## **THE HOWE GREEN TRUST**
## **FINANCIAL STATEMENTS**
## **5 APRIL 2025**
## **Contents**
Page
1. Administrative Information
2. - 3. Trustees' report 4. Independent Examiner's Report 5. Statement of Financial Activities 6. Balance Sheet
7. - 9. Notes to the Financial Statements
## **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:
- select suitable accounting policies and then 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; and
- 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:
- examine the accounts under section 145 of the 2011 Act;
- follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
- 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:
- (1) which gives me reasonable cause to believe that, in any material respect, the requirements:
- to keep accounting records in accordance with section 130 of the 2011 Act; and
- 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|
|||£2,972,807|
|||2,934,295
38,512|
|||£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||
|---|---|
|||
|||
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|
||||£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|