REGISTERED CHARrrY NUMBER.. 262787 Unaudlted Flnandal Statements for the Year Ended 5 Aprll 2025 for The Harry James Riddleston CharSty of Leicester The ROWI5 Partnership Ltd Chartered Accountant5 Charnwood House Harcourt Way Meridian Business Park Leicester Leicestershire LE19 1WP
The Harry Jame5 Riddle5ton Charlty of Leicester Contents of the Financial Statements for the Year Ended 5 Aprll 2025 Pa8e Reference and Admlnlstrative Details Report of the Trustees Independent Examiner's Report Statement of Flnandal Actlvlties Balance Sheet Notes to thè Financial Statements 8 to 13
The Harry James Riddleston Charity of Lelcester Reference and Admln15tratlve Detalls for the Year Ended 5 Aprll 2025 TRUSTEES D J Brooks P Dodd Chalrman S G t)uxbury A Khandelwal K Mokha C Nangle H Mockler C E Smith Vice Chairman H Singh MRMFreer M L Glbblns Ireslgned 1.9.251 PRINCIPAL ADDRESS 44 High Street Market HarbOrsh Leicestershire LE16 7AH REGISTERED CHARITY NUMBER 262787 INDEPENDENT ExANER The Rowleys Partnership Ltd Chartered Accountants Chamwood Hixjse Harcourt Way Meridian Busine55 Park Leicester Leicestershire LE19 1WP Page 1
The Harry James Rlddleston Charlty of Leicester Report of the Trustees for the Year Ended 5 April 2025 The trusiees present their report wth the financial statement5 of the charity for the year ended 5 April 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities- Statemeni of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191. 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 Acctwjnting and Report?ng by Charitie5- Statement of Re((mlded Practice applicable to charities preparing their account5 in accordance vrith the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. OBJECTNES AND ACTIVITIES Objective5 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. Applic3nt5 are interviewed by a panel of Trustees and in the case of a bu5ine55, have to provide a credible Business Plan. The application is then considered by a full meeting of the Tnjstees. Public benefit In planning our activitie5 for the year we kept in mind the Charity commissi guidance public benefit at our trustee5 meetings. In line with our objectTves and achievements, noted below, we consider that we have benefited the public accordingly. ACHIEVEMENT5 AND PERFORMANCE Charitable activitles Loan5 of £Nil 12024.. £24.0001 were advanced in the year and loans of £38,648 12024: £49.1821 were repaid. The trustees ccnsider the perforrnance of the charity in the year to be satisfactory. FINANCIAL REVIEW Flnancial position The financial statements show a deficit in the year of £65,045 12024: £5,726 surplus) after a loss I investments of £17,355 12024.. £24,840 gain). The investment5 prowded the charity with a satisfactory income return wth gross Income from quoted securities of £24,81012024: £23,727). Investment policy and objertive5 The Trust Deed authorises the trustees to make and hold Trnve5tmentS Using the funds of the charity. The trustees have considered the m(6t appropriate policy for investing funds. being Mainly the investment In UK and over5ea5 Stocks and equity shares, and have found that the mix of investments held ai present meets their requirements to generate both a steady income and capital growth. The trustee5 have engaged Charles Stanley as investment managers. Page 2
The Harry James Riddleston Charlty of Leicester Report of the Trustees for the Year Ended 5 Aprll 2025 FINANCIAL REVIEW Reserves pollry Reserves of £1,064,64512024'. £1,129,690> were held at the year end. The policy Is to continue the level of reserve5 to be able to carry on granting loans to individuals whilst aiming to prov7de sufficient resources from investment income to cover management and adrninlstration expenses. FufuRE PLANS The trustee5 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 des?gner and will then look at improving the website. STRUCTURE, GOVERNANCE AND MANAGEMEKr Governing document The charirable trust Is constituted by the Trust Deed dated 16 December 1970 as amended by a letter of consent dated 13 February 2008, 3 scheme of 27 August 21X)8, a5 amended by scheme dated 20 February 2020 and under the terms of the wll of Mr Harry James Riddle5t(m. The alterati of 1970 scheme will take effect with the words "under the age of 35 years" deleted frun Clause 6161 and replaced with "under the age of 45 year5" Recruitment and appolntment of new twstee5 Appointment of Trustees 15 