Charity Registration No. 1161183 ## **PETER & TERESA HARRIS CHARITABLE TRUST** **Annual report and unaudited financial statements** **For the year ended 5 April 2021** ## **PETER & TERESA HARRIS CHARITABLE TRUST** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees**|Mr D C P Rabagliati| |---|---| ||Mr Timothy Barnes| |**Charity number**|1161183| |**Registered office**|Gregsons Solicitors| ||St Christopher's House| ||19 Tabor Grove| ||Wimbledon| ||London| ||SW19 4EX| |**Independent examiner**|WSM Advisors Limited| ||Connect House| ||133-137 Alexandra Road| ||Wimbledon| ||London| ||SW19 7JY| |**Solicitors**|Gregsons Solicitors| ||St Christopher's House| ||Tabor Grove| ||Wimbledon| ||London| ||SW19 4EX| ## **PETER & TERESA HARRIS CHARITABLE TRUST** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 2| |Independent examiner's report|3| |Statement of financial activities|4| |Balance sheet|5| |Notes to the financial statements|6 - 11| ## **PETER & TERESA HARRIS CHARITABLE TRUST** ## **TRUSTEES' REPORT** ## **For the year ended 5 April 2021** The trustees present their annual report and financial statements for the year ended 5 April 2021. 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 trust's governing document, the Charities Act 2011 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 trust's objects are namely charitable purposes for the public benefit as are exclusively charitable according to the Laws of England and Wales as the Trustees may from time to time determine. The policies adopted in furtherance of these objects are to make grants and there has been no change in these during the year. Grants are considered by all trustees on a regular basis throughout the year while having regard to the trust's aims and objectives, and investments. When grants are approved, the trustees instruct the solicitors to organise the making of such grants. A detailed register of grants made is kept and updated by the solicitors and circulated amongst the trustees. The trustees continue to seek for grant making opportunities to fulfil the charity's objectives. ## **Achievements and performance** During the year the trust made donations to other charitable bodies of £122,200 (2020: £ 150,400) . Applications are made in writing or via email and are considered on a case-by-case basis. The trust will consider applications by charitable organisations that it has not previously supported. In principle all applications by registered charities in England and Wales will be considered on their merits in accordance with the Charity's areas of interest as outlined in the objectives. The trust plans to continue making grants in line with its objectives. ## **Financial review** During the year the trust received a total income of £ 41,311 (2020: £51,149) and total expenditure was £137,730 (2020: £ 169,010). This gave rise to a net surplus of £397,037 (net expenditure in 2020: £ 350.680) after gain on investment s of £493,456 (loss on investment in 2020: 232,819) . This resulted in total funds carried forward as at 5 April 2021 of £2,956,654 (2020: £2,559,616). The trust does not fundraise and its income is comprised wholly of income arising on the trust's investment portfolio which was funded by gifts of expendable endowment from the charity's founders, Peter and Teresa Harris. The trust received a lump sum gift of expendable endowment from Peter and Teresa Harris during the year to 5 April 2016 in the sum of £ 2,954,586 . This has been invested by the trust's Investment Managers. The trust's Investment Managers have discretionary management over the trust's investment portfolio and are instructed to maximise income return within the constraints of a medium risk portfolio. There are no ethical constraints in place with regard to investment. The Investment Managers' report for the year to 5 April 20 21 showed a satisfactory performance. The trustees aim to continue with the grant making. G iven that the current reserves , they are sufficient to meet any unexpected grant application. The trust seeks to use income earned from investments to make grants but has an expendable endowment fund if required. The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. - 1 - ## **PETER & TERESA HARRIS CHARITABLE TRUST** ## **TRUSTEES' REPORT (CONTINUED)** ## **For the year ended 5 April 2021** ## **Structure, governance and management** The trust was established by a charitable trust deed on 25 November 2010 and deed of amendment of 1 April 2015. The trustees who served during the year and up to the date of signature of the financial statements were: Mr D C P Rabagliati Mr Timothy Barnes The trust deed states there shall be at least two trustees. Every future trustee shall be appointed by a resolution of the trustees passed at a special meeting. In selecting persons to be appointed as trustees, the trustees shall take into account the benefits of appointing a person who is able by virtue of their personal or professional qualifications to make a contribution to the pursuit of the objects of the management of the charity. The trustees hold at least one ordinary meeting a year. There are no related parties apart from the trustees. The trustees' r eport was approved by the Board of Trustees. .............................. ## **Mr D C P