**Charity registration number 1160394** 

**Company registration number 09347790 (England and Wales)** 

**MRS D M FRANCE-HAYHURST FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MARCH 2023** 



## **MRS D M FRANCE-HAYHURST FOUNDATION** 

## **LEGAL AND ADMINISTRATIVE INFORMATION** 

|**Trustees**|Mr CG Henretty|
|---|---|
||Mr PJ P Hunter|
||Mr PR Posnett|
||Ms PA Sanders|
||Mrs J Shearer|
||Mr AM Wright|
|**Charity number**|1160394|
|**Company number**|09347790|
|**Registered office**|C/O Charles Russell Speechlys LLP|
||Compass House|
||Lypiatt Road|
||Cheltenham|
||Gloucestershire|
||GL50 2QJ|
|**Auditor**|UHY Hacker Young|
||St Johns Chambers|
||Love Street|
||Chester|
||Cheshire|
||CH1 1QN|
|**Bankers**|Handelsbanken|
||1st Floor, Quayside|
||Wilderspool Business Park|
||Stockton Heath|
||Warrington|
||WA4 6HL|
|**Solicitors**|Charles Russell Speechlys LLP|
||C/O Charles Russell Speechlys LLP|
||Compass House|
||Lypiatt Road|
||Cheltenham|
||Gloucestershire|
||GL50 2QJ|
|**Investment advisors**|Investec PLC|
||2 Gresham Street|
||London|
||EC2 7QR|
|**Property managers**|Fisher German LLP|
||International House|
||Kingsfield Court|
||Chester Business Park|
||Chester|
||CH4 9RE|





## **MRS D M FRANCE-HAYHURST FOUNDATION** 

## **CONTENTS** 

||**Page**|
|---|---|
|Trustees' report|1 - 4|
|Independent auditor's report|5 - 7|
|Statement of financial activities|8|
|Summary income and expenditure account|9|
|Balance sheet|10|
|Statement of cash flows|11|
|Notes to the financial statements|12 - 21|





## **MRS D M FRANCE-HAYHURST FOUNDATION** 

## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** _**FOR THE YEAR ENDED 30 MARCH 2023**_ 

The trustees present their annual report and financial statements for the year ended 30 March 2023. 

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "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). 

## **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 rising prices of goods and services particularly on smaller charities, the Trustees have continued during the course of this financial year to make a number of grants to support ongoing charitable activities as well as making grants for project costs and capital expenditure. 

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 grantmaking 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 above, the Trustees have adjusted their grant-making policy temporarily in the light of the impact of inflationary pressures on charities. 

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. 

## **Achievements and performance** 

The Trustees made grants of £120,500 during the year to support a number of projects to be undertaken by other charities. Details are set out in note 23 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: 

- To the International Otter Survival Fund to support the updating of the charity’s hospital to include specialist cub and intensive care units 

- To Teckels Animal Sanctuary to help the charity meet veterinary costs for the animals in its care. 

- To Wild Hogs Hedgehog Rescue towards the cost of equipment to create a hedgehog obstacle course enabling the charity to demonstrate to schools and community groups the obstacles faced by hedgehogs in the average garden and the steps that can be taken to reduce these obstacles. 

- To StreetVet to support the development of StreetVet’s accredited hostel scheme, aimed at supporting hostels to develop an environment that enables homeless people to stay with their pets and still access hostel services. 

- To Borneo Orangutan Survival UK to help meet the costs of a project to monitor the reintroduced orangutan population in Bukit Batikap using a network of cameras. 

- 1 - 



## **MRS D M FRANCE-HAYHURST FOUNDATION** 

## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 30 MARCH 2023**_ 

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 net of fees during the year was - 5.63%. This can be compared with the benchmark, in which case the total return for the same period was -4.60%. After reviewing the portfolio in detail with Investec, including the investment manager's attendance at Trustees' meetings to discuss the portfolio and answer Trustees' questions via video conferencing, the Trustees were satisfied with the portfolio overall and prospects for future returns taking account of current economic conditions. 

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 this financial year. 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. 

## **Financial review** 

Gross income for the year amounted to £398,573 (2022: £374,338), all of which is derived from the Charity's portfolio of investment properties and listed investments. Total expenditure amounted to £367,372 (2022: £465,513) resulting in a surplus of £31,201 (2022: deficit of £91,175). After taking account of net losses of £66,859 (2022: £34,495) arising on revaluation and disposal of investment assets, there was a net decrease in funds for the year of £35,658 (2022: £56,680). 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 2023 amounted to £21,821,997 (2022: £21,857,655). The charity’s free reserves (i.e. excluding fixed asset investments) amounted to £331,334 (2021: £313,820). 

