2020-12-31-accounts

WILLIAM HARDING’S CHARITY Charity No. 310619

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31[ST] DECEMBER 2020

Correspondents and Clerks to the Charity are Messrs. Parrott & Coales LLP, 14 Bourbon Street, Aylesbury, Bucks HP20 2RS Telephone: 01296: 318500 (MR. J. LEGGETT)

WILLIAM HARDING’S CHARITY

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31[st] DECEMBER 2020 Charity Number 310619

Reference and Administration Details

• 1.1 The full name of the Charity is WILLIAM HARDING’S CHARITY.

• 1.2 The names of the Trustees who have been in office for the whole or part of the year to 31[st] December 2020 are:-

Lennard Maurice Wakelam (Chairman) Susan Pamela Hewitt (Vice-Chairman) Kathleen Anne Brooker William John Yendell Chapple, O.B.E. Roy James Collis DL Roger Wentworth Evans Leslie Sheldon Ranjula Takodra, M.B.E Penelope Wendy Thorne

• 1.3 The Charity is administered from the offices of the Clerk to the Trustees, Mr. John Leggett of Messrs. Parrott & Coales LLP, Solicitors, 14 Bourbon Street, Aylesbury, Bucks. HP20 2RS.

• 1.4 The Bankers to the Trustees are:-

Lloyds Bank PLC, 1 Market Square, Aylesbury, Bucks. HP20 1TD The Bank of New York Mellon (International) Ltd. 1 Canada Square, London, E14 5AL

• 1.5 The Stockbrokers appointed to manage the Charity’s investments are:Blackrock Investment Management, 12 Throgmorton Avenue, London, EC2N 2DL

• 1.6 The Charity’s auditors are:Messrs. Hillier Hopkins LLP, 249 Silbury Boulevard Milton Keynes Buckinghamshire MK9 1NA

Structure, Governance and Management

• 2.1 The Charity arises from the Will of William Harding, proved on 19[th] February 1719 and is governed by a Charity Commission Scheme dated 19[th] October 1978 as amended 11[th] October 1991.

• 2.2 Under the terms of the Scheme the Charity has nine Trustees; seven being co-optative and two nominative.

• 2.3 The Trustees meet on a regular basis to consider and determine applications for charitable assistance.

• 2.4 There have been no material changes in the policies of the Trustees in recent years.

• 2.5 The organisation of the Charity centres upon the day to day administration being carried out by its Clerks and the regular meetings of the Trustees.

• 2.6 New Trustees are given an induction pack to brief them on their legal obligations under charity law, the content of the governing document, the committee and decision making processes, the business plan and recent financial performance of the charity. During their induction they meet key employees and other Trustees. Trustees are encouraged to attend appropriate internal and external training events where these will facilitate the undertaking of their role.

• 2.7 The Trustees have a risk management strategy which comprises;

2.7.a An annual review of the risks the charity may face.

• 2.7.b The establishment of systems and procedures to mitigate those risks identified in the plan.

• 2.7.c The implementation of procedures designed to minimise any potential impact on the charity should those risks materialise.

2.7.d Policies to cover General Data Protection Regulations (GDPR), Safeguarding and Complaints

This work has identified no significant risks to the charity.

Objectives and Activities and Public Benefit

3.1 The Trustees are mindful of their duty to manage the affairs of the Charity for the public benefit and to this end make appropriate enquiries of all applicants both individual and corporate as to their capital and income to ensure that assistance is offered to those in need.

• 3.2 The objects of the Charity as specified in the Charity’s Scheme are:-

To apply the income of the Charity after payment of the proper expenses of management as follows:-

• 3.2.a For the benefit of the residents of the Charity’s almshouses;

• 3.2.b For relief in need in accordance with the provisions of the Scheme;

• 3.2.c Providing such special benefits of any kind not normally provided by the Local Education Authority for any maintained school, college of education or other institution of further education in or substantially serving the town of Aylesbury.

