Charity number: 1197285
THE HARWOOD CHARITABLE TRUST
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
THE HARWOOD CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 3 |
| Independent examiner's report | 4 - 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 15 |
THE HARWOOD CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024
| Trustees | Christopher Harwood Bernard Mills, Chair |
|---|---|
| Alan Richard Durrant, Trustee | |
| Charles Patrick Harwood Mills, Trustee | |
| Harry Christopher Harwood Mills, Trustee | |
| Nicholas Harwood Bertram Mills, Trustee | |
| Charity registered number 1197285 Principal office 6 Stratton Street London W1J 8LD Independent examiner Atulya Mehta Simmons Gainsford Professional Services Limited Chartered Accountants 14th Floor 33 Cavendish Square London W1G 0PW |
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THE HARWOOD CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024
The Trustees present their annual report together with the financial statements of the The Harwood Charitable Trust from 1 April 2023 to 31 March 2024.
Objectives and activities
a. Policies and objectives
The Harwood Charitable Trust is a Charitable Incorporated Organisation (CIO), governed by its constitution. Its objective is to make donations for charitable purposes. All decisions regarding donations are made in accordance with the terms of the constitution document.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Activities undertaken to achieve objectives
The charity has partnered with Learna, a company specialising in online/distance learning, whose mission is “Improving global healthcare through medical education". The charity has also sponsored UK students in primary and secondary education.
Achievements and performance
a. Main achievements of the Charity
The charity gave scholarships to 23 students from developing countries, studying various disciplines in the field of medicine and to three UK students in primary and secondary education.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Harwood Group are committed to donate to the Trust as and when required, to fund administrative costs and other general donations, at the request of the trustees. For this reason, they continue to adopt the going concern 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 keeps reserves to a minimum, as donations from the Harwood group are made ‘as and when needed'.
Structure, governance and management
a. Constitution
The Harwood Charitable Trust is a registered charity, number 1197285, and is constituted under a Trust deed.
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THE HARWOOD CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Structure, governance and management (continued)
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.
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales 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 its incoming resources and application of resources, including its income and expenditure, 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 of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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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 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, 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:
Christopher Harwood Bernard Mills (Chair of Trustees) Date: 22/1/2025 | 10:21 GMT
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THE HARWOOD CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024
Independent examiner's report to the Trustees of The Harwood Charitable Trust ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2024.
Responsibilities and basis of report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried 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 145(5)(b) of the 2011 Act.
Independent examiner's statement
Your attention is drawn to the fact that the Charity has prepared the accounts 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 (FRS 102) 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.
I 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 to believe that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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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.
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.
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THE HARWOOD CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Dated: 22/01/2025
Atulya Mehta Simmons Gainsford Professional Services Limited Chartered Accountants 14th Floor 33 Cavendish Square London W1G 0PW
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THE HARWOOD CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2024 £ 192,701 - 192,701 189,852 189,852 2,849 6,820 2,849 9,669 |
Unrestricted funds 2024 £ 5,496 263 5,759 3,120 3,120 2,639 (2,639) 2,639 - |
Total funds 2024 £ 198,197 263 198,460 192,972 192,972 5,488 4,181 5,488 9,669 |
Total funds 2023 £ 103,961 - 103,961 |
|---|---|---|---|---|
| 99,780 99,780 |
||||
| 4,181 | ||||
| - 4,181 4,181 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 15 form part of these financial statements.
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THE HARWOOD CHARITABLE TRUST
BALANCE SHEET AS AT 31 MARCH 2024
| Note Fixed assets Current assets Debtors 9 Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds 11 Unrestricted funds 11 Total funds |
123,197 11,889 135,086 (125,417) |
2024 £ - 9,669 9,669 9,669 9,669 9,669 - 9,669 |
- 7,781 7,781 (3,600) |
2023 £ |
|---|---|---|---|---|
| - 4,181 |
||||
| 4,181 | ||||
| 4,181 4,181 6,820 (2,639) 4,181 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Christopher Harwood Bernard Mills
(Chair of Trustees) Date: 22/1/2025 | 10:21 GMT
The notes on pages 8 to 15 form part of these financial statements.
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THE HARWOOD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. General information
The Harwood Charitable Trust is a charity trust and is incorporated in England and Wales. The address of the registered office is 6 Stratton Street, London, W1J 8LD.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) 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 Harwood Charitable Trust 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 stated in the relevant accounting policy.
2.2 Going concern
The Trustees have reviewed the circumstances of The Harwood Charitable Trust and consider that adequate resources continue to be available to fund activities of the charity for the foreseeable future.
2.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
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THE HARWOOD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
2. Accounting policies (continued)
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it 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 activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.5 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.6 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term 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.
