Charity number: 310619
WILLIAM HARDING'S CHARITY
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
WILLIAM HARDING’S CHARITY
TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31[st] DECEMBER 2021 Charity Number 310619
Reference and Administration Details
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1.1 The full name of the Charity is WILLIAM HARDING’S CHARITY.
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1.2 The names of the Trustees who have been in office for the whole or part of the year to 31[st] December 2021 are:-
Lennard Maurice Wakelam (Chairman) Susan Pamela Hewitt (Vice-Chairman) Sherrilyn Bateman (Appointed June 2021) Kathleen Anne Brooker William John Yendell Chapple, O.B.E. Roy James Collis DL Roger Wentworth Evans (resigned October 2021) Leslie Sheldon Ranjula Takodra, M.B.E (Resigned June 2021) Penelope Wendy Thorne
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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.
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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
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1.5 The Stockbrokers appointed to manage the Charity’s investments are:Blackrock Investment Management, 12 Throgmorton Avenue, London, EC2N 2DL
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1.6 The Charity’s auditors are:-
Messrs. Hillier Hopkins LLP, 249 Silbury Boulevard Milton Keynes Buckinghamshire MK9 1NA
Structure, Governance and Management
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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.
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2.2 Under the terms of the Scheme the Charity has nine Trustees; seven being co-optative and two nominative.
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2.3 The Trustees meet on a regular basis to consider and determine applications for charitable assistance.
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2.4 There have been no material changes in the policies of the Trustees in recent years.
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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.
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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.
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2.7 The Trustees have a risk management strategy which comprises;
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2.7.a An annual review of the risks the charity may face.
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2.7.b The establishment of systems and procedures to mitigate those risks identified in the plan.
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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:-
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3.2.a For the benefit of the residents of the Charity’s almshouses;
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3.2.b For relief in need in accordance with the provisions of the Scheme;
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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.
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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;
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3.2.e Awarding maintenance allowances to beneficiaries who are in need;
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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;
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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;
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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;
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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;
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3.2.j Promoting the education of beneficiaries in such ways as the Trustees think fit.
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3.2.k Applying income for the general benefit of the inhabitants of the town of Aylesbury.
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3.3 The Charity’s Scheme limits the area of benefit to the town of Aylesbury.
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3.4 The Charity has no specific investment powers.
Achievements and Performance
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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.
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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.
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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 £ 418,432 in the following categories:-
| Travel costs for 30 + voluntary Clubs and Societies | 11,338 |
|---|---|
| Individual pupil support |
177,172 |
| Youth groups |
44,390 |
| Schools and educational establishments | 65,112 |
| General benefit and relief in need |
120,420 |
| Major grants (over £2,000) paid included:- | |
| Buckinghamshire County Museum | 65,000 |
| Bucks Uniformed Youth | 9,390 |
| Child Bereavement UK | 5,000 |
| Youth Concern | 15,000 |
| Animal Antiks | 4,990 |
| Aylesbury Youth Action | 20,000 |
| Aylesbury Opera (previously Aylesbury Opera Group) | 2,200 |
| Buckinghamshire Mind's Children and Young People's Team | 4,000 |
| Queens Park Arts Centre | 14,000 |
| The Pace Centre | 20,000 |
| The Police Community Clubs of Great-Britain | 2,400 |
| Transition UK | 7,000 |
| Aylesbury Town Bowls Club | 2,000 |
| Prisoners' Education Trust | 5,380 |
| Schools– | |
| Bedgrove Junior School | 6,340 |
| Broughton Junior School | 36,122 |
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. Activity returned to more normal levels during 2021 although this process might not be complete until 2022.
During the Year the Charity commissioned Judy Cowper to create a statue depicting young children in 18 century costume to celebrate the 300th Anniversary of the Charity.
Financial Review
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5.1 The financial position of the Charity is set out in the Charity’s accounts to 31[st] December 2021 and the following matters are highlighted:-
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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 investment assets held of £ 37,668,539. The Trustees continue to rely on advice from their stockbrokers.
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5.3 The Charity’s assets are held for the following purposes:-
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(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.
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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.
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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 £ 41,446,439.
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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.
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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.
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5.6.4 The Charity has not been set up to undertake a specific project.
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5.6.5 All investments and assets held by the Charity have been acquired in accordance with the powers available to the Trustees.
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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.
