**REGISTERED CHARITY NUMBER: 262787**
**Unaudited Financial Statements for the Year Ended 5 April 2023**
## **for**
## **The Harry James Riddleston Charity of Leicester**
The Rowleys Partnership Ltd Chartered Accountants Charnwood House Harcourt Way Meridian Business Park Leicester Leicestershire LE19 1WP
**The Harry James Riddleston Charity of Leicester**
**Contents of the Financial Statements for the Year Ended 5 April 2023**
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Page
Reference and Administrative Details 1
Report of the Trustees 2 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 to 13
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**The Harry James Riddleston Charity of Leicester**
**Reference and Administrative Details for the Year Ended 5 April 2023**
**----- Start of picture text -----**
TRUSTEES D J Brooks
P Dodd Chairman
S G Duxbury
A Khandelwal
Mrs K Mokha
Mr C Nangle
Mrs H Rae
C E Smith Vice Chairman
Mr H Singh (appointed 16.5.23)
M R M Freer (appointed 8.11.22)
PRINCIPAL ADDRESS 44 High Street
Market Harborough
Leicestershire
LE16 7AH
REGISTERED CHARITY NUMBER 262787
INDEPENDENT EXAMINER The Rowleys Partnership Ltd
Chartered Accountants
Charnwood House
Harcourt Way
Meridian Business Park
Leicester
Leicestershire
LE19 1WP
**----- End of picture text -----**
Page 1
**The Harry James Riddleston Charity of Leicester**
**Report of the Trustees for the Year Ended 5 April 2023**
The trustees present their report with the financial statements of the charity for the year ended 5 April 2023. The trustees have adopted the provisions of 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 1 January 2019).
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and 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 published in October 2019.
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The principal aims of the charity are to make interest free loans to young people to enable them to either start in business or further their education. Applicants are interviewed by a panel of Trustees and in the case of a business, have to provide a credible Business Plan. The application is then considered by a full meeting of the Trustees.
## **Public benefit**
In planning our activities for the year we kept in mind the Charity Commission guidance on public benefit at our trustees meetings. In line with our objectives and achievements, noted below, we consider that we have benefited the public accordingly.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
Loans of £21,000 (2022: £59,700) were advanced in the year and loans of £84,176 (2022: £46,230) were repaid. The trustees consider the performance of the charity in the year to be satisfactory.
## **FINANCIAL REVIEW**
## **Financial position**
The financial statements show a net deficit in the year of £65,198 (2022: £23,155 surplus) after a loss on investments of £56,047 (2022: £23,746 gain).
The investments provided the charity with a satisfactory income return with gross income from quoted securities of £26,828 (2022: £21,757).
## **Investment policy and objectives**
The Trust Deed authorises the trustees to make and hold investments using the funds of the charity.
The trustees have considered the most appropriate policy for investing funds, being mainly the investment in UK and overseas stocks and equity shares, and have found that the mix of investments held at present meets their requirements to generate both a steady income and capital growth.
The trustees have engaged Charles Stanley as investment managers.
Page 2
**The Harry James Riddleston Charity of Leicester**
**Report of the Trustees for the Year Ended 5 April 2023**
## **FINANCIAL REVIEW**
## **Reserves policy**
Reserves of £1,123,964 (2022: £1,189,162) were held at the year end.
The policy is to continue the level of reserves to be able to carry on granting loans to individuals whilst aiming to provide sufficient resources from investment income to cover management and administration expenses.
Reserves have decreased in the year due to the loss on investments of £56,047.
## **FUTURE PLANS**
The trustees continue to be proactive in finding ways of raising the profile of the Charity in order that further loans will be granted. In order to raise the profile of the Charity further the Trustees have engaged a brand designer and will then look at improving the website.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charitable trust is constituted by the Trust Deed dated 16 December 1970 as amended by a letter of consent dated 13 February 2008, a scheme of 27 August 2008, as amended by scheme dated 20 February 2020 and under the terms of the will of Mr Harry James Riddleston. The alteration of 1970 scheme will take effect with the words "under the age of 35 years" deleted from Clause 6(6) and replaced with "under the age of 45 years".
## **Recruitment and appointment of new trustees**
Appointment of Trustees is governed by the Trust Deed of the Charity. The Board of Trustees is authorised to appoint new trustees to fill vacancies arising through resignation or death of any existing trustee.
The number of trustees appointed should not be less than six but shall be subject to a maximum of fifteen.
## **Organisational structure**
The trustees continue to delegate the day to day responsibility to the Clerk of the Trustees. Loan applicants are interviewed by the trustees and decisions in respect of loans and investments are made by the trustees at quarterly meetings.