• 3.2.d Providing exhibitions for beneficiaries under 25 years of age tenable at any secondary school, university, college of education or any other institution of further (including professional and technical) education;

• 3.2.e Awarding maintenance allowances to beneficiaries who are in need;

• 3.2.f Making grants of money to beneficiaries who are in need of financial assistance to enable them to travel in furtherance of their education;

• 3.2.g Assisting beneficiaries who are in need of financial assistance by providing outfits, clothing, tools, instruments, or books or by paying their fees, travelling or maintenance expenses or by such other means for their advancement in life as the Trustees think fit;

• 3.2.h Providing facilities of any kind not normally provided by the local education authority for recreation and social and physical training for beneficiaries who are receiving primary, secondary or further education;

• 3.2.i Making grants of money to any charitable voluntary organisation in the town of Aylesbury for advancing the education of or improving the conditions of life for beneficiaries by developing their physical, mental and moral capacities through their leisure-time activities;

• 3.2.j Promoting the education of beneficiaries in such ways as the Trustees think fit.

• 3.2.k Applying income for the general benefit of the inhabitants of the town of Aylesbury.

• 3.3 The Charity’s Scheme limits the area of benefit to the town of Aylesbury.

• 3.4 The Charity has no specific investment powers.

Achievements and Performance

• 4.1 The Charity owns 35 purpose built almshouse properties on four sites within Aylesbury; there are 6 one bedroomed houses, 2 two bedroomed houses, 7 one bedroomed bungalows, 3 two bedroomed bungalows, 5 one bedroomed flats and 12 two bedroomed flats. The Charity is a member of the National Association of Almshouses.

• 4.2 The objects of the Charity are promoted by contact with local organisations and bodies (including Aylesbury Schools); furthering the interests of the young, the old, those in need and the inhabitants of the town of Aylesbury generally.

• 4.3 During the year under review hundreds of Aylesbury residents, both young and old, have benefited either directly or indirectly from the Charity. Grants paid totalled some £ 362,386 in the following categories:-

Travel costs for 30 + voluntary Clubs and Societies 11,702	Travel costs for 30 + voluntary Clubs and Societies 11,702
Individual pupil support	244,596
Youth groups	37,000
Schools and educational establishments	17,634
General benefit and relief in need	51,454
Major grants (over £2,000) paid included:-
Aylesbury Youth Action (2 grants in the year)	20,000
Community Impact Bucks	7,000
Queens Park Art Centre	14,000
Inspire All CIC	3,000
Child Contact Centre	2,000
Youth Concern	10,000
Aylesbury Youth Motor Project	5,000
Bedgrove Scout and Guide	2,000
Schools–
St Edward's Catholic Junior School	9,033.24
St Louis Catholic Primary School	6,768
Pebble Brook School	4,400

4.4 During the Year the Charity progressed the proposed residential development on the Charity’s land in Wendover Road Aylesbury in conjunction with the Option holder Cala Homes.

• 4.5 Following the winding up of Walton Educational Trust in 2009, the property No. 23 Walton Road, Aylesbury, the former Home of the Founder, was vested in the Charity. No. 23 Walton Road is let to Buckinghamshire Council at a peppercorn rent pursuant to the Charity’s objectives, but the Council have a full repairing obligation.

• 4.6 During the year the Covid 19 Pandemic emergency impacted on the activities of the Charity. On the one hand applications for grants significantly reduced due it is thought to the effects of Lockdown including the closure of educational institutions and lack of public activity generally. On the other hand assisted by the beneficial effect of transition of Charity's investments to the new Charity Growth and Income Fund managed by Blackrock Investment Management the income stream of the Charity was maintained. It is hoped that activity might return to more normal levels during 2021 although this process might not be complete until 2022.

Financial Review

• 5.1 The financial position of the Charity is set out in the Charity’s accounts to 31[st] December 2020 and the following matters are highlighted:-

• 5.2.1 The income and expenditure of the Charity is clearly set out in the Income and Expenditure Account. During the year under report, the balance sheet indicates a gain in investment assets in the sum of £ 3,196,351. The Trustees continue to rely on advice from their stock brokers.

• 5.3 The Charity’s assets are held for the following purposes:-

(a) Almshouse properties - for the occupation of almspersons;

(b) Freehold land - as investment for the future in the event of development potential being realised;

(c) Investments and cash - to provide income for the purposes of the Charity.

• 5.4 The freehold properties have not been re-valued during the period the subject of this Report. Tangible fixed assets were valued in 1997 at open market value and the movement was shown through unrestricted reserves. The Charity adopted the transitional arrangements under FRS 15 and has not revalued the assets since this date.

• 5.5 The Charity’s financial position enables the Trustees to anticipate future demands upon the Charity’s resources, for example in the field of education. At the end of the year under report the funds held by the Charity amounted to £ 38,034,793.

