Thomas Ha sch 39 T•bl& of Relatsd Partiès Nam• of r•lat•d party Typ•(sl ol •xp•ct•d transactlons wtth them. {If non•, pl•as• stat•) Trnste•8 Rev Paul Haekw&)d (chaknn) C R8dford ITnJslé81 M Buc2ki8wiu (Trtsslccl A Wo5sel ITru81eBI P Sgigeant ITfUSto&1 G Newcombe ITNstee) re&gned on 09105123 C Young (Trusleèl r•sKJnad on 0910sr23 C J Sholdon ITruslool Rev Anthony Robert L6bJhtM (Tru3teel appolntèd 09105r23 Rosemary Ann Gibson (Truslee} apwnled 09105123 Nor Nong Nor Non8 Non& None Nonè Nono Non& K•y M•nag•m•nt P•r•onn•f Sue Stevenson to th8 twsta) Charfty Llnk Close lamllP of the abov• Ple8so In80rt b•lcp.' Non None oth¥r buBines$ Interojts ot the 4bov• Rev Paul Hackwwd i¥ 8 tru81ee of- The Henry Smmh Charlty ChrfsJn8 Rodlorrj Is a trusigo 01.. The Bemard Thorw Edu¢alkn F18t Christoper John Sholdon ¢ a Iw6100 of.. Th8 Lekosl•r D88n Board of Flnanc• Th8 Parochlal Churd) Counril of Iho E¢10$11 Parish of Emmanuel Loughborough Rev Anlhony Roberf Le3hion is a Iruslee of: Wyggeslon Schod Fcyjndouon Le&Star DKKo8an Board of Flnanc• The P8ro¢hi8l Church Cwnc41 of the ECdtssia$lal Parfsh of Holy Ap06ttes Norè Non Nonvi None Nonè Nong None NIA monagwYx>rtc4 Ihth8rty. I01¥n InéfvklL gr& IlyrnIty may b• 0xP io tst knknncad ty. thai In th•ir dealing5 wilh the enliiy. Typi• tri5 wll kKbAe'. the indwduafs ¢jcffl p•lwand chben. thbjrenof th indK4duBI's v'd Canon P Hackwood- Chair behalf ol tho truslees
THOMAS HARLEYS CHARITIES TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 statement of tnt•' responslblllues The truslees are rÈswsiLle loi preparww tho TTU5tOOs' RepNt and the arx¥JrdaIe with aprAirabl8 Iw and Uniléd K1rrfJd Ac¢4JuntirvJ Stsndards GeratyApIed ACtIng Practice). The law ap[Alble lo carities in En9kn1 and wa req the Injstees to wepwe attOts ead) finanrial year whid) give a true and falr view ol Ihe stat8 ol affays of charity and ol Ihe •rMIrj lèsour¥ aFHI applicatkin of res¢JJrees of Ihts carlty lorthot year. . selecl su8ble accwnlkng prAKles and tln apFty thwn o)n8lSterfy: . obseNo Iho melldS aThJ prfne4ples the chorths SORP 2015 IFRS 11Y21: . mik• jLJgem•ntS 8nd •stimat•s th•1 • r••¥tywLq• •nd pnthnl.. . s•ts wthtrthtr apploble gctsuntirg alwardS haby been loknv•d. to any matthal departurn3 disdosed and 8xF4awbed in the a&Ints,. aThJ - prepare tho acc>Junts the L¥)fKxm bul8 url888 It 18 In4)proprtat• to thal th• c#fity ¢onbryJe operalK. Th8 twsteg5 are responsibl8 lor keeplng I)er adequale acUntIng records that disdoje wlh reasonabla araCY al 8ny tirne the finan0 po&lion of the ¢wrty and enab them to ensu th8t the accJ)unts comply with the Ch8iffje8 AGI 2011. the Charity IAccounl$ and Reports} Regul&bons 2CXJ8 aThJ the pro8105 ofth¢ tru8t deed. They Are 8180 re6pon8lb 8afwwthng tho atssets ofth• thirity herK¢ for ton9 I¥0nbjQ stop for thè Pfth*rthn and d•tsdion dfrnud •nd otsr Iffe901M. The •' T•port 8 appro4•d by the board oflrugte Rev Canon P HKkwood- ¢Ir Dated..
Charity Registration No. 500537
THOMAS HARLEY'S CHARITIES
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
THOMAS HARLEY'S CHARITIES
LEGAL AND ADMINISTRATIVE INFORMATION
Nominated Trustees
As appointee of the Leicestershire County Mrs C Radford Council As appointee of Osgathorpe Parish Council M Buczkiewicz As appointee of Bishop of Leicester A Wessel Co-opted Trustees Rev'd Canon P Hackwood C Young (Resigned on 9 May 2023) Mrs G Newcombe (Resigned on 9 May 2023) P Sergeant C J Sheldon Rev'd A R Leighton (Appointed on 9 May 2023) R A Gibson (Appointed on 9 May 2023) Receiver & Clerk Ms S Stevenson Charity number 500537 Principal address C/o Charity Link 20a Milestone Lane Leicester LE1 5JN Investment managers CCLA Senator House 85 Queen Victoria Street London EC4V 4ET Auditor Newby Castleman LLP 6 Forest Road Loughborough Leicestershire LE11 3NP Bankers Barclays Bank Plc Market Place Leicester LE87 2BB
THOMAS HARLEY'S CHARITIES
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 4 |
| Independent auditor's report | 5 - 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Notes to the financial statements | 10 - 19 |
THOMAS HARLEY'S CHARITIES
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The trustees present their annual report and financial statements for the year ended 31 March 2023.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the FRS 102.
