Charity number. 1199605 HAYSAC FOUNDATION UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
HAYSAC FOUNDATION CONTENTS Page Reference and administratlve detalls of the charity, its Trustees and advisers Trustees, report Independent Examiner's Report to the Trustees of the Haysac Foundation statement of financial activities Balance sheet Notes to the flnanclal statements 9-16
HAYSAC FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Trvstees Dr Neil Harbury, Chair Angela Harbury, Trustee Evangeline Harburyi Trustee Daniel Harburyi Trnstee Charity registered number 1199605 Principal offlce Elsley Ctsurt 20-22 Great Titchfield Street London WIW 88E Ac¢ountsnts SRLV LLP Chartered Accountants Elsley Court 20-22 Great Titchffield Street London WIW 8BE Independent examiner Robert Sadler and Company Ltd Chartered Accountants 30B Southgate Chichester West Sussex P019 IDP Page 1
HAYSAC FOUNOATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees psent their annual report together with the financial statements of the Haysac Foundation for the year I September 2023 to 31 August 2024. The annual report serves the purposes of both a trustees. report and a directors. report under company law. The Trustees confirm that the annual report and financial ststements of the charitable company comply with the current statutory requlrements, the requirements of the charitable cornpany's governing (tocument and the provisions of the Statement of Recommended Practice ISORP) applicable to charities preparing their accounts in accordance with the FinancSal Reportlng Standard applicable 14) the UK and Republbc of Ireland (FRS102) leffectlve l January 2019). Objectives and actlvities a. Policies and objectives The objective of the charity as to provlde donation5 to charitie5 and other charitable organisations. b. Fund ral$lng and other poll¢le$ The fL¢ndino for the foundation is entlrely from the private income and resources of the Harbury famlly and companies they control, and the foundation does not seek funding from the public or from any other bodies. The foundation has a policy that no Trustee shall te1ve any payment except for travel expenses when travelling specifically on the business of the foundation. The Tnjstees meet regularly to consider decisions on donations and ensure the proper governance of the foundation. Achievements and performance a. Review of activitles This is the foundation's second year of operation in which it received donations totalling £40,000 (2023 £158,900) which was all received as donattons from the Harbury family and companies they control and all funds Ceived were unregtrirted. During our second year the foundation has deveSoped it5 approach to donations, and been pleased to engage more closely with a number of charities we are supporting. Within the total donations this year of Just under ÉIOO,000 we have worked particularly with two charities. Ethiopiaid has been running successful projects in the country for over thirty years. Their ft)cus on working through local charities on the ground has been one of the reasons we have been pleased to support educational and health projects though their programmes. Only A Pavement Away is a charity working to bring those who are homeless including former members of the armed force5 and prison le6vers into employment in the hospitality industry. Their highly successful projects and innovative approach ha5 encouraged us to continue our support for thern. We have also tried to respond to events, such as the floo(Js in the Czech Republic, and to COgnISe the need for charitable support to those working with the less fortunate around Christmas. In addition we have supported charities working in a wide range of areas including hospi care and mental health support. We will continue this work in the coming year. The TrtSStees Ceive a large volume of emails and letters from charities seeking support and all of these are considered and have led to sorne donations being made. Page 2
HAYSAC FOUNDATION TRUSTEES. REPORT ICONTINUED} FOR THE YEAR ENDED 31 AUGUST 2024 Achievemènts and performance (contSnued) Expenditure breakdown: Adfflin expen LknTralions loEth- OtherdoTraliDns Lknnalions loonlya P3vvnent Aw3V i Donats-ons lo On? PavemeTrl Away Other donat10Tr5 Admin expenses The foundatlon operates through decislons of the Trustees to make donatlons in accordance with the agreed Grant Makirig Pollcy to charities which have been Identlfled as working In areas of interest to one or rnore Trustee5. Due diligence is undertaken prior to any donations being made and the Trustees ask recipients to provide a report on the activities whlch have been funded. The Foundation ensures that relevant decisions are taken in accordance wSth the Charity Commission public benefit guidance. The foundation generated a deficit of £70,468 {2023 - £68,831 5urplusl. The deficit was accounted for by deducting expenditure of £110,863 12023 - 90,805) from donatlons totalllng £40,000 (2023 - £158,900) and bank interest received of £395 {2023 £736). Flnancial revièw a. Golng concèrn After making approprlate enquiries, the Trustees have a reasonable expectation that the charlty has adequate resources to continue in operational existence for the foreseeable future. For this reason, they contlnue to adopt the going concern basis In pparIng the financial statements. Although the balance sheet showed an insolvent position as at 31IQ812024, this was a temporary posltion that was reversed by the receipt of an unrestricted donation of £10,000 after the year end on 1910912024. Page 3
