REGISTERED CHARITY NUMBER: 277719 W.B.HARRIS WILL TRUST Tongswood Estates Limited REPORT & ACCOUNTS For the year ended 31°, December 2024 Ashfords LLP l New Fetter Lane London EC4A IAN REF: JAT1269687-50558 020 7544 2429
W B HARIUS WILL TRUST ST INDEX TO THE FINANCIAL ST ATEMEiYfs FOR THE YEAR ENDED 31 DECEMBER 2024 CONTENTS e Number Trustees, Re ort Auditors Re ort Statement of Financial Aetivities Balance Sheet Debtors. C¥sh Balances, Creditors & Deposit Interest Schedule of Investments Investment Income Investment Transactions Accountin Polieies Other Notes to the Accounts io li 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 2024 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 Tntst is registered with the Charity Commissioners under Charity Number 277719. Recruitment and appointment of neiv trustees With the consent of the Charity Commission a company limited by guarantee. Tongswood Estates Limited has been given authoTisation to be the Trustee of the Charity. In 2005 the Trustees 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 Estates Limited. with the relevant professional skills and an emphasis on fornier pupi15 of St Ronans, are recrutted by the directors themselves. Trustees are appointed by deed in accoidance 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 llY comply with the charities current views of its progression. Organisational structure 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 formal meetings of the directors as and when required. Ashfords LLP manages the day-to-day administration of the Charity. Ashfords LLP has no signing powers over the Charity's assets. All decisions and any payments made by the Charity have to be authorised by the directors of Tongswood Estates Lirnited. Wider network At present the WB Harris Will Trust does not consider itself part of a wider network. Related parties The Trust has no commercial dealings with the directors of Tongswood Estates Limited or with any other parties who would be considered to be related parties of the Directors of Tongswood Estates Limited. The administration of the Trust is Carried out by Ashfords LLP solicitors who have charged Éhe trust £25,309 for legal and administrdtive services. All costs have been authorised by the Trustees and have been Charged on an arm's length basis. Page I
WB HARRIS WILL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Related parties (continued) The St Ronans Appeal Fund (Registered Charity Number- 1131138) was sel up to raise funds for the facilities at the School is operated by Tongswood Estates Limited. During th¢ year, this charity has niade donations of £Nil (2023.. NIL) to the WB Harris Will Trust. There are no other related parties. Risk management The Tru5te¢s 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 business and operational risks that the Charity face5, and confirn) that systems have been established to enable the directors to be provided with infonnation so that the necessary steps can be taken to lessen the5¢ risks. OBJECTIVES AND ACTIVITIES Objectives and aims The income of the Trust 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 their sons at St Ronan's or at any re¢ognised 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 think fit. The capital of the Trust will be retained by the Trustees as long as St Ronan's School continues in the same manner and for the same purposes a5 at the date of death of W B HatTiS. Thereafter, one half of the capital will pass to the two named individuals or their personal representatives. The rernaining half will pass to such charity or charities as 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 beneficiaries. Significant 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 HARIUS WILL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024 Signkficant 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 to fund these developments. The servicing of the loans means that there Ts limited capability for the Trust to make any grants to the school. Grantmaking Under the ternis of the Trust Deed, the Trust has made donations of £Nil (2022- £Nil) from its unrestricted income to the School Library Fund as part of its objectives to a5SiSt the school with educational programmes. Social or programme related investment5 The Charity has no social or prograrnme related investments. Volunteers The Charity has no volunteer workforce. The directors of the Tntee 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 IS year lease running to 2021. This lease expired during 2021 and the rent ceased. The Sport5 Hall is charged at an annual rent of £72,3(KJ under a 15 year lease which expires in 2025. These rents have been used to 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 at £86,658 {2023: £148.251) with capital repayments which commenced in Mar¢h 201 I running until *025. During the Covid pandemic in 2020, the bank agreed to provide a capital 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 repayrnents were deferred. The deferred rent due at 31 December 2024 totals £54.225 (2023: £54,225). As well as the rental income, expenditure has been funded by investment income of £8,871 (2023: £9.138) and from cash reserves held by the Trust. The total c05É5 of resources expended by the Trust totalled £44.096 (2023.. £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 2024 Investment and charitable a¢tivities (continued) Tongswood Estates Limited holds the assets and liabilities on trust on behalf of the Charity. As a result, all transactions of the Charity and its assets and liabilities are reflected in the accounts while Tongswood Estates Limited's accounts are dorniant. Fundraising activities The Charity has no fundraising activities. Investment performance £25,731 of funds have been invested in new shares and £42,836 has been generated by the disposal of shares. The share5 are held and administrated by Investec stockbrokers. The portfolio has increased in value during the year by £10,332, reflecting the position of the stock market, with a closing market value of £264,110. Dividend and interest income generated by the portfolio amounts to £8,871. Internal and external factors The trustees have made a full assessment of the internal and extemal factors 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, at a level that equates to approximately six months unrestriLted expenditure. This provides sufficient nds to cover rnanagement and administration Costs and to respond to emergency expenditure that may arise from time to time. Unrestricted fvnds were maintained at this level throughout the year. Funds in defieit There are no funds held in deficit. Principal funding sources The principal sources of funds are the income and capital returns on investments and rentsl and premiurns paid by the school for the use of the pre-prep school building. In this year, there hav¢ been no donations from the St Ronans Appeal Fund Charity. Investment policy and objectives Investment Policy is decided upon by the Trustees, in accordance with the ternis of the Will. and the Trustees instruct Investec to acquire and dispose of investment5 as they r¢quire. The investments are held to generate income and capital growth. The income is applied to meet the Charity's objects. Page 4
WB HARRIS WILL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024 FUTURE DEVELOPMENTS With the pre-prep school development complete, the intention is for the Trust to repay the bank 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 wtth the duty in section 4 of the Charities Act 2011 to have regard to the public benefit guidance published by the Charity Commission. STATEMENT OF TRUSTEES RESPONSIBILITIES The trustees are responsible for preparing the financial statemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice. Charity law requires the trustees to prepare finan¢ial statements for each financial year. Which give a true and fair view of the state of affairs of the Charity and of the incorning resources and application of resources of the Charity for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departure5 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 p051tion of the Charity and to enable them to ensure that the financial statements comply with the relevant provisions of the Charities Aci 2011, the Charity (accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and d¢tection of fraud and other Èrregularities. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS So far as the trustees are aware, there is no relevant inforn]ation of which the Charity's auditors are unaware, and each trustee has taken all the steps that they ought to have taken as a trustee in order to make them aware of any audit inforniation and Éo establish that the Charity's auditors are aware of that infonnation. AUDITORS The auditors, McCab¢ Ford Williams. will be proposed for re-appointment. Page 5
WB HARRIS WILL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024 Legal & Administrative Information Registered Charity Number 277719 Registered Office clo Ashfords LLP. l New Fetter Lane London EC4A IAN Tru$te¢ Tongswood Estates Limiied Directors of Tongswood Estates LimAted Rory Ma¢Leay Dan Bayley .. Guy Selmon Piers Inkin Stockbrokers Raihbones 2 Gresham Street London EC2V 7QN Solieitors Ashfords LLP l New Fetter Lane London EC4A IAN Bankers Natwest PLC 2 Floor County Gate 2 Staceys Street Maidstone ME14 1 ST Kent TNI IQJ Auditor$ Mccabe Ford Williams Bank Chambers, High Street. Cranbrook Kent TN17 3EG For and on behalf of the Truslees Dated.................. .2025 Rory MacLeay -Director- Director on behalf of Tongswood Estates Limited Dan Bayley- Director- Director on behalf of Tongswood Estates Limited Guy Selmon- Director- Director on behalf of Tongswood Estates Limited Piers Inkin- Director- Director on behalf of Tongswo(Kl Estates Limited Page 6
W B HARRIS WILL TRUST REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE W B HARRIS WILL TRUST FOR THE YEAR Ef4DED 31 DECEMBER 2024 We have audited the financial statements of WB Harris Will TNst for the year ended 3 1st December 2024 on pages ten to twenty-two which comprise Statetnent of Financial Aciivities, the Balance Sheet and related notes. The financial reporting framework that has b¢en applied in their preparation is applicable law and United Kingdom Accounting Standard5. including Finanrial Reporting Standard 102 'The Financial Rcporting Standard applieable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practire). This report is made solely to the Charity's trustees, as a body, in accordance with Section 144 of the Chariiies A¢1 2011 and regulations made under Section 154 of that Act. Our audit work has been undertaken so that we might st2te to the Charity's tNstees those matters