Charity Registration Number: 299945
HARFORD CHARITABLE TRUST
ACCOUNTS FOR THE YEAR ENDED 5 April 2024
HARFORD CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE INFORMATION
Settlors: Sir John Timothy Harford Bt (Deceased) Lady Carolyn Jane Harford Governing Instrument: Trust Deed dated 10 August 1988 Trustees: Lady Carolyn Jane Harford Clare Elisabeth Clatworthy Sir Mark John Harford Bt Simon Guy Harford Charity Address: 23 The Tramshed Beehive Yard Bath BA1 5BB Charity Registration Number: 299945 Solicitors: Macfarlanes LLP 20 Cursitor Street London EC4A 1LT Bankers: NatWest The Round House 2 Bridge Street Evesham Worcs WR11 4RS Investment Managers: Ruffer 80 Victoria Street London SW1E 5JL Independent Examiner: Emily Smith FCA Humphrey & Co Chartered Accountants 7-9 The Avenue Eastbourne East Sussex BN21 3YA
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HARFORD CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR TO 5 April 2024
The Trustees present their Annual Report and Accounts for the year to 5 April 2024.
The Accounts have been prepared in accordance with the accounting policies set out in Note 1 to the Accounts and comply with the Charity's governing instrument, the Charities Act 2011 and "Accounting and Reporting by Charities : Statement of Recommended Practice applicable to charities preparing their Accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
Objectives and Activities for the Public Benefit
The objects of the Trust allow the trustees discretion to apply the income and capital of the Trust Fund for such charitable purposes as they from time to time decide. The trustees confirm that they have referred to the guidance contained in the Charity Commission general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future activities and setting the donations policy for the year.
The Trustees have discretion to apply the income and the capital of the Trust Fund for the benefit of such charitable institutions or charitable purposes as they think fit.
The Trust carries out the objectives by the maintenance of investments to provide both income and capital growth and the making of donations.
It is the aim of the Trustees to annually distribute the total income of the charity after payment of the management and administration costs, although the Trustees may agree, periodically, more substantial level of distributions via use of capital funds.
Achievements and Performance
The Trustees continued their policy of making donations to various registered charities.
Donations totalling £34,500 (2023: £32,500) were paid during the year. Details of the donations are shown in Note 10 to the Accounts.
Financial Review
At the year end the total Fund was valued at £901,064.87 (2023: £1,002,085.64)
The Trust's income consists of investment income and contributions from individual trustees which is distributed to various charitable organisations at the Trustees' discretion.
It is the aim of the Trustees to maintain a balance between investments for capital growth and income generation and to maintain readily accessible cash funds sufficient to fund anticipated charitable donations over the coming year.
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HARFORD CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR TO 5 April 2024
The Charity's reserves are primarily investments which are held to generate income and capital growth, which provide funds to make grants in accordance with the Charity's objectives. Free cash reserves total £12,117 at the year end and the trustees consider that the level of reserves is appropriate to meet current activities. Further reserves can be met with the liquidation of a proportion of investments if required.
The Trustees continue to monitor the major risks to which the charity is exposed and develop systems and procedures to manage those risks.
Investment performance is monitored regularly by the trustees including via presentations by the investment managers and periodic trustee meetings.
The Trustees continue to aim, year on year, to distribute all available income after expenses to charitable organisations.
Structure, Governance and Management
The Harford Charitable Trust was established under the terms of a Trust Deed dated 10 August 1988.
The Trustees who served during the year were: Lady Carolyn Jane Harford Clare Elisabeth Clatworthy Sir Mark John Harford Bt Simon Guy Harford
Under the terms of the Trust Deed the power of appointing new Trustees is vested in the settlors during their lifetimes and thereafter in the trustees. Trustees are selected having regard to both their general experience, and their knowledge and experience of the objects of the trust, and any personal knowledge of the existing trustees. Professional advice is available to new trustees from the trustees' solicitors for training purposes regarding the duties of a trustee.
All Trustees give of their time freely and no trustee remuneration, benefits or expenses were paid in the year. Trustees are required to disclose all relevant interests and to withdraw from decisions where a conflict of interest arises.
Ruffer are the Trust's investment adviser whose brief is to advise and manage an investment portfolio on a discretionary basis.
Investments held at 5 April 2024 were acquired in accordance with the powers of the Trustees.
Statement of Trustees' Responsibilities
The Trustees are responsible for preparing the Trustees' Report and the Accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The Law applicable to charities in England and Wales requires the Trustees to prepare Accounts for each financial year which give a true 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.