HAYSAC FOUNDATION TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 b. Re$erves polity The Trustees belleve there 15 no need to set a mlnlmum level of reserves as activity expenditure is related directly to current levels of income. They consider this approach to be sufficient given the nature of the charlty. Structurei governance and management Constitution Haysac FoundatSon Ss a reglstered charlty, number 1199605, and Is constituted under a Constitutlon of a Charitable Incorporated Organisation. b. Methods of appointment or electlon of Trustees Apart from the first Foundation Trustees, every subsequent Trustee must be appointed for a tem) to be decided by a resolution passed at a properly convened meeting of the Foundation TrLtstees. Page 4
HAYSAC FOUNDATION TRUSTEES. REPORT ICONTINUED} FOR THE YEAR ENDED 31 AUGUST 2024 statement of Trustees. responsibilitles The Trustees a sponsible for preparing the Twstees, report and the financial statement5 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 affalrs of the charity and of its incomlng resources and application OF resources, including its income and expenditure, for that period. In preparing these flnancial statements, the Trustees are requlred to.. select sultable accounting policies ènd then apply them consistently,. observe the methods and principles of the Charltles SORP (FRS 102),. make judgements and accounting estimates that are reasonable and prudent. state whether applicable UK Accounting Stsndards IFRS 102) have been followed, subject to any materlal departures disclosed and explained in the flnancial statements,. prepare the financial 5taternents on the golng concern basis unless it is inapproprlate to presume that the charity will continue In business. The Trustees are sponsible for keeping adeouate accounting records that are sufricient to show and explain the charity's transactions and disclose with reasonable accuracy at any tlme the finaneial position of the chartty and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provislons of the constitution. They are also responsible for safeguarding the assets tsf the charity and hence for taking reasonable steps for the prevention and detecb.on of fraud an(fj other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by.. Dr Neil Harbury (Chair of Trustees) Date: Page 5
HAYSAC FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE HAYSAC FOUNDATION FOR THE YEAR ENDED 31 AUGUST 2024 Independent examiner's report to the trustees of the Haysac Foundation I report to the charity trustees on my examination of the accounts of the Haysac Foundation (the FoEJndation) for the year ended 31 August 2024. Responsibilities and basis of report As the charlty trustees you are responsSble for the preparatlon of the accounts In accordan wlth the requirements of the CharitFes Art 2011 I'the Art'l. I report in respect of my examination of the Foundation's accounts carried out under section 145 of the Art and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5){b) of the Act. Independent examiner's statement I have completed my examlnatlon. I confirm that no materlal matters have come to my attentlon In connectson wlth the examlnatlon giving me cause to believe that in any material respert.. accountSng records were not kept In respect of the Foundation as required by Section 130 of the Act,. or the accounts do not ac¢ord with those rectsrds,. or the accounts do not comply with the applicable requirernents concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts glve a true and fair vlew which Is not a matter consldered as part of an independent examlnatlon. I have no concerns and have come across no other matters in connection wrth the examination to which attentlon sho*Jld be drawn in this port in order to enable a proper understanding of the accounts to be reached. Mr Robert Alistair Sadler FCA The Lnstitute of Charted Accountants In England and Wales Robert Sadler & Company Ltd Chartered Accountants 30B 5outhgate Chichester West Sussex P019 IDP Date: Pa9e 6
