Charity registration number. 203367 The Heathcoat Trust Annual Report and Financial Siaremertls lor the Year Ended S April 2024 The Heathcoat Trust Contents {continued) RelerÈnce and Administrative Oelails Twslees, Report 2105 Independent Auditors, Report 6109 St81èmant of Financial Activities 10 Balance Sheet 11 Cash Flow Stslement 12 Notes to the Financial Statements 13to26 The Heathcoat Trust Refer8nce and Admini8tratlv8 Details Mr John Smith Mr Mark Drysdale Mr5 Susan Wesllake Mr Julian Morgan (resigned 031101231 Mr Lee Sellens Iresigned 051091231 Mr$ Tali¥na Rose Heathcoat Amory Mrs Carol Ann Onley£regson (appointed 211111231 Ms Johanne Cherry lappoinled 291011241 Mrs H8len Isaac Twstees Secr8tsry to the Trustoes Charity Reglstration Numb•r 203367 Prlncipal OfflcÈ The Fa¢tory West Exe riverton Davon EX16 5LL Indeptsndent Examlner Weslcotts ISWI LLP 47 8Dutport Street 8arnst8ple Devon EX31 1SQ Solirltors Ashlords LLP Ashlord House Genadier Road Exeter Devon EX1 3LH Bankors Natwesl Exeter 59 High Stieet Exeter Devon EX4 3DL Invèstment Brok•rs Rathbone Inv8Stment Management 30 Gresham Slreet London EC2V 7QN RBC Brewin Dolphin 12 Smilhfield Street London EC1A 9BD Pagg 1 The Heathcoat Trusl Trustees. Report The trustees prèsent the annual report logether with the financial statemenls of the charity for the year ended 5 April 2024. Objecilves and activities Objects and alms The Trust Oeed. as amended by Ihe Order dated 13 April 1999, provides Ihat the charitls income shall be 8ppli¥d". (al lor the relief ol financial hardship. Ibl for education and training Ic) lor building or making grants lo health In$iilulions. and Idl in certain circumstance5 lor making contribulions to any Gharrty but mostly in Tiverton in Devon. its neighbourhotsd or in places where Ihe firms John Heathcoai and Cornpany Limited and Lowman Manufacturing Compan¥ Lirniled and their subsidiaries carry on business. lel In so lar a5 It cannot be applied lowards the objects gpe¢ified In the Trust Deed. It may be applied for any cttaritab￿ purpose. Publlc benefit The Iruslees confirm that they have Eornplied with the requirements of section 17 of the Charities Act 2011 to have due re9ard lo Ihe public benefit guidance published by the Chanty Commission for England and W8165. Grnnts The charity invites local institutions and tndividuals lo maké applicatipns for grants lor suitable projects. AchlBvem¢nts and performance The objective of the Charity is to fflHke financial contributions to people and inslrtutions In fullilment of the prc)visions ol the Trust Deed as above. To further thi5 objective, the trustees m$et regularly lo consicler applications lor grants. The trust is not designed to set up initiatives of its own. thus the Iruslees ￿lY on applications lo which they resptsnd. Sn the year under review. grants of £717,376 12023. £729,075) were distributed and the accumulated undi5tributed incorne in¢reased by £215.888 after taking into account realised and unrealised gainslllossesl on the unrestri¢ted fund. At the year end tot81 unrestricted funds were £5.658,70412023." £5.415.3161. The trustÈe5 etynsider that making grants lo pensionèrs and local organisations in this way satisfies the Gharty Commission'3 guidance on public benefit. Firtancial.revlw The finanu31 staiemenls comply wilh current st8luiOry requirement and the charity's governing docurnenis. The charity's donatit)ns are made annu211y wilh Gtsndilional conditional commitments continuing into succèeding years. The charity's Investments are prc)fessionally managed and give the charity a strong financial base. Page 2 The Heathcoat Trust Trustees. Report (continued) Policy on reserves The reserve fund represents unrestricted fijnds arising from h1Storic unspenl Income. Currently the Iruslees are lookino to respond lo as many incoming oua11fying application5 as possible. expending all Income received during the year as well as amounts from the reseNe fund il necessary. The balance Is held toward5 Ihe possibility of funding a lar9e project within the Trust's obieciive5 In the future. The Ifustees consider the reseroe fund to be sufficient for the Iirne being but as unrealised gains and loss&s are reflected through this fund ils value will flu¢tuale with markel conditions at each year end. The endowment fund Is a restricted lund under terms ol the trust deed and musl be helcS permanently. It5 purpose 1S tts ensure a suitable income stream lo finance Ihe ongoing work ol the charity within 115 charitable objectives. 