Charity Registration No: 326959 (England and Wales) THE HEATHSIDE CHARITABLE TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
THE HEATHSIDE CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Registered Gharity number 326959 Goveming document Trust deed dated 22 August 1985 land supplemental Trust deed dated 25 September 20171 Trustees Sir Harry Solon L S Jacobs G R Jayson D M Solomon J K Solomon S J Jacobs J B Jacobs Audltor RSM UK Audit LLP Chartered Accountants 25 Farringdon Street London EC4A 4AB Bankers Lloyds TSB Private Banking PO BOX 46152 3rd Floor 39 Threadneedle Street London EC2R 8AU Inv9Stment Managers UBS Wealth Management S Broadgate London EC2M 2QS Canaccord 41 Lolhbury London EC2R 7AE Contact address Hillsdown House 32 Hampstead High Street London NW3 1QD
THE HEATHSIDE CHARITABLE TRUST CONTENTS Page Trustees, Report Trustees, Responsibilities Independent Auditor's Report Statement of Financial Activities Balance Sheet Cash Flow Statement 10 Notes lo the Financial Statements 11-16
THE HEATHSIDE CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 The Trustees pre5enl thelr report and ffinanclal statements for the year ended 31 Dmber 2021. The financial statements have beén prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document. the Charitie3 Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Piadice applicable lo charities preparing their accounts in accordance with the Financial Rew)rting Standard applicable in the UK and Republic of Ireland published on 01 January 2019. Aims and objg¢tives of th• Charity The objects of the charity ale making available funds forthe benefit of such ¢haritable institutions. or for Such charitable purp03es, as Ihtr trustees shall decide. The trustees identify organi$8lions and projects il wishes lo support and this generally arises from direct contact5 rather than speculative applications. The trustees have considerad the principal risks lo which the charity is exposed, and are satisfied that systerns are in place to mltigate those risks. Constltution and govemance The charity wa5 established by a charilable trust deed on 22 August 1985 which wa8 updated by a supplementa1 deed on 25 September 2017.The charity is registered with the Charity Commission under registration nurnber 326959 and is an independent charity. Tho address of the principal office 1$ 32 Hampstead High Street, London NW3 1QD. The Trustees are responsible for the overall management and Control of the chaiity. Trust袥 The Trustees who served during thè year are.. Sir Harry Stslotnon Lady Judith Solomon (died on 30 October 20211 L S Jacobs G R Jayson D M Solomon J K Solomon S J Jacobs J B Jacobs The number of Trustees shall never be less than two and an additional Trustee or additional Trustees may be appointed al any time but so that the total number of Tru51ees shal181 no time exceed ten in accordance with a supplemental deed dated 25 September 2017. The Trustees have the power of appointing new or additional Trustees. The onty trustees are family and trusted advisers. The Board of Iruslees has be&n he8vily involved in the charity worfd for many years and is expetienced in the requirements of chare$. Th8 Charty owns the Investmenl propertles whith are held by the Trustees on it5 behalf. Review of actlvltlo¥ The charity re¢eived donations of £325,729 {2020'. 258,0751 during the year. These included gifts of £229,741 12020.. £70,455) from Sil Harry Solomon, £38,790 12020.. £129,268) from Lady Judith Solomon, £Nil 12020.. £18,500) from Daniel Sdomon, £20,0(X)12020,' £Nil) frorn Louise Jacobs and £10,00012020." £Nill from Juliet Solomon. The charity has rnade donations to charitable causes in accordan with its objects totalling 2450,41312020.. £382.4761 and these ale referred to in note 4 to the financial statements. 66 grants12020'. 63} were made to charitable organisalions covering He8llh. Education, CultLJf818nd other general causes. The Trustees are of the opinlon that the finanaal position of the charity al the balance sheet date is sufficient lo meetits on-goin9 activibes. The net assets al the year end dale arnounted to £5.314,568 {2020.' £5.(l,490>. Investfflent pow¢rs The Twstees hav$ wide investmenl powers and investments are rnade in properbos, shares and unil trusts.
