2023-12-11-accounts - Higgs Charitable Trust

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THE HIGGS CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED IITH DECEMBER 2023

THE HIGGS CHARITABLE TRUST

INDEX TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 11TH DECEMBER 2023

Page
1	Legal and administrative details
2 - 3	Report of the Trustees
4	Report of the Indepenent Examiner
5	Statement of financial activities
6	Balance sheet
7 - 9	Notes to the financial statements

THE HIGGS CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE DETAILS

AT 11TH DECEMBER 2023

Trustees	Rebecca Eleanor Beresford
	Patrick Humphris
	William Nathaniel Higgs
Registered Office	24 Queen Square
	Bath
	BA1 2HY
	267036
Solicitors	Mogers Drewett LLP
	St James House, The Square
	Bath
	BA2 3BH
Investment Advisors	Quilter Chevoit
	One Kingsway
	London
	WC2B 6AN
Independent Examiner	Robert Branch
	Moore
	30 Gay Street
	Bath
	BA1 2PA
Bankers	Lloyds Bank plc
	47 Milsom Street
	Bath
	BA1 1DN

THE HIGGS CHARITABLE TRUST

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 11TH DECEMBER 2023

The trustees present their report with the financial statements of the charity for the year ended 11 December 2023. The trustees have adopted the provisions of 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).

Constitution and objects

The Higgs Charitable Trust is constituted under a trust deed and is a registered charity no. 267036.

The objects of the charity are to pay or apply the income from the Trust Fund and also so much of the capital of the Trust Fund as the Trustees may from time to time determine to such charities or for such manner purposes and in such proportions and in such manner and subject to such terms and conditions as the Trustees may at their uncontrolled discretion determine having regard to any wishes expressed by the Settlor to the Trustees.

Trustees

The trustees who acted during the financial year were as follows:

Rebecca Eleanor Beresford

Patrick Humphris William Nathaniel Higgs

Trustees are appointed by the Trustees in accordance with the Trustees Act 1925.

Review of the year

The investment income of the Trust increased in the period, being £38,461 in 2023 compared to £38,262 in 2022.

The Trust decreased the value of distributions made in accordance with the discretion conferred on the Trustees by the governing Trust Deed from £70,700 in 2022 to £35,700 in 2023.

The Trustees envisage the continuation of the Trust along the present lines for the foreseable future.

Investment powers

Any trust monies from time to time in the hands of the Trustees which are not subject to express directions as to investment, may in their discretion be invested in the purchase of or at interest upon the security of such stocks, funds, shares, securities or other investments or property of whatsoever nature and whatsoever as the Trustees shall in their absolute discretion think fit.

Any investments held have been acquired in accordance with the powers given to the Trustees in the governing trust deed.

Reserves policy

It is the policy of the Trustees to not hold reserves other than to meet immediate project needs.

Cash capital reserves not exceeding £1,000 are deposited with the Trustees Bankers and income distributed on an annual basis.

THE HIGGS CHARITABLE TRUST

REPORT OF THE TRUSTEES (Continued)

FOR THE YEAR ENDED 11TH DECEMBER 2023

Risk assessment

The major risks to which the Charity is exposed as identified by the Trustees have been reviewed and systems have been established to mitigate those risks.

The risk of potential fraud identified by the Trustees has been addressed as follows:

(a) any payments from the Trust authorised by the Administrator require the consent and signatures of all three Trustees and such authorisation is in accordance with the mandate in place with the Trustees Bankers Lloyds Bank plc.
(b) Investment recommendations made by the Trustees Brokers, Quilter, are authorised by any two Trustees and any settlement proceeds are paid in favour of the Trustees only and no other payee.

Trustees responsibilities

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 charity's financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the Trustees should follow best practice and :

select suitable accounting policies and then apply them consistently;
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.
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ascertain the financial position of the charity and which enable them to ensure that the financial statements comply with applicable regulations. 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.

The financial statements have been prepared in accordance with the Charities Act 2011 taking advantage of the exemptions available to small charities.

Approved by the Trustees and signed on their behalf

R E Beresford

Trustee Date :

THE HIGGS CHARITABLE TRUST

REPORT OF THE INDEPENDENT EXAMINER

FOR THE YEAR ENDED 11TH DECEMBER 2023

I report on the financial statements of the Trust for the year ended 11th December 2023 which are set out on pages 2 to 9 appended to this report

Respective responsibilities of Trustees and examiners

The charity's trustees are responsible for the preparation of the accounts.

The charity's trustees consider that an audit is not required for 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;

to follow the procedures laid down in the General Directions given by the Charity Commssion under section 145(5)(b) of the 2011 Act;and

to state whether particular matters have come to my attention..