WILLIAM HARDING'S CHARITY
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its Trustees and advisers | 1 |
| Independent auditors' report on the financial statements | 2 - 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Statement of cash flows | 8 |
| Notes to the financial statements | 9 - 23 |
WILLIAM HARDING'S CHARITY
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021
| Trustees | Lennard Maurice Wakelam, Chairman |
|---|---|
| Susan Pamela Hewitt, Vice Chairman | |
| Leslie Sheldon | |
| Kathleen Anne Brooker | |
| Penelope Wendy Thorne | |
| Roger Wentworth Evans (resigned 19 October 2021) | |
| William John Yendell Chapple, O.B.E. | |
| Ranjula Takodra, M.B.E. (resigned 8 June 2021) | |
| Roy James Collis DL | |
| Sherrilyn Bateman (appointed 8 June 2021) | |
| 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 MK9 1NA Bankers Lloyds Bank PLC 1 Market Square Aylesbury Bucks HP20 1TD BlackRock Investment Management 12 Throgmorton Avenue London EC2N 2DL |
Page 1
WILLIAM HARDING'S CHARITY
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAM HARDING'S CHARITY
Opinion
We have audited the financial statements of William Harding's Charity (the 'charity') for the year ended 31 December 2021 which comprise the Statement of financial activities, the Balance 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 Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted 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 102) 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 accounts to provide 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:
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give a true and fair view of the state of the charity's affairs as at 31 December 2021 and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised 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 (CONTINUED)
Other information
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
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the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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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 statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Page 3
WILLIAM HARDING'S CHARITY
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAM HARDING'S CHARITY (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it 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 decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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the nature of the industry and sector, control environment and business performance including the remuneration incentives and pressures of key management;
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the primary responsibility for the prevention and detection of fraud rests with both those charged with governance 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;
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any matters we identified having obtained and reviewed the Charity’s documentation of their policies and procedures relating to:
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identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
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detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
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the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
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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 a 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 required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
We also obtained an understanding of the legal and regulatory frameworks that the Charity operates in, focusing on provisions of those laws and regulations 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 to, 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 all 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 at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Page 4
WILLIAM HARDING'S CHARITY
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAM HARDING'S CHARITY (CONTINUED)
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
Hillier Hopkins LLP
Chartered Accountants Statutory Auditor 249 Silbury Boulevard Milton Keynes MK9 1NA Date: 29 September 2022
Hillier Hopkins LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 5
WILLIAM HARDING'S CHARITY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
| Note Income from: Charitable activities 3 Investments 4 Other income 5 Total income Expenditure on: Raising funds 6 Charitable activities 8 Total expenditure Net income before net gains/(losses) on investments Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ 195,066 802,120 26,700 1,023,886 - 712,297 712,297 311,589 3,100,057 3,411,646 38,034,793 3,411,646 41,446,439 |
Total funds 2021 £ 195,066 802,120 26,700 1,023,886 - 712,297 712,297 311,589 3,100,057 3,411,646 38,034,793 3,411,646 41,446,439 |
Total funds 2020 £ 137,703 1,072,533 34,265 1,244,501 43,831 703,578 747,409 497,092 (1,307,152) (810,060) 38,844,853 (810,060) 38,034,793 |
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 23 form part of these financial statements.