THE HEATHSIDE CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Investmènt policy The Trustees, policy is lo adopt a low risk investment strategy by sp188ding the Trust's as881s over the various types of investmenl. Currently the assets are invested in cash, property, equities and venture capital funds. The investment policy 15 designed lo maxlmise incorne and eapitsl gain within a low risk environment and the trustees Consider a broad lange of investments mentioned above lo include bonds, ethical investments and sustainable funds. The trustee8 monitor the performance of investments against their obje¢tive5 and are satisfied Ih8t such objectives are being mel. The Trustees Meet periodieally lo revièw investm&nl policy during the year. They consider inwme requirements along with the investment advisorfs view of market prospects. The current objedive is an 8nnual total retuin of between 5Vo to 8%. The Trustees consider that the Investment performance of 10/0, which was g188ter than this range in the year 31 December 2021, from the income and gains from funds Invested was very satisfactory given market conditions throughout the year. Reservè$ pollcy Whilst the Ttustees wish to continue lo make grants as they have done in the past, it is also thar wish to maximise thè Trusl's reserves in order lo give a base from which the Trust can tun charitable projects of its own. The TrLJStees review the level of reserves on an annual basis and consider the current level of reserves of £5,314.568 (2020.. £5,001,490110 be appropriate for the Tiust to maintain. The Trustees aim lo have resèrves in due course producing Sufficient income and gain5 to fund the proposed annual granl expenditure, without the need lo obtain substantial supportfrom donations. To achieve thi5 Wlthout re51ricting the Trust's ability lo make grants at the current rate, the Trustees have sel the sum of £8m- £10rn as thelr reserves target and aim lo achieve this through their investment strategy and donations. There are no restricted reserve5 {2020.' £Nill. Recrultm&n( inductlon and tralnlng of trust•e The compositson of the Charitys board of trustees is reviewed regularly with a view to a¢hieving a spread of expertisè and age designèd to facilitate the achievemenl of the Charity'5 objeds. The Trustees keep up to date on their sponslbililies by various means, such as reviewing the Charity Commi38ion website, reading relevant periodlcals and professional advice. One of the Truste&s would be made responsible for the induction of any new Trustee whKh involve5 awareness of a Trustee's responsibilities. the goveming document. administrative procedures, the hi810ry and philosophical approach of the Trust. A new Trustee would receive copiès of the previous yearfs annual report and accounts and appropriate publications from the Charity Commi55ion. Grant maklng pollcy The trustee8 will consider making giants to organisations Inol individu8181 that fall within its charitable objectives and invite rel¢vanl appli¢alions, particularty from organi8ations introduced by reliable contacts of the trustees. The Trustees have complete discretion to pay any grants which fall within the charity's objects. Grants are considered on the basis ol applications received and the Tru81ees meet lour times a year to discuss and approve existing and new grants. They also communicate with each other 81 other times for this purpose should the need arise. Where grants, including overseas grants, are made for specified purposes. they are monitored by the Trustees to ensure that those purposes and any conditions attached lo the grants ale adhered lo. Key management p¢rsonnel remuneratlon The trustees consider the board of trustees as comprising the key man8gement personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day lo day ba818. All Ituslees give their time fre¢ly and no trustee iemuneralion was paid in the yegr12020'. £NIll. A¢hievements and perfomiancg The trustees made numerous donations lo charitatle causes in accordan¢e with its objects during the coutse of the year. Further details are shown in note 5 to the accounts highllghting the number ol grants made in the year being 66 12020.. 63}. The trustees are satisfied that the organisations supported provide a good and valuable SeN1 to their benefi¢kgNes.