we are required to state to them in an auditors, report and for no other puryose. To the fullest extent perniitted by law, we do not a¢cept or assume responsibility to anyone other than the charity and the charitable company's Directors as a body, for our audit work. for this report. or for the opinions we have fornied. OPINION ON FINANCIAL STATEMENTS In our opinion the financial statementS- Give a true and fair view, of the srate of th¢ Charity's affairs as at 31° December 2024 2nd of its incoming resources and application of resources for the year then ended: Have been properly prepared in accordance with United Kingdom Generally A¢¢epted Accounting Practice,. Have been properly prepared in iccordance with the Charity Act 2011. BASIS OF OPINION We conducted our audit in accordance with International Standards on Audiiing (UK) (ISAS {UKII and applicable law. Our responsibilities under those standards are further des¢rib¢d in the Auditors. responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical Tequir¢ments that are relevant to our audit of the finan¢ial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical respon$5bilities in accordance with these requirements. We believe that the audit evidence we have obtained is suffi¢ient and appropriate to provide a basi5 for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements. we have concluded ihat the Trustees, use of the going Concern basis of accounting in the preparation of the financial 5tat¢ments is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or ¢onditions that. individually or collectively, may cast significant doubt on the Charity's ability to Continue as a going concem for a peri(Ki of at least tw¢lve months from when the financial statements are authorised for issue. Our responsibilities and the responsibiliti¢s of the Trustees with respect to going ¢oncem are described in the relevant sections of this reporL Page 7
W B HARRIS WILL TRUST REPORT OF THE ILYDEPENDENT AUDITORS TO THE TRUSTEES OF THE W B HARRIS WILL TRUST FOR THE YEAR ENDED 31 DECEMBER 2024 OTHER INFORMATION The Trustee5 are responsible for th¢ other information. The other inforniation cornpris¢s the information in the Report of the Trustees but does not in¢lude the financial statements and our Report of th¢ Auditors thereon. Our opinion on the financial statetnents do¢s not cover the other infornjation and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our restx)nsibility is to read the other inforniation and. in doing so. consider whether the other information is materially inconsistent with the financial Sfatements or our knowledge obtained in the audit or othenvise appears io be materially misstated. If, based on the work we have perfomied, we conclud¢ that there is a material misstatement of this other information, we 2r¢ required to report that fact. We have nothing to report In this regard. OPINION ON OTHER MATTERS PRESCRIBED BY THE CHARITIES ACT In our opinion, based on the work undertaken in the course of the audit.. the information given in the Truste¢s Report for the financial year for which the financial statements are prepared is ¢onsistrnl with the financial statements: and the Trustees of the Council has been prepar¢d accordance with applicable legal requirements. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of the knowledge and understanding of the Charity and its environment obtsined in the ¢ourse of th¢ audil, we have not identified material misstatem¢nts in the Trustees Repon. We have nothing to report in respect of the following matters where the Charities Act requires us io report to you if. in our opinion.. adequate accounting records have nor been kepi, or retums adequate for our audit have not been r¢ceivcd from branches not visited by us,. or the financial staiements are not in agr¢¢m¢nt with the accounting records and returns. or certain disclosures of Trustees. remuneration specified by law are not Made. or we have not received all the infom)ation and explanations we require for our audit. RESPONSIBILITIES OF TRUSTEES As explained more llY in the Statement of Trustees, Responsibilities on page 5 th¢ Trustees are responsible for the preparation of Annual Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom G¢ncrally Accepted Accounting Practice) and with the Trust's goveming d¢ed and for being satisfied that they wve a tru¢ and fair view. In preparing the financial statements. the Trustees are responsible for assessing the Charity's ability to continue as a going coneem, disclosing, as applicable, matters relaied to going concem and using the going concern basis of accounting unles5 the Trustees either intend to liquidate ihe Charity or to cease operations, or have no realislic alternative but to do so. Page 8
