Charity registration number: 1192896
## Highfields Trust CIO
Trustees Report and Accounts
for the period from 22 December 2020 to 5 April 2022
## **Highfields Trust CIO**
## **Contents (continued)**
|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2 to 5|
|Independent Examiner's Report|6|
|Receipts and Payments Account|7|
|Statement of Assets and Liabilities|8|
## **Highfields Trust CIO**
## **Reference and Administrative Details**
**Chairman** Michael Fry **Trustees** Michael Fry Cheryl Millyard Ann Phillips **Charity Registration Number** 1192896 **Principal Office** 21 Bracken Avenue London SW12 8BJ **Independent Examiner** Redshield Business Solutions Limited Chartered Accountants Suite 3, 1 - 3 Warren Court Park Road Crowborough East Sussex TN6 2QX
Page 1
## **Highfields Trust CIO**
## **Trustees' Report**
The trustees present the annual report together with the financial statements of the charity for the period ended 5 April 2022.
## **Establishment of Highfields Trust CIO**
Highfields Trust CIO was established and entered on the register of the Charity Commission for England and Wales on 22 December 2020. The assets and liabilities of the former Highfields Trust (registered charity number 263999) were transferred to Highfields Trust CIO at midnight on 5 April 2021. Highfields Trust was removed from the register of the Charity Commission for England and Wales on 9 November 2021.
## **Objectives and activities**
The charity is established to make donations for charitable purposes for the public benefit.
The charity's aim is to make donations to other charities whose operations deliver public benefit in those areas of charitable activity which are the focus of the charity's grant-making from time to time.
During the year the trustees have made charitable donations from income over the year and have retained and invested the balance of the charity's funds to generate income in order to make future charitable donations.
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
## **Achievements and performance**
Charitable donations made during the year were £63,450 (charitable donations made by Highfields Trust during the year to 5 April 2021 were £61,900).
The value in investments rose to £1,407,486 (the value in investments of Highfields Trust on 5 April 2021 was £1,272,331).
## **Financial review**
The trustees have chosen to prepare a Receipts and Payments account. During this period investments have provided income to enable the charity to make charitable donations at a similar level to those previously made by the Highfields Trust.
The charity's reserves consist of investment assets. As the sole activity of the trust is making donations to registered charities for the public benefit, no funds are required for day to day operations and, as such, no further provision is required.
The charity invests in managed funds, managed by an investor advisor, in order to maintain the capital value of the investments and to provide an income stream to further the objectives of the charity. Due consideration is given to the risk profile of the funds into which investment is made.
Page 2
## **Highfields Trust CIO**
## **Trustees' Report (continued)**
## **Trustees and officers**
The trustees and officers serving during the year and since the year end were as follows:
|Michael Fry|(appointed 22 December 2020)||
|---|---|---|
|Christopher Fry (appointed
22
December
(deceased 22 February 2022)||2020)|
|Muriel Fry|(appointed
22
December
(deceased 06 October 2021)|2020)|
|Timothy Fry|(appointed
22
December
(deceased 10 January 2021)|2020)|
|Cheryl Millyard (appointed 22 December 2020)|||
|Ann Phillips|(appointed 22 December 2020)||
Three of the founding Trustees, Timothy Fry, Muriel Fry and Christopher Fry, have died since the establishment of Highfields Trust CIO. They played leading roles in the former Highfields Trust and in the early life of Highfields Trust CIO. They are greatly missed.
## **Structure, governance and management**
The charity is a charitable incorporated organisation and is governed by its constitution.
Trustees are appointed by the existing trustees. The constitution requires the charity to have a minimum of three trustees.
The trustees meet when required, usually twice a year, and make all decisions for the charity. Decisions may also be made in writing or in electronic form with the agreement of the majority of the trustees.
## **Financial instruments**
The charity’s activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The charity does not use derivative financial instruments for speculative purposes.
The charity’s activities expose to cashflow risks is minimal as expenditure on charitable activities is only incurred when liquid funds are already available.
Page 3
## **Highfields Trust CIO**
## **Trustees' Report (continued)**
The charity’s principal financial assets are bank balances and investments. The charity’s credit risk is primarily attributable to any impairment in the value of its listed investments. An allowance for impairment is made when the market value of the investments falls below cost. The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations the charity invests in funds that are income producing.
Page 4
## **Highfields Trust CIO**
## **Trustees' Report (continued)**
## **Statement of Trustees' Responsibilities**
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. 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 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 business.
The trustees are responsible for keeping proper 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 Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees 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.
The annual report was approved by the trustees of the charity on 6 July 2022 and signed on its behalf by:
Michael Fry Chairman and trustee
Page 5
## **Highfields Trust CIO**
## **Independent Examiner's Report to the trustees of Highfields Trust CIO**
I report to the trustees on my examination of the accounts of Highfields Trust CIO for the year ended 5 April 2022.
## **Responsibilities and basis of report**
As the charity trustees of Highfields Trust CIO you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Highfields Trust CIO's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
I have completed my examination. I confirm that no material 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 Highfields Trust CIO as required by section 130 of the Act; or
2. the accounts do not accord with those records.
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 accounts to be reached.
Jenny Dinnage Chartered Accountants ICAEW
Suite 3, 1 - 3 Warren Court Park Road Crowborough East Sussex TN6 2QX
6 July 2022
Page 6
## **Highfields Trust CIO**
## **Receipts and Payments Account for the Period from 22 December 2020 to 5 April 2022**
|**Receipts**
Donations
Gift Aid tax reclaimed
Income from listed investments
Sale of Investments
Total receipts
**Payments**
Fundraising costs
Portfolio management costs
Charitable donations
Independent examiner's fee
Purchase of investments
Total Payments
Transfer from Highfields Trust
**Net receipts/(payments)**
Total cash funds carried forward||**Unrestricted**
**funds**
**General**
**£**
4,512
1,000
53,405
58,917
71,894
130,811
(26)
(3,146)
(63,450)
(900)
(67,522)
(110,496)
(178,018)
68,359
21,152
21,152||**Total**
**2022**
**£**
4,512
1,000
53,405|
|---|---|---|---|---|
|||||58,917
71,894|
|||||130,811|
|||||(26)
(3,146)
(63,450)
(900)|
|||||(67,522)
(110,496)|
|||||(178,018)|
|||||68,359|
|||||21,152|
|||||21,152|
Page 7
## **Highfields Trust CIO**
## **(Registration number: 1192896) Statement of Assets and Liabilities as at 5 April 2022**
## **Cash funds**
## **2022 £**
|**Unrestricted funds**
Lloyds Bank current account
Brewin Dolphin Dealing & Deposit Account
**Investment assets**
**Unrestricted funds**
Listed investments at cost
Listed investments at valuation
**Liabilities**
Independent examiner's fee
Portfolio manager's fee|17,562
3,590|
|---|---|
||21,152|
||**2022**
**£**
835,972|
||1,407,486|
||**2022**
**£**
900
1,058|
||1,958|
The charity has not given any guarantees nor has any outstanding debts secured on the assets of the charity.
The Receipts and Payments Account and Statement of Assets and Liabilities on pages 7 to 8 were approved by the trustees, and authorised for issue on 6 July 2022 and signed on their behalf by:
Michael Fry Chairman and trustee
Page 8