## **Induction and training of new trustees**
Each new trustee is given a copy of the Trust Deed and a letter which sets out the policies and procedures of the charity.
Page 3
**The Harry James Riddleston Charity of Leicester**
**Report of the Trustees for the Year Ended 5 April 2023**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Risk management**
The Trustees have assessed the risks to which the charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems are in place to mitigate the exposure to the major risks.
The major risk facing the charity is the non-repayment of loans back to the charity. However this risk is mitigated by the fact that initially interviews are carried out between the charity and the potential borrower along with guarantors and referees details being required. The loans are then agreed at regular trustees meetings before any payments are made. Trustees then carry out an annual review of the borrowers to ensure that their names and addresses are kept up to date.
The other major risk is the volatility of the stock market. However this risk is mitigated by the trustees engaging Charles Stanley to be investment managers, and reports are issued to the charity on a regular basis.
## **FINANCIAL CONDUCT AUTHORITY (FCA)**
The Trustees have had no success in obtaining authorisation with the FCA under the limited permission criteria. They are now seeking further advice as to whether the lending carried out by the charity may be exempt from requiring authorisation or requires full permission.
Approved by order of the board of trustees on 27 December 2023 and signed on its behalf by:
P Dodd - Trustee
Page 4
**Independent Examiner's Report to the Trustees of The Harry James Riddleston Charity of Leicester**
## **Independent examiner's report to the trustees of The Harry James Riddleston Charity of Leicester**
I report to the charity trustees on my examination of the accounts of The Harry James Riddleston Charity of Leicester (the Trust) for the year ended 5 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 out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
## **Independent examiner's statement**
I 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:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set 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 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 attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mrs L G Parkes FCA FCCA
The Rowleys Partnership Ltd Chartered Accountants Charnwood House Harcourt Way Meridian Business Park Leicester Leicestershire LE19 1WP
27 December 2023
Page 5
**The Harry James Riddleston Charity of Leicester**
## **Statement of Financial Activities for the Year Ended 5 April 2023**
|Notes
**INCOME AND ENDOWMENTS FROM**
Investment income
2
**EXPENDITURE ON**
Raising funds
3
**Charitable activities**
4
Charitable activities
Other
5
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
fund
£
-
-
-
-
-
-
-
-
-|Restricted
fund
£
26,964
5,151
25,792
5,172
36,115
(56,047)
(65,198)
1,189,162
1,123,964|2023
Total
funds
£
26,964
5,151
25,792
5,172
36,115
(56,047)
(65,198)
1,189,162
1,123,964|2022
Total
funds
£
21,798
5,552
13,089
3,748
22,389
23,746
23,155
1,166,007
1,189,162|
|---|---|---|---|---|
## **CONTINUING OPERATIONS**
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
Page 6
**The Harry James Riddleston Charity of Leicester**
## **Balance Sheet 5 April 2023**
|Notes
**FIXED ASSETS**
Investments
8
**CURRENT ASSETS**
Debtors: amounts falling due within one year
9
Debtors: amounts falling due after more than
one year
9
Cash at bank
**CREDITORS**
Amounts falling due within one year
10
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS**
11
Restricted funds
**TOTAL FUNDS**|Unrestricted
fund
£
-
-
-
-
-
-
-
-
-|Restricted
fund
£
692,576
101,929
197,897
137,725
437,551
(6,163)
431,388
1,123,964
1,123,964|2023
Total
funds
£
692,576
101,929
197,897
137,725
437,551
(6,163)
431,388
1,123,964
1,123,964
1,123,964
1,123,964|2022
Total
funds
£
746,278
63,676
315,326
94,108
473,110
(30,226)
442,884
1,189,162
1,189,162
1,189,162
1,189,162|
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 27 December 2023 and were signed on its behalf by:
P Dodd - Trustee
C E Smith - Trustee
The notes form part of these financial statements
Page 7
**The Harry James Riddleston Charity of Leicester**
**Notes to the Financial Statements for the Year Ended 5 April 2023**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The Harry James Riddleston Charity of Leicester is an unincorporated charity registered in England and Wales. The address of the charity is given in the charity information on page 1 of these 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 (FRS 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 issued in October 2019, the Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' , the Charities Act 2011 and UK Generally Accepted Practice.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the 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 issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## **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 received and the amount can be measured reliably.
## **Expenditure**
Liabilities 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 obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost 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.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
continued...
Page 8
**The Harry James Riddleston Charity of Leicester Notes to the Financial Statements - continued for the Year Ended 5 April 2023**
## **1. ACCOUNTING POLICIES - continued**
## **Investments**
Investments are stated at market value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.
## **Value added tax**
Value added tax is not recoverable by the charity, and as such is included in the relevant costs in the Statement of Financial Activities.
