DocuSign Envelope ID: 80C07820-C621-4338-B44F-F9B2189CE4C9
COMPANY REGISTRATION NUMBER: 09347790 CHARITY REGISTRATION NUMBER: 1160394
Mrs D M France-Hayhurst Foundation Company Limited by Guarantee Financial Statements
30 March 2021
UHY HACKER YOUNG
Chartered Accountants & statutory auditor St John's Chambers Love Street Chester Cheshire CH1 1QN
DocuSign Envelope ID: 80C07820-C621-4338-B44F-F9B2189CE4C9
Mrs D M France-Hayhurst Foundation
Company Limited by Guarantee
Financial Statements
Period ended 30 March 2021
| Page | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1-6 |
| Independent auditor's report to the members | 7-10 |
| Statement of financial activities (including income and expenditure | |
| account) | 11 |
| Statement of financial position | 12 |
| Statement of cash flows | 13 |
| Notes to the financial statements | 14-22 |
DocuSign Envelope ID: 80C07820-C621-4338-B44F-F9B2189CE4C9
Mrs D M France-Hayhurst Foundation
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Period ended 30 March 2021
The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the Charity for the period ended 30 March 2021.
Reference and administrative details
Registered charity name Mrs D M France-Hayhurst Foundation
Charity registration number 1160394
Company registration number 09347790 Principal office and registered c/o Charles Russell Speechlys office Compass House Lypiatt Road Cheltenham Gloucestershire GL50 2QJ The trustees Mr A M Wright Mrs J Shearer Mr P J P Hunter Mr C G Henretty Mr P R Posnett Ms P A Sanders Investment adviser Investec PLC, 2 Gresham Street, London, EC2 7QR Solicitors Charles Russell Speechlys LLP, Compass House, Lypiatt Road, Cheltenham, GL50 2QJ Auditor UHY Hacker Young, Chartered Accountants & Statutory Auditor, St John's Chambers, Love Street, Chester, CH1 1QN Bankers Handelsbanken, 1st Floor, Quayside, Wilderspool Business Park Stockton Heath, Warrington, WA4 6HL Property Manager Fisher German LLP, 4 Vicars Lane, Chester, CH1 1QU
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DocuSign Envelope ID: 80C07820-C621-4338-B44F-F9B2189CE4C9
Mrs D M France-Hayhurst Foundation
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Period ended 30 March 2021
Structure, governance and management
Mrs D M France-Hayhurst Charitable Trust (the "Trust") was established by the Will of Dinah Mary France-Hayhurst dated 17 June 2003 and proved on 30 April 2004.
During the year ended 31 March 2015, the Trustees of the Trust decided that it would be in the best interests of the Trust for the Trust to be incorporated by way of a transfer of the assets and liabilities of the Trust to a new charitable company established for this purpose. The transfer to the Charity from the Trust was completed on 1 April 2015.
The Charity is governed by Articles of Association. Under the Articles of Association new Trustees are appointed by resolution of the Trustees. The Articles of Association provide that there shall be a minimum of three Trustees.
When a new Trustee is appointed, he or she is provided with a copy of the key documents and an introduction to the work of the Charity. He or she is provided with the information he or she needs to fulfil his or her role as a Trustee.
The legal advisers to the Charity keep the Trustees informed of relevant changes in charity law and governance.
The Trustees keep under review the major operational and strategic risks the Charity faces and are satisfied that systems have been established to minimise the possible effects of such risks on the Charity.
The Trustees are responsible for the overall management of the Charity, holding regular full Trustees meetings at least on a quarterly basis to oversee the management of the Charity and of its investments, as well as to review grant applications made to the Charity.
The Charity holds considerable amounts of investment property on the Bostock Estate in Cheshire, the income from which enables the Charity to serve its grant-making purpose. Day to day management is dealt with by Richard Baker, at Fisher German Chartered Surveyors, this being overseen by the Trustees in their meetings.
In between trustee meetings, Chris Henretty, Peter Hunter and Philip Posnett meet with Fisher German on a monthly basis to discuss day to day matters relating to the management of the investment properties.
The financial investments held by the Charity are managed by Investec. This is again reviewed by the Trustees on a regular basis in meetings.
Day to day administration of the Charity is carried out by the legal advisers to the Charity, being Charles Russell Speechlys LLP. Again, this is reviewed by the Trustees on at least a quarterly basis.