THE HEATHSIDE CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Achlevements •nd perfomiance Iconti These induded the furtherance of education, the caie of thè young, Sick and eldtrrfy and Ihe provlslon of community protection and other sarvices. The organisalions supported are monitored by the Trustees by personal ctsnlacl with officials Of those organisalions, review ol work actLsally carried oul by them. and their published material 8nd reputation. Plans for futuro pèrfod$ The aim of the trustees for the next ye8T is to continue ynaking donations to various charities even though the donations may significantly exceed the ineome generated on the Trust's investments. in which case they will be funded from the growth in the investment portfolio, reserves or future donations. Golng concern The Trustees do not beli8ve there lo be a matèrial uncertainty over going concem due to the level of unreslri¢led reserves and the fact that the vast rnajority of expenditure is grants paid on a discretionary basis. In view of this. the Trustees have prepared the accounts on a going concern basis, taking into consideration the twelve months from the date of signature. Risk facto The BO8 of Trustees is resrM)n8ible for the management of the risks faced by the charity. All major risks lo which the charity is exposed have been identified, assessed and contio15 established as appropriate. Consequonuy the Trustees are satisffied that the major risks have been mitigated. The Tru$leo8 consider that the main risk that the Trust face5 Is the recoverability of the investment5 held and whether they will eontinue to generate incomtr in order lo further th6 Trust's objectives via the grant making policy. To manage the risk the Trustees continually vieW the investment strategy of the Trust lo determine the spread of the investment5, a¢hi9ved performance and anli¢ipaled performance for the forthcomino year. The charlty has not been affecied by CovKI-19. Whilst the timing of the recovery from the pandemic is uncertain, the irustees do rt consider there to be a malorial risk to ihe charity. Publlc Bènèfit The charity has referred lo the guidan¢& contained in the Charity Commission's general guidance on public bonefil when reviewing its aims and objectives and in planning future activities. In particular the Tru81ees consider h¢)w planned activities will contribute to the aims and objectives they have set. The Ch8rity not erKJage in fund raising activitles to meet its objectives tsr usè any third party or Commercial fundraisers and therefore has recglved no complaints.
THE HEATHSIDE CHARITABLE TRUST TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2021 The charity Iru51ees are sponSible for preparing a trustees, annual report and finanaal statement8 in acCOrdare with applicablè law and United Kingdom accounling standafds, (United Kingdom Generally Accepted Accounting practi). The law applicable to chaiities in England and Wales requires the Iruslees to prepare financial statements for each rinancial year which gwe a true and fair view of the State of affairs of the chaiity and of the incoming r8$ources and application of resources of the charity for that period. In preparing the finan¢i818latements. the trustees are required to.. select suitsbSe accounting policies and tn apply them consistently.. observe the methods and principles in the applicable charit8 SORP., make judgements and estimates that are reasonable and prudent.. stale whether 8pplicable accounting standards and statements of recommended practice have been followed. subject to any departur6s disclosed and eyplained in the financial statements., and., prepare the finandal $181ements on the going concèm basi5 unless li is inappropriate lo presume that the charity will continue in operation. The tIU51ees are responsible for keeping a¢counting records which disclose with reasonable accuracy al any time the financial position of the charity and which enablg them lo ensur6 that the financial statements Comply with the charits Act 2011, the Charity (Accounts and Reports) Regulations and the provisions of the trust deed. The truste?$ are responsible for 5afeguardlng the assets of the charity and hence for taking reasonablè steps for thg prsvenlion and detection of fraud and other irregularilo5. Dls¢lo¥ure of infomlation to audltors The trustees confirm that so far as they are aware. there 18 no relevant audit inforniation of which the ¢harily's auditors are unaware. They have taken all the steps that they ought to have taken as Trustees in order to make themselve5 aware of any relevant audit information and lo establish that the charity's auditors are aware of Ihat infottn8lion. R&-•ppointment of auditors A r&solution lo rtrappoint RSM UK Audit LLP, Charteied Accountants. as auditor8 will be put to a meeting of the Trustees. By order ol the board Slr Harry Solomon Tru$t¢* Dale i 3 b
