Docusign Envelope ID: BF126C46-FB24-498E-B9AA-13170B40CF9F
CHARITY REGISTRATION NUMBER: 272684
THE HIGHCROFT CHARITABLE TRUST UNAUDITED FINANCIAL STATEMENTS
30 JUNE 2024
COHEN ARNOLD
Chartered accountants New Burlington House 1075 Finchley Road London NW11 0PU
Docusign Envelope ID: BF126C46-FB24-498E-B9AA-13170B40CF9F
THE HIGHCROFT CHARITABLE TRUST
FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2024
| PAGE | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 4 |
| Statement of financial activities | 5 |
| Statement of financial position | 6 |
| Notes to the financial statements | 7 |
Docusign Envelope ID: BF126C46-FB24-498E-B9AA-13170B40CF9F
THE HIGHCROFT CHARITABLE TRUST
TRUSTEES' ANNUAL REPORT
YEAR ENDED 30 JUNE 2024
The trustees present their report and the unaudited financial statements of the charity for the year ended 30 June 2024.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name The Highcroft Charitable Trust Charity registration number 272684 Principal office 13 Basing Hill London NW11 8TE
THE TRUSTEES
Mr R Fischer Mrs B Reicher Mr AM Eisner
INDEPENDENT EXAMINER Joshua Neumann, FCA
STRUCTURE, GOVERNANCE AND MANAGEMENT
The day to day affairs of the charity are administered by the Trustees.
It is not currently the intention of the Trustees of the charity to appoint new Trustees. Should the situation change in the future, the Trustees will apply suitable recruitment and training procedures.
The charity was established by a Deed of Trust dated 29 December 1975 which is its governing document.
The Trustees give their time voluntarily and no benefits or expenses were paid to them during the year.
The charity's wholly own subsidiary undertaking, Tripomen Limited, is engaged in investment activity and the trustees consider the latest results for the year ended 30 November 2023 to be satisfactory.
Risk Management
The charity has assessed the major risks to which it is exposed, in particular those to the operations and finances of the Charity, and is satisfied that systems are in place to manage its exposure to those risks.
Related Party Transactions
During the year the charity received £55,000 (2023: £20,000) from Tripomen Limited, a Company of which one of the Trustees of the Charity is a Director and which is owned by the Charity.
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Docusign Envelope ID: BF126C46-FB24-498E-B9AA-13170B40CF9F
THE HIGHCROFT CHARITABLE TRUST
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 30 JUNE 2024
OBJECTIVES AND ACTIVITIES
The charity is established to further those purposes both in the United Kingdom and abroad recognised as charitable by English Law and in furtherance of the aforementioned objects, especially those in the field of education and relief of poverty.
The charity is also supportive of organisations which are solely committed to the relief of poverty. Such organisations assist needy Jewish families through both financial and non financial grants and distributions.
The charity receives income from cash deposits, charitable receipts under Gift Aid and investment income which it utilises in the provision and distribution of grants and donations for charitable purposes and no change in this activity is envisaged in the immediate future.
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charitable Trust's aims and objectives and in planning future activities and setting the grant making policy for the year.
Grant Making Policy
Grants are made to charitable institutions and organisations in accordance with the objects of the Charity.
ACHIEVEMENTS AND PERFORMANCE
The charity continued its philanthropic activities in support of Educational and other Charitable Institutions and, aggregate donations were paid in the year to 30 June 2024 of £51,708 (2023: £253,933).
The financial results of the charity's activities for the year ended 30 June 2024 are fully reflected in the attached Financial Statements together with the Notes thereon.
FINANCIAL REVIEW
Reserves Policy
The Charitable Trust has necessarily to maintain Reserves in order to ensure that it is in a position to continue its grant-making activities at a level consistent with those which have been maintained in recent years and to cover contingencies of additional calls being made upon the charity for support of organisations or institutions in times of need. The Reserves, which are represented by (part of) the liquid funds held by the Trust, are considered to be adequate and will be reviewed periodically by the Trustees of the charity.
PLANS FOR FUTURE PERIODS
The Trustees plan to continue to make distributions in accordance with their grant making policy and to ensure that the ability to generate sufficient income is maintained to achieve that end.