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DocuSign Envelope ID: 80C07820-C621-4338-B44F-F9B2189CE4C9
Mrs D M France-Hayhurst Foundation
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Period ended 30 March 2021
All of the Trustees give their time freely and no trustee remuneration was paid in the year. Details of trustee expenses are disclosed in note 12 to the accounts. Trustees are required to disclose any relevant interest and to include details in a Register of Interests. A conflict of interest policy is in place that requires Trustees to withdraw from the decision making process if a conflict of interest arises.
Objectives and activities
The objects of the Charity are to support such charitable purposes and to make donations to such charitable institutions at such time and in such manner as the Trustees shall think fit. The Trustees confirm that they have paid due regard to the Charity Commission's guidance on public benefit in deciding what activities the Charity should undertake in furtherance of the objects of the Charity.
The Charity has carried out its objects during the year for the public benefit by making grants to a number of registered charities. In the light of the impact of the Covid-19 pandemic, the Trustees modified the Charity’s grant-making policy temporarily during the course of this financial year to make a number of grants to support ongoing charitable activities to help charities to continue to operate whilst other income sources such as events and charity shops were disrupted. The Trustees intend to revert to making grants primarily for project costs and capital expenditure but this will depend on the ongoing impact of the pandemic. The Trustees have been focusing on making grants to charities concerned with animal welfare and charities that help people in need or that further educational projects through interaction with animals. The Trustees consider this to be appropriate, taking into account the letter of wishes left by Mrs France-Hayhurst with her Will.
The Charity's website assists in explaining to potential grant applicants the objects of the Charity and the grant-making process. The application form can be accessed from the Charity's website.
The Trustees have established a grant-making policy for the Charity, which is available on the Charity's website. This policy indicates that the Charity will support charities that (a) are registered with the Charity Commission for England and Wales, the Office of the Scottish Charity Regulator or the Charity Commission for Northern Ireland or (b) are exempt or excepted charities (within the meaning of the Charities Act 2011). The policy indicates that the Charity will make grants primarily to support project costs and capital expenditure. The policy explains that the Charity generally considers the making of grants of up to £5,000, but in some circumstances larger grants may be available. As explained below, the Trustees have decided to adjust temporarily their grant-making policy in the light of the impact of the Covid-19 pandemic.
One of the grant conditions that applies to every grant made is that a report on the application of the grant must be sent to the Charity within three months of completion of a project, unless an alternative timescale for this has been agreed with the Trustees of the Charity. This enables the Trustees to monitor the application of grants given by the Charity.
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Mrs D M France-Hayhurst Foundation
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Period ended 30 March 2021
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the Charity.
Achievements and performance
The Trustees made grants of £129,160 during the year, to support a number of projects to be undertaken by other charities. Details are set out in note 19 to the accounts. The charities supported ranged from small local animal sanctuaries to large national animal welfare charities, as well as charities using interaction with animals to help people. For example, grants were made:
(a) to Canine Partners, a charity that trains assistance dogs to live with people with physical disabilities and help them with everyday tasks. A grant was provided to help cover the costs of food, veterinary treatment, remote training and insurance, thereby helping to maintain the high standards of welfare of dogs in training during the pandemic.
(b) to Street Paws, a charity that provides free accessible vet care and support services to homeless people and their pets across the UK. A grant was made towards the cost of a care package of vaccinations, flea and worming treatments for pets living on the streets with their owners.
(c) to World Animal Protection, to be used to feed and care for bears on the brink of starvation at Zarnesti bear sanctuary in Romania.
(d) to Secret World Wildlife Rescue, to assist with the costs of providing feed for the animals in the Sanctuary and meeting veterinary costs during the Covid-19 pandemic.
Grants are carefully monitored, with update reports provided by charities to which grants were made being considered at their meetings. Jennifer Shearer has continued to play a leading role in liaising with grant applicants and undertaking an initial assessment of applications. Penny Sanders also researches possible grant recipients and projects. Visits were made to a number of charities to which grants have been made, in particular by Penny Sanders, who then reported back to the Board.
