## **Oliver Heaton Trust** ## **Report on Accounts to 31st December 2024** Income during the year showed a deficit of £26,444 (2023 surplus £55,804) whilst expenses were £709,438 (2023 £24,897) resulting in a deficit for the year of £735,882 (2023 surplus £30,910). This was offset by a partial release of the 2023 provision for capital losses on sale of property of £129,079 (2023 charge £144,771) resulting in a net deficit after impairment of £606,803 for the year (2023 deficit £113,861). ## **Income** Interest arising from cash on deposit with CAFGold was £10,952.65 (2023 £847). This arose as cash from sale of properties was held pending grants made to St Margarets Church PCC for church development work. It was agreed that grants to St Margarets PCC for church development should be paid out of the proceeds of sale of properties. However, at the beginning of 2024, property sale completions were delayed and so to meet development bills it was necessary to sell CCLA investment units of book cost £76,042 which realised a profit of £23,957. CCLA investment income increased to £42,191 (2023 34,963) as a result of the increased holding in CCLA units bought in 2023 which was financed from proceeds of the sale of No 3 The Publishing House and 5 Radley Place. Rental income declined to £18,645 (2023 £43,583) as the tenants left the remaining six rental properties on expiry of their ASTs or by means of them being served s32 notice. Set against this income was £19,376 (2023 £23,586) of selling costs of the five properties that were eventually sold in 2024. See schedule of selling costs in the Accounts. ## **Expenses** Grants made in 2024 amounted to £709,378 (2023 £24,838). £48,090 resulted from a conversion of a 2023 loan for gutter repairs to a grant, £33,404 related to St Margarets Church activities while £627,882 related to a resumption of St Margarets Church development activity. This latter figure included £ 65,456 for repairs of the north aisle and kitchen roof and for internal redecoration necessitated by water damage. The balance of development grants covered JG Restorations Ltd valuations 1 - 8 and associated fees for architects, quantity surveyors and structural engineers. Additionally the cost of new lighting and 50% of new furniture has been covered. The development work is continuing, albeit delayed to allow excess moisture to dry out, and is expected to be completed in April 2025. Of the six remaining rental properties to be sold in 2024, sales were completed for five of them.The sales gave rise to a capital loss of £122,192 of which £68,095 loss arose from the sale of 35 Coxs Ground whilst £43,232 loss arose from the vexatious sale of No 1 The Publishing House. See Accounts schedule of Buy to Let Acquisitions - 2024 Movements. The real loss is approximately £100,000 higher than the capital loss as typically each flat had a rental void of twelve months. In 2023 a provision against such capital loss was made of £141,771. £129,079 of this provision has been released in the year which cancels the loss of £122,192 and results in a release of over provision in the year amounting to £6,887. The remaining property awaiting sale completion, 2 Badgers Close, is sold subject to contract and it is hoped completion will take place in January 2025. The remaining provision of £15,692 is carried forward to cover the anticipated capital loss on sale of this last property together with associated selling costs and settlement of utility charges. ## **Balance Sheet** Loans to St Margarets PCC were £116,370 (2023 £48,090) representing refundable VAT on capital expenditure by the PCC. During 2024 no loans were repaid by the PCC. As mentioned above, the 2023 loan was converted in 2024 to a grant. As noted above, CCLA Investment units reduced by historic cost of £76,042 as units were sold to finance development grants in the early part of the year. At year end £577,061 was held on deposit account to cover the remains of St Margarets Church development costs. Information is not to hand at the date of writing as to how much will be required to complete the development. When this information becomes available a decision will be made as to how cash on deposit in excess of development