11 is represenled by unlisled inveslmenls as sel oul in Note 12. and a portlDlio ol inve5tmenls that are managed by the Invesimeni managers. The Investmenl managers have been given discretionary power to acquire and dispose ol Investmen15 within the policy set by Ihe Iruslees Investmentpollcy and objectives The constitution authonse5 the Irusle¢s to make and hold Inve5tmenlS U51ng the funds ol the ¢har1ty. Investment5 are held with Rathbone Investmeni M8n8gemenl 81 30 Greshani Street. London. EC2V 70N, and Brewin Dolphin at 12 Smithlield Street. London, EC1A 9LA. who are the chafrtys investment manag8rs. The policy is to adopl a medium risk investrnenL Strategy with a b8lance between ¢apil81 growth and income which should not be below 3ts/o ol the portfolio value il 3chiev8ble. The charity has a participating Interest in unlisted compani#s. Details ol these share hoklings are shown In Note 12. The Tfust lakes advice from our Inveslrnenl Managers 8S to the most appropriate investments we should h8ve, Including whether social, environmental or ethical con5ider3lions should be taken into ccounl. The perform8nce of Our Investment Managers Is reviewed annually by the Irustees and compared to relevant published Indices as well as benchmarks Df Investmertl market comparators. Plan5 for future pèriods Alms and key objectlves for future periods The Imst8es intend to further the objects of the charity by continuing 1¢ make grants and donations to Suitab￿ projects. StruGture, gov*rnance and managemènt Nature of governlng do¢ument The charity IS 9overned by a Trust Deed dated 14 O¢iober 1945 amended by a S¢heme madè by the Charky Commission on 14 September 1973. and Order5 made by ltte Charity Commission on 25 November 1993 and 13 April 1999. Page 3 The Heathcoat Trust Trustees, Report Icontlnuedl RocnJitment and •ppolntment of trustees Appointment of truste8s is govemed by Ihe const"rtution of the charity. The trustees are app01nted as follows.. 1. There should be one ex-officio Iruslee who should be the person from time Ict lime and for Ime lime being holding the Heathcoal Amory Bartsnetcy, if oi lull age and willing io act. 11 unwilling to act the ex-oftlCiD ifLJStee may appoint some other fll person ia be a trustee to hold office in his place for so long as he thinks ff(. 2. Four Nominative Trustees. appointed as follrjws. One by the Board ol Directors ol John Healhco8t and Company Limited. One by the Board of Directots ol Lowman Manufacturing Company Limited. One by the majority of emp5oyees of John Heathooat and Company Limited. One by the majorily ol ernployees of Lowman Manufacturing Cumpany Limited. 3. There should be a co-opted Iruslee who is appointed by the other trustees. Any vacancies at ihe year end wll be considered by the trustées. Inductlon and tralning of trustees When new Trustees are appoinled they are given 3 formal Induclion to the work of the Trust and provided with Ihe information they need lo fulfil Ihgir roles, which include information about the role of Trustees and charity law. Major rlsks and managemeni of those rlsks The trustees have conducted a rewew ol the major risks to which the ¢harity Is exposed and confirm that Systems have been 2stablished to enable regular repjrts so that the necessary Steps can be tsken to Sessen these risks. Siatemènt of Trustees, Responsibilities The Irustèes are responsible lor preparing the truslees, report and the linanc131 statement5 in ccordance with the United Kinodam Accounting Siandards (United Kingdam Genefally A¢cepied Accounting Praclicel and applicabltr law and regulations. The law applicable io charities requires the trustees to prepare financial statements lor each finanual year whiGh give a Irue and fair v1ew of the state ol affairs of the charity and of the incoming resources and application of resources of the charty for that pefiod. In preparin9 these financial slatemenls. the trustees are requirèd to.. seled suitable accounting policies and Ihen apply them consistenlly.. observe the methods and principles in the Charitie5 SORP.. makè judgements and esiimates thal are reasonable and prudent, 51ale wheiher applicable accounting 5tand8rds have been followed, subject to any material departures disc105ed and explained in the financial statements." and prepaTe the financial statements on the going concern basis unless it is Inappropriate to presume that the charity will continue in business. Page 4 The Heathcoat Trust Trustees. Report (continued) The trustees are responsibSe for keeping prop&r accounting records Ihaf disclose with reasonable accuracy at any lime the financial PDSltion r)f the charity and en8blÈ them lo ensLsre that the financial 51alements comply with the Charities Act 2011, the Charities (Accounts and Repurtsl Regulations 2008, and the provisions ol the constitution. The trLJslees are also respons1ble foi salegLJarding the assets of the charity and hence for taking reasonable sieps for Ihe prevention and deiect50n of fraud afid other irregularities. The trustees 3re responsible for the mainlenan¢è and integrity of the corporate and finanaal Information included on the charity'5 web51te. Legislation governing the preparallon and dissemination of financial statements may differ from le9islation in Other jurisdictions. Disclosur• of information to audltor Each truslee has taken steps Ihal they oughl to have taken as a trustee in order EO make themselves aware of any relevani audit information and to establish that the charitys auditor Is aware tsl that information. The trustee5 conlim ihat there Is no relevant Information that Ihey know of and ol which they know the auditor is unewafe. The annual report wa5 approved by the Irustees of the charrty on behalf by.. and signed on 115 Tru ee Page 5 The Heathcoat Trust Independent Auditor's Report to the Members of The Heathcoat Trust Opinion We have audited