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Docusign Envelope ID: BF126C46-FB24-498E-B9AA-13170B40CF9F
THE HIGHCROFT CHARITABLE TRUST
TRUSTEES' ANNUAL REPORT (continued)
YEAR ENDED 30 JUNE 2024
27/3/2025 The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:
Mr AM Eisner Trustee
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Docusign Envelope ID: BF126C46-FB24-498E-B9AA-13170B40CF9F
THE HIGHCROFT CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE HIGHCROFT CHARITABLE TRUST
YEAR ENDED 30 JUNE 2024
I report to the trustees on my examination of the financial statements of The Highcroft Charitable Trust ('the charity') for the year ended 30 June 2024.
RESPONSIBILITIES AND BASIS OF REPORT
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 of the Charities Act 2011 ("the Charities Act") and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts under section 145 of the Charities Act,
-
to follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act,and
-
to state whether particular matters have come to my attention.
BASIS OF INDEPENDENT EXAMINER'S STATEMENT
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 next statement.
INDEPENDENT EXAMINER'S STATEMENT
In connection with my examination, no matter has come to my attention 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 requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I 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.
Joshua Neumann, FCA Independent Examiner
COHEN ARNOLD New Burlington House 1075 Finchley Road LONDON NW11 0PU
26/3/2025
…………………………
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Docusign Envelope ID: BF126C46-FB24-498E-B9AA-13170B40CF9F
THE HIGHCROFT CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 30 JUNE 2024
| 2024 | 2024 | 2023 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 57,000 | 57,000 | 27,501 |
| Investment income | 5 | 30 | 30 | 316 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ||
| Total income | 57,030 | 57,030 | 27,817 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ||
| Expenditure | ||||
| Expenditure on charitable activities | 6,7 | (53,628) | (53,628) | (255,733) |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | ||
| Total expenditure | (53,628) | (53,628) | (255,733) | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ||
| Net loss on investments | 10 | (20,434) | (20,434) | (132,101) |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | ||
| Net expenditure and net movement in funds | (17,032) | (17,032) | (360,017) | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 907,205 | 907,205 | 1,267,222 | |
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ||
| Total funds carried forward | 890,173 ৶৶৶৶৶৶৶৶৶৶ |
890,173 ৶৶৶৶৶৶৶৶৶৶ |
907,205 ৶৶৶৶৶৶৶৶৶৶৶৶৶ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 7 to 14 form part of these financial statements.
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Docusign Envelope ID: BF126C46-FB24-498E-B9AA-13170B40CF9F
THE HIGHCROFT CHARITABLE TRUST STATEMENT OF FINANCIAL POSITION
30 JUNE 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Investments | 14 | 712,614 | 733,048 | ||
| CURRENT ASSETS | |||||
| Debtors | 16 | 175,000 | 177,500 | ||
| Cash at bank and in hand | 4,359 | 257 | |||
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | ||||
| 179,359 | 177,757 | ||||
| CREDITORS: amounts falling due | |||||
| within one year | 17 | (1,800) | (3,600) | ||
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | ||||
| NET CURRENT ASSETS | 177,559 | 174,157 | |||
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | ||||
| TOTAL ASSETS LESS CURRENT | |||||
| LIABILITIES | 890,173 | 907,205 | |||
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | ||||
| NET ASSETS | 890,173 | 907,205 | |||
| ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ||||
| FUNDS OF THE CHARITY | |||||
| Unrestricted funds | 890,173 | 907,205 | |||
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | ||||
| Total charity funds | 18 | 890,173 ৶৶৶৶৶৶৶৶৶৶ |
907,205 ৶৶৶৶৶৶৶৶৶৶ |
These financial statements were approved by the board of trustees and authorised for issue on 27/3/2025 ........................, and are signed on behalf of the board by:
Mr AM Eisner Trustee
The notes on pages 7 to 14 form part of these financial statements.
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Docusign Envelope ID: BF126C46-FB24-498E-B9AA-13170B40CF9F
THE HIGHCROFT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2024
1. GENERAL INFORMATION
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 15 Highcroft Gardens, London, NW11 0LY.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
The charity meets the definition of a public benefit entity under FRS 102.
