**Charity number: 1156496** 

## **Henry Oldfield Trust** 

**Trustees' report and financial statements** 

**for the year ended 31 March 2022** 



**Henry Oldfield Trust** 

## **Contents** 

||Page|
|---|---|
|**Reference and administrative details of the Charity, its Trustees and advisers**|1|
|**Trustees' report**|2 - 5|
|**Independent auditor's report on the financial statements**|6 - 9|
|**Statement of financial activities**|10|
|**Balance sheet**|11|
|**Statement of cash flows**|12|
|**Notes to the financial statements**|13 - 24|





## **Henry Oldfield Trust** 

## **Reference and administrative details of the Charity, its Trustees and advisers for the year ended 31 March 2022** 

## **Trustees** 

Richard John Oldfield, Chairman Amicia Kathryn Oldfield Leonora Rose Philipps Christopher Oldfield (deceased 9 July 2022) Edward Oldfield Anne Caroline, Baroness Jenkin 

## **Charity registered number** 

1156496 

## **Principal office** 

Doddington Place Church Lane, Doddington Sittingbourne Kent ME9 0BB 

## **Independent auditor** 

Kreston Reeves LLP Chartered Accountants Statutory Auditor Montague Place Quayside Chatham Maritime Chatham Kent ME4 4QU 

## **Bankers** 

Coutts and Co 440 Strand London WC2R 0QS 

Page 1 



## **Henry Oldfield Trust** 

## **Trustees' report for the year ended 31 March 2022** 

The Charity is named in memory of Henry Oldfield, who was born on 25th September 1991 and died on 25th April 2017. 

The Trustees present their annual report together with the audited financial statements of the Charity for the year from 1 April 2021 to 31 March 2022. 

## **Objectives and activities** 

## **a. Policies and objectives** 

The objective of the Trust is to make grants and awards to individuals, charitable organisations, whether registered, excepted or exempt, and other not-for-profit organisations for the benefit of the community. 

The Trustees' policies are: 

a) to make grants to national and local charities, and exceptionally to individuals whose circumstances, having been investigated and considered by the Trustees, represent a deserving cause. 

b) to make such grants out of capital funds as permitted by the Trust Deed when that is necessary in order to support deserving causes. 

c) to invest with a view to achieving long term growth of capital and income in order to maximise the Trustees’ ability to make substantial charitable donations in future years in furtherance of the Trust’s objective. 

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)'. 

## **Achievements and performance** 

## **a. Key performance indicators** 

The key financial performance indicators for the Charity are the quantum of donations made and the value of the investment portfolio. 

Page 2 



**Henry Oldfield Trust** 

**Trustees' report (continued) for the year ended 31 March 2022** 

## **Achievements and performance (continued)** 

## **b. Review of activities** 

The Trust’s largest grant made during the year was to Amber Foundation, to enable this charity to purchase a building in Kennington, Ashford.  Amber now has four houses in England in which it provides accommodation (up to twenty-five in each house) to young people who are homeless or in crisis, many of them addicts in recovery and some who have been on the wrong side of the law.  The average length of stay is six months and Amber aims that, on leaving, these young people should have accommodation and have a job or be in training for employment.  Its record of outcomes is very good. 

The Trust has over the year supported a number of prison-related charities where the objective is to reduce reoffending.  Such charities include Choirs Beating Time, the Longford Trust, Unlocked Graduates, Justice Defenders, and the Lambeth Trust (the Difference course). 

Although not amounting to a large proportion of the Trust’s grant-making, one of the most rewarding activities has been in making grants to institutions for bursaries and other means of support, where the effect of the grant can be seriously transforming.  Over the years the Trust has provided such grants for the benefit of individuals, generally from financially deprived backgrounds, at the Kent & Medway Medical School (three bursaries), Eton College (one, where the recipient is now a teacher), Gordonstoun School (one), King’s School Rochester (two, both Ukrainians), the Community of St Anselm at Lambeth Palace (one), Guildhall School of Music and Drama (one), and New College Oxford (one). 