the financial statements of The Heathcoat Trust Ilhe 'charity I lor the year ended 5 April 2024. whicli comprise Ihe Slaiemenl ol Financial Actiiilies. Balance Sheei. Cash Flow Statement. and Notes lo the Financial Statements. Including a summary ol significant 8ccounling policies The financial reporting framework that has been applied In Iheir preparation is United Kingdom Accounting Slandards. compri51ng Charities SORP - FRS 102 'The Finan¢ial Reporting standard applicable in the UK and Republic of Ireland. and applicable law Iunited Kingdom Generally Accepted Accounling Practice). In our opinion the financial statements.. gpie a true and fair view of the Slate of the charity's affairs as at 5 April 2024 and of its inooming resources 8nd application al resources, including its iricome and expenditure. for the year then ended.. have been properly prepar8d in a¢coréance wi(h Unil2d Kingdom Generally Ac¢epled Accc)unting Practlce., 8nd have been prepared in accordance wrth the requirements of the Charities Act 2011. 8asls for opinion We conducted tsur audit In 8c¢ordance with Iniernalional Slandards on Audiiing IUKI IISAS IUKII and applicable law Our responsibili15es under those standards are further described in Ihe auditor responsibilities for the audil of Ihe financial statements seclion ol our report. IAle are Independent of the charrty in accordance with the etlical requiremen15 Ihat are relevant to our audil of the financial statements In the UK. including Ihe FRC'S Ethical Slandard. and we have fulfilled our Jlhef ethical responsibilities In accordance with these requirements. We believtr that Ihe audil evidence we have oblairted is sufficient an¢J appropriate lo provide a basis lor our opinion. Conclusions relating to going Goncem In auditing thè Iinancial statements, we have concluded that the Irustees use ol Ihe going con￿rn basis of accounting in the preparalion ol the financial statements is appropriaiè. Based on the woik we have pertormed. we have not Identified any material unGertainties relating r evenis or conditions that. Individually (Jr colleciively. may cast significant doubt on the charity's ability lo continue as a going concern lor a period of 81 le351 trNelve rnonlhs from when the original fJnan¢ial statements were authorised lor issue. Our responsibilities and the responsibilities of the trustees wrth respect io going concern are described in Ihe relEvanl sections of this repori. Other Infomiation The Irusiees are responsible lor the other inlormaiion. The other Inforiralion compiises the information included in the annual report. other than the financ131 stat8ments and our auditor'5 report thereon. Our opinion on the financial slalements dpes not cover the other Information and. except to the extent otherwise gxplisitly stated in our report. we do not express any form of assurance conclusion thereon. Page 6 The Heathcoat Trust Independent Auditor's Report to the Members of The Heathcoat Trust (continued) In connection with our audit of the financial Statements. our responsibility 15 to read the other information and. In doing so. consider whether the other Infomiation is maleri81Sy Inconsistent wrth Ihe financial siaiement5 or our knO￿edge obtained In the audit or olhenNise appears 10 be materially mi5s1aled. 11 we identify such material inconsistencies or apparenl material misst8lemenls, we are required ID determine whether Ihere is a material mis$t81ement in the financial Statements or a malerial misstatement of the oiher Infonmation. 11. based on the work we have performed. we conclude Ihal there is a material misstalemenl of this other Information, we are required to report that fact. We have nothing lo report in this regard. Matt¢rs on whlch we are required lo report by exception In the light of our knowledge and understanding of the char1ty and its environment obtained in the course ol the audit, we have not identified material misstatements in the Trustees. Report. We have nothing to report In respeci of th8 lollowing matters where the Charities IAc¢ounts and Report) Regulations 2008 requires US to report to yiJu if. in our opinion.. dequ8te accounting records have not been kept. or returns adequate for our audrt have nol been recewed from branches not visited by us.. or the financial statements are not In agreement with the aGwunling records and returns.. or certain disclosures of trustees remuneration specified by law are not made". or we have not rèceived all the information and explanations we require for our audil. Responsibilities of trustees As explained more fully in the Slalement ol Trustees. Responsibilities 15et out Dn p8ge 4 and 51. the trustees are responsibl8 for the prep3ralion ol the financial stalements and lor being satislied that they give a true and fair view, and lor such 1niernal control as the trustees determine is necessary lo Ènable the preparaiion of financial staiements Ihat are Iree from malerial rnissiaiemenl. whethef due to fraud or error. In preparing the financial statemEnlS Ihe trustees are responsible lor assessing the charitls ability to continue as a going concern disclosing as applicafjle. m2tters relaled to going concarn and using the