Going concern
The financial statements have been prepared in accordance with the accounting principles appropriate to a going concern, as the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due, based on the net current asset position of the charity and available sources of finance.
The charity's main activity is grant making. The charity has modest overheads and the trustees have the ability to exercise control over the charity's grant making charitable activities and to call on support from benefactors, such that the trustees believe the charity will continue as a going concern.
Consolidation
The charity is not required to prepare consolidated accounts in accordance with the Charities Act 2011.
Judgements and key sources of estimation uncertainty
There are no judgements made by the trustees in the application of these accounting policies that have significant effect on the financial statements nor any estimates with a significant risk of material adjustment in the next year.
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Docusign Envelope ID: BF126C46-FB24-498E-B9AA-13170B40CF9F
THE HIGHCROFT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 30 JUNE 2024
3. ACCOUNTING POLICIES (continued)
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
Incoming Resources represent income from listed investments and deposited funds, receipts under Gift Aid and other grants and donations received by the Trust.
Income is recognised when there is sufficient certainty of receipt and the amounts can be measured reliably.
Resources expended
Charitable donations are recognised in the accounts when paid.
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
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Docusign Envelope ID: BF126C46-FB24-498E-B9AA-13170B40CF9F
THE HIGHCROFT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 30 JUNE 2024
3. ACCOUNTING POLICIES (continued)
Financial instruments (continued)
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. DONATIONS AND LEGACIES
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| DONATIONS | ||||
| Tripomen Limited | 55,000 | 55,000 | 20,000 | 20,000 |
| Other donations | 2,000 | 2,000 | 7,501 | 7,501 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | |
| 57,000 | 57,000 | 27,501 | 27,501 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | |
| INVESTMENT INCOME | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Bank interest receivable | 1 | 1 | 316 | 316 |
| Other interest receivable | 29 | 29 | – | – |
| ৄৄৄৄ | ৄৄৄৄ | ৄৄৄৄ | ৄৄৄৄ | |
| 30 | 30 | 316 | 316 | |
| ৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶ | ৶৶৶৶ | |
| EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Donations paid | 51,708 | 51,708 | 253,933 | 253,933 |
| Support costs | 1,920 | 1,920 | 1,800 | 1,800 |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | |
| 53,628 | 53,628 | 255,733 | 255,733 | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | |
| EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE | ||||
| Grant funding | Total funds | Total fund | ||
| of activities | Support costs | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Donations paid | 51,708 | 1,920 | 53,628 | 255,733 |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ |
5. INVESTMENT INCOME
6. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE
7. EXPENDITURE ON CHARITABLE ACTIVITIES BY ACTIVITY TYPE
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Docusign Envelope ID: BF126C46-FB24-498E-B9AA-13170B40CF9F
THE HIGHCROFT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 30 JUNE 2024
8. ANALYSIS OF SUPPORT COSTS
| 8. | ANALYSIS OF SUPPORT COSTS | |||
|---|---|---|---|---|
| Governance | ||||
| costs | Total 2024 | Total 2023 | ||
| £ | £ | £ | ||
| Governance costs | 1,920 | 1,920 | 1,800 | |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ | ||
| 9. | ANALYSIS OF GRANTS | |||
| £ | ||||
| Chasdei Aharon Limited | 7,500 | |||
| Viznitz Institutions Trust | 7,500 | |||
| Academy For Talmudical Research | 5,000 | |||
| Mesifta Talmudical College | 5,000 | |||
| Kollel Rabinow (Divre Shir) Foundation | 5,000 | |||
| The I Kaufman Charitable Trust | 4,000 | |||
| Amud Hatzdokoh Trust | 3,000 | |||
| Hachzokas Torah Vechesed Charity | 2,700 | |||
| Jewish Teachers Training College | 2,224 | |||
| Brongate Limited | 2,200 | |||
| Ponevez Institutions Bnei-Braq Israel | 2,000 | |||
| British Friends Of Kupat Ha'ir | 1,787 | |||
| The Prestwich Foundation | 1,500 | |||
| Teshuvoh Tefilloh Tzedokoh | 1,200 | |||
| Donations below £1,000 | 1,097 | |||
| ৄৄৄৄৄৄৄৄৄ | ||||
| Total | 51,708 | |||
| ৶৶৶৶৶৶৶৶৶ |
All grants are for charitable purposes relating to the relief of poverty or the advancement of Jewish education.