The Charity’s investment portfolio continues to be managed by Investec. The benchmark used in considering the performance of the portfolio is a bespoke benchmark reflecting the strategic asset allocation of the portfolio. In the case of the investments managed by Investec, the total return on the portfolio during the year (to 1 April 2021) was +23.84%. This can be compared with the benchmark, in which case the total return for the same period was +24.83%. The figures reflect the exceptional falls in the market in March 2020 caused by the Covid-19 pandemic and the subsequent recovery in the market. After reviewing the portfolio in detail with Investec, including holding meetings to discuss the portfolio via video conferencing, the Trustees were satisfied with the portfolio overall and prospects for future returns.
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DocuSign Envelope ID: 80C07820-C621-4338-B44F-F9B2189CE4C9
Mrs D M France-Hayhurst Foundation
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Period ended 30 March 2021
As regards the investment properties on the Bostock Estate, a programme of maintenance work is in place. This was disrupted by the Covid-19 pandemic, but a ‘catch-up’ programme has been in place during 2021. The Trustees have continued to consider possible ways in which to use the investment property to increase the financial returns to the Charity in both the short and long term. The impact of Covid-19 pandemic on the return from the investment properties has been relatively minor, as the farm tenants have continued to pay their rent in full.
Financial review
The Charity made a deficit of £15,099 prior to a surplus on the revaluation of investment assets of £8,401,935 resulting in an overall increase in the funds of £8,386,836. The Trustees intend to keep sufficient liquid funds in reserve to enable the Charity to respond quickly to any applications for grants that they consider it to be appropriate to support, as well as to meet ongoing expenses connected with the administration of the Charity. Total reserves as at 30 March 2021 amounted to £21,914,335. The charity’s free reserves (i.e. excluding fixed asset investments) amounted to £429,725.
The Trustees’ overarching intention is to retain the investment assets (such as property) intact within the Charity, to generate income, to enable further grants to be made in furtherance of the charitable objects of the Charity. However, the Trustees will consider carefully any opportunities that emerge to sell a particular property or piece of land to generate substantial capital receipts to be re-invested or applied in the making of grants.
The Trustees' investment policy statement regarding the investments managed by Investec indicates that the overall objectives are to create sufficient income and capital growth to enable the Charity to carry out its charitable purposes consistently year by year with due and proper consideration for future needs. The Trustees reserve the right to exclude companies or funds that carry out activities contrary to their aims or from holding particular investments that would damage the Charity's reputation.
The Trustees' policy statement in relation to the investment properties held on the Bostock Estate indicates that it is the policy of the Trustees so far as possible (a) to preserve and enhance the capital value of the properties held (b) to maximise income, taking into account the policy also of preserving and enhancing the capital value of the properties. It also indicates that it is the policy of the Trustees in furtherance of the charitable objects of the Charity to consider in appropriate circumstances making land and/or buildings on the Estate available to a charity or charities for activities that further the charitable purposes of such charity or charities.
Plans for future periods
The charitable activities of the Charity will continue to be the making of grants to other charities, the focus being on charities concerned with animal welfare as well as charities that help people in need or that further educational projects through interaction with animals. The Trustees intend to keep under review whether any changes are needed to the Charity's grantmaking policy to take account of the impact of the Covid-19 pandemic.
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Mrs D M France-Hayhurst Foundation
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Period ended 30 March 2021
Trustees' responsibilities statement
The trustees, who are also directors 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 Charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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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.
Auditor
Each of the persons who is a trustee at the date of approval of this report confirms that:
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so far as they are aware, there is no relevant audit information of which the Charity's auditor is unaware; and
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they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the Charity's auditor is aware of that information.
The trustees' annual report and the strategic report were approved on 8 February 2022 and signed on behalf of the board of trustees by:
Mr C G Henretty Trustee and director
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Mrs D M France-Hayhurst Foundation
Company Limited by Guarantee
Independent Auditor's Report to the Members of Mrs D M France-Hayhurst Foundation
Period ended 30 March 2021
Opinion
We have audited the financial statements of Mrs D M France-Hayhurst Foundation (the 'Charity') for the period ended 30 March 2021 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the Charity's affairs as at 30 March 2021 and of its incoming resources and application of resources, including its income and expenditure, for the period then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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have been prepared in accordance with the requirements of the Companies Act 2006.
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 UK, including the FRC’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.