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 will keep under review whether any changes are needed to the grant-making policy to take account of any economic conditions affecting charities. 

- 2 - 



## **MRS D M FRANCE-HAYHURST FOUNDATION** 

## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 30 MARCH 2023**_ 

## **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. 

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: 

Mr CG Henretty Mr PJ P Hunter Mr PR Posnett Ms PA Sanders Mrs J Shearer Mr AM Wright 

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. 

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. 

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 and Jack Harley, 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. 

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 9 of 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. 

- 3 - 



## **MRS D M FRANCE-HAYHURST FOUNDATION** 

## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** _**FOR THE YEAR ENDED 30 MARCH 2023**_ 

## **Statement of trustees' responsibilities** 

The trustees, who are also the directors of Mrs D M France-Hayhurst Foundation for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. 

In preparing these financial statements, the trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 

The trustees are responsible for keeping adequate accounting records that 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** 

In accordance with the company's articles, a resolution proposing that UHY Hacker Young be reappointed as auditor of the company will be put at a General Meeting. 

## **Small companies exemption** 

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. 

## **Disclosure of information to auditor** 

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information. 

The trustees' report was approved by the Board of Trustees. 


Mr CG Henretty **Trustee** 

9 October 2023 

- 4 - 



## **MRS D M FRANCE-HAYHURST FOUNDATION** 

## **INDEPENDENT AUDITOR'S REPORT** 

## **TO THE MEMBERS OF MRS D M FRANCE-HAYHURST FOUNDATION** 

## **Opinion** 

We have audited the financial statements of Mrs D M France-Hayhurst Foundation (the ‘charity’) for the year ended 30 March 2023 which comprise the statement of financial activities, the summary income and expenditure account, the balance sheet, the statement of cash flows and notes to the financial statements, including 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). 

In our opinion, the financial statements: 

- give a true and fair view of the state of the charitable company's affairs as at 30 March 2023 and of its incoming resources and application of resources, including its income and expenditure, 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 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. 

## **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. 

## **Opinions on other matters prescribed by the Companies Act 2006** 

In our opinion, based on the work undertaken in the course of our audit: 

- the information given in the trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and 

- the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements. 

- 5 - 



## **MRS D M FRANCE-HAYHURST FOUNDATION** 

## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MRS D M FRANCE-HAYHURST FOUNDATION** 

## **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 directors' report included within 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: 

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

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

- certain disclosures of trustees' remuneration specified by law are not made; or 

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

- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees' report and from the requirement to prepare a strategic report. 

## **Responsibilities of trustees** 

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose 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 charitable company 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. 

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 noncompliance 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. 

- 6 - 



## **MRS D M FRANCE-HAYHURST FOUNDATION** 

## **INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF MRS D M FRANCE-HAYHURST FOUNDATION** 

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 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 is available on the Financial Reporting Council’s website at: https:// 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 charitable company'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 charitable company'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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. 


**Nicolaus Stuart Jenkins (Senior Statutory Auditor) for and on behalf of UHY Hacker Young** 

```
25/10/2023 12:16 GDT
```

......................... 

**Chartered Accountants Statutory Auditor** 

St Johns Chambers Love Street Chester Cheshire CH1 1QN 

- 7 - 



## **MRS D M FRANCE-HAYHURST FOUNDATION** 

## **STATEMENT OF FINANCIAL ACTIVITIES** _**FOR THE YEAR ENDED 30 MARCH 2023**_ 

|**Unrestricted Endowment**<br>**funds**<br>**funds**<br>**2023**<br>**2023**<br>**Notes**<br>**£**<br>**£**<br>**Income from:**<br>Investments<br>**3**<br>404,182<br>-<br>**Expenditure on:**<br>Raising funds<br>**4**<br>195,497<br>-<br>Charitable activities<br>**5**<br>174,484<br>-<br>**Total expenditure**<br>369,981<br>-<br>Net gains/(losses) on<br>investments<br>**11**<br>-<br>(66,859)<br>**Net movement in funds**<br>34,201<br>(66,859)<br>Fund balances at 31 March<br>2022<br>239,480<br>21,618,175<br>**Fund balances at 30 March**<br>**2023**<br>273,681<br>21,551,316|**Total Unrestricted Endowment**<br>**funds**<br>**funds**<br>**2023**<br>**2022**<br>**2022**<br>**£**<br>**£**<br>**£**<br>404,182<br>374,338<br>-<br>195,497<br>304,129<br>-<br>174,484<br>161,384<br>-<br>369,981<br>465,513<br>-<br>(66,859)<br>-<br>34,495<br>(32,658)<br>(91,175)<br>34,495<br>21,857,655<br>330,655<br>21,583,680<br>21,824,997<br>239,480<br>21,618,175|**Total**<br>**2022**<br>**£**<br>374,338<br>304,129<br>161,384<br>465,513<br>34,495<br>(56,680)<br>21,914,335<br>21,857,655|
|---|---|---|