10. NET LOSS ON INVESTMENTS
| NET LOSS ON INVESTMENTS | ||||
|---|---|---|---|---|
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Revaluation gains on listed | ||||
| investments | 1,566 | 1,566 | 1,899 | 1,899 |
| Revaluation deficit on shares in group | ||||
| undertakings | (22,000) | (22,000) | (134,000) | (134,000) |
| ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | |
| (20,434) | (20,434) | (132,101) | (132,101) | |
| ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | |
| INDEPENDENT EXAMINATION FEES | ||||
| 2024 | 2023 | |||
| £ | £ | |||
| Fees payable to the independent examiner for: | ||||
| Independent examination of the financial statements | 1,800 | 1,800 | ||
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶ |
11. INDEPENDENT EXAMINATION FEES
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Docusign Envelope ID: BF126C46-FB24-498E-B9AA-13170B40CF9F
THE HIGHCROFT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 30 JUNE 2024
12. STAFF COSTS
The average head count of employees, including trustees, during the year was 3 (2023: 3).
No salaries or wages have been paid to employees during the year.
13. TRUSTEE REMUNERATION AND EXPENSES
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
14. INVESTMENTS
| INVESTMENTS | |||
|---|---|---|---|
| Shares in | |||
| Listed | group | ||
| investments | undertakings | Total | |
| £ | £ | £ | |
| Cost or valuation | |||
| At 1 July 2023 | 7,048 | 726,000 | 733,048 |
| Additions | – | – | – |
| Fair value movements | 1,566 | (22,000) | (20,434) |
| ৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | |
| At 30 June 2024 | 8,614 | 704,000 | 712,614 |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | |
| Impairment | |||
| At 1 July 2023 and 30 June 2024 | – | – | |
| ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ||
| Carrying amount | |||
| At 30 June 2024 | 8,614 | 704,000 | 712,614 |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | |
| At 30 June 2023 | 7,048 | 726,000 | 733,048 |
| ৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ |
All investments shown above are held at valuation.
Financial assets held at fair value
The fair value at 30 June 2024 of investment in the subsidiary undertaking is based on the underlying value of assets less liabilities of the subsidiary undertaking. The valuation of the subsidiary has been made based upon the latest Financial Statements of Tripomen Ltd for the year ended 30 November 2023.
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Docusign Envelope ID: BF126C46-FB24-498E-B9AA-13170B40CF9F
THE HIGHCROFT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 30 JUNE 2024
15. INVESTMENT ENTITIES
| Country of | Percentage of | |||
|---|---|---|---|---|
| Company No. | incorporation | Class of share | shares held | |
| Subsidiary undertaking | ||||
| Tripomen Limited | 01155022 | England | Ordinary | 100 |
The registered address of the subsidiary undertaking is New Burlington House, 1075 Finchley Road, London, NW11 0PU.