THE HEATHSIDE CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE HEATHSIDE CHARITABLE TRUST Opinlon We have audited the fingncial statements of The Heathside Charitable Trust (the 'charlty'} for the year ended 31 Dec8mbei 2021 which comprisè the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement aad notes to the financial statements, including Signifan1 accounting policies. The financial reporting framework that has been applied in their prepaialion is applicable law and United Kingdom ArGounling Standards, including FRS 102"The Financial Reporting Standard applicable In the UK and Republic of Ireland" {Uniled Kingdom Generally Accepted Accounting Practice). In our opinlon th• financial statemonts.. giv6 a truè and fairviewof the state olthe charity's affairs as at 31 DeMber2O2l and of its incoming resources and application of resources for the year then 8nd8d.. have been property prepared in accordance with Uniled Kingdom Generally Accepted Accounting Pracllc8', and have be¢n prepared in accordance th the requirements of the Charities Act 2011. Ba$1$ for oplnlon We have teen appointed as audi101s under section 144 of the Charities Act 2011 and report in accordan¢e with rogulalions made under section 1S4 01 th81 Act. We conducted our audit accordance with Intemational Stsndards on Auditing IUKI {ISAs IUKII and applicable law. Our responsibilities undor those standards are fL4rther described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charily in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard and we have fu1]ed our other elhi¢al responsibilities in accordance with these requirements. We believe that the audit evidenTr we have obtained is suffleI and appropriate to provide a basis for our opinion. Concluslons rèlating to going concem In auditing the financial 51atemenls, we havè concluded that the trustees, use of the going concern b8$i8 of accounting in the preparation of the financial statements is appropriate. Based on the worf( we have perforrned. we have not identified any material unGertainties relating to events or conditions that. individually or collectively, may cast significant doubl on the chanty's ability lo continue as a going concern foi a pèriod of al least e1ve months from whon Ihg financAal statemenls are autt)orised for issue. Our responsibilities and the responsibilities of tho trustsos wth respect to goit¥J concèrn are described in the relevant sections of this report. other infomiatlon The other inforrnation comprises the information included in the Trustees, Report other than the financial statetllents and our auditor's report thereon. The trustees are responsible forthÈ other information contained within the Twstee5' Report. Our opinion on the financial slalemenls does not cover tha other infounalion and. we do tKJI express any form of assurance conclusion Ihereon. Our reswnsibility is to read the other infomialion and, in doing so, ¢onsider whether tre other Infom)allon is materially inconsistent with the finan¢l8l 81alemenls or our knowledge obtained in the cour3e of the audit or otherwise appears lo be materially misstated. If we identify suGh material inconsistencies or appaienl rllalerial misstatements, we are required to delemiine whether this gives rise to a material misstslement in the financial stat&menls themselves. If, based on the work wo have perfomied, we condude that there is 8 material misstatement of this olhw infomialion. we are required lo report th81 la¢L We have nothing to report in this regard.
THE HEATHSIDE CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE HEATHSIDE CHARITABLE TRUST Matters on which we are requlred to rèport by exceptlon We have nothing to report in respect ol the following matters where the Charities Act 2011 require8 US to report to you if, in our opinion.. the infomalion given in the finanaal slalemenls is inconsislenl in any material r&specl with the Tntslee8' Report.. or sufficient 8ccounling records have not been kept., or the finane481 $t8ternent5 are not In agreernent with the accounting re¢ords and returns., or we have not received all the infom)alion and explanations w& requir? for our audit. R¢$pon¥ibilities of trustees AS explained more fully in the Statement of TnJstee5' responsibilities set i)ul on page 4. ihe trustees afe responsible for the preparation of the financial slatements and for being satisfied th31 they give a tDJe and fairview, and for such internal control as the Iruslees determine is necessary to enable the preparation of financial statements that are free from material mi$stalernent, whether due to fraud or error. In preparing the financial stslemenls. the trustees are responsible for assessing the charity's ability to continue as going concern, disclosing, as applicable. matters related lo going cOnM and using the going concern basis ol accounting unless the trustee3 either intend to liquKlate the ¢harily OT to cease opeialions, or have no realistic altemative bul lo do so. AuditoW$ ro$ponsibilitle8 for the audit of the financial statements Our objeclEves are to obtain reasonable assurance about whèth8r the financial statements as a whole are free from material mi58tatement, whether due to fiaud or error, and to issue an 8udilorfs report that includes our opinion. Reasonable assurance is a high level of a55urance, but is not a guarantee that an audit cc>nducled in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and ale considei8d material if, individually or in the aggregate, they could reasonably be expected to infiuence the economie deei510r15 of users taken on the basis of these financial statements. The extent to whlch th¥ audit was considered capablè of d¥tecting irregularltles, Including fraud Irregularities arè instances of