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 pages 12 to 21 form part of these financial statements. 

- 8 - 



## **MRS D M FRANCE-HAYHURST FOUNDATION** 

## **SUMMARY INCOME AND EXPENDITURE ACCOUNT** 

## _**FOR THE YEAR ENDED 30 MARCH 2023**_ 

|**All income funds**<br>**2023**<br>**£**<br>Gross income<br>404,182<br>Total expenditure from income funds<br>369,981<br>**Net income/(expenditure) for the year**<br>34,201|**2022**<br>**£**<br>374,338<br>465,513<br>(91,175)|
|---|---|



- 9 - 



## **MRS D M FRANCE-HAYHURST FOUNDATION** 

## **BALANCE SHEET** 

## _**AS AT 30 MARCH 2023**_ 

|**Notes**<br>**Fixed assets**<br>Investment property<br>**13**<br>Investments<br>**14**<br>**Current assets**<br>Debtors<br>**16**<br>Cash at bank and in hand<br>**Creditors: amounts falling due within**<br>**one year**<br>**17**<br>Net current assets<br>**Total assets less current liabilities**<br>**Capital funds**<br>Endowment funds - general<br>**Income funds**<br>Unrestricted funds|**2023**<br>**£**<br>**£**<br>20,615,318<br>875,345<br>21,490,663<br>263,236<br>136,067<br>399,303<br>(64,969)<br>334,334<br>21,824,997<br>21,551,316<br>273,681<br>21,824,997|**2022**<br>**£**<br>**£**<br>20,615,318<br>928,517<br>21,543,835<br>241,621<br>134,011<br>375,632<br>(61,812)<br>313,820<br>21,857,655<br>21,618,175<br>239,480<br>21,857,655|**2022**<br>**£**<br>**£**<br>20,615,318<br>928,517<br>21,543,835<br>241,621<br>134,011<br>375,632<br>(61,812)<br>313,820<br>21,857,655<br>21,618,175<br>239,480<br>21,857,655|
|---|---|---|---|
||||21,543,835<br>313,820|
||||21,857,655|
||||21,618,175<br>239,480|
||||21,857,655|



The notes on pages 12 to 21 form part of these financial statements. 

The financial statements were approved by the Trustees on 9 October 2023 


Mr CG Henretty **Trustee** 

## **Company registration number 09347790** 

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## **MRS D M FRANCE-HAYHURST FOUNDATION** 

## **STATEMENT OF CASH FLOWS** 

## _**FOR THE YEAR ENDED 30 MARCH 2023**_ 

|**Notes**<br>**Cash flows from operating activities**<br>Cash absorbed by operations<br>**20**<br>**Investing activities**<br>Purchase of investment property<br>Proceeds from disposal of investment<br>property<br>Purchase of other investments<br>Proceeds from disposal of other investments<br>Investment income received<br>**Net cash generated from investing**<br>**activities**<br>**Net cash used in financing activities**<br>**Net increase/(decrease) in cash and cash**<br>**equivalents**<br>Cash and cash equivalents at beginning of year<br>**Cash and cash equivalents at end of year**|**2023**<br>**2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>(388,439)<br>(511,940)<br>-<br>(605,318)<br>-<br>569,590<br>(53,209)<br>(214,188)<br>39,522<br>225,186<br>404,182<br>374,338<br>390,495<br>349,608<br>-<br>-<br>2,056<br>(162,332)<br>134,011<br>296,343<br>136,067<br>134,011|
|---|---|



The notes on pages 12 to 21 form part of these financial statements. 

- 11 - 



**MRS D M FRANCE-HAYHURST FOUNDATION** 

## **NOTES TO THE  FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 30 MARCH 2023**_ 

## **1 Accounting policies** 

## **Charity information** 

Mrs D M France-Hayhurst Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is C/O Charles Russell Speechlys LLP, Compass House, Lypiatt Road, Cheltenham, Gloucestershire, GL50 2QJ. 