requirements should be invested. The unrealised surplus on CCLS Charity Fund units held at the year end was £398,215 (2023 £375,060). The increase in value was £47,112 but £23,957 was taken as profit on the sale of units during the year leaving a net increase in value of of remains units of £23,154 _C R Levick 10th January 2025_ OLIIIE4 Ht*iToPN TPiliST Annual accounts for the 0110112024 To nod Pericms start d*e Period end date 3111212024 Section A Statement of financial activities (including summary income and expenditure account) Recommended categories by activity Unrestrlcted incorne funds funds Endowment funds Prior yoar funds Total funds Income (Note 3) F01 F02 F03 F04 Incom& and endowments from: F05 S01 8thYstses S03 SÈp*tè m3tsrial trfvwne OttEr 26.445 55.808 Total Expenditure (Notes 6) Expènditure <￿. Raisro furxls S07 26.445 26.445 55,808 Separdte Materi￿ ewse item 709.377 60 709.3TK 60 24.838 60 S10 S11 Total S12 709.437 709,437 24,898 Net lneomel(expenditu￿) before tsx for -reporting period rax paydble Net incomel{expenditure) after tax before investment gainsl(losses) Nei gai￿1￿5￿esI on invesknents S13 735.882 735,882 30.910 S14 S15 735.882 735,882 30,910 S16 Net incomel(expenditure) Extraordtnary items Transfers between funds Other recognised gains1(losses): S1T 735,882 735.882 30,910 s18 S19 Galns knsses on revaluakn offtsÈd assetsftYtr* S20 0￿rgai￿lI10sse$> 21 129,079 606,803 Net movement in funds 129.079 606.803 144,772 113,862 Reconciliation of fiinds." Total fvnds brttuht f(wJrd Total funds canied fonvard 2.609.243 2.002.440 2,609.243 2,002.440 2,723.105 2,609,243 $24 ChaTityNo 1165J51 Section B Balance sheet Flxed assets Fol F02 F03 Intangible a5SO Tangiblèas8ets FOS (Ilotè 15) Vlob? fj61 (N0ts1n 7,302.331 2,331 1.302.¥1 7.302.331 2.518.398 2.518.398 Curront ass•ts Stocks Dèbto iNob 18) Illote 19) IN(ts 17AI 716.370 T16.370 Cash at ba￿*￿1 in hand 241 583.739 7(KI.109 49,584 97.674 7CrfJ.109 6.829 .109 TIX).1 2.e09243 INots 201 P¥o￿lon$ lor Ilablltite8 B14 Bf5 2.LX12440 2.LYJ2.440 Funds of the Charity 2.609.243 817 2.(X)2.440 IrxTr.440 2.8CS.243 Fairvalue reseryg 2.fAY2.440 2,(Q2.440 2.6￿.243 Companle$Acl 7W6. S4nakne CC17a (Exed) 10m112025 Section C Notes to the accounts l¢ontl Note 3 Income Anatysis of Inco￿ Donations and fegacie5: DonalTons and GfftAK General grants provted by govemmenvother ch&riiie5 MembeT5hip suti5uwtiDn5 and sponsorshps ich aTr in Substan￿ donations tk)nated Chafitsble Other Othertrading acti¥ities'. Other from Interest income DwklerK* inwme Rentsl and *in Other 42.7¥1 18.645 42.1¥ 18.645 43.583 71.T89 71.789 Sopayate maierial it•m of 4n¢¢Jme Loss on sth on it>¥85tsnent Profrt on Sa￿ of IL%ted investrneqt5 122.192 23.586 23,958 Gain on dwsal of a r￿ed asset h for tha Gain on disposal ofa prtrjrrn rda*d nvestrnent Royalbes frcm the etyoilation (￿￿te￿jaI ro hts Profrt On Sa￿ of in*strngnt TOTAL INCOME 26,445 All incon* in th• prior yoarTNas unrutrt¢i•d exwifor. IploaBg provid? de¥cwiptlov anvxNtsI Whetp aoy end0￿)￿rt fund is coiNeripd ioto incomE th repor11￿g F4roo¢ please giw the rnX¢)n lor thp ¢OEw•f*iorL thln th• 5ncom• ltaft￿ al)ov• the*ollw ftems arè matrrial: Ip*e di8cI¢)so thp nabJre, ￿ #rhj ary wior ye•r•mouitsl CC17a IExdl Wher¥ wms owighwlty dèTKffiIETraW In for•lgn ¢urrenGy hwe b*n included itt illc￿￿, the b¥1¥ on th04• have b••n translat•d ioto 3*erfi*VJ lortho in whfch th¢8¢eoyDts drawn upl. 17a (Ex Section C Notes to the accounts Icontl Note 6 Expendituro Anatysls of expendltyFP Tofal Pl*ir￿r Expenditure on raislng funds: IncxJrTed seekrng donatii)n5 InCu￿ed seeking grants Operabng Ir￿mt￿rshIp S[*￿ arwj soLial lottsies Staging hindr3ÈStng evenls Fundraiwng ag￿ts Operating (*anty shops Opes*'ng a trading COM￿ undertaking non-charitsble tradthig Adverti&ng. marfieling. rn￿1 8nd Start up ca)sts incurred in generab'rKJ souTr offuiure incthne Datsbase ¢Jevek)ptnent cy)sts Othertrading ac*vibe5 Investrnent Mar￿eMent costs." Portfolio mana ement LDsts Cost ofobtsin¥ng investmerrtthice Invesbnent ￿MInistra￿.0n cy)sts Intdlec*Jd protEty I￿en{ing costs Rent (xJWI"on, prDpety repaws * MainteTran￿ charges GRnts made charEtablo aclivities 7CS,371 7(￿.377 24,838 Totsl exFrndityre on chaErlabte 7(￿,371 Separate nmtsrial Total