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Mrs D M France-Hayhurst Foundation
Company Limited by Guarantee
Independent Auditor's Report to the Members of Mrs D M France-Hayhurst
Foundation (continued)
Period ended 30 March 2021
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. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the trustees' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
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Mrs D M France-Hayhurst Foundation
Company Limited by Guarantee
Independent Auditor's Report to the Members of Mrs D M France-Hayhurst Foundation (continued)
Period ended 30 March 2021
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the 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
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:
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
Based on our understanding of the charitable company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the charitable company, which were contrary to applicable laws and regulations including fraud, and 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 Companies Act 2006. 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 inflated revenue and the charitable company's net income for the year.
Audit procedures performed included: review of the financial statement disclosures to underlying supporting documentation, review of any correspondence with legal advisors, and enquiries of management and those charged with governance around actual and potential
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DocuSign Envelope ID: 80C07820-C621-4338-B44F-F9B2189CE4C9
Mrs D M France-Hayhurst Foundation
Company Limited by Guarantee
Independent Auditor's Report to the Members of Mrs D M France-Hayhurst
Foundation (continued)
Period ended 30 March 2021
litigation and claims, enquiries with charitable company's staff to identify any instances with non-compliance with laws and regulations, enquiries of management and review of monthly management accounts and reports in so far as they related to the financial statements, testing of journals and evaluating whether there was evidence of bias by the Trustees that represented a risk of material misstatement due to fraud, undertaking detailed substantive testing of material items and a sample of other items, consideration of the reasonableness of the figures and analytical review, including comparison with previous years and expected trends, and review of the compliance with and effectiveness of internal controls.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the Charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity's members 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 the Charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
Nicolaus Jenkins MA FCA (Senior Statutory Auditor)
8 February 2022
For and on behalf of UHY Hacker Young Chartered Accountants & statutory auditor St John's Chambers Love Street Chester Cheshire CH1 1QN
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DocuSign Envelope ID: 80C07820-C621-4338-B44F-F9B2189CE4C9
Mrs D M France-Hayhurst Foundation
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Period ended 30 March 2021
| Total funds | Total funds | ||
|---|---|---|---|
| 2021 | 2020 | ||
| Note | £ | £ | |
| Income and endowments | |||
| Investment income | 5 | 361,936 | 371,473 |
| Other income | 6 | 59,187 | (6,181) |
| ---------------------------------------- | ---------------------------------------- | ||
| Total income | 421,123 | 365,292 | |
| ======================================== | ======================================== | ||
| Expenditure | |||
| Expenditure on raising funds: | |||
| Investment management costs | 7 | 252,510 | 179,667 |
| Expenditure on charitable activities | 8,9 | 183,712 | 166,287 |
| ---------------------------------------- | ---------------------------------------- | ||
| Total expenditure | 436,222 | 345,954 | |
| ======================================== | ======================================== | ||
| Net income / (expenditure) before gain / | |||
| (losses) on investments | 11 | (15,099) | 19,338 |
| Net gains / (losses) on investments | 13 | 8,401,935 | (152,712) |
| ---------------------------------------- | ---------------------------------------- | ||
| Net income / (expenditure) and net movement | in | ||
| funds | 8,386,836 | (133,374) | |
| ======================================== | ======================================== | ||
| Reconciliation of funds | |||
| Total funds brought forward | 13,527,499 | 13,660,873 | |
| --------------------------------------------------------- | --------------------------------------------------------- | ||
| Total funds carried forward | 21,914,335 ========================================================= |
13,527,499 ========================================================= |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on page 14 to 22 form part of these financial statements.