The Trust has also supported a number of heritage projects where there is an evident community aspect. 

The Trust has no employees and no administrative costs other than the fee to its auditors.  The Trustees meet three or four times a year to consider applications.  This report and previous years’ reports contain full details of grantees.  We receive an average of ten applications a week and are conscious that many of these go not only unsupported but unanswered.  We therefore ask, in order to reduce the amount of time wasted by charity applicants which we regret, that initial applications be limited to 250 words which should include (though not necessarily be limited to) details of the charity and, if specified, project to be funded, its relevance in terms of benefit to the community or to a particular cohort of people, the total income and expenses of the charity in the most recent year, and the total of unrestricted funds.  Applications should be by post, and we regret that we will not always respond.  A successful applicant, or one from whom the Trustees might ask for more information by email, can expect to hear from us within three months. 

## **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 Charity's reserves. at 31 March 2022. were £14,969,846 (2021: £15,764,975).  The reserves are all unrestricted and held to meet its charitable objectives referred to above. 

Page 3 



## **Henry Oldfield Trust** 

## **Trustees' report (continued) for the year ended 31 March 2022** 

## **c. Results for the year** 

The Charity has made a deficit for the 2021/22 financial year of £795,129, after gains on investments of £526,072 (this included foreign exchange gains/losses).  This has decreased the level of reserves held from £15,764,975 to £14,969,846. 

Income increased from £1,027,498 in the comparative period, to £1,316,195 this year, whilst expenditure also increased, from £1,619,991 to £2,637,396. 

## **Structure, governance and management** 

## **a. Constitution** 

The Charity is constituted by a Trust Deed dated 26 March 2014.  It was registered as a charity on 2 April 2014 under the number 1156496. 

The Charity changed its name from Oldfield Charitable Trust in December 2017. 

## **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 Trust Deed. 

The Trustees of the Charity are set out on page 1 of the accounts.  New Trustees are recommended by members of the Board of Trustees and agreed at a meeting of Trustees. 

## **c. Organisational structure and decision-making policies** 

The Charity is managed by the Trustees and the Trust Deed gives wide investment powers. 

## **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 major risk affecting the Charity is potential volatility in the stock market. 

## **e. Public benefit** 

The Trustees, having regard to Public Benefit guidance published by the Charity Commission in accordance with section 17 of the Charities Act 2011, consider that the purpose and activities of the Charity satisfy the requirements of the public benefit test set out in section 4 of the same act.  Grants made are to improve the quality of life of people and communities in need. 

## **f. Information on fundraising practices** 

The Charity has no fundraising activities. 

## **Plans for future periods** 

The Trustees will continue to support the aims and objectives of the Charity with the long-term goal to increase charitable donations in future years. 

Page 4 



## **Henry Oldfield Trust** 

## **Trustees' report (continued) for the year ended 31 March 2022** 

## **Statement of Trustees' responsibilities** 

The Trustees 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). 

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial  which give a true and fair view of the state of affairs of the Charity and of its income 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 (FRS 102); 

- make judgments and accounting estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards (FRS 102) 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 Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed.  They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

## **Disclosure of information to auditor** 

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

- so far as that Trustee is aware, there is no relevant audit information of which the Charity's auditor is unaware, and 

- that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the Charity's auditor is aware of that information. 

## **Auditor** 

The auditor, Kreston Reeves LLP, has indicated his willingness to continue in office.  The designated Trustees will propose a motion reappointing the auditor at a meeting of the Trustees. 

Approved by order of the members of the Board of Trustees on                                                          and signed on their behalf by: 

**Richard John Oldfield** Trustee 

**Amicia Kathryn Oldfield** Trustee 

Page 5 



## **Henry Oldfield Trust** 

## **Independent auditor's report to the Members of Henry Oldfield Trust** 

## **Opinion** 

We have audited the financial statements of Henry Oldfield Trust (the 'Charity') for the year ended 31 March 2022 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). 

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. 

