2025-03-31-accounts - Henry George Foundation Of Great Britain

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The Henry George Foundation of Great Britain (Limited by Guarantee)

Trustees’ Annual Report and Financial Statements For the year ended 31 March 2025

Company registration number 956714 Registered as a charity in England and Wales 259194 And in Scotland SC044360

The Henry George Foundation of Great Britain (Limited by Guarantee)

31 March 2025

Contents
Trustees’ annual report	4 - 5
Independent accountant’s report	6
Statement of financial activities	7
Balance sheet	8
Notes to the accounts	9 - 12

Trustees’ annual report

The Trustees present their report and financial statements for the year ended 31 March 2025.

Objects and activities

The principal activities of the charity revolve around its object to promote education and research into economics and the social sciences by conducting and participating in public classes, conferences and discussion groups together with the production and distribution of the magazine Land & Liberty, pamphlets and other material. The trustees have due regard to maintaining a public benefit and meet regularly to review its charitable activities. Following its formation in1929, the Foundation was incorporated under the Companies Act as a company limited by guarantee in 1969. It is a registered charity, registered in accordance with the Charities Acts of England and Wales and of Scotland.

Review of activities and plans

The Foundation has no employees and most activities are carried out by members, supporters and friends who volunteer their time without charge. Members responsible for the production of Land & Liberty are paid a fixed sum per edition at less than a normal commercial rate. Gavin Kerr (Chair) has agreed to write weekly blogs on topics relevant to the Foundation, for which he will be paid a nominal amount per month. The Foundation neither owns nor rents any premises and is grateful to the School of Philosophy and Economic Science in central London who have permitted it to use their facilities. Regular meetings and classes on Friday afternoons and evenings have been held via Zoom and are open to the public. The Foundation is a non-subscription member of the Coalition for Economic Justice and has appointed a Trustee to participate in its committee meetings. The Foundation has continued to fund work and studies by post graduate students involving Henry George and related material.

Financial review

The net worth of the Foundation increased from £677,238 to £835,372 in the year, primarily due to a legacy and gains/(losses) on investments. The trustees consider that the Foundation has sufficient reserves to maintain core activities and current strategy.

Risk assessment

The major risks continue to be our dependence on the goodwill and generosity of members, supporters and friends, as well as the usual risks associated with the stock markets.

Charitable and political contributions

No charitable or political donations were made in the year.

Investments

The investment portfolio is included in the accounts at market value as detailed in Note 8 to the accounts.

The Henry George Foundation of Great Britain (Limited by Guarantee)

Trustees

The members of the Council of Management are the Trustees of the Charity under the Charities Act 2011 and Directors of the Company under the Companies Act 2006. The Trustees meet at least six times a year. The following members served during the year:

R S Attack R Bolton D W Pickard A St Clair B Scott A M Purves J Mulford G A Blackbourn G D Kerr

One third of the members of the Council retire by rotation annually.

Statement of Trustees’ responsibilities

Company law requires the Council to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of incoming resources and application of resources including expenditure of the company for that year. In preparing these, the Council is required to:

select suitable accounting policies and apply them consistently;
make judgements and estimates that are reasonable and prudent;
follow applicable accounting standards, subject to any material departures disclosed and explained in the accounts;
prepare the financial statements on a going concern basis unless it is inappropriate to presume that the company will continue on that basis.

The Council is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the company and to enable it to ensure that the financial statements comply with the Companies Act. It is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Compliance

This report is prepared in accordance with the provisions applicable to companies subject to the small companies regimen and with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland. The Annual Report and Accounts set out on pages 7 – 12 have also been prepared in accordance with the Statement of Recommended Practice ‘Accounting and Reporting by Charities’.

