Charity number: 310619
WILLIAM HARDING'S CHARITY
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
WILLIAM HARDING'S CHARITY Charity No. 310619 TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31ST DECEMBER 2024 Correspondents and Clerks to the Charity are Mr. J Leggett, Clerk Mrs. D Godleman, Assistant Clerk Rickford House, 12 Rickfords Hill, Aylesbury Bucks, HP20 2RZ Telephone: 01296 761688
WILLIAM HARDING'S CHARrrY 1st DECEMBER 2024 TR TEES, ANN AL REP RT FOR THE YEAR ENDED Chari Number 31061 Reference and Administration Detsils 1.1 The full name of the Charity is WILUAM HARDING'S CHARITY. 1.2 The names of the Trustees who have been in office for the whole or part of the year to 31st December 2024 are: Lennard Maurice Wakelam (Chairman) Susan Pamela Hewitt (Vice-chairman) Sherrilyn Bateman Kathleen Anne Brooker William John Yendell Chapple, O.B.E. Andrew Tusting (Appointed March 2022) Roy James Collis DL Leslie Sheldon Penelope Wendy Thorne Julie Ward (Appointed June 2024) 1.3 The Charity is administered from the offices of the Clerk to the Trustees. Mr. J Leggett, Clerk Mrs. D Godleman, Assistant Clerk Rickford House, 12 Rickfords Hill, Aylesbury, Bucks, HP20 2RZ 1.4 The Bankers to the Trustees are: Lloyds Bank PLC, l Market Square, Aylesbury, Bucks. HP20 ITD The Bank of New York Mellon (International) Ltd. I Canada Square, London, E14 SAL 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 INA stru re vernance and M na ement 2.1 The Charity arises from the Will of William Harding, proved on 19th February 1719 and is governed by a Charity Commission Scheme dated 19th Ottober 1978 as amended Iith Ottober 1991. 2.2 Under the terms of the Scheme the Charity has nine Trustees; seven being co-optstive and two nominative.
2.3 The Trustees meet on a regular basis to consider and determine applications for charitsble assistsnce. 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 induttion 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 induttion they meet key employees and other Trustees. Trustees are encouraged to attend appropriate internal and external training events where these will facilitste 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 implementstion of procedures designed to minimise any potential impatt on the charity should those risks materialise. 2.7.d Policies to cover General Data Protettion Regulations (GDPR), Safeguarding and Complaints This work has identified no significant risks to the charity. Ob-ertives 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 capitsl and income to ensure that assistsnce 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 maintsined school, college of education or other institution of further education in or substsntially 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 assistsnce 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 TrUStS 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; 3.2.1 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 inhabitsnts 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 objerts of the Charity are promoted by contstt with local organisations and bodies (including Aylesbury Schools). furthering the interests of the young, the old, those in nd 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 dirertly or indirettly from the Charity. Grants paid totslled some £ 716,935 in the following categories: Travel costs for 30 + voluntary Clubs andSoa"eties Individualpuw-l support Youth gmups Schools and educational establishments General benefit and relief in need 167,359 257,951 or rants over £2 000 aid included: Aylesbury Vale Dynamos Football Club Nest A ylesbury Vale Community Impart Bu$ spa (Aylesbury) 10,000 Southcourt & Walton Court Community Proiert second tranche 10,000 Aylesbury Cheerteading Academy Abbey Centre Aylesbury 7.800 Chiltem Iveuro Centre 23,343 Autssm Early Support Trust Ltd 5,000 FlOnCe Nightingale Hospio Charity 5,000 Bucks Vision 10,500 Citizens Advice Bucks 1000 Prisoners'Education Trnst 15,000 Hope After Harni Pegasus Gym Community Safety Education MacIntyre Holy Trinity Church Walton Street Aylesbury United Women Football Club Connertion Support (Volunteering in Aylesbury) A ylesbury Vale Child Contart Centre 50,000 6,000 Schools - Bedgmve Infant School Green Ridge School Elmhurst School Broughton Infant andjunior School Furze Down School Pebble Brook School 21,457 7,157
Booker Park Special School Stocklake Park Spea"al Sthool St Marys C C School Kingsbrook School William Harding Sthool 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. 10,000 4.6 During the Year the Charity the Charity continued with its support for Jane Cole and Red Balloon concerning Audley House and the Charity had agreed to purchase the freehold at the price of £ 925,000 this figure being supported by a sUreYOr to satisfy the requirements of the Charities Art. The purchase was completed in June 2024 and other formalities were in hand including planning permission for change of use from residential to an educational establishment and an estimate for the cost of the renovation works to be undertaken by the Charity. This projert was ongoing as at 31st December 2024. 4.7 During the year the Charity's support for the Queens Park Arts Centre continued and payment of the grant agreed in October 2023 had been completed by seven instalments up to July 2024 and this investment by the Charity would be converted into a revised percentsge equity ownership as between the Charity and the Centre. Financial Review 5.1 The financial position of the Charity is set out in the Charity's accounts to 31st December 2024 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 investment assets held of £ 34,766,592. The Trustees continue to rely on advice from their stockbrokers. 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. 5.6 There have been no changes in the accounting policies of the Charity, save for the format to comply with the latest recommended prattice 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 dependent 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 charitsble objects. Plans for the Future 6.1 The Trustees will sk to continue to effectively manage and distribute the assets of the charity for the purposes of the charity's objectives into the foreseeable future.