Rabagliati** Trustee Dated: ......................... - 2 - ## **PETER & TERESA HARRIS CHARITABLE TRUST** ## **INDEPENDENT EXAMINER'S REPORT** ## **TO THE TRUSTEES OF PETER & TERESA HARRIS CHARITABLE TRUST** I report to the trustees on my examination of the financial statements of Peter & Teresa Harris Charitable Trust (the trust) for the year ended 5 April 2021. ## **Responsibilities and basis of report** As the trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act). I report in respect of my examination of the trust’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - 1 accounting records were not kept in respect of the trust as required by section 130 of the 2011 Act; or - 2 the financial statements do not accord with those records; or - 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Andrew Bithray WSM Advisors Limited Connect House 133-137 Alexandra Road Wimbledon London SW19 7JY Dated: ......................... - 3 - ## **PETER & TERESA HARRIS CHARITABLE TRUST** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **For the year ended 5 April 2021** |**Unrestricted Endowment**
**funds**
**funds**
**2021**
**2021**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**3**
-
-
Investments
**4**
-
41,311
**Total income and endowments**
-
41,311
**Expenditure on:**
Raising funds
**5**
-
10,575
Charitable activities
**6**
127,155
-
**Total resources**
**expended**
127,155
10,575
Net gains/(losses) on
investments
**11**
-
493,456
**Net (outgoing)/incoming**
**resources before**
**transfers**
(127,155)
524,192
Gross transfers between
funds
127,155
(127,155)
**Net movement in funds**
-
397,037
Fund balances at 6 April
2020
-
2,559,617
**Fund balances at 5**
**April 2021**
-
2,956,654|**Total Unrestricted Endowment**
**funds**
**funds**
**2021**
**2020**
**2020**
**£**
**£**
**£**
-
-
35
41,311
-
51,114
41,311
-
51,149
10,575
-
14,046
127,155
154,964
-
137,730
154,964
14,046
493,456
-
(232,819)
397,037
(154,964)
(195,716)
-
154,964
(154,964)
397,037
-
(350,680)
2,559,617
-
2,910,296
2,956,654
-
2,559,616|**Total**
**2020**
**£**
35
51,114
51,149
14,046
154,964
169,010
(232,819)
(350,680)
-
(350,680)
2,910,296
2,559,616| |---|---|---| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 4 - ## **PETER & TERESA HARRIS CHARITABLE TRUST** ## **BALANCE SHEET** ## **As at 5 April 2021** |**Notes**
**Fixed assets**
Investments
**12**
**Current assets**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**13**
Net current assets
**Total assets less current liabilities**
**Capital funds**
Endowment funds - general
**14**
**Income funds**
Unrestricted funds|**2021**
**£**
451,726
(4,634)|**£**
2,509,562
447,092
2,956,654
2,956,654
-
2,956,654|**2020**
**£**
544,713
(4,421)|**£**
2,019,324
540,292
2,559,616
2,559,616
-
2,559,616| |---|---|---|---|---| The financial statements were approved by the Trustees on ......................... .............................. Mr D C P Rabagliati **Trustee** - 5 - ## **PETER & TERESA HARRIS CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **For the year ended 5 April 2021** ## **1 Accounting policies** ## **Charity information** Peter & Teresa Harris Charitable Trust is a charitable trust constituted under a Trust deed dated 25 November 2010. The trust is a registered charity number 1161183. The trust was established by Peter and Teresa Harris by an initial gift of expendable endowment funds. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the trust's governing document, the Charities Act 2011 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)". The trust is a Public Benefit Entity as defined by FRS 102. The trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling , which is the functional currency of the trust . Monetary a mounts 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 trust 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. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the trust. ## **1.4 Incoming resources** Income is recognised when the trust 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. Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 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. - 6 - **PETER & TERESA HARRIS CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## **For the year ended 5 April 2021** ## **1 Accounting policies** **(Continued)** ## **1.5 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. ## _**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 p aymen ts 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. ## **2 Critical accounting estimates and judgements** In the application of the trust’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. ## **3 Donations and legacies** ||**Endowment**|**Endowment**| |---|---|---| ||**funds**|**funds**| ||**general**|**general**| ||**2021**|**2020**| ||**£**|**£**| |Donations and gifts|-|35| - 7 - ## **PETER & TERESA HARRIS CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## **For the year ended 5 April 2021** |**4**|**Investments**||| |---|---|---|---| |||**Endowment**|**Endowment**| |||**funds**|**funds**| |||**general**|**general**| |||**2021**|**2020**| |||**£**|**£**| ||Dividend receivable|30,581|37,369| ||Interest receivable|10,730|13,745| |||41,311|51,114| |**5**|**Raising funds**||| |||**2021**|**2020**| |||**£**|**£**| ||Investment