REGISTERED CHARITY NUMBER: 277719 W.B.HARRIS WILL TRUST Tongswood Estates Limited REPORT & ACCOUNTS For tbe yeAr ended 31° December 2023 A5hfords LLP l New Fetter Lane London EC4A IAN REF.. JA T1269687-50558 020 7544 2429
W B HARRIS WILL TRUST ST INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 CONTENTS e Number Trustees, Re ort Auditors Re ort Statement of Financial Activities Balance Sheet Debtors, Cash Balance8, Creditors & Deposit Interest Schedule of Investments Investment Income Investment Transaction$ Accountin Policies Other Notes to the Accounts io 12-13 14 15-16 17 18-20 21-22
W B HARRIS WILL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Trust was Created by the Will of W.B. Harris who died on 5 August 1957. This is the governing document. The Trust is registered with the Charity Commissioners under Charity Number 277719. Recruitment and appointment of new trustees With the consent of the Charity Commission a Company limited by guarantee, Tongswood Estates Limited has been given authorisalion lo be the Trustee of the Charity. In 2005 the Trus(ees of the Charity. became Directors of the Company and any new appointees are no longer Trustees of the Charity but become Directors of the Company. Directors of Tongswood Eslates Limited, with the relevant professional skills and an emphasis on forn)er pupils of St Ronans. are recruited by the directors themselves. Trustees are appointed by deed in accordance with the Trustee Act. Induction and training of new trustees All new Trustees are given, in the view of the board, sufficient inforniation about the Will Trust and Company to understand the nature of the charity and fijlly comply with the charities ¢ent views of its progression. Org*nis#tional strueture The Trustee Company must. as per the governing document, have at least 3 directors, serving at any one time. The entire board meets on an annual basis, with less fornial meetings of the directors as and when required. Ashfords LLP manages the day-to-day administralion of the chIly. Ashfords LLP has no signing powers over the Charity's assets. All decisions and any paymenls made by the Charity have to be auihorised by Ihe directors of Tongswood Estates Limited. Wider network At present the WB Ha1$ Will Trust does not consider itself part of a wider network. Related parties The Trusi has no Commercial dealings with the directors of Tongswood Estates LiTnited or with any other parttes who would be considered to be related parties of the Directors of Tongswo(Kl Estates Lirnited. The administration of the Trust is carried out by Ashfords LLP solicitors who have charged the trust £21,560 for legal and adJninistrative services. All costs have been auihorised by th¢ Trustees and have been charged on an ann's length basis. Page I
WB HARRIS WILL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Related parties (continued) The St Ronans Appeal Fund (Registered Charity Number.. 1131138) was set up to raise funds for the facilities at the School is operated by Tongswood Eslates Limited. During the year, this charity has made donations of £Nil (2022.. NIL) to the WB Harris Will Trust. There are no other related parties. Rlsk management The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Trustees have examined the major strategic busine55 and operational risks that the Charity faces, and confirm that systems have been established to enable the directors to be provided with infonnation so that the necessary steps can be taken to lessen these risks. OBJECTIVES AND ACTTVITIES Objectives and aims The income of the Twst may be used at the discretion of the Trustees for some or all of the following purposes.. l. To provide Harris Bursaries to assist old boys of St Ronan's School in paying school fees for Iheir sons at St Ronan's or at any recognised university. 2. To pay the cost of building. repairing or renewing a School Chapel for St Ronan's School. 3. To provide for the advancement of education in such manner as the Trustees ihink fit. The Capital of the Trust will be retsined by the Trustees as long as St Ronan's School continues in the same manner and for the same purposes as at the date of death of W B Harris. Thereafter, one half of the capital will pass to the two named individuals or their personal representaiives. The remaining half will pass to such eharity or charities &$ the Trustees in their absolute discretion shall decide. It should be noted that the Trust is not wholly charitable and the Trustees owe duties to non-charity benefi¢iaries. Slgnificant activities The Trust holds a portfolio in investments which generates income which can be used as unrestricted nds to make grants to the school. Page 2