W B HARRIS WILL TRUST REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE W B HARRtS WILL TRUST FOR THE YEAR ENDED 31 DECEMBER 2024 OUR RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether thc financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditois that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarani¢¢ that an audit conducted in ac¢oTd2n¢¢ with ISAS (UK) will always detect a material misstatetnent when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregaie, rhey could reasonably be expected to influence the economic decisions of users taken on the basi5 of these finan¢ial statements. Irregularities, including fraud, are instances of nonrfompliance with laws and regulations. We design procedures in lin¢ with our responsibilities, outlined above, to detect material mi$statemeniS in respect of irregularities. including fraud. The extent to which our procedures are capable of deteing irregularities. including fraud is detailed b¢low'. We gaitbed an understanding of the legal and regulatory framework applicable lo the Charity and the indLtstry in whi¢h it operates, and considered the risk of acts by the Charity that were contrary io applicable laws and r¢gu121ions, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a tnaterial misstatement due to fraud is higher than th¢ risk of not d¢t¢cting one resulting from eOr, as fraud may involve deliberate concealment by. for example. forgery or intentional Enisrepresentations, or through collusion. We 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 l¢gislation. Our tests included agreeing the financial statement disclosures to underlying supporting docutnettiation, enquiries with management and enquiries of legal Counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements. the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audirs, we also addressed the risk of management override of internal contro15. including testing journals and evaluating whether there was evidence of bias by the dir¢¢tors that represented a risk of material mi5Statement due to fraud. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website ai wvw.frc.org.uElauditorsresponsibilitie5. This description fomis part of our Report of the Auditors. 2025 Mccabe Ford Williams Chartered Accountants & Statutory Auditors Bank Chambers High Street CRANBROOK Kent TN17 3EG Page 9
W B HARRIS WILL TRUST Stltm¢nt ofFinaDckal Activities for tbt year tided 31st De¢tmber 2024 2024 2024 2024 2023 2023 2023 UnT¢Stricfcd Eno0Dent Fund5 Funds Tot3] Funds UnTestri¢ied Endowreni Funds Funds To Funds Irtcotying Resources Incoming re5ourcts from generattd fulld$ Voltsnio te Donations from Si Ronart5 Appeal Fund Dividends & Inte[ Ipage 15-161 Reni paid by Si RonaTJS School Other Income- Inierest on late rent DeposLI Inierest Ipage 121 8.870 97 8,870.97 72.300.( 9.137.77 9,13777 n.300. 72,300 00 72,3(N).00 14904 9,020 01 149.04 81.32001 128.46 9,266.23 128.46 81.566.23 72.300 00 72,31Y).00 Re$ourees FxpeDded CoslJ o ener(Fiin IMvesiiAeni iiiurtageJJieNi cosls Jnvts¢ Sio¢kbrokers fees 3.011.24 3.01124 3.011.24 3,011.24 3.082.16 3,082 16 3 082.16 3.082 16 Cljuriioble uciiviiies Diribuiions- St Ronan's Sch] Governnnce cosis Audit & a¢Muntsncy f¢¢$ Companies House Charges Trustees IndenitY iJLsuran¢e 2.820.00 47.00 586.74 2,820.OD 5.640. 47.1K) 586 74 2.88) 50 1300 537.71 2,883.50 5.767.00 13.00 537.71 Legal & administraiiv¢ fee5 6.327.13 9,780.87 18,981.38 21.801 38 25 308.50 31.58224 5.390 00 8,824.21 16,170.IM) 19.053 50 21,560.00 27.877 71 Oiherresottr sex ]nlere51 payable Contribution lo to heodtt VAT sw¢harg¢ Bank char8eS 3.916.03 500.00 33.58 525) 9,502.16 8.916.03 500.00 33.58 52.55 9.502.16 13.567.15 13.567.15 13,619.00 13.619.(K) Total re50urres txpemdtd 9.780 87 34.31478 44,C85.64 8.824.21 35.754.66 44.578.87 Ntt glnsllh)s$¢$1 iDve5trnellts LA)55es IGains on In Realised (page 171 Unrealis¢d Ipage 141 Net gain15¢5> illvestm¢Dts 6.979.91 10.332.03 6.979.91 10.332.OJ 4,757.31 4,653.25 104.06 4.757 31 465325 104.06 Nti In¢ornellExpeDditurel 1760.861 55,297.17 54,536.31 442.02 36,649.40 37,091.42 Otb¢r toglstd 811{]0$t Ntt movemtNt in {760 861 55.297 17 54,536.31 442.02 36.649.40 37,091.42 Reton¢ill*tion of Fund5 Total Funds brought (on¥ird 20,323 05 7.905.964 72 7,926,287.77 19,88103 7.869.315 32 7,889,196.35 Total funds carritd toThvard 19.562.19 7,961,26189 7.980.824 08 20.323 05 7.905.964 72 7.926.287.77 The Chanty neither diKoniinued any of its operatiotss nor acquired new ones in the current or prioi year. Tn
IV B IIARRIS WILL TRUST Balan¢t 5heetis at 31st Dertmber 2024 2024 2024 2024 20 2023 2023 Unrestricted Endowtn¢nt Fund FllTrd Total Funds Uni¢strict¢d Funds Endowrncnt Funds Total Funds FIXEII ASSETS FixtdAsseis- TaK Ible Fi Tollgswood Esiate (note 41 7.750,tK)0 00 7.750.(K)O.00 7.750.000 00 7,750,ffl0.IM) Invc51m¢nts ai MArket VaiuE IpBge 141 264.110.th) 264.110.00 263,403 00 263.90100 8.013.903 00 8.013.SYI3 00 CLRRENT ASSETS Debtor5 Ipage 121 8,854.75 54,225.00 63.079.75 20,077.87 54,225.00 74,302 87 Cash at Battk and In hand Ipagt 121 20.072 64 28.927.39 2.630 47 56.855.47 22.703 11 85.782 86 29.168 78 83.393.78 41.73196 116,034.83 32.64105 CREDrroRS Amounts falling du wiihin one yeaTlpage 121 9.365.20 109,703.58 11906878 12.318.00 191,332.(NS 203,6SO.06 NET CLRRENT LIABILITIES 19,562.19 152,848.111 133.285 921 20.323.05 1107,938.281 TOTAL ASSETS le5S CIIRREN'f LJANILI'I'IES 19.562.19 7.961.26189 7.980.824.08 20J23.05 7.W5.964.72 7.926.287.77 CREDITORS Amounts falling due in orc than on¢ year Ipw 131 NKT A&SETS 19.562.19 7.961.261.89 7.980.¥24.08 20.323.05 7,905.964.72 7.926.287.77 FUNDS Unre5tri¢i¢d Endowmeni 19.562.19 19.562.19 7.961.26189 7.961.26189 20.323.05 20,323.05 7.905,964.72 7.905.964 72 Totsl 19.562.19 7.961.26189 7.980.824 08 20.J23.05 7.905.964.72 7.926.287.77 The fLnan¢ial 51atemenis have been prepared in Accordantt with the FIanCIaL Rew)rting Siwidard 102
rtd lh¢ reqllirements of the Si*emeni of Recommcndcd Pradice. A¢¢ountiftg and Reporting by Ch8rilies.