Approval

This report was approved by the Trustees on 07 July 2025 and signed on its behalf by

The Henry George Foundation of Great Britain (Limited by Guarantee) A M Purves

The Henry George Foundation of Great Britain (Limited by Guarantee)

Independent Accountant’s report to the Trustees of The Henry George Foundation of Great Britain

I have examined the financial statements of The Henry George Foundation of Great Britain for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the balance sheet and the related notes. These financial statements have been prepared in accordance with the Financial Reporting Standard 12 under the historical cost convention as modified by the inclusion of investments at market value and the accounting policies set out therein.

This report is made solely to the company’s members as a body under Section 43 and in accordance with any directions given by the Commissioners under subsection 43(7)(b) of the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity trustees consider that the audit requirements of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations do not apply. My examination work has been undertaken to include a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual or especially significant transactions or events and their disclosure in the accounts and seeking any further information or explanations I considered necessary concerning such matters. The procedures required to be carried out do not provide all the evidence that would be required in an audit and consequently my report does not express any audit opinion on the view given by the accounts.

Respective responsibilities of the Trustees and the Independent Accountant

As described in the statement of responsibilities of the Trustees on page 2, the Trustees are responsible for the preparation of the financial statements in accordance with applicable law and UK Accounting Standards. It is my responsibility to state, on the basis of the procedures outlined above, whether certain matters have come to my attention in connection with the independent examination.

Report

In connection with the examination no matter has come to my attention:

(a) giving me any reasonable cause to believe that in any material respect proper accounting records have not been kept in accordance with Section 41 of the 2011 Act; or with Section 44(1)(a) of the 2005 Act; or
(b) that the accounts do not agree with those records; or
(c) the statement of accounts does not comply with the requirements specified in Part III of Schedule 1 to the Regulations to the 2011 Act; or Regulation 8 of the 2006 Accounts Regulations; or
(d) which in my opinion needs to be highlighted in my report to enable a proper understanding of the accounts to be reached.

Muhammad Rizwan Latif FCCA, Hudsons Accountants and Business Adviser Limited 251 Grays Inn Road, London, WC1X 8QT

Date: 07 July 2025.

The Henry George Foundation of Great Britain (Limited by Guarantee)

Statement of Financial Activities For the year ended 31 March 2025

	Notes	2025	2024
		£	£
INCOME AND EXPENDITURE

INCOMING RESOURCES
General donations and covenants		5,498	4,960
Legacies		155,000	102,876
Investmentincome		21,478	19,136
Realised profit/(loss) on disposals of fixed asset investments		7,303	14,603
TOTAL INCOMING RESOURCES		189,279	141,575

EXPENDITURE
Direct charitable expenditure	2(a)	7,153	10,008
Management and administration	2(b)	17,564	29,282

TOTAL EXPENDITURE		24,717	39,290

NET INCOME/(EXPENDITURE) FOR THE YEAR		164,562	102,285

Unrealised gain/(loss) on revaluation of fixed assetinvestments	8	(6,428)	17,612

NET INCOME/(EXPENDITURE) FOR THE YEAR		158,134	119,897

UNRESTRICTED FUNDSAT 1 APRIL	6	677,238	557,341
UNRESTRICTED FUNDS AT 31 MARCH	6	835,372	677,238

The Henry George Foundation of Great Britain (Limited by Guarantee)

Balance sheet

As at 31 March 2025

As at 31 March 2025
	Notes	2025	2024
		£	£
Fixed asset investments	8	547,085	554,451

Current assets
Debtors	4	0	101
Interest bearing deposits		259,784	102,139
Cash at bank and in hand		30,203	22,247
		289,987	124,487

Creditors: amounts falling due within one year	5	(1,700)	(1,700)

Net current assets		288,287	122,787

Net assets		835,372	677,238

Reserves
Unrestricted funds	6	835,372	677,238

For the year ended 31 March 2025 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006. No members have required the company to obtain an audit of its accounts for the year in question under Section 476. The Council of Management acknowledge their responsibility for ensuring that the company keeps accounting records which comply with Sections 386 and 387 and prepares accounts which give a true and fair view of the state of affairs of the company as at the year end and its profits or loss for the financial year in accordance with Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts so far as applicable to the company. The accounts have been delivered in accordance with provisions applicable to companies subject to the small companies’ regimen and FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland.

