part in various races and other charitable events, total grants amounted to £2,050 {2023: £39,500 grants to charities). These awards have been funded from the interest income earned on the investment in endowment funds. The 2 new trustees were appointed in May 2024, this will enable the Trust to resume its nomial operations in 2024. 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 £59,412 (2023 - £51,473) in the year. Page 2
THE HIGHAM FAMILY TRUST (A company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Financial review a. Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason. they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Reserves policy The reseNes of the charity at the year end totalled £2,078,525 (2023.. £1,899,101) of which £1,859,604 (2023.. £1,734,196) is endowment which is to be held within reserves to generate future income from which grants are to be paid. and £218,921 (2023.. £164,905) 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 constituted under a Memorandum of Association 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. Page 3
THE HIGHAM FAMILY TRUST (A company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 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 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.. select suitable accounting policies and then apply them consistently. observe the methods and principles of the Charities SORP IFRS 102)-, make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards (FRS 1021 have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping 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. Approved order of the members of the board of Tru*ees arKI signed on their behalf by: ir Rlchar (Trustee) Date.. 24.07.2024 arfes trllgham Page 4
THE HIGHAM FAMILY TRUST (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Independent examinerfs report to the Trustees of The Higham Family Trust ('the Charity.) I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2024. 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, I 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 I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examinerfs statement I have completed my examination. I 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 the accounts do not accord with those records" or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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., or 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 1021. I 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 I might state to the Charity's Trustees those matters l am required to state to them in an Independent examinerfs report and for no other purpose. To the fullest extent permitted by law. I 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.. p4 Christopher Yeates FCA DChA Larking Gowen LLP Norwich 25 July 2024 Page 5
THE HIGHAM FAMILY TRUST (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Endowment Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income and endowments from: Investments 59,412 59,412 51,473 Total income and endowments 59,412 59,412 51,473 Expenditure on: Charitable activities 771 5,396 6,167 43,338 Total expenditure 771 5,396 6,167 43,338 Net (expenditure)lincome before net gainsl(losses) on investments Net gainsl(losses) on investments (771) 126,179 54,016 53,245 126,179 8, 135 (74,834) Net movement in funds 125,408 54,016 179,424 (66, 699) Reconciliation of funds: Total funds brought fomard Net movement in funds 1,734,196 125,408 164,905 54,016 1,899,101 179,424 1,965,800 (66,699) Total funds carried fonNard 1,859,604 218,921 2,078,525 1,899,101 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 8 to 14 form part of these financial statements. Page 6
THE HIGHAM FAMILY TRUST (A company limited by guarantee) REGISTERED NUMBER: 08417421 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Investments 1,813,357 1,688,307 1,813,357 1,688,307 Current assets Debtors Cash at bank and in hand 297 366 269,767 213,383 270,064 213,749 Creditors.. amounts falling due within one year (4,896) (2,955) Net current assets 265,168 210,794 Total net assets 2,078,525 1,899,101 Charity funds Endowment funds 10 1,859,604 218,921 1, 734, 196 164,905 Unrestricted funds 10 Total funds 2,078,525 1,899,101 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 ffinan ments tre approved and authotsed for issue by the Tnjstees and signed on their behalf by: Mr Richa crrustee? Date.. 24.07.2024 rles Higham The notes on pages 8 to 14 form part of these financial statements. Page 7
THE HIGHAM FAMILY TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 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 the public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless OtheISe 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 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 8
THE HIGHAM FAMILY TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 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 'Gainsl{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. Page 9
THE HIGHAM FAMILY TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Investment income 59,412 59,412 51,473 Total 2023 51,473 51,473 Analysis of expenditure Grant funding of activities 2024 Support costs 2024 Total funds 2024 Total funds 2023 Charitable activities 2,050 4,117 6,167 43,338 Total 2023 39,500 3,838 43,338 Analysis of support costs Total funds 2024 Total funds 2023 Activities 2024 Expenditure on governance 4,117 4,117 3,838 Total 2023 3,838 3,838 Page 10
THE HIGHAM FAMILY TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Grant Awards 2024 2023 Sponsorship of charitable fundrasing events The Matthew Project Brain Tumor Charity Its Time Charity The Anthony Nolan Trust Norfolk and Norwich University Hospital Bramerton District Council Macmillan Cancer Support Cancer Care 2,050 1,650 500 500 11,000 10,000 12,750 2,000 1,000 100 Dementia Research 2,050 39,500 Independent examiner's remuneration 2024 2023 Independent examinerfs remuneration 1,680 1,620 Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL). Debtors 2024 2023 Due within one year Prepayments and accrued income 297 366 297 366 Page 11
THE HIGHAM FAMILY TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Fixed asset investments Cash held Listed by securities stockbroker 2024 2024 Total funds 2024 Total funds 2023 Market Value As 1 April 2023 Additions 1,663,709 164,520 {144,489) 126,179 24,598 (21,160> 1,688,307 143,360 {144,489) 126,179 1, 764,820 113,839 (175,519) (74,834) Disposals Revaluations Total 2024 1,809,919 3,438 1,813,357 1, 688,306 Creditors: Amounts falling due within one year 2024 2023 Accruals and deferred income 4,896 2,955 Page 12
THE HIGHAM FAMILY TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Statement of funds Statement of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Gainsl (Losses) Income Expenditure Unrestricted funds General Funds 164,905 59,412 (5,396) 218,921 Endowment funds Endowment 1,734,196 (771) 126,179 1,859,604 Total of funds 1,899,101 59,412 {6,167) 126,179 2,078,525 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. Statement of funds - prior year Balance at 31 March 2023 Balance at l April 2022 Gains/ (Losses) Income Expenditure Unrestricted funds General Funds 156,257 51,473 (42,825) 164,905 Endowment funds Endowment 1, 809,543 (513) (74,834) 1, 734, 196 Total of funds 1, 965,800 51,473 (43,338) (74,834) 1,899,101 Page 13
THE HIGHAM FAMILY TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. Analysis of net assets between funds Analysis of net assets between funds - current period Endowment Unrestricted funds funds 2024 2024 Total funds 2024 Fixed asset investments Current assets Creditors due within one year 1,813,357 46,247 1,813,357 270,064 {4,896) 223,817 (4,896) Total 1,859,604 218,921 2,078,525 Analysis of net assets between funds - prior period Endowment Unrestricted funds funds 2023 2023 Total funds 2023 Fixed asset investments Current assets 1,688,307 45,889 1,688,307 213,749 (2,955) 167,860 (2,955) Creditors due within one year Total 1, 734, 196 164,905 1,899,101 12. Related party transactions There were no related party transactions during the year (2023.. None) Page 14