2.7 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date 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 at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
2.8 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
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THE HARWOOD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
2. Accounting policies (continued)
2.9 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.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from donations and legacies
| Donations Donations |
Restricted funds 2024 £ 192,701 Restricted funds 2023 £ 100,000 |
Unrestricted funds 2024 £ 5,496 Unrestricted funds 2023 £ 3,961 |
Total funds 2024 £ 198,197 |
|---|---|---|---|
| Total funds 2023 £ 103,961 |
4. Investment income
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Investment income - other foreign investments | 263 | 263 | - |
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THE HARWOOD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
5. Analysis of expenditure on charitable activities
Summary by fund type
| Restricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | Total | |
| 2024 | 2024 | 2024 | |
| £ | £ | £ | |
| Funding of students | 189,852 | 3,120 | 192,972 |
Grants were given to students from developing countries, studying various disciplines in the field of medicine, as well as to UK students in primary and secondary education.
| Restricted | Unrestricted | ||
|---|---|---|---|
| funds | funds | Total | |
| 2023 | 2023 | 2023 | |
| £ | £ | £ | |
| Funding of students | 93,180 | 6,600 | 99,780 |
6. Analysis of expenditure by activities
| Funding of students Funding of students |
Grant funding of activities 2024 £ 189,852 Grant funding of activities 2023 £ 96,180 |
Support costs 2024 £ 3,120 Support costs 2023 £ 3,600 |
Total funds 2024 £ 192,972 |
|---|---|---|---|
| Total funds 2023 £ 99,780 |
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THE HARWOOD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
7. Independent examiner's remuneration
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's independent examiner for the independent | ||
| examination of the Charity's annual accounts | 1,800 | 1,800 |
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits. (2023 - £NIL)
During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - NIL).
9. Debtors
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Due within one year | ||
| Prepayments and accrued income | 123,197 | - |
10. Creditors: Amounts falling due within one year
| Trade creditors Accruals |
2024 £ 123,617 1,800 125,417 |
2023 £ 1,800 1,800 |
|---|---|---|
| 3,600 |
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THE HARWOOD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
11. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds - all funds Unallocated amounts Restricted funds Restricted Funds - all funds Total of funds |
Balance at 1 April 2023 £ (2,639) - (2,639) 6,820 4,181 |
Income £ 5,759 - 5,759 192,701 198,460 |
Expenditure £ (3,120) - (3,120) (189,852) (192,972) |
Balance at 31 March 2024 £ - - - 9,669 9,669 |
|---|---|---|---|---|
Restricted funds are to be used to sponsor Learna's scholarship programme and other educational grants.
Unrestricted funds are to be used for general donations and to cover administrative costs of the trust.
Statement of funds - prior year
| Unrestricted funds General Funds - all funds Restricted funds Restricted Funds - all funds Total of funds |
Income £ 3,961 100,000 103,961 |
Expenditure £ (6,600) (93,180) (99,780) |
Balance at 31 March 2023 £ (2,639) 6,820 4,181 |
|---|---|---|---|
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THE HARWOOD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
12. Summary of funds
Summary of funds - current year
| General funds Restricted funds Summary of funds - prior year General funds Restricted funds |
Balance at 1 April 2023 £ (2,639) 6,820 4,181 |
Income £ 5,759 192,701 198,460 Income £ 3,961 100,000 103,961 |
Expenditure £ (3,120) (189,852) (192,972) Expenditure £ (6,600) (93,180) (99,780) |
Balance at 31 March 2024 £ - 9,669 9,669 Balance at 31 March 2023 £ (2,639) 6,820 4,181 |
|---|---|---|---|---|
13. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Current assets Creditors due within one year Total |
Restricted funds 2024 Unrestricted funds 2024 £ £ 9,669 125,417 - (125,417) 9,669 - |
Total funds 2024 £ 135,086 (125,417) 9,669 |
|---|---|---|
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THE HARWOOD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
13. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior period
| Current assets Creditors due within one year Total |
Restricted funds 2023 Unrestricted funds 2023 £ £ 6,820 961 - (3,600) 6,820 (2,639) |
Total funds 2023 £ 7,781 (3,600) 4,181 |
|---|---|---|
14. Grant commitments
As at the year end, the trust has committed to providing grants of £100,000 for four years, totalling £400,000 to Learna Limited, a company where one of the Trutees has an indirect shareholding, to continue supporting students studying in various disciplines in the medical field.
The grants will be funded over a period of four years through continued donations from the Harwood Group.
15. Related party transactions
During the year, donations totalling £198,197 (2023: £103,961) were received from Growth Financial Services Limited, a company where one of the trustees is a director.
Donation of £123,197 (2023: £Nil) were receivable from Growth Financial Services Limited, a company where one of the trustees is a director.
During the year, scholarship fees totalling £123,197 (2023: £93,180) were payable to Learna Limited, to sponsor students enrolling in various higher medical education programmes.
During the year, grants totalling £66,655 (2023: £Nil) were paid to two UK registered charities,for the benefit of a related party, A H Illingworth. This was to sponsor students receiving primary and secondary education.
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