going concern basis of accounting unless the trustees either intend Ic) liquidate Ihe charily or lo cease operations. or have no realistic a112rnalive bu¢ to do so. ALbditor ResponsibllSties for the audit of the flnancial statements Our objectives are to obtsin reasonable assurance about whether Ihe fiiiancial stalemenls as a whole are free from material rnisstatemenl. whelher du8 to fraua or error. and lo Issue an auditor'5 report that in¢ludes our opinion. Reasonable assurance 15 a high level ol assuranc?, but Is not 8 guaraniee that an audit conducted in accordance with ISAS IUKI viill alway5 detect a material misstatement when it exists. Misstatemen15 can arisE from fraud or error antt are considered rnalerial If. Individually or In the 8ggregaie. they could reasonably be expecied to Influence the ettonomic deci510ns ol user5 taken on the basis ol these fin8ncial s13iemenls. As part of gn audit In accordance with ISAS IUKI, we exercise p￿leSS1onal judgment and maintain professional scepicism IhroughL¥Ut the audit. We also. Identify and asses5 thè risks of material misstatement of the financial s13tements, whelher due to fraud or error. deson and p8rform audit procedures responsive lo those risks. and obtain audit evidence that Is sufficient and appropnate to provide a basis lor our opinion. The risk ol not detecting a m*erial m5SStatemenl resulting from fraud Is higher Ihan for one resulling from error. as fraud may Involve collusion. forgery intentional omissions. rnisrepresenlalions. or ime override ol internal controL Page 7 The Heathcoat Trust Independent Auditor's Report to the Members of The Heathcoat Trust (continued) Obtain an understanding ol internal control relevant to the audit in order lo design audit procedures that are appropriate in the circumst8nces, bul noi for the purpose ol expressing an opinion on the effectiveness ofthe internal control. Evaluate the 8pproprialeness of accounting policies used and Ihe reasonablenèss of accounting estimates and related di5c105ures made by the trustees. Conelude on the appropriateness ofthe trustees. use of thè going concern basis ol accounting and. based on the audit evidence obtained. whether a material uncertainty exists relaled to events or conditions that may cast significant doubt on the charity's abilily io continue as a going concern. If we conclude that a material uncertainty exists, we arts required to diaiv attention Iri our audilorfs rep￿ to the related disclosures in Ihe financial -talements or il such disclosures are Inadequate. to modify our opinion. Our ¢onclusions are based on the audit evidence obtained up to the date of Dur auditols report. Howevsr. future events or condittons may Cause Ihe charity to cease 10 ctsntinue as a going concern Evaluate the overall presentation, structure and conlent of the financial slaternents, including the disclosures. and whether the financial statements represent the underlying transactions and events in a manner thal achieves fair presentation. We Communicate with those charged 'wilh governanTr regarding. among other matters, the planned 5Gope and timing ol the aydil and 519nilicant audit f1ndings, including any significant deficiencies in intern81 conlToI thai we ideniify durirng our audrt. Irregularities, including fraud. are instances ol non-cotnpliance with laws and regulaiions. We desun procedures in line with our responsibilities. outlined above, to deteci material rnisstalemenls In respect of Irregularitie5. Including fraud. The exteni to which OUT procedure5 are capable rjl detecting We identified areas of Saws end regulations that could reasonably be Expected to have a material effecl on the financial statements from Dur general Eommercial and sector experience 8nd through discussion wilh the director5 and other manageinent. We communicated Idenlilied laws and regulations throughoul Dur team. and remained alert to any indications of non-compliance throughout the audit. The company is subiect to laws and regula150nS that govem the prep8ration of the financial statements, including financial reporting leg￿latiOn, and other charities legislation. The charily Is also subjeci to other laws and regulalions wher2 the Consequences ol non-compliance could have a material impact on the amounts or disclosures within the Iinancial stalemenls, Including erllployrneni. anli-bribery, 8nti-money laundering 2nd ¢¢rtain aspecls DI charities legisl8lion Including public benefit consideration. Owing to the Inherent Iimilalions of an audit. there is an un3voi¢able risk that we may not have detected some matenal misstatements in the financial statements. even though we have properly planned and performed our audit In accordan￿ wth auditing standards. Iri any audil, there rem3ins a higher risk of nondeiection olirregularities. as these may Involve collusion, forgery intentional omisslons, misrepresentations Jr the overnde of intefnal controls. We are not responsible for preventirig non-compliance and cannot be expected to detect non-Gompliance with all laws and regulations. A further description ol our responsibilities is available on the Financial Reporting Cauncil's webslle al.. ￿.frc.0rg.UkIaudiIQrSrespQnslb1lltle$. This