Bank thar TOTAL EXPENDrniRE 709.437 7[￿,437 24.898 CC171 (Excel) 1￿01r202$ Other infonnatlon: Activity or Grant Support T¢Xal thi5 Total ALknty 1 Actw Athvty 3 Totsl Church hutch ma Churth su 562.426 113.546 33.4 709.377 .426 113.546 33.405 709.3 24.838 24.838 can be anaty50d asfollo￿. rthin exppndttur# items al)ove tt following iterns #rE malerial." Ipl8w thscknse amountsl foveign currEncy have bèen included i pwyji￿re, extyain the t)a>i5 on those upl. CC17a (Excd) I¢Y0112028 Section C Note5 to the accoiints Icontl Note 13 Grdntmaking Please complete thts note rfthe charitymad• anygrnms ordtina￿ whkh in aggregate forni a mateffialpartof 111 Analys￿ olgrarts paid lincludsd In cost of eharilable actsviuesl Grants trj Grdnts to indrvidLEalB Analys1¥ SupportC05ts Totsl St MaTyarets Chuft* OAford Dior*se Ed H¢JJsin p 7(YJ.377 709.377 The Garehouse Total 709,377 13.2 Grants mad* to Irtstlurdons the conte¥tof its grantsnaknng. Detaits oAthe insTr￿￿On support*4 chayty& web sits. do￿L$ of ch*?tys URL Provld& detalls Total amount of rants id£ 562.426 113,546 33.405 St Margarets Churth Capttal devdopme* Other unanaly$8dgrants 709.3TT 709.377 GC17a (Excd) 10A)1r2025 Section C Notes to the a¢counts Icontl Note17 Investment assets 17.1 Ffxed assets Inve5tmerts (please provKle for eath class of investment Cash & cash carr￿ng If8ir) value at beginFNf¥J of period Add: addibons to investynth durw P8ri9d' LVA: dlsposa15 at Lzrrying Value 1.215, 1.302.947 1518.397 19.376 19.376 76.042 -1.1￿287 1.242.329 Add: Reversal of 129.079 129.079 Jeduct): transfer inllouti tn Ihe period Addlldeduc4: net gainloossl on rev21uation Catrying Ilairl value at pnj of year 1Z2,1Y2 122,192 1.139,408 161923 1.X)2.331 "Please spècify additions Tgsulting from a¢qui$ition5 through business combinations. Ir any. Please note thatFair Value in this contartis theamountforwhich an assetcouldb• &¥dHnged &¢￿en knowledgeable and￿lI11n9 paitrts in an arni's length Iransaction. Fortradedse¢ui?tses, the f￿rValUe is the valu• of th8 securfty quoted on th¢ London Stock Exchange Daily OfficYalList orequi¥alent Forothera5sets whgrg thgre is no Ma￿Otpr1eo aft a D?d•dma￿e¢ itis the tfUStees'orv8luws'lJestesbinate of fairval 17.2 Pleasè provide a breakdown ot Invest￿ shown above agreelng wÉth 1he balance sheet row B04 differentiating betWg8n thos• ￿ld at fair TAlue and those h•ld at eo•t I￿ Anatysis of investrnonts Falrvafu¢ * yearend Ca¥h or ￿¥h equlvalents Listed investments 1.139. Inv•sknènt prop•rtl¢s 1Q923 Soclal Investmonts Totsl 1.3(Q.331 Grand total (Fairvalue at yeareThJ+C¢>st le￿ ImpBirn￿rt) 17.3 If your charfty holds Invesknent properbes. pl&we complete the following note: lil Explain the methods and slgnlficant assurnption¥ in determining the falr Ydlue or Invesiment property hfr￿ ty Hetd at cost CC773 (Excg 09I01r2025 {ii} Name or independEfrtvaluer. If applicabkn. and relevant qualifications WA liiil Provide detsils of any restrictions w th8 ablllty to realise inve5fment property or on the r¢mittanee of income or disposal proceeds {i¥l Explain any contractual obllgatlons for th• purchase, construction or developmènt of invesknent property orfor tEpa1￿, maintenance orenhancements 17.4 Please provide a broakdovffl of curr8nt asset investme￿. rf applluble. agreeing With the balance sheeL Analysis of current asset Investments Cash or cash equtvatents In. "ljnent proptrties SOCMI inveslments other InYestn*nts Totsl 17.5 Guarantees pt8as8 provkle detaus and aFnount of any guararrtee made to or on bèhallot a third party those guar8nts Phase explaIn I￿rt Ihè guarantee lurtlws the hariV$ aÈm$ 17.6 Concgssionary kAns Thi5 year£ Lastyèar Amount of eonce5sionary loans made Illulli Infom￿ti&v￿. n¢)unt of concessionary 103ns r￿e1Ved Terms and conditions eg internst rntÈ. se¢urity provided cct7a (Ex¢41 (W112tr25 Valuo af any ¢oncessionary loans t*hich have been commttted but not taken up atthe reporting date Amounts payablè wlihin 1 year Amounts payable aftsr more than l year Amounts ￿e1VablE wlthln 1 year Amounts Yee¢ivalk after MO￿ than t 17.7 Additional inf0m￿tIon Plèase provide infornmtion about the significan of investh)entS to the Cl￿rity￿ financial F￿￿lliOn or perfomiance eg. terTh￿ and conditions of loar orthe use of