REGISTERED CHARITY NUMBER: 229861
.
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2023
FOR
THE WALTER HIGGS CHARITABLE TRUST
.
IRW Chartered Accountants 19 Buccleuch Street Hawick Roxburghshire TDS OL
THE WALTER HIGGS CHARITABLE TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2023
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|Page|
|Report|of the Trustees|1|te|2|
|Independent|Examiner's Report|3|
|Statement of Financial|Activities|-|
|Balance|Sheet|5|
|Notes|to|the|Financial|Statements|6|©|8|
|Detailed|Statement|of Financial|Activities|9|
----- End of picture text -----
°
: ‘
THE WALTER HIGGS CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED STH APRIL 2023
The trustees present their report with the financial statements of the charity for the year ended Sth April 2023, The trustees have adopted the provisions of Accounting und Reporting by Charities: Statement of Recommended Practice applicable te charitics preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and activities
The Trustees have the power to apply the income und capital of the Trust for such charitable purposes as the Trustees shall from time to time in their absolute discretion determine.
The Trustees have continued throughout the year 10 support a variety of charities. The Trustees do not muke grants to individuals, only to charitable bodies.
The ‘frustecs confirm that they have referred to the guidance contained in the Charitics Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future aclivities. The Trustees have paid duc regard to guidance issued by the Charity Commission in deciding what ‘activities the Trust should undertake.
ACHIEVEMENT AND PERFORMANCE
Achievements and performance
The Trustees manage the investments of the Trust to produce an increasing real income over the fong term. thereby enabling them lo increase their charitable giving.
PINANCIAL. REVIEW
Financial review
The trustees have made grants for charitable purposes as shown in the Statement of Finuncial Activities. The het assets of the Trust decreased by 6.3% over the year to £1 342.494 duc to the increase in the market value of the investments.
Reserves policy
Given that the Trustees are authorised to use the income and capital of the Trust and the investments of the Trust are relatively liquid, they do not hold aay funds in reserve to enable charitable giving from time to time. The unrestricted cash reserves of the Charity at 5 April amounted to £52,768 (2022. £16.398).
FUTURE PLANS
The Trust aims 10 continue to support a variety of charitable bodies.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing decument, a deed of trust and cunstitutes an unincorporated charity.
Appvintment of Trustees
Future Trustees are to be appointed be resolution of the Trustees passed at a special mecting.
Foundation and Administration of the Charity
The Walter Higgs Charitable Trust was founded on 18 December 1952 by Mr Walter Frank Higgs. It was registered with the Charities Commission on 23 March 1964.
Page 1
,
,
THE WALTER HIGGS CHARITABLE TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED STH APRIL 2023
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 229861
Principal address Litchfield Furm Enstone Chipping Norton Oxfordshire OX7 4HH
Trustees Caroline Anne Ligas Kevin John Selwyn Knott Nicola Jane Knott
Independent Exuminer Kevin D Crowford IRW Chartered Accountants 19 Buccleuch Street Hawick Roxburghshire TDS OHL
Approved by order of the board oftrustees on 25th August 2023 and signed on its behalf by:
Kevin John Selwyn Knott - Trustee
Pape 2
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE WALTER HIGGS CHARITABLE TRUST
Independent examiner's report to the trustees of The Walter Higgs Charitable Trust I report to the charity trustees on my examination of the accounts of The Walter Higgs Churitable Trust (the Trust) for the year ended 5th April 2023.
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’).
I report in respect of my examination of the Trust's accounts carried ovt under Section 145 of the Act and in carrying out my cxamination | have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent cxaminer's statement
| 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:
-
accounting records were not kept in respect of the Trust as required by Section 130 uf the Act; or 2 the accounts do not accord with those records: or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts sel 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 mutter considered as part of an independent examination.
] have no concerns and have come across no other matters in connection with the cxamination tu which attention should be drawn in this report in order 10 enuble a proper undesstanding of the accounts to be reached.
Kevin D Crowford
JRW
Chartered Accountants 19 Buccleuch Street Hawick
Roxburghshire TD9 OHL Date: jth September 2023
Page 3
THE WALTER HIGGS CHARITABLE TRUST
.