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. 

## In our opinion the financial statements: 

- give a true and fair view of the state of the Charity's affairs as at 31 March 2022 and of its incoming resources and application of resources for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **Basis for opinion** 

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

## **Conclusions relating to going concern** 

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

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

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

Page 6 



**Henry Oldfield Trust** 

## **Independent auditor's report to the Members of Henry Oldfield Trust (continued)** 

## **Other information** 

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

We have nothing to report in this regard. 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: 

- the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the Directors of the Charitable Company for the purposes of company law) are responsible for the preparation of the financial statements and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

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

## **Auditor's responsibilities for the audit of the financial statements** 

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

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

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

Page 7 



**Henry Oldfield Trust** 

## **Independent auditor's report to the Members of Henry Oldfield Trust (continued)** 

## Capability of the audit in detecting irregularities, including fraud 

Based on our understanding of the charity and the sector as a whole, and through discussion with the Trustees and other management (as required by auditing standards), we identified that the principal risks of noncompliance with laws and regulations related to safeguarding, health and safety and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities SORP (FRS 102) Second Edition (released October 2019), and taxation legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of noncompliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the engagement team included: 

- Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud; and 

- Assessment of identified fraud risk factors; and 

- Challenging assumptions and judgements made by management in its significant accounting estimates; and 

- Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and 

- Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and 

- Reading minutes of meetings of those charged with governance; and 

- Review of significant and unusual transactions; and 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: 

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Charity's internal control. 

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees. 

- Conclude on the appropriateness of the Trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in my Auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of my Auditor's report. However, future events or conditions may cause the Charity to cease to continue as a going concern. 

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 

Page 8 



**Henry Oldfield Trust** 

## **Independent auditor's report to the Members of Henry Oldfield Trust (continued)** 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 

## **Use of our report** 

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. Our audit work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and its Trustees, as a body, for our audit work, for this report, or for the opinions we have formed. 

**Kreston Reeves LLP** Chartered Accountants Statutory Auditor Chatham Maritime 

Date: 

Kreston Reeves LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. 

Page 9 



## **Henry Oldfield Trust** 

## **Statement of financial activities for the year ended 31 March 2022** 

|**Note**<br>**Income from:**<br>Donations and legacies<br>3<br>Investments<br>4<br>**Total income**<br>**Expenditure on:**<br>Charitable activities<br>6<br>**Total expenditure**<br>**Net expenditure before net gains on investments**<br>Net gains on investments<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought forward<br>Net movement in funds<br>**Total funds carried forward**|**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>**1,135,450**<br>**180,745**<br>**1,316,195**<br>**2,637,396**<br>**2,637,396**<br>**(1,321,201)**<br>**526,072**<br>**(795,129)**<br>**15,764,975**<br>**(795,129)**<br>**14,969,846**|**Total**<br>**funds**<br>**2022**<br>**£**<br>**1,135,450**<br>**180,745**<br>**1,316,195**<br>**2,637,396**<br>**2,637,396**<br>**(1,321,201)**<br>**526,072**<br>**(795,129)**<br>**15,764,975**<br>**(795,129)**<br>**14,969,846**|As restated<br>Total<br>funds<br>2021<br>£<br>879,200<br>148,298|
|---|---|---|---|
||||1,027,498<br>1,619,991|
||||1,619,991<br>(592,493)<br>4,947,732|
||||4,355,239<br>11,409,736<br>4,355,239|
||||15,764,975|



The Statement of financial activities includes all gains and losses recognised in the year. 

The notes on pages 13 to 24 form part of these financial statements. 