WB HARRIS WILL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 Significant activities (continued) The Trust receives rents from the School for the use of the Main School, Grounds & Playing Fields and Sports Hall. These rents are being applied to service the loans taken out io fund these developments. The servicing of ihe loans means that there is limited capability for the Trust to make any grants to the school. Grantmaking Under the iern)s of the Trust Deed, the Trust has made donations of £Nil (2022.. £Nil) from ils unrestricted income to the School Library Fund as part of its objectives to assist the school with educational programmes. Social or programme related investments The Charity has no social or programme related investments. Volunteers The Charity has no volunteer workforce. The dtrectors of the Twstee company provide their services free of charge. ACHIEVEMENT AND PERFORMANCE Investment and charitable activities As noted above, the Trust has made no distributions to the school during this year. The Main School Building, Grounds & Playing Fields were rented out to the school for £1 00,000 per annum under a 15 year lease running to 2021. This lease expired during 2021 and the rent ceased. The Sports Hall is charged al an annual rent of £72,300 under a 15 year lease which expires in 2025. These rents have been used lo service loans for the Sports Hall and the Pre-Prep School. The loan for the Pre-Prep School was paid off in 2021. The fixed interest commercial loan for the Sports Hall development stands al £148,251 (2022.. £205,221} with capital repayments which commeneed in March 2011 running until 2024. During the Covid pandemic in 2020, the bank agreed lo provide a capilal repayment holiday for both loans so that only interest was charged. In turn. the Trust agreed to defer the payments of rents due under the leases with the school but required the school to meet the bank's interest charges for the period that the capital PaymentS were deferred. The deferred rent due at 31 December 2023 tolals £54,225 (2022.. £54,225). As well as the rental income, expenditure has been funded by investment income of £9.138 and from cash reserves held by the Trust. The total costs of resources expended by the Trust totalled £44.579. including loan interest on the Sports Hall development. Page 3
WB HARRIS WILL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 Investment and charitable activities (continued) Tongswood Estates Limited holds the assets and liabilities on trust on behalf of the Charity. As a re5uII. all transactions of the Charity and its assets and liabilities are reflected in the accounts while Tongswood Estates Limited's accounts are domant. Fundraising activities The ChaTity has no fijndraising a¢tivities. Investment performance £Nil of fund5 have been invested in new shares and £28,520 has been generated by Ihe disposal of shares. The shares are held and administrated by Investec stockbrokers. The portfolio has decreased in value during the year by £4,653, reflecting the position of the stock market, with a closing market value of £263,903. Dividend and interest income generated by the portfolio amounts to £9,085. Internal and external factors The trustees have made a full assessment of the internal and external faclors that may affect these financial statements and do not deem any factors material enough to have an impact. FINANCIAL REVIEW Reserves policy It is the policy of the Charity to maintain unrestricted funds, which are the free reserves of the Charity. al a level that equates to approxirnalely six months unrestricted expenditure. This provides suffieienl funds to cover management and administration costs and io respond to emergency expendituie that may arise from lime to lime. Unrestricted funds were maintained at this level throughout the year. Funds in deficit There are no funds held in deficit. Principal funding sources The principal sources of funds are the income and capital returns on investments and rental and premiums paid by the school for the use of the pre-prep school building. In this year. there has been a small donations from the St Ronans Appeal Fund Charity. Investment policy and objectives Investment Policy is decided upon by the Truslees, in accordance with the tenns of the Will, and the Trustees instruct Investec to acquire and dispose of investments as they require. The investments are held to generate income and capital growth. The income is applied io meet ihe Charity's objects. Page 4
WB HARRIS WILL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 FUTURE DEVELOPMENTS With the pre-prep school development complete, the intention is for the Trust to repay the baDk borrowing from rental income and to return to distributing investment income to the school to apply for the promotion of education in accordance with the Will. PUBLIC BENEFIT The Trustees have complied with the duty in section 4 of the Charities Act 2011 lo have regard to the public benefit guidance published by the Charity Commission. STATEMENT OF TRUSTEES RESPONSIBILITIES The trustees are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice. Charity law requires the trustees to prepare financial slatements for each financial year. Which give a irue 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 