hedging to manage financlal rf For all investments Measur￿ atlairvalue. the basts for detem)ining Ihe value, includlng any 3swJmptions applied whon UStng a valuation Where a charity or 11$ Subsidiary has provided financhal assets as • fomi of security. the ¢arrying amount of the financtal osset pjedged as security and th¢ *rm¥ and conditions relating to its pledge. CC174 IEM 5112025 Section C Notes to the accounts Icontl Note 19 Debtors and prepayments P1th7se complete this note rfihe charity has any debtors 0rprepaym￿ts. 19.1 Analysls of debtors This year Last year Trade debtors Prepayments and accrued inc¢)me Other debtors 116,370.0 116.370.0 48,090.0 48.090.0 Total Complete 19.2 where a matenal debtor Is recoverable moro than a year after the reportlng date. 19.2 Disclosure of debtors recoverable in more than 1 year (included in debtors above) This year Last year Trade debtors Prepayments and accrued incom Other dobtors 116,370_0 116,370.0 48,090.0 48.090.0 Tolal CC17a {Ex¢el) 10101r2025 Section C Notes to the accounts (cont) Note 20 Creditors and accruals Please complete this note rf the charity has any creditors or accruals. 20.1 Analysis of creditors Amounts falling due within one year This year Last year Amounts falllng due atter more than one year This year Last year Accruals for grants payable Ank loans and overdrafts Trade creditors Payments received on account for contracts or perfonnance-related grants Accruals and deferred income Taxation and social security Other Greditors 6,829 Total 6,829 20.2 Deferred income Please wmplete this note rfthe charity has deferred income. Please ex lain the reasons wh income Is deferred Movement in deferred income account This year Last year Balance at the start of the reportÉng period Amounts added in current period Amounts released to income from prevlous pertods Balance at tho gnd of the reporling period CC17a (Excel) 09101r2025 Section C Notes to the accounts (conti Note 24 Cash at bank and in hand This year Last year Short terni cash investments {less than 3 months maturlty date) Short temi deposlts Cash at bank and on hand Other Total 577.062 6.677 25,823 23.761 583,739 49,584 CC17a IEx¢el) 09101r2025 Independent examinerfs report to the trustees of the Oliver Heatr>n Trust I report on the accounts of the Trust for the year ended 31 December 2024, which consist ot two pages of accounts (sections A and Bl and lin section Cl Notes 3, 6. 13, 17. 19, 20 and 24. Respectlve responsibilities of trustees and examiner The charity's tnJstee5 are responsible for the preparation of the accounts. The chariWs trustees consider that an audit is not required for this year under section 144121 of the Charities Act 2011 Ithe 2011 Act) and that an independent examination is needed. It is my responsibility to= examine the accounts under section 145 of the 2011 Act follow the procedures laid down in the generdl D1￿ctionS given by the commission under section 14515llbl of the 2011 Act state whether particular matters have come to my attention Basis of Independent examlnerfs report My examination was carried out in accordance with the general Directions given by the Charity ComFlli55ion. An examination includes a review of the accounting records kept by the charity and a compari50n of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the account5 and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts p￿sent a true and fair view and the report is limited to those matters set out in the next statement. Independent examinerfs Statement In connertion with my exarnination. no matter has come to my attention= l. that gives me reasonable cause to believe that in any material iespect the requirements- a. to keep accounting records in accordance with section 130 of the 2011 Act and b. to prepare accounts that accord with the accounting record5 and comply wtth the accounting requireTnents of the 2011 Act have not been met or to which in my opinion altention should be drawn in order to enable a proper understanding of the accounts to be reached. Name." Tom Carver Relevant professional qualffication or body- formerty practiced a5 chartered accountant IACA, qualified 19961 Address= 59 Chalfont Road Oxford OX2 6TJ Date: 21 April 2025 Signature-