2024-03-31-accounts

Charity number: 1156496

Henry Oldfield Trust

Unaudited

Trustees' report and financial statements

for the year ended 31 March 2024

Henry Oldfield Trust

Contents

	Page
Reference and administrative details of the Charity, its Trustees and advisers	1
Trustees' report	2 - 4
Trustees' responsibilities statement	5
Independent examiner's report	6
Statement of financial activities	7
Balance sheet	8
Notes to the financial statements	9 - 19

Henry Oldfield Trust

Reference and administrative details of the Charity, its Trustees and advisers for the year ended 31 March 2024

Trustees

Richard John Oldfield, Chairman Amicia Kathryn Oldfield Leonora Rose Philipps Edward Oldfield Baroness Anne Jenkin Angie Fraser Oldfield (appointed, 18 December 2023)

Charity registered number

1156496

Principal office

Doddington Place Church Lane, Doddington Sittingbourne Kent ME9 0BB

Independent Examiner

Samantha Rouse FCCA DChA Kreston Reeves LLP Chartered Accountants 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 2024

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 financial statements of the Charity for the year from 1 April 2023 to 31 March 2024.

Objectives and activities

a. Policies and objectives

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

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.

b. Review of activities

Grants during the year were of £500k to The Prince’s Trust (now The King’s Trust), for their endowment fund, and of £250k to Maggie’s.

In the previous year the Trust’s grant of £960k was to support a new sixth form selective school in Oldham, one of three (the others being in Middlesborough and Dudley) in the process of creation as a result of a partnership between Star Academies and Eton College. Star Academies runs over 30 schools in the north of England and has an outstanding record of transformation. Oldham is among the most deprived areas in the country. The future of these selective schools is uncertain as a result of a review by the incoming Government.

The Trust has continued to support Amber Foundation which in 2021-22 received a grant from the Trust of £1.6m, 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.

Page 2

Henry Oldfield Trust

Trustees' report (continued) for the year ended 31 March 2024

Achievements and performance (continued)

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, Fine Cell Work, the Longford Trust, and the Prisoners Advice Service and in previous years Unlocked Graduates, Justice Defenders, and the Lambeth Trust (the Difference course). The Trust has also supported charities with mental health objectives, notably James’s Place and Samaritans.

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, including in the last year the National Gallery and the National Portrait Gallery’s acquisition of the Reynolds portrait of Mai, which will now travel around the country.

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. We receive an average of ten applications a week and are conscious that many of these go not only unsupported but unanswered. We ask, in order to reduce the amount of time wasted by charity applicants which we regret, that initial applications be limited to 500 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.

From time to time we have received applications by registered post, which is an unnecessary expense, and applications on which there is insufficient postage. We have also received applications addressed to other grantmaking trusts; and we frequently receive expensive glossy brochures. In general such applications will not be considered.

Applications should be by post, or by email to [e-mail], 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 2024 were £13,147,868 (2023 £13,876,598). 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 2024

c. Results for the year

The Charity has made a deficit for the 2023-24 financial year of £728,730, after gains on investments of £892,086 (this included foreign exchange gains/losses).

Income increased from £180,985 last year to £213,514, whilst expenditure increased, from £1,553,025 to £1,834,330.

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.

Plans for future periods

The Trustees will continue to support the aims and objectives of the Charity.

Following the death of Christopher Oldfield in 2022, the Trust will be changing its name to the Christopher and Henry Oldfield Trust. For the year ended 31 March 2024 the Trust operated under the name "Henry Oldfield Trust".

Page 4

Henry Oldfield Trust Statement of Trustees, responsibilities for the year ended 31 March 2024 The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance wrth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees lo 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 r8quir8d to= select suitable accounting policies and then apply them consistently-, observe the methods and principles of the Charities SORP (FRS 102); make judgements and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards IFRS 102) have been followed, subjed to any material departures disclosed and explained in the financial statements., prepare the financial 8tatements on the going concern basis unless it 1$ inappropriate to prè$ume that the Charity will continue in busin8SS. The Trustees are responsiblé for keeping adequat8 accounting récords that ar8 SLrfficiént to show and explain the Chariws transactions and disclos8 Wlth reasonable accuracy at any time the financial position of the Charty and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charty (Accounls 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. Approved by order of the members of the board of Trustees and signed on its behalf by.. Rlchard John Oldfield (Trustee) Date.. 4D£f Page 5

Henry Oldfield Trust

Independent examiner's report for the year ended 31 March 2024

Independent examiner's report to the Trustees of Henry Oldfield 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 you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) 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.

I understand that 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 2019.