period. In preparing those financial statements, the trustees are required to select suitable aeeounting policies and then apply them consistently. observe the methods and principles in the Charilies SORP make judgements and estimates that are reasonable and prudent. stale whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Charity will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the relevant provisions of the Charities Act 2011. the Charity (accounts and Reports) RegulatiOTLS 2008 and the provisions of the trust deed. They are a150 responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS So far as the trustees are aware, there is no relevanl inforniaiion of which the Charity's auditors are unaware, and each trustee has taken all the steps that they ought to have taken a5 a trustee in order to make them aware of any audit inforniation &nd to establish that the Charity's auditors are aware of that inforn)alion. AUDITORS The auditors, Mccabe Ford Williams, will be proposed for re-appointment. Page 5
WB HARRIS WILL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2023 Legal & Administratlve Information Registered Charity Number 277719 Registered Office clo Ashfords LLP, l New Fetter Lane London EC4A I AN Trustee Tongswood Estates Limiied Directors of Tongswood Estates Limited Rory MacLeay Dan Bayley Guy Selmon Piers Inkin Stockbroker$ Investec Wealth 2 Gresham Street London EC2V 7QN Solicitors Ashfords LLP l New Fetter Lane London EC4A I AN Bankers Natwest PLC 2, Floor County Gate 2 Staceys Street Maid5tone ME14 1 ST KentTNI IQJ Auditors M¢Cabe Ford Williams Bank Chambers, High Street, Cranbrook KentTN17 3EG For and on bchalf of the Trusiees Daied..................................2024 Rory MacLeay -Director- Director on behalf of Tongswood Estates Limited Dan Bayley - Director- Director on behalf of Tongswood Estates Limited Guy S¢lmon- Director- Director on behalf of Tongswood Estates Limited Piers InkiD- Dir¢ctor- Director on behalf of Tong5wood Estates Limited Page 6
W B HARIUS WILL TRUST REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE W B HARRIS WILL TRUST We have audited the financial statements of WB Harris Will TnLSt for the year ended 3 1st December 2023 on pages ten to twenty-two which ¢omprise Statement of Financial Activities. the Balance Sheet and related note5. The financial reporting framework ihar has been applied in their pr¢paration is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Starldard applicable in the UK and Republic of IT¢land' (United Kingdom Generally AcCepd Accounting Practic¢l. This report is made solely to the Charity'5 twste¢s. as a body, in accordance with Section 144 of th¢ Charities Act 201 l and regulations made under Seciion 154 of that Act. Our audit work ha5 been undertaken so that we might state to th¢ Charity's trustees those Tnatters we are required to stale 10 them in an auditors. report knd for no other purpose. To the fullesi extent perniitted by law, w¢ do not accept or 85sume responsibiliiy io anyone other than thc charity and the charitable company's Directors as a body. for our audit work, for this report, or for the opinions we have formed. OPINION ON FINANCIAL STATEMENTS In our opinion the finarlcial statements: Cyive a true and fair view, of th¢ State of the Charity's affairs as ai 31" December 2023 and of its iD¢oming resources and application of resources for th¢ y¢ar th¢n ended., Flave been properly prepared in accoidance with United Kingdom G¢nerdlly Accepted Accounting Practice. Have been properly prepared in accordance with the Charity Act 2011. BASIS OF OPINION We Conducted our audit in accordanc¢ with Intetnaiional Standards on Auditing (UK) IISAS IUKII and applicable law. Our responsibilities under those standaTds are filrther de5ciibed in the Auditors, reSnSIbIlIti¢$ for the audit of the financial stAiements section of our report. We are independent of the Charity in accordance with the ethical requirem¢nts that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethieal Siandard. and we have fulfilled our other eihical responsibilities in accordanee with these requirements. We b¢li¢ve that the audit evidence we have obtained is sufficient and appropriatc to prgvide a basis for our opinion. CONCLUSIONS RELATING TO GOING cof4cERN In auditing the financial statements. we have concluded that th¢ Trustees. use of the going concern basis of accounting in th¢ preparation of th¢ financial siaiements is appropriate. Ba5¢d on the work we have perfomied. we have not identified any mat¢rial uncerfainties relating to events or conditions thai, individually or ¢oll¢ctively, may cast siimificant doubt on the Charity's ability to eontinu¢ as a going eoncem for a period of at least tsvelve months from when the financial statements are authorised for issue. Our reswnsibilities and the responsibilitj¢5 of the TSteeS with Tespeci to going concem are de5¢Tibed in the T¢levant section5 of this retx)rt. Page 7
