THE HOWE GREEN TRUST
FINANCIAL STATEMENTS
5 APRIL 2025
Contents
Page
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Administrative Information
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- Trustees' report 4. Independent Examiner's Report 5. Statement of Financial Activities 6. Balance Sheet
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- Notes to the Financial Statements
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FLETCHER & PARTNERS
CHARTERED ACCOUNTANTS
SALISBURY
Page 1
THE HOWE GREEN TRUST
ADMINISTRATIVE INFORMATION
REGISTERED NUMBER
266953
TRUSTEES
Mr M R W Sharman Mr J A Trafford
CHARITY ADDRESS
5 Fleet Place London EC4M 7RD
INDEPENDENT EXAMINER
James Fletcher Fletcher & Partners Crown Chambers Bridge Street Salisbury Wiltshire SP1 2L
Page 2
THE HOWE GREEN TRUST TRUSTEES REPORT
FOR THE YEAR ENDED 5 APRIL 2025
The trustees present their annual report for the year ended 5 April 2025.
The accounts have been prepared to comply with the Charities Act 2011, 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 2015) and with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).
Objectives and Activities
The charity was established to apply income and capital for such charitable purposes as the trustees may determine. The charity carries out its objects by making grants to other charities when it has the funds to do so. The charity is currently in the process of realising its interest in its land holdings which it expects to generate cash for future grants.
Structure, governance and management
The charity was established by Mrs Ruth Whitney Ash under a Settlement Deed dated 19 September 1950. Further assets were transferred to the trust under a Deed of Assignment dated 6 March 1974 and a Deed of Conveyance dated 11 February 1988.
The Settlement Deed specifies that there shall be at least two and not more than four trustees. The trustees have the statutory power of appointment of new trustees. Under the Settlement Deed a trustee can be requested to retire by at least two of the other trustees in writing.
Achievements and Performance
During the year the charity received cash proceeds from the Phase 2 of the land sale. This enabled the trustees to make grants totalling £213,260, including £100,000 to the Elmgrant Trust and £81,300 to the Dartington Hall Trust.
Financial Review
As at 5 April 2025 the charity's net assets amounted to £8,893,222, of which £5,440,467 was held in its investment portfolio (including £4,417,987 in liquidity funds). The charity's income during the year was £106,905 and its expenditure was £295,871. There were net gains on land of £6,148,568. There were also net losses of £39,187 on the investment portfolio, reflecting the world economic situation at the date of the accounts.
Reserves policy
In the past the trustees' policy has been to use its available income to make grants while retaining sufficient cash to pay expenses. As cash continues to be received from land sales a proportion will be invested to enable to charity to make grants into the future.
Page 3
THE HOWE GREEN TRUST
TRUSTEES REPORT (continued)
FOR THE YEAR ENDED 5 APRIL 2025
Risk factors
The trustees have reviewed the risks to which charity is exposed and are satisfied that sufficient controls are in place which are reviewed at regular intervals.
Public benefit
The trustees confirm that they have regard to the Charity Commission's gudance on public benefit when considering the charity's objectives and its grant-making policy. In particular the activities of potential recipients are reviewed to ensure they also comply with this guidance.
Trustees' responsibilities
The trustees are responsible for preparing the trustees' report and the accounts in accordance with applicable law and regulations. The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable regulations). Under that law the trustees must not approve the accounts unless they are satisfied that they 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 year.
In preparing these accounts, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed; and
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records which are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charities (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.
Signed on behalf of the Trustees
................................................................. Trustee
Approved by the Trustees 3 February 2026
.................................................................
Date
Page 4
ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2025 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE HOWE GREEN TRUST
I report on the accounts of the Trust for the year ended 5 April 2025, which are set out on pages 5 to 9.
Respective responsibilities of the trustees and examiner
The charity's trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to:
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examine the accounts under section 145 of the 2011 Act;
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follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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state whether particular matters have come to my attention
Basis of Independent Examiner's Report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes 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 items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.