Page 6
WILLIAMHARDING'SCHARITY |
WILLIAMHARDING'SCHARITY |
WILLIAMHARDING'SCHARITY |
|||
|---|---|---|---|---|---|
BALANCESHEET |
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ASAT31DECEMBER2021 |
|||||
2021 |
2020 |
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Note |
£ |
£ |
|||
Fixedassets |
|||||
Tangibleassets |
12 |
2,257,485 |
2,295,594 |
||
Investments |
13 |
37,668,539 |
34,570,927 |
||
39,926,024 |
36,866,521 |
||||
Currentassets |
|||||
Debtors |
14 |
205,597 |
202,355 |
||
Cashatbankandinhand |
1,333,256 |
994,662 |
|||
1,538,853 |
1,197,017 |
||||
Creditors:amountsfallingduewithinone |
|||||
year |
15 |
(18,438) |
(28,745) |
||
Netcurrentassets |
1,520,415 |
1,168,272 |
|||
Totalnetassets |
41,446,439 |
38,034,793 |
|||
Charityfunds |
|||||
Unrestrictedfunds |
16 |
41,446,439 |
38,034,793 |
||
Totalfunds |
41,446,439 |
38,034,793 |
|||
Thefinancialstatementswereapproved |
andauthorised |
forissuebythe |
Trusteesandsignedon |
theirbehalfby: |
|
[hos |
|||||
LennardMauriceWakelam |
|||||
Date:(3%Is[yore |
. |
||||
Thenotesonpages9 to23 |
formpartof |
thesefinancial |
statements. |
WILLIAM HARDING'S CHARITY
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Dividends, interests and rents from investments Purchase of tangible fixed assets Proceeds from sale of investments Purchase of investments Net cash provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year |
2021 £ (465,971) 802,120 - 1,180,450 (1,178,005) 804,565 338,594 994,662 1,333,256 |
2020 £ (3,328,622) 1,072,533 (2,230) 7,317,758 (4,989,095) 3,398,966 70,344 924,318 994,662 |
|---|---|---|
The notes on pages 9 to 23 form part of these financial statements
Page 8
WILLIAM HARDING'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1. General information
The Charity is an unincorporated organisation, arising from the will of William Harding, proved on 19th February 1719 and is governed by a Charity Commission Scheme dated 19th October 1978 as amended 11th October 1991.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
William Harding's Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
Page 9
WILLIAM HARDING'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
2. Accounting policies (continued)
2.3 Expenditure (continued)
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 attaching are fulfilled. Grants offered subject to 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 receivable
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 institution with whom the funds are deposited.
2.5 Tangible fixed assets and depreciation
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 its intended working condition 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 following bases:
Almshouses - 2% straight line - Property refurbishments 2% straight line - Office equipment 20% reducing balance - Land & other buildings Not depreciated
2.6 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at 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 ‘Gains/(Losses) 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 2021
2. Accounting policies (continued)
2.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation.
2.10 Financial 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 at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.11 Fund accounting
General funds are unrestricted funds which are available for use at 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.
3. Income from charitable activities
| Unrestricte | Total | Total | |
|---|---|---|---|
| d funds | funds | funds | |
| 2021 | 2021 | 2020 | |
| £ | £ | £ | |
| Income from almshouses | 195,066 | 195,066 | 137,703 |
Page 11
WILLIAM HARDING'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
4. Investment income
| Investment income Bank interest |
Unrestricte d funds 2021 £ 799,386 2,734 802,120 |
Total funds 2021 £ 799,386 2,734 802,120 |
Total funds 2020 £ 1,071,670 863 |
|---|---|---|---|
| 1,072,533 |
5. Other incoming resources
| Rent received Other income |
Unrestricte d funds 2021 £ 14,524 12,176 26,700 |
Total funds 2021 £ 14,524 12,176 26,700 |
Total funds 2020 £ 13,650 20,615 |
|---|---|---|---|
| 34,265 |
6. Investment management costs
| Total | Total | |
|---|---|---|
| funds | funds | |
| 2021 | 2020 | |
| £ | £ | |
| Investment management fees | - | 43,831 |
Page 12
WILLIAM HARDING'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
7. Analysis of grants
| Relief in Need Travel for Clubs/Societies/Groups Schools and other educational establishments Individual pupil support Youth Groups Relief in Need Travel for Clubs/Societies/Groups Schools and other educational establishments Individual pupil support Youth Groups |