STA TEMENT OF TRusfEES" RESPONSIBILITIES Charity law requires 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 attivities for that period. In preparing those Financial Statements the Trustees are required to;_ (a) Select suitable accounting policies and apply them consistently; (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 Commission for England and Wales and with applicable accounting standards, subject to any material departures disclosed and explained in the Finanaal Ststements. (d) Prepare the Financial Ststements on the going concern basis unless it is inappropriate 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 Ststements comply with the Charities Att 2011. They are responsible for safeguarding the assets of the Charity and hence for tsking reasonable steps for the prevention and detettion of fraud or other irregularities. gSv-, The Report was approved by the Board of TrUStS on......... ... .. .2025 Lennard Maurice akelam (C airman) (Signature)
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 - 24 |
WILLIAM HARDING'S CHARITY
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024
| Trustees | Lennard Maurice Wakelam, Chairman |
|---|---|
| Susan Pamela Hewitt, Vice Chairman | |
| Leslie Sheldon | |
| Penelope Wendy Thorne | |
| Roy James Collis DL | |
| Sherrilyn Bateman | |
| Andrew Tusting | |
| Julie Ward (appointed 21 May 2024) | |
| Charity registered number 310619 Principal office Rickford House 12 Rickford's Hill Aylesbury Bucks HP20 2RZ Independent auditors Hillier Hopkins LLP Chartered Accountants 249 Silbury Boulevard Milton Keynes Bucks 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 2024 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 2024 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.
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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.
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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
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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
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WILLIAM HARDING'S CHARITY
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAM HARDING'S CHARITY (CONTINUED)
Auditors' report.
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 Bucks MK9 1NA
Date: 30 September 2025
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 2024
| Note Income from: Charitable activities 3 Investments 4 Other income 5 Total income Expenditure on: Charitable activities 7 Total expenditure Net income before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 218,763 1,123,743 105,679 1,448,185 1,129,551 1,129,551 318,634 1,669,199 1,987,833 38,021,578 1,987,833 40,009,411 |
Total funds 2024 £ 218,763 1,123,743 105,679 1,448,185 1,129,551 1,129,551 318,634 1,669,199 1,987,833 38,021,578 1,987,833 40,009,411 |
Total funds 2023 £ 181,280 1,048,281 16,291 |
|---|---|---|---|
| 1,245,852 | |||
| 940,333 | |||
| 940,333 | |||
| 305,519 394,043 |
|||
| 699,562 | |||
| 37,322,016 699,562 |
|||
| 38,021,578 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 24 form part of these financial statements.
Page 6
WILUAM HARDING'S CHARITY BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Ftxed assets Tangible assets Investments 3,823,458 34,766,592 2.181.485 34.047,393 12 38,590,050 36.228,878 Current assets Debtors Casl at bank and in hand 13 279.062 1,276.240 264,474 1.568,066 1,555.302 1,832, 540 Current liabilities Creditors." amounts falling due within one year 14 (135,9411 (39, 840J Net current assets 1,419,361 1, 792. 700 Total net assets 40,009,411 38.021,578 Charity funds Unrestricted funds 40,009,411 38,021,578 Total funds 40,009,411 38.021,578 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf Lennard Maurice Wakelam Date: 217 (2c)I The notes on pages 9 10 24 foTm part of these financial statemenls. Page 7
WILLIAM HARDING'S CHARITY
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
| 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 Net cash provided by investing activities Cash flows from financing activities Net cash provided by financing 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 The notes on pages 9 to 24 form part of these financial statements |
2024 £ (617,952) 1,116,656 (1,740,530) 950,000 326,126 - (291,826) 1,568,066 1,276,240 |
2023 £ (690,257) 1,033,747 - - 1,033,747 - 343,490 1,224,576 1,568,066 |
|---|---|---|
Page 8
WILLIAM HARDING'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
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.