Page 10 



## **Henry Oldfield Trust** 

## **Balance sheet as at 31 March 2022** 

|**Note**<br>**Fixed assets**<br>Investments<br>8<br>**Current assets**<br>Debtors<br>9<br>Cash at bank and in hand<br>Creditors: amounts falling due within one<br>year<br>10<br>**Net current assets**<br>**Total assets less current liabilities**<br>**Total net assets**<br>**Charity funds**<br>Unrestricted funds<br>11<br>**Total funds**|**33,396**<br>**2,646,142**<br>**2,679,538**<br>**(3,462)**|**2022**<br>**£**<br>**12,293,770**<br>**2,676,076**<br>**14,969,846**<br>**14,969,846**<br>**14,969,846**<br>**14,969,846**|17,924<br>19,358<br>37,282<br>(3,300)|2021<br>£<br>15,730,993<br>33,982|
|---|---|---|---|---|
|||||15,764,975|
||||||
|||||15,764,975|
|||||15,764,975|
||||||
|||||15,764,975|



The financial statements were approved and authorised for issue by the Trustees on _________________________________________________ and signed on their behalf by: 

**Richard John Oldfield** Trustee 

**Amicia Kathryn Oldfield** Trustee 

The notes on pages 13 to 24 form part of these financial statements. 

Page 11 



## **Henry Oldfield Trust** 

## **Statement of cash flows for the year ended 31 March 2022** 

|**Cash flows from operating activities**<br>Net cash used in operating activities<br>**Cash flows from investing activities**<br>Dividends, interests and rents from investments<br>Proceeds from sale of investments<br>Purchase of investments<br>**Net cash provided by investing activities**<br>**Change in cash and cash equivalents in the year**<br>Cash and cash equivalents at the beginning of the year<br>**Cash and cash equivalents at the end of the year**<br>The notes on pages 13 to 24 form part of these financial statements|**2022**<br>**£**<br>**(1,517,256)**<br>**180,745**<br>**3,999,980**<br>**(36,685)**<br>**4,144,040**<br>**2,626,784**<br>**19,358**<br>**2,646,142**|As restated<br>2021<br>£<br>(722,475)|
|---|---|---|
|||148,298<br>-<br>(35,358)|
|||**112,940**|
|||**(609,535)**<br>628,893|
|||19,358|



Page 12 



**Henry Oldfield Trust** 

## **Notes to the financial statements for the year ended 31 March 2022** 

## **1. General information** 

Henry Oldfield Trust is an unincorporated charity with the charity registration number 1156496.  The address of the registered office is Doddington Place, Church Lane, Doddington, Kent, ME9 0BB.  The main object of the Trust is to make grants and awards to individuals, charitable organisations, whether registered, excepted or exempt, and other not-for-profit organisations for the benefit of the community. 

## **2. Accounting policies** 

## **2.1 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 Charities Act 2011. 

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. 

Henry Oldfield 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. 

## **2.2 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. 

## **2.3 Going concern** 

The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern.  The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements. 

## **2.4 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. 

Page 13 



**Henry Oldfield Trust** 

## **Notes to the financial statements for the year ended 31 March 2022** 

## **2. Accounting policies (continued)** 

## **2.5 Expenditure** 

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. 

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs and governance costs. 

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. 

## **2.6 Foreign currencies** 

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date. 

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. 

Exchange gains and losses are recognised in the Statement of financial activities. 

## **2.7 Taxation** 

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 

## **2.8 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. 

## **2.9 Debtors** 

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

## **2.10 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. 

Page 14 



**Henry Oldfield Trust** 

## **Notes to the financial statements for the year ended 31 March 2022** 

## **2. Accounting policies (continued)** 

## **2.11 Liabilities and provisions** 

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

Liabilities are recognised at the amount that the 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. 

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

## **2.12 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. 

Page 15 



**Henry Oldfield Trust** 

## **Notes to the financial statements for the year ended 31 March 2022** 

## **3. Income from donations and legacies** 

|Donations<br>Total 2021 as restated<br>**4.**<br>**Investment income**<br><br>Investment income<br>Total 2021<br>**5.**<br>**Analysis of grants**<br>Grants<br>Total 2021|**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>1,135,450<br>879,200<br>**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>180,745<br>148,298<br>**Grants to**<br>**Institutions**<br>**2022**<br>**£**<br>2,633,034<br>1,615,791|**Total**<br>**funds**<br>**2022**<br>**£**<br>**1,135,450**<br>879,200<br>**Total**<br>**funds**<br>**2022**<br>**£**<br>**180,745**<br>148,298<br>**Total**<br>**funds**<br>**2022**<br>**£**<br>**2,633,034**<br>1,615,791|As restated<br>Total<br>funds<br>2021<br>£<br>879,200|
|---|---|---|---|
||||Total<br>funds<br>2021<br>£<br>148,298|
||||Total<br>funds<br>2021<br>£<br>1,615,791|
|||||



