THE MARGARET HAYMAN CHARITABLE TRUST FUND
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
CHARITY NUMBER: 265856
THE MARGARET HAYMAN CHARITABLE TRUST FUND
REPORT AND ACCOUNTS
| CONTENTS | |
|---|---|
| 2 - 6 | |
| Report of the Independent Examiner | 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Notes to the accounts |
10 - 15 |
1
THE MARGARET HAYMAN CHARITABLE TRUST FUND
FOR THE YEAR ENDED 31ST DECEMBER 2023
The Trustees present their report and accounts for the year ended 31 December 2023.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the 11 and Accounting and Reporting by Charities: Statements 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).
OUR PURPOSE AND ACTIVITIES FOR THE PUBLIC BENEFIT
The unincorporated Trust was formed by Deed made on the 11[th] May 1973.
The Margaret Hayman Charitable Trust Fund was established with broad objectives as a trust for charitable purposes. The current policy of the charity is to make grants in the areas of priority defined by the trustees from time to time. The current main focus is on the intersection between climate change and social justice in low-income countries.
The Trust has no staff. Administration is handled by the Trustees. Decisions are made periodically throughout the year, but the Trustees are able to respond to urgent requests from organisations already known to them.
Risk management
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Trust and are satisfied that systems are in place to mitigate our exposure to major risks.
Public Benefit statement
In shaping our objectives for the year and planning our activities, the Trustees have considered the Charity achievements and activities below demonstrate t
Grant making policy
During 2023 the Trustees focussed their larger grants on projects at the intersection of environmental sustainability and social justice, focussing in addition on work benefiting low income countries. Grants are generally made to relatively young organisations. Start-ups are welcomed.
The Trust generally makes grants for core costs. The Trust has a bias towards work that creates lasting change for the better, for example by increasing capacity or leveraging knowledge and innovation, and which is carried out by, or with substantial involvement from, local people.
Other small grants were made to refugees known to them personally. The Trustees agreed to continue with the same priorities for 2024.
Grant application process
The majority of grants are made to organisations known to the Trustees. However, in some cases donations have been made in response to unsolicited appeals, where these fit very closely with the Tr The Trustees welcome enquiries from organisations that have a very close fit with their concerns, but applicants should be aware that funds are limited.
The Trust now has a website (https://margarethaymancharitabletrust.wordpress.com/). If you wish to apply for funding, we prefer email applications to carolyn.hayman@pobox.com. Please put Margaret Hayman CT in the subject line.
2
THE MARGARET HAYMAN CHARITABLE TRUST FUND
FOR THE YEAR ENDED 31ST DECEMBER 2023
ACHIEVEMENTS AND PERFORMANCE
Review of activities
The main grantees in this period were as follows:
Pragya is for seeking to alleviate poverty in Kakamega county, Kenya, by supporting forest-side communities to sustainably cultivate and sell rare, high-value medicinal and aromatic plants (MAPs) and trees.
AFSA is a pan-African alliance for food sovereignty. The core purpose of AFSA is to influence policies and to promote African solutions for food sovereignty. AFSA will serve as a continental platform for consolidation of issues pertaining to food sovereignty and together marshal a single and louder voice on issues and tabling clear workable solutions.
Ashanti, a small agricultural development organisation, was given a grant for agricultural training and loans in the Mampong district of Ghana.
The Glacier Trust enables climate change adaptation in rural areas of Nepal. Local skills in agroforestry are shared via hubs and spokes (satellite plant nurseries) where skilled farmers enable the production and sale of seeds, seedlings and produce.
Rwenzori (now Defenders of the Planet) facilitates tree planting in rural areas of Uganda.
Solar Aid pioneers the distribution of solar lamps to hard to reach communities. It was given a grant for Auto Safety Uganda is pioneering emissions testing of public service vehicles in Uganda. Our grant paid for the transport of donated test equipment from the USA.
QCEA works to promote just and peaceful solutions to issues affecting Europe and its relationship with the rest of the world including through Dialogues for Transformation
In addition the Trust doubled a donation from one of its trustees to enable a colleague of a friend to escape from Khartoum to Cairo.
Full details can be found in Note 6 to the Financial Statements.
Performance monitoring and review
The Trust requires all grantees to report back within 12 months. Many grantees receive multi-year grants, with successive grants being conditional on satisfactory progress against the planned objectives.
FINANCIAL REVIEW
Investment powers and policy
The Trust Deed authorises the Trustees to make and hold investments using the general funds of the charity. The trustees have the power to invest in any way that they see fit.