## **1.1 Accounting convention** 

The financial statements have been prepared in accordance with the charity's governing document,  the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 charity is a Public Benefit Entity as defined by FRS 102. 

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. 

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. 

## **1.2 Going concern** 

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 

## **1.3 Charitable funds** 

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. 

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. 

## **1.4 Income** 

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. 

Rental income from investment property leased out under operating leases is recognised in the statement of financial activities on a straight-line basis over the term of the lease. Dividend income from listed investments is recognised when the charity's right to receive payment is established, it is probable the income will be received and the amount can be measured reliably. 

## **1.5 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 incurred on the management of the charity's investment property and portfolio of listed investments is recognised as a cost of raising funds. 

Expenditure incurred on the charity's sole activity of grant making is recognised as cost of charitable activities along with all support costs. 

- 12 - 



## **MRS D M FRANCE-HAYHURST FOUNDATION** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 MARCH 2023**_ 

## **1 Accounting policies** 

## **(Continued)** 

## **1.6 Investment property** 

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss. 

## **1.7 Fixed asset investments** 

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date.  Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred. 

## **1.8 Cash and cash equivalents** 

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 

## **1.9 Financial instruments** 

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 

## _**Basic financial assets**_ 

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 

## _**Basic financial liabilities**_ 

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. 

## _**Derecognition of financial liabilities**_ 

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled. 

- 13 - 



## **MRS D M FRANCE-HAYHURST FOUNDATION** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 MARCH 2023**_ 

## **2 Critical accounting estimates and judgements** 

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 

The main areas involving judgements and estimates is the valuation of investment properties. 

## **3 Investments** 

||**Unrestricted **|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2023**|**2022**|
||**£**|**£**|
|Rental income|375,200|345,978|
|Income from listed investments|28,926|28,354|
|Interest receivable|56|6|
||404,182|374,338|



## **4 Raising funds** 

||**Unrestricted Unrestricted**|**Unrestricted Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2023**|**2022**|
||**£**|**£**|
|Investment management fees|11,952|12,884|
|Estate repairs|112,331|184,308|
|Property manager's fees|47,010|67,138|
|Bad debts|(1,555)|96|
|Insurance|19,875|17,756|
|Other costs|2,636|8,554|
|Professional and consultancy fees|3,248|13,393|
||195,497|304,129|



- 14 - 



## **MRS D M FRANCE-HAYHURST FOUNDATION** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 MARCH 2023**_ 

## **5 Charitable activities** 

||**Grant**|**Grant**|
|---|---|---|
||**making**|**making**|
||**activities**|**activities**|
||**2023**|**2022**|
||**£**|**£**|
|Grant funding of activities (see note 7)|120,500|112,366|
|Share of governance costs (see note 8)|53,984|49,018|
||174,484|161,384|



## **6 Description of charitable activities** 

## Grant making activities 

The charity is focused on supporting charities concerned with the advancement of animal welfare and charities that help people in need or that further educational projects through interaction with animals. The charity does not make grants to individuals. 

## **7 Grants payable** 

||**Grant**|**Grant**|
|---|---|---|
||**making**|**making**|
||**activities**|**activities**|
||**2023**|**2022**|
||**£**|**£**|
|Grants to institutions:|||
|Other|120,500|112,366|



- 

- 15 - 



**MRS D M FRANCE-HAYHURST FOUNDATION** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 MARCH 2023**_ 

## **8 Support costs** 

|**Support**<br>**costs**<br>**Governance**<br>**costs**<br>**£**<br>**£**<br>Audit fees<br>-<br>3,374<br>Accountancy<br>-<br>4,658<br>Legal and professional<br>-<br>42,362<br>Trustees' meetings<br>-<br>3,590<br>-<br>53,984<br>Analysed between<br>Charitable activities<br>-<br>53,984|**2023**<br>**£**<br>3,374<br>4,658<br>42,362<br>3,590<br>53,984<br>53,984|**2022**<br>**£**<br>3,464<br>3,450<br>40,974<br>1,130|
|---|---|---|
|||49,018|
|||49,018|



Governance costs includes payments to the auditors of £3,464 (2022- £3,021) for audit fees. 

## **9 Trustees** 

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. Travel and accommodation expenses of £3,581 (2022: £1,001) were reimbursed to five (2022: two) trustees for attendance at Board meetings during the year. 