Page 16 



## **Henry Oldfield Trust** 

## **Notes to the financial statements For the year ended 31 March 2022** 

The Charity has made the following material grants to institutions during the year: 

## **5. Analysis of grants** 

|A Foundation<br>AMAR Foundation<br>Anglican Communion Fund<br>Barnado's<br>Barry and Martin's Trust<br>Barts Heritage<br>Beating Time<br>Big Issue Foundation<br>British Museum<br>Brown and Co<br>Calm Campaign Against Living Miserably<br>Capital Kids Cricket<br>Cares Family<br>Charities Aid Foundation (CAF)<br>Childhood First<br>Choirs Beating Time<br>Church Homeless Trust<br>Classics for All<br>CleanUp UK<br>Community of St Anselm<br>DAAR Charitable Foundation<br>Dandelion Time<br>DePaul International<br>Disabled Sailors Association<br>Doddington Church<br>Dulwich Picture Gallery<br>Ellenor Lions Hospices<br>Emmaus<br>Eton College<br>Faversham Municipal Charities 2010<br>Faversham Swimming Pools Management Committee Ltd<br>Fegans<br>Fine Cell Work<br>Finito Education Ltd<br>Greenbanks Care Trust<br>Growing Well<br>Guildhall School of Music<br>Carried forward|**2022**<br>2021<br>**£**<br>£<br>**50,000**<br>-<br>**25,000**<br>-<br>**25,000**<br>20,000<br>**5,000**<br>-<br>**-**<br>2,000<br>**-**<br>52,700<br>**-**<br>55,500<br>**-**<br>10,000<br>**13,000**<br>3,000<br>**2,700**<br>-<br>**-**<br>2,000<br>**-**<br>10,000<br>**-**<br>50,000<br>**-**<br>50,000<br>**5,000**<br>-<br>**50,000**<br>**-**<br>5,000<br>**-**<br>5,000<br>**5,000**<br>-<br>**1,500**<br>-<br>**77,034**<br>-<br>**-**<br>10,000<br>**25,000**<br>10,000<br>**5,000**<br>-<br>**2,500**<br>2,500<br>**-**<br>4,220<br>**-**<br>10,000<br>**-**<br>10,000<br>**-**<br>100,000<br>**-**<br>5,000<br>**-**<br>2,000<br>**-**<br>5,000<br>**2,500**<br>-<br>**-**<br>5,000<br>**-**<br>2,000<br>**5,000**<br>-<br>**9,250**<br>9,250<br> <br>**308,484**<br>440,170|
|---|---|