INDEPENDENT EXAMINER'S STATEMENT
In the course of my examination, no matter has come to my attention:
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(1) which gives me reasonable cause to believe that, in any material respect, the requirements:
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to keep accounting records in accordance with section 130 of the 2011 Act; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act;
have not been met:
or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
James Fletcher
Date 03/02/2026
J Fletcher, F.C.A. Fletcher and Partners Chartered Accountants Crown Chambers Bridge Street Salisbury Wiltshire SP1 2L
Page 5
THE HOWE GREEN TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2025
| Notes INCOME: Donation Investment income 2 Other income Total Income EXPENDITURE ON: Raising funds 3 Charitable activities 4 Total Expenditure NET INCOME/(EXPENDITURE) BEFORE INVESTMENT GAINS/LOSSES OTHER RECOGNISED GAINS AND LOSSES Realised gains/(losses) on land Realised gains/(losses) on investments Unrealised gains/(losses) on investments NET MOVEMENT IN FUNDS Total funds brought forward Total funds carried forward |
Unrestricted Income Fund - 106,905 - 106,905 - 66,811 66,811 40,094 - - - 40,094 38,512 78,606 |
Unrestricted Capital Fund - - - 38,060 191,000 229,060 (229,060) - 6,148,568 (2,600) (36,587) 5,880,321 2,934,295 8,814,616 |
Total 2025 - 106,905 - 106,905 38,060 257,811 295,871 (188,966) - 6,148,568 (2,600) (36,587) 5,920,415 2,972,807 8,893,222 |
Total 2024 - 60,114 - 60,114 53,814 148,618 202,432 (142,318) - (14,593) (4,479) 78,180 (83,210) 3,056,017 2,972,807 |
|---|---|---|---|---|
The notes on pages 7 to 9 form part of these accounts
Page 6
THE HOWE GREEN TRUST
BALANCE SHEET
AS AT 5 APRIL 2025
| Notes FIXED ASSETS Tangible assets 5 - Investments 6 5,440,467 5,440,467 CURRENT ASSETS Debtors 7 3,507,684 Cash at bank and in hand 469 3,508,153 LIABILITIES Creditors falling due within one year 8 55,398 NET CURRENT ASSETS 3,452,755 TOTAL NET ASSETS £8,893,222 Representing : THE FUNDS OF THE CHARITY Capital Fund 8,814,616 Unrestricted Fund 78,606 TOTAL CHARITY FUNDS £8,893,222 - Signed on behalf of the Trustees ......................................................... Trustee Approved by the Trustees ......................................................... Date 2025 3 February 2026 |
- 2,907,024 2,907,024 28,183 62,962 91,145 25,362 65,783 £2,972,807 2,934,295 38,512 £2,972,807 - ........ ........ 2024 |
- 2,907,024 2,907,024 28,183 62,962 91,145 25,362 65,783 £2,972,807 2,934,295 38,512 £2,972,807 - ........ ........ 2024 |
|---|---|---|
| 2,907,024 65,783 |
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| £2,972,807 | ||
| 2,934,295 38,512 |
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| £2,972,807 | ||
| - |
The notes on pages 7 to 9 form part of these accounts
Page 7
THE HOWE GREEN TRUST NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
1. ACCOUNTING POLICIES
a. Basis of accounting
The financial statements are prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard (FRS102) and the Charities Act 2011 and applicable regulations. These financial statements are drawn up on the historical cost accounting basis except that investment assets are carried at market value.
The financial statements are prepared in sterling, which is the functional currency of the charity. The charity meets the definition of a public benefit entity under FRS 102
The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern, based on a review of the balance sheet assets and liabilities, and future plans.
b. Income
Income is accounted for in the period in which the charity is entitled to the income, it is probable that the income will be received and the amount of income can be measured reliably. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
c. 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 settlement will be required and the amount of the obligation can be measured reliably. Expenditure is included on an accruals basis. Grants are included in the statement of financial activities when a legal or constructive obligation to pay them comes into existence.
