**The Helen and Geoffrey de Freitas Charitable Trust**
## **Unaudited Accounts**
5 April 2024
Charity Registration Number 258597
**The Helen and Geoffrey de Freitas Charitable Trust**
|**Reports**||
|---|---|
|Legal and administrative information|1|
|Trustees’ report|2 – 3|
|Independent Examiner’s report|4|
|**Accounts**||
|Statement of financial activities|5|
|Balance sheet|6|
|Notes to the accounts|7 – 10|
**The Helen and Geoffrey de Freitas Charitable Trust**
|**Trustees**|R L de Freitas Esq|
|---|---|
||St Andrew Trustees Ltd|
||The present Trustees have|
||the power to appoint new|
||Trustees.|
|**Principal Office**|Charles Russell Speechlys|
||5 Fleet Place|
||London|
||EC4M 7RD|
|**Charity registration number**|258597|
|I**nvestment Managers**|Investec Wealth and|
||Investment Ltd|
||30 Gresham Street|
||London EC2V 7QN|
|**Bankers**|Barclays Bank plc|
||147 Holborn|
||London|
||EC1N 2NU|
|**Solicitors**|Charles Russell Speechlys|
||5 Fleet Place|
||London|
||EC4M 7RD|
1
**The Helen and Geoffrey de Freitas Charitable Trust**
## **Trustees’ Report Year to 5 April 2024**
The trustees present the statutory report with the accounts of The Helen and Geoffrey de Freitas Charitable Trust for the year ended 5 April 2024.
## **Principal Aim and Activities**
The main object of the trust is to benefit UK charitable organisations and voluntary umbrella bodies which seek:
- to conserve countryside and environment in rural Britain;
- to preserve Britain’s cultural heritage;
- to assist the underprivileged through community facilities and services, advice centres and community arts and recreation;
## **Types of Application Supported**
Feasibility studies; specific or one-off projects; very occasionally budget support or start-up costs. Projects should if possible generate employment even if only in the short term.
Grants can be made to registered charities only. They cannot be made to individuals, or to charities on behalf of individuals, Charities concerned with medical or health matters, or with physical, mental or sensory impairments, will not be funded.
Once a year the Trustees may respond to a national or international humanitarian crisis, which may be outside the terms of reference of the Trust.
## **Organisation**
The trust was established by the late Sir Geoffrey and Lady de Freitas by a deed of trust dated 24 March 1969.
The trust is registered in the United Kingdom with the Charity Commission under number 258597. The trust is also registered with HMRC under Reference Number XN 25318.
## **Administration**
The trust deed contains a provision allowing the trust to be wound up altogether in which case the investments would be sold and distributed between suitable charities. It is envisaged, however, that the trust would only be wound up in the event that no member of the de Freitas family in the future was willing for it to continue.
## **Development in the Year**
The trust’s income is derived from its investments and interest earned. The income is usually distributed by way of charitable donations at the discretion of the trustees. No donations have been made in the last two years.
## **Financial Report for the Year**
The statement of financial activities for the year is shown on page 5 of the accounts.
## **The Charity’s Assets**
The investments are held by Investec Wealth and Investments and registered in their nominee company.
2
**The Helen and Geoffrey de Freitas Charitable Trust**
## **Trustees’ Report Year to 5 April 2024**
## **Investment Policy**
The charity has a portfolio of investments with a market value of £998,627 as at 5 April 2024 (£958,271 at 5 April 2023). It is managed by Investec Wealth and Investment Limited.
The investment managers operate within specific guidelines, which are set out in the Trustees Investment Policy Statement, and regularly reviewed by the trustees. The investment managers’ objectives are to maximise total return through a diversified portfolio of medium risk investments in fixed interest, UK equities and collective investments, whilst providing a level of income advised by the trustees from time to time.
## **Risk Management Statement**
The Trustees have identified a falling income return and capital base, from the investment portfolio, as the major area of risk facing the charity. An investment policy statement has been written and agreed by the Trustees with the investment advisors and a regular review of the investment portfolio is maintained, in order to mitigate the risk.