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 that in any material respect:

1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in 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 I am required to state to them in an Independent examiner's 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: S M Rouse Dated: 31 January 2025 Samantha Rouse FCCA DChA

Kreston Reeves LLP Chartered Accountants Chatham Maritime

Page 6

Henry Oldfield Trust

Statement of financial activities for the year ended 31 March 2024

Note Income from: Donations and legacies 4 Investments 5 Total income Expenditure on: Charitable activities 7 Total expenditure Net expenditure before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2024 £ 2,760 210,754 213,514 1,834,330 1,834,330 (1,620,816) 892,086 (728,730) 13,876,598 (728,730) 13,147,868	Total funds 2024 £ 2,760 210,754 213,514 1,834,330 1,834,330 (1,620,816) 892,086 (728,730) 13,876,598 (728,730) 13,147,868	Total funds 2023 £ 675 180,310
			180,985 1,553,025
			1,553,025 (1,372,040) 278,792
			(1,093,248) 14,969,846 (1,093,248)
			13,876,598

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

The notes on pages 9 to 19 form part of these financial statements.

Page 7

Henry Oldfield Trust Balance sheet as at 31 March 2024 2024 2023 Note Fixed assets Investments Current assets 13,328,086 12,407,798 Cash at bank and in hand 345,772 1,472,610 345,772 1,472,610 Creditors.. amounts falling due within one year 10 {525,990) 13,810) Net current liabilitles l assets (180,218) 1,468,800 Total net assets 13,147,868 13,876,598 Charity funds Unrestricted funds 13,147,868 13,876,598 Total funds 13,147,868 13,876,598 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. ILJ Rlchard John Oldfleld Trustee Date.. Tr The notes on pages 9 to 19 fomi part of these financial statements. Page 8

Henry Oldfield Trust

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

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.

The financial statements are prepared in UK sterling, being the Charity's functional currency, and are rounded to the nearest pound.

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 9

Henry Oldfield Trust

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

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 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.

2.7 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.

2.8 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.

2.9 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.

2.10 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 10

Henry Oldfield Trust

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

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.

3. Critical accounting estimates and areas of judgement

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

Critical accounting estimates and assumptions:

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

Page 11

Henry Oldfield Trust

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

4. Income from donations and legacies

Unrestricted funds 2024 £ Donations 2,760 Total 2023 675 5. Investment income Unrestricted funds 2024 £ Investment income 210,754 Total 2023 180,310 6. Analysis of grants Grants to Institutions 2024 £ Grants 1,831,030 Total 2023 1,548,540	Total funds 2024 £ 2,760 675 Total funds 2024 £ 210,754 180,310 Total funds 2024 £ 1,831,030 1,548,540	Total funds 2023 £ 675
		Total funds 2023 £ 180,310
		Total funds 2023 £ 1,548,540

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Henry Oldfield Trust

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

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

6. Analysis of grants 10X10 Philanthropy Uk Ltd Abbey Physic Community Garden Action For Children Alaric Green Alexandra Rose Charity AMAR Foundation Barry & Martins Trust Blood Cancer UK British Museum Campaign Against Living Miserably Canterbury Cathedral Trust Canterbury Choral Society Canterbury Theatre And Festival Trust Catching Lives Centre For Social Justice Chefs In Schools Choirs Beating Time City year Uk Curley's Farm Demelza Hospice Care For Children De Paul International Doddington Church Emmaus Dover English Heritage Farms For City Children Feeding Britain Fine Cell Work Forum Network International Grocers Charity Highland 8 Island Environmental Foundation Home Start South West Kent James Centre James Place Jamie's Farm JWB Development KAA Intrepidus Trust Kenward Trust King's Rochester Lambeth Trust Longford Trust Carried forward

2024 2023 £ £ 10,000 20,000 5,000 13,500 5,000 25,000 1,000 10,000 2,650 5,000 750 5,000 750 4,780 5,000 10,000 25,000 50,000 50,000 20,000 10,000 19,000 5,000 50,000 2,500 2,500 25,000 10,000 25,000 10,000 35,000 5,000 5,000 10,000 5,000 10,000 50,000 25,000 5,000 10,000 11,000 160,000 10,000 12,500 6,500 502,750 284,680

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Henry Oldfield Trust

Notes to the financial statements For the year ended 31 March 202

6. Analysis of grants (continued)

Analysis of grants (continued)
		2024	2023
		£	£
	Brought forward	502,750	284,680
Maggie's Centres		250,000
MISST		2,000
National Gallery		100,000
National Gardens Scheme		5,000	5,000
National Portrait Gallery		50,000
One Small Thing			10,000
Onward			10,000
Parenting Circle		5,600
Princes Trust		500,000
Porchlight		10,000	10,000
Prisoners Advice Service		7,500
Refuge		15,000
Right To Succeed		5,000
Rochester Cathedral Trust		100,000	-
Royal Briitsh Legion Industries			62,000
Royal Horticultural Society		5,000	4,280
Samaritans		30,000
Save the Children (Turkey)			25,000
Sir John Soane's Museum		10,000	10,750
Spitalfields Crypt Trust		10,000
Spitalfields Music		7,000
Star Academies		75,000	960,000
Swale Boxing		1,000
The Amber Foundation			40,000
The Anglican Communion Fund		10,000
The Bike Project			10,000
The Canterbury Commemoration Society		5,000
The Cares Family		20,000
The Compassionate Friends		20,000
The Fore		30,000
The Forward Trust		25,000	-
The Lucy Faithfull Foundation		10,000
Turner Contemporary		1,830	1,830
Tutor The Nation			25,000
Unlocked Graduates			40,000
Unlocking Potential			25,000
Volunteering Matters			25,000
Wallace Collection		4,350
West Kent Debt Advice		10,000
Yashua Sohail		4,000
	Total	1,831,030	1,548,540