Charitable expenditure includes all grants made to other charities and includes governance costs. Governance costs comprise the independent examiner's fee, secretarial fees, and postage & stationery.
d. Debtors
Debtors are measured at the amounts the charity anticipates it will receive from a debt or the amount it has paid in advance for goods or services.
e. Cash at bank and in hand
Cash at bank and in hand includes cash and cash on deposit, other short term liquid investments with original maturities of three month or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
f. Creditors
Creditors are measured at the amounts the charity anticipates it will pay to settle a debt or the amount it has received as an advance payment for goods or services it must provide.
g. Charitable Funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objects.
h. Financial Instruments
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. They are initially recognised at transaction value and subsequently measured at their settlement value.
| 2. INVESTMENT INCOME Investment income Licence fee receivable Interest on cash deposits 3. RAISING FUNDS Investment management fees Valuation and promotion fees Legal fees |
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Page 8
THE HOWE GREEN TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 5 APRIL 2025
| 3. CHARITABLE EXPENDITURE Grants to other charities Governance costs (Note 4) 4. GOVERNANCE Legal fees Accountancy fees Secretarial fees |
|
|---|---|
5. FIXED ASSETS
The charity owns a share in a number of parcels of land at Takeley in Essex. In previous periods the land was farmed and the charity received a licence fee related to the profit of the farm. For this reason the trustees do not consider that the land meets the definition of investment property and consequently it has not been revalued. It is therefore shown in the accounts at its historic cost of £nil.
6.
INVESTMENTS
| Main Execution Fund Fund Market value At 6 April 2024 1,087,637 1,819,387 Additions 269,402 2,542,791 Disposals (257,497) - Revaluation (62,108) 25,521 Cash movements (950) 16,284 At 5 April 2025 £1,036,484 £4,403,983 Cost At 5 April 2025 £1,019,797 £4,378,461 At 5 April 2024 £1,009,461 £1,819,387 The investment portfolio is made up as follows: UK fixed interest 95,130 Overseas fixed interest 29,165 UK equities 84,738 Overseas equities 675,954 Alternatives 105,083 Liquidity funds 30,288 4,387,699 Cash on deposit 16,126 16,284 £1,036,484 £4,403,983 The following investment made up more than 5% of the portfolio value JP Morgan Liquidity Fund £30,288 £4,387,699 |
Total 2,907,024 2,812,193 (257,497) (36,587) 15,334 |
|---|---|
| £5,440,467 | |
| £5,398,258 | |
| £2,828,848 | |
| 95,130 29,165 84,738 675,954 105,083 4,417,987 32,410 |
|
| £5,440,467 | |
| £4,417,987 |
Page 9
THE HOWE GREEN TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 5 APRIL 2025
7. DEBTORS
| Land sale proceeds Other debtors 8. CREDITORS: Amounts due within one year Expenses re land sale Other creditors Accruals |
2025 3,479,501 28,183 £3,507,684 2025 - 43,998 11,400 £55,398 |
2024 - 28,183 |
|
|---|---|---|---|
| £28,183 | |||
| 2024 - 18,762 6,600 |
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| £25,362 |
9. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Investments Net current assets |
Income Fund - 78,606 £78,606 |
Capital Fund 5,440,467 3,374,149 £8,814,616 |
Total 5,440,467 3,452,755 |
|---|---|---|---|
| £8,893,222 |
Both income and capital funds are unrestricted
10. RELATED PARTY TRANSACTIONS
Fees of £39,751 (2024: £44,893) were paid to Charles Russell Speechlys, a firm in which James Trafford was a partner until 30 April 2024, under authority of the trust deed. A grant of £100,000 (2024: £Nil) was given to the Elmgrant Trust, a charity of which Mark Sharman is also a trustee.
11. SUMMARY OF FUND MOVEMENTS
| 2024/25 Income Capital 2023/24 Income Capital |
Fund balances b/f Income Expenditure Transfers Gains and losses Fund balances c/f 38,512 106,905 (66,811) - - 78,606 2,934,295 - (229,060) - 6,109,381 8,814,616 |
|---|---|
| 2,972,807 106,905 (295,871) - 6,109,381 8,893,222 |
|
| 127,016 60,114 (148,618) - - 38,512 2,929,001 - (53,814) - 59,108 2,934,295 |
|
| 3,056,017 60,114 (202,432) - 59,108 2,972,807 |