W B HARRIS WILL TRUST REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE W B HARRIS WILL TRUST OTHER INFORMATION The Trustees are responsible for the other infomialion. The oth¢r inforn]ation cotnprises the infomiarion in the Report of the Trustees but does not include the financial siaiemenis and our Report of the Auditors thereon. Our opinion on the finan¢ial stai¢menis does not cover the other infomiation and we do not express any fotTh of assurance conclusion thereon. In connection with our audit of the financial siatemenis. our resixinsibility is to read the oth¢T snforniaiion an¢ in doing so. consider whether the other inforn)ation is materially inconsistent with the financial statemenis or our knowledge obtained in the audit or othmvise appears io be materially misstatcd. If, based on the work we have perfom)ed. we conclude that th¢re is a mat¢rial mi55tateTnent of this oiher information. we are required to rekx)rt that fact. We have nothing to repoTt in this regard. OPINION ON OTHER MATTERS PRESCRIBED B Y THE CHARITIES Acr In our opinion, based on the work undertaken in the Course of the audit.. the infomiation given in the Trustees Report for the Financial year foT which the fitydncial 5tat¢ments ore prepared is consistent with the financial statements. and the Trustee5 of the Council has been prepared in a¢¢ordan¢e with applicable legal requirements. MATTERS ON WHICH WE ARE REQUIRED TO REPORT B Y EXCEPTION In the lighi of the knowledge and understanding of the Charity and its environrnent obtained in the course of ihe audit. we have not identified material tnisstateTn¢nt5 in (he Trustees Repon. We hav¢ nothing to report in respeci of the following matters where the Charities A¢t requir¢s us to report to you if. in our opinion.. adequate accounting records have not been kept. or returns adequate for our audit have not been re¢¢ived from branches not visited by us: or the financial siaiemenis are not in agreement with the accounting records and retums,. or certain disclosures of Trustees, remuneration sp¢¢ified by law are noi made.. or we have Dot receiv¢d all th¢ infomiation and explanations we require for our audit. RESPONSIBILITIES OF TRUSTEES As explained more fully in the Statement of Truste¢s' Responsibilities on page 5 the Trustees are responsible for the preparaiion of Annual Repon of the TteeS and the financial statements in accordance with applicable law and United Kingdom A¢¢ounting Stand8rds (United Kingdom Generally Accepted Accowiling Piacticel and with the Trust's governing deed and for being satisfied that th¢y give a true and fair view. In preparing the financial statements, the TrusÈe¢s are responsible for assessing ihe Charity's ability to continue as a going concern. disclosing. as applicable. matters related to going concern and using the going concem basis of accounting unle55 the TTUSte¢s either int¢nd to liquidate the Charity or to cease operations, or hav¢ no r¢alistic alternative bui to do so. Page 8
W B HARIUS WILL TRUST REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE W B HARRIS WALL TRUST OUR RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from rnaterial misstatement, whether due to fraud or error. and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee ihai an audit conducted in accordance with ISAS IUKI will always detect a material misstatem¢nt when it exist5. Misstatements can arise from fraud or error and are considered rnateriai if, individually 01 in the aggregate. they could reasonably be expected io influence the economic decisions of user5 taken on the ba%15 of these financial siatements. Irregularities, including fraud, are in5ton¢e5 of DOli-compliaDce with laws and regulations. We design predureS line with our responsibiliiies. outlined above, to detect material misstat¢m¢nts in respect of irregularities. including fraud. The extent to which our procedures are Lapable of de¢ting irregulariti¢s, including traud is detailed below.. We gained an understanding of the l¢gal and r¢gulatory framework applicable to the Charity and the industry in which it operaies, and considered ihe risk of acts by ihe Charity that were contrary to applicable laws and regulations, including fraud. We designed audit procedures io respond to the risk, recognising that the risk of detecting a material missiatement due to fraud is high¢r than the risk of not deieciing one resulting from etTor, as fraud rnay involve deliberate concealment by. for example. forgery or intentional misrepresentations. or thn)ugh collusion. W¢ focussed on laws and regulations which could give rise to a material misstatement in the financial statements. including. but not limited to, the Charities Act 2011 and UK tax legislation. Our tests included agreeing the financial statetnent disclosures to underlying supporting documentatlQD, enquiries Wlih management and enquiries of l¢gal ¢ounsel. There ar¢ inheieni limitations in Ihe audit procedures described above and. the further removed non.compliance with laws and regulation5 is frotn the ¢vents and iransactions reflected in the financial statements. the less likely we would become aware of ii. We did nol identify any key audit mailers relaiing to irregularities. including fraud. A5 in all our audit5. we also addressed the risk of management override of int¢rnal controls. including testing journals and evaluating wh¢thcr th¢re was evidente of bias by (he directors that r¢pr¢sented a risk of materi21 misstatement due io fraud. A furth¢r description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's w¢bsite at www.frc.org.uklauditorsrespon5ibilities. This desciipiion fornis part of our Report of th£ Auditors. 