REGISTERED CHARifi NUMBER: 262787 Unaudfted Flnandal Statements for the Year Ended 5 Aprll 2024 Th• Harry James Rldd•5ton Charlty of Lelc•st•r The Rowleys Partnershlp Ltd Chartered Accountants ChamwofA House Harcourt Way Meddlan Buslness Park Lelcester Leicester5hlre LE19 1WP
The Harry James Rlddle5ton Charity of Leicester Contents of the Flnancial Statements for the Year Ended S Aprll 2024 Pay Reference 4nd Admlnlstratlve Detalls Report of the Tru5tee5 Independent Examfner's Report Statement of Flnanclal Artlyltles Balance She•t Note5 to the Flnandal Statements 8 to 13
The Harry Jame5 Riddleston Charlty of Lelcerter Reference and Admini5tratlve Details for the Year Ended 5 Aprll 2024 TRUSTEES D J BroCS P Dodd Chalmian S G Duxbury A Khandelwal Mr5 K ML4iha Mr C Nangle Mrs H Mockler C E Smith Vice Chainnan Mr H Slngh lappointed 16.5.231 MRMFreer Ms M L Glbblns lappolnted 6.2.241 PRINCIPAL ADDRESS 44 Hlgh Street Market Harbmigh Leicestershire LE16 7AH REGISTERED CHARrrY NUMBER 262787 INDEPENDEKf EXAMINER The Rowleys Partnershlp Ltd Chartered kctyjntants Charnwc*Jd House Harcourt Way Meridlan Bu51ne55 Park Lelcester Lelcestershlre LE19 1WP Page 1
The Harry James Rlddleston Charlty of Lelce5ter Report of the Trustees for the Year Ended 5 April 2024 The tTUStee5 present their report wlth the flnancial statements of the charity for the year ended 5 Aprll 2024. The trustees have adopted the provlslons of Accounting and Reporting by Charities: Statement of R(mended Practlce applicable to charitles preparing their accounts in accordance with the Financial RepIng standard appllcable In the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191. The flnanclal statements have been prepared In accordance wlth the acC(ntIng pdkies Set out In the notes to the account5 and comply with the charity's Rovemlng document, the Charfties Act 2011 and Accountlng and ReyuiLiiig by Charities: Statement of Recomrnende¢J Practlce appllcable to charities preparing thelr accounts In accordance with the Financial Reportlng Standard applicable In the UK and Republic of Ireland published in October 2019. OBJECTIVES AND ACTIVITIES Objectlyes and alms The principal alms of the charity are to make Interest free loans to young people to enable them to elther start in bu5ine55 or further thelr education. Applicants are Intervlewed by a panel of Trustees and In the case of a buslness, have to prcwlde a credlble Bu51ne55 Plan. The applicatlon Is then considered by a full meetlng of the Trustees. Publlc beneflt In planning our actlvltles for the year we kept In mlnd the Charlty Commlssion guillance on publlc beneflt at our trustees rneetlng5. In Ilne wlth our objectlves and achievements, noted below, we conslder that we have beneflted the publlc accordlngly. ACHIEVEMEirf ANO PERFORMANCE Ch)rltable actlvltles Loans of £24,000 12023: £21,CAIOI were a(fvanced In the year and loan5 Of £49,182 12023.. £84,176) were repald. The trustees SIder the perfc*mance of the charlty In the year to be satlsfactory. FINANCIAL REVIEW Flnanclal posltlon The flnanclal statements show a 5urplu5 In the year of £5,726 12023: £65.198 deflcltl after a qaSn on Investments of £24,84012023: £56,047 lossl. The Investments provided the charity wfth a satlsfactory Income return wlth gross Income from quoted securities of £23,762 12023: £26,828). Investment pollcy and objectlvos The Tnjst Decd authorlscs the tnJstee5 to make and hold Investments U51ng the funds of the charity. The trustees have con51dered the most approprtate w)licy for Investing funds. belng malnly the Investment in UK and overseas stixks and equity share5, and have found that the mix of investments held at present meet5 their requlrements to generate both a steaéy income and capital growth. The tru5tee5 have engaged Charles Stanley as Investrnent managers. Page 2