management|10,575|14,046| ||Endowment funds|10,575|14,046| |**6**|**Charitable activities**||| |||**Grant**|**Grant**| |||**making**|**making**| |||**2021**|**2020**| |||**£**|**£**| ||Grant funding of activities (see note 7)|122,200|150,400| ||Share of governance costs (see note 8)|4,955|4,564| |||127,155|154,964| |**7**|**Grants payable**||| |||**2021**|**2020**| |||**£**|**£**| ||**Grants to institutions:**||| ||19th Wimbledon Scout Group|-|2,000| ||Alfege Church Greenwich|-|14,500| ||Association Agnes McLaren|-|2,000| ||ATD - 4th World|5,000|4,000| ||Bexley Community|-|1,000| ||Billingshurst Unitarian Chapel|2,000|2,000| ||Birmingham Royal Ballet|3,000|2,000| - 8 - **PETER & TERESA HARRIS CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## **For the year ended 5 April 2021** |**7**|**Grants payable**||**(Continued)**| |---|---|---|---| ||Bradfield Club Peckam|-|4,000| ||Brain Tumour Research|-|1,000| ||Budiriro Trust|3,000|3,000| ||Christchurch West Wimbledon|5,000|5,000| ||Christian Care Association|3,000|-| ||Church of St Margaret|1,000|-| ||Climbing Out|-|3,000| ||Families Outside|3,000|-| ||Foundation Old Navy|-|2,007| ||Greenwich & Brexley Community Hospice|25,000|-| ||Greenwich Performs|5,000|31,500| ||Heyswood Campsite Fund|-|2,000| ||Humanity & Inclusion|2,000|2,000| ||Kids N'Action|-|2,000| ||Kids Out UK|-|2,000| ||Kingswood Trust|-|3,000| ||Llanhilleth Miners Institute Limited|-|3,000| ||Music for ALL|-|3,000| ||Opera North: Community Partnership|-|2,000| ||Paul Sartori Foundation Limited|2,000|-| ||Prostate Cancer UK|-|1,000| ||RAW Workshop|2,000|-| ||Read For Good|3,000|2,000| ||Samaritans|10,000|10,000| ||Second Chance|-|3,000| ||Share Community Limited|5,000|-| ||St Andrew's Society for Ladies in Need|-|3,000| ||St Matthews School PTA|3,000|-| ||St Michael All Angels Church|-|2,000| ||Talk About Art|-|7,500| ||Tanyard Youth Project Limited|-|2,000| ||Team Malawi|-|2,000| ||Thames Hopsice|4,000|-| ||The Buddy Bag Foundation|-|2,000| ||The Children's Literacy Charity|-|2,000| ||The Clink Charity|3,000|-| ||The Greenwich Society|1,000|-| ||The Makes Guild in Wales|-|(1,000)| ||The Olive Branch|-|1,000| ||The Polka Theatre|-|500| ||The Vine Trust|3,000|-| ||Tower Hamlets Opportunity Group|-|5,000| ||Tramshed Arts Limited|-|500| ||Trinity Laban Conservatoire of Music and Dance|-|10,000| ||University of Greenwich|10,000|-| ||West Somerset Railway Association|2,000|-| ||Wide Horizon|-|(4,607)| ||Willow Foundation|1,000|-| ||Wimbledon Food Bank|-|2,000| - 9 - ## **PETER & TERESA HARRIS CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## **For the year ended 5 April 2021** |**7**
**Grants payable**
Wimbledon Guild & Social Welfare
Windsor Street Angels
Woolwich Garrison Church
Youth on the Move ( London)
**Grants to individuals**
Miss Bridget Peake|**(Continued)**
5,000
-
-
2,000
10,000
-
-
2,000
121,000
149,900
1,200
500
122,200
150,400|**(Continued)**
5,000
-
-
2,000
10,000
-
-
2,000
121,000
149,900
1,200
500
122,200
150,400| |---|---|---| |||149,900
500| |||150,400| ## **8 Support costs** |**Support costs Governance**
**costs**
**£**
**£**
Accountancy
-
4,955
Bank charges
-
-
-
4,955
Analysed between
Charitable activities
-
4,955|**2021**
**£**
4,955
-
4,955
4,955|**2020 Basis of allocation**
**£**
4,528 Directly
36 Directly
4,564
4,564| |---|---|---| Governance costs includes payments to the independent examiner of £ 2,142 (2020: £2,040). ## **9 Trustees** None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year. ## **10 Employees** There were no employees during the year. ## **11 Net gains/(losses) on investments** |Revaluation of investments
Gain/(loss) on sale of investments
Endowment funds|**2021**
**2020**
**£**
**£**
486,798
(251,291)
6,658
18,472
493,456
(232,819)| |---|---| - 10 - ## **PETER & TERESA HARRIS CHARITABLE TRUST** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## **For the year ended 5 April 2021** ## **12 Fixed asset investments** ||**Listed**| |---|---| ||**investments**| ||**£**| |At 6 April 2020|2,019,324| |Additions|83,412| |Valuation changes|486,798| |Disposals|(79,972)| |At 5 April 2021|2,509,562| |**Carrying amount**|| |At 5 April 2021|2,509,562| |At 5 April 2020|2,019,324| ## **13 Creditors: amounts falling due within one year** |**Creditors: amounts falling due within one year**||| |---|---|---| ||**2021**|**2020**| ||**£**|**£**| |Accruals and deferred income|4,634|4,421| ## **14 Endowment funds** Endowment funds represent assets which must be held permanently by the trust. Income arising on the endowment funds can be used in accordance with the objects of the trust and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund. The transfer during the year between the unrestricted fund and the endowment fund of £127,155 (2020: £154,964) represents the net cost of the charitable activities for the year. ## **15 Analysis of net assets between funds** |**Unrestricted**
**Endowment**
**£**
**£**
Fund balances at 5 April 2021 are represented by:
Investments
-
2,509,562
Current assets/(liabilities)
-
447,092
-
2,956,654|**Total**
**£**
2,509,562
447,092| |---|---| ||2,956,654| ## **16 Related party transactions** During the year grants were made to charities totalling £10,000 (2020: £3,000) where the two charities share common trustees. - 11 -