• 5.6 There have been no changes in the accounting policies of the Charity, save for the format to comply with the latest recommended practice as advised by the Charity Commissioners.

5.6.1 The Charity has no subsidiary or associated undertakings.

5.6.2 The Charity is not financially dependant for support from any individuals, corporations or classes of donors known to play a key role in its affairs.

• 5.6.3 The grant making capacity of the Charity continues to be dictated by the Charity’s available income. A report on grants made during this period is included in this report.

• 5.6.4 The Charity has not been set up to undertake a specific project.

• 5.6.5 All investments and assets held by the Charity have been acquired in accordance with the powers available to the Trustees.

• 5.6.6 The assets of the Charity are regarded by the Trustees as sufficient to meet their charitable objects.

Plans for the Future

• 6.1 The Trustees will seek to continue to effectively manage and distribute the assets of the charity for the purposes of the charity’s objectives into the foreseeable future.

TEMENT OF TRUSTEES"RESPONSIBILIfIES Charity law ￿qUireS the Trustees to prepare Financial Ststements for each financial year which give a true and fair view of the state of affairs of the Charity and of its financial activities ft)r that period. In preparing those Financial ststements the Trustees are required to:_ (a) Select suitable accounting policies and apply them consistentlyi (b) Make judgements and estimates that are reasonable and prudent; (c) State whether the policies adopted are in accordance with the Statement of Recommended Practice (Accounting and Reporting by Charities) issued by the Charity Commisslon for England and Wales and with applicable accounting standards, subject to any material departures disclosed and explained in the Financial Statements. (d) Prepare the Financial Statements on the going concern basis unless it is inapproprlate to assume that the Charity will continue in business. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at the time the financial position of the Charity and to enable them to ensure that the Financial Statements comply with the Charities Act 2011. They are responsible for safeguarding the assets of the Charity and hence for taklng reasonable steps for the prevention and detettion of fraud or other irregularities. The Report was approved by the Board of Trustees on.............................2021 Lennard Mauri e Wakelam (Chairman) (Signature)

Charity number: 310619 WILLIAM HARDING'S CHARITY TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

WILLIAM HARDING'S CHARITY CONTENTS Page Reference and admlnlstratlve detalls of the charlty. Sts Trustees and advlsers Independent auditors. r8POrt on the financial statements Statement of financial activities Balance sheet Statement of cash flows Notes to the financial statements 9-25

WILLIAM HARDING'S CHARITY REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. rrs TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020 Trustees Lennard Maurice Wakelam, Chaimian Susan Pamela Hewitt. Vice Chairman Leslie Sheldon Kathleen Anne Brooker Penelope Wendy Thome Roger Wenfvlorth Evans William John Yendell Chapple. O.B.E. Ranjula Takodra, M.B.E. Roy James Collis DL Charity registered number 310619 Principal office Parrott & Coales LLP 14 Bourbon Street Aylesbury HP20 2RS Independent auditors Hillier Hopkins LLP Chartered Accountants 249 Silbury Boulevard Milton Keynes MK91NA Bankers Lloyds Bank PLC 1 Market Square Aylesbury Bucks HP20 1TD BlackRock Investsnent Management 12 Throgmorton Avenue London EC2N 2DL Page 1

WILLIAM HARDING'S CHARITY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF WILLIAM HARDING'S CHARITY Oplnlon We have audited the financial stslements of William Harding's Charity Ithe 'charity'l for the year ended 31 December 2020 which comprise the Statement of Financial Activities. the Balan￿ sheet. the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Slandards, including Finanaal Reporting Standard 102 Tre Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally AC￿pted Accounting Practice}. The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland {FRS 1021 in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. This has been done in order for the accounls lo prowde a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 December 2020 and of its incoming resources and application of resources for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors. responsibilities for the audit of the financial slalemenls section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Vve believe that the audit evidence we have obtained is sufficient and appropriate lo prowde a basis for our opinion. Conclusions relating to going concern In auditing the financial stalemenls, we have concluded that the Twstees, use of the going concern basis of accounting in the preparation of the financial slalemenls is appropriate. Based on Ihe work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubl on the charity's ability lo continue as a going concern for a penod of at least I￿e1ve months from when the financial statements are aulhonsed for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 2