governed by the Trust Deed of the Charity. The Board of Trustees is authorised to appoint new trustees to fill vacanc7es arising through resignation or death of any existing trustee. The number of trustee5 appointed Should not be less than six txjt shall be sijbject to a maximum of fifteen. Organisational structure The trLJSiee5 (tInue to delegate the day to day responsibility to the Clerk of the Trustees. Loan applicants are interviewed by the trustees and I1570n$ in SpeCt of loans and Investments are made by the trustee5 at quarterly Fneeting5. Induction and tralning of new trustees Each new trustee 15 given a copy of the Trust Deed and a letter which sets (Mjt the policies and procedure5 of the charity. Risk management The Trustees have assessed the risks to wh7ch the charity 15 exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems are in place to mitigate the eX[ure to the Major risks. The major risk facing the charity is the non-repayment of loans back to the charity. However Ihi5 risk is mitigated by the fact that initially interviews are carried out between the charity and the potential borrtswff along with guarantors and referees detai15 being reqtjired. 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 rlsk Is the volatility of the stock market. However this risk is mitigated by the trustee5 engaging Charles Stanley to be investment manager5, and reports are issued to the charity cfi a regular basis. Page 3
The Harry James Riddleston Charity of Lelcester Report of the Trustees for the Year Ended 5 April 2025 FINANCIAL CONDUCT AUTHORITY IFCAI The Trustees were unsuccessful in obtain1ng authonsation from the FCA to perform lending on a 'limited permission, basis. The Charity has now paused all lending and is currently considering next Steps and future option5, including the possibility of offering grants. Approved by order of the board of trustees on by- and signed on it5 behalf P Dodd - Trustee Page 4
Independent Examiner'5 Rèport to the Trustees of The Harry James Riddleston Charlty of Leicester Independent examiner'5 rep¢xt to the trustees of The Harry James Riddleston Charfty of Leicester I report to the charity trustees on my examination of rhe account5 of The Harry Jame5 Riddle5ton Charity of Leicester (the Trustl for the year ended 5 April 2025. Re5ponslbllltles and ba515 of reFKJrt As the charity trustees of the Trust you are responsible for the preparation of the accwnts in accordance wlth the requirements of the Charitie5 Act 2011 I'ihe Act'l. I report in respect of my examinatiw of the Trust's accoJnts carried out under Section 145 of the Act and in carwng out my examination I have followed all applicable Directions given by the Charity Commission under Se¢tion 14515llbl of the Act. Independent examiner's statement I have completed my examination. I confimi that no material matters have come to my attenti in connection with the examination giving me cause to believe that ?n any material respect: accounting records were not kept in respect of the Trust as requ?red by Sertion 130 of the Act- or the accounts do not aCCd with those records,. or the account5 do not comply with the applicable requirtYnent5 c(mcerning the forTn 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 concem5 and have come across no other matters in connectic¥) wth the examination to which attention should be drawn in this report in order to enable a proper understanding of the account5 to be reached. Mr5 L G Parkes FCA FCCA The Rowley5 Partnership Ltd Chartered Accountants Chamwood Hcrtjse Harcourt Way Meridian Business Park Leicester Leicestershire LE19 1WP Date- Page 5
The Harry James Rlddleston Charity of Leicester Statement of Financial Activities for the Year Ended 5 April 2025 2025 Total funds 2024 Total funds Unrestricted Restrfcted fund fund Note5 INCOME AND ENDOWMENTS FROM Investment incorne 27,662 27,662 25,364 EXPENDrruRE ON Raising funds 5,216 5,216 4,938 Charitable activitles Charitable activities 27,830 27.830 26,755 Other 42.306 42,306 12,785 Total 75.352 75.352 44,478 Net gainslllossesl on investments 117,3551 117,3551 24,840 INCOMEIIEXPENDITUREI 165,0451 165,0451 5,726 RECONCILIATION OF FUNDS Total funds brought forward 1,129,690 1.129,690 1,123,964 TOTAL FUNDS CARRIED FORWARD 1,064,645 1,064,645 1,129,690 ColNUING OPERATIONS All income and expenditure ha5 arisen fr(xn continuing activities. The notes form part of these financial statements Page 6