2024 Mccabe Ford Williams Chartered Accountants & Statutory Auditors Bank Chambers High Street CRANBROOK KentTN17 3EG Page 9
W B HARRIS WILL TRLST Si4tsmeht DI FinaDcial Aetivili¢5 for tht yeir ended 315t DrttmbEr Z023 202J 2023 2023 2022 2022 2022 U]JrtrICteo ETKSownent Funds Furtd5 Tot Funits Unt¢strtct¢d Ed01¢nt Funds Funds Total Furtds lThtomiTrg Rtsour¢es Io¢omlng rtsourtes from gtTreraltd fuDds Voluni Income Donaiions from Si Ronans Appeal Fut I*ve51nieni IpTcome Dividends & Interesi Ipage li-161 Rent paid by St Rortans School Other income- Interesi on late Ienl Deposit Int¢resi Ipa8¢ 121 9.137.77 9.137.77 72.300.00 10,213.24 10.21324 72,300.00 72.300.00 72.300.00 128.46 9.266.23 128.46 81.56623 10.79 10.224.03 10.79 82,i24.03 72.3(M).00 72.300.00 Resources Expended lftvesiweNI momtgeiMEIII COSIS Investec Stockbrokers fee5 3.082 16 3.082.16 3.082.16 3,082.16 3.462 50 3,462.50 3.462.50 hurilable acliviiies DistribAlion5- St R'S School GoverJT47n¢e cosi Audit & accoun13ncv fees Compani¢s Hous¢ Charges Trustees iniktnnity insurance 2,883.50 1300 537.71 2.883 50 5.767.00 13.00 537.71 2.539.(KJ 1300 540.45 2,5J9.00 5.078.00 13.00 i40.45 Legal & admintstraiiv¢ f¢es 5.390.00 8,824.21 16.17000 19,053.50 21,560.00 27.877.71 0,139.21 9.2Jl 66 IB.417.64 20,956.64 24.556 85 30,188.30 OE Inier¢si payable so 13.567.15 13,567 15 18.023.12 18.023.12 8aDk ¢harg¢s 51.85 13.619.00 37.55 18.060 67 37.55 18.060.67 13,619.(M) Totgl resources exptDd¢d 8.824 21 35.754 66 44.578.87 9,231.66 42,479 81 Net gAinslltOSSts1 on inytstments ain Rea]ised (pag¢ 17) Unrealised Ipage 141 Y¢t gaiTrslll0ssesl on iDvesithek 4,757.31 4,65J.251 10406 4.757.31 4.65).251 104.06 4.339 90 25.515.88 4.339.90 25.515.881 Nei IncomellExpenditurel 442.02 36,649.40 37.091.42 992.37 ,4.21 9,636.58 Oihtr e01tht yi#sll105sesl N¢t moYtweDt ID fund5 442 02 36.649.40 37.091.42 992.37 8,644 21 9.636 58 ReconcilltIon of Funds Totsl Fullds brought fonvAnl 19.88103 7.869.315.32 7,889.196.3i 18,888.66 7,860,671 11 7.879.559 77 Total fund5 carried forward 20 323.05 7,905,964.72 7,926.287.77 19.88103 7.869.3I5.32 7 889 196.35 The Chariry has neither discontinued any of its op2rn1ioDs Th)r a¢quir¢d rW ones In ItL¢ Cutreni or pri(x year. Pag¢ 10
W B HARRIS WILL TRIIST B•l•ntt Sheet ay at 31sr Dt¢ember 21J23 2023 2023 2023 2022 2022 2022 UnreslricEed Fund Endouttn¢ni Fund Totsl Funds Unresiricted Fund5 En&)wment Funds Fund5 FIXED A&SETS dAsseis- Ta Ible Fixed Tongswood Estsk 41 7,750.000.00 7.750.000.00 7,750,000 00 7.750.W IM) Inveslmenis ai Market Value Ipa8e 141 263.903.00 263.903.00 8,013,903.00 B.013.903 00 292.319.00 292.319 IX) 8.042.319.00 8.042.319.00 CLRREYI T ASSETS Debior Debiors Ipage 12) 20,077.87 54.225.00 74,302.87 10.847 48 54.225.00 65.072.48 Ca%h al Bank Bnd in hand Ipa8e 12) 12.563.18 32,641 Oi 29,168 78 83.393.78 41.731.96 116.034.83 17.85100 28.698.48 3.635.27 57.860.27 21.486.27 86.5i8.7i CREDITORS Amollnis fallins dll¢ within one year Ip4e 12) 12.318.00 191.332.06 203.650 06 8.817.45 165,676.71 174.494 16 ET CURRENT LJABILITIE 20.323 05 (107.938.281 187,615 231 19.881.03 (107,816.441 187.935 41) TOTAL ASSETS Its$ (.'IIRRTr:Tr4T LIABILITIES 20J23.05 7,905,964.72 7.926.287.77 19.581.03 7.934.502.56 7.954.383.59 f.RF.DITORS Amoun15 f3llin8 due itt more iham on¢ Ipa8e 131 165.187.24} Tr4ET ASSETS 20.323 Oi 7.905.964.72 7 926.287.77 19.881.03 7 869 315.32 7,889.196.35 FIINDS Unrestrici¢d F.ndowmenl 20.323.05 20.323 05 7.905.964.72 7.905.964 72 19.881.03 7.869.315.32 7.869.315.32 Totsi 20.323.05 7.905.964.72 7.926.287.77 19.88103 7.869.3 li.52 7.889.196.35 Th¢ finan¢ial statements have be¢n pi¢par¢d in accordance with the Flnkn¢1 Reporti- Standard 102 and the requirements of Sialen)ERE of Recommended Pra¢ii¢¢. Ac¢ounlin8 and Reporting by Charities. These finantial si*terotNt5 were approvtd by Board of Tro$iet5 OU aDd weye $litttd on its bthgifby: Rory MacLeay Esq- Dir¢¢ioron behr of Ton8swood Esthtrs Limited Dan Baylty Esq- Director on behalfofTon@swood Estates Limited Guy 5¢lnK>n q- DC(tOr on b¢hf 0fTOng5wjd Eslule5 Limited Pitts inkin Esq- DeCtor on behf of Tongswood Estates Limitrd Page 11