Grants to Institutions 2021 £ 120,420 11,338 65,112 - 44,390 241,260 Grants to Institutions 2020 £ 51,454 11,702 17,634 - 37,000 117,790 |
Grants to Individuals 2021 £ - - - 177,172 - 177,172 Grants to Individuals 2020 £ - - - 244,596 - 244,596 |
Total funds 2021 £ 120,420 11,338 65,112 177,172 44,390 |
|---|---|---|---|
| 418,432 | |||
| Total funds 2020 £ 51,454 11,702 17,634 244,596 37,000 |
|||
| 362,386 |
Page 13
WILLIAM HARDING'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
7. Analysis of grants (continued)
| Name of Institution Animal Antiks Aylesbury Centre National Trust Aylesbury Child Contact centre Aylesbury Grammar School Aylesbury High School Aylesbury Opera Group The Aylesbury Society Aylesbury Symphony Orchestra Aylesbury Town Bowls Club Aylesbury Town WI Aylesbury Vale Support Group Aylesbury Youth Action Aylesbury Youth Motor Project Begrove Junior School Bedgrove Scount & Guide Hut HQ Broughton Junior School Buckinghamshire College Group Aylesbury Buckinghamshire Mind Bucks County Museum Trust Bucks Uniform Youth Changing Faces Child Bereavement UK Chilterns MS Centre Community Impact Bucks Florence Nightingale Hospice Friday Social & Bingo Club The Grange School Horatio's Garden Inspire All CIC Oakfield Ladies PACE Pebble Brook School Prisoner Education Trust Queens Park Art Centre Sir Henry Floyd School Something Better Group St Edwards Catholic Primary School St Johns Ambulance St Louis Catholic School Sycamore Court The Police Community Clubs of GB Transition UK Youth Concern Grants under £1,000 |
2021 2020 £ £ 4,990 1,500 2,000 1,025 1,025 1,000 1,000 2,200 1,480 1,518 2,000 1,000 12,500 20,000 20,000 5,000 6,340 2,000 36,122 1,000 1,000 4,000 65,000 9,390 1,500 5,000 1,500 7,000 4,500 1,025 1,000 1,000 3,000 1,000 275 20,000 4,400 5,380 14,000 14,000 1,000 1,224 9,033 1,800 6,768 5,978 2,400 1,400 7,000 15,000 10,000 7,108 2,669 241,260 117,790 |
|
|---|---|---|
Page 14
WILLIAM HARDING'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
8. Analysis of expenditure on charitable activities
Summary by fund type
| Almshouses Relief in Need Travel for Clubs/Societies/Groups Schools and other educational establishments Individual pupil support Youth Groups |
Unrestricte d funds 2021 £ 293,865 120,420 11,338 65,112 177,172 44,390 712,297 |
Total funds 2021 £ 293,865 120,420 11,338 65,112 177,172 44,390 712,297 |
Total funds 2020 £ 341,192 51,454 11,702 17,634 244,596 37,000 |
|---|---|---|---|
| 703,578 |
9. Analysis of expenditure by activities
| Almshouses Relief in Need Travel for Clubs/Societies/Groups Schools and other educational establishments Individual pupil support Youth Groups |
Activities undertaken directly 2021 £ 165,172 - - - - - 165,172 |
Grant funding of activities 2021 £ - 120,420 11,338 65,112 177,172 44,390 418,432 |
Support costs 2021 £ 128,693 - - - - - 128,693 |
Total funds 2021 £ 293,865 120,420 11,338 65,112 177,172 44,390 |
|---|---|---|---|---|
| 712,297 |
Page 15
WILLIAM HARDING'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
9. Analysis of expenditure by activities (continued)
| Almshouses Relief in Need Travel for Clubs/Societies/Groups Schools and other educational establishments Individual pupil support Youth Groups |
Activities undertaken directly 2020 £ 246,264 - - - - - 246,264 |
Grant funding of activities 2020 £ - 51,454 11,702 17,634 244,596 37,000 362,386 |
Support costs 2020 £ 94,928 - - - - - 94,928 |
Total funds 2020 £ 341,192 51,454 11,702 17,634 244,596 37,000 |
|---|---|---|---|---|
| 703,578 |
Page 16
WILLIAM HARDING'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
9. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Depreciation Almshouses expenses |
Total funds 2021 £ 38,109 127,063 165,172 |
Total funds 2020 £ 38,206 208,058 |
|---|---|---|
| 246,264 |
Analysis of support costs
| Clerk to the Trustees Other costs Professional charges Sculpture costs Governance costs |
Total funds 2021 £ 79,810 100 13,883 25,750 9,150 128,693 |
Total funds 2020 £ 77,575 - 7,663 - 9,690 |
|---|---|---|
| 94,928 |
The salary in respect of the Clerk to the Trustees is paid to a firm of solicitors of which the Clerk is a Consultant.
10. Auditors' remuneration
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Fees payable to the charity's auditor for the audit of the charity's annual | ||
| accounts | 5,000 | 4,500 |
| Fees payable to the charity's auditor in respect of: | ||
| All non-audit services not included above | 4,150 | 5,160 |
Page 17
WILLIAM HARDING'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
11. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2020 - £NIL) .
During the year ended 31 December 2021, no Trustee expenses have been incurred (2020 - £NIL) .