3
THE MARGARET HAYMAN CHARITABLE TRUST FUND
FOR THE YEAR ENDED 31ST DECEMBER 2023
During the year, the market value of t increased by £283,449 (17.14%) to £1,937,437. This increase included net unrealised profit of £222,325 (2022 losses of £181,973). Future movements in value are expected to be in line with the main markets in which it is invested. In line with our commitment to Divest Invest, investments are managed by Waverton Investment Management Limited via a bespoke ethical and fossil free portfolio. This results in somewhat higher than normal management costs but is in line with Trustees' ethical requirements.
The Trust also holds a direct investment in a solar project in Barnsley. The trust has at least 5% of its investments in renewable energy, which are chosen and managed by Waverton.
Reserves policy
It is the policy of the Trustees to maintain the unrestricted reserves of the Trust not committed or invested in fixed asset investments (the free reserves) at a minimum level of £10,000. At the end of the financial year the free reserves amounted to £48,468 (2022 £162,906) and were above this target level. The total reserves at 31 December 2023 were £1,985,904 (2022 £1,816,893).
PLANS FOR FUTURE PERIODS
Future developments
The Trustees' priorities for 2024 are set out above. The main focus will continue to be the intersection of climate change and social justice, in low-income countries. The Fund remains a member of the Environmental Funders Network.
Incoming resources and forward commitments
The Trustees do not anticipate additional resources being put into the Trust, other than very small royalty payments. At the year end the Trust had future conditional grant commitments of approximately £60,000 (2022 £48,763).
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity number 265856
Trust secretary Daphne R Wassermann Registered office 51 Westbourne Gardens Glasgow G12 9XF Trustees Daphne Wassermann Carolyn Hayman OBE Charlotte Wassermann Ruth Wassermann Fran Bury Frank Hayman Sheila Hayman (observer) Investment manager Waverton Investment Management Limited 16 Babmaes Street London SW1Y 6AH
4
THE MARGARET HAYMAN CHARITABLE TRUST FUND
Cont/d)
FOR THE YEAR ENDED 31ST DECEMBER 2023
Bankers Co-operative Bank plc PO Box 250 Delf House Southway Skelmersdale Lancashire WN8 6GH Independent Examiner Mr Samir Shah Ramon Lee Ltd 93 Tabernacle Street London EC2A 4BA
5
THE MARGARET HAYMAN CHARITABLE TRUST FUND
Cont/d)
FOR THE YEAR ENDED 31ST DECEMBER 2023
The Trustees are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.
APPROVAL
This report was approved by the Trustees on 19 September 2024 and signed on their behalf.
Carolyn Hayman OBE Trustee
6
INDEPENDENT EXAMI
THE MARGARET HAYMAN CHARITABLE TRUST FUND
I report on the accounts of the Trust for the year ended 31 December 2023, which are set out on pages 8 to 15.
This report is made solely to the charity's trustees, as a body, in accordance with the Charities Act 2011. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an independent exam s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my Independent Examination, for this report, or for the opinions I have formed.
Responsibilities and basis of report
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (
I report in respect of my examination of ried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent Examiner
t
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
-
the accounting records were not kept in accordance with section 130 of the Charities Act; or
-
the accounts did not accord with the accounting records; or
-
the accounts did 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 require 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.
SAMIR SHAH RAMON LEE LTD REGISTERED AUDITORS 93 TABERNACLE STREET CHARTERED ACCOUNTANTS LONDON EC2A 4BA
19 September 2024
7
THE MARGARET HAYMAN CHARITABLE TRUST FUND
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31ST DECEMBER 2023
| Notes Income Donations 2 Investment income 3 Total income Expenditure Cost of raising funds 4 Expenditure on charitable activities 4 Total expenditure Net income / (expenditure) & net movements in funds before gains & losses on Net gains/losses on investments 9 Reconciliation of funds Total funds, brought forward Total funds, carried forward Net movement in funds |
Unrestricted Funds £ - 37,999 37,999 20,107 100,132 120,239 (82,240) 251,251 169,011 1,816,893 1,985,904 |
Restricted Funds £ - - - - - - - - - - - |
Total 2023 £ - 37,999 37,999 20,107 100,132 120,239 (82,240) 251,251 169,011 1,816,893 1,985,904 |
Total 2022 £ - 41,591 |
|---|---|---|---|---|
| 41,591 20,053 94,082 |
||||
| 114,135 (72,544) (181,973) |
||||
| (254,517) 2,071,410 |
||||
| 1,816,893 |
CONTINUING OPERATIONS
None of the Trust's activities were acquired or discontinued during the above financial periods.
TOTAL RECOGNISED GAINS AND LOSSES
The Charity has no recognised gains or losses other than the above movement in funds for the above financial periods.
The notes on pages 10 to 15 form part of these financial statements.