W B HARRIS WILL TRUST Debtors, Cash Balances & Creditors as at 315t December 2023 2023 2023 2023 2022 Unrestricted Endowment Fund Fund Total Fund DEBTORS VAT recoverable St Ronans School rent due Prepaid indemnity insurance Transfers between unrestricied and endowment funds 1,745.00 1.745.00 490.63 54,225.00 54,225.00 506.03 459.24 54,225.00 506.03 17,826.84 20,077.87 17.826.84 74,302.87 9,897.61 65,072.48 54,225.00 CASH BALANCES Investec Stockbrokers Ashfords Client Account Natwesl Bank Business Account 29,168.78 29,168.78 520.80 12,042.38 17,851.01 41,731.96 21,486.28 3,635.27 520.80 12.042.38 12,563.18 29,168.78 DEPOSIT INTEREST Investec Ashfords NatWe5t Bank (gross) 128.46 128.46 10.79 128.46 128.46 10.79 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Natwest Bank Loans due within one year Transfers between unrestricted and endowmeni funds VAT payable Mccabe Ford Williams Ashfords fees 148,251.22 148,251.22 140,033.75 17,826.84 17.826.84 9.897.61 5,850.00 6.468.00 5,850.00 19,404.00 11,700.00 25,872.00 10,707.00 13,855.80 12,318.00 191,332.06 203.650.06 174,494.16 Page 12
W B HARRIS WILL TRUST DebIts, C&sh Bulrtnces & Credilor5 ai 31si December 2023 2023 202) 2022 Unrestricted Endowm¢nl Fund Fund Toial Fund CREDITORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR Natwest Bank Loan- New Sports Hall Less.. Due within one year 148.2S1.22 148.251.22 1148.251.22} (148,251.22 205.220.99 1140,Oii.75 65.187.24 The amounts falling due in mor¢ ihan five years-. Bank loan more than five years Repayable by instalments The following secured debts are included within creditors Natwest Bank Loan- New Sports Hall 148,251.22 148.251.22 148,251.22 148,251.22 205.220.99 205.220.99 Th¢ bank loans are secured against the Tongswood Estate property. The sports hall developmeni loan facility is for £750,000. It was initially drawn down in December 2009 with ihe remainder of the loan drawn during 201 O. As at 31 December 202J, the balance siood at £148.251.22. The interest charge was at 2.5V/ts over th¢ Bank Base Rate for 12 months. It then moved to a fixed rate interest of 6.600 /0 per annum. The loan is repayable by 56 quarterly repayments starting from March 201 l and running to 2024. During 2020 and 2021, as a result of the Covid pandemic, the bank agre¢d to allow a capital payment holiday for 12 months whereby the Trust was only charged and paid interest on th¢ sPQrt5 hall d¢v¢lopm¢ni loan. Capital repayments recommenced in July 2021. Page 13
IV B H.4RRIS WILL TRUST S¢bedle ofTnve5tmeDtJ for Ib yerended 31st Dtttmbcr2fj23 tllV¢5tyn¢nts held al InvesbnenL% heldat Hokiins B(K>k Value Holding Bouk Market Volue Fiitd Iptrreyt FIL Fidtlity Moneybuilder Mvzin1ch & CoGlobal Tactical CG Portfolio Fund 20.0(K) 20.(D) 17.951.93 10.546 (N) 16.346 00 9.465 (10 13,388 00 10.546 70 43.633.03 43.633 03 39.199 00 UK Equitiej. Ibvrsimtllt & Luit Trusts Diverse Income Tru51 Ord Ip Mereantile InYTI 25p 14,500 7,505 88 3.72) 86 14,500 6.wo 7.505.88 2.483 91 11.963. I3.2 (rf> 9.989.79 25253. O¥tMA) Equjljrs JP Mor8 US Equiiy Inc S¢hrodtrOripnW Qrd Ip 18.467 8.5fM) 9,442 78 10.469 i) 18.467 8,5 9.442 78 10,469.55 18.088. 21,50). 49,593 O) BNY Mellon l.ligher kne F & C Inv Trust Murity Iniefnational Tt Caledonia Invesiinenis Ord 5p PolarCApitsI Fund Global Irks 12.0 3.2 12.fAY) 3.2 7.750 23.368(NJ 30.816th) 19.976. 17.638 17.479Q) 109.277.00 17.4i648 17.45648 500 10.876 86 10.876 86 56.185 38 Proptrty q¢hrodEI Real E51al¢ 30.0 20.03102 20,03102 13.343 (K) AlltrThlt Asit¢S Nexttnewj Solar F Red Pernl Assets Tru5l 6,500 4.50Q 7.148 60 19.869 63 6.5(Y) 4,5 7.148 (A) 19.869 63 27.018.23 i.987(X) 21.251 27.238 00 Hedgt Fulld CG Portftslio M 22.520.80 Fix¢d Interest UK Fquitie5. Investment& Unit Tr overe Equilics IntetIonal Equ111¢5 Property lern* Ass¢ts H¢dst Fund5 43.633 03 43,633.03 9.989 79 39.199. 25.253.(K> 49.593 109277. 13.343.(K> 27238. 56,185.38 20.03102 2?.018.23 20.031.02 ?7.018.23 22.520.80 200,53?.53 176.769.78 263.903 Unrelllised gain un11$ed g#in iri5Tng In earlieryears 87.133 22 Movement In unrealwd 1(10$8) in 2023 4.653 25 Page 14
IV B HARRIS WILL TRUST lovtstthtnt lutome lor tht year tded 31st Dtcember 2023 Des¢ripdoD Jhte Gros$ Dividend OYtTSt#J Fixed [terest C&G Portfolio Fund C&G Portfolio Fund MuTjnjch & Co 165 5011112ts23 70 3011112023 IIN) 0810612023 0811212023 476.40 li4.06 1.074.99 Ilnit Trust IDVt5tmenf FIL MoDeybuilder 20,000 2610112023 24K0212023 2410312023 2610412023 2610512023 2410612023 2610712023 2510812023 26109Q023 261101202J 2411 IQ023 2J112Q02J 68.94 62.32 71.20 64.20 65.64 6984 6438 67iO 66.66 6552 67.42 69.22 802.84 Uttit Trty BNY Mellon N¢wion Income 12.1MN) 28102ll023 3 IIOit2023 3 IID812023 3011 Ill023 18.467 3110112023 2810412023 3110712023 3111012023 174)7 298 B7 J P Morgan Am UK E4UIty Inwtn, 182 82 184.67 104.35 168.05 .465 93 Investho#tTtUAts& Eql¢le5 Calcdonia Invesimeni Tnt 500 0510112023 0310812023 3.200 DIIOY2023 111051202] 0110812023 91.IM) 246.IM) 102.40 124.80 108 80 108.80 Forei8n & Colonid Inv Tsi M¢r¢aniilc Invesknenl Trust 9.000 0110212023 I Im512023 0110812025 0111 Ir2023 186.00 8700 8700 Pcrsoll Assets Tntsi 4.500 1 IA)112023 IY0412023 2810712023 2810712023 0611012023 6300 6JOO 6300 94.50 63.00 Catricd forward 1.609.80 Pag¢ 15