Thtst finaTrtial st8ftrnentJ were ipproved by Board ofTrustee8 on and wert signed on its bei[by.. Rory MacL¢ay Esq- Dir¢¢ioron bchaifof'fongsw(K>d Islate5 Lirnited Dan Bayley Esq- Director on bEhalfofTonBswood Ests*s Lunii¢d Guy Selmon E4- Diiecthr on behaifofToJL85wood Limit¢d Piets Inkin Esq- Direaoron behalfof Ton8swood Estat¢s Limii¢d
W B HARRIS WILL TRUST Debtors, Cash Balances & Creditors as at 31st December 2024 2024 2024 2024 2023 Unrestricted Endowment Fund Fund Total Fund DEBTORS VAT recoverable St Ronans School rent due Prepaid indemnity insurance Transfers between unrestricted and cndowment funds 1,204.80 1.204.80 1,745.00 54,225.00 54,225.00 520.46 506.03 54,225.00 520.46 7.129.49 8,854.75 7,129.49 54,225.00 63,079.75 17,826.84 74,302.87 CASH BALANCES Investec Sto¢kbrokers Ashfords Client Account Natwest Bank Business Account 2,630.47 2,630.47 29.168.78 520.80 12,042.38 41,731.96 20,072.64 20,072.64 20,072.64 2,630.47 22,703.11 DEPOSIT IIYTEREST Rathbones Ashfords Natwest Bank (gross) 149.04 149.04 128.46 149.04 149.04 128.46 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Nalwest Bank Loans due within one year Transfers between unrestricted and ¢ndowment funds VAT payable Mccabe Ford Williams Ashfords fees 86,658.49 86,658.49 86,658.49 7,129.49 7.129.49 17,826.84 6,090.00 3,275.20 6,090.00 9,825.60 12,l80.00 11,700.00 13,100.80 25,872.00 9,365.20 109,703.58 119,068.78 142,057.33 PApe. l?.
W B HARRIS WILL TRUST D¢btfprs, Cash Btslumces & Credilors as ai 31$1 December 2024 2024 2024 2024 2023 Unregtricted Endowment Fund Fund Total Fund CREDITORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR Natwest Bank Loan - New Sports Hall Less: Due within one year 86,658.49 (86,658.491 86,658.49 148.251.22 86,658.49) {148,251.22} The amount5 falling due in more than five years.. Bank loan more than five years Repayabl¢ by instalments Thc following secured debts are included within Creditors NatW¢st Bank Loan - New Sports Hall 86,658.49 86,658.49 86,658.49 86,658.49 148,251.22 148,251.22 The bank loans are secured against the ToDgswood Estate property. The sports hall development loan fa¢iliiy is for £750.000. It was initially drawn down in December 2009 with the remainder of the ltsan drawn during 2010. A5 at 31 December 2024, the balance stood al £86,658.49. The interest charge was at 2.5 /0 over the Bank Base Rate for 12 months. It then Inoved Éo a fixed rat¢ interest of 6.6000/0 per annum. The loan is T¢payable by 56 quarterly repayment5 starting from March 2015 and running to 2025. Pa£e 13
W B HARRIS WILL TRI.'ST Schedule of Jnvutmtnts lor the yeqr tThdtd31st Dtttmber2024 nY¥tments held Inv¢sthents heldat Holding Book Value H•MItl8 Bwk VAlue Market Value Flxed l#tereit Roy21 Londoii Bd RL slIng Credii FIL Fidelity Moneybuild¢r Mutirtith & Co Glo Tathical CG Ponfolio Fund ct Iluxl I Sicav 10.5(X) 12.761. 12ts63 (X) 20.0( 17.951.93 10,546 70 1.425 13.1)66 00 I2.5 QO 12.970.01 43,633 03 40,866.11 38.374tX) UK Equiiic& Invcslm¢nt& UllitTru$ts Diverse Inco[ Trusiord Ip Mercaniile lrtv Tlord 25p 14.5 6,0 7.505.88 2.483 91 14.5(K) 7.505 88 2,483.91 14.280 00 9.989.79 9,989.79 27.46100 Ov¢r¢ag Eqlt$ JP Mor8an U5 Equity In S¢hrtyderQriCntAI Ord Ip 18.467 8.5 9.442.78 10.469 55 18.467 8.500 9.442.78 10.469 55 31.301 23226 54.527 InirnAtional E9uiti¢s BNY Mellon Ne4rfon Hi8her Inc F & C Inv Trust Murray Intvnational Trusi Caledonia Invesime4tsOrd Sp PolarCapii41 Furtd Global In5 12,( 9.112 29 17.456.48 10.68163 12. 3.2 7,7SO 9.812.29 17.456 48 10,681 63 24.480 (K) 35,616 00 19.976.00 2.250 10.876 R6 56.18538 2250 10.876.86 48.8?7 26 21.796.00 101,868.00 Property Sehrodcr iieal Esiate 30.( 20.031 ff2 30.IKKI 20.03102 15,210 00 AlttTh#ts Assèis Nexiener8y Solar F Red P¢rsonal AWLS Trusi 6.5 7.148.60 19.869.63 27.01823 6.$00 7.148.60 19.869.63 27.01823 4271.LK) 22.199{) 26.670 SmmAry Fixed Ini¢rest UK k4ultits. InYeSEmenk & Unli Tru5 Overeas Eqvilie5 INi¢rnational Equilies Property Alternate Asts 43.633.03 9.989 79 40,866 11 9,989 79 38.374.(Kl 27.461 54,527.(X) 101.868. 15,210.00 26.670.(A) 56.185 38 20.031.02 27.018 23 48.827.26 20,03102 27,018 23 176.769 78 166.644 74 264.110. Unrealised gatn Unrealised 8ain arising Ln earlier yrJr5 97.465 26 Movemeni in unTealiswJ s&inlllo5sI in 2024 10,332 03