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 charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
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.
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WILLIAM HARDING'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2. Accounting policies (continued)
2.3 Expenditure (continued)
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.
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.
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WILLIAM HARDING'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2. Accounting policies (continued)
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
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Income from almshouses | 218,763 | 218,763 | 181,280 |
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WILLIAM HARDING'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. Investment income
| Unrestricted funds 2024 £ Investment income 1,104,606 Bank interest 19,137 1,123,743 |
Total funds 2024 £ 1,104,606 19,137 1,123,743 |
Total funds 2023 £ 1,031,934 16,347 |
|---|---|---|
| 1,048,281 |
5. Other incoming resources
| Rent received Other income Sale of land |
Unrestricted funds 2024 £ 13,650 7,479 84,550 105,679 |
Total funds 2024 £ 13,650 7,479 84,550 105,679 |
Total funds 2023 £ 13,650 2,641 - 16,291 |
|---|---|---|---|
The land sale relates to land that was transferred on 30th July 2024 and an advance payment made at that time of £134,550. Negotiations are ongoing and the eventual total sale proceeds depends on several factors and a final sum cannot be estimated at present.
Page 12
WILLIAM HARDING'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. Analysis of grants
| Relief in Need Travel for Clubs/Societies/Groups Schools and other educational establishments Equipment and tools for young people 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 2024 £ 257,951 61,534 167,359 - - 16,925 503,769 Grants to Institutions 2023 £ 107,940 31,584 231,266 - 72,150 442,940 |
Grants to Individuals 2024 £ - - - 2,418 210,748 - 213,166 Grants to Individuals 2023 £ - - - 180,400 - 180,400 |
Total funds 2024 £ 257,951 61,534 167,359 2,418 210,748 16,925 |
|---|---|---|---|
| 716,935 | |||
| Total funds 2023 £ 107,940 31,584 231,266 180,400 72,150 |
|||
| 623,340 |
Page 13
WILLIAM HARDING'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. Analysis of grants (continued)
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Name of Institution | ||
| Aspire Schools | 23,344 | |
| Autism Early Support | 5,000 | |
| Autumn Leaf Club | 1,500 | |
| Aylesbury Area Disabled | 2,135 | |
| Aylesbury Centre | 2,000 | |
| Aylesbury Centre National Trust | 2,000 | |
| Aylesbury Cheerleading Academy | 7,800 | 5,400 |
| Aylesbury College | 1,000 | |
| Aylesbury District Guide Hall | 22,650 | |
| Aylesbury Grammar School | 1,025 | |
| Aylesbury Homeless Action Group | 15,000 | 12,500 |
| Aylesbury Methodist Church | 3,500 | |
| Aylesbury Outlawz Cricket Club | 5,000 | |
| Aylesbury Symphony Orchestra | 1,232 | |
| Aylesbury Town Bowls Club | 1,505 | |
| Ayelsbury United Ladies and Girls Football Club | 2,755 | |
| Aylesbury Vale Child Contact Centre | 5,000 | |
| Aylesbury Vale Dynamos F.C. | 50,000 | |
| Aylesbury Youth Action | 20,000 | |
| Bearbrook School | 17,410 | |
| Bedgrove Infant School | 11,473 | |
| Bedgrove Junior School | 13,958 | |
| Bedgrove Residents and Community Association | 10,000 | |
| Booker Park School | 10,000 | |
| Broughton Infant School | 21,457 | 28,758 |
| BucksVision | 2,000 | |
| Chilterns MS Centre | 2,000 | |
| Chiltern Neuro Centre | 5,000 | |
| Chilterns Way Academy Trust | 2,100 | |
| Citizens Advice Buckingham Ltd | 15,000 | |
| Community Impact Bucks | 5,000 | 2,200 |
| Community Safety Education | 2,200 | |
| Community Unity Project | 1,000 | |
| Connection Support | 5,000 | |