The financial statements were approved by the Council of Management on 07th July 2025 and signed on its behalf by

A M Purves

The notes on pages 9 - 12 form part of these statements.

The Henry George Foundation of Great Britain (Limited by Guarantee)

Notes to the accounts for the year ended 31 March 2025

1. Accounting policies

1.1 Basis of accounting

The accounts have been prepared under the historical cost convention modified by the inclusion of investments at market value and have been delivered in accordance with the provisions applicable to companies subject to the small companies regimen and with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland, the Companies Act 2006 and the Statement of Recommended Practice ‘Accounting and Reporting by Charities’ (issued March 2005).

1.2 Investments and investment income

Investments are included at market value. Gains less losses on investments, whether realised or unrealised, are disclosed in the Statement of Financial Activities in the year in which they arise. Investment income has been included on a received basis.

1.3 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are records at the date of the transaction. All differences are taken to the Income and Expenditure Account.

1.4 Donations and legacies

In view of the uncertainty as to timing, donations and legacies are accounted for when there is reasonable certainty of receipt.

1.5 Expenditure

Expenditure is accounted for on an accruals basis. Costs incurred are identified and allocated appropriately on a reasonable and consistent basis, to management and administration expenses or to direct charitable expenses.

2. Management and administration expenses and direct charitable expenses

	2025	2024
	£	£
(a) Direct charitable expenditure
Student outreach and grants	214	551
Production and distribution of Land & Liberty	6,938	9,457
Project Cost	0	0
	7,153	10,008

(b) Management and administration
Office administration and secretarial costs	17,564	29,282
Occupancy costs	0	0
	17,564	29,282

Management and administration expenses do not include any staff costs. The company has no paid employees and relies on the voluntary efforts of its members engaged in management

The Henry George Foundation of Great Britain (Limited by Guarantee)

and administration. A research grant was paid to Gavin Kerr (who temporarily relinquished the position of Chair and Trustee) during the year to conduct a piece of research for future publication and dissemination.

3. Charity Trustees

Members of the Council of Management are the Trustees of the Charity. No remuneration was paid to any of the Trustees.

4. Debtors

4. Debtors
	2025	2024
	£	£
Other debtors	0	101

5. Creditors: amounts falling due within one year
	2025	2024
	£	£
Accruals and deferred income	1,700	1,700

6. Unrestricted funds

6. Unrestrictedfunds
	Total	Accumulated fund	Unrealised gains/(losses) on investments
	£	£	£
At 1 April 2024	677,238	578,151	99,087
Net income/(expenditure) for the year	164,562	164,562	0
Unrealised (loss)/gain on revaluation of investments	(6,428)	0	(6,428)
At 31 March 2025	835,372	742,713	92,659

7. Commitments

At the year end, the Foundation had no financial commitments for a research grant (2024 £6,000).

The Henry George Foundation of Great Britain (Limited by Guarantee)

8. Fixed asset investments

	Cost	Cost	Market value	Market value
	2025	2024	2025	2024
	£		£	£
At1 April	455,364	440,537	554,451	522,012
Additions	60,338	23,000	60,338	23,000
Disposals/proceeds	(61,276)	(8,173)	(61,276)	(8,173)
Gain/(loss) on revaluation	0	0	(6,428)	17,612
At 31 March	454,426	455,364	547,085	554,451