W B HARRIS WILL TRUST Investment In¢om¢ for thè year ènded 31st December 2024 IDteresl Gr05S Descriptio Htsldittg Dgte Dlvidtttd Owerstas Fixed Interest CT (Lux) I Sicav 1,425 27J0912024 2711212024 100 101(h512024 132.53 128.25 Muzinich & Co 442.19 Unit Trust IHv¢5tm¢llt FIL Moneybuildcr 20,0(>0 2610112024 2610212024 2610312024 2610412024 2610512024 2610612024 2610712024 2310812024 65.92 64.30 82.14 65.78 64.48 67.38 68.16 65.88 544.04 LTDIt Trust BNY Mellort Newton Ineomt 12.000 2810212024 31105Q024 3010812024 2911112024 18,467 3 Iin112024 3010412024 3110712024 3111012024 146.59 187.03 299.52 154.47 168.05 180.98 166.20 165.53 1,468.37 J P Morgan Am US Equity Incotne Inwtstmtni Trusts & Equltie$ Caledonia Inve51m¢ni Trust 500 0410112024 0110812024 3,200 0110212024 0910512024 OIIQ812024 0111112024 6,0 0110212024 I61Q512024 0110812024 Q111112024 94.65 257.35 108.80 144.00 115.20 115.20 87.00 598.00 90.00 90.00 FoTeign & Colonsaj Inv Tsi M¢rcantile Invesrtnent Trust Personal Assets Trusi 4,51Xk 2410112024 1610412024 3110712024 3110712024 0411012024 63.00 63.00 63.00 72.00 63.00 Carried forward 1,624.20
W B HARRIS WILL TRUST lThveslmtlli Ihtomt for th¢ ytar end¢d 31$¢ December 2024 VDteresl Gros Description Holdin% Dtt Dividend Btoughl forwarrj Mwray InternlOal Trusi 1.624 20 186 00 7,750 1610Y2024 2010512Q24 1610812024 1811112024 14,500 2910212024 31105r2024 30108r2024 2911 Ir2024 333.25 193.75 193.75 145.00 Divw% Income 145.00 152.25 17400 3,14720 Ov¢r¢•s Equiti¢y Polar CBp2tal Fund Globd ID 2.250 3110112024 30104fL024 81.23 510.48 92.70 56.03 170.00 17U.00 31107fL024 3111012024 8.500 1610212024 1010512024 Schroder Orienial 0210812024 170.00 2911112024 510.00 135.85 Nexiertergy s(4 F 6.500 2810312024 2810612024 3010912024 135.85 13650 3011212024 70 ######## C&G Portfolio Fund 337.08 2,242 87 Proptrry Schroder R¢al Esiat¢ REIT 30.000 2810312024 3010612024 250 80 255 90 255.90 263 70 .026 30 3010812024 2011212024 Intome Summgry Overseas Fixed Interest Unil Irusi Ini¢r¢si Utiil Trnsi Dividends Investment Trtsis & Equiiies Divldettds Overe&s Equ2lies Dividends PT(VErty Incott Dividet 442.19 544.04 1.468.37 3.147.20 2,242.87 1,026.30 8,870.97 PaBe 16
W B HARRIS WILL TKUST Year ended 31 Detember 2024 Schedule of Invt5tm¢nt Trwns#ftioHs Disp05a15 Dxte Norninll Description 2010812024 100 Muzinich & CoGlob31 Tactical 2110812024 20.(MJO FIL Fid¢lity Mth¢ybuildcr 0611212024 500 Cakdonia Investments Otd 5p BotrlL VAlue 10.546 00 Proceed5 G*ithl1JSS) 1948.001 11,744.931 9,672.84 9,598.00 16.207.00 17.030.96 7,358.11 35.856.05 42,835.96 6,979.91 AcqMi$i¢ioD$ Da Nominal De5criptivn 1210812024 10,5QO Royal London Bd RL Si¢tling Cr¢dii 2210812024 1.425 Cl- Iluxl I Sicav Book Value 12,761.00 Bou8hi 12,970.01 Bought Mode 25,731.05 Summary 0110112024 Book Value Les5 Di5P05a15 at rost la5 at¥)vel 176,769.77 35,856.05 140,913.72 25.731.01 Add Acquisitions at cost {as above) 3111212024 Book Value 166,fv14.73
W B HARRIS WILL TRUST Notes to the Accounts For the Year ended 31 December 2024 Trustee Exp¢n$ None of the Trustees or directors of the Trustee company received any remuneration from the Charity. Commitments The Trust has no outstanding commitments at the year end aside from liabilities provided in the accounts. Tangible Fixed Assets Freehold Property Total Cost or valuation: At l January 2024 Additions Disposals At 31 December 2024 7.750.000.00 7.750,000.00 7,750,000.00 7,750,000.00 Deprecialion- At l January 2024 Charge for year Disposals At 31 December 2024 Net book value At 31 December 2024 7,750,000.00 7,750,000.00 At 31 December 2023 7,750.000.00 7,750,000.00 The original historic cost of the freeho5d property is not known. On 13 February 2012 an exlernal valuer, Lambert & Foster. RICS Chartered Surveyors, valued Tongswo(Kl Estate including the new development at £7.75m on a vacant POS5e55ion open market value basis, assuming that it was suilable foT residential development as was the basis for the previous valuation carried out in 2007. The directors of Tongswood Estates Limited, who act a5 Trustees, have applied the revaluation in 2012 as deemed cost under the FRS102 transitional rules. They consider that the residual value of the propety is at least equal to the deemed cost value so no depreciation has been charged in ihe year.