non-compliance with laws and regulations. The Objectives of our audit are lo obtain sufficient 8ppropriale audit evidencè warding compliance with laws and regulalions that havè 8 direct effect on tha delemination of material amounts and disclosures in the financial statements, lo perfomi audit procedures to help identify instances of non-compliance with othoi laws and regulations that tllay have a material effed on the financial statements, and lo respond appropriately to identified or suspected non-cornpliance with laws and iegulations identified during th8 audit. In ielation Its fraud, the objectives of our audll are to identify and assess the risk of material misstatement of the financial statements due lo fraud, lo obiain sufficient appropriate audit evidence regarding the assessed risks of materi81 misstatsrnerit due lo fraud through designing and implementing appropriate responses and lo respond appropriately lo fraud or SusCled fraud identified during thè audit. However, il 15 the primary responsibility of managemem, with the oversight of those (a)arged with govemance, to en5UTe that the entity's operations are conducted in accordance with the provision5 Of 18ws and regulations and lor the prevenlion and dete¢tion of Itaud.
THE HEATHSIDE CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE HEATHSIDE CHARITABLE TRUST In identtying and assessiro risks of material misstalemenl in respect of irregularities, Including fraud, the audit engagement team.. obtained an understanding of the nature of the sector, including the legal and regLJlalory framework, thbl the charity operates in and how the Gharity is complying with the legal and regulatory framework.. inquired of management. and those chaiged with govemance, about their own identthcation and a55essment of th¢ risks of irregularities, inGluding any known actual, suspected or alleged instances of fraud,. discussed rnatters about non-complian with laws and regulations and how fraud might occur including assessment of how and where the ffinancial statements may be susceptible to frakJ(S. As 8 resuK of these procedur¢s we consider the most significant laws and regulations that have a direct tmpact on the financial statements are FRS 102, Charides SORP {FRS 1021, Charities Act 201 1, the chaiity's governing docutnenL and tax legislation. Vve perfom16d audit procedures to detéct non-compliances which may have a mate¥ial impact on the financial slalemenls which included reviewirng the financial Statements including thè Trustees, Report, remaining alert to any new or unusual transactions which may r¥)t be in acrdanCe with the governing docurnents, inspecting any correspondence with local tax auth()rilies. The most significant laws and gUlationS that have an indirect IMpt on the financial statements are those in relation lo the use of overseas grants paid IThe Money Laundering, Terrorist Financing and Transfef of Funds Regulations 2017, the Bribery Act 20101. We performed audit procedures to inquire of management and thos8 charged with govemance whether the charity is in compliance with these law and iegulalions and inspected correspondence wlh grant recipients lo ensure controls over monitoring of gr8n18 are operating effectively. The audit engagement team identified the risk of managernenl override of controls as the area where the financial statement5 were most SU5ceplible to material misstatement due tr) fraud. Audit procedures p8rformed ineluded but were not limited to tesling manual joumal entries and other adjustments. evaluating the business rationale in relation to any significant, unusual transactions and transactions entered into outside the noirnal course of business. challenging judgments and esb'rnates. A further description of our responsibilities for the 8udit of the Iinancial statements is provided on the Financial Reporting Coun(xl'3 website at http.'Ilwww.frc.org.ukJauditorsresponsibilltl$s. This description forms part of our auditorfs report. U8e of our report This report is made solely lo the charity's trustees as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken $0 that we might stale to thg charity's trusltres those matters we are required to slate to thern in an audiloT'S report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsrbility to anyone other than th8 charity and the charity's Iru81ee8 as a body, lor our audit work. lor this report, or for the opinions we hav8 fomied. LLP SM UK Audit LLP Slatulory Auditor Chartered Accountants 25 Farrin9don Street London EC4A 4AB RSM UK Audit LLP 15 eligible to act as an auditor In terms of secb.on 1212 of the Companies Act 2006. 26th October 2022
THE HEATHSIDE CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021 Unrestricted funds Total 2021 Total 2020 Notg Income from: Donotion5 Investmen15 325,729 64,939 258,075 59.245 Total 390,668 317,320 Expenditure on: Raising fund5 and propety expenses Charitable activities 25,534 464,309 17,756 415,956 Total 489,843 433,712 Net expendtture before gain on investments 199,1751 {116,3921 Gain on investments 412.253 108.520 Nel movements in fvnds 313,078 {7.8721 Reconclllatlon of funds-. Total fijnds brought forward 5,001,490 5.(x)9,362 Total funds carrled forward 5,314,568 5,001,490 Ail recognised gains and losses are included in the Statèment of Financial Activities.
