2024-03-31-accounts

THE HEALEY FAMILY CHARITABLE TRUST

ANNUAL REPORT AND UNAUDITED ACCOUNTS

YEAR ENDED 31 MARCH 2024

Charity number: 1196209

THE HEALEY FAMILY CHARITABLE TRUST

I N D E X

Year ended 31 March 2024

	Page
General information	2
Report of the Trustees	3
Independent examiner’s report	5
Statement of financial activities	6
Balance sheet	7
Notes to the financial statements	8

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THE HEALEY FAMILY CHARITABLE TRUST

G E N E R A L I N F O R M A T I O N

Year ended 31 March 2024

Date of Settlement	3 March 2021
Charity number	1196209
Trustees	Russell George Healey
	Nigel Ian Aitchison
	Lisa Victoria Bushrod
Settlor	Russell George Healey
Charity address	The Shard
	32 London Bridge Street
	London
	SE1 9SG
Objects	The trustees hold the fund and income therefrom on trust for
	charitable purposes and to make donations to such charitable
	institutions as they in their absolute discretion think fit.
Investment managers	Numis
	45 Gresham Street
	London
	EC2V 7BF
Bankers	Cater Allen
	2 Triton Square
	Regent’s Place
	London
	NW1 3AN
Independent examiner	S Wakefield ACA
	Dixon Wilson
	22 Chancery Lane
	London
	WC2A 1LS

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THE HEALEY FAMILY CHARITABLE TRUST

R E P O R T O F T H E T R U S T E E S

Year ended 31 March 2024

The trustees present their annual report and accounts of the charity for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 of the financial statements and with the 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 (FRS 102).

Structure, governance and management

The trust was constituted on 3 March 2021 and is governed by the trust deed. The identification and appointment of new trustees is considered by the existing trustees. All trustees give their time freely and no trustee remuneration was paid in the year. The major risks to which the charity is exposed, as identified by the trustees, have been reviewed and systems have been established to mitigate those risks.

Objectives and activities for the public benefit

The trust’s objects are to promote such charitable purpose or charitable purposes as the trustees shall in their absolute discretion think fit.

The charity makes grants to charities and other charitable purposes in accordance with its objects and as agreed by the trustees.

The trustees, having regard to the public benefit guidance published by the Charities Commission, in accordance with Section 17 of the Charities Act 2011, consider that the purpose of activities of the charity satisfy requirements of the public benefit as set out in Section 4 of the same Act.

Financial review

The accounts are set out on pages 6 to 11.

The charity received donations totalling £22 (2023 - £100,020) during the year. The trustees made grants to 13 charities during the year totalling £77,000 (2023 - £48,000).

Gifts of expendable endowment funds are designated to be held as capital, but the trustees have the discretionary power to use the funds as income.

At the year end the charity had reserves of £731,986 (2023 - £703,099) of which £667,500 (2023 - £591,000) related to the expendable endowment fund and £64,486 (2023 - £112,099) related to the unrestricted income fund. The trustees distribute income or capital for charitable purposes in line with the trust’s objectives and at the trustees’ discretion.

Risk Management

The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity and are satisfied that systems are in place to manage the exposure to the major risks.

The principal risks faced by the charity lie in the performance of the investments and risks of ineffective grant making.

The trustees maintain a level of reserves that is sufficient to cover the fund’s cost for the forthcoming year. It is not the trustees’ policy to over distribute income.

Achievements and performance

The success of the charity is measured in terms of the level of grants made for the charitable purposes the trustees have deemed fit at their discretion.

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5 November

THE HEALEY FAMILY CHARITABLE TRUST

I N D E P E N D E N T E X A M I N E R ’ S R E P O R T

Year ended 31 March 2024

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE HEALEY CHARITABLE TRUST

I report to the trustees on my examination of the accounts of the trust for the year ended 31 March 2024.

Responsibilities and basis of report

As the charity trustees of the trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’). You are satisfied that an audit is not required for this year under charity law and that an independent examination is needed.

I report in respect of my examination of the trust’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. Dixon Wilson, a firm of Chartered Accountants of which I am a employee has provided bookkeeping services to the trust and I have applied the FRC’s Revised Ethical Standard in carrying out my examination.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the accounts present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent examiner’s statement

I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.

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 the trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or

2. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or

3. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no 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.

…………….. Steven Wakefield ACA Dixon Wilson 22 Chancery Lane London WC2A 1LS

2024 19 December

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THE HEALEY FAMILY CHARITABLE TRUST

S T A T E M E N T O F F I N A N C I A L A C T I V I T I E S

Year ended 31 March 2024

Expendable Unrestricted Endowment Note Fund Fund Income and endowments from: £ £ Donations 2 22 - Gift aid receivable - - Investments 3 33,727 - Total income 33,749 - Expenditure on: Charitable activities 4 81,362 - Total expenditure 81,362 - Net income before gain/(losses) on investment (47,613) - Net gains on revaluation of investments 9 - 76,500 Net income and net movement in fund (47,613) 76,500 Fund balance brought forward at 1 April 2023 112,099 591,000 Fund balance carried forward at 31 March 2024 64,486 667,500	Expendable 2024 Unrestricted Endowment Total Fund Fund £ £ £ 22 100,020 - - 25,000 - 33,727 21,624 - 33,749 146,644 - 81,362 48,720 - 81,362 48,720 - (47,613) 97,924 - 76,500 - 36,000 28,887 97,924 36,000 703,099 14,175 555,000 731,986 112,099 591,000	2023 Total £ 100,020 25,000 21,624
		146,644
		48,720
		48,720
		97,924 36,000
		133,924 569,175
		703,099

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5 November

THE HEALEY FAMILY CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 March 2024

1. Accounting policies

(a) Basis of preparation and assessment of going concern

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The trust constitutes a public benefit entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

The trustees consider that there are no material uncertainties about the trust’s ability to continue as a going concern.