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HARFORD CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR TO S Aprll 2024 In proparfng these Accounts. th6 Trusleos are reqvlred to'.- selecl suitabl8 8ccounting policies and apply IIEM consistently., observe the methods and principles in the Charities SORP., mak8 judgements and estimates that ar8 reasonable and prudent., slate whether applicable accounting 5tarKJards have been followed, subject tts any d8Partures disclosed and 8xpl8ined in the Accounts.. prepare the Accounts on the golng conctsrn basis unlgss St Is Inappropriate lo presume that the Charity will continuo in operation. Th8 Trustees a responslblg f¢x k8Èping sufficient accounting records which discknse wlh T8850nable accuracy al any lirn8 th8 financial posilon ol the Charity and to enable them to ensure Ihat the Accounts comply 1th the Charities Act 2011. the Charity (Aeeounts and Rewrtsl Regulations 2008 and the provisions of the Trust Deed. They ar8 alsts responslble for safeguarding the assets of the Charity and hen lor taking &sonable steps for the prev8ntion and deleclion ol frydud and other irregularilies. Approved by the Trusts•s and slgned on thelr behalf by: Dated ..2024
HARFORD CHARITABLE TRUST
Independent Examiner's Report to the Trustees of Harford Charitable Trust
I report to the trustees on my examination of the accounts of Harford Charitable Trust (the Trust) for the year ended 5 April 2024 which are set out on pages 7 to 16.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trustees' accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
1.) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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2.) the accounts do not accord with those records; or
3.) 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 concerns 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.
…………………………………………………….. Emily Smith FCA Humphrey & Co Chartered Accountants 7-9 The Avenue Eastbourne East Sussex BN21 3YA
9 December Date ……………………………………………… 2024
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HARFORD CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT For the year to 5 April 2024
| Note Income and Expenditure Income from: Investments 2 Donations Received Gift Aid Tax Repayment 8 Expenditure on: Raising Funds Investment Management Fees Charitable Activities Donations 10 Other Expenditure Legal Fees Independent Examiner’s Fee Total resources expended Net (outgoing) resources Net (losses) on investments 5 Net movement in funds Fund balances at 6 April 2023 Fund balances at 5 April 2024 All funds are unrestricted |
2024 £ 22,403.05 6,750.00 1,687.50 30,840.55 - 34,500.00 6,000.00 2,100.00 42,600.00 (11,759.45) ( 89,261.32) (101,020.77) 1,002,085.64 901,064.87 |
2023 £ 13,804.70 6,750.00 1,687.50 |
|---|---|---|
| 22,242.20 | ||
| 2,433.60 32,500.00 3,368.70 - |
||
| 38,302.30 | ||
| (16,060.10) | ||
| ( 6,876.47) (22,936.57) 1,025,022.21 |
||
| 1,002,085.64 | ||
The notes on pages 9 to 16 form part of these accounts.
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HARFORD CHARITABLE TRUST BALANCE SHEET at 5 Aprll 2024 Note 2024 2023 Flxed As8ets Inve5tfflenls lat Market Value) 888.947.80 985,171.82 Current A88et8 Debtors Cash at bank and in hand 1,687.50 18,529.57 20,217.07 1.687.50 18,586.32 20.273.82 CredltorJ: Amounts falling due wlthln one year { 8.100.001 (3,360.00) Net current assets 12,117.07 16,913.82 Total assets less current Ilabilltl•s 901,064.87 1,002.085.64 Unrestrlcted Funds 901,064.87 1,002.085.64 The Accounts were approved by the Trustee5 on Lady Carolyn Jane Harford Trustee Clare Elisabeth claorthY Trusteg Sir Mark John Harford Bt Trustee Simon Guy Harford Trustee
HARFORD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR to 5 April 2024
1 ACCOUNTING POLICIES Charity Information
The Harford Charitable Trust was established under the terms of a Trust Deed dated 10 August 1988 and is a registered Charity number 299945.
1.1 Accounting Convention
The accounts have been prepared in accordance with the charity's governing document, the Charities Act 2011, and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The Accounts are prepared in sterling, which is the functional currency of the charity.
The Accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The Accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice, which is referred to in the Regulations, but which has since been withdrawn.
1.2 Going Concern
At the time of approving the Accounts, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees' continue to adopt the going concern basis of accounting in preparing the Accounts.
1.3 Charitable Funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
1.4 Incoming Resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
The Charity is a registered Charity and therefore is not liable for income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
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HARFORD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR to 5 April 2024
1.5 Resources Expended
Expenditure is recognised on an accrual basis as a liability is incurred.
Costs of generating funds comprise the Investment Managers' costs associated with the management of the investment portfolio in accordance with the strategy set by the Trustees. These also include Solicitors' management fees in connection with the management of the Charity.
Charitable expenditure in the form of donations payable is accounted for as and when approved by the Trustees and when due for payment.
Other costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and include the independent examination fees and legal costs linked to strategic management of the Charity.
