## **Highfields Trust CIO** ## **Annual Report and Unaudited Financial Statements** ## **for the financial year ended 5 April 2025** **Redshield Business Solutions Ltd Chartered Accountants Suite 3, 1 - 3 Warren Court, Park Road, Crowborough East Sussex TN6 2QX** **Charity Number: 1192896** ## **Highfields Trust CIO** ## **CONTENTS** ||**Page**| |---|---| |Reference and Administrative Information|3| |Trustees' Report|4| |Independent Examiner's Report|6| |Financial Statements|7| |Notes to the Financial Statements|8| |Supplementary Information relating to the Financial Statements|10| **2** ## **Highfields Trust CIO REFERENCE AND ADMINISTRATIVE INFORMATION** ## **Trustees** Michael Fry Peter Fry Cheryl Millyard Ann Phillips John Stephens ## **Chairperson** Michael Fry **Charity Number in England and Wales** 1192896 ## **Principal Address** 21 Bracken Avenue London SW12 8BJ England ## **Independent Examiner** Redshield Business Solutions Ltd Chartered Accountants Suite 3, 1 - 3 Warren Court, Park Road, Crowborough East Sussex TN6 2QX **3** ## **Highfields Trust CIO TRUSTEES' REPORT** for the financial year ended 5 April 2025 The trustees present their Trustees' Report and the unaudited financial statements for the financial year ended 5 April 2025. ## **Mission and Objectives** ## **Mission Statement** 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. ## **Public benefit** During the year the trustees have made charitable donations from income 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 Charites Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. ## **Structure, Governance and Management** ## **Structure** 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. ## **Governance** 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. ## **Review of Activities, Achievements and Performance** Charitable donations made during the year were £69,750 (2024: £82,600). At the close of the year the value in investments was £1,295,833 (2024: £1,321,813). The close of the year was three days after the U.S. President’s ‘liberation day’ tariff measures which caused global stock markets to fall sharply. Markets have subsequently recovered but the outlook for portfolio values and income remains uncertain and volatile. ## **Principal Risks and Uncertainties** 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 risk 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. 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. ## **Approved by the Board of Trustees on 22 September 2025 and signed on its behalf by:** ## **Michael Fry Chairperson** **4** ## **Highfields Trust CIO STATEMENT OF TRUSTEES' RESPONSIBILITIES** for the financial year ended 5 April 2025 The trustees are responsible for preparing the financial statements in accordance with applicable law and regulations. The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the assets, liabilities and financial position of the charity as at the financial year end date and of the surplus or deficit of the charity and otherwise comply with the Charities Act 2011. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and apply them consistently; - make judgements and accounting estimates that are reasonable and prudent; - state whether the financial statements have been prepared in accordance with applicable accounting standards, identify those standards, and note the effect and the reasons for any material departure from those standards; and - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees confirm that they have complied with the above requirements in preparing the financial statements. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and 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. 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 the Board of Trustees on 22 September 2025 and signed on its behalf by:** ## **Michael Fry Chairperson** **5** ## **Highfields Trust CIO** ## **INDEPENDENT EXAMINER'S REPORT TO THE BOARD OF TRUSTEES OF HIGHFIELDS TRUST CIO** We have examined the financial statements of the charity for the financial year ended 5 April 2025, which comprise the Financial Statements, the Accounting Policies and the related notes. ## **Respective responsibilities of trustees and examiner** The charity's trustees are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011. The charity's trustees consider that an audit is not required for this financial year under Section 145 of the Charities Act 2011 and that an independent examination is required. It is our responsibility to: - examine the financial statements under section 145 of the Act; - follow the procedures laid down by the general Directions given by the Charity Commission under section 