REGISTERED CHARITY NUMBER: 295998 ort of tho Trusteos and Unaudited Financial Slatements for the Year Ended 5 rll 2024 G D Horbert Charltsblo Trus Monahans Chartered Accountants Hermes House Fire Fly Avenue Swindon Willshire SN2 2GA
G D Herbort Charitable Trust Contonts of tho Flnanclal Statements for the Year Ended 5 A ril 2024 Pago Report of the Trustees Independent Examlnerfs Report stat•m•nt of Flnanclal Actlvltlos Balance Shgot Notes to Ihe Flnancial Statements 6 to 11
G D Herbert Charltable Trust Re ort of Ihe Trustees for tho Year Ended 5 A rll 2024 The trustees pre5enl thelr report wlth Ihe financial statements of the charity for the year ended 5 April 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitieg preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) leffeclive 1 January 2019)- OBJECTIVES AND ACTIVITIES Objectlves and alms The object of the trust is to provide support for medicine and health, welfare and environmenlal resources. The trust achieves this by making grant5 to beneficiaries Publlc bonaflt The trustees have paid due regard to the Charity Commission's guidance on publlc benefit In deciding what activities the charity should undertake. The trustees consider that they have acted in the public benefit. Grantmaklng The trustees VIeW donations at Iheir annual general meeting in Februarylmarch of each year and may make Some adjustments but for the most part continue the donations to the beneficiaries listed year on year. The Injstees make very few special donations, in the health and welfare fields only. In the main, decisions are made by the trustees at their annual meeting. ACHIEVEMENT AND PERFORMANCE Charltable actlvltl&s As shown on the attathed schedule the trustees made 24 regular donations totalling £76,500 and 8 speclal payments totalling £22,500. FINANCIAL REVIEW ReseNes policy The Trustees have agreed that together the expenses of running the trust and Ihe grants and donations made should total approximately 40/0 of the value of the portfolio. It is not the trustees, intention to hold substantial SeNe$ bul to settle these costs initially from income arising from the portfolio. In the event of this income not being sufficient to cover the outgoings then the ITusl6es can make an appropriate transfer to income fund from capital. At 5th April 2024 free reserves stood at £45,034. It will be noted that the lolal of grants made was £100,000 out of inveslment income of £68,308 before administration expenses, the balance being withdrawn from the capital account brought forward from previous years. It is not the trustees, policy to retain any significant reserves of income. At 5th April 2024 the market value of the trust investments managed by Investec stood al £2,796,967 and they also held cash funds lotalling £50.503. The increase in market value during the year was £281,451. FUTURE PLANS The trustees wll continue to look for opportunities to assist beneficiaries and to maximise Ihe resources available for such grants. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document The charity is controlled by its goveming document, a deed of trusl and constilules an unincorporated charity. The Charitable Trust is govemed by a tfust deed dated 9th April 1986. REFERENCE AND ADMINISTRATIVE DETAILS Registgrod Charity number 295998 Prlnclpal address Veale Wasbrough Vizards 24 King William Street London EC4R 9AT Trustees Judith Margaret Cuxson Caroline Beaumont Page 1
G D Herbert Charltable Trust ort of the Trustees for the Year Ended 5 A rll 2024 REFERENCE AND ADMINISTRATIVE DETAILS Independent Examinor James Gare DChA FCA Monahans Chartered Accountsnts Hermes House Fire Fly Avenue Swindon Willshire SN2 2GA Solicitors Veale Wasbrough Vizards 24 King William Street London EC4R 9AT Investment Advisers Investec Wealth & Investment Limited 2 Gresham Slreet London EC2V 7QP /Y. 7.1+ Approved by order of the board of trustees on ............................................. and signed on ils behalf by: Caroline Beaumont- Trustee Page 2
Inde ondent Examiner's Re ort to the Trustees of G D Herbert Charltable Trust Independent examlner's report to the trustees of G D Herbert Charltable Trust I report lo the charity trustees on my examination of the accounts of G D Herbert Charitable Trust (the Trust) for the year ended 5 April 2024. Responsibilitles and basls of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance wlth the requirements of the Charilies A¢t 2011 Ilhe ACV). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. Independent examineS statement I have completed my examination. I confimi th8t no material matters have come to my attention in connection wlth the examination giving me cause to believe that in any material respect.. accounting records were nol kepl in SpeCt of the Twst as required by Section 130 of the Act., or the accounts do not accord with those records., or the accounts do 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 no concems and 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. James Gare DChA FCA Monahans Chartered Accountants Hermes House Fire Fly Avenue Swindon Wiltshire SN2 2GA Dale.. ..l2.Augufit.2Q.24............. Page 3