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Henry Oldfield Trust

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

7. Analysis of expenditure by activities

Charitable activities Total 2023	Grant funding of activities 2024 £ 1,831,030 1,548,540	Support costs 2024 £ 3,300 4,485	Total funds 2024 £ 1,834,330 1,553,025	Total funds 2023 £ 1,553,025

Analysis of support costs

Auditor's remuneration Independent Examination Bank charges Total 2023	Charitable activities 2024 £ - 2,400 900 3,300 4,485	Total funds 2024 £ - 2,400 900 3,300 4,485	Total funds 2023 £ 3,810 - 675
			4,485

8. 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).

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Henry Oldfield Trust

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

9. Fixed asset investments

Cost or valuation At 1 April 2023 Additions Revaluations At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 Investments at market value	Listed investments £ 12,407,798 28,202 892,086
	13,328,086
	13,328,086
	12,407,798

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 £10,291.116 (2023: £9,399,030) are held overseas with the remaining £3,036,970 (2023: £3,008,768) 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 £4,740,070 (2023: £4,105,090).

10. Creditors: Amounts falling due within one year

Accruals Grants accrued	2024 £ 3,990 522,000 525,990	2023 £ 3,810 - 3,810

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Henry Oldfield Trust

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

11. Statement of funds

Statement of funds - current year

					Balance at
	Balance at 1			Gains/	31 March
	April 2023	Income	Expenditure	(Losses)	2024
	£	£	£	£	£
Unrestricted funds
Unrestricted funds	13,876,598	213,514	(1,834,330)	892,086	13,147,868
Statement of funds - prior year
					Balance at
	Balance at			Gains/	31 March
	1 April 2022	Income	Expenditure	(Losses)	2023
	£	£	£	£	£
Unrestricted funds
Unrestricted funds	14,969,846	180,985	(1,553,025)	278,792	13,876,598

12. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted funds 2024 £ Fixed asset investments 13,328,086 Current assets 345,772 Creditors due within one year (525,990) Total 13,147,868	Total funds 2024 £ 13,328,086 345,772 (525,990)
	13,147,868

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Henry Oldfield Trust

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

12. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Fixed asset investments Current assets Creditors due within one year Total	Unrestricted funds 2023 £ 12,407,798 1,472,610 (3,810) 13,876,598	Total funds 2023 £ 12,407,798 1,472,610 (3,810) 13,876,598

13. Grant commitments

The Charity has pledged to make future grants totalling to £477,500 (2023: £639,600), following approval by the Board of Trustees.

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Henry Oldfield Trust

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

14. 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 2024 is £13,328,086 (2023: £12,407,798). Oldfield Partners receives no fee in respect of the Charity's investments in Overstone Fund PLC. As at 31 March 2024, there are no balances outstanding (2023: £Nil).

During the 2023/24 financial year, the Henry Oldfield Trust made a grant of £17,000 (2023: £5,000) to the Demelza Hospice Care for Children and Faversham Society, charities of which Richard Oldfield is the President. As at 31 March 2024, there are no balances outstanding (2023: £Nil).

During the 2023/24 financial year, the Henry Oldfield Trust made a grant of £200,000 (2023: £Nil) to the Rochester Cathedral Trust, a charity of which Richard Oldfield is a Trustee. As at 31 March 2024, there are no balances outstanding (2023: £Nil).

During the 2023/24 financial year, the Henry Oldfield Trust made a grant of £500,000 (2023: £Nil) to the Prince’s Trust, a charity of which Richard Oldfield is a Trustee. As at 31 March 2024, there are no balances outstanding (2023: £Nil).

During the 2023/24 financial year, the Henry Oldfield Trust made a grant of £5,600 (2023: £Nil) to The Parenting Circle, a charity of which Amica Oldfield is a Trustee. As at 31 March 2024, there are no balances outstanding (2023: £Nil).

During the 2023/24 financial year, the Henry Oldfield Trust made a grant of £Nil (2023: £40,000) to The Amber Foundation, a charity of which Richard Oldfield is a Trustee. As at 31 March 2024, there are no balances outstanding (2023: £Nil).

During the 2023/24 financial year, the Henry Oldfield Trust made a grant of £Nil (2023: £750) to the Canterbury Cathedral Trust Fund, a charity of which Richard Oldfield was a Trustee. As at 31 March 2024, there are no balances outstanding (2023: £Nil).

During the year the received cumulative donations of £453 from the Trustees (2023: £Nil).

There have been no other related party transactions in the current or prior reporting period.

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