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DocuSign Envelope ID: 80C07820-C621-4338-B44F-F9B2189CE4C9
Mrs D M France-Hayhurst Foundation
Company Limited by Guarantee
Statement of Financial Position
30 March 2021
| 2021 | 2020 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Fixed assets | ||||
| Investments | 13 | 21,484,610 | 13,063,276 | |
| Current assets | ||||
| Debtors | 14 | 214,861 | 140,947 | |
| Cash at bank and in hand | 296,343 | 386,424 | ||
| ---------------------------------------- | ---------------------------------------- | |||
| 511,204 | 527,371 | |||
| Creditors: amounts falling due within one | ||||
| year | 15 | 81,479 | 63,148 | |
| ---------------------------------------- | ---------------------------------------- | |||
| Net current assets | 429,725 | 464,223 | ||
| --------------------------------------------------------- | --------------------------------------------------------- | |||
| Total assets less current liabilities | 21,914,335 | 13,527,499 | ||
| --------------------------------------------------------- | --------------------------------------------------------- | |||
| Net assets | 21,914,335 | 13,527,499 | ||
| ========================================================= | ========================================================= | |||
| Funds of the charity | ||||
| Unrestricted funds | 21,914,335 | 13,527,499 | ||
| --------------------------------------------------------- | --------------------------------------------------------- | |||
| Total charity funds | 16 | 21,914,335 ========================================================= |
13,527,499 ========================================================= |
These financial statements were approved by the board of trustees and authorised for issue on 8 February 2022, and are signed on behalf of the board by:
Mr C G Henretty Trustee and director
The notes on page 14 to 22 form part of these financial statements.
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DocuSign Envelope ID: 80C07820-C621-4338-B44F-F9B2189CE4C9
Mrs D M France-Hayhurst Foundation
Company Limited by Guarantee
Statement of Cash Flows
Period ended 30 March 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net income / (expenditure) for the period | 8,386,836 | (133,374) |
| Adjustments for: | ||
| Net (gains) / losses on revaluation of investments | (8,401,935) | 152,712 |
| Dividends, interest and rents from investments | (361,773) | (370,953) |
| (Gains) / losses on disposal of investments | (59,187) | 6,181 |
| Changes in: | ||
| Trade and other debtors | (73,914) | (41,735) |
| Trade and other creditors | 18,331 | (9,442) |
| ---------------------------------------- | ---------------------------------------- | |
| Net cash used in operating activities | (491,642) | (396,611) |
| ======================================== | ======================================== | |
| Cash flows from investing activities | ||
| Dividends, interest and rents from investments | 361,773 | 370,953 |
| Proceeds from sale of investments | 296,870 | 50,997 |
| Purchases of investments | (257,082) | (49,899) |
| ---------------------------------------- | ---------------------------------------- | |
| Net cash generated from investing activities | 401,561 | 372,051 |
| ======================================== | ======================================== | |
| Net decrease in cash and cash equivalents | (90,081) | (24,560) |
| Cash and cash equivalents at beginning of period | 386,424 | 410,984 |
| ---------------------------------------- | ---------------------------------------- | |
| Cash and cash equivalents at end of period | 296,343 | 386,424 |
| ======================================== | ======================================== |
The notes on page 14 to 22 form part of these financial statements.
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DocuSign Envelope ID: 80C07820-C621-4338-B44F-F9B2189CE4C9
Mrs D M France-Hayhurst Foundation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Period ended 30 March 2021
1. General information
The Charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is c/o Charles Russell Speechlys, Compass House, Lypiatt Road, Cheltenham, Gloucestershire, GL50 2QJ.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Grants
Grants payable are recognised in the financial statements when the grant has been approved for payment by the Trustees.
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue in operation.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires the Trustees to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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DocuSign Envelope ID: 80C07820-C621-4338-B44F-F9B2189CE4C9
Mrs D M France-Hayhurst Foundation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Period ended 30 March 2021
Significant judgements
The Trustees do not believe there are any judgements they have made in the process of applying the entity's accounting policies which have a significant effect on the amounts recognised in the financial statements.
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The Trustees do not believe there are any assumptions or other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.
Investments
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. The Statement of Financial Activities includes the net gains and losses arising on revaluations and on disposals during the year.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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DocuSign Envelope ID: 80C07820-C621-4338-B44F-F9B2189CE4C9
Mrs D M France-Hayhurst Foundation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Period ended 30 March 2021
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Where investments in shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.