The Harry James Rlddieston Charlty of Lelcester Report of the Trustee5 for the Year Ended 5 Aprll 2024 FINANCIAL REVIEW Reserve5 poIIcy Reserves of £1.129.69012023: £1,123.9641 were held at the year end. The policy Is to continue the level of reseryes to be able to cary on granting loans to Indlvlduais whllst aimlng to provide SLrfficient resources from investment Inccme to cover management and athnlnlstratlon expenses. Reserves have Increased In the year due to the galn on Investments of £24,840. FUTURE PLANS The tru5tee5 continue to be proacifve In flnthn8 ways of ralslng the proflle of the Charlty In order that further loans will be granted. In order to raise the proflle of the Charlty further the Trustees have engaged a lyand designer and will then look at improving the web51te. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlni document The charltable tllJ5t Is constltuted by the Trust Deed dated 16 December 1970 a5 amended by a letter of consent dated 13 February 2C(J8, a scheme of 27 August 2C#)8. a5 amended by scheme dated 20 February 2020 and under the tenns of the wlll of Mr Harry Jame5 Rlddle5ton. The alteratlon of 1970 scheme wlll take effect with the words "under the age of 35 years" deleted from Clause 6161 and replaced wlth "under the age of 45 years.. Recrultment and appolntment of new trustees Appolntment of Trustees is governed by the Trust Deed of the Charlty. The Board of Trustee5 Is authorfsed to appolnt new trustees to fill vacancies arising throush resignation or death of any ex15tlng trustee. The number of tru5tee5 appolnted shoLbld not be less than slx but shall be subject to a maxlmum of flfteen. orlan1tIOnal structurè The trustee5 contlnue to delegate the day to day responslblllty to the Clerk of the Tnjstees. Loan applicants are intervlewed by the trustee5 and decI51c5 In respect of loans and Investments are made by the trustee5 at quarterly meetings. Induttlon and tralnlni of new trustees Each new trustee is given a ccw of the Trust Deed and a letter whlch set5 Wt the pdlcle5 and priKedures of the charity. Page 3
The Hary James Rlddleston Charity of Leicester Report of the Trustee5 for the Year Ended 5 Aprll 2024 STRUCTURE. GOVERNANCE AND Ik4NAGEMENT Rlsk management The Trustees have assessed the risks to whid) the charTty is exposed, in particular those related to the operations and finances of the Charityj and are satisfied that SyStem5 are in place to mitigate the exposure to the major risks. The major rlsk faclng the charfty Is the n.repaYment of loans back to the charity. However this risk 15 miligated by the fact that Inltlally InteewS are carried out between the charlty and the potentlal borrower along with guarantors and referees detalls belng requlred. The loans are then agreed at regular tnjstees meeting5 before any payments are made. Trustees then carry out an annL*al review of the borrowers to ensure that thelr names and addres5e5 are kept up to f1ate. The other major r15k 15 the volatillty of the stock market. H(Aer thls rlsk Is mitlgated by the trustees en8a8lng Charles Stanley to be Investment managers, and reports are issued to the charlty on a regular bas15. FINANCIAL CONDUCT AifftIORrrY IFCAI The Trustees were un5ucce5sful In obtalning authorisation from the FCA to perfomi lending on a 'limited pemil551cffl' bas15. The Charity Is currently taklng advice on next steps and future optlons, Includinq an Jpplicatlon for full authortsatlon. Approved by order of the board of trustees on .. P Dodd . Trustee Page 4