WILLIAM HARDING'S CHARITY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF WILLIAM HARDING'S CHARITY ICONTINUEDI Other Infomiatlon The other information comprises the information included in the Annual report other than the financial statements and our Auditors, report Ihereon. The Trustees are responsible for the other infomialion contained within the Annual report. Our opinion on the financial statements does not cover the other information and. except lo the extent otherwise explicitly staled in our report, we do not express any form of assuran conclusion Ihereon. Our responsibility is lo read the other infom)alion and, in doing so, consider whether the other information is materially inconsistent wlh the financial statements or our knowledge obtained in the course of the audrt, or othetwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstslements, we are required lo determine whether this gives rise lo a material misslatemenl in the financi81 statements themselves. If, based on the work we have perfomied. we conclude that there is a material misstatement of this other infomialion. we are required to report that fact. We have nothing to report in this regard. Matters on whlch we are requlred to report by exceptlon We have nothing lo report in respect of the following mallers where the Charities {Accounts and Reports) Regulations 2008 requires us to report lo you if. in our opinion.. the information given in the Trustees, report is inconsistent in any material respect with the financial statements., or sufficient accounting records have not been kept., or the financial statements are not in agreement with the accounting records and returns.. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, responsibilities slalement, the Twslees are responsible for the preparation of the financial statements which give a true and fair view, and for such intemal control as the Trustees detemiine is necessary lo enable the preparation of financial statements that are free from material misslatemenl, whether due lo fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charills ability to continue as a going concern, disclosing, as applicable, mallers related to going con￿rn and using the going con￿rn basis of accounting unless the Trustees either intend lo liquidate the charity or to cease operations, or have no realistic allernalive but lo do so. Page 3

WILLIAM HARDING'S CHARITY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF WILLIAM HARDING'S CHARITY ICONTINUEDI Audltors. responslbllltles for the audlt of the flnanelal statements We have been appointed as auditor under seclion 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assurance about whether the financial stslements as a whole are free from material misslatemenl, whether due lo fraud or error, and lo issue an Auditors, report that indudes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslalemenl when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic deasions of users taken on the basis of these financial stalemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, lo delecl material misstatements in respect of irregularities. including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud is detailed below: the nature of the industry and sector, control environment and business perfomiance including the remuneration incentives and pressures of key management., the primary responsibility for the prevention and detection of fraud rests with both those charged with govemance of the entity and management. We consider the results of our enquiries of management about their own identification and assessment of the risks of irregularities., any matters we identified having obtained and reviewed the Charity's documentation of their policies and procedures relating lo.. identifying, evaluating and complying wlh laws and regulations and whether they were aware of any instances of non-compliance., detecting and responding to the risks of fraud and whether they have knowledge of any actual. suspected or alleged fraud., the internal controls established lo mitigate risks of fraud or non-compliance with laws and regulations., the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As 8 result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAS (UK), we are also ￿qUired to perform specific prO￿dureS to respond lo the risk of management override, including testing joumals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due lo fraud. We also obtained an understanding of the legal and regulatory frameworks that the Charity operates in. focusing on provisions of those laws and Tegulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited lo, the Charities Act 2011 and relevant tax legislation. Because of the inherent limitations of an audit. there is a risk that we will not detect 811 irregularities. including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional concealment, forgery. collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al= www.frc.or .uklauditorsres onsibilities. This description forms part of our Page 4

WILLIAM HARDING'S CHARITY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF WILLIAM HARDING'S CHARITY ICONTINUEDI Auditors. report. Use ot our report This report is made solely to the charity's Iruslees, as a body, in accordance with Part 4 of the Charities {Accounls and Reports} Regulations 2008. Our audit work has been undertaken so that we might slate lo the charity's trustees those mallers we are required lo stale lo them in an Auditors, report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility lo anyone other than the charity and ils trustees, as a body, for our audit work, for this report, or for the opinions we have formed. Mt¥QwJ ILP Hlllier Hopklns LLP Chartered Accountsnls Statutory Auditor 249 Silbury Boulevard Milton Keynes MK9 1NA Dale.. 26 October 2021 Hillier Hopkins LLP are eligible to act as auditors in terms of section 1212 of the Companies Acl 2(106. Page 5