5. Investment income
| Investment income | ||||
|---|---|---|---|---|
| Unrestricted | Total |
Unrestricted |
Total Funds | |
| Funds | Funds 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Income from investment properties | 336,188 | 336,188 | 335,970 | 335,970 |
| Income from listed investments | 25,585 | 25,585 | 34,983 | 34,983 |
| Bank interest receivable | 163 | 163 | 520 | 520 |
| ---------------------------------------- | ---------------------------------------- | ---------------------------------------- | ---------------------------------------- | |
| 361,936 | 361,936 | 371,473 | 371,473 | |
| ======================================== | ======================================== | ======================================== | ======================================== |
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DocuSign Envelope ID: 80C07820-C621-4338-B44F-F9B2189CE4C9
Mrs D M France-Hayhurst Foundation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Period ended 30 March 2021
6. Other income
| Other income | ||||
|---|---|---|---|---|
| Expendable | Expendable | |||
| Endowment | Total |
Endowment |
Total Funds | |
| Funds | Funds 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Gains / (losses) on disposal of | ||||
| investments | 59,187 | 59,187 | (6,181) | (6,181) |
| ================================== | ================================== | ============================= | ============================= | |
| nvestment management costs | ||||
| Unrestricted | Total |
Unrestricted |
Total Funds | |
| Funds | Funds 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Investment management fees | 12,369 | 12,369 | 13,048 | 13,048 |
| Estate repairs | 137,149 | 137,149 | 72,904 | 72,904 |
| Property manager's fees | 52,752 | 52,752 | 51,242 | 51,242 |
| Bad debts | 7,965 | 7,965 | – | – |
| Insurance | 22,822 | 22,822 | 20,464 | 20,464 |
| Other costs | 7,947 | 7,947 | 5,833 | 5,833 |
| Professional and consultancy fees | 11,506 | 11,506 | 16,176 | 16,176 |
| ---------------------------------------- | ---------------------------------------- | ---------------------------------------- | ---------------------------------------- | |
| 252,510 ======================================== |
252,510 ======================================== |
179,667 ======================================== |
179,667 ======================================== |
7. Investment management costs
8. Expenditure on charitable activities by fund type
| Unrestricted | Total |
Unrestricted |
Total Funds | |
|---|---|---|---|---|
| Funds | Funds 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Grants made from unrestricted | ||||
| funds to charities | 129,160 | 129,160 | 122,087 | 122,087 |
| Support costs | 54,551 | 54,552 | 44,200 | 44,200 |
| ---------------------------------------- | ---------------------------------------- | ---------------------------------------- | ---------------------------------------- | |
| 183,711 ======================================== |
183,712 ======================================== |
166,287 ======================================== |
166,287 ======================================== |
9. Expenditure on charitable activities by activity type
| Grant | ||||
|---|---|---|---|---|
| funding of | Support | Total funds |
Total fund | |
| activities | costs | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Grants made from unrestricted | ||||
| funds to charities | 129,160 | – | 129,160 | 122,087 |
| Governance costs | – | 54,552 | 54,552 | 44,200 |
| ---------------------------------------- | ---------------------------------- | ---------------------------------------- | ---------------------------------------- | |
| 129,160 | 54,552 | 183,712 | 166,287 | |
| ======================================== | ================================== | ======================================== | ======================================== |
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DocuSign Envelope ID: 80C07820-C621-4338-B44F-F9B2189CE4C9
Mrs D M France-Hayhurst Foundation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Period ended 30 March 2021
10. Net gains / (losses) on investments
| Expendable | Expendable | |||
|---|---|---|---|---|
| Endowment | Total |
Endowment | Total Funds | |
| Funds | Funds 2021 | Funds | 2020 | |
| £ | £ | £ | £ | |
| Gains / (losses) on revaluation of: | ||||
| Listed investments | 112,573 | 112,573 | (152,712) | (152,712) |
| Investment properties | 8,289,362 | 8,289,362 | - | - |
| ---------------------------------------- | ---------------------------------------- | ---------------------------------------- | ---------------------------------------- | |
| 8,401,935 ======================================== |
8,401,935 ======================================== |
(152,712) ======================================== |
(152,712) ======================================== |
11. Net income / (expenditure)
Net income / (expenditure) is stated after charging:
| Net income / (expenditure) is stated after charging: | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Fees payable for the audit of the financial statements | 3,021 | 3,079 |
| ============================= | ============================= |
12. Trustee remuneration and expenses
No Trustees received any remuneration from the Charity during the period. Expenditure amounting to £Nil (2020: £1,525) was reimbursed to zero (2020: five) trustees for the costs of attendance at Board meetings and for hosting a reception for tenants of the estate. In addition, an amount of £Nil (2020: £245) was expended on refreshments and facilities at Board meetings.
The average number of employees during the year was Nil (2020: Nil).