Independent Examiner's Report to the Trustees of The Harry Jame5 Rlddleston Charity of Lelcester Independent examlner's repwt to the trustees of The Harry James Rlddleston Charlty of Lelcester I report to the charlty trustees my examination of the accounts of The Harry Jame5 RIddlestC Charity of Leicester (the Tnjstl for the year ended 5 hpril 2024. Responslbllltles and basls of report As the charlty tru5tee5 of ihe Trust Y are re¥Jonsible for the preparatiw of the accounts In accordance wlth the requlrements of the Charltles Act 2011 I'the Act'l. I report in re5pecr of my examlnatlon of the Trusts accounts carrled out under Sect1 145 of the Act and in carrylnq out my examinatIc I have followed all appilcable Dlrectlons gfven by the Charity Commisslon under secti 145I5I{b) of the Act. Independent examlner's statement I have cc#mpleted my examination. I confim? that no materlal matters have come to my attentlon In connectlon wlth the examlnation gTvlnq me cause to believe that in any m)terlal respect: accountlnq records were not kept In respect of the Trust a5 requlred by Section 130 of the Act. or the accounts do not accord wlth those Cords,. or the accounts do not comply wlth the appllcable requlrement5 concernlng the fom and content of ccounls set out In the Charitle5 IAccoJnts and Report51 Regulatlons 2008 other than any requirement that the accounts give a true and fair vlew whlch Is not a rnatter consldered as part of an Independent examinatlon. I have no CcernS and have come acr055 no other matters in ccnectIon wth the examlnatlon to whlch attentlon shojld be drawn In thls report In order to enable a proper understandlng of the a(Ct5 to be reached. Mr5 L G Parkes FCA FCCA The Rowleys Partnershlp Ltd Chartered AccoJntant5 Chamwood Hse Harcourt Way Merfdlan Buslne55 Park Lelcester Leicester5hlre LE19 1WP Date.. Page 5
The Harry James Rlddleston Charity Lelcester Statement of Flnandai Actlvltles for the Year Ended 5 April 2024 2024 Total funds 2023 Total funds Unrestrfcted Restrirted fund fund Notes INCOME AND ENIX)WMENTS FROM Investment Incune 25,364 25,364 26,964 EXPENDITURE ON Raising fun¢Js 4,938 4,938 5,151 Charftable actlvltl Charitable activltie5 26.755 26.755 25,792 Other 12,785 12,785 5,172 Total 44,478 44.478 36,115 Net galnsll1055esl on investments 24,840 24,840 156,047) MEf INCOMEI{EXPENDrruRE) 5,726 5,726 {65,1981 RECONCILIATION OF FUNDS Total funds brought forn¥ard 1,123.964 1,123,964 1,189,162 TOTAL FUNDS CARRIED FORWARD 1,129,690 1,129,690 1,123.964 COlfflNUING OPEKATIONS All Income and expendlture has arlsen from contlnuln8 actfvltles. The notes form part of these financial statements Page 6
The Harry James Rlddleston Charlty of Lelcester Balance Sheet 5 Awil 2024 2024 Total fund5 2023 Total fund5 Unre5trtcted fund Restricted fund Notes FIXED AssErs Investments 708,765 708,765 692.576 CURRENT ASSET5 Debtors.. amount5 falling due within one year 9 Debtor5.' amounts falling due after more than one year Cash at bank 128,477 128,477 101,929 146,501 152,659 146,501 152,659 197,897 137.725 427,637 427.637 437,551 CREDITORS Amounts fa115ng due within one year 10 16,7121 16,7121 16,1631 NEf CURRENT ASSETS 420,925 420,925 431,388 TOTAL ASSEfs LESS CURRENT LIABILITIES 1,129,690 1.129,690 1,123,964 NET ASSEfs 1,129,690 1.129,690 1.123.964 FUNDS Restrfcted funds 1.129,690 1,123.964 TOTAL FUNDS 1.129,690 1,123,964 The flnanclal statement5 were approved by the Board of Trustees and authorfsed for issue and were slgned on Its behalf by: PDod ru5tee C E Smith - Trustee The notes fomi part of these financial statements Pa8e 7
The Harry James Rlddlestm Charity of Lelcester Note5 to the Financlal Statements for the Year Ended 5 April 2024 AccouKriNG POLICIES Basls of preparln8 the financial Statements The Harry James Riddleston Charity of Lelcester 15 an unincorporated tharlty reglstered in England and Wale5. The address of the charfty Is gfven In the charity informatlon on page 1 of these flnandal statements. The flnanclal statements of the charity, whlch is a public beneflt entlty under FRS 102. have been prepared In accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charitie5 preparinq their accounts In accordance with the Financial Reporting Standard applicable in the LIK and Republlc of Ireland 15sued In October 2019, the Financial Reporting Standard 