L G HARRIS TRUST Report for Year Ending 5 April 2022
The L G Harris Trust was endowed by a gift of shares in L G Harris & Co Ltd from a shareholder, Mr L G Harris, in 1964. As the company has not declared a dividend the trust had no income, but on 31 August 2016 the sale of the company to Orkla Housewares Division was completed, and the trustees received a substantial payment for its shares. Acting on advice, the funds, which were approaching £5,000,000, were invested with the COIF funds managed by CCLA, which specialises in investing for charities. In addition, a legacy of £68,597 was received under the will of Mr Harris’s widow Mary who died in 2018. £291,371 was also received during the year as a final payment for the shares.
At the end of the year the value of the investments in the COIF funds managed by CCLA was £7,263,848. These are invested in a wide range of UK and Overseas equities, with a small amount in property. In addition there was about £127,000 in the Trust’s current account.
The CCLA managed funds pay a quarterly income to the trustees, and a total of £211,367 was received during the year, plus £54 in interest. The trustees, who are the children of L G Harris, have agreed a policy for making grants from the income, and during the year grants of £164,250 were made. During the period of the accounts restrictions were in place which badly affected many museums, theatres, concert halls, and educational establishments, and during the year the trustees made grants to the Avoncroft Museum (of which L G Harris was first chairman), the English Touring Opera, the Bromsgrove International Musicians Competition, the Three Choirs Festival and the City of Birmingham Symphony Orchestra. In addition the trustees have help the restoration of local historic churches and other buildings including the Shrewsbury Flaxmill. The trustees also contributed to a bursary scheme which enables parents, who otherwise could not afford it, to send their children to a private school in Reading, linked to the Society of Friends, which offers a liberal education in attractive surroundings.
The trustees held a meeting using in March attended by a representative of CCLA, at which various matters were discussed, and included a presentation about CCLA’s current investment thinking.
Other than investment management charges and a fee paid to the person who examined the accounts, the trust operates on a purely voluntary basis, and all the income can be used for charitable donations.
Andrew Harris, Trustee June 2022
L G HARRIS TRUST
Statement of Financial Activities for the year ended 5 April 2022
| Income Sale of shares Donation Received Additional amount from Sale of Shares Income from COIF Investment Funds Interest on deposits Expenditure Grants Sundry Examiners' fee Net Income over expenditure before other recognised gains and losses Realised and unrealised gains on investment assets Net movement in Funds Andrew Harris, Trustee Date 22 July 2022 |
2022 £ 291,371.00 0.00 - 211,367.25 54.27 502,792.52 164,249.60 - 250.00 164,499.60 338,292.92 612,235.77 950,528.69 |
2021 £ - 18,597 - 201,935 201 |
|---|---|---|
| 220,733 226,111 - 250 |
||
| 226,361 -5,629 1,072,253 |
||
| 1,066,625 | ||
L G HARRIS TRUST BALANCE SHEET AS AT 5th APRIL 2022
| Revenue Account Balance at beginning of year Net movement in funds Balance at end of year Represented by Lloyds Bank Current A/c COIF funds bid value COIF deposit account Stoke Prior Properties Shares Debtors Creditor |
2022 £ 6,550,881.66 950,528.69 7,501,410.35 110,185.47 7,263,848.78 127,626.10 0.00 0.00 -250.00 7,501,410.35 |
2021 £ 5,484,257 1,066,625 |
|---|---|---|
| 6,550,882 51,893 6,371,613 127,626 0 0 -250 |
||
| 6,550,882 |
Andrew Harris, Trustee
Date 22 July 2022
Independent examiner’s report to the trustees of L.G.Harris Trust
I report to the trustees on my examination of the accounts of the L.G.Harris (the Trust) for the year ended 5 Ap
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act an out my examination I have followed all the applicable Directions given by the Charity Commission under section the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection w examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by section 130 of the 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 se Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true a 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 attentio drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed:
Name: David Lawrence Cooper
ACMA
Address: 1 Fairlight Drive, Birmingham, B45 8TB
Date: 22 July 2022