descnption loms part ol our auditor's ￿pOrt. Page 8 The Heathcoat Trust Independent Audltorfs Report to the Members of The Heathcoat Trust Icontinued) Use of our report This report is made solely to the charity Ifustees. as a body. In accordance with section 144 of the Charities Act 2011 and regulations made under section 154 01 thai Act. Qur audit work has been undertaken 50 that we mighl slate to the trustees ihose rnatter5 we are required to 51ale to Iruslees in an auditors, r8PQrt an(S lor no tsther purpose. To Ihe fullest exteni permilted by law. we do not accept or assume responsibility io anyone other Ihan the Charity and its Iruslee5 35 a body for our audit work, lor Ihis report, or for the opinions we have ltsrmed. Westeotts ISWI LLP, Stalulory Audilors 47 Boutport Street Bamslaple Devon EX31 1SQ Page 9 The Heathcoat Trust Statement of Financial Activities for the Year Ended S April 2024 Total 2024 Unrestricted funds Endowment funds Total 2023 Note Income and Endowments from- InveslTn8nt income other income 930,891 930,891 953.551 100 953.651 Total in¢ame 930,891 930.891 Expendltur¢ on.. Raising funds Charit8ble activities 122,476) 1755.9101 192,9221 1115.3981 1755,910) 1110.4651 1764.7171 Total expenditure Gainslllos5esl on investment assets 1778.3861 192,9221 1871.3081 1875,1821 90,883 853.128 944.011 11,923,9551 Net incomellexpenditurel Reconciliatlon of funds Total funds broughl forward Total lund5 carried lorward 18 243,388 760,206 1.003.594 11.845,4861 5.415.316 22.010.092 27,425.408 29.270.894 27,425,408 5,658.704 22.770.298 28.429,002 All of the charity's adivities derive from Gontinuing operations during the above periods. The funds breakdown for 2023 is shown in note 18. The notes on pages 13 10 26 form an Integral part of these financial statemenls. Pa9e 10 The Heathcoat Trust {Registration number., 203367) Balance Sheet as at 5 April 2024 2024 2023 Note Flxed assets Investments 12 22.770,298 22,010,092 Current assets Débtors Inveslmenl8 Cash al bank and in h8nd 70.085 4.748,898 807.483 13 84,089 4,825.761 757,674 14 6.667.524 5,426,466 Credltors.. Amounts falllng duè within one year Net current ass•ts 15 18.8201 111,1501 5.415.316 5,658,704 28,429.002 27,425,408 Net assets Funds of the charlty: Endowment funds 22.770,298 22,010.092 Unrnstrl¢tgd inGome funds Unrestiicted funds 5,415.316 5.858.7a4 27.425,408 Total funds ial slataments on pages 10 to 26 were approved by the trustees. and authorised for issue and signed on their behalf by". 18 28.429,002 The fin rJoh Tr st The notes on pages 13 to 26 fom an integral part ol Ihgse financial stalemenls. Page 11 --Th￿H8athCoat Trust Cash Flow Statement for the Year Ended S April 2024 2024 2023 Note Cash flows from operatlng aGtlvlties Nel cash incomellexpendilurel Adjustments to cash flows from non Expenditure All expenditUTe 15 recognised c)nce there 15 8 189al or conslrudNe obligation lo that expenditure. il is probable settlement Is required and the amount can be measured reliably. All costs are allocated lo Ihe applicable expenditure heading that aggregale 5imil8r costs lo that ¢alegory. Where costs cannot be directly attributed to particular heEdings they have been allocated on a b33is consistent with the use ol resources. with central staff costs allocated on the basi5 of time spent, and d8preciaiion ¢harges allocated on the Portion of the assei's use. Other 5UPPOrt cost5 are alloGated based on the spread of staff costs. Raising funds These are cost5 incurr8d in attracting voluntary incorne, the m8nagement ol Investments and Ihose incurred in trading 8Ctivities that raise funds. Charitable activitl8S Charitable expenditure comprises Ihose costs incurred by the charlty in the delivery of its aGlivilies and 58rvices lor its beneficiaries. It Includes both costs that can be allocated direclly to suGh activities and those cost5 of an indirecl nature neogs5ary lo suppart them. Gtsnt pmvisions Provisions for gronts are made when the intention io rnake a granl ha5 been communi¢ated to Ihe recipient but there is uncertainly about either the tirning ol the granl Of the amouni of grant payable_ Support costs Support costs include central functions and have been allocated lo activity cost c8legories on a basis n8151enl with the use ol resources. for exarnple. alloGating property costs by flwr areas. or per capila, staff costs by the time spent and other costs by their usage. Governance costs These include the costs attributable to the Gharily's compliance with constitutional and stalulory requirements. inclutjing audit. strategic management And trustees m•elings and reimbtsrsed expenses. Taxation The charity is considered lo pass the tesls set oul In Paragraph 1 Schedule 6 of the Finance Aci 2010 and Ihérelore Il meets the definition tsf a charitable company for UK corporation lax purposes. Accordingly. the cttarity Is potentially exempl from taxation In respect ol Income or c8piia1 gains recer￿ed within ¢ategon8s covered by Chapier 3 Part 11 01 the Corporation Tax Acl 2010 or Section 256 of the Taxation ol Char9eable Gain5 Act 1992. to the extent that such income or gains are applied ex¢lusively to ¢hari18ble purposes. Flxed a$5et