1.6 Fixed Asset Investments
Investments are included on the Balance Sheet at their market value at the end of the financial period. Listed investments are stated at the mid price on the London Stock Exchange and the bid prices provided by the Fund Managers for unit trust holdings. Gains and losses on investment assets are credited, or debited, to the Statement of Financial Activities in the year in which they arise. Derivatives are initially recognised at their fair value on the day they are entered into and are subsequently measured at the fair value prevailing at the time. The fair value of derivatives corresponds to the present value of estimated future cash flows. The fair value of currency forwards is based on the forward exchange rate as at the balance sheet date.
Gains or losses on forward currency transactions within the trading portfolio, where such transactions are opened and closed off in the accounting period, are recognised within realised gains or losses in the Statement of Financial Activities calculated via the difference in the market value of the currency from trade date to settlement date.
Where forward currency transactions remain open at the end of the financial period the fair value of the transaction is measured at the loss or gain had the transaction closed off on the last day of the period, as provided by the fund managers.
Any gains or losses arising from changes in fair value on derivatives are taken to the Statement of Financial Activities as unrealised gains or losses at the year end.
Forward Currency Transactions
Forward currency contracts are agreements to buy or sell currency at a predetermined price on a specified future date. Investments held were acquired in accordance with the powers of the Trustees. Gains arise on contracts where there has been a favourable movement in the foreign currency exchange rates. Losses arise when the market value of the currency has adversely moved against the predetermined rate.
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HARFORD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR to 5 April 2024
1.7 Cash and Cash Equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other shortterm liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8 Financial Instruments
The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Charity's balance sheet when the Charity becomes
party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic Financial Assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic Financial Liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from supplier. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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HARFORD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR to 5 April 2024
Derecognition of Financial Liabilities
Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled.
1.9 Critical Accounting Estimates and Judgements
In application of the Charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In the year ended 5 April 2024 the Trustees consider that there were no critical accounting estimates or judgements arising that require disclosure.
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HARFORD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR to 5 April 2024
| 2 Income from Investments Income received - Unit Trusts Fixed interest Securities Income received - UK Equities Income from Overseas Securities Brokers Gross Deposit Interest |
2024 £ 22,387.60 - - - 15.45 22,403.05 |
2023 £ 10,669.97 1.40 1,483.77 1,635.89 13.67 |
|---|---|---|
| 13,804.70 |
3 Trustees
None of the trustees (or any persons connected with them) received any remuneration, benefits or expenses from the Charity during the year (2023: Nil).
4 Employees
There were no employees during the period.
| 5 Net Gains/(Losses) on Investments Revaluation of Investments Gain/Loss on Sale of Investments Currency Gains/(Losses) 6 Fixed Asset Investments Listed Investments |
2024 £ (86,486.82) (2,774.50) - (89,261.32) 2024 £ 888,947.80 |
2023 £ 23,237.58 (28,095.23) (2,018.82) |
|---|---|---|
| (6,876.47) | ||
| 2023 £ 985,171.82 |
Investments are included on the Balance Sheet at their market value at the end of the financial period. Listed investments are stated at the mid price on the London Stock Exchange and the bid prices provided by the Fund Managers for unit trust holdings.
| The historical cost of the fixed asset investments is Cost or Valuation Additions Valuation Changes Disposals Carrying Amount At 5 April 2024 Movements in Fixed Asset Investments |
952,057.21 2024 £ 985,171.82 22,387.60 (89,261.32) (29,350.30) 888,947.80 888,947.80 |
960,535.64 |
|---|---|---|
| 2023 £ 969,637.73 1,690,260.46 (6,876.47) (1,667,849.90) |
||
| 985,171.82 | ||
| 985,171.82 |