			*Market*
*Description*	*Quantity*	*Tax cost*	*value (£)*
		*(£)*
UNITED KINGDOM (GOVERNMENT OF) 4% BDS 22/10/2031 GBP1000	5,977.85	5,942.10	5,848.13
UNITED KINGDOM (GOVERNMENT OF) 4.25% SNR BDS 07/03/2036 GBP1000 'REGS'	10,000.00	9,843.94	9,587.00
UNITED KINGDOM (GOVERNMENT OF) 3.75% BDS 29/01/2038 GBP1000 'REGS'	11,000.00	10,138.60	9,842.80
GENERAL ACCIDENT	7,000.00	9,825.37	9,345.00
7 7/8% CUM IRRD PRF GBP1
AVIVA INVESTORS INVESTMENT FDS ICVC AVIVA INVESTORS STRATEGIC BOND 5 GBP	8,134.43	7,975.11	7,458.46
DIS
SCHRODER INVESTMENT FUND COMPANY SCHRODER STRATEGIC CREDIT L DIS	6,179.71	5,937.35	5,546.29
BP ORD USD0.25	1,752.00	9,992.40
			7,640.47
SHELL PLC ORD EUR0.07	302.00	6,869.66
			8,531.50
JOHNSON MATTHEY ORD GBP1.109245	115.00	3,020.93
			1,522.60
BHP GROUP LTD NPV (DI)	365.00	3,864.33
			6,747.03
RIO TINTO ORD GBP0.10	252.00	7,991.49
			11,557.98
GENUIT GROUP PLC ORD GBP0.001	1,250.00	5,026.79
			4,500.00
WEIR GROUP ORD GBP0.125	331.00	7,491.33
			7,679.20
EXPERIAN PLC ORD USD0.10	278.00	3,167.81
			9,919.04
FERGUSON PLC ORD GBP0.10	66.00	3,042.42
			8,058.60
INCHCAPE ORD GBP0.10	1,000.00	6,045.95
			6,700.00
RECKITT BENCKISER GROUP PLC ORD GBP0.10	155.00	4,871.70
			8,106.50
TAYLOR WIMPEY ORD GBP0.01	3,514.00	3,193.35
			3,798.63
UNILEVER PLC ORD GBP0.031111	245.00	5,323.17
			11,294.50
SMITH & NEPHEW ORD USD0.20	580.00	3,739.21
			6,293.00
ASTRAZENECA ORD USD0.25	120.00	3,601.80
			13,504.80
GSK PLC ORD GBP0.3125	628.00	8,222.80
			9,181.36
TESCO ORD GBP0.0633333	1,578.00	7,657.67
			5,243.69
RELX PLC GBP0.1444	390.00	5,009.46
			15,104.70
WPP PLC ORD GBP0.10	260.00	3,954.45
			1,511.12
COMPASS GROUP PLC ORD GBP0.1105	560.00	3,564.21
			14,296.80

The Henry George Foundation of Great Britain (Limited by Guarantee)