## **10 Employees** 

The average monthly number of employees during the year was: 

|The average monthly number of employees during the year was:|||
|---|---|---|
||**2023**|**2022**|
||**Number**|**Number**|
|Total|-|-|
|There were no employees whose annual remuneration was more than £60,000.|||



## **11 Net gains/(losses) on investments** 

||**Endowment **|**Endowment**|
|---|---|---|
||**funds**|**funds**|
||**general**|**general**|
||**2023**|**2022**|
||**£**|**£**|
|Revaluation of investments|(63,812)|35,521|
|Gain/(loss) on sale of investments|(3,047)|9,384|
|Gain/(loss) on sale of investment properties|-|(10,410)|
||(66,859)|34,495|



- 16 - 



## **MRS D M FRANCE-HAYHURST FOUNDATION** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 MARCH 2023**_ 

## **12 Taxation** 

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 

## **13 Investment property** 

|**Investment property**||
|---|---|
||**2023**|
||**£**|
|**Fair value**||
|At 31 March 2022 and 30 March 2023|20,615,318|



Investment property comprises the land and buildings of the Bostock Estate.  The fair value of the investment property has been arrived at on the basis of a valuation carried out in January 2022 by Fisher German LLP, a firm of chartered surveyors and property agents. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. 

In conjunction with advice from Fisher German LLP the Trustees consider the fair value of the investment properties as at 30 March 2023 has not materially changed since the last formal valuation. 

The historic cost of investment property is £5,938,366 (2022: £5,938,366). 

|Freehold<br>**14**<br>**Fixed asset investments**|**2023**<br>**£**<br>20,615,318|**2022**<br>**£**<br>20,615,318|
|---|---|---|
||||



||**Listed**|
|---|---|
||**investments**|
||**£**|
|**Cost or valuation**||
|At 31 March 2022|928,517|
|Additions|53,209|
|Valuation changes|(63,812)|
|Disposals|(42,569)|
|At 30 March 2023|875,345|
|**Carrying amount**||
|At 30 March 2023|875,345|
|At 30 March 2022|928,517|



The historic cost of listed investments is £716,414 (2021: £711,801). 

- 17 - 



## **MRS D M FRANCE-HAYHURST FOUNDATION** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 30 MARCH 2023**_ 

|**15**<br>**Financial instruments**<br>**Carrying amount of financial assets**<br>Instruments measured at fair value through profit or loss<br>**16**<br>**Debtors**<br>**Amounts falling due within one year:**<br>Trade debtors<br>Other debtors<br>Prepayments and accrued income<br>**17**<br>**Creditors: amounts falling due within one year**<br>Trade creditors<br>Other creditors<br>Accruals and deferred income<br>**18**<br>**Analysis of net assets between funds**<br>**Unrestricted**<br>**funds**<br>**Endowment**<br>**funds**<br>**2023**<br>**2023**<br>**£**<br>**£**<br>Fund balances at 30<br>March 2023 are<br>represented by:<br>Investment properties<br>-<br>20,615,318<br>Investments<br>-<br>875,345<br>Current assets/(liabilities)<br>273,681<br>60,653<br>273,681<br>21,551,316|**Total Unrestricted**<br>**funds**<br>**2023**<br>**2022**<br>**£**<br>**£**<br>20,615,318<br>-<br>875,345<br>-<br>334,334<br>239,480<br>21,824,997<br>239,480|**Total Unrestricted**<br>**funds**<br>**2023**<br>**2022**<br>**£**<br>**£**<br>20,615,318<br>-<br>875,345<br>-<br>334,334<br>239,480<br>21,824,997<br>239,480|**2023**<br>**£**<br>875,345<br>**2023**<br>**£**<br>49,947<br>2,711<br>210,578<br>263,236<br>**2023**<br>**£**<br>18,265<br>4,650<br>42,054<br>64,969<br> <br>**Endowment**<br>**funds**<br>**2022**<br>**£**<br>20,615,318<br>928,517<br>74,340<br>21,618,175|**2022**<br>**£**<br>928,517|
|---|---|---|---|---|
|||||**2022**<br>**£**<br>7,525<br>48,349<br>185,747|
|||||241,621|
|||||**2022**<br>**£**<br>818<br>4,650<br>56,344|
|||||61,812|
|||||**Total**<br>**2022**<br>**£**<br>20,615,318<br>928,517<br>313,820|
|||239,480||21,857,655|



## **19 Related party transactions** 

There were no disclosable related party transactions during the year other than reimbursed expenses to trustees as set out in note 9 (2022 - none). 