WILLIAM HARDING'S CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020 Unrestricted funds 2020 Totsl funds 2020 Total funds 2019 Note Income from: Charitable activities Investments Other income 137,703 1.072,533 34,265 137,703 1,072,533 34,265 75,059 1,078,686 22,209 Total incomo Expendlture on: Raising funds Charitable activities 1,244,501 1,244,501 1, 175,954 43,831 703,578 43,831 703,578 135,585 779,777 Total expenditure Net income beforè nèt Ilossesllgains on investments 747,409 747,409 915,362 497,092 497,092 260,592 Nel Ilossesygains on investments 11.307,152} 11,307,152} 4,656,702 {810,060} {810,060} 4,917,294 Net movement in funds Rgconciliation of funds.. Total funds brought forward Nel movement in funds 38,844,853 {810,060> 38,844,853 {810,060) 33.927,559 4,917,294 38,034,793 38,034,793 38,844,853 Totsl funds carried fonvard The Stslement of Financial Aclivilie$ includes all gains and losses recognised in the year. The notes on pages 9 to 25 form part of these financial statements. Page 6

WILLIAM HARDING'S CHARITY BALANCE SHEET AS AT 31 DECEMBER 2020 2020 2019 Note Fixed assets Tangible assets Investments 12 13 2,295,$94 34.570.927 2.331.470 35,592,538 36,866,521 37.924.008 Current assets Debtors Cash al bank and in hand 14 202.355 994.662 11,355 924,318 1.197.017 935.673 Creditors-. amounts falling due Wbthin one year 15 128,745} (14,828) Net current assets 1,168,272 920.845 Total net assets 38,034.793 38,844,853 Charlty funds Unrestricted funds 16 38.034,793 38,844,853 Total funds 38.034.793 38,844,853 The financial statements were approve<l and aulhorised for issue by the Trustees and ssgned on Ih¢ir behaw by.. Lennard Maurlc& Wakelam Date.. The notes on pages 9 to 25 form part of these financial Ststemenls. Page 7

WILLIAM HARDING'S CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020 2020 2919 Cash flows from operating activities Nel cash used in operating activities {3,328.6221 (787,554) Cash flows from investing attivities Dividends, interests and rents from investments Purchase of tangible fixed assets Proeeeds from sale of investments Purchase of investments 1.072.533 (2.2301 7,317,758 23.986,618 {4,989.0951 (24,012,343) 1,078,685 Net cash provided by investing activities 3.398.966 1,052,960 Change In cash and cash equlvalents In the year Cash and cash equivalents at the beginning of the year 70.344 265,406 924.318 658,912 Cash and cash equivalents at the end of the year 994.662 924,318 The notes on pages 9 to 25 form part of these financial statements Page 8

WILLIAM HARDING'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 General InformatSon The Charity is an unincorporated organisalion, arising from the will of William Harding, proved on 19th February 1719 and is govemed by a Charity Commission Scheme dated 19th October 1978 as amended 11th October 1991. Accountlng pollcles 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Repo￿.ng by Charities.. Stslemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20151, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and the Charities Act 2011. William Harding's Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilib'es are initially recognised at historical cost or transaction value unless otherwise ststed in the relevant accounting policy. 2.2 Income All income is recognised once the charity has enlitlement lo the income, it is probable that the income will be received and the amount of income re￿1vable can be measured reliably. Income lax recoverable in relation to investment income is recognised at the time the inveslment income is receivable. Other income is recognised in the period in which il is receivable and lo the exlenl the goods have been provided or on completion of the servi￿. 2.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in selllemenl and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each activity are made up of the lolal of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs allributable lo a single activity are allocated direcuy lo that aclivily. Shared costs which contribute lo more than one activity and support costs which are not attributable to a single activity are apportioned be￿een those activities on a basis consistent with the use of resources. Expendibjre on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activrties events and non-charitable trading. Expendibjre on charitsble activities is incurred on directly undertaking the activities whith further the charity's objectives, as well as any associated support o)sls. Page 9