13. Investments
| Listed | Investment | ||
|---|---|---|---|
| investments | properties | Total | |
| £ | £ | £ | |
| Valuation | |||
| At 1 April 2020 | 762,638 | 12,300,638 | 13,063,276 |
| Additions | 257,082 | – | 257,082 |
| Disposals | (237,683) | – | (237,683) |
| Revaluations in the year | 112,573 | 8,289,362 | 8,401,935 |
| ---------------------------------------- | --------------------------------------------------------- | --------------------------------------------------------- | |
| At 30 March 2021 | 894,610 | 20,590,000 | 21,484,610 |
| ======================================== | ========================================================= | ========================================================= | |
| Impairment | |||
| At 1 April 2020 and 30 March 2021 | – | ||
| ========================================================= | |||
| Carrying amount | |||
| At 30 March 2021 | 894,610 | 20,590,000 | 21,484,610 |
| ======================================== | ========================================================= | ========================================================= | |
| At 31 March 2020 | 762,638 ======================================== |
12,300,638 ========================================================= |
13,063,276 ========================================================= |
The historic cost of listed investments is £612,159 (2020: £574,038).
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DocuSign Envelope ID: 80C07820-C621-4338-B44F-F9B2189CE4C9
Mrs D M France-Hayhurst Foundation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Period ended 30 March 2021
Investment properties
In conjunction with advice from Fisher German LLP the Trustees consider the carrying value of the Investment Properties owned by the Charity on the Bostock Estate to approximate to market value as defined in the RICS valuation standards. The historic cost of investment properties is £5,653,048.
14. Debtors
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Trade debtors | 22,985 | 33,673 |
| Prepayments and accrued income | 141,641 | 84,457 |
| Other debtors | 50,235 | 22,817 |
| ---------------------------------------- | ---------------------------------------- | |
| 214,861 ======================================== |
140,947 ======================================== |
15. Creditors: amounts falling due within one year
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Trade creditors | 48,341 | 28,344 |
| Accruals and deferred income | 28,488 | 30,154 |
| Other creditors | 4,650 | 4,650 |
| ---------------------------------- | ---------------------------------- | |
| 81,479 ================================== |
63,148 ================================== |
16. Analysis of charitable funds
| At | Gains and | At | |||
|---|---|---|---|---|---|
| 1 Apr 2020 | Income | Expenditure | losses | 30 Mar 2021 | |
| £ | £ | £ | £ | £ | |
| Expendable | |||||
| Endowment Fund | 13,122,558 | 59,187 | - | 8,401,935 | 21,583,680 |
| General Fund | 404,941 | 361,936 | (436,222) | - | 330,655 |
| ------------------- | -------------- | ---------------- | -------------- | ------------------- | |
| 13,527,499 | 421,123 | (436,222) | 8,401,935 | 21,914,335 | |
| ========================================================= | ======================================== | ======================================== | ========================================== | ========================================================= | |
| At | Gains and | At | |||
| 1 Apr 2019 | Income | Expenditure | losses | 31 Mar 2020 | |
| £ | £ | £ | £ | £ | |
| Expendable | |||||
| Endowment Fund | 13,281,451 | - | (6,181) | (152,712) | 13,122,558 |
| General Fund | 379,422 | 371,473 | (345,954) | - | 404,941 |
| ------------------- | -------------- | ---------------- | -------------- | ------------------- | |
| 13,660,873 | 379,197 | (387,106) | 60,320 | 13,527,499 | |
| ========================================================= | ======================================== | ======================================== | ========================================= | ========================================================= |