- 18 - 



## **MRS D M FRANCE-HAYHURST FOUNDATION** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 30 MARCH 2023**_ 

|**20**|**Cash generated from operations**|**2023**|**2022**|
|---|---|---|---|
|||**£**|**£**|
||Deficit for the year|(32,658)|(56,680)|
||Adjustments for:|||
||Investment income recognised in statement of financial activities|(404,182)|(374,338)|
||(Gain)/loss on disposal of investment property|-|10,410|
||Loss/(gain) on disposal of investments|3,047|(9,384)|
||Fair value gains and losses on investments|63,812|(35,521)|
||Movements in working capital:|||
||(Increase) in debtors|(21,615)|(26,760)|
||Increase/(decrease) in creditors|3,157|(19,667)|
||**Cash absorbed by operations**|(388,439)|(511,940)|



## **21 Analysis of changes in net funds** 

The charity had no debt during the year. 

- 19 - 



## **MRS D M FRANCE-HAYHURST FOUNDATION** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 30 MARCH 2023**_ 

## **22 Analysis of investment properties** 

|1 Old Hall Farm Cottage<br>1 Old Hall Farm Cottage<br>6 Bostock Road<br>8 Bostock Road<br>14 Bostock Road<br>16 Bostock Road<br>North Lodge<br>South Lodge<br>16 Firthfields Grange Lane<br>Canal Cottage<br>Bridge Cottage<br>Heyescroft Cottage<br>Joiners Shop<br>Brook House Farmhouse and Buildings<br>Bridge Farm Buildings<br>Manor Farm Buildings<br>Old Hall Farm Buildings<br>Addashaw Farm<br>Bank Farm<br>Bostock Farm<br>Bostock House Farm<br>Bostock Hall Farm<br>Brook Farm<br>Dairy Farm<br>Greenheyes Farm<br>Home Farm<br>Shipbrook Hill Farm<br>Yew Tree House Farm<br>Land at Croxton Lane<br>Land off Whatcroft Hall Lane<br>Land at Brookhouse Farm<br>Land at Manor Farm<br>Land adjoining Manor Farm<br>Land at Home Farm / Road One<br>Woodlands<br>Mineshafts<br>Miscellaneous|**2023**<br>**£**<br>320,000<br>300,000<br>270,000<br>290,000<br>250,000<br>210,000<br>360,000<br>320,000<br>230,000<br>270,000<br>290,000<br>290,000<br>75,000<br>630,000<br>100,000<br>330,000<br>300,000<br>1,550,000<br>1,980,000<br>940,000<br>680,000<br>2,265,000<br>1,230,000<br>630,000<br>980,000<br>630,000<br>1,255,000<br>600,000<br>160,000<br>150,000<br>90,000<br>430,000<br>605,318<br>780,000<br>320,000<br>280,000<br>225,000|
|---|---|
||20,615,318|



- 20 - 



## **MRS D M FRANCE-HAYHURST FOUNDATION** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** 

## _**FOR THE YEAR ENDED 30 MARCH 2023**_ 

## **23 Analysis of grants made** 

|Network for Animals Charitable Trust<br>Brooke Hospital for Animals<br>Cat Welfare Group Ltd<br>Paxos Animal Welfare Society<br>Wild Hogs Hedgehog Rescue<br>StreetVet<br>Good Life Dog Rescue<br>Borneo Orangutan Survival UK<br>Dogs for Good<br>South of Scotland Wildlife Hospital<br>Greyhound Rescue<br>British Horse Society<br>Dogstar Foundation<br>Wild at Heart Foundation<br>Animal Free Research UK<br>Almost Home Dog Rescue<br>International Otter Survival Fund<br>World Horse Welfare<br>Donkey Sanctuary<br>Clymping Dog Sanctuary<br>SPANA<br>Teckels Animal Sanctuary<br>World Animal Protection<br>Freshfields Animal Rescue<br>Harper Asprey Wildlife Rescue<br>Saints Sled Dog Rescue<br>Animal Antiks<br>St Wilfred's Church, Davenham|**2023**<br>**£**<br>10,000<br>10,000<br>4,000<br>1,500<br>800<br>5,000<br>3,000<br>5,000<br>5,000<br>4,650<br>5,000<br>5,000<br>850<br>1,900<br>5,000<br>4,500<br>4,450<br>5,000<br>5,000<br>4,000<br>5,000<br>3,000<br>5,000<br>5,000<br>5,000<br>3,000<br>4,840<br>10|
|---|---|
||120,500|



- 21 -