Investments Fixed asset investments. other Ihan programme related investments, are included at market value al the balance sheet date. Realised gains and losse5 on investment5 are Calculated as the difference betr￿een sales proceed5 and their market value al the start of the year, or their Subsequent cost. Ènd are chaoed or credited to the Staiemenl af Financial Activrties in the period ol disposal. Unrealised gains and losses repiesenl the movement in M8rket values during the year and are ciedited or Charged to the Slalement ol Fin8ncial Aclivilies based on the rnarket value al the year end. Page 14 The Heathcoat Trust Notes to the Financial Statements for the Year End8d S April 2024 Icontinuedl CLbrrent asset investmènts Current asset investments a￿ included at ihe lower of cost and net realisable value / market value. Cash and ¢ash equivalents Cash and cash equivalents COTnpri5e cash on hand and call dep051ts, and oih2r short-term highly liquid investmenf5 that are readily convertible to a known arnounl of cash and are subject to an insignificant risk of change in value. Fund stTUCture General unre$lricted funds comprise 3ccumulaied surpluses and deficits on general funds and cumulative realised and unreali5ed gains on revalu8tions of inveslmenls. They are av3il8ble for use al the discretion ol the Trustees in furtherance of the chaity's objecliv¢s. The charrty has an endowment, which Il Is legally prevented from spending and must retain inlact. It has invested the endowmenl to provide income for its activities. Financlal in$truments Classillcatlon Financial assets and financial liabilities are recognised when the chanty becomes a party to the coniractual provisions ol the instrument Financial liabililies and equity insirument5 are cla55ified according to the substance of the conlr8Glual arrangements entered Into. An equily Instrument 15 any cunlract that evidences a residual interest in the a5se15 of Ihe charity after deducting all of Its li3tiililies. R8¢ognition and M&￿urement All financial asset5 and Iiabililies are Initially rnea5ured al transaction price (including transaction costs), e%cepl lor those financial assets classified as at lair value through profil or loss. which are initially measured at lair v31ue Iwhictt is normally the transaction p11ce excluding iransaction cosisl. unless the arrangemeni ryonslitutes a financ1ng transaction. If an arrangement constitutes a financing transaction, the financial assel or financial liability is measured at tlie presenl value of the future payments discounled al a market raie of interest for a similar debt instrumenl. Financial a5S¢ts and liabilliies are only t)ffset in the statement ol financial position when, and only when there exisls a legally enforceable righl to sel off the recognised amounts and the charity infends either to sellle on a nel b3sis or to realise the asset and settle Ihe liability simultaneously. FinanciÈl assets are derecognised when ano only when al the contraclual rights Ir) Ihe cash flows from the financial asset expire or are seitled bj Ihe chariiy transfers io anather party substantially all of tbe risks and rewards ol ownership ol the financial asset. or cl the charity desp1te having ret3ined some, but not all. significant risks and rewards ol ownership, ha5 Iransfeired control of the assel lo another party. Financi81 liabilrties are derecognised onty when the obligation specffied In the contract is discharged, can¢elled or expires. Page 15 The Heathcoat Trust Notes to the Financlal Statements for the Year Ended 5 Aprll 2024 {continuedl Inw•stments Investments in non-convertiblE preference shares and non-puttable ordinary or preference shares (where share5 ere publicty traded 01 their lair value is reliably measurable) are measured 8t fair value through profil or loss. Where lair value cannot be measured reliably. Inve51menls are measured at cost less impaimient. Fair value m•&surement The best evidence of fair value Is a quoted priGe for an Idenlical asset in an active market. When quoted pri¢es are unavai18ble, Ihe price tsf a recent transaction for an identical asset provides evidence of fair value as long as Ihere has not been 3 significant change in economic circumstances of a significant lapsè of time since the tran$actlDn took place. If Ihe maikei is noi active and recent transactions of an identical asset on their Dwn are not a good estimate ol lair value. the lair value is e3timated by using a valuation technique. 