The Harry James Riddleston Charlty of Lelcester Balance Sheet 5 April 2025 2025 Total funds 2024 Total funds Unrestricted Restricted fund fund Notes FIXED ASSETS Investments 735.417 735.417 708,765 CURRENT ASSETS Debtor5: amounts falling due bwthin year 9 Debt¢)rs- amounts falling due after more than one year Cash at bank 126,474 126,474 128,477 109,856 108,977 109,856 108,977 146,501 152,659 345,307 345,307 427,637 CREDITORS Amounts falling due within one year 10 116.0791 116,0791 16,7121 CURRENT ASSErs 329,228 329,228 420,925 TOTAL ASss LESS CURRENT LIABILlllES 1,064,645 1,064,645 1.129,690 NEf Assrr5 1,064,645 1,064,645 1,129,690 FUNDS Restricted funds 1.064,645 1,129,690 TOTAL FUNDS 1,064,645 1,129,690 The financial statements were approved by the Board of Trustees and authorised for issue and were signed on its behalf by: P Dodd - Trustee C E Smith - Trustee The notes form part of these financial statementg Page 7
The Harry James Riddleston Charity of Leicester Notes to the Financial Statements for the Year Ended 5 Aprll 2025 ACCOUNTING POLICIES Basls of preparfng the financial statements The Harry James Riddleston CharTty 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 be prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reportlng 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 7ssued in October 2019, rhe Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. the Charitie5 Act 2011 and UK Generally kcepted Practice. The financial statements have been prepared to give a 'true and fair, view and have departed from the Charities IAccoLJnts and Reports) Regulations 2008 only to the exteni required to provide a 'true and fair view,. This departure ha5 Involved following the Accounting and Reporting by Charities= StateTnent of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Re[ing Standard applicable in the UK and Republic of Ireland iSSLJed in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 Aprtl 2005 which has since been withdrawn. The financial 5tatefnent5 are prepared on a going concern basis under the historical cost convention, modified to Include certain items at fair value. The significant accountTng policies applied in the preparatTOll 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 experiditure as 500n as there is a legal or constTUCtive 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 obligarion can be measured reliably. Expenditure 15 accounted for on an accruals basis and has been classified under heading5 that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to actlvities a basis con515tent with the use of resource5. Taxatlon The charity is exempt from tax on its charitable activitie5. Fund accountlng Restricted fund5 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. Page 8 continued..
The Harry James Riddle5ton Charity of Lelcester Notes to the Flnan¢lal Statement5- continued for the Year Ended 5 April 2025 ACCOUNTING POLICIES - crmtinued Investments Investments a stated at market value at the balance sheet date. Any gain or lo on revaluatlw is taken to the Statement of Financial Activities. Value added tax Value added tax 15 not recoverable by the charity, and as such is included in the relevant costs in the Statement of Financial Activitie5. Cash and cash equivalents Cash and cash equivalents comprise cash in hand and cash on deFK)sit. Debtors and credltors Debtors and creditor5 Wlth no stated interest rate are recorded at transaction price. Any 105se5 arising from impairment are recognised in expenditure. Concessionary loans Conce55ionary loans include those made to thlrd parties which are interest fr and are made to advance charitable purposes. The loans are initially measured at the amwnt paid, wth the carryng amount adjusted in subsequent year5 to reflect repayments, unless there is any dixjbt as to the repayment thereof, in which case suitable prowsion5 are made. Going concern The financial statement5 have been prepared on a going concern basi5 as the trustee5 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 month5 from authorising these financial statements. The budgeted incorne and expenditure 15 sufficient with the level of reserves for the charity to be able to continue a5 a going concem. INVESTME INCOME 2025 2024 Diwdends - Equities Interest - Fixed interest securities Deposit account interest 17,335 7,475 2,852 16,823 6,904 1,637 27,662 25,364 Page 9 continued...