## **Trustees’ Responsibilities Statement**
Charity law requires the Trustees to prepare accounts for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing accounts giving a true and fair view, the trustees should follow best practice and:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- follow applicable accounting standards and statements of recommended practice, subject to any departures disclosed and explained in the accounts;
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ensure that the accounts comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Public Benefit Statement**
The Trustees confirm that they have complied with their duty to have regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties.
## **The Trustees**
St Andrew Trustees Limited and R L de Freitas Esq were in office at 5 April 2024.
Signed on behalf of the trustees:
----------------------------------------------------
Trustee
10 January 2025
-----------------------------------Approved
3
**The Helen and Geoffrey de Freitas Charitable Trust**
## **Statement of Financial Activities Year to 5 April 2024**
|Notes|**Unrestricted**
**Funds 2024**
**£**
**Unrestricted**
**Funds 2023**
**£**|
|---|---|
|**Income and expenditure**
**Incoming resources**
Investment income and interest receivable
Funds added
2
9
**Total incoming resources**
**Resources expended**
Other expenditure
- Management and administration
of the charity
Charitable activities
3
10
**Total resources expended**
**Net incoming/(outgoing) resources for the year**
Realised gains/(losses) on investments
5
Unrealised gains/(losses) on investments
5
**Net movement in funds**
**Balances brought forward at 6 April 2023**
**Balances carried forward at 5 April 2024**|
**29,038**
**-**
24,370
-
**29,038**
24,370
**13,023**
**-**
13,662
20,000
**13,023**
33,662
**16,015**
(9,292)
**59,591**
(388)
**(11,550)**
(55,331)
**64,056**
(65,011)
**1,036,467**
1,101,478
**1,100,523**
1,036,467|
4
**The Helen and Geoffrey de Freitas Charitable Trust**
## **Balance Sheet Year to 5 April 2024**
|Notes
**Fixed assets**
Investments
5
**Current assets**
Debtors
6
Cash at bank and in hand
**Creditors:**
Amounts falling due within one year
7
**Net current assets**
**Total net assets**
**Represented by:**
**Unrestricted funds**
- General fund|**2024**
**£**
**991,871**
**1,279**
**111,663**
**112,942**
**(4,290)**
**108,652**
**1,100,523**
**1,100,523**|**2023**
**£**|
|---|---|---|
|||917,689
1,279
122,299|
|||123,578
(4,800)|
|||118,778|
|||1,036,467|
|||1,036,467|
**----- Start of picture text -----**
Approved by the trustees
and signed on behalf of the trustees by:
10 January 2025
----------------------------------------------------- ------------------------------------
Trustee Approved on
**----- End of picture text -----**
5
**The Helen and Geoffrey de Freitas Charitable Trust**
## **Notes to the Accounts Year to 5 April 2024**
## **1. Summary of significant accounting policies**
## **(a) General Information and Basis of Accounting**
- The Trust constitutes a public benefit entity as defined by FRS102. The financial statements have been prepared in accordance with 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) issued in October 2019 and the Charities Act 2011.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the Trust and rounded to the nearest £1.
The charity constitutes a public benefit entity as defined by FRS 102. The Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.
The significant accounting policies applied in the preparation of these financial statements are set out below. The policies have been consistently applied to all years presented unless otherwise stated.
## **(b)**
## **Investments and Investment Income**
Quoted current asset investments are stated at mid-market value at the balance sheet date. Investment income is credited to the Income Account when receivable. Realised gains and losses on the disposal of investments and unrealised gains and losses are credited to/deducted from the Capital Account.
## **(c)**
## **Foreign Currencies**
Assets and monetary liabilities in other currencies at the balance sheet date are translated into sterling at the rate ruling on that date.
## **(d)**
## **Incoming Funds**
Dividends and interest from investments including the recoverable tax credits are included in the statement of financial activities on a receivable basis.
Bank and other interest are included in the statement of financial activities on a receivable basis.
## **(e) Resources Expended**
Direct charitable expenditure comprises direct expenses incurred on the defined charitable purposes of the charity and are charged to the statement of financial activities when approved by the trustees.