3 Investment income Unrestricted funds Gener81 Totsl 2024 Interest receivable on bank dep051ts Income from listed investments Income from other invèsiments 9,402 917,849 3.640 9.402 917.849 3.640 930 891 930.891 Unrestricted funds General Total 2023 Interest receivable on bank deposits Income from listed investments Income from olher investments 11.183 670.194 72,174 953.551 11,183 870,194 72.174 953.551 4 Expendlture on raising funds Investment management costs Unrestricted funds General Endowment funds Perrnanent Total 2024 other investment managemtsnl costs., other portfolio management costs 22,476 22.476 92,922 115,398 115.398 92.922 Page 16 The Heathcoat Trust Notes to the Financial Statements for the Year Ended S Aprll 2024 (continued) Unrestricted funds General Endowment funds Pemanent Total 2023 Other investment management Bosts. Other portfolio management costs 16.339 94.128 110,485 16,339 94.126 110.465 S Expertditure on charitablè activitias Grant funding of activity Actlvity support costs 2024 Employees in sickness Chiropody Con501idaled grant Charitable organisations and general Edu¢ation81 bodies In case of hardship Hospital visits Oeath granls Communication Grants Opticians Charges Oen115ts charge Governance costs School trips Care alams 780 19,883 319,283 56.858 183,421 2.456 27,868 51,250 240 24.175 15.631 25 631 10.135 1.892 5,822 78 885 1.627 805 20,514 329.418 58,750 189,243 2.534 28.753 52,877 248 24.942 16.127 15,675 5,486 10,538 767 496 15.675 1S9 324 5,317 10,214 717.376 38,534 755.910 Page 17 The HeathGoat Trust Notes to the Financial Statements for the Year Ended 5 April 2024 (continued) Grant Actlvity funding of support activlty costs 2023 Employees in sickness Chiropody Consolidated grani Chari18ble organisalions and general Educational bcAYles In case of hardship Hospital visits Death giants Communication Grants Opticians charges Oenlists charge Governance costs 360 22,398 327.359 70.388 174.968 2,804 32,325 62.wo 525 19,180 16,768 10 642 9,386 2,055 5.017 80 927 1.778 370 23.040 336,745 72.443 179,985 2,884 33,252 63.778 540 19.730 17.249 14.701 550 481 14.701 729.075 35.642 764.717 6 Analysls of governance and support Costs Analysis o15UPPOrt costs Total 2024 Tot?1 2023 Salary Pension Employer's NIC Rent and telephone Insurance Slalionery GraluitlaS Bank charges Governance costs 17.982 989 1,292 396 303 514 100 1.282 15,675 16,607 913 1.182 379 202 221 100 1,337 14,701 38.534 35,642 Page18 Th8 Heathcoat Trust Notes to the Financlal Statements for the Year Ended S April 2024 (continued) Governance costs Total 2024 Totsl 2023 Staff cusls Wages ar￿ salari SoGi35 security costs Pension costs Audil fees Audit of the financial Statements Other governanc8 costs 5,994 431 329 5.536 394 304 8.820 101 8.400 67 15,675 14.701 Page 19 The Heathcoat Trust Notss to thè Flnanclal Statements for the Year Ended 5 April 2024 (continued) Charltsble organlsations and general grants of £1,000 or more payable and committed to Instltutlons durlng the year 2023 2024 Tiverton BOUNCEI Brighter Futures Churches Housing Action Team Ci¢Eens Advicè Mid Devon Hospicecarè Pine L(￿ge Librari85 Unlimited SW Moors Youth Football Club St Pauls Churc The Willow Tree Oance & Theatre Arts Tiverton Junior OpÈralic Club Tiverton Museum Tiverton Swimmirt9 Club TNerton Youth Orchestra Tiverton & District Scout Cauncil Tiverton BO￿AlDg Club Tiverton Street Pastors Two Moors Primary School Unite Carers in Mid Oevan Weslexe Sports & Social Club 1.000 1,000 1,000 1.000 1.000 1,500 1.000 5,000 1,375 1.500 1.000 1,000 1.500 5.500 1.000 1,000 1,000 2,302 1.000 1.200 1.000 IOOD 2,000 1,000 1.000 1,000 1.000 20.502 19,375 Genèral Balloons Ioevonl radnineh Town Council 8la¢kdown Hills Transltion Group Calvert Trust Exmoor Childr8n'5 Hospice SW CornwBII Hospice Care Crediton Pari$h Church Music Endovmient Fund Oevon Air Ambulan¢È Trust Exeter Leukaemia Fund E¥e Acce55 IECTAI Force Cancer Charity Listening Books Macmillan Cancer Support North Dartmoor Search & Rescue PCC Samplord Peverell Church Sl Margaret's Church. stoodle￿h 1.000 1,000 1.000 1.000 1.000 1,000 1.000 2.348 1.750 1.950 1,500 1,000 1,000 1.000 1.7SO 1,500 1,000 1.000 3.750 1,250 1.100 16,648 12,250 Page 2Q The Heathcoat Trust Notes to the Flnancial Ststements for the Year Ended 5 April 2024 (continued) 8 Trustees r8mun8ration and expenses Mrmark Drysdale £4012023.. £391 respect of grants were paid lo Mr Maik Drysdale during the year. Mr Lee Sell•ns (resignèd 051091231 £5D12023' £301 in respect of gtsnls were paid to Mr Lee Sèllen5 during the year. Mrs Susan We5tlak• £96012023.. £2401 in respacl ol grants wer8 paid to Mrs Susan Wesllake during the year. No Iru$tees. noc any person5 connected with them. have received any remuneration from the charty during tbÈ year12023.'Nill. No trustees have received any other benefits from the charity dufing the year. The amount of exp8nses waived by the irustees during the year lotslled £NIl12023 £Nill. 9 Staff costs The a9gr8gate payroll costs were a5 follows 2024 2023 Stsff co$ts during the yearwere.. Wages and Salaries Social security costs Pension cosls 23.976 1,723 1.318 22,143 1.577 1,216 27,017 24,936 The monthly average number of persons linclvding senior management I laadership téam) employed by the charity during tho year was as follows". 