The Harry James Riddle5ton Charity of Leicester Notes to the Financial Statement5 . continued for the Year Ended 5 April 2025 RAISING FUNDS Investment management costs 2025 2024 Portfolio management 5,216 4,938 CHATABLE ACTIVITIES COSTS 2025 2024 Trustee indetnnity inSUrae Clerk's fees Sundry expense5 Z17 27,578 35 182 25,522 1.051 27,830 26,755 OTHER 2025 2024 Room hire for trustee5 meetings Indepen¢Jent examinaiion Professional fees 544 3,360 38,402 458 3,198 9,129 42,306 12,785 TRUSTEES. REMUNERATION AND BENEFITS There were no tru5tees' remuneration or other benefits the year ended 5 April 2025 nor for the year ended 5 Ilpril 2024. Trustees, expenses There were no trustees, expenses paid for the year ended 5 April 2025 nor for the year ended 5 April 2024. Page 10 continued...
The Harry James Riddle5ton Charity of Leicester Notes to the Flnanclal Statements- contlnued for the Year Ended 5 Aprll 2025 AAlOUPs PAYABLE TO INDEPENDENT EXAMINER The amijjnt paid to the independent examiner for the Independent examination and accounts preparation was £3,360 12024- £3.1981 and the amount paid fw other professl(v)al servfces was £NIL 12024.. £NILI. FIXED ASSET INVESTMENTS Listed investments htARKET VALUE At 6 April 2024 Additions Disp05a15 Change in mart(et value 708,765 92,187 148,1801 117,3551 At 5 April 2025 735,417 NET BOOK VALUE At 5 April 2025 735,417 At 5 April 2024 708,765 Included in the total market value of investment5 are £313,523 of oversea5 equities12024: £289,613). Cost or valuation at 5 April 2025 is represented by- Listed investments Valuation in 2025 735,417 DEBTORS 2025 2024 Amounts falling due within one year.. Loans 126,474 128,477 Amounts falling due after more than one year- Loans 109,856 146,501 Aggregate amounts 236,330 274,978 During the year interest free loans advanced totalled £Nil 12024.. 24,01. During the year loans repaid totalled £38,648 12024: £49,182). Page11 continued...
The Harry James Rlddleston Charlty of Leicester Notes to the Financial Statement5- contlnued for the Ye4r Ended 5 April 2025 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Accruals and deferred income 16,079 6.712 A40VEMENT IN FUNDS Net movement in fLJnds At 6.4.24 5.4.25 RestrlctÈd funds Loans 1,129,690 165,0451 1,064,645 TOTAL FUNDS 1,129,690 165,0451 1,064,645 Net movement in funds, included in the above a as follows.. Incoming resources Resources expended Gains and losses Movement in funds Restrlcted funds Loans 27,662 175.3521 117,3551 165,0451 TOTAL FUNDS 27,662 175,3521 117,3551 165,0451 Comparatives for movement in fund5 Net movement in fund5 At 5.4.24 At 6.4.23 Restrlcted funds Loans 1,123,964 5,726 1,129,690 TOTAL FUNDS 1.123,W 5,726 1,129.690 Page 12 continued...
The Harry James Rlddleston Charity of Leicester Notes to the Flnanclal Statements- contlnued for the Year Ended 5 April 2025 AIOVEMENT IN FUNDS . cant?nued Comparative net movement in funds. InclL*ded in the above are as follows: Incoming resources Regources expended Gains and losses Movernent in funds Restrfcted funds Loans 25,364 144,4781 24,840 5.726 TOTAL FUNDS 25,364 144,4781 24,840 5,726 12. REL4TED PARTY DISCLOSURES There were no related party transactions for the year ended 5 tspril 2025. Page 13