G D Herbert Charitable Trust Statement of Financial Actlvltlos for the Year Ended 5 A ril 2024 2024 UnstrIcted fund 2023 Total funds Notes INCOME AND ENDOWMENTS FROM Inveslmenl income 68,308 63,481 EXPENDITURE ON Raising funds 13,113 12,276 Charltablo actlvltlos Grants 109,300 99,638 Total 122,413 111,914 Nel gainslllossesl on investments 281,451 (157,2331 NET INCOMEIIEXPENDITURE) 227,346 (205,666> RECONCILIATION OF FUNDS Totsl funds brought fOard 2,614,655 2,820,321 TOTAL FUNDS CARRIED FORWARD 2,842,001 2,614,655 The notes fomi part of these financial statements Page 4
G D Herbert Charltable Trust Balance Sheet 5 A rll 2024 2024 Unrestrictod fund 2023 Total funds Notes FIXED ASSETS Investrnents 2,796,967 2,559,727 CURRENT ASSETS Cash at bank 50,566 60,004 CREDITORS Amounts falling due within one year 15,532) {5,076} NET CURRENT ASSETS 45,034 54,928 TOTAL ASSETS LESS CURRENT LIABILITIES 2,842,001 2,614,655 NET ASSETS 2,842,001 2,614,655 FUNDS Unrestricted funds 10 2,842,001 2.614,655 TOTAL FUNDS 2,842,001 2.614.655 The flnancial statements were approved by the Board of Trustees and authorised for Issue ..1SJuly.2024................ and were signed on its behalf by: on Caroline Beaumont- Trustee Judith Margaret Cuxson - Trustee The notes form part of these financial statements Page 5
G D Herbert Charitable Trust Notes to the Financial Statements for the Year Ended 5 A rll 2024 ACCOUNTING POLICIES Bas1$ of proparlng the flnanclal statements The financial slalemenls of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reportlng by Charities.. Slalemenl of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable In the UK and Republic of Ireland (FRS 102) (effective 1 January 2019),, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charilies Act 2011. The financial slatements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revalualion of certain assets. The finandal slalements have been ppared to give a 'true and fail view and have departed from the Charities {Accounts and Reports) Regulations 2008 only to the extent required lo provide a Irue and fair view,. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} issued on 16 July 2014 rather than the Accounting and Reporting by Charities= Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The financial statements are prepared on a going concern basis, under the historical cost convention, modified lo include certain items 81 fair value. The financial statements are prepared in steding which is the functional currency of the charity and rounded to the nearest pound. The are no significant areas of judgements or key sources of estimation uncertainty. The trustees consider Ihat there are no malerial uncertainlies aboul the Charity's ability to continue as a going COnrn. Legal status of tho charity The charity is an unincorporated trust constituted by a trust deed. Financial roporting standard 102 - roducod dlsclosuro oxomptlons The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,: the requirements of Section 7 Statement of Cash Flows. Income All income is recognised in the Slalement of Financial Activities once the charity has entitlement lo the funds, it is probable that the income will be received and the amount can be measured reliably. Interest on funds held on deposit is included when receivable and the amount Can be measured reliably by the charity- this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio. Expenditure Liabilities are recognised as expenditure as soon as there Is a legal or constructive obligation committing the charity to Ihat expendilure, il is probable that a Iransfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related lo the category. Where costs cannot be directly attributed to particular headings they have been allocated lo activities on a basis consistent wilh the use of SourCes. Grants payable a payments made to Ihlrd parties Sn the furtherance of the charitable objects of the charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation Ihat they will Ceive the grant. Provisions for granls are made when the intention to make a grant has been communicated to the recipient but there is unrtaintY as to the timing of the grant or the amount of grant payable. The charity does not make mulli-year grants and all grants are unconditional. Page 6 conlinugd...