THE HEATHSIDE CHARITABLE TRUST BALANCE SHEET AS AT31 DECEMBER 2021 2021 2020 Notes Fixed assets Investments 4,750.764 4,253,197 Current assets Debtors Cash at bank and in hand 348,733 236,091 374,140 391,405 Total current asset8 584,824 765,545 Current liabilities Creditors.. amounts falling due within one year {21,0201 117,2521 Net current assèts 563,804 748,293 Net assets 5,314,568 5,001.490 FUNDS Unrestrlcted funds 10 5.314,568 5.001,490 These financial statements were approved by the Board of Trustees on Q Oth. 2b2X* for issue and signed on its behalf by.. and authorised arry Solomon Trustee ruste
THE HEATHSIDE CHARITABLE TRUST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021 Notes 2021 2020 Cash flows from operating actlvitigs Nel cash used by operations 11 {134,9391 {202,765} Cash flows from Investlng actlvities: Interest receivable Dividenols and rents from investment5 Acquisition of investments Disposal of investments 31,750 33,189 1623,938) 538,624 31,979 27,265 1682,2251 948,772 Net cash {used In)Ifrom investlng activities 120,3751 325,791 Net Idecrease}lincrease Sn cash and cash equivalents 1155,3141 123,026 Cash and Cash equivalents at beginning of year 391,405 268,379 Cash and cash equivalents at end of year 236,091 391,405 10
THE HEATHSIDE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021 Accounting pollcles Accounting convgntlon The accounts Ifinancial slatementsl have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise staled in the relevant notelsl to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice-. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 01 January 2019 and the Financial Reporting Stsndard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. The accounts have been prepared lo give a 'lrue and fail view and have departed frorn the Charities (Accounts and Reports) Regulations 2008 only to the exlenl required lo provide a 'lrue and fair view,. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 01 January 2020 other than the Accounting and Reporting by Charities., Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The finan¢ial statements are prepared in sterling, which is the functional eurrency of the charity. Monetary amounts in these financial statements a rounded lo the nearest whole £, except where otherwise indicated. Public beneflt entity The charity constilules a public benefit entity as defined by FRS 102. The charity Iregislered no. 326959) is a trust that is domiciled in England and Wales. The principal address of the charity is Hillsdown House, 32 Hampstead High Street, London, NW3 1QD. Going concem The trustees do not believe there is a material uncertainty over going concem due lo the level of unrestricted reserves and the fact that the vast majority of expenditure is grants paid on a discretionary basis. Therefore the trustees are comfortable that the charity's reserves will ensure it is able to endure any residual impact of the Covid-19 pandemic or other economic impacts over a period of 12 months from the date of signature of these financial statements. Accordingly, the Trustees do not consider there lo be material uncertainties and continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Trustees, Responsibilities. Incomg All income is recognised once the Trust ha8 entitlement to the income when it is probable that the income will be received and the amount of income receivable can be measured reliably. Bank interest, rental income and dwidends are accounted for on a receivable basis. All other income is included in the account$ on a receivable basis when the SORP income recognition Criteria of entillemenl, probability and measurement have been met. Donations made by way of Gift Aid are reflected in the year in which they are receivable. Expendlture Grants Payable Grants payable are payments made lo third parties in the ftjrtherance of the charitable objects of the Trust. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The nolificalion gives the recipient a reasonable expectation that they will receive the one year or mulli-ye2r grant. Grant award5 that are subject lo the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to the grant 1$ outside of the control of the Trust.