W B HARRIS WILL TRUST Inv¢stm¢nt Ineomt for the year ended Jlst De¢¢mbtr 2023 Des¢ripiion Holding Dite Gro55 Divtdend Brought forw4rd MurrBy Int¢rnaiional TA1 1,609.80 186.00 310.00 186.00 1,550 1710212023 0510512023 1610812023 1711112023 186.00 137.75 Diverse Income 14.500 2810212023 3110512023 3110812023 3011112023 137.75 137.7) 174.00 3.065.05 Overeaj Eqwitits Polar Capittsl Trund Qlobal Ir 2.250 3110112023 2810412023 3110712023 3111012023 .500 1010212023 0510512023 2510812023 43.20 60.53 59.85 48.83 170.00 S¢htoder Oriental 170.00 170.00 0111212023 6.500 3110312023 3010612023 493.00 Nextsrtergy Soifyr F 122.20 122.20 135.20 30109r2023 2911212023 135.85 1.730.86 Property sChrJ¢T Real Esiaie REIT 30.000 07103ll023 3010612023 245.70 250.80 250.80 2510812023 2211212023 250.80 998.10 Ineomt Summary Overs¢as Fix¢d Inlcresi Unil Trw4t Interest Unir Trusi Dividend$ Investment Trusts & Equiti¢s Dividends Ov¢reas Equities Dividcnd5 Property Income Divid¢nds 1,074.99 802.84 .465.93 3,065.05 ,730.86 998.10 9,137.77 Page 16 Pag¢ 16
W B HARIUS WILL TRUST YeAr tllded 31 D¢c¢mber Z023 Schedule of Investm¢Dt Trwn5aetion5 Disposals Dte 2810212023 2211212023 Nomin41 De5CriPtion 3.000 Mercaniile lftve5EmWtTnI 165 CG Portfojio Fund Book Value 1.241.95 22,520.80 Proceeds GainllLossl 5.118.96 1361.651 6,360.91 22.159.55 23.762.75 28.520 06 4.757.31 Aequisltions DAt¢ Nominal Description Book V#lue Mode Summry 0110112023 Beok Value IK55 Disposals at cost las above) 197.338.89 23.762.7i 173,576.14 Add Acquisiliort$ at cost las atx)v¢l 3111212023 Book Value 173,576.14 Page 17
W B HARRIS WILL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EINDED 31ST DECEMBER 2023 ACCOUNTING POLJCIES Statutory InformAtion WB Harris Will Trust is a Charity, registered in England and Wales. The Charity's registered number and iegisiered office address can be found on the Legal & Administrative Infomiation page. The presentation currency of the financial statements is the Pound Sterling 1£). Accounting conventio The financial statements of the charity, which is a public benefit entity under FRS 102. have been prepared in a¢¢oTdan¢e with th¢ Chariti¢s SORP IFRS 102} 'Aceounting and Reporting by Charities.. Statement of Recommended Practice applicable io Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffe¢tive l October 20191, Financial Reporting Standard 102 'Th¢ Finartcial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements hove b¢en pr¢par¢d under the historical cost ¢onvention with the exception of investmcnls which are included at market value. Intomffing re$ources All incoming resources are included on the Stat¢ment of Fitllncial Activities when the Charity is legally entitled to the income and the amount can be quantified with reasoDabl¢ a¢curdcy. Donations from St Ronan's Appeal Fund are recognis¢d wh¢n received by the trust. Interest and dividends are Show gross of recoverable lax in the Statement of Financial Activities. Rent. nei of VAT. Is recognIsed on an acctuals basis. The lease premium paid by St Ronans School has been recognised in the SOFA on the comm¢nc¢ment date Set out in the lease. Resources expeRded Expenditure is accounted for on an accruals basis and ha5 been classified under headings that aggregate all cost relaied to the Category. Where Costs cannot be dire¢tly attribled to particular headings they have been allocated to activities on a basis consistent with the use of resources with 51P/o of accounts costs to unrestrict¢d funds and 500ID to endowment funds and 250/0 of administratiotl Costs to unrestiicted funds and 75/0 to ¢ndowm¢ni fi]nds. Freehold property Th¢ fr¢ehold property was fornially valued ai open market value on a vacant possession ba515 on 13 February 2012 by Lambert & Foster at £7.75m. At the dat¢ of th¢ introdu¢tion of FRS 102, the Trnst recognised this as the deemed cost so it is not required to revalue the properry again on a periodic basi5. The regidu21 value of the propetty is considered to be such that any depreciation of deemed cosi less residual value ai 20/u per annum would be negligible or £Nil. Page 18
W B HARRIS WILL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 ACCOUNTING POLICIES- eontlfjued Investment5 Investments quoted on Stock exchange are valued at market value. Realised gains are recorded as the differenc¢ between the proceeds on disposal less the original cost of the investments. Unrealised gains or losses are recorded as the difTerence between the market value at the year end less the original wst of the it]vestmenls. Taxation The Charity 15 exempt from ¢ory)oration tax on its ¢haritable activities. Fund accounting Unrestricted fijnds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted ndS can only be used for particular rcstricted purposes within the objects of the Charity. Restrictions aTise when specified by the donor or when funds are rais¢d for parti¢ular restrict¢d purposes. Endonent fimds represent pemanent endowment fut]ds provided under the original will