WILLIAM HARDING'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Accountlng pollcles (contlnuedl 2.3 Expendlture {contlnued) Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions allaching are fulfilled. Grants offered subject lo conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 2.4 Interest recelvable Interest on funds held on deFx)sil is included when receivable and the amount can be measured reliably by the charity". this is normally upon nolificalion of the interest paid or payable by the institution with whom the funds are deposited. 2.5 Tanglble fixed assets and depreclatlon Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition. under the cost model. tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into ils intended working condib'on should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, Depreciation is provided on the followng bases: Almshouses Property refurbishments Office equipment Land & other buildings 2Yo straight line 2Yo straight line 20Yo reducing ba18nce Not depreciated 2.6 Investments Fixed asset investments are a fomi of financial inslrumenl and are initially ￿CogniSed al their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised. are combined and presented as 'Gainsl{Lossesl on investments, in the Statement of financial activities. 2.7 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Page 10

WILLIAM HARDING'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Accountlng pollcles (contlnuedl 2.8 Cash at bank and In hand Cash at bank and in hand includes cash and short-temi 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. 2.9 Llabllltles and provlslons Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, il is probable that a transfer of economic benefit will be ￿quired in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it wll pay to settle the debt or the amount it has received as advanced payments for the goods or services il must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. 2.10 Flnanclal Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 2.11 Fund aceountlng General funds are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Investment income. gains and losses are allocated to the appropriate fund. Income from charftable activitles Unrestricte d funds 2020 Total funds 2020 Income from almshouses 137,703 137,703 Unrestricted funds 2019 Total funds 2Q19 Income from 81mshouses 75,059 75,059 Page11

WILLIAM HARDING'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Income from charltable actlvltles Icontlnuedl Investsnenl income Unrestricte d funds 2020 Total funds 2020 Investment income Bank interest 1.071,670 863 1,071,670 863 1,072,533 1,072,533 Unrestricted funds 2019 Total funds 2019 Investment income 7,077,509 1,177 1,077,509 1,177 Bank interest 1,078,686 1,078,686 Other incoming resources Unrestricte d funds 2020 Totsl fund$ 2020 Rent received Other income 13,650 20,615 13,650 20,615 34,265 34,265 Page 12

WILLIAM HARDING'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Other Incomlng resources leontlnued) Unrestricted funds 2019 Total funds 2Q19 Rent received Other income 13,650 8,559 13,650 8,559 22,209 22,209 Investment management costs Unrestricte d funds 2020 Total funds 2020 Investment managemenl fees 43,831 43,831 Unrestricted fvnds 20f9 Total funds 2019 Investment management fees 135,585 135,585 Page 13

WILLIAM HARDING'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Analysls of grants Grants to Grants to Instltutlons Indlvlduals 2020 2020 Total funds 2020 Relief in Need Travel for ClubslSocietieslGroups Schools and other educational establishments Individual pupil support Youth Groups 51,454 11,702 17,634 51,454 11,702 17,634 244,596 37,000 244,596 37,000 117,790 244,596 362,386 Grants lo Institutions 2019 Grants to IndivNduals 2019 Total funds 2Q19 Relief in Need Travel for ClubslSocietieslGroups Schools and other educational establishments Equipment and tools for young people Individual pupil support Youth Groups 73.444 44,973 154,113 73,444 44,973 154, 7 73 2,170 246,431 30,000 2,t70 246,431 30,000 302,530 248,601 551,131 Page 14

WILLIAM HARDING'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Analysls of grants lcontlnuedl 2020 2019 Name of Institution Au￿mn Leaf Club Aylesbury S)wls Club Aylesbury Centre Nab"onal Trust Aylesbury Child Contact Centre Aylesbury &ammar School Aylesbury Hndu Temple Aylesbury Flgh School Aylesbury Ladies Electrical Aylesbury Metholist Church Aylesbury Symphory Orchestra Aylesbury Vale Widows Aylesbury Vale Support (koup Aylesbury Youth Acbon Aylesbury Youth Motor Centre Bedgrove WI Bedgrove Scout & Guide Hut FK Birch Court Senior Broughton tnfant School Broughton Junior School Broughton Pastyres Wl BT Vets &Jcknnghamshire College Group A￿esbUry CAMEO Chat Chilterrs MS Centre Churchill Court Community Unity Projects Charity Community Impact P4Jcks Fairford Le￿ Wl Florence Court Friday Social & &"ngo Club Haydon Abbey School FÈritage Care Inspire All CIC Jansel 60's club Mandeville Sch)ol Millenium Club National Paralympic P￿rItage Trust Fkjrizon Pebble Brook School PrisorEr Education Trust Puzzle Centre Quarrendon Quackers T￿dIer fyoup 470 I,5￿) 5,995 1,5(K) 1,500 2,000 1,025 1,025 3,0(Kl 1,000 1,285 3,872 724 I,O(M) 1,518 12,500 20,000 5,000 390 2,000 15,0(K) I,iio 1,450 19,115 10,0 1,565 1,5 I,O(K) 1,075 2,5CN) 1,000 1,500 1,395 1,750 7,000 1,860 I,o(K) I,OIK) 22,51K> 200 3,000 1,5(K) 51,OCN) 1,465 io,ocN) 1,702 3,048 6,375 3,0(K) I,ocN) 4,400 Page 15