(b) Funds structure

The charity comprises of an unrestricted income fund and an expendable endowment fund. Unrestricted funds are general funds that are available for use at the trustees’ discretion in furtherance of the objectives of the charity. Expendable endowment funds are capital funds that may be freely converted into spendable income as the trustees see fit.

(c) Income

There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102.

Donations are recognised when the charity has entitlement to the income, there is reasonable assurance of receipt and the amount of income can be measured reliably. In specie donations are valued initially at their fair value (at the date of entitlement).

Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.

Income from interest royalties and dividends is included in the accounts when receipt is probable and the amount receivable can be measured reliably.

Investment gains and losses includes any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.

(d) Expenditure and liabilities

Liabilities are recognised as soon as there is a legal or constructive obligation committing the trust to the expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis.

The charity has creditors which are measured at settlement amounts.

The charity accounts for basic financial instruments on initial recognition at the amount receivable or payable adjusted for any related transaction costs. Subsequent measurement is at amortised cost.

(e) Fixed asset investments

Fixed asset investments in quoted shares, traded bonds and similar investments are valued initially at cost and subsequently at fair value (their market value as bid price) at the year end.

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N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

THE HEALEY FAMILY CHARITABLE TRUST

Year ended 31 March 2024

1. Accounting policies (continued)

(f) Gains and losses

All gains and losses are included net in the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value.

(g) Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objectives.

2. Donations 2024 £ Donations 22 Gift Aid - 22 All donations received were unrestricted (2023 - £nil were to the expendable endowment).	2. Donations 2024 £ Donations 22 Gift Aid - 22 All donations received were unrestricted (2023 - £nil were to the expendable endowment).	2023 £ 100,020 25,000 125,020
3. Investment Income UK dividends Interest	33,300 427 33,727	21,600 24
		21,624
4. Analysis of charitable expenditure Grant made to charitable institutions Camden Listening & Counselling Centre Noah’s Ark Children’s Hospice Shine The 3H Foundation The Girls’ Day School Trust The Open Bionics Foundation The Sussex Association for Spina Bifida and Hydrocephalus Tom’s Trust Whitefield Charity SK Corporation (“The Soup Kitchen”) Panathlon Foundation Anne Robson Trust C4WS Homeless Project East Anglia’s Childrens FSHD UK Charity Support costs allocated to charitable activities: Accountancy fees Independent Examination fees Total expenditure on charitable activities	10,000 3,000 1,000 10,000 - 30,000 5,000 1,000 1,000 2,000 5,000 3,000 3,000 3,000 77,000 3,738 624 81,362	10,000 - 1,000 10,000 20,000 - 5,000 1,000 1,000 - - - - -
		48,000
		432 288
		48,720

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THE HEALEY FAMILY CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 March 2024

5. Debtors Gift aid	2024 £ - -	2023 £ 25,000
		25,000
6. Cash at Bank Cater Allen Reserve account	70,366 70,366	91,419
		91,419
7. Creditors Accountancy fees Independent Examination fees	3,528 2,352 5,880	2,592 1,728
		4,320

8. Related party transactions

During the year, the charity received donations of £nil (2023 - £100,000) (exclusive of gift aid) from one of the trustees of which £nil (2023 - £100,000) were donated without conditions.

The charity has no staff.

9. Summary of Investments Market value as at 31 March 2023 Gain on revaluation Market value as at 31 March 2024 Investments at market value comprised of: Equities	2024 £ 591,000 76,500 667,500 667,500 667,500	2023 £ 555,000 36,000 591,000 591,000
		591,000

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THE HEALEY FAMILY CHARITABLE TRUST

N O T E S T O T H E F I N A N C I A L S T A T E M E N T S

Year ended 31 March 2024

10. Analysis of funds At Analysis of fund movements Unrestricted fund Endowment fund	31 March Incoming Resources 2023 resources expended £ £ 112,099 33,749 (81,362) 591,000 - - 703,099 33,749 (81,362)	At 31 March Gains 2024 £ £ - 64,486 76,500 667,500 76,500 731,986

The above funds are explained further in the accounting policy on page 8.

Analysis of funds between net assets

	Unrestricted	Expendable
	Income	Endowment
	Fund	Fund	Total
	£	£	£
Investments	-	667,500	667,500
Cash at bank and in hand	70,366	-	70,366
Creditors	(5,880)	-	(5,880)
	64,486	667,500	731,986

The above funds are explained further in the accounting policy on page 8.

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