HAYSAC FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted fund5 year ended 31 August 2024 Total Total funds funds year ended period ended 31 August 31 August 2024 2023 Note Xncome from: Donatlons and legacies Envestments 40,000 395 40.000 395 158,900 736 Total income 40,395 40,395 159,636 Expenditure on: Charitable activltles 110,863 110,863 90,805 Total expenditure 110,863 110,863 90,805 Net movomont in funds (70,468) (70,468) 68,831 Reconeillation of funds: Total funds brought forward Net movement in funds 68.831 (70,468) 68,831 (70.468) 68,831 Total funds carried forward (1.637) {1.637) 68,831 The notes on pages 9 to 16 fom) part of these financbal statements. Pa9e 7
HAYSAC FOUNDATION BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note Current assets Debtors Cash at bank and in hand 72 857 71,397 929 71,397 Creditors.. amounts falling due within one year (2,560) {2,566) Net current Ilabilities / assets (1,637) 68,831 Total assets less current liabilities (1,637) 68,831 Net liabilities / assets excluding pension asset (1,637) 68,831 Total net assets (1,637) 68,831 Charity funds Restrirted funds io Unrestrlcted ftjnds io (1.637) 68,831 Total funds (1,637) 68,831 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: Dr Nell Harbury (Chair of trustees) ZD2f Date.. The notes on pa9es 9 to 16 form part of these firbancial staternent5. Page 8
HAYSAC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 General Informatio aysac Foundatlon Is a Charitable Incorporated Organlsation ICIO), with charlty registration number 1199605 for which jurisdiction is England and Wales. The registered oflice address is Elsley Court, 20-22 Great Titchfield Street, London, WIW 8BE. Accountlng pollcles 2.1 Basis of preparation of flnancial $tatements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charltles= Statement of Recommended Practice applicable to charities preparing their accounts in accordan wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} leffective l January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Art 2011. The financial statements have been prepared to give a 'true and fai view and have departed from the Charities {Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fail view. This departure has Involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charltles.. Statement of Recommended Practice effective from l April 2005 which has since been withdrawn. Haysac Foundation meets the definition of a publlc benefit entity under FRS 102. Assets and liabilities are Initially recognised at historical cost or transaction value unle55 Otherwise stated In the levant accounting policy. 2.2 Golng Concern After making appropriate enquirie5, the Trustees have a reasonable expectatlon that the charity ha5 a(tequate resources to continue in operational existence for the foreseeable future. For thSs reason. they continue to adopt the going concern basis In preparing the financial statements. Although the balance sheet showed an insolvent position as at 3110812024, this was a temporary position that was reversed by the receipt of an unrestricted drination of £10,000 after the year end on 1910912024. 2.3 Income All income is recognlsed once the charity has entitlement to the income, it is probable that the income will be received and the amount of it)eome receivable can be measured reliably. 2.4 Expenditure Expenditure is recognised once there is a legal or construrtive obllgation to transfer economic beneflt to a third party, it is probable that a transfer of econornic benefits will be required in settlement and the amount of the obligation can be measured re11ably. Expenditure is classified by activity. The costs of each activity are made up of the total of dlrect costs and shared costs, including support costs involved in undertaking each activity. Dirett costs attributable to a single activity a allocated dlrectly to that activity. Shared costs which contribute to more than one activity and 5LlPPOrt costs which are not èttributable to a single acttvity are apportioned between those activities on a basi5 cons1Stent with the use c)f resources. Central staff costs are allocated on the basis of time spent, and deprecsatlon charges allocated on the portion of the asset's use. Expenditure tsn charitable activities Is incurred on directly undertaking the artivities which further the charity's objectives, as well as any associated support costs. Page 9