WILLIAM HARDING'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Analysls of grants lcontlnuedl 2020 2019 Queens Park Art Cenlre Revitslise RSPB Sir Henry Floyd School Something Better Group St Edwards Catholic Primary Sch(K>l St Johns Fellowship St Louis Catholic School Stsrtup online Sycamore Court The Police Community Clubs of I Time out for seniors The Grange School The Virtual school Thisue Court residents Thursday morning cl Turnfurlong Junior School Ubiquitous Theatre UNtSON Youth Concern Youth Sctial Club ¢&ants U￿er £1,000 14,000 14,000 2,674 1,605 1,000 1,422 1,000 1,224 9,033 1,000 6,768 11,700 1,120 2,800 1,871 1,000 5,000 1,000 1,000 36,026 2,000 1,000 15,000 1,501 5,978 1,400 295 1,000 10,000 864 117 790 302 530 Analysis of expenditure on charitable activities Summary by fund type Unrestricte d funds 2020 Total funds 2020 Almshouses 341,192 51,454 11,702 17,634 244,596 37,000 341,192 51,454 11,702 17,634 244,596 37,000 Relief in Need Travel for ClubslSocietieslGroups Schools and other educational establishments Individual pupil support Youth Groups 703,578 703,578 Page 16

WILLIAM HARDING'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Analysls of expendlture on charltable actlvltles {contlnued) Summary by fund type leontlnued) Unrestricted funds 2019 Total funds 2Q19 Almshouses Relief in Need Travel for ClubslSocietieslGroups Schools and other educational establishments Equipment 8nd tools for young people Individual pupil support Youth Groups 228,646 73,444 44,973 154, 113 2,170 246,431 30,000 228,646 73,444 44,973 154, 113 2,170 246,431 30,000 TT9, 777 779,777 Analysis of 8xp8nditure by activitigs A¢tivitie$ undertaken directly 2020 Grant funding of activities 2020 Support costs 2020 Totsl funds 2020 Almshouses 246.264 94,928 341,192 51,454 11,702 17,634 244,596 37,000 Relief in Need 51,454 11,702 17,634 244,596 37,000 Travel for ClubslSocietieslGroups Schools and other educational establishments Individual pupil support Youth Groups 246,264 362,386 94,928 703,578 Page 17

WILLIAM HARDING'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Analysls of expendlture by actlvltles (contlnuedl Activit￿S undertaken directly 2019 Grant funding of activities 2019 Support costs 2019 Total funds 2Q19 Almshouses Relief in Need Travel for ClubslSocietieslGroups Schools and other educational establishments Equipment and t(x)Is for young people Individual pupil support Youth Groups 142,943 85, 703 228,646 73,444 44,973 154, 113 2,170 246,431 30,000 73,444 44,973 154,113 2,170 246,431 30,000 142,943 551, 131 85, 703 779,777 Page 18

WILLIAM HARDING'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Analysls of expendlture by actlvltles (contlnuedl Analysls of dlrect costs Total funds 2020 Total funds 2919 Depreciation Almshouses expenses 38,206 208.058 37,744 105, 199 246.264 142,943 Analysis of support costs Total funds 2020 Total funds 2019 Clerk to the Trustees 77.575 7.663 9,690 73,173 3,330 9,200 Professional charges Governan￿ costs 94.928 85,703 The salary in respect of the Clerk to the Trustees is paid to 8 fimi of so11￿10r5 of which the Clerk is a Consultant. 10. Auditors. remuneration 2020 2919 Fees payable to the charity's auditor for the audit of th8 Charit￿S annual accounts 4.500 4,250 Fees p8y8ble to the charity's auditor in respect of.. All non-audit servi￿$ not included above 5.160 4,950 Page 19