12. Tangible fixed assets
| Cost or valuation At 1 January 2021 At 31 December 2021 Depreciation At 1 January 2021 Charge for the year At 31 December 2021 Net book value At 31 December 2021 At 31 December 2020 |
Freehold property £ 2,084,264 2,084,264 790,794 33,000 823,794 1,260,470 1,293,470 |
Office equipment £ 5,330 5,330 3,387 389 3,776 1,554 1,943 |
Other fixed assets £ 1,009,620 1,009,620 9,439 4,720 14,159 995,461 1,000,181 |
Total £ 3,099,214 |
|---|---|---|---|---|
| 3,099,214 | ||||
| 803,620 38,109 |
||||
| 841,729 | ||||
| 2,257,485 | ||||
| 2,295,594 |
Page 18
WILLIAM HARDING'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
13. Fixed asset investments
| Cost or valuation At 1 January 2021 Additions Disposals Revaluations Cash movements At 31 December 2021 Net book value At 31 December 2021 At 31 December 2020 14. Debtors Due within one year Other debtors Prepayments and accrued income 15. Creditors: Amounts falling due within one year Accruals and deferred income |
2021 £ 203,480 2,117 205,597 2021 £ 18,438 |
Listed investments £ 34,570,927 1,178,005 (1,178,005) 3,100,057 (2,445) 37,668,539 37,668,539 34,570,927 2020 £ 182,619 19,736 202,355 2020 £ 28,745 |
|---|---|---|
Page 19
WILLIAM HARDING'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
16. Statement of funds
Statement of funds - current year
| Balance at 1 January 2021 £ Unrestricted funds General Funds - all funds 38,034,793 Statement of funds - prior year Balance at 1 January 2020 £ Unrestricted funds General Funds - all funds 38,844,853 |
Income £ 1,023,886 Income £ 1,244,501 |
Expenditure £ (712,297) Expenditure £ (747,409) |
Gains/ (Losses) £ 3,100,057 Gains/ (Losses) £ (1,307,152) |
Balance at 31 December 2021 £ 41,446,439 |
|---|---|---|---|---|
| Balance at 31 December 2020 £ 38,034,793 |
Page 20
WILLIAM HARDING'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
17. Summary of funds
Summary of funds - current year
| Balance at 1 January 2021 £ General funds 38,034,793 Summary of funds - prior year Balance at 1 January 2020 £ General funds 38,844,853 |
Income £ 1,023,886 Income £ 1,244,501 |
Expenditure £ (712,297) Expenditure £ (747,409) |
Gains/ (Losses) £ 3,100,057 Gains/ (Losses) £ (1,307,152) |
Balance at 31 December 2021 £ 41,446,439 |
|---|---|---|---|---|
| Balance at 31 December 2020 £ 38,034,793 |
||||
| Summary of funds - prior year | ||||
| General funds |
18. Analysis of net assets between funds Analysis of net assets between funds - current year
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Unrestricte d funds 2021 £ 2,257,485 37,668,539 1,538,853 (18,438) 41,446,439 |
Total funds 2021 £ 2,257,485 37,668,539 1,538,853 (18,438) |
|---|---|---|
| 41,446,439 |
Page 21
WILLIAM HARDING'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
18. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2020 £ 2,295,594 34,570,927 1,197,017 (28,745) 38,034,793 |
Total funds 2020 £ 2,295,594 34,570,927 1,197,017 (28,745) 38,034,793 |
|---|---|---|
19. Reconciliation of net movement in funds to net cash flow from operating activities
20.
| Net income/expenditure for the year (as per Statement of Financial Activities) Adjustments for: Depreciation charges Losses on investments Dividends, interests and rents from investments Increase in debtors Increase/(decrease) in creditors Net cash used in operating activities Analysis of cash and cash equivalents Cash in hand |
2021 £ 3,411,646 38,109 (3,100,057) (802,120) (3,242) (10,307) (465,971) 2021 £ 1,333,256 |
2020 £ (810,060) 38,206 (1,307,152) (1,072,533) (191,000) 13,917 (3,328,622) 2020 £ 994,662 |
|---|---|---|
Page 22
WILLIAM HARDING'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
21. Analysis of changes in net debt
| At 1 | At 31 | ||
|---|---|---|---|
| January | December | ||
| 2021 | Cash flows | 2021 | |
| £ | £ | £ | |
| Cash at bank and in hand | 994,662 | 338,594 | 1,333,256 |
22. Grant commitments
Commitments in respect of grants approved for projects which have not been accrued in the financial statements but will form part of grants were £15,268 (2020: £nil).
Page 23