Basis of independent examiners' statement

My examination was carried out in accordance with 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 examiners' statement

In connection with 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;

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Signed :

Robert Branch FCA, MAAT 30 Gay Street Bath BA1 2PA

THE HIGGS CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 11TH DECEMBER 2023

Incoming Resources Investment income Resources Expended Costs of generating funds Charitable expenditure Grants payable Governance costs Total Resources Expended Net Incoming/(Outgoing) Resources Gains/(Losses) on investment assets: Realised Unrealised Net Movement in Funds Fund balances brought forward Fund balances carried forward	Notes	£ £ £ £ 38,461 38,262 3,253 6,956 35,700 70,700 11,181 6,668 50,134 84,324 (11,673) (46,062) 1,193 670 41,137 (158,639) 42,330 (157,969) 30,658 (204,031) 1,236,920 1,440,951 1,267,578 1,236,920 2022 Unrestricted 2023 Unrestricted
	2 3 4 5 6 6

THE HIGGS CHARITABLE TRUST

BALANCE SHEET

AT 11TH DECEMBER 2023

AT 11TH DECEMBER 2023
Current Assets Investments Debtors Cash at bank Creditors : Amounts falling due within one year Net Assets Funds Unrestricted funds	Notes	£ £ £ £ 1,265,266 1,229,669 293 899 4,394 10,878 1,269,953 1,241,445 2,375 4,525 1,267,578 1,236,920 1,267,578 1,236,920 1,267,578 1,236,920 2023 2022
	6 7 8 9
			1,236,920
			1,236,920

Approved by the Board of Trustees on and signed on its behalf by

Date:

THE HIGGS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 11TH DECEMBER 2023

1 Accounting policies (a) Basis of accounting

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
(b) Investment assets and the income arising Investment assets are stated at market value in the financial statements. Investment income is treated as income when received.
(c) Realised and unrealised gains and losses on investment assets Realised gains and losses are calculated by reference to the disposal proceeds less any disposal costs compared with the original cost. Unrealised gains and losses are calculated by comparing the market value at the beginning of the year with that at the end of the year for assets held at both dates and by comparing the cost with the market value at the end of the year for assets acquired during the year and held at the year end.

(d) Grants payable

Grants payable are recognised in the financial statements when the grant has been approved for payment by the Trustees.

2 Investment income

2	Investment income
3 4	Investments listed on a recognised stock exchange Other Costs of generating funds Investment management fees Grants payable Grants	2023 £ 38,461 - 38,461 2023 £ 3,523 2023 £ 35,700	2022 £ 38,262 - 38,262
			2022 £ 6,956
			2022 £ 70,700

THE HIGGS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 11TH DECEMBER 2023

5 6	Support Costs Solicitors fees and expenses Independent Examiners fees and accountancy Trustees travel expenses Investments Listed UK Investments Balance brought forward Additions Disposals Realised gain/(loss) on sale of investments Unrealised gain/(loss) on investments Balance carried forward Cash held for reinvestment Total	2023 £ 10,161 1,020 - 11,181 2023 £ 1,208,375 65,152 (55,897) 1,217,631 1,193 41,137 1,259,961 5,305 1,265,266	2022 £ 5,421 1,020 227 6,668
			2022 £ 1,391,736 36,983 (62,374)

			1,366,344 670 (158,639)
			1,208,375
			21,294
			1,229,669

The Trust held the following investments which represented more than 5% of the total value of investments as at the year end date.

	2023	2022
	£	£
Findlay Park Funds Plc American USD Dis	83,369	72,170
JPMorgan Asset Management UK Ltd Emerging Markets C Net Acc	-	62,447

7	Debtors 2023 2022 £ £ Other debtors 293 899

THE HIGGS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (Continued)

FOR THE YEAR ENDED 11TH DECEMBER 2023

8 9	Creditors : Amounts falling due within one year Other creditors Unrestricted funds Balance brought forward Surplus for the year Balance carried forward	2023 £ 2,375 2,375 2023 £ 1,236,920 30,658 1,267,578	2022 £ 4,525
			4,525
			2022 £ 1,440,951 (204,032)
			1,236,920

10 Grants payable

All the grants payable in the year were to institutions.

Material grants made during the year were as follows: ADSHG - Addisons Charity Chemins D'Auxios DEC Appeal - Turkey PCC All Sainst Church Parkinsons UK The Stroke Association Breast Cancer UK Asthma UK TWJ Foundation WarChild Alzheimers UK	£ 7,000 500 1,000 200 1,000 1,000 1,000 1,000 20,000 2,000 1,000
	35,700

11 Transactions with Trustees

During the year the Trust entered into transactions with Mogers, Solicitors, of which R E Beresford is a partner. During the year services to the value of £10,161 (2022: £4,882) were acquired from the firm. These transactions were charged at normal professional rates.