L G HARRIS TRUST Report for Year Ending 5 April 2024
The L G Harris Trust was endowed by a gift of shares in L G Harris & Co Ltd from the company founder, Mr L G Harris, in 1964. The company was sold in 2016 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. At the end of the year the value of the investments in the COIF funds managed by CCLA was £7,219,970. These are invested in a wide range of UK and Overseas equities, with a small amount in property. This represented an increase of £362,970 from the value on 5 April 2023, caused by the recovery in world-wide stock markets.
The CCLA managed funds pay a quarterly income to the trustees, and a total of £221,059 was received during the year, plus £10,588 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 £222,900 were made. The trustees are keen on supporting not only musical performances but also musical education for the young. In this connection grants were given to English Touring Opera, the CBSO, the Three Choirs Festival, Voices8 and the Bromsgrove Musicians Competition. They also supported some local charities including the Primrose Hospice, the Hanbury parochial charity, and the Avoncroft Museum. 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 on 18th March attended by a representative of CCLA, at which various matters were discussed, and included a presentation about CCLA’s current investment thinking. Trustees Andrew and Richard Harris were present, and Geraldine Pinch, the third trustee, attended by video link.
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 August 2024
L G HARRIS TRUST
Statement of Financial Activities for the year ended 5 April 2024
| Receipts Sale of shares Donation Received Additional amount from Sale of Shares Drawdown from COIF Investment Funds Drawdown from CCLA Deposit fund Interest on deposits Expenditure Grants Sundry Examiners' fee Net Receipts over expenditure before other recognised gains and losses Realised and unrealised gains on investment assets Net movement in Funds Andrew Harris, Trustee |
2024 £ 0.00 0.00 0.00 221,059.54 25,000.00 10,587.84 256,647.38 222,900.00 0.00 250.00 223,150.00 33,497.38 337,476.15 370,973.53 |
2023 £ 0 0 0 221,060 0 2,245 223,305 213,450 0 250 213,700 9,605 -406,379 -396,774 |
|---|---|---|
Date
L G HARRIS TRUST BALANCE SHEET AS AT 5th APRIL 2024
| 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 |
2024 £ 7,104,636.30 370,973.53 7,475,609.83 53,263.23 7,219,970.50 202,626.10 0.00 0.00 -250.00 7,475,609.83 |
2023 £ 7,501,410 -396,774 7,104,636 19,790 6,857,470 227,626 0 0 -250 7,104,636 |
|---|---|---|