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED STH APRIL 2023
| 2023 | 2022 | ||
|---|---|---|---|
| Unrestricted | Fotal | ||
| Notes INCOMEANDENDOWMENTSFROM |
tund £ |
funds £ |
|
| Donations and legacies | 5 | - | |
| Investment income | 2 | 39.710 | 35,874 |
| Total | 39.715 | 35,874 | |
| EXPENDITUREON | |||
| Raising funds | 3 | 3,863 | 4.289 |
| Charitable activities | |||
| Donations | |||
| Govemance | 27.820 1,056 |
47,750 960 |
|
| Total | 32,739 | 52.999 | |
| Netgains/(Josses)}oninvestments | (97,648) | 79.541 | |
| NET INCOME/(EXPENDITURE) | (90,4672) | 62,416 | |
| RECONCILIATION OF FUNDS | |||
| Total fundsbrought forward | 1.433,166 | 1.370.750 | |
| TUTALFUNDSCARRIEDFORWARD | 1,342,494 | 1.433.166 | |
| —o | —== |
The notes form part of these financial statements
Page 4
THE WALTER HIGGS CHARITABLE TRUST
BALANCE SITEET STI APRIL 2023
----- Start of picture text -----
|||||
|---|---|---|---|
|2023|2022|
|Unrestricted|Total|
|Notes|fund£|funds£|
|FIXED|ASSETS|
|Investments|5|1,292,719|1.418.800|
|CURRENT ASSETS|
|Cash at bank|52,768|16,398|
|CREDITORS|
|Amounts falling due within one year|6|{2,993)|(2.032)|
|NET CURRENT ASSETS|49,775|14,366|
|TOTAL ASSETS LESS|CURRENT|
|LIABILITIES|1,342,494|{433,166|
|NET ASSETS|1,342,494|1,433,166|
|FUNDS|
|Unrestricted|funds|1,342,494|1,433,166|
|TOTAL FUNDS|1,342,494|1.433.166|
----- End of picture text -----
The financial statements were approved by the Board of Trustees and authorised for issue on 25th August 2023 and were signed on its behalf by:
Kevin John Selwyn Knott - Trustee
The notes form part of these financial statements
Page 5
,
‘
;
é
THE WALTER HIGGS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED STH APRIL. 2023
ie ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (HRS 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 | January 2019)’. Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certuin assets.
Financial reporting standard 102 - reduced disclosure exemptions The charity has taken advantage of the following disclosure exemptions in preparing these financial statements. as permitted by FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland’:
- the requirements of Seetion 7 Statement of Cash Flows,
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds. it is probable that the income will be reccived and the amount can be measured reliably.
Expenditure
Liabililies are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure. it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligstion can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate al] cust related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end dale are noted as a commitment but nol accrued as expenditure,
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds cun be used in accordance with the charitable objectives at the discretion of the trustees,
Going concern
At the time of approving the financial statements the trustees have 4 reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees Continue lo adopt the going concern basis of accounting in preparing the financial statements,
Page 6
continued...
THE WALTER IIGGS CHARITABLE TRUST
- INVESTMENT INCOME
’
;
‘
é
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 5TH APRIL 2023
----- Start of picture text -----
||||
|---|---|---|
|2023|2022|
|Dividends|39,710£|35,874£|
|RAISING|FUNDS|
|Investment management|costs|
|2023|2022|
|£|£|
|Portfolio management|3.863|4,289|
----- End of picture text -----
4, TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees’ remuneration or other benefits for the year ended Sth April 2023 nor for the year ended Sth April 2022.
Trustees’ expenses
There were no trustees’ expenses paid for the year ended Sth April 2023 nor for the year ended Sth April 2022.
- FIXED ASSET INVESTMENTS
----- Start of picture text -----
|||||
|---|---|---|---|
|Listed|
|investments|
|£|
|MARKET VALUE|
|At 6th|April|2022|1,418,800|
|Additions|10,4306|
|Disposals|(42,253)|
|Revaluations|(94,258)|
|At 5th|April|2023|1,292,719|
|NET|BOOK VALUE|
|At|5th|April 2023|1,292,719|
|At|5th April|2022|1.418.800|
----- End of picture text -----
There were no investment assets outside the UK-
Page 7
continucd...
THE WALTER HIGGS CHARITABLE TRUST
‘
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED STH APRIL 2623
5. FIXED ASSET INVESTMENTS- continued
Cost or valuation at Sth April 2023 is represented by-
| Listed | ||
|---|---|---|
| investments | ||
| £ | ||
| Valuation in2017 Valuation in 2018 Valuation in2019 Valuation in2020 Valuationin2021 Valuation in2022 Valuationin2023 Cost |
(60,777) 13,172 66.361 (174.869) 246,043 75,634 (94,258) 1.219.413 |
|
| 1,292.719 | ||
| CREDITORS: AMOUNTSFALLINGDUEWITHINONEYEAR | ||
| 2023 | 2022 | |
| £ | £ | |
| Othercreditors | 2,993 | 2.032 |
6 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
- RELATED PARTY DISCLOSURES
Donations totalling £15,000 were paid to Arkleton Trust, of which Caroline Anne Iliggs is a trustee. Caroline Anne Higgs did not take pari in the decision 10 make the donations,
Page 8
THE WALTER HIGGS CHARITABLE TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5TH APRIL 2023
----- Start of picture text -----
||||||
|---|---|---|---|---|
|2023|2022|
|£|£|
|INCOME AND ENDOWMENTS|
|Donations and|legacies|
|Donations|5|=|
|Investment income|
|Dividends|39,710|35,874|
|Total incoming resources|39,715|35,874|
|EXPENDITURE|
|Investment management|costs|
|Portfolio|management|3.863|4,289|
|Charitable|activities|
|Independent|exwminer’s|fee|1,056|960|
|Grants to institutions|27,820|47,750|
|28.876|48,710|
|Total|resources expended|32,739|42.999|
|Net income/(eapenditure)|before gains|
|and|losses|6,976|(17,125)|
|Realised|recognised|gains|and|losses|
|Realised|gains/(losses) on|fixed|asset|
|investments|(3,390)|3,907|
|Net income/(expenditure)|3.586|(13.218)|
----- End of picture text -----
This page does nol form part of the statutory financial statements
Page