102 The Flnanclal Reportlng Standard appllcable in the UK and Republic of Ireland. the Charttle5 Act 2011 and UK Generally Accepted Practice. The flnanclal statements have been prepared to glve a 'true and falrf wew and have departed from the Charitie5 (Account5 and Reportsl Regulations 2008 only to the extent required to provide a 'true and falr view,. This departure has involved following the Accounting and Reportlng by Charlties: Statement of Recommended Practice applicable to charltie5 preparing their accounts In accordance with the Financ?al Reporting Standard appllcable In the UK and Republlc of Ireland issued In October 2019 rather than the Accounting and Reportlng by Charltles: Stotement of Recommended Practlce effertlve from 1 Aprll 2005 whlch ha5 51nce been wlthdrawn. The Ilnanclal statements are prepared on a golng concern ba51s under the hlstorlcal cost conventlon, modlfled to Include certaln Items at fair value. The slgnlflcant accountlng pollcles applled In the preparatlon of these flnancial statements are set o below. These policies have been consistently applied to all year5 presented unless OtheISe stated. Income All income Is recognlsed In the Statement of Flnanclal Actlvltles ce the chadty ha5 entltlement to the fund5, It 15 probable that the Inccffle wlll be recelved and the amount can be measured reliably. Expendlture Llabllltle5 are reco8nlsed as expenditure as 500n as there is a legal or constructlve cbligation commlttlng the thar(ty to that expenditure, It Is probable that a transfer of economlc benefits will be required in settlement and ihe amount of the obllgatlon can be measured reliably. Expendlture is accounted for on an accruals basls and has be classified under headings that aggregate all cost lated to the category. Where costs cannot be dlrectly altributed to particular headlngs they have been all¢xated to actlvltles a basls cons15tent wlth the use of resources. Taxatlon The charity Is exempt from tax on It5 charitable activities. Fund accountlni Restricted funds can only be used for particular restricted purposes Wlthin the d)Jects of the charity. Restrictions arise when specified by the donor or ¥yhen funds are raised for particular restricted rpose5. Page 8 continued...
The Harry Jame5 Riddleston Charlty of Lelcester Notes to the Flnanclal Statements- contlnued f¢x the Year Ended S April 2024 ACCOUNTING POLICIES - contlnued Investments Investments are stated at market value at the balance sheet date. Any galn or Ios5 C revaluation 15 taken to the Statement of Flnanclal Actfvfjtles. 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 Flnanclal Activitie5. Cash and cash equlvalents Cash and cash equivalents comprise cash In hand and cash on deposlt. Debtors and credltors DebtW5 and creditors wlth no stated Interest rate are rKorded at tran5actlon prlce. Any 105ses arlsln8 frcrfn Impalrment are reco4ni5ed in expenditure. concs1Onary loans Concesslonary loans Include those made to thlrd partles whlch are Interest free and are made to advance charltable purposes. The loans are Inltlally measured at the amount pald, with the carryinq mount adjusted In sUbSeqLnt years lo reflect repayments. unless there Is any doubt as to the repayment thereof, In whlch case sultable provls1cS are made. Goln8 conc•rn The flnancial statement5 have been prepared cffl a going concern basls as the tnJ5tee5 belleve that no materfal uncertalntles exist. The trustees have [rSidered the level of funds held and the expected level of Income and expendlture 12 mcfflths from authfxlslng these flnanclal statements. The budgeted Incorne and expendlture Is 5ufflclent wlth the level of reseryes for the charlty to be able to contlnue a5 a 4oln8 cLCern. INVESTMENT IMCOME 2024 2023 Olvfdends - Equitle5 Interest . Flxed Interest securitle5 Deposlt account Interest 16,823 6,904 1.637 19,737 7,091 136 25,364 26,964 Page 9 continued...
