Charity number.. 1183587 THE HARKNESS FAMILY FOUNDATION UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
THE HARKNESS FAMILY FOUNDATION CONTENTS Page Reference and administrative details of the Charity, its Trustees and advisers Trustees. report Indgpendgnt gxamingrfs report ststement of financial activities Balance sheet Notes to the financlal statements 8-11
THE HARKNESS FAMILY FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024 Trustees Maria Philippa Arabella Harkness, Chair Henry Daniel James Webb, Trustee Gabriella Maria Harkness, Trustee Francesca Maria Harkness, Trustee Letitia Maria Harkness, Trustee Edward William Marek Harkness, Trustee Charlty reglstered number 1183587 Prlnclpal office Pengrove Bodmin Cornwall PL30 3HZ Accountants Calder & Co Chartered Accountants 30 Orange Street London WC2H 7HF Page 1
THE HARKNESS FAMILY FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustees present their annual report together with the financial statements of the The Harkness Family Foundation for the 6 April 2023 10 5 April 2024. Objectives and activities a. Policigs and objectives The Charity is established for the relief of poverty and the advancement of.. Education, Health or saving of lives, Citizenship or community development, Arts, Culture, Heritage or Science, Human rights, Conflict resolution or Reconciliation, Promotion of religious or racial harmony or equality and diversity, Environmental protection or improvement, Relief of those in need, by reason of Youth, Age,111-Heallh, Disability, Financial Hardship or other Disadvantage, And such other purposes recognised from lime-lo-lime by the law as charitable. In setting objeth'ves and planning for activities. the Trustees have given due consideration lo general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running a charity IPB21'. b. Maln actlvltles undertaken to further the Charlty's purposes for the publlc beneflt The Trustees are conscious of the Charity Commission's stance on public benefit and are satisfied that the Charity has carried out ils activities during the financial year consislenlly with ils purpose, with due regard lo the Charity Commission's p4Jblic benefit guidance. Achlevements and performance a. Key performance Indlcators During the year the the Charity reiVed £53,00012023.. £50,000) of income from donations. The trustees will utilise the income received to achieve the charity's principal objective sel out at)ove. Financial review a. Golng concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources lo continue in operation81 existence for the foreseeable future. For this reason. they continue lo adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Reserves policy The Charity s only asset is cash held at Lloyds Bank. The Trustees believe that by building the cash reserves they can continue lo operate in pursuit of its charitable objectives in the event insufficient income is generated. Page 2
THE HARKNESS FAMILY FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 Structurgl govgrnan¢g and management Constitution The Harkness Family Foundation is a registered charity, number 1183587, and is constituted under a Trust deed dated 20 November 2018. The foundation gained charitsble status on 24 May 2019. b. Methods of appointment or election of Trustees The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. c. Related party relationships During the year, the Charity received donations amounting lo £53,000 from M Harkness, who is a trustee of the Charity. These donations were given voluntarily without any conditsons allached, and the Iruslee received no benefits in return. d. Financial risk management The Trustees have assessed the major risks to which the Charity is exposed, in particular those related lo the operations and finances of the Charity, and are satisfied that systems and procedures are in place lo miligale exposure to the major risks. Funds held as custodlan There are no funds held as custodian for other parties. Page 3
THE HARKNESS FAMILY FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 ststgmgnt of Trustegs. responsibilities The Trustees are responsible for preparing the Trustees. report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Praclice)- The law applicable lo charities in England & Wales requires the Trustees lo prepare financial statements for each financial which give a true and fair view of the slate of affairs of the Charity and of its incoming resources and application of resources, including ils income and expenditure, for that period. In preparing these financial statements. the Trustees are required lo- select suitable accounting policies and then apply them consislenlly.. observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards IFRS 1021 have been followed, subjed to any material departures disclosed and explained in the financial statements., 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 Charills transactions and disclose with reasonable accuracy al any lime the financial position of the Charity and enable them lo ensLJre that the financial statements comply with the Charities Act 2011. the Charity {Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by.. Maria Philippa Arabella Harkness {Trusteel Dale.. 21 March 2025 Page 4
THE HARKNESS FAMILY FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024 Independent examlnerfs report to the Trustees of The Harkness Famlly Foundatlon I'the Charity'l I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2024. Responslbllltles and basls of report As the Trustees of the Charity you are responsible for the prepamtion of the accounts in accordance with the requirements of the Charities Act 2011 I'the 2011 Act'l. I report in respect of my ex8minalion of the Charitvs accounts c8rried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examinerfs staternent Your attention is drawn to the fact that the Charity has prepared the 8ceounts in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. l understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act., or the accounts do not accord with those records., or the accounts do not comply with the applicable requirements conceming the form and content of accounts sel out in the Charities IA¢counts and Reports} Regulations 2008 other than any requirement that the accounts give a Irue and fairf view which is not a maller considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order lo enable 8 proper understanding of the accounts to be reached. Signed-. D8ted.. 21 March 2025 A Koupland ACA Calder & Co Chartered Accountants 30 Orange Street London WC2H 7HF Page 5
