THE HIGGS CHARITABLE TRUST
FINANCIAL STATEMENTS
FOR THE YEAR ENDED IITH DECEMBER 2024
## **THE HIGGS CHARITABLE TRUST**
## **INDEX TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 11TH DECEMBER 2024**
|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|
||Monahans|
||Lennox House|
||3 Pierrepont Street|
||Bath|
||BA1 1LB|
|Bankers|Lloyds Bank plc|
||47 Milsom Street|
||Bath|
||BA1 1DN|
1
## **THE HIGGS CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES**
## **FOR THE YEAR ENDED 11TH DECEMBER 2024**
The trustees present their report with the financial statements of the charity for the year ended 11 December 2024. 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 £41,075 in 2024 compared to £38,461 in 2023.
The Trust increased the value of distributions made in accordance with the discretion conferred on the Trustees by the governing Trust Deed from £35,700 in 2023 to £40,300 in 2024.
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.
2
## **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 :
3
## **THE HIGGS CHARITABLE TRUST**
## **REPORT OF THE INDEPENDENT EXAMINER**
## **FOR THE YEAR ENDED 11TH DECEMBER 2024**
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;
or
(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 Lennox House 3 Pierrepont Street Bath BA1 1LB
4
## **THE HIGGS CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 11TH DECEMBER 2024**
|**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|£
£
41,075
7,576
40,300
5,795
53,671
(12,596)
23,907
96,016
119,922
107,326
1,267,578
1,374,904
**2024**
Unrestricted|£
£
38,461
3,253
35,700
11,181
50,134
(11,673)
1,193
41,137
42,330
30,658
1,236,920
1,267,578
**2023**
Unrestricted|
|---|---|---|---|
||2
3
4
5
6
6|||
5
## **THE HIGGS CHARITABLE TRUST**
## **BALANCE SHEET**
## **AT 11TH DECEMBER 2024**
|**AT 11TH DECEMBER 2024**||||
|---|---|---|---|
|Current Assets
Investments
Debtors
Cash at bank
Creditors
: Amounts falling due
within one year
Net Assets
Funds
Unrestricted funds|Notes|£
£
1,370,867
964
6,119
1,377,950
2,375
1,375,575
1,375,575
1,375,575
**2024**|£
£
1,265,266
293
4,394
1,269,953
2,375
1,267,578
1,267,578
1,267,578
**2023**|
||6
7
8
9|||
Approved by the Board of Trustees on and signed on its behalf by
Date:
6
**THE HIGGS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 11TH DECEMBER 2024**
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
|3
4|Investments listed on a recognised stock exchange
Other
Costs of generating funds
Investment management fees
Grants payable
Grants|2024
£
41,075
-
41,075
2024
£
7,576
2024
£
40,300|2023
£
38,461
-
38,461
2023
£
3,523
2023
£
35,700|
|---|---|---|---|
7
**THE HIGGS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (Continued)**
## **FOR THE YEAR ENDED 11TH DECEMBER 2024**
|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|2024
£
4,745
1,050
-
5,795
2024
£
1,259,964
180,923
(200,627)
1,240,261
23,907
96,016
1,360,183
10,685
1,370,868|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|
|---|---|---|---|
|||||
The Trust held the following investments which represented more than 5% of the total value of investments as at the year end date.
|7|Findlay Park Funds Plc American USD Dis
Debtors
Other debtors|2024
£
100,250
2024
£
964|2023
£
83,369
2023
£
293|
|---|---|---|---|
8
**THE HIGGS CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS (Continued)**
## **FOR THE YEAR ENDED 11TH DECEMBER 2024**
|8
9
10|Creditors : Amounts falling due within one year
Other creditors
Unrestricted funds
Balance brought forward
Surplus for the year
Balance carried forward
Grants payable
All the grants payable in the year were to institutions.|2024
£
2,375
2,375
2024
£
1,267,578
107,997
1,375,575|2023
£
2,375
2,375
2023
£
1,236,920
30,658
1,267,578|
|---|---|---|---|
|Material grants made during the year were as follows:
ADSHG - Addisons Charity
Chemins D'Auxios
PCC All Sainst Church
Parkinsons UK
The Stroke Association
Breast Cancer UK
Asthma UK
TWJ Foundation
Alzheimers UK|£
7,000
600
200
1,500
1,500
1,500
1,500
25,000
1,500
40,300|
|---|---|
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 £4745 (2023: £10,161) were acquired from the firm. These transactions were charged at normal professional rates.
9