8
THE MARGARET HAYMAN CHARITABLE TRUST FUND
BALANCE SHEET AS AT 31ST DECEMBER 2023
| Notes | 2023 | 2022 | |||||
|---|---|---|---|---|---|---|---|
| £ | £ | £ | £ | ||||
| Fixed assets | |||||||
| Investments | 9 | 1,937,436 | 1,653,987 | ||||
| Current assets | |||||||
| Debtors | 10 | - | 8,749 | ||||
| Cash at bank and in hand | 54,520 | 160,109 | |||||
| 54,520 | 168,858 | ||||||
| Liabilities | |||||||
| Creditors falling due with in one year | 11 | (6,052) | (5,952) | ||||
| Net current assets | 48,468 | 162,906 | |||||
| Net assets | 1,985,904 | 1,816,893 | |||||
| The funds of the charity | |||||||
| Unrestricted funds | 12 | 1,985,904 | 1,816,893 | ||||
| Restricted funds | 12 | - | - | ||||
| Total charity funds | 1,985,904 | 1,816,893 |
The financial statements were approved by the trustees on 19 September 2024 and were signed on their behalf by:
Carolyn Hayman OBE Trustee
The notes on pages 10 to 15 form part of these financial statements.
9
THE MARGARET HAYMAN CHARITABLE TRUST FUND
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31ST DECEMBER 2023
1. ACCOUNTING POLICIES
1.1 Basis of preparation of accounts
The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by 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) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The trust constitutes a public benefit entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.
1.2 Preparation of accounts on a going concern basis
Having regard to the level of reserves and the ongoing level of expenditure against unrestricted funds in conjunction with the development of the fundraising activity in the coming year the trustees are satisfied that the accounts should be prepared on a going concern basis.
1.3 Income recognition
Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and amount can be measured reliably.
-
(a) Income received by way of donations and grants are included in full in the Statement of Financial Activities when received, unless they relate to a specified future period, in which case they are deferred.
-
(b) Grants and donations of general nature which are not conditional on delivering certain levels of service are included as part of Grants, Donations and Legacies as shown under note 2.
-
(c) Investment income is included when receivable.
1.4 Expenditure recognition and irrecoverable VAT
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Expenditure is classified under the following activity headings:
-
(a) Cost of raising funds comprises the cost of managing the investment portfolio and fundraising costs for seeking donations, legacies and grants and their associated support costs.
-
(b) Expenditure on charitable activities includes grants payable to further the purposes of the Charity and their associated support costs.
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
1.5
Allocation of support costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel, payroll and governance costs which support the Trust mmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities.
1.6
Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the T ork or for specific projects being undertaken by the Trust.
10
THE MARGARET HAYMAN CHARITABLE TRUST FUND
NOTES TO THE ACCOUNTS (Cont/d)
FOR THE YEAR ENDED 31ST DECEMBER 2023
1.7 Fixed asset investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub-sectors.
1.8 Realised / unrealised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
1.9 Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.10 Cash at bank and in hand
Cash at bank and in hand includes cash deposits and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.11 Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
1.12 Financial instruments
The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.13 Judgement and key sources of estimation uncertainty
In the application of the c ng policies, the charity is required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underling assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
11
THE MARGARET HAYMAN CHARITABLE TRUST FUND
NOTES TO THE ACCOUNTS (Cont/d)
FOR THE YEAR ENDED 31ST DECEMBER 2023
2. INCOMING RESOURCES FROM CHARITABLE ACTIVITIES
None during the year or in previous year.
3. INVESTMENT INCOME
| Dividend income from listed investments Interest Royalties Bank refund and Compensation Exchange variance |
Unrestricted Funds £ 39,029 50 101 83 (1,264) 37,999 |
Restricted Funds £ - - - - - - |
Total 2023 £ 39,029 50 101 83 (1,264) 37,999 |
Total 2022 £ 37,142 1,000 216 - 3,233 |
|---|---|---|---|---|
| 41,591 |
The investment income in 2022 totalling £41,591 was attributed to unrestricted funds.
4. EXPENDITURE ON CHARITABLE ACTIVITY
| Grants and donations (Note 6) Investment management fees Governance cost (Note 5) Support cost (Note 5) |
Raising Funds £ - 17,919 1,540 648 20,107 |
Donations £ 100,132 - - - 100,132 |
Total 2023 £ 100,132 17,919 1,540 648 120,239 |
Total 2022 £ 94,082 17,988 1,483 582 |
|---|---|---|---|---|
| 114,135 |
5. ANALYSIS OF SUPPORT AND GOVERNANCE COSTS
The Charity initially identifies the costs of its support functions. It then identifies those costs which relate to the governance function. Governance costs and other support costs are apportioned separately between key activities undertaken (see note 3) in the year. Refer to the table below for the basis for apportionment and the analysis of support costs and governance costs.
| Subscription Bank charges Admin expenses Independent examination fees |
General Support Costs £ 500 - 148 - 648 |
Governance Costs £ - - - 1,540 1,540 |
Total 2023 £ 500 - 148 1,540 2,188 |
Total 2022 £ 500 45 37 1,483 |
|---|---|---|---|---|
| 2,065 |
Of the £2,188 expenditure in 2023 (2022 £2,065) £2,188 were charged to unrestricted funds (2022 £2,065).