THE HARKNESS FAMILY FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Unrestricted funds 2024 Total funds 2024 Total fvnds 2023 Note Income from: Donations and legacies 53.000 53.000 50,000 Total income 53,000 53,000 50,000 Expgnditurg on: Charitsble activities 64.250 64.250 40,000 Total expenditure 64,250 64.250 40.000 Net movement In funds 111.250) 111.2501 10,000 Reconclllatlon of funds: Totsl funds brought forw8rd Net movement in funds 12.068 111,2501 12,068 111.2501 2,068 10,000 Total funds carrled for•vard 818 818 12,068 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 8 to 11 form part of these financial statements. Page 6
THE HARKNESS FAMILY FOUNDATION BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 Note Fixed assets Current assets Cash al bank and in hand 2,068 12,068 2,068 12,068 Creditors.. amounts falling due within one year 11,2501 Ngt Current as$gts 818 12,068 Total assets less current liabilities 818 12,068 Net assets excludlng penslon asset 818 12,068 Total net assets 818 12,068 Charlty funds Reslricled fund5 Unrestricted funds 818 12,068 Total funds 818 12,068 The financial statements were approved and authorised for issue by the Trustees on 21 March 2025 and signed on their behalf by.. Maria Philippa Arabella Harkness {Trusteel The notes on pages 8 to 11 fomi part of these financial statements. Page 7
THE HARKNESS FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accountlng pollcles 1.1 Basis of preparation of financial statements The financial slalemenls have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared lo give a 'true and fairf view and have departed from the Charities IAccounls and Reports) Regulations 2008 only lo the extent required lo provide a 'lrue and fair. view. This departure has involved following the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Harkness Family Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stsled in the relevant accounting policy. 1.2 Income All income is recognised once the Charity has enlitlemenl lo the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. 1.3 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each activity are made up of the lotsl of direct costs and shared costs, including support costs involved in undertaking each aclivily. Direct costs attributable to 8 single activity are allocated directly to that activity. Shared costs which contribute lo more than one activity and support costs which are not 8ttribulable to 8 single activity are apportioned between those activities on a basis con51Stenl with the use of resources. Central staff costs are allocated on the basis of b'me spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the 8clivilies which further the Charity's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 1.4 Cash at bank and in hand Cash at bank and in hand includes cash and short-lerm highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page 8
THE HARKNESS FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accountlng pollcles {contlnued) 1.5 Llabilitles and provlslons Liabilities are recognised when there is an obligation al the Balance sheet dale as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised al the amount that the Charity anticipates il will pay lo settle the debt or the amount it has received as advanced payments for the goods or services it musl provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tax discount rate that reflects the risks specific lo the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 1.6 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised al transaction value and subsequently measured at their selllemenl value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 1.7 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Income from donations and 1gga¢igS Unrg$tri¢tgd funds 2024 Totsl funds 2024 Total funds 2023 Donations 53,000 53,000 50,OOQ Page 9
THE HARKNESS FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Charltable actlvltes Unrestricted funds 2024 Total funds 2024 Total funds 2023 Accountancy fees Donations 1,250 63,000 1.250 63,000 40.000 64,250 64,250 40,000 Independent examinerfs remuneratlon 2024 2023 Fees payable lo the Charity's independent examiner for the independent examination of the Charills annual accounts 1,250 Trustees. remuneration and expenses During the year, no Trustees received any remunerab'on or other benefits (2023- £NIL). During the year ended 5 April 2024, no Trustee expenses have been incurred (2023 - £NIL)- Crèditors: Amounts falling due within one year 2024 2023 Accruals and deferred income 1,250 Page 10
THE HARKNESS FAMILY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Summary of funds Summary of funds - current year Balance at 6 April 2023 Balance at 5 April 2024 Income Expenditure General funds 12,068 53.000 164,250} 818 Summary offunds- prior year Balan al l April 2022 Balan al Income Expenditure 5 April 2023 General funds 2,068 50,000 (40,QOOJ 12,068 Analysis of ngt assets betwegn funds Analysis of net assets betwegn funds - current period Unrestricted funds 2024 Total funds 2024 Current assets 2,068 11,2501 2,068 11.2501 Creditors due within one year Totsl 818 818 Analysls of net assets between funds - prlor perlod Unrestricted funds 2023 Total funds 2023 Current assets 12.068 12,068 Total 12,068 12,068 Page 11