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DocuSign Envelope ID: 80C07820-C621-4338-B44F-F9B2189CE4C9
Mrs D M France-Hayhurst Foundation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Period ended 30 March 2021
17. Analysis of net assets between funds
| Net current | |||
|---|---|---|---|
| Investments | assets | Total 2021 | |
| £ | £ | £ | |
| Expendable Endowment Fund | 21,484,610 | 99,070 | 21,583,680 |
| General Fund | – | 330,655 | 330,655 |
| --------------------- | -------------------- | ------------------ | |
| Total Funds at 30 March 2021 | 21,484,610 | 429,725 | 21,914,335 |
| ========================================================= | ========================================================= | ========================================================= | |
| Net current | |||
| Investments | assets | Total 2020 | |
| £ | £ | £ | |
| Expendable Endowment Fund | 13,063,276 | 59,282 | 13,122,558 |
| General Fund | – | 404,941 | 404,941 |
| -------------------- | -------------------- | ------------------ | |
| Total Funds at 31 March 2020 | 13,063,276 | 464,223 | 13,527,499 |
| ========================================================= | ========================================================= | ========================================================= |
- 20 -
DocuSign Envelope ID: 80C07820-C621-4338-B44F-F9B2189CE4C9
Mrs D M France-Hayhurst Foundation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Period ended 30 March 2021
18. Analysis of investment properties
| £ | |
|---|---|
| 1 Old Hall Farm Cottage | 320,000 |
| 2 Old Hall Farm Cottage | 300,000 |
| Manor Farmhouse | 580,000 |
| 6 Bostock Road | 270,000 |
| 8 Bostock Road | 290,000 |
| 14 Bostock Road | 250,000 |
| 16 Bostock Road | 210,000 |
| North Lodge | 360,000 |
| South Lodge | 320,000 |
| 16 Firthfield Grange Lane | 230,000 |
| Canal Cottage | 270,000 |
| Bridge Cottage | 290,000 |
| Heyescroft Cottage | 290,000 |
| Joiners Shop | 75,000 |
| Brook House Farmhouse & Buildings | 630,000 |
| Bridge Farm Buildings | 100,000 |
| Manor Farm Buildings | 330,000 |
| Old Hall Farm Buildings | 300,000 |
| Addashaw Farm | 1,550,000 |
| Bank Farm | 1,980,000 |
| Bostock Farm | 940,000 |
| Bostock House Farm | 680,000 |
| Bostock Hall Farm | 2,265,000 |
| Brook Farm | 1,230,000 |
| Dairy Farm | 630,000 |
| Greenheyes Farm | 980,000 |
| Home Farm | 630,000 |
| Shipbrook Hill Farm | 1,255,000 |
| Yew Tree House Farm | 600,000 |
| Land at Croxton Lane | 160,000 |
| Land off Whatcroft Hall Lane | 150,000 |
| Land at Brookhouse Farm | 90,000 |
| Land at Manor Farm | 430,000 |
| Land at Home Farm / Road One | 780,000 |
| Woodland | 320,000 |
| Mineshafts | 280,000 |
| Miscellaneous | 225,000 |
| ------------------------- | |
| 20,590,000 | |
| ============= |
- 21 -
DocuSign Envelope ID: 80C07820-C621-4338-B44F-F9B2189CE4C9
Mrs D M France-Hayhurst Foundation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Period ended 30 March 2021
19. Analysis of grants made
| £ | |
|---|---|
| Horse Sense Wirral | 4,000 |
| Oakwood Dog Rescue | 4,000 |
| PDSA | 3,500 |
| RSPCA | 3,500 |
| Secret World Wildlife Rescue | 4,000 |
| Medical Detection Dogs | 3,500 |
| Lluest Horse and Pony Trust | 4,000 |
| Woodlands Animal Sanctuary | 3,300 |
| World Animal Protection | 5,000 |
| Canine Partners for Independence | 4,500 |
| Forever Hounds Trust | 4,500 |
| Rushton Dog Rescue | 5,000 |
| Good Life Dog Rescue | 3,000 |
| WWF-UK | 5,000 |
| Hector’s Greyhound Rescue | 5,000 |
| The Donkey Sanctuary | 5,000 |
| British Divers Marine Life Rescue | 3,746 |
| World Horse Welfare | 5,000 |
| Nowzad | 5,000 |
| Barn Owl Centre Ltd | 2,254 |
| Malawi Wildlife Trust | 5,000 |
| Brooke Hospital for Animals | 5,000 |
| Street Paws | 3,850 |
| Avon Riding Centre for the Disabled Limited | 5,000 |
| Pet Foodbank Service | 3,500 |
| Lake District Calvert Trust | 5,000 |
| National Animal Welfare Trust | 5,000 |
| Hope Rescue | 5,000 |
| Greyhound Rescue | 5,000 |
| Mane Chance Sanctuary | 5,000 |
| Grant returned by Raptor Trust | (1,000) |
| Miscellaneous donation | 10 |
| ------------------------- | |
| 129,160 | |
| ============= |
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