| Elmhurst School | 38,031 | |
| First Aylesbury Brownies | 1,590 | |
| Florence Nightingale Hospice | 10,500 | 9,000 |
| Furze Down School | 7,157 | 14,338 |
| Green Ridge Primary Academy | 5,240 | |
| Hearts of Bucks | 23,000 | |
| Hope After Harm | ||
| Horizon Sports Club | 10,000 | 5,000 |
| Insignis Academy Trust | 3,860 | |
| Just Older Youth (JOY) | 1,095 | |
| MacIntyre | 10,000 | |
| Monday Contact Club | 1,000 | 992 |
| Nest Aylesbury Vale | 10,000 |
Page 14
WILLIAM HARDING'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Name of Institution (continued) | ||
| Oakfield Ladies | 2,045 | |
| Pebble Brook School | 23,095 | 42,208 |
| Pegasus Gym | 10,000 | 15,000 |
| Prisoner Education Trust | 6,550 | 5,790 |
| Queens Park Art Centre | 20,000 | 20,000 |
| Reach2 Academy Trust | 5,000 | |
| Respect Martial Arts | 15,000 | |
| Sir Henry Floyd Grammar School | 30,000 | |
| Southcourt and Walton Court Community Project | 10,000 | |
| Space Aylesbury | 10,000 | |
| St Louis Catholic School | 6,868 | |
| St Marys CE School | 2,000 | |
| St Thomas Catholic School | 2,000 | |
| Stocklake Park School | 10,000 | |
| The Grange School | 1,000 | |
| The Mandeville School | 1,000 | |
| Thomas Hickman School | 10,219 | |
| Turnfurlong Junior School | 21,333 | |
| Walton Parish | 6,000 | |
| William Harding Combined School | 1,450 | 41,266 |
| Women's Aid | 14,555 | |
| Youth Concern | 29,500 | |
| Grants under £1,000 | 45,002 | 44,123 |
| Total | 503,769 | 442,940 |
Page 15
WILLIAM HARDING'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2024 £ Almshouses 412,616 Relief in Need 257,951 Travel for Clubs/Societies/Groups 61,534 Schools and other educational establishments 167,359 Equipment and tools for young people 2,418 Individual pupil support 210,748 Youth Groups 16,925 1,129,551 |
Total 2024 £ 412,616 257,951 61,534 167,359 2,418 210,748 16,925 1,129,551 |
Total 2023 £ 316,993 107,940 31,584 231,266 - 180,400 72,150 |
|---|---|---|
| 940,333 |
8. Analysis of expenditure by activities
| Almshouses Relief in Need Travel for Clubs/Societies/Groups Schools and other educational establishments Equipment and tools for young people Individual pupil support Youth Groups |
Activities undertaken directly 2024 £ 339,379 - - - - - - 339,379 |
Grant funding of activities 2024 £ - 257,951 61,534 167,359 2,418 210,748 16,925 716,935 |
Support costs 2024 £ 73,237 - - - - - - 73,237 |
Total funds 2024 £ 412,616 257,951 61,534 167,359 2,418 210,748 16,925 |
|---|---|---|---|---|
| 1,129,551 |
Page 16
WILLIAM HARDING'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. 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 2023 £ 226,623 - - - - - 226,623 |
Grant funding of activities 2023 £ - 107,940 31,584 231,266 180,400 72,150 623,340 |
Support costs 2023 £ 90,370 - - - - - 90,370 |
Total funds 2023 £ 316,993 107,940 31,584 231,266 180,400 72,150 |
|---|---|---|---|---|
| 940,333 |
Analysis of direct costs
| Depreciation Almshouses expenses |
Total funds 2024 £ 48,557 290,822 339,379 |
Total funds 2023 £ 37,969 188,654 |
|---|---|---|
| 226,623 |
Page 17
WILLIAM HARDING'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. Analysis of expenditure by activities (continued)
Analysis of support costs
| Clerk to the Trustees Other costs Professional charges Governance costs |
Total funds 2024 £ 46,000 7,257 8,580 11,400 73,237 |
Total funds 2023 £ 73,368 4,686 - 12,316 |
|---|---|---|
| 90,370 |
9. Auditors' remuneration
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's auditor for the audit of the Charity's annual | ||
| accounts | 5,775 | 5,500 |
| Fees payable to the Charity's auditor in respect of: | ||
| All non-audit services not included above | 5,000 | 4,750 |
10. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .
During the year ended 31 December 2024, no Trustee expenses have been incurred (2023 - £NIL) .