G D Herbert Charltable Trust Notes to the Flnanclal Slatements . contlnued for th6 Yèar Ended 5 A rll 2024 ACCOUNTING POLICIES - contlnuod Grant maklng Grants are accounted for in the year in lch the recipient has a reasonable expectation that they will receive the grant and the trustees have agreed to pay the grant without condition. Taxatlon The charity is exempt from lax on ils charitable activities. Fund accountlng Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds ran only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and PUTpose of each fund is included in the notes to the financial statements. Inv•slm•nls Investments are a form of basic financial Instrument and are inillally recognised al Ihelr transaction value and subsequently measured al their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The charity does not acquire put options, derivatives or other complex financial instruments. The main fomi of financial risk faced by the charity is that of volatility in equity markets and investment maTkets due to wider economic conditions, the attitude of investors lo investment risk, changes in sentiment conceming equities and within particular sectors or sub sectors. R•allsod galns and Iossos All gains and losses are taken lo Ihe Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference been sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of Ihe financial year. Unalised gain5 and losses a calculated as the difference belween the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. Cash at bank and In hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. CTodltor5 and provlslons Creditors and provisions a recognised where the charity has a psent obligation SuItIng from a past event that will probably result in the Iransfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recogni5ed at their settlement amount after allowing for any trade discounts due. Flnanclal Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic fin8ncial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Page 7 continued...
G D Herbert Charitable Trust Notes to tho Financial Statsmgnts - contlnuod for the Year Ended 5 A ril 2024 INVESTMENT INCOME 2024 2023 Dividends received Interest 66,898 1,410 63,162 319 68,308 63,481 RAISING FUNDS Investmenl management cosls 2024 2023 Portfolio management 13,113 12,276 GRANTS PAYABLE 2024 2023 Grants 100,000 90,400 All grants a paid to inslilutions. SUPPORT COSTS Govemance costs Management Total$ Grants 7,500 1,800 9,300 Support costs. included in the above. are as follows: 2024 2023 Total activities Grants Administration fees Independent examination and accountancy 7,500 1,800 7,500 1,738 9,300 9,238 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 5 April 2024 nor for the year ended 5 April 2023. Trustees. oxpensos There were no trustees. expenses paid for the year ended 5 April 2024 nor for Ihe year ended 5 April 2023. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTMTIES Unrestricted fund INCOME AND ENDOWMENTS FROM Investment income 63.481 EXPENDITURE ON Raising funds 12.276 Charitable activitios Grants 99.638 Page 8 continued...
G D Herbert Charitable Trust Notss to tho Flnan¢lal Statements - continuod for the Year Ended S A ril 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unreslrlcted fund Total 111,914 Nel gainsl{lo$$es) on investments 1157,233) NET INCOMEIIEXPENDITURE) 1205.666) RECONCILIATION OF FUNDS Total funds brought forward 2.820,321 TOTAL FUNDS CARRIED FORWARD 2.614.655 FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At 6 April 2023 Additions Disposals Revaluations 2,559.727 640,025 {684,2361 281,451 At 5 April 2024 2,796.967 NET BOOK VALUE At 5 April 2024 2,796,967 At 5 April 2023 2,559.727 Analysis of investments: Investment assets in the UK Investment assets outside the UK 1,129,300 1,667,666 2,796,966 All investments are carried al their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets. All investments have been valued by Investec Wealth & Inveslmenl and are based on Ihe Bid price as al the close of business on the valuation date. Asset sales and purchases are recognised at the date of trad8 al cost (that is their transaction value). The significance of financial instruments to the ongoing financial sustainability of the charity is considered in the financial review and inveslment policy and performance sections of the Trustees. Annual Report. The main risk lo the charity from financial instruments lies in the combination of uncertain investment markets and volatility in yield. The charity is reliant on dividend yield in part lo finance its work. Liquidity risk is anlicipated lo be low as all assels are traded. The charity's investments are traded in markets with good liquidity and high trading volumes. The charity has no investment holdings in markets subject to exchange controls or trading StrIctl0n$. The charity manages these Investmenl rlsks by retaining expert advisors and operating an investment policy that provides for a high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchanges. The Trusl does not make use of derivatives and similar complex financial inslTuments as it takes the view that investments are held for their longer lemi yield tolal tUrn and higloric studies of quoted financial. Page 9 continued...