2023 No 2024 No Employee No empkjyee received emoluments ol moig than £60.000 during the year or the previou5 year. The total employee benefits of the key management per3onnel of the charity were £Nil12023 £Nill. 10 Auditors. remunèratlon 2024 2023 Audit of the financial slalements 8.820 8.400 Page 21 The Heathcoat Trust Notes to the Financial Statements for the Year Ended S April 2024 (continued) 11 Taxation The Gharity is a regislered charity and is therefore exempl from t8X8110n. 12 Flxed asset Investments 2024 2023 27,596.059 26.758,990 Investments Other investments IA) Reconciliation of Snvestments Unrestricted fund Permanent Endowmènt 2024 2023 Cost or Valuation Al 8 April 2023 Additions Oisposals at market Value Net unrealised gainsllLosse5) At 5 April 2024 Cash held as part of irtvestment portfolio Transfer between funds - Endowmenl 4.645.034 613,357 1577.0361 123.S93 21.513,297 26.158,331 28,211,532 3.513.932 4.204,454 4,817.811 13.831.382) 14.408.418) 14,048,140) 908.778 {1.518.9931 785.085 26.158.331 4.805,048 22,671,454 27.476.502 600.659 12,342 8,371 4.825,761 107,215 18.371 22,770.298 27,596 D59 26,758.990 22,770.298 22.770.298 22,010.092 4,825,761 4.748,898 22,770.298 27.59S.059 26,758,990 119.557 Fixed assets Current assets 4,825,761 4.825,761 181 Analys￿ of investments UnresirhGiod funds Permanènt Endowment 2024 2023 Special range pemianent fund Permanent fund Expendable fund 1.824.889 20,846,765 1,824,689 1,996.024 20.846.765 19,517.273 4.805.048 4.645.034 27.476,502 26.158,331 4.805,048 4,805,048 22.671.454 Cash held as part ot investment fund Transfer befvjeen funds 107.215 18.3711 98,844 22.770.298 119.557 600.659 12,342 8,371 119.557 27,596.059 26, 158,990 600.659 4.825,761 P39e 22 The Heathcoat Trust Notes to the Financial Statements for the Year Ended 5 April 2024 (continued) Investments listsd on recognised $lcKk exchange Unlisted investments associatèd undertgkings Cash h81d as part of investment portfolio Transfer bettveen funds 4,805.048 2Q,848,7 2s,e51,813 24.162,3Q7 1,824,689 1.824.689 1.996,024 12.342 8.371 107.215 18 3711 22,770.298 119,557 SOO,e59 4,825.761 27 596,059 26.758.990 23.314.740 22,861.634 Historical cost 4.422.784 18.891,956 Details of undertakings Oetsils of the inve51menls in which the charity holds 20Vk or more of the nomin81 value ol any class of share capital are Ss follLWS. Country of incorporation Proportion of votrng rights and shares h$ld 2024 2023 Undèrtaklng Holdlng Signlflcant holdings Lowman Manufacturing Company Ltd UK 2,447,190 ord 25p 22.970 22.97% 103.987 3.5Q/4 Cumulative Pielerence shar8s John Heathwt & Company IHoldiny51 Ltd UK 37.8Vo 37.6°/0 13 Debtors 2024 2023 84,089 70.085 Other debtors 14 Cash and Gash equivalents 2024 2023 607.483 Cash al bank 757.674 Page 23 The Heathcoat Trust Notes to the Flnancial Statements for the Year Ended 5 April 2024 Icontlnued) IS Credltors: amounts falling due within on8 year 2024 2023 2.750 other creditors A¢cru#ls 8,820 8.820 11.150 16 Pension and other sGh&m8S Oeflned contribution pension scheme The charty operates a defined contribution pertsion scheme. The pension cosl charge for the year represents contributions payable by the charrty lo the SCh￿e and aTnountad to £1.326 12023 £1,216). 17 Charitable commitmertls Al thè balance sheet date. Ihere were outstanding commitrnents for future financial support lo institutions tulfilling certain Gondilions, 2023 2024 Halberton 8ellringers Society St Peterfs Church Sunningmead Community Association Tiverton Community Arts 7.500 10.000 10,000 200,000 200,000 200.000 22 1,500 In addition. pledges of continued support wilh education grants have b88n made to Individuals by the tfusiees for 2024125". these amounted to £153,862 12023. £148,176) at the balan￿ sheet dale, 109ether with an unquantifi8ble contingency relalin9 to school lees for a number of pupils. These comrnilments have not yet been prowde(J for in the lin8ncial staiem¥nts, as they are condilitsnal. Page 24 The Heathcoat Trust Not85 to the Financlal Statements for the Year Ended S April 2024 (continued> 18 Funds Other rècognised Balance at gainsl 5 April 2024 Ilossesl Balance at 6 April 2023 Income Expenditure Unrestricttsd funds Gen8r81 General Funds S,415.316 930.891 1778,3861 90.883 5.$58.704 Endowment funds Perni8nent Permanent Funds 22.01 D.092 192.9221 1871,3081 853.126 22.770.29e 944.011 28.429.002 930,891 Totsl funds 27,425.408 other reco9nlsed Balance at gains/ S April Ilosstrsl 2023 Balance at 6 April 2022 ExpFJnditure Income Unrestrlct¢d funds General General Funds 5.552.424 953.651 1781,056) 1309,7031 5,415.316 Endowment funds Pemijnont PeTmanent Funds 23,718.47D 194.1261 11.614,2525 22,010.092 875, 1821 11.923,9551 27.425.408 Total funds 29.270.894 953,651 19 Anatysis of net assets betsvèen funds Unrestricted funds General Endowment funds Permanent Total fund5 ai S April 2024 Fixed asset Investment3 CLJrrent ass¢Is Current liabilrties 22.770.298 22,770.298 5,667,524 18,8201 28.429.002 5.667.524 18,820 22.770.298 Tot81 net assets 5.658,704 Page 25 The Heathcoat Trust Notes to the Financial Statements for the Year Ended 5 April 2024 Icontinuedj Unrestricttd Endowmènt Tot81 funds funds funds at 5 April Gèneral Permanenl 2023 Fixed asset investments Current assets Cvrrenl liabilities 22.010,092 22,010,092 S.426,468 111,150 21,425.408 5.426,466 111.1501 5.415,316 Totsl net assets 22,010.092 20 Analysis of n&t funds At 6 Aprll 2023 Financing cash flows At 5 April 2024 Cash at bank and in h¥nd 607,483 607,483 150,191 757.674 Net funds 150.191 757.674 At 6 April 2022 Financing cash flows At 5 April 2023 Cash at b8nk and in hand 650.540 143,0571 43.0571 607,483 Nel funds 650.540 607,483 21 Related party transactlons Ther8 weT8 no related party transactions in the year. Page 26