The Harry James Riddleston Charlty of Leicester Motes to the Flnandal Statements- contlnued for the Year Ended 5 Aprll 2024 RAISING FUNDS Investment managèment costs 2024 2023 Portfcllo management 4,938 5,151 CHARrrABLE ACTIVITIES COSTS 2024 20Z3 Trustee Indemnlty Insurance Clerk's fees Search fee5 Comwter costs Sundry expenses 182 25,521 172 25,274 306 35 1,051 26,755 25.792 OTHER 2024 2023 Rocm hlre for trustees meetln85 Independent examlnatic Professional fees 458 3,198 9,129 468 2.904 1.800 12.785 5.172 TRUSTEES. REMUNERATION AND 8ENEFIT5 There were no tru5tees' remunerat1( or other benefit5 for the year erded 5 Apr112024 nor for the year ended 5 April 2023. Trurtees. expen5e5 There were no trustccs. expenses paid fc* the year ended 5 Apiil 2024 nor for the year ended 5 April 2023. Page 10 continued.
The Harry James Rlddleston Charity of Lelcester Notes to the Flnanclal Statements- continued for the Year Ended 5 Aprll 2024 AAiouF¥fs PAYABLE TO INDEPENDENT EXAMINER The amount paid to the Independent examlner for the independent examlnatlon and accounts preparation was £3,198 12023.. £2,904) and the amount pald for other professional serylces was £NIL 12023: £NILI. FIXED ASSET INVESTMENTS Llsted Investments MARKET VALUE At 6 April 2023 Additions DIsp05als Change In market value 692,576 202,211 (210,8621 24,840 At 5 *prfl 2024 708,765 NEf BOOK VALUE At 5 April 2024 708.765 At 5 Aprll 2023 692,576 InclLKled In the total market value of Investment5 are £289.613 of overseas equltles12023.. £241,389). C05t or valuatlon at 5 Aprll 2024 Is represented by: L15ted Investments Valuatlon In 2024 708,765 DEBTORS 2024 2023 Amount5 falling due wfjthln one year- Loans 128,477 101,929 Amounts falllng due after more than one year: Loans 146,501 197,897 Aggregate amoLmts 274.978 299,826 During the year interest free loan5 athanced totalled E24,000 12023: 21.0001. During the year loans repaid totalled £49.182 (2023: £84.1761. Page11 contlnued..
The Harry James Rlddle5ton Charity of Lelcester Notes to the Financlal Statements. contlnued for the Year Ended 5 Awll 2024 10. CREDITORS: AIAOUNTS FALUNG DUE wrrHIN ONE YEAR 2024 2023 Accruals and deferred income 6.712 6.t63 hKYrfEMEKf IN FUMDS Net movement in funds At 5.4.24 At 6,4.23 Restrlcted funds Loans 1.123.964 5,726 1,129,690 TOTAL FUNDS 1.123.964 5,726 1,129,690 Net movement In fund5, Included In the abcNe are as follows: Incomln8 re50urce5 ResrceS expended Galns and Movement In funds Restrlcted fund5 Loans 25,364 {44,4781 24,840 5,726 TOTAL FUNDS 25.364 44,478 24,840 5.726 Comparatlves for movement In funds Net movwnent in fund5 At 5.4.23 At 6.4.Z2 Restrtrted fund5 Loans 1,189,162 1.123,964 TOTAL FUNDS 1,189,162 165,1981 1.123,964 Page 12 continued...
The Harry James Rlddleston Charlty of Leicester Notes to the Flnanclal Statements - c*)ntlnued for the Year Ended 5 Aprll 2024 MOVEMEiif IN FUNDS- contfnued Comparatlve net movement In fund5, Induded In the thve are as follows: Incomlng resources Resources expended Galns and L055es Movement In funds Restrlcted funds Loans 26,964 136,1151 156,047 165,1981 TOTAL FUNDS 26.964 136,1151 156,0471 165,1981 12. RELATEO PARfi D15CLOSURES There were no related party tranCtIOnS for the year ended 5 April 2024. Page 13