WILLIAM HARDING'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 11. Trustees. remuneratlon and expenses During the year, no Trustees received any remuneration or other benefits (2019- £NILJ. During the year ended 31 December 2020, no Trustee expenses have been incurred (2019- £NIL). 12. Tanglble flxed assets Froohold propgrty Offic8 equipment Other fix9d ass8ts Total Cost or valuation At 1 January 2020 Additions 2,084.264 3.000 2.330 1.009,620 3,096,884 2,330 At 31 December 2020 2,084.264 5.330 1.009,620 3,099,214 Depreclatlon At 1 January 2020 Charge for the year 757,794 33.000 2,901 486 4,719 4,720 765,414 38,206 Al 31 December 2020 790.794 3.387 9,439 803,620 Net book value At 31 December 2020 1,293.470 1.943 1.000,181 2,295,594 At 31 December 2019 1,326,470 99 1,004,907 2,331,470 Page 20

WILLIAM HARDING'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 13. Flxed asset Investments Listed investments Cost or valuation At 1 January 2020 Additions Disposals Revaluations 35,592,538 34,682,545 {38,571,239) 3,196,351 {329,268) Transfers be￿een classes At 31 December 2020 34,570,927 Net book value At 31 December 2020 34,570,927 At 31 Dec8mber 2019 35,592,538 14. Debtors 2020 2019 Due within one year Other debtors Prepayments and accrued income 182,619 19.736 8,922 2,433 202.355 11,355 15. Creditors: Amounts falling due within one year 2020 2019 Accruals and deferred income 28.745 14,828 Page 21

WILLIAM HARDING'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 16. Statement of funds Statement of funds - current year Balanee at 31 Galnsl December (Losses) 2020 Balance at 1 January 2020 Income Expendlture Unrestricted funds General Funds - all funds 38.844,853 1.244.501 (747,4091 {1.307.1521 38,034,793 Statement of fvnds - prior year Balance al 31 December 2019 Balan￿ at l January 2019 Gainsl (Losses) Income Expenditu Unrestricted funds General Funds - all funds 33,927,559 1,175.953 (915,361) 4,656, 702 38,844,853 Page 22

WILLIAM HARDING'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 17. Summary of funds Summary of funds - current year Balanee at 31 Galnsl December (Losses) 2020 Balance at 1 January 2020 Income Expendlture General funds 38,844,853 1,244.501 {747,4091 {1,307,1521 38,034,793 Summary of funds - prlor year Balance ar 31 December 2Q79 Balance at 1 January 2019 Gain (Lossesj Income Expenditur8 General funds 33,927,559 1,175.953 (975.361) 4,656, 702 38.844,853 18. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricte d funds 2020 Total funds 2020 Tangible fixed assets Fixed asset investments 2,295,594 2,295,594 34,570,927 34,570,927 1,197,017 1,197,017 128,7451 (28,745) Current assets Creditors due within one year Totsl 38,034,793 38,034,793 Page 23

WILLIAM HARDING'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 18. Analysls of net assets between funds (contlnuedl Analysls of net assets between funds - prlor perlod Unrestricted funds 2019 Total funds 2919 Tangible fixed assets Fixed asset investments Current assets 2,331,470 2.331,470 35,592,538 35,592,538 935,673 935,673 (14,828) (14,828J Creditors due within one year Total 38,844,853 38.844,853 19. R8¢onGiliation of ngt movement in funds to net Cash Ilow from operating activities 2020 2019 Nel incomelexpendilure for the period las per Statement of Financial Activiliesl 1810.0601 4,917,294 Adjustments for.. Depreciation charges Losses on investments 38.206 37,744 {1.307.1521 (4,656, 702J {1.072.5331 (1.078,685) 1191,0001 1,574 13.917 (8,779) Dividends. interests and rents from investments Decreasellincreasel in debtors Increasel{decreasel in creditors Net cash used in operating activities {3.328.6221 (787,554J 20. Analysis of Cash and cash Èquivalents 2020 2019 Cash in hand 994.662 924,318 Page 24

WILLIAM HARDING'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 21. Analysls of changes In net debt At1 January 2020 Cash flows At31 Decembèr 2020 Cash at bank and in hand 924,318 70.344 994,662 Grant eommitments Commitments in respect of grants approved for projects which have not been accrued in the financial statements but will form part of grants were £nil12019.. £12,500)- Page 25