SSP GROUP PLC ORD GBP0.01085	1,716.00	5,008.86
			2,572.28
WHITBREAD ORD GBP0.76797385	142.00	4,687.74
			3,477.58
BT GROUP ORD GBP0.05	1,265.00	4,968.86
			2,098.00
VODAFONE GROUP ORD USD0.2095238	2,030.00	4,995.02
			1,479.87
SSE PLC GBP0.50	1,165.00	6,249.62
			18,570.10
NATIONAL GRID ORD GBP0.12431289	1,716.00	10,712.92
			17,323.02
UNITED UTILITIES GROUP PLC ORD GBP0.05	850.00	5,868.28
			8,572.25
BARCLAYS PLC ORD GBP0.25	1,150.00	7,691.98
			3,309.70
HSBC HOLDINGS PLC ORD USD0.50	709.00	4,980.37
			6,195.95
LLOYDS BANKING GROUP ORD GBP0.10	8,925.00	6,458.56
			6,433.14
NATWEST GROUP PLC ORD GBP1.0769	332.00	9,737.85
			1,499.98
AVIVA ORD GBP0.328947368	478.00	2,345.91
			2,653.86
LEGAL & GENERAL GROUP ORD GBP0.025	1,650.00	4,037.17
			4,006.20
PHOENIX GROUP HOLDINGS PLC ORD GBP0.10	800.00	5,195.50
			4,572.00
PRUDENTIAL GBP0.05	315.00	4,262.95
			2,602.53
BRITISH LAND CO ORD GBP0.25	500.00	3,491.58
			1,847.00
LONDON STOCK EXCHANGE GROUP ORD GBP0.06918604	130.00	1,697.15
			14,898.00
M&G PLC ORD GBP0.05	2,360.00	3,854.85
			4,684.60
ABERFORTH SMALLER COMPANIES TRUST ORD GBP0.01	440.00	7,070.90
			5,772.80
3I GROUP ORD GBP0.738636	420.00	2,425.26
			15,187.20
SPIRENT COMMUNICATIONS ORD GBP0.03333	1,700.00	5,147.54
			3,204.50
BROWN ADVISORY FUNDS PLC BROWN ADVISORY US SMLR COS C USD	961.06	25,300.00
			22,233.11
FINDLAY PARK FUNDS ICAV FINDLAY PARK AMERICAN I USD DIS	90.37	13,000.00
			15,136.57
FIRST TRUST GLOBAL FUNDS PLC NASDAQ CYBERSECURITY UCITS ETF A USD	220.00	6,373.30
			6,672.86
JPMORGAN AMERICAN INVESTMENT TRUST ORD GBP0.05	1,985.00	2,936.52
			19,472.85
JPMORGAN FUND ICVC	5,717.24	6,978.21
JPM US EQUITY INCOME C2 GBP NET DIS			9,496.34
BAILLIE GIFFORD EUROPEAN GROWTH TST ORD GBP0.025	5,400.00	9,044.63
			4,946.40
BARING FUND MANAGER LTD	175.94	4,994.23
BARINGS EUROPE SELECT TRUST I GBP DIS			7,971.84
BLACKROCK FUND MANAGERS LTD	7,724.05	14,957.30
BLACKROCK CONTINENTAL EUROPEAN INC D DIS			15,313.47
FIRST SENTIER INVESTORS ICVC	5,333.01	8,128.04
STEWART INVRS ASIA PAC LDRS SUST B GBP D			16,304.08
SCHRODER ASIA PACIFIC FUND ORD GBP0.10	1,200.00	3,208.50
			6,240.00
SCHRODER INTERNATIONAL SELECTION FD ASIAN TOTAL RETURN C GBP DIS	31.93	15,000.00
			13,445.52
ARTEMIS FUND MANAGERS LIMITED ARTEMIS GLOBAL INCOME FUND I DIS	7,309.99	7,836.50
			11,088.52
LEGAL & GENERAL UCITS ETF PLC	525.00	10,091.93
ROBO GLOBAL ROB&AUTO GO UCITS ETF (GBP)			8,384.25
SCHRODER INVESTMENT FUND COMPANY SCHRODER GBL ENERGY TRAN Q1 GBP DIS	7,521.36	4,000.00
			2,330.87

The Henry George Foundation of Great Britain (Limited by Guarantee)

M&G GLOBAL DIVIDEND FUND M&G GLOBAL DIVIDEND STERLING PP DIS WORLDWIDE HEALTHCARE TRUST ORD GBP0.025 PRIMARY HEALTH PROPERTIES PLC ORD GBP0.125 TRITAX BIG BOX REIT PLC ORD GBP0.01 FRANKLIN TEMPLETON FUNDS FTF CLEARBRIDGE GBL INFRSTR INC W GBP H2 GREENCOAT UK WIND PLC ORD GBP0.01 HICL INFRASTRUCTURE PLC ORD GBP0.0001 INTERNATIONAL PUBLIC PARTNERSHIP ORD GBP0.0001 Total	7,657.29 9,966.32 11,315.18 1,500.00 5,290.94 4,462.50 3,300.00 5,597.03 3,095.40 2,500.00 5,059.13 3,510.00 8,351.70 7,898.88 9,019.84 5,546.00 7,576.36 5,973.04 4,700.00 7,999.64 5,292.20 5,000.00 6,986.38 5,600.00
	173,575.94 454,426.11 547,084.60