Management and administration costs include expenditure on general administration and management, and of compliance with constitutional and statutory requirements.
6
**The Helen and Geoffrey de Freitas Charitable Trust**
## **Notes to the Accounts Year to 5 April 2024**
## **1. Summary of significant accounting policies continued**
## **(f) Fund Accounting**
The Trust fund represents funds available for the general charitable purposes of the Trust at the discretion of the trustees .
## **2. Investment Income and Interest Receivable**
|||**£**|£|
|---|---|---|---|
|||**2024**|2023|
||UK Dividends|**11,574**|12,627|
||UK Interest|**5,534**|5,948|
||UK REITs – Gross|**2,699**|1,930|
||Foreign Income|**9,758**|4,184|
|||_________|_________|
|||**29,565**|24,689|
||Foreign Tax Paid
|**(527)**|(319)|
|||`_________|_________|
|||**29,038**|24,370|
|**3.**|**Management and Administration of the Charity**|||
|||**£**|£|
|||**2024**|2023|
||Charles Russell Speechlys LLP fees|**4,290**|4,800|
||Independent Examiner’s fee|**-**|-|
||Investec Wealth Investment Management fees|**8,733**|8,862|
|||_________|_________|
|||**13,023**|13,662|
7
**The Helen and Geoffrey de Freitas Charitable Trust**
## **Notes to the Accounts Year to 5 April 2024**
## **4. Staff Costs and Trustees’ Remuneration**
The trust employed no staff during the year.
None of the trustees received any remuneration or expenses during the year.
Legal and professional fees amounting to £4,290 (£4,800 in 2023) were charged by Charles Russell Speechlys LLP in connection with the administration of the trust.
The Trustee company St Andrew Trustees Limited is 100% owned by Charles Russell Speechlys LLP.
## **5. Investments**
||**£**|£|
|---|---|---|
||**2024**|2023|
|Market Value at 6 April 2023|**917,689**|981,097|
|Additions|**370,813**|27,555|
|Equalisations|**(265)**|(244)|
|Disposals|**(344,407)**|(35,000)|
|Realised Gains/(Losses) in Year|**59,591**|(388)|
|Unrealised Gains/(Losses) in Year|**(11,550)**|(55,331)|
||_________|_________|
|Market Value at 5 April 2024|**991,871**|917,689|
|Capital Cash held at 5 April 2024|**6,756**|40,582|
||_________|________|
|Total Value at 5 April 2024|**998,627**|958,271|
|_Historical book cost at 5 April 2024_|_875,251_|_824,715_|
The trustees have no holdings which exceed 5% of the entire portfolio.
8
**The Helen and Geoffrey de Freitas Charitable Trust**
## **Notes to the Accounts Year to 5 April 2024**
## **6. Debtors**
||**£**|£|
|---|---|---|
||**2024**|2023|
|Income Tax Repayment Claim|**1,279**|1,279|
|Funds due from Investec|**-**|-|
||_________|________|
||**1,279**|1,279|
|**Creditors: Amounts falling due within One Year**|||
||**£**|£|
||**2024**|2023|
|Charles Russell Speechlys LLP fees|**4,800**|4,800|
|Independent Examiner’s fees|**-**|-|
|Grants payable|**-**|-|
||_________|________|
||**4,800**|4,800|
## **7. Creditors: Amounts falling due within One Year**
## **8. Taxation**
The charity is a registered charity and therefore is not liable for income tax or capital gains tax on income and capital gains derived from its charitable activities, as it falls within the various exemptions available to registered charities .
## **9. Funds Added**
Funds of £26,591.56 were added to Trust by the Lady Helen de Freitas Settlement, following the death of the life tenant Simon Ebsworth on 7 February 2020.
9
**The Helen and Geoffrey de Freitas Charitable Trust**
|**10.**|**Grants payable**|**£**|£|
|---|---|---|---|
|||**2024**|2023|
||Grants to institutions:|||
||London Waterkeeper|-|-|
||Thames21|-|-|
||The Environmental Law|-|-|
||Royal Society of Wildlife|-|20,000|
|||_________|________|
|||**-**|20,000|
10