12
THE MARGARET HAYMAN CHARITABLE TRUST FUND
NOTES TO THE ACCOUNTS (Cont/d)
FOR THE YEAR ENDED 31ST DECEMBER 2023
6. GRANTS PAYABLE
Grants were payable to charitable bodies within the Trust's focus areas as follows:
| Climate change Individuals in need Peace Refugees in the UK Education |
2023 £ 94,332 800 5,000 - - 100,132 |
2022 £ 89,453 - - 3,000 1,629 |
|---|---|---|
| 94,082 |
During the year grants of £2,000 and over were charged to the Statement of Financial Activities for the following charitable organisations and individuals.
| Beneficiary: | Amount |
|---|---|
| Ashanti | 2,500 |
| Glacier Trust | 15,000 |
| Pragya | 15,029 |
| Defenders of the Planet | 6,248 |
| Solar Aid | 15,000 |
| Wanyama Autosafety Uganda | 25,555 |
| QCEA | 5,000 |
| AFSA | 15,000 |
7. NET INCOME / (EXPENDITURE) FOR THE YEAR
| This is stated after charging | 2023 | 2022 |
|---|---|---|
| £ | £ | |
| Independent examination | 1,540 | 1,483 |
8. ANALYSIS OF STAFF COST OF KEY MANAGEMENT PERSONNEL
No trustee received any remuneration or reimbursement of expenses for their services as trustees (2022 £nil). The charity did not employ any staff during the year (2022 £nil).
13
THE MARGARET HAYMAN CHARITABLE TRUST FUND
NOTES TO THE ACCOUNTS (Cont/d)
FOR THE YEAR ENDED 31ST DECEMBER 2023
| 9. FIXED ASSET INVESTMENTS Market value, brought forward Additions Disposals Net realised/unrealised investment gains Market value, carried forward Historical cost All investments are quoted on a recognised Stock Exchange and comprise Total Equities UK Fixed Interest Stocks UK Bonds Alternatives Cash 10. DEBTORS Accrued dividend income 11. LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors and accruals Independent examination fees Investment management fees |
2023 £ 1,653,987 498,786 (466,588) 251,251 1,937,436 1,508,928 of: 1,447,160 262,016 25,000 203,261 1,937,436 2023 £ - - 2023 £ 1,600 4,452 6,052 |
2022 £ 1,970,646 508,171 (642,857) (181,973) |
|
|---|---|---|---|
| 1,653,987 1,596,951 1,244,913 134,143 25,000 249,931 |
|||
| 1,653,987 2022 £ 8,749 8,749 2022 £ 1,540 4,412 5,952 |
14
THE MARGARET HAYMAN CHARITABLE TRUST FUND
NOTES TO THE ACCOUNTS (Cont/d)
FOR THE YEAR ENDED 31ST DECEMBER 2023
12. MOVEMENT OF FUNDS
| MOVEMENT OF FUNDS | ||||
|---|---|---|---|---|
| Balance at 01.01.23 £ Unrestricted funds General Funds 1,816,893 Total funds 1,816,893 Movement of funds previous year: Balance at 01.01.22 £ Unrestricted funds General Funds 2,071,410 Total funds 2,071,410 |
Income £ 37,999 37,999 Income £ 41,591 41,591 |
Expenditure £ 120,239 |
Gain/(Loss) on Investments £ 251,251 251,251 Gain/(Loss) on Investments £ (181,973) (181,973) |
Balance at 31.12.23 £ 1,985,904 |
| 120,239 Expenditure £ 114,135 |
1,985,904 Balance at 31.12.22 £ 1,816,893 |
|||
| 114,135 | 1,816,893 |
Movement of funds previous year:
13. RELATED PARTY TRANSACTIONS
For the whole of the year, the charity was under the control of the Trustees as shown on page 4.
There were no related party transactions in the year.
14. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Fixed Asset Investments Net current assets |
Unrestricted Funds £ 1,937,436 48,468 1,985,904 |
Restricted Funds £ - - - |
Total 2023 £ 1,937,436 48,468 1,985,904 |
Total 2022 £ 1,653,988 162,905 |
|---|---|---|---|---|
| 1,816,893 |
Analysis of net assets between funds previous year
| Fixed Asset Investments Net current assets |
Unrestricted Funds £ 1,653,988 162,905 1,816,893 |
Restricted Funds £ - - - |
Total 2022 £ 1,653,988 162,905 1,816,893 |
Total 2021 £ 1,970,646 100,764 |
|---|---|---|---|---|
| 2,071,410 |
15