Page 17 



## **Henry Oldfield Trust** 

## **Notes to the financial statements For the year ended 31 March 2022** 

## **5. Analysis of grants (continued)** 

|Brought forward<br>Heart of Kent Hospice<br>Hill 112 Foundation<br>Hypo Hounds<br>Invicta Academy<br>Irene Taylor Trust<br>Justice Defenders<br>Kent Community Foundation<br>Kent Creative<br>Kent Together<br>King's Rochester<br>Lambeth Trust<br>Legatum Institute<br>London Music Fund<br>Maidstone Churches Winter Shelter<br>Mike Campbell Foundation<br>Murston All Saints Trust<br>Mvule Trust<br>National Bereavement Partnership<br>National Care Association<br>National Theatre<br>New Philanthropy Capital<br>Onward<br>Other<br>Primal Roots<br>Porchlight<br>Prisoners Advice Service<br>Produced in Kent (Foodloop)<br>QEST<br>Relate Medway and North Kent<br>Reprieve<br>Restless Development<br>Resurface Behavioural Health Ltd<br>Rochester Cathedral Trust<br>Rose Paterson Trust<br>Royal Brompton<br>Royal Horticultural Society<br>Royal Marsdens Cancer Charity<br>Samaritans<br>Carried forward|**2022**<br>2021<br>**£**<br>£<br> <br>**308,484**<br>440,170<br>**-**<br>10,000<br>**-**<br>2,000<br>**5,000**<br>-<br>**19,000**<br>92,810<br>**-**<br>5,000<br>**50,000**<br>70,000<br>**25,000**<br>152,500<br>**4,000**<br>-<br>**-**<br>25,000<br>**160,000**<br>-<br>**-**<br>23,000<br>**-**<br>5,000<br>**5,000**<br>-<br>**-**<br>5,000<br>**-**<br>5,000<br>**-**<br>50,000<br>**1,000**<br>-<br>**-**<br>10,000<br>**-**<br>10,000<br>**15,000**<br>-<br>**-**<br>10,000<br>**7,500**<br>-<br>**-**<br>1,000<br>**30,000**<br>-<br>**-**<br>22,000<br>**-**<br>7,500<br>**2,000**<br>-<br>**-**<br>50,000<br>**2,000**<br>5,000<br>**-**<br>25,000<br>**-**<br>5,000<br>**1,950**<br>2,300<br>**2,820**<br>-<br>**5,000**<br>-<br>**-**<br>1,000<br>**4,280**<br>4,280<br>**40,000**<br>175,000<br>**-**<br>5,000<br> <br>**688,034**<br>1,218,560|
|---|---|



Page 18 



## **Henry Oldfield Trust** 

## **Notes to the financial statements For the year ended 31 March 2022** 

## **5. Analysis of grants (continued)** 

|**Analysis of grants (continued)**||||
|---|---|---|---|
|||**2022**|2021|
|||**£**|£|
||Brought forward|**688,034**|1,218,560|
|Sarcoma UK||**5,000**|-|
|Save Britain's Heritage||**1,000**|-|
|Save The Children (UK)||**100,000**|-|
|Sheppey Food Bank||**-**|5,000|
|Shift||**25,000**|-|
|Sir John Soanes Museum||**1,500**|1,500|
|Skateistan||**5,000**|-|
|Speakers for Schools||**-**|10,000|
|Spitalfields Music||**-**|5,000|
|St Barts Hospital||**3,000**|-|
|Symi Music Festival||**-**|500|
|Thanet Education||**-**|4,800|
|The Amber Foundation||**1,650,000**|25,000|
|The Archbishop of York Youth Trust||**-**|8,031|
|The Bulldog Trust Ltd||**-**|15,000|
|The Charlie Waller Memorial Trust||**-**|10,000|
|The Compassionate Friends||**-**|5,000|
|The David Parr House||**-**|6,000|
|The Difference||**-**|9,000|
|The Forward Trust||**25,000**|-|
|The Kenward Trust||**-**|2,500|
|The KM Charity||**5,000**|-|
|The Musique Cordiale Trust||**2,500**|-|
|The National Gallery Trust||**-**|2,900|
|The Octopus Foundation||**-**|5,000|
|The Prince's Trust||**-**|25,000|
|The Royal Cinema||**-**|2,000|
|The Young Lives Foundation||**-**|25,000|
|Think Forward||**-**|50,000|
|Together Kent||**2,000**|-|
|Turquoise Mountain||**5,000**|-|
|Tutor The Nation||**25,000**|25,000|
|UCLH Charity||**-**|5,000|
|University of Kent||**-**|125,000|
|Unlocked Graduates||**40,000**|25,000|
|Unlocking Potential||**25,000**|-|
|Volunteering Matters||**25,000**|-|
||Total|**2,633,034**|1,615,791|