W B HARRIS WILL TRUST Notes to the A¢counts {Continued) For the Year ended 31 December 2024 Appotntment of Trustee In December 2004, a company limited by guarantee, TongSWd Estates Limited, was formed with the irusiees of the WB Harris Will Trust set up a5 directors. Application was made to the Charities Commission for Tongswood Esfates Limited to replace the trustees of the WB Harris Will Trust and for it to hold the irusl's underlying assets and liabilities on trust for the WB Harris Will Trusi. During 2005 this authority was granted with the effect that Tongswood Estates Limited is now the trustee aT)d holds the assets and liabilities to transact on behalf of the WB Harris Will Tnjsi. Consequently. all the transactions of the WB Harris Will Trust and its assets and liabilities are reflected in these accounts while the accounts for Tongswood Estates Limited reflect no transactions and record no assets or liabilities. The bank account and loans in ihe name of Tongswood Eststes Limited are iherefore refl¢¢led in these accounts. The only account held in the name of Tongswood Estates Limited not reflected in the WB Harris Will Trust accounts is that held on behalf of the St Ronans Appeal Fund ¢harity which is now dormant. Leases to St RonaD'$ S¢hool The Trt had one lease remaining in p5ace with St Ronan's School. Lease of Sports Hall - runs from l March 2010 to 28 February 2025 - annual reni of £72,300 Total rents due under an operating lease expiring within one year totals £1 1,884. The rents are recognised on an accruals basis. There are no direet links between ihe Trust, its Trustees and the School and the School is not regarded as a related party as per FRS 102.. Related Party Dis¢losur¢s Related Party Transactions There have been no transactions with related parties during the year. Ultimate controlling party The Trust is controlled by Ihe directors of Tongswood Estates Limited Impact of Covid Pandemic During 2020 the Covid-19 pandemic broke out. This had an impact on St Ronan's School ability to meet its rental obligations under the leases which, in turn, affecled the Trust's abiliiy to make loan repayments. Therefore, the Trust agreed with its bank to defer the repayment of bank loans for 6-12 months and agreed to defer the rental paytncnls by the school for an equivalent period. At the year end £54,225 of rent had been deferred and is reflected as a debtor.
W B HARRIS WILL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECENIBER 2024 ACCOUNTING POLICIES Statutory Inform#tion WB Harris Will Trusi is a Chariry, registered in England and Wales. The Charity's regist¢red number and registered office address ¢an be found on the Legal & Administrative Infomation page. The prescntation currenry of the financial ststements is the Pound Sterling {£). Accounting conventlo The financial statements of the charity, which is a public benefil entity under FRS 102, have been pr¢pared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement of Recomtnended Practic¢ applicable to Charities preparing their accounts in accord2nee with the Fitydncial Reporting Standard appli¢able in the UK and Republic of Ireland (FRS 1021 (effective l October 20191, 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 th¢ ¢x¢¢ptioD of investments which are included at market value. Incoming resources All incotning resOU¢S are included on the Statement of Financial A¢tivilies when the Charity is legally entitled io the incom¢ and the amount can be quantified with reasonable accurncy. Donations from St Ron2n's Appeal Fund are recognised when re1Ved by the trust. Interest and dividends are shown gross of recoverable tax in the Statement of Financial Activities. Rent payable under an operating lease agreement, net of VAT, is recognised on an accruals basis. The lease premium paid by St Ronans School has becn r¢cognised in the SOFA on the commencement date set out in the lease. Resources expended Expenditure is accounted for on an a¢¢ruils basis and has been classified under headings that aggregate all cost related to the category. Wh¢re ¢osts camot be directly attributed to particular headings they have been allocated to activiti¢s on a ba511 consistent with the use of resources with 500/0 of ac¢ounts costs to unrestricied funds and 50/0 to ¢ndowment fldS and 250/0 of administration ¢05ts to unrestricted fvnds and 75Q/o to endowtneni funds. Freehold property Th¢ freehold propety was forn)ally valued at operk market value on a vacant possession basis on 13 February 2012 by Lambert & Foster at £7.75m. At the date of thc introduetion of FRS 102, the Trust recognised this a$ the deemed ¢ost so it is not required to revalue the property again on a periodic basis. The residual value of the property is considered to be such that any depreciation of deemed ¢ost less residual value at 20/0 per annum would be negligible or £Nil. Page 18