The aggregate assets, liabilities, capital and reserves for the subsidiary as at 30 November 2023 were as follows:
| £ | |
|---|---|
| Fixed Assets | 868,000 |
| Current Assets | 35,671 |
| Current Liabilities | (6,125) |
| ৄৄৄৄৄৄৄৄৄৄ | |
| Net Current Assets | 29,564 |
| Provisions | (194,000) |
| ৄৄৄৄৄৄৄৄৄৄ | |
| Net Assets | 703,546 |
| ৶৶৶৶৶৶৶৶৶৶ | |
| ৄৄৄৄৄৄৄৄৄৄ | |
| Capital and reserves | 703,546 ৶৶৶৶৶৶৶৶৶৶ |
A summary of turnover, expenditure and profit/(loss) for the year ended 30 November 2023 is as follows:
| follows: | |
|---|---|
| £ | |
| Turnover | 54,555 |
| Cost of Sales | (17,950) |
| ৄৄৄৄৄৄৄৄৄৄ | |
| Gross Profit | 36,605 |
| Administrative expenses | (4,372) |
| Net valuation deficit on investment | |
| property | (9,000) |
| Profit on disposal of investment | |
| property | 17,179 |
| Interest receivable and other similar | |
| income | 165 |
| Tax on profit | 2,000 |
| ৄৄৄৄৄৄৄৄৄৄ | |
| Profit for the financial year | 42,577 ৶৶৶৶৶৶৶৶৶৶ |
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Docusign Envelope ID: BF126C46-FB24-498E-B9AA-13170B40CF9F
THE HIGHCROFT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 30 JUNE 2024
16. DEBTORS
2024 2023 £ £ Tax recoverable – 2,500 Charitable Loan 175,000 175,000 ৄৄৄৄৄৄৄৄৄৄ ৄৄৄৄৄৄৄৄৄৄ 175,000 177,500 ৶৶৶৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶৶৶৶ 17. CREDITORS: amounts falling due within one year 2024 2023 £ £ Accruals and deferred income 3,600
2024 2023 £ £ 1,800 3,600 ৶৶৶৶৶৶৶ ৶৶৶৶৶৶৶
18. ANALYSIS OF CHARITABLE FUNDS Unrestricted funds
| At | Gains and | At | ||||
|---|---|---|---|---|---|---|
| 1 July 2023 | Income | Expenditure | losses | 30 June 2024 | ||
| £ | £ | £ | £ | £ | ||
| General funds | 907,155 | 57,030 | (53,628) | (20,434) | 890,123 | |
| Trust Capital | 50 | – | – | – | 50 | |
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | ||
| 907,205 | 57,030 | (53,628) | (20,434) | 890,173 | ||
| ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ||
| At | Gains and | At | ||||
| 1 July 2022 | Income | Expenditure | losses | 30 June 2023 | ||
| £ | £ | £ | £ | £ | ||
| General funds | 1,267,172 | 27,817 | (255,733) | (132,101) | 907,155 | |
| Trust Capital | 50 | – | – | – | 50 | |
| ৄৄৄৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | ||
| 1,267,222 | 27,817 | (255,733) | (132,101) | 907,205 | ||
| ৶৶৶৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ |
19. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2024 | |
| £ | £ | |
| Investments | 712,614 | 712,614 |
| Current assets | 179,359 | 179,359 |
| Creditors less than 1 year | (1,800) | (1,800) |
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | |
| Net assets | 890,173 | 890,173 |
| ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | |
| Unrestricted | Total Funds | |
| Funds | 2023 | |
| £ | £ | |
| Investments | 733,048 | 733,048 |
| Current assets | 177,757 | 177,757 |
| Creditors less than 1 year | (3,600) | (3,600) |
| ৄৄৄৄৄৄৄৄৄৄ | ৄৄৄৄৄৄৄৄৄৄ | |
| Net assets | 907,205 | 907,205 |
| ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ |
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Docusign Envelope ID: BF126C46-FB24-498E-B9AA-13170B40CF9F
THE HIGHCROFT CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 30 JUNE 2024
20. FINANCIAL INSTRUMENTS
The carrying amount for each category of financial instrument is as follows:
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Financial assets measured at fair value through income and expenditure | ||
| Financial assets measured at fair value through income and | ||
| expenditure | 712,614 | 733,048 |
| ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | |
| Financial assets that are debt instruments measured at amortised | cost | |
| Financial assets that are debt instruments measured at amortised | ||
| cost | 179,359 | 177,757 |
| ৶৶৶৶৶৶৶৶৶৶ | ৶৶৶৶৶৶৶৶৶৶ | |
| Financial liabilities measured at amortised cost | ||
| Financial liabilities measured at amortised cost | 1,800 ৶৶৶৶৶৶৶ |
3,600 ৶৶৶৶৶৶৶ |
21. RELATED PARTIES
During the year the Trust received £55,000 (2023: £20,000) from Tripomen Limited, a company of which one of the trustees of the charity is a director and which is owned by the charity.
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