Charity registration number: 1192896
Highfields Trust CIO
Trustees Report and Accounts for the Year Ended 5 April 2023
Highfields Trust CIO
Contents (continued)
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 4 |
| Independent Examiner's Report | 5 |
| Receipts and Payments Account | 6 |
| Statement of Assets and Liabilities | 7 |
Highfields Trust CIO
Reference and Administrative Details
Chairman Michael Fry Trustees Michael Fry Cheryl Millyard Ann Phillips John Stephens 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 year ended 5 April 2023.
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 £50,000 (2022: £63,450).
The value in investments fell marginally to £1,317,098 (2022: £1,407,486).
Financial review
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.
Trustees and officers
The trustees and officers serving during the year and since the year end were as follows:
Trustees: Michael Fry Cheryl Millyard Ann Phillips John Stephens (appointed 23 July 2022)
Chairman: Michael Fry
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Highfields Trust CIO
Trustees' Report (continued)
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 exposure to cashflow risks is minimal as expenditure on charitable activities is only incurred when liquid funds are already available.
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.
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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 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 of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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 Charities (Accounts and Reports) Regulations 2008, 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 3 October 2023 and signed on its behalf by:
Michael Fry Chairman and trustee
Page 4
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 2023.
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:
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accounting records were not kept in respect of Highfields Trust CIO as required by section 130 of the Act; or
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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
Date: 3 October 2023
Page 5
Highfields Trust CIO
Receipts and Payments Account for the Year Ended 5 April 2023
| Receipts Donations Gift Aid tax reclaimed Income from listed investments Interest on cash deposits Sale of Investments Total receipts Payments Fundraising costs Portfolio management costs Charitable donations Bank charges Independent examiner's fee Purchase of investments Total Payments Transfer from Highfields Trust Net receipts/(payments) Total cash funds brought forward Total cash funds carried forward |
Unrestricted funds General £ 26,194 851 60,493 13 87,551 145,797 233,348 - (4,992) (50,000) (70) (1,026) (56,088) (146,338) (202,426) - 30,922 21,152 52,074 |
Total 2023 £ 26,194 851 60,493 13 87,551 145,797 233,348 - (4,992) (50,000) (70) (1,026) (56,088) (146,338) (202,426) - 30,922 21,152 52,074 |
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 6
Highfields Trust CIO
(Registration number: 1192896) Statement of Assets and Liabilities as at 5 April 2023
Cash funds
| Unrestricted funds Lloyds Bank current account Brewin Dolphin Dealing & Deposit Account Lloyds Deposit 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 |
2023 £ 5,062 - 48,014 53,076 (1,002) 52,074 2023 £ 888,417 1,317,098 2023 £ 900 - 900 |
2022 £ 17,562 3,590 - |
|---|---|---|
| 21,152 - |
||
| 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 6 to 7 were approved by the trustees, and authorised for issue on 3 October 2023 and signed on their behalf by:
Michael Fry Chairman and Trustee
Page 7