G D Herbert Charltable Trusl Notes to the Flnanclal Statements - contlnued for tho Yoar Ended S rll 2024 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 other creditors 5,532 5,076 10. MOVEMENT IN FUND8 Net movement in funds At 5.4.24 At 6.4.23 Unrostrlctod funds General fund 2,614,655 227,346 2,842.001 TOTAL FUNDS 2,614,655 227,346 2,842,001 Net movement in funds, Included in the above are as follows: Incoming resources Resources expended Gains and losses Movement n funds Unrestricted funds General fund 68,308 {122,4131 281,451 227,346 TOTAL FUNDS 68,308 {122,4131 281,451 227,346 Comparatives for movement In funds Net movement in funds At 5.4.23 At 6.4.22 unrestr1od funds General fund 2,820,321 {205,666) 2,614,655 TOTAL FUNDS 2,820,321 (205.666) 2,614.655 Comparative net movement in funds, included in the above a as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestrlcted funds General fund 63,481 1111,914) (157,233) (205,666) TOTAL FUNDS 63,481 1111,914) {157.233) (205,6661 Pago 10 continued...
G D Herbert Charltable Trust Notes to the Flnanclal Statements - contlnued for thè Yoar Endod 5 A ril 2024 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 other creditors 5,532 5,076 10. MOVEMENT IN FUNDS Net movement in funds At 5.4.24 At 6.4.23 Unrestrlcted funds General fund 2,614,655 227,346 2,842,001 TOTAL FUNDS 2,614,655 227,346 2,842,001 Nel movement in funds. included in the above a as follows: Incoming resources Resources expended Gains and losses Movement in funds Unrestrlctod funds General fund 68,308 (122.413) 281,451 227,346 TOTAL FUNDS 68,308 1122,413) 281,451 227,346 Comparatives for movement in funds Net movement in funds At 5.4.23 At 6.4.22 Unrestrlcled funds General fund 2,820.321 {205,666) 2,614,655 TOTAL FUNDS 2,820,321 {205,666} 2,614,655 Comparalive nel movement in funds, included in Ihe above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestrlcted funds General fund 63,481 (111,9141 (157,233) (205,666) TOTAL FUNDS 63,481 {111,9141 (157.233} (205.6661 Page 10 conllnued...
G D Herbert Charltsbl• Trust Notes to the Flnanclal Stst•m•nts - conlln for the Year Ended 5 A ril 2024 11. RELATED PARTY DISCLOSURES Veale Wasbrough Wizards LLP, a law fimi in which the trustee J Cuxson is partner, provides administration seTvices lo the charity. Fees paid totalled £7,50012023- £7,500) for the year to 5 April 2024. Page11
THE G D HERBERT CHARITABLE TRUST DONATIONS: FOR THE YEAR TO 5TH APRIL 2024 Re ular Donations: UK Youth Catch 22 Canterbury Oast Trust The Outward Bound Trust Disability Rights UK Friends of the Elderly Lambourne End Ltd Marie Curie Cancer Care NSPCC PDSA Queen Elizabeth's Foundation for Disabled People IQEFI Richmond Fellowship Royal College of Surgeons of England IRCS) Royal Hospital for Neuro-Disability Shelter St Christopher's Fellowship St Christopher's Hospice The National Trust The Abbeyfield Society The Prostate Cancer Charity The Woodland Trust 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 Ogbourne St George PCC Wiltshire Wildlife Trust Campaign to Protect Rural England 1,000 1,000 1,000 £76,500 ecial Donations: Red Cross {1srael & Occupied Palestinian Territory Appeal) Red Cross {Ukraine Crisis Appeal) National Autistic Society St Mungro's Support Through Court Horatio's Garden Armonico Consort Oncourse Foundation 3,000 3,000 2,500 2,500 2,500 2,500 2,500 2,500 £22,500 £100 000