W B HAIiRIS WILL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 ACCOUNTING POLICIES- continued IDve5tments Investments quoted on stock exchange are valued at market value. Realised gains are r¢corded as th¢ difference between the proceeds on disposal less the original ¢ost of the invesiments. UnTealised gains or losses are recorded as the difference between the market value at the year end less the original ¢ost of the investments. Taxation The Charity is exempt from corporation tax on its charitable &ctivities. Fund accounting Unrestricted funds can be used in a¢¢ordanc¢ with the charitable objectives at the discretion of the truste¢s. Restricted funds can only be used for panicular restricted purposes within the objects of the Charity. Restrictions arise when specified by the donor or when fvnds are raised for particular restricted purposes. Endowment funds represent pern]an¢nt ¢ndowmetLt fijnds provided under the original will and must be retained within the Charity. With the exception of rental incoTne and the premium received on leases to the School, in¢otne g¢nernted from endowment funds 15 unrestri¢t¢d ond can be applied for the objects of the Charity. For rental income and the premium received on leases to the school, the incoming funds are applied to the endowment fijnd until the bank borrowing taken out to fijnd the development at the school is Cleared. Distrlbutions Distributions are made to the school at the Trustee's discretion and are charged in the period in which they are approved and paid. Signifieant estimates and judgements In the application of the Trust's accounting policie5, the Trustees are required to make judgement5, estimates and assumptions about the carying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and oth¢r factors that are considered relevant. Actual results may differ from these estimates. The estitnates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are reeognised in the period to which the estimate is revis¢d if the r¢Yision affects only that period or in the period of th¢ revision and future periods if tlie revision affects both current and bjture periods. Where costs Car0t be dire¢ily 8ttributed to particular headings they have been allo¢at¢d to activities on a basis conslstent with the us¢ of Tesources with 500/0 of accounts Costs to unrestricted funds and 50Q/o to endowment funds aDd 25Q/o of administration costs to unrestricted funds and 759/0 to endowmeni funds. Aside from this. the Trustees Consider that there are no other key sources of ¢stIallOn uncertainty that have a significant effeci on rhe amounts recognised in the financial statements. Page 19
W B HARRIS WILL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 ACCOUNTING POLICIES- continued Financial Instruments The Charity enters into basic financial in5tnuneniS that result in the recognition of financial assets and liabilities like trade and other aceounts Teceivable and payable, loans from balS and other third parties and loans to related parties. a) Trade and other debtors Trade and other debtors are initially recogni5ed at fair value and thereafter stated at amortised cost using the ¢ff¢¢live interest method, less impairnient losses for bad and doubtful debts except where the effect of discouniing would be immaterial. In such cases. the receivables are stated at cost less impaim)ent losses for bad and doubtfijl debts. b) Cash and cash equivalents Cash and cash equivalents comprise eash at bank and in hand. c) Impaiment of financial assets Financial assets that are measured at cost and amortised c05t are assessed 21 the end of each reporting period for objective evidence of impairnient. If objective ¢videnc¢ of irnpairtnent is found, an impainnent loss is reCOlsed in profit or loss. For financial assets measured al amortised cosi, the impairn)¢nt loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted al the asset's original effective interest rate. If a fanCIal asset has a variable interest rate, the discount rate for measuring any impainnent1055 is the currenl effective interest rate detemined under the contract. For financial assets measured at ¢ost less tmpaimient. the impairnient loss is measured a5 the differen¢e between an a55et's ¢arrying amount and the best estimate. which is an approximation, of the amount that the company would ctiVe for the asset if it were to be sold at the reporting date. d) Trade and other creditors Debt instrumenis like loans and other accounts payable are initially measured ai present value of the future payments and subsequently at amortised cost using the effective inte$t method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently. at the undiscounted mount of the cash or other consideration expected lo be paid. However, if the arrangements of a short-terni instnllnent constitute a financing transaction, like th¢ paytn¢nt of a trtde debt deferred beyond nornial business ternis or financed at a rdte of interest that is not a tnarkel rate or in case of an outright short-tenn loan not at market rate. the financial asset is measured, initially 2nd subsequently, at the present value of the fi)ture payments discounted at a market rate of interest for a sirnilar debt instnjment. Financial assets and liabilities are off5¢t and th¢ net amount reported in the statement of finarhcial position when there is an enforceable right to set off the recognised amounts and there is an intention to settl¢ on a n¢t basis or to realise the asset and settle the liability simultaneously. Going ConeerD The Trustees have reviewed the cashflows of the TTUSt for 12 months from the date of approval of the a¢counts and consider that th¢ Trust will be in a position to meet its financial obligalions for the foreseeable tUre and that there are no tnateTial unrertainties relating to going concern. As a result, thc accounts have been prepared on a going con¢ern basis. Page 20