Page 18
WILLIAM HARDING'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. Tangible fixed assets
| Cost or valuation At 1 January 2024 Additions Disposals At 31 December 2024 Depreciation At 1 January 2024 Charge for the year At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 |
Freehold property £ 2,084,264 - - 2,084,264 889,794 33,000 922,794 1,161,470 1,194,470 |
Office equipment £ 5,330 - - 5,330 4,336 199 4,535 795 994 |
Other fixed assets £ 1,009,620 1,740,530 (50,000) 2,700,150 23,599 15,358 38,957 2,661,193 986,021 |
Total £ 3,099,214 1,740,530 (50,000) 4,789,744 917,729 48,557 966,286 3,823,458 2,181,485 |
|---|---|---|---|---|
Page 19
WILLIAM HARDING'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. Fixed asset investments
| Cost or valuation At 1 January 2024 Disposals Revaluations At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 Debtors Due within one year Other debtors Prepayments and accrued income Creditors: Amounts falling due within one year Accruals and deferred income |
2024 £ 276,151 2,911 |
Listed investments £ 34,047,393 (950,000) 1,669,199 34,766,592 34,766,592 34,047,393 2023 £ 261,617 2,857 264,474 2023 £ 39,840 |
Listed investments £ 34,047,393 (950,000) 1,669,199 34,766,592 34,766,592 34,047,393 2023 £ 261,617 2,857 264,474 2023 £ 39,840 |
|---|---|---|---|
| 279,062 | 264,474 | ||
| 2024 £ 135,941 |
2023 £ 39,840 |
13. Debtors
14. Creditors: Amounts falling due within one year
Page 20
WILLIAM HARDING'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. Statement of funds
Statement of funds - current year
| Balance at 1 January 2024 £ Unrestricted funds General Funds - all funds 38,021,578 Statement of funds - prior year Balance at 1 January 2023 £ Unrestricted funds General Funds - all funds 37,322,016 |
Income £ 1,448,185 Income £ 1,245,852 |
Expenditure £ (1,129,551) Expenditure £ (940,333) |
Gains/ (Losses) £ 1,669,199 Gains/ (Losses) £ 394,043 |
Balance at 31 December 2024 £ 40,009,411 |
|---|---|---|---|---|
| Balance at 31 December 2023 £ 38,021,578 |
Page 21
WILLIAM HARDING'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
16. Summary of funds
Summary of funds - current year
| Balance at 1 January 2024 £ General funds 38,021,578 Summary of funds - prior year Balance at 1 January 2023 £ General funds 37,322,016 |
Income £ 1,448,185 Income £ 1,245,852 |
Expenditure £ (1,129,551) Expenditure £ (940,333) |
Gains/ (Losses) £ 1,669,199 Gains/ (Losses) £ 394,043 |
Balance at 31 December 2024 £ 40,009,411 |
|---|---|---|---|---|
| Balance at 31 December 2023 £ 38,021,578 |
17. Analysis of net assets between funds Analysis of net assets between funds - current period
| Unrestricted funds 2024 £ Tangible fixed assets 3,823,458 Fixed asset investments 34,766,592 Current assets 1,555,302 Creditors due within one year (135,941) Total 40,009,411 |
Total funds 2024 £ 3,823,458 34,766,592 1,555,302 (135,941) 40,009,411 |
|---|---|
Page 22
WILLIAM HARDING'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
17. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior period
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2023 £ 2,181,485 34,047,393 1,832,540 (39,840) 38,021,578 |
Total funds 2023 £ 2,181,485 34,047,393 1,832,540 (39,840) 38,021,578 |
|---|---|---|
18. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income for the period (as per Statement of Financial Activities) Adjustments for: Depreciation charges Gains on investments Dividends, interests and rents from investments Increase in debtors Increase in creditors Net cash used in operating activities 19. Analysis of cash and cash equivalents Cash in hand |
2024 £ 1,987,833 48,557 (1,669,199) (1,116,656) (14,588) 96,101 (667,952) 2024 £ 1,276,240 |
2023 £ 699,562 37,969 (394,043) (1,033,747) (14,883) 14,885 (690,257) 2023 £ 1,568,066 |
|---|---|---|
Page 23
WILLIAM HARDING'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
20. Analysis of changes in net debt
| At 1 | At 31 | ||
|---|---|---|---|
| January | December | ||
| 2024 | Cash flows | 2024 | |
| £ | £ | £ | |
| Cash at bank and in hand | 1,568,066 | (291,826) | 1,276,240 |
21. 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 £nil (2023: £499,304).
22. Capital commitments
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Contracted for but not provided in these financial statements | ||
| Acquisition of tangible fixed assets | 284,654 | - |
Page 24