THE HEATHSIDE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021 Accounting policie$ (cont) Support and governan¢e costs Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related lo audit and legal fees and are included in expenditure on Gharitable aclivib'es in the Statement of Financial Activities. All costs are inclusive of irrecoverable VAT and are accounted for on an accruals basis. Funds Unrestricted funds comprise accumulated surpluses and defi'cits on general funds. They are available for use at the discretion of the Trustee$ in fvrtherance of the general Charitable objectives. Investments Quoted investments are staled at market value at the balance sheet date. Unquoted investments are held al historical cost unless there is evidence which the trustees deem gives a more reliable measLtrement of fair value. Investment properties are slated at market value al the balance sheet date. The valuation of the properties are derived from online valuations of Comparable properties by eslale agents, current market rents and yields, adjusted if necessary for condition of the properhes. The investments are assessed for impairment al each reporting dale and any impairment losses, or reversals of impairment losses are recognised immediately In the Statement of Financial Activities. Profits and losses on disposals and unrealised gains and losses on revaluations of investments are shown in the Statement of Financial Activities a5 a single item under the heading 'Gains on Investments.. Donated Goods and Services The Trust receives adminislralive support and accounting service5 through a company assoclaled with the Trustees. The value of this support is considered lo not be material and accordingly is not recognised in these financial slatemenls. Taxatlon The Healhside Charitable Trust is a registered charity and as such its income and gains falling within sections 471 to 489 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 are exempt from corporation tax to the extent they are applied to its charitable activities. Flnanclal Instruments The Trust has elected to apply the provisions of Section 11 'Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues. of FRS102 in full, to all ils financial instruments. Financial instruments are classified and accounted for according to the substance of the contractual arrangement as financial assets or financial liabilities. The Trust onty has basic financial inslrumenls. Flnancial assets Basic financial assets. which include accrued income, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Flnanclal Ilabilities Basic financial liabilities, which include accruals. are initially measured al Iransacllon price and are subsequently carried al amortised cost. Foreign currency assets and transactions Transactions in foreign currencies are recorded at the rale ruling at the dale of transadion. Bank balances denominated in foreign currencies are translated at the rale of exchange ruling at the balance sheet dale. All foreign exGhange differences are taken to the Stslemenl of Financial Activities. 12
THE HEATHSIDE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021 Accountlng pollcles Icont) Crltlcal Judgements and accounting estimates and assumptlons Accounting estimates and jud9ements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed lo be reasonable under the circumstances. The Trust makes eslimal95 and assumptions Concerning the future. The resulting accounting eslimales and assumptions will, by definition, seldom equal the related actu81 results. Apart from estimating the valuation of the investment properties and unquoted investments, the Trustees do not consider there lo be any significant accounting estimates or assumptions and judgements when preparing the financial slatemenls. Income from Investments 2021 2020 Dividends receivable IUKI Interest received Rental income 15,009 31,750 18,180 6,126 31,979 21.140 64,939 59,245 Expenditure on raising fund$ and property expenses 2021 2020 Investment management costs Propety expenses 16.863 8,671 9,475 8.281 25,534 17,756 Expenditure on charitsble actlvities 2021 2020 Grants payable- note 5 Bank charges Foreign exchange {gainslllosses Audit fees current year 450.413 382,476 32 16.636 16.812 12.5981 16,494 464,309 415,956 The trustees are the key management of the charity. The charity employed no staff during the year12020.' none). Grants payable During the year the charity made 66 grants tolalling £450,413 12020.. 63 grants totalling £382,476) lo a variety of charities in accordance with the grant making policy. All grants were made to institutions. 13