Page 19 



## **Henry Oldfield Trust** 

## **Notes to the financial statements for the year ended 31 March 2022** 

## **6. Analysis of expenditure by activities** 

|Charitable activities<br>Total 2021|**Grant**<br>**funding of**<br>**activities**<br>**2022**<br>**£**<br>2,633,034<br>1,615,791|**Support**<br>**costs**<br>**2022**<br>**£**<br>4,362<br>4,200|**Total**<br>**funds**<br>**2022**<br>**£**<br>**2,637,396**<br>1,619,991|Total<br>funds<br>2021<br>£<br>1,619,991|
|---|---|---|---|---|
||||||



## **Analysis of support costs** 

|Auditor's remuneration<br>Bank charges<br>Total 2021 as restated|**Charitable**<br>**activities**<br>**2022**<br>**£**<br>3,462<br>900<br>4,362<br>4,200|**Total**<br>**funds**<br>**2022**<br>**£**<br>**3,462**<br>**900**<br>**4,362**<br>4,200|As restated<br>Total<br>funds<br>2021<br>£<br>3,300<br>900|
|---|---|---|---|
||||4,200|
|||||



## **7. Trustees' remuneration and expenses** 

During the year, no Trustees received any remuneration or other benefits (2021 - £NIL). 

During the year ended 31 March 2022, no Trustee expenses have been incurred (2021 - £NIL). 

Page 20 



## **Henry Oldfield Trust** 

## **Notes to the financial statements for the year ended 31 March 2022** 

## **8. Fixed asset investments** 

|**Cost or valuation**<br>At 1 April 2021<br>Additions<br>Disposals<br>Revaluations<br>At 31 March 2022<br>**Net book value**<br>At 31 March 2022<br>At 31 March 2021|**Listed**<br>**investments**<br>**£**<br>**15,730,993**<br>**36,685**<br>**(3,790,046)**<br>**316,138**|
|---|---|
||**12,293,770**|
||**12,293,770**|
||15,730,993|



## **Investments at market value** 

All of the investments held at the Balance Sheet date are held in the form of listed investments. 

Of the total listed investments held at the Balance Sheet date £9,399,074 (2021: £12,714,320) are held overseas with the remaining £2,894,696 (2021: £3,016,673) held in the UK. 

## **Material investments** 

As at the Balance Sheet date, investments included 29,798 B Class units in Overstone Global Ex US Equity Fund, valued at £4,215,962 (2021: 60,066 B Class units in Overstone Global Ex US Equity Fund, valued at £7,521,240). 

## **9. Debtors** 

|**Due within one year**<br>Accrued income|**2022**<br>**£**<br>**33,396**<br>**33,396**|2021<br>£<br>17,924|
|---|---|---|
|||17,924|



## **10. Creditors: Amounts falling due within one year** 

||**2022**|2021|
|---|---|---|
||**£**|£|
|Accruals|**3,462**|3,300|



Page 21 



**Henry Oldfield Trust** 

## **Notes to the financial statements for the year ended 31 March 2022** 

## **11. Statement of funds** 

## **Statement of funds - current year** 

||||||**Balance at**|
|---|---|---|---|---|---|
||**Balance at 1**|||**Gains/**|**31 March**|
||**April 2021**|**Income**|**Expenditure**|**(Losses)**|**2022**|
||**£**|**£**|**£**|**£**|**£**|
|**Unrestricted funds**||||||
|Unrestricted funds|**15,764,975**|**1,316,195**|**(2,637,396)**|**526,072**|**14,969,846**|
|**Statement of funds - prior year**||||||
||||||Balance at|
||Balance at|As restated|As restated|Gains/|31 March|
||1 April 2020|Income|Expenditure|(Losses)|2021|
||£|£|£|£|£|
|**Unrestricted funds**||||||
|Unrestricted funds|11,409,736|1,027,498|(1,619,991)|4,947,732|15,764,975|