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HARFORD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR to 5 April 2024
| 7 Financial Instruments Carrying Amount of Financial Assets Debt instruments measured at amortised cost Equity instruments measured at fair value through SOFA Carrying Amount of Financial Liabilities Measured at amortised cost Financial Liabilities : breakdown Macfarlanes Fees Independent Examiner’s Fee 8 Debtors Amounts falling due within one year: Income Tax Recoverable 9 Cash at bank and in hand NatWest Ruffer |
2024 £ 1,687.50 888,947.80 8,100.00 6,000.00 2,100.00 8,100.00 2024 £ 1,687.50 2024 £ 18,523.82 5.75 18,529.57 |
2023 £ 1,687.50 985,171.82 |
|---|---|---|
| 3,360.00 | ||
| 3,360.00 - |
||
| 3,360.00 | ||
| 2023 £ 1,687.50 |
||
| 2023 £ 18,586.32 - |
||
| 18,586.32 |
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HARFORD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR to 5 April 2024
10 Charitable Donations Made By The Trust
| The Disabled Living Paintings Sequal Trust Children and Families Lifelites Resurgo Siblings Together The Respite Association Unite Foundation Helping the Disadvantaged Coram Voice Giving World Support Dogs Happy Days Hope and Homes for Children Winston's Wish Missing People Farms for City Children |
2024 £ 1,500.00 1,000.00 1,000.00 3,500.00 1,500.00 1,500.00 1,500.00 1,500.00 1,000.00 1,500.00 1,000.00 1,000.00 1,000.00 1,000.00 12,500.00 1,000.00 1,000.00 2,000.00 |
2023 £ 1,000.00 1,000.00 1,000.00 |
|---|---|---|
| 3,000.00 1,500.00 1,000.00 1,500.00 1,000.00 1,000.00 1,500.00 1,000.00 1,000.00 1,000.00 1,000.00 |
||
| 11,500.00 1,000.00 1,000.00 |
||
| 2,000.00 |
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HARFORD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR to 5 April 2024
10 Charitable Donations Made By The Trust
| Overseas Aid Books Abroad DEC Earthquake DEC Pakistan Floods Medecins sans Frontieres Ripple Effect (formerly Send a Cow) Tools for Self Reliance The Homeless and Refugees Big Issue Foundation Cardinal Hume Centre Medical Acquired Brain Injury Trust Pathways Through Dementia RICE St Richard's Hospice SANE The Environment CPRE Miscellaneous Criminon UK Total Donations Practical Action |
2024 £ 1,000.00 - - 1,000.00 - 1,500.00 1,500.00 5,000.00 1,000.00 - 1,000.00 4,000.00 1,500.00 1,500.00 - 1,500.00 8,500.00 1,000.00 1,000.00 1,000.00 1,000.00 34,500.00 |
2023 £ 1,000.00 1,000.00 1,000.00 - 1,500.00 1,500.00 1,500.00 |
|---|---|---|
| 7,500.00 1,000.00 1,000.00 |
||
| 2,000.00 - 1,000.00 1,500.00 1,000.00 1,000.00 |
||
| 4,500.00 1,000.00 |
||
| 1,000.00 1,000.00 |
||
| 1,000.00 | ||
| 32,500.00 |
11 Related Party Transactions
Transactions with related parties.
During the year, donations totalling £6,750 were received without condition from the Trustees, Lady Harford (£6,000) and Simon Harford (£750). (2023: £6,750)
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HARFORD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR to 5 April 2024 Appendix 1
Detailed schedules of the above income follow:-
| Holding Date Unit Trusts Charity Assets Trust 548,750.53 15/06/23 545,074.47 15/09/23 535,228.75 15/12/23 535,228.75 15/03/24 |
Gross Tax Net £ £ £ 4,375.06 - 4,375.06 4,714.93 - 4,714.93 5,749.07 - 5,749.07 7,548.54 - 7,548.54 22,387.60 - 22,387.60 |
|---|---|
*** Accumulation**
HARFORD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR to 5 April 2024 Appendix 2
| Appendix 2 | ||
|---|---|---|
| Charity Assets Trust |
Investments held at 5 April 2023 Investments held at 5 April 2024 |
|
| Cost or Market 2023 Market Unrealised Holding Cost Value Holding Cost Adjusted Value gain/(loss) Value 548,750.5290 960,535.64 985,171.82 531,254.2870 952,057.21 975,434.62 888,947.80 (86,486.82) £960,535.64 £985,171.82 £952,057.21 £975,434.62 £888,947.80 (£86,486.82) |
||
| £952,057.21 £975,434.62 £888,947.80 (£86,486.82) |
HARFORD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR to 5 April 2024 Appendix 2
The acquisitions and disposals of investments are set out below:-
Acquisitions
| Holding Date Charity Assets Trust 15/06/23 15/09/23 15/12/23 15/03/24 |
Cost Event £ 4,375.06 Accumulation 4,714.93 Accumulation 5,749.07 Accumulation 7,548.54 Accumulation 22,387.60 |
|---|---|
Disposals
| Disposals | ||||||
|---|---|---|---|---|---|---|
| Realised | ||||||
| Holding | Date | Market Value | Proceeds | Profit/Loss | Event | |
| £ | £ | £ | ||||
| Charity Assets | ||||||
| Trust | 3,676.055 | 19/04/23 | 6,749.60 | 6,500.00 | ( 249.60) Sale | |
| 3,844.107 | 19/07/23 | 7,058.15 | 6,500.00 | ( 558.15) Sale | ||
| 2,059.833 | 04/10/23 | 3,782.05 | 3,360.00 | ( 422.05) Sale | ||
| 3,941.783 | 11/10/23 | 7,237.50 | 6,500.00 | ( 737.50) Sale | ||
| 3,974.464 | 17/01/24 | 7,297.50 | 6,490.30 | ( 807.20) Sale | ||
| 32,124.80 | 29,350.30 | (2,774.50) |