and must be retained within the Charity. With the exception of rental income and the premium received on leases to the school, income generated from endowment ndS is unrestricted and can be applied for the objects of the Charity. For rental income and the premium Teceived on leases to the School. the incoming fvnds are applied to the endowment fund until the bank borTowing tak¢n out to fund the development at the school is cleared. Distributions Distributions are made to the school at the Trustee's discretion and are charged ][] the period in which they aTe appToved And paid. SignifieaTrt estlmates and judgement$ In the application of the Trust's accounting poli¢ies th¢ Truste¢s are required to rnake judgements. estimates and assumptions about the catrying value of assets and liabiliti¢s that are not readily apparent from oiher Sources. The e5timate5 and underlying assumptions are based historical experience and oih¢r factors that are considered relevant. A¢al results tnay differ from these estirnates. The estimates and underlying assumptions are reviewed on an ongoing basis. R¢vi5ions to accounting estimates arc recognised in the period to whi¢h the estitnate is revised if the revision affects only that period or in the period of the revision and ture perio if the revision affects both CUTrent at]d future periods. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resourtes with 500/0 of accounts cost5 10 UIiTestricted TrdS and 500/0 to endowment fvnds and 25fj/0 of admintstration costs 10 unresiricted funds and 75 % to ¢ndowment fvnds. Asid¢ from this, th¢ Trustees eonsider that there are no other key sources of esiimation uncertainty that have a significant effect on the amounts recognised in the financial statements. Pag¢ 19
W B HARRIS WILL TRUST NOTES TO THE FINA24CIAL STA TEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 ACCOUf4TING POLICIES- continued Fin¥neiAI Instruments The Charity enters into basie financial instruments that result in the recognition of finan¢ial assets and Izabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loalls to related pani¢s. a) Trad¢ and other debtors Trade and other debtors are initially recognised at fair value and thereafter stated at arnort15ed ¢05t usin¥ the effective inter¢5t method, less impairnient losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases. the receivabl¢s are stated at cost l¢ss impaiment 1055es for bad and doubt1 debts. bl Cash and ¢ash equivalents Cash and cash equivalents Cornprise cash at bank and in hand. cl Impainnent of financial assets Financial asset5 thai are measured at cost and amortised cost ar¢ assessed at the end of each reporting period for objective evidet]ce of impairment. If objective evidence of irnpairnient is found. an impaimient loss is r¢cognis¢d in profit or Ioss. For financial assets measured ai amortised cost, the impaiment Ioss 15 measured as the difference between an asset's canying amount and the present valu¢ of estimated cash flows discounted ai the asset's original effective interest rate. If a financial asset has a variable Interesi rate, the discount rdte for measuring any impaim)ent Ioss ts the current effectiv¢ interest rate deternjined under the contract. For financial asscts measured at cosi le55 impaim¢nt, the impairnient loss is measured as the difference between an asset's carryin&y amount and the best estimate, which is an approximation. of the amount that the company would receive for the asset if it were to be sold at the reporting date. dl Trade and other credito[5 Debt instrnrnents like loans and oih¢r accounts payable are initially measured at present value of the payments and subsequenily at amortised cost using the effcctive iTtterest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently. at (he undi5counred amount of the cash or other consideration expected to be paid. However. if the arrangement5 of a short-temi instrurnet]t consiitui¢ a financing transaction. like the payment of a trade debr deferyed beyond nomjal business iemjs or finaneed at a rate of interest that is not a market rate or in case of an outright short-temj loan not at maTket rate, the financial asset is measured, initially and Subsequently, at the present value of the future payments discounted at a market rate of interest for a siinilar debt instnun¢nt. Financial assets and liabilities are oftset and the net amouni reported in the statement of financial position when there 15 an enforceable right to set off the recognised amounts and there is an intention to settle on a n¢t basis or to Tealise the asset and s¢ttle the liability simultaneou51y. Going Coneern The TteeS have reviewed the cashtlow5 of the Trust for 12 month5 from the date of approval olih¢ accounts and consideT that the Trust will be in a Position to meet it5 financial obligations for the foreseeable future and that there are no material uncertainties relating to goin8 conc¢m. As a sU[L the a¢counts have been prepared on a going concern basis. Page 20