HAYSAC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountin9 policies {continued) 2.5 Interest recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity,. this is normally upon notification of the interest paid or payable by the Institutlon with whom the funds are deposlted. 2.6 Debtors Trade and other debtors are recognlsed at the settlement amount after any trade discount Offed. Prepèyments are valued at the amount prepaid net of any trade dlscounts due. 2.7 Cash at bank and irt 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 acouisltion or openlng of the deposit or simllar account. 2.8 LiJbilitié$ and provisions Liabilities are recognised when there 15 an obligation at the Balance sheet date as a sUIt 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. Liabilitie5 are recognised at the amount that the charSty anticipates It will pay to settle the debt or the amount it has received as adVand payments for the goods or services it must provide. Provisions are meaSUd at the best estlmate of the amounts required to settle the obligation. Where the effett of the time value of money Is material, the provision is based on the present value of those amounts, discounted at the pre-tax di5COUllt rate that reflects the risks specific to the liabillty. The unwlndlng of the discount is recognised in the Statement of financial artivities as a flnance cost. 2.9 FinJn¢i?l ifftstruments The charity only has financial asset5 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 whtch a subsequently measured at amortised cost using the effective interest method. 2.10 Fund accounting General funds are unrestricted funds which Jre available for use at the discretion OF the Trustees in fvrtherance of the general objertives of the charity and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund. Page 10
HAYSAC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 In¢ome from donations Unrestricted Total funds funds year ended year ended 31 August 31 August 2024 2024 Donations 40,OOCI 40.000 Unrestricted Total funds fund5 period ended period ended 31 August 31 August 2023 2023 Donations 158,900 158,900 Bank interest recelvablo Unrestricted Total funds funds vear ended year ended 31 August 31 August 2024 2024 Intest income 395 395 Unrestricted Total funds funds perFod ended period ended 31 August 31 Augtjst 2023 2023 Interest income 736 736 Page 11
HAYSAC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds Total year ended year ended 31 August 31 August 2024 2024 Dlrett costs and support costs 110,863 110,863 Unrestricted funds Total perSod ended perfod ended 31 August 31 August 2023 2023 DIrt costs and support costs 90,805 90,805 Analy$r$ of expendlture by actlvltle$ Act¢vities undertaken directly year endèd 31 August 2024 Support Total costs funds year ended year ended 31 Au9USt 31 August 2024 2024 Direct Costs and support costs 99,920 10,943 110,863 Activities undertaken Total d¥rertly Support costs funds pe0d ended period ended period ended 31 August 31 August 31 August 2023 2023 2023 Direct costs and support costs 73,010 17,795 9Q,805 Page 12
HAYSAC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of expenditure by activitlés (continued) Analysis of dlrect costs Total Aetivities funds year ended year ended 31 Au9USt 31 August 2024 2024 Donations pald 99,920 99,920 Totsl Activitie5 funds period ended period ended 31 August 31 August 2023 2023 Donations paid 73,010 73,010 Analysis of support costs Total Activities funds year ended year ended 31 August 31 August 2024 2024 Bank charges Admlnlstratlve support Printing, postage and statlonery Governance costs 23 23 10,000 20 900 10,000 20 900 10,943 10,943 Pagg 13
HAYSAC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Analysis of exponditure by activities (Continued) Analysis of support costs (continued} Total Activitie5 Funds period ended perlod ended 31 August 31 August 2023 2023 Bank charges Adrninistrative support CorrTrputer expenses Governance costs 30 16,667 198 30 16,667 198 900 900 17,795 17,795 Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits {2023 - £NILI. DUng the year ended 31 August 2024, no Trustee expenses have been Incurred (2023 - NIL). Debtors 2024 2023 Due wlthln one year Other debtors 72 Creditors: Amounts falling due within one year 2024 2023 Accruals 2,566 2,566 Page 14
HAYSAC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. ststement of funds statsment of funds- current year Balance at I September 2023 Balanco at 31 August 2024 Income Expenditure Unrestricted funds Reserves 68.831 40,395 {110,863) (1.637) Statement of fund¥- prior year Balance at 31 Augusr 2023 Income Expenditure Unrestricted funds General Funds - all funds 159,636 (90,805) 68,831 11. Summary of funds Summary of fund$- current year Balance at I September 2023 8alance at 31 August 2024 Income Expendlturè General funds 68.831 40,395 (110,863) {1,637) Symmary of funds- prlor year Balance at 31 August 2023 Income Expendlture General funds 159,636 (90,805) 68,831 Page 15
HAYSAC FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 12. Analysis of net assèts between funds Unrestricted funds 2024 Total funds 2024 Current assets Creditors due within one year 929 (2,566) 929 (2,566) Total {1,637) (1,637) Analysls of net assets between funds - prlor perlod Unrestrlcted funds 2023 Total fvnds 2023 Current assets 71,397 12,566) 71,397 {2,5661 Creditors due within one year Total 68,831 68,831 Page 16