145(5) of the Charities Act 2011; and - state whether particular matters have come to our attention. ## **Basis of independent examiner's report** Our examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements and seeking explanations from the 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 present a ‘true and fair’ view and the report is limited to those matters set out in the statement below. ## **Independent examiner's statement** In connection with our examination, no matter has come to our attention which gives us cause to believe that in, any material respect: - accounting records were not kept in accordance with section 130 of the Charities Act 2011 - the financial statements do not accord with those accounting records - there is further information needed for a proper understanding of the accounts to be reached. We 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. ## **Jenny Dinnage** ## **REDSHIELD BUSINESS SOLUTIONS LTD** Chartered Accountants Suite 3, 1 - 3 Warren Court, Park Road, Crowborough East Sussex TN6 2QX ## **Date: 26 September 2025** **6** ## **Highfields Trust CIO FINANCIAL STATEMENTS** for the financial year ended 5 April 2025 |for the financial year ended 5 April 2025||||| |---|---|---|---|---| |||**Unrestricted**|**Total**|Total| |||**Funds**||| |||**2025**|**2025**|2024| ||**Notes**|**£**|**£**|£| |**Receipts and Payments Account**||||| |**Receipts**||||| |**Voluntary Income**||||| |Donations and legacies||**3,624**|**3,624**|2,250| |||───────|───────|───────| |**Investment Income**||||| |Income from listed investments||**65,777**|**65,777**|63,568| |||───────|───────|───────| |**Other receipts:**||||| |Sale of investments||**49,794**|**49,794**|-| |||───────|───────|───────| |**Total receipts**||**119,195**|**119,195**|65,818| |||───────|───────|───────| |**Payments**||||| |**Cost of generating funds:**||||| |Portfolio management costs||**4,046**|**4,046**|2,896| |||───────|───────|───────| |**Charitable activities:**||||| |Charitable donations||**69,750**|**69,750**|82,600| |Charitable activities governance costs||**990**|**990**|984| |||───────|───────|───────| |||**70,740**|**70,740**|83,584| |||───────|───────|───────| |**Other payments:**||||| |Purchase of investments||**50,714**|**50,714**|-| |||───────|───────|───────| |**Total payments**||**125,500**|**125,500**|86,480| |||───────|───────|───────| |**Net receipts/(payments) for the financial year**||**(6,305)**|**(6,305)**|(20,662)| |Balances brought forward at 6 April 2024||**31,412**|**31,412**|52,992| |||───────|───────|───────| |**Balances carried forward at 5 April 2025**||**25,107**|**25,107**|32,330| |||═══════|═══════|═══════| |**Statement of Assets and Liabilities**||||| |**Cash funds**||||| |Bank and cash||**25,107**|**25,107**|31,412| |||───────|───────|───────| |**Investment assets**||||| |Listed investments|**4**|**909,197**|**909,197**|889,335| |||───────|───────|───────| **Approved by the Board of Trustees and authorised for issue on 22 September 2025 and signed on its behalf by** ## **Michael Fry Chairperson** The notes on pages 8 to form part of the financial statements **7** ## **Highfields Trust CIO NOTES TO THE FINANCIAL STATEMENTS** for the financial year ended 5 April 2025 ## **1. GENERAL INFORMATION** Highfields Trust CIO is a charity incorporated in England. The registered office of the charity is 21 Bracken Avenue, London, SW12 8BJ, England which is also the principal place of business of the charity. The financial statements have been presented in Pound (£) which is also the functional currency of the charity. ## **2. CASH FUNDS** |||**2025**|2024| |---|---|---|---| |||**£**|£| ||Lloyds Bank current account|**223**|2,740| ||Lloyds Bank deposit account|**22,340**|28,672| ||Brewin Dolphin Dealing & Deposit account|**2,544**|-| |||───────|───────| |||**25,107**|31,412| |||═══════|═══════| |**3.**|**INVESTMENTS**||| ||||**Listed**| |---|---|---|---| ||||**investments**| ||**Investments**||**£**| ||**Cost**||| ||At 6 April 2024||889,335| ||Additions||50,714| ||Disposals||(30,852)| ||||───────| ||At 5 April 2025||909,197| ||||───────| ||**Net book value**||| ||At 5 April 2025||**909,197**| ||||═══════| ||At 5 April 2024||889,335| ||||═══════| |||**2025**|2024| |||**£**|£| ||**MARKET VALUE OF LISTED INVESTMENTS**|**1,295,833**|1,321,813| |||═══════|═══════| |**5.**|**LIABILITIES**||| |||**2025**|2024| |||**£**|£| ||Independent examiner’s fee|**1,023**|900| ||Portfolio manager’s fee|**930**|965| |||───────|───────| |||**1,953**|1,865| |||═══════|═══════| ## **6. GUARANTEES AND SECURITIES** The charity has not given any guarantees nor has any outstanding debts secured on the assets of the charity. **8**