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash in hand and cash on deposit.
## **Debtors and creditors**
Debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
## **Concessionary loans**
Concessionary loans include those made to third parties which are interest free and are made to advance charitable purposes. The loans are initially measured at the amount paid, with the carrying amount adjusted in subsequent years to reflect repayments, unless there is any doubt as to the repayment thereof, in which case suitable provisions are made.
## **Going concern**
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
## **2. INVESTMENT INCOME**
|Dividends - Equities
Interest - Fixed interest securities
Deposit account interest|2023
£
19,737
7,091
136
26,964|2022
£
14,670
7,087
41
21,798|
|---|---|---|
continued...
Page 9
**The Harry James Riddleston Charity of Leicester**
## **Notes to the Financial Statements - continued for the Year Ended 5 April 2023**
|**3.**
**RAISING FUNDS**
**Investment management costs**
Portfolio management
**4.**
**CHARITABLE ACTIVITIES COSTS**
Trustee indemnity insurance
Clerk's fees
Search fees
Computer costs
Bad debts
Printing, postage and stationery
Sundry expenses
**5.**
**OTHER**
Room hire for trustees meetings
Independent examination
Professional fees||2023
£
5,151|2023
£
5,151||2022
£
5,552|2022
£
5,552|
|---|---|---|---|---|---|---|
||||2023
£
172
25,274
5
306
-
-
35
25,792|||2022
£
166
21,944
111
270
(9,500)
63
35
13,089|
||||||||
|||||||2022
£
240
2,688
820
3,748|
||||2023||||
||||£
468
2,904
1,800
5,172||||
## **6. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 5 April 2023 nor for the year ended 5 April 2022.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 5 April 2023 nor for the year ended 5 April 2022.
continued...
Page 10
**The Harry James Riddleston Charity of Leicester**
**Notes to the Financial Statements - continued for the Year Ended 5 April 2023**
## **7. AMOUNTS PAYABLE TO INDEPENDENT EXAMINER**
The amount paid to the independent examiner for the independent examination and accounts preparation was £2,904 (2022: £2,688) and the amount paid for other professional services was £NIL (2022: £820).
## **8. FIXED ASSET INVESTMENTS**
|**MARKET VALUE**
At 6 April 2022
Additions
Disposals
Change in market value|Listed
investments
£
746,278
80,700
(78,355)
(56,047)|
|---|---|
|At 5 April 2023|692,576|
|**NET BOOK VALUE**
At 5 April 2023|692,576|
|At 5 April 2022|746,278|
Included in the total market value of investments are £241,389 of overseas equities (2022: £261,692).
Cost or valuation at 5 April 2023 is represented by:
|Valuation in 2023
**9.**
**DEBTORS**
Amounts falling due within one year:
Loans
Amounts falling due after more than one year:
Loans
Aggregate amounts|Listed
investments
£
692,576
2023
2022
£
£
101,929
63,676
197,897
315,326
299,826
379,002|
|---|---|
During the year interest free loans advanced totalled £21,000 (2022: £59,700). During the year loans repaid totalled £84,176 (2022: £46,230).
continued...
Page 11
**The Harry James Riddleston Charity of Leicester**
## **Notes to the Financial Statements - continued for the Year Ended 5 April 2023**
## **10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Loans payable
Accruals and deferred income
**11.**
**MOVEMENT IN FUNDS**
At 6.4.22
£
**Restricted funds**
Loans
1,189,162
**TOTAL FUNDS**
1,189,162
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Restricted funds**
Loans
26,964
(36,115)
**TOTAL FUNDS**
26,964
(36,115)
**Comparatives for movement in funds**
At 6.4.21
£
**Restricted funds**
Loans
1,166,007
**TOTAL FUNDS**
1,166,007|2023
£
-
6,163
6,163
Net
movement
in funds
£
(65,198)
(65,198)
Gains and
losses
£
(56,047)
(56,047)
Net
movement
in funds
£
23,155
23,155|2022
£
26,000
4,226
30,226
At
5.4.23
£
1,123,964
1,123,964
Movement
in funds
£
(65,198)
(65,198)
At
5.4.22
£
1,189,162
1,189,162|
|---|---|---|
continued...
Page 12
**The Harry James Riddleston Charity of Leicester**
## **Notes to the Financial Statements - continued for the Year Ended 5 April 2023**
## **11. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
|**Restricted funds**
Loans|Incoming
Resources
Gains and
Movement
resources
expended
losses
in funds
£
£
£
£
21,798
(22,389)
23,746
23,155|
|---|---|
|**TOTAL FUNDS**|21,798
(22,389)
23,746
23,155|
## **12. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 5 April 2023.
Page 13