## **12. Analysis of net assets between funds** 

## **Analysis of net assets between funds - current year** 

|Fixed asset investments<br>Current assets<br>Creditors due within one year<br>**Total**|**Unrestricted**<br>**funds**<br>**2022**<br>**£**<br>12,293,770<br>2,679,538<br>(3,462)<br>14,969,846|**Total**<br>**funds**<br>**2022**<br>**£**<br>**12,293,770**<br>**2,679,538**<br>**(3,462)**|
|---|---|---|
|||**14,969,846**|



Page 22 



**Henry Oldfield Trust** 

## **Notes to the financial statements for the year ended 31 March 2022** 

## **12. Analysis of net assets between funds (continued)** 

## **Analysis of net assets between funds - prior year** 

|Fixed asset investments<br>Current assets<br>Creditors due within one year<br>**Total**|Unrestricted<br>funds<br>2021<br>£<br>15,730,993<br>37,282<br>(3,300)<br>15,764,975|Total<br>funds<br>2021<br>£<br>15,730,993<br>37,282<br>(3,300)|
|---|---|---|
|||15,764,975|



## **13. Reconciliation of net movement in funds to net cash flow from operating activities** 

|Net income/expenditure for the year (as per Statement of Financial<br>Activities)<br>**Adjustments for:**<br>Losses on investments<br>Dividends, interests and rents from investments<br>Decrease/(increase) in debtors<br>Increase in creditors<br>**Net cash used in operating activities**|**2022**<br>**£**<br>**(795,129)**<br>**(526,072)**<br>**(180,745)**<br>**(15,472)**<br>**162**<br>**(1,517,256)**|As restated<br>2021<br>£<br>4,355,239<br>(4,947,732)<br>(148,298)<br>18,316<br>-|
|---|---|---|
|||(722,475)|



## **14. Analysis of cash and cash equivalents** 

|Cash in hand<br>**Total cash and cash equivalents**|**2022**<br>**£**<br>**2,646,142**<br>**2,646,142**|2021<br>£<br>19,358|
|---|---|---|
|||19,358|



Page 23 



**Henry Oldfield Trust** 

## **Notes to the financial statements for the year ended 31 March 2022** 

## **15. Analysis of changes in net debt** 

|Cash at bank and in hand|**At 1 April**<br>**2021**<br>**£**<br>**19,358**<br>**19,358**|**Cash flows**<br>**£**<br>**2,626,784**<br>**2,626,784**|**At 31 March**<br>**2022**<br>**£**<br>**2,646,142**|
|---|---|---|---|
||||**2,646,142**|



## **16. Grant commitments** 

The Charity has pledged to make future grants totalling to £105,500 (2021: £2,092,900), following approval by the Board of Trustees. 

## **17. Related party transactions** 

Richard Oldfield is a partner of Oldfield Partners, investment managers, who manage the Overstone Fund plc sub-funds in which the Charity has invested.  The closing value of these investments as at 31 March 2022 is £12,293,770 (2021: £15,730,993).  Oldfield Partners receives no fee in respect of the Charity's investments in Overstone Fund plc.  As at 31 March 2022, there are no balances outstanding (2021: £Nil). 

During the 2021/22 financial year, the Henry Oldfield Trust made a grant of £1,650,000 (2021: £25,000) to The Amber Foundation, a charity of which Richard Oldfield is a Trustee.  As at 31 March 2022, there are no balances outstanding (2021: £Nil). 

During the 2021/22 financial year, the Henry Oldfield Trust made a grant of £2,820 (2021: £Nil) to the Rochester Cathedral Trust, a charity of which Richard Oldfield is a Trustee.  As at 31 March 2022, there are no balances outstanding (2021: £Nil). 

During the 2021/22 financial year, the Henry Oldfield Trust made a grant of £40,000 (2021: £175,000) to the Royal Marsden Cancer Charity, a charity of which Richard Oldfield is a Trustee.  As at 31 March 2022, there are no balances outstanding (2021: £Nil). 

During the year the Charity received donations from the Trustees totalling £1,134,550 (2021: £878,300). 

Page 24