THE HEATHSIDE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021 Grants payable (cont) An analysis of the grants paid by the charity is shown below l°hl'. Healthcare Education Welfare Other 2021 46Y. 28Yo 2020 35010 100¥0 A full list of grants paid is available on request in wrtting from the charity's prineipal address which is shown on the page detailing legal and administrative information. Tru$teBs' remuneration and connected party transactions Trustees, remuneratlon No remunerab'on or reimbursed expenses were paid lo the tru$tees12020'. £Nil} Donations.. The charity received donations from Sir Harry Solomon of £229,741 12020.. £70,455), Lady Judith Solomon of £38,790 12020.. £129,268), Daniel Solomon of £Nil 12020.. £18,500), Louise Jacobs of £20,000 12020.. £Nill and Juliet Solomon of £10.00012020'. £Nil} respectively. These were exclusive of Gift Aid re¢overed. Grants.. The charity made grant5 tolalling £50.000 12020-. £50,000) to The Portland Trust, of which Sir Harry Solomon, is also a trustee. There were also three grants tolalling £42.500 {2020.' £25,500) to charities of which other Trustees are a trustee. These grants of £25,000. £5,000 and £12,500 respectively were paid lo UJIA, Spread a Smile and Better World ChaThly Limited. other During the year the Tmsl made an interest free loan of £6,81312020.' £8031 to Qtec Analytics Limited, a company connected to Sir Harry Solomon. At the year end date, an amount of £48,81112020'. £41,998) was owed by the company lo the Trust and is fully recoverable. 14
THE HEATHSIDE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021 Flxed asset investment Investment Property Quoted Unquoted Total Market value at 1 January 2021 Additions Disposals Revaluation In year 400,000 2.046,559 623,938 1538,624) 203,429 1,806,638 4,253,197 623,938 {538,6241 412,253 208,824 Market value al 31 December 2021 400,000 2,335,302 2,015,462 4.750,764 Cost at 31 December 2021 477,363 1,977,842 1,191,422 3.646,627 2021 2020 Material quoted investments grealer than 50/0 by value.. UBS - Resolution Fund UK U8S- Sustainable Funds Portfolio Artemis Alpha 636,772 1.294,744 152,982 576,780 1.079,532 150,311 The Trustee5 have adopted a policy of including Sustainable Funds in the managed portrolio. 8 Analysis of current assets 2021 2020 Other debtors Cash al bank and in hand 348,733 236,091 374,140 391,405 584,824 765,545 9 Analysis of current Ilabilities 2021 2020 Creditors due within one year Accruals 21,020 17,252 21,020 17,252 15
THE HEATHSIDE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021 10 Movement in funds durlng the year At1 January 2021 At31 Gains and Dgcember losses 2021 Income Expenditure Unrestricted funds 5,001,490 390,668 1489.843} 412,253 5,314,568 Movement in funds during the prior year At1 January 2020 At31 Gains and December losses 2020 Income Expenditure Unreslricled funds 5,009,362 317,320 1433,7121 108,520 5,001.490 11 RBconclllatlon of net Incomel(expenditurel to net cash flow from operatlng activitles 2021 2020 Net inGomel{expendrture) for the year 313,078 17,872) AdJu8tments for: Dividends. interest and rents from investments Gains on investments 164,9391 1412,253) 159,24SI 1108,5201 Operating cash flows before movements in working capital Decrease in olhef debtors Increasel{Decreasel in accruals 1164,1141 1175,6371 25,407 3,768 1,971 {29,1001 Cash used in operatlons {134,9391 {202,7651 12 Flnanclal Instruments The carrying amount of the Trust's financial instruments at 31 December were.. 2021 2020 Financial assets.. hekl at fair value 4,350,764 3,853,197 16