The financial statements have been prepared to give a true and fair view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the regulations but which has since been withdrawn.
Objectives and activities
The objects of the charity are to assist wherever possible those applicants in need within the classes of beneficiaries as described in the Charity Scheme, namely widows and dependents of deceased Clergy and Schools and Young Persons under the age of 25, principally from the relevant Areas of Benefit. In formulating and applying these objectives, the trustees have regard to the guidance of the Charity Commission on Public Benefit.
The trustees seek to utilise all of their net income to assist beneficiaries by awarding monetary grants. In the case of the educational grants these are to assist specific projects being undertaken by schools from the Area of Benefit defined as the parishes of Osgathorpe, Belton and the former Urban District of Coalville. The trustees look to the schools to raise their own contribution to the project and if possible match the funds being offered by the trustees. For Young Persons the trustees are aware of the debts being incurred by students from lowerincome households in attending higher education. Providing that the student’s application is strongly supported by their course tutor the trustees endeavour, providing funds allow, to assist that student through their college / university education.
For clergy widows, widowers and dependents, apart from emergency assistance in the form of relief in need grants, the trustees award, subject to their financial status, health, age and number of dependents, temporary aid grants where the level of grant awarded is calculated from the information supplied by the Diocese of Leicester Widows and Dependents Committee.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
Achievements and performance
No fundraising takes place and the income is derived from investments managed by CCLA and property managed by Charity Link.
The administrative costs of the charity are extremely low, around 9.2% of total income, bearing in mind part of the cost base is non-recoverable VAT.
This financial year the net movement on funds for the Education charity was an increase of £17,968. The balance of income at the end of the financial year was £123,353.
The Relief in Need charity awarded grants of £170,058 which was upon last year by £25,700. The balance of income at the end of the financial year was £464,988.
Financial review
All expenditure is approved by the trustees and no payments made without the signature of two trustees, or the clerk and one trustee.
The trustees' investment policy is constantly under review and quarterly reports are received from CCLA.
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THOMAS HARLEY'S CHARITIES
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
The trustees are advised by CCLA. As at 31st March 2023, £10,371,254 (2022 - £10,768,211) was invested in the COIF Charities Investment Fund, of which 71.17% was in Equities, 8.6% in Infrastructure and Operating Assets, 7.76% in Fixed interest, 4.84% in Cash and near Cash, 1.85% in Contractual and Other Income, 3.1% in Property, 2.66% in Private Equity, and 0% in Fixed Interest. Of the Equities, 61.42% are in North America, 11.3% in the UK, 20.05% in Developed Europe and the balance in Japan, Asia Pacific and other Americas.
The charity also owns other shares in its own name, this is a relatively small holding which reflects the economic impact of events during the year.
Education grants of £58,376 were awarded during the year, divided £28,626 to schools and £29,750 for young persons.
At 31st March 2023 the restricted income funds of the Relief in Need charity was £464,988, up from £426,415, and in the Educational Foundation was £123,353, up from £105,385. Educational grant applications from young persons are predominantly from those seeking to attend higher education, where tuition fees are payable and students are trying to limit the size of the student loan taken up by the time they graduate. The trustees understand their obligations to hold a reasonable level of funds in reserve balanced with the significant number of claims for assistance received.
Risk Management and reserves policy
The trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks. The trustees approved an Investment and Reserves Policy at their meeting on 1[st] March 2017.
The trustees consider the safeguarding of invested funds and the returns on these funds to be the charity’s major financial risk and recent volatility in world stock markets has demonstrated this risk. For this reason the risks associated with this are mitigated by outsourcing the investment management to CCLA, where the monies are invested in low risk funds which aim to provide stable returns for the charity to enable it to continue to meet its objective of making grants to the benefit of the local community and those in need. To allow for market volatility, the trustees have started the process of building up reserves which will be equivalent to one year’s budgeted grant making, and held in the CCLA COIF Cash Deposit Fund. At 31 March 2023 the reserves held totalled £104,147.
Plans for the Future
The charity plans to continue to fulfil its objectives as identified above into the foreseeable future and to continue to make the most of the benefits it has obtained via its financial strength.
Structure, governance and management
The trustees obtained a Uniting Direction from the Charity Commission on 14[th] April 2006 so as to enable the Thomas Harley’s Estate Charity (500537), Thomas Harley’s Relief in Need Charity (209951), and Thomas Harley’s Educational Foundation (527883) to be treated as a single charity for the purposes of Part II (registration) and Part VI (accounting) of the Charities Act 2011.
The trustees who served during the year and up to the date of signature of the financial statements were:
Nominated Trustees
As appointee of the Leicestershire County Mrs C Radford Council
As appointee of Osgathorpe Parish Council M Buczkiewicz
As appointee of Bishop of Leicester A Wessel
Co-opted Trustees Rev'd Canon P Hackwood C Young (Resigned on 9 May 2023)
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THOMAS HARLEY'S CHARITIES
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Mrs G Newcombe (Resigned on 9 May 2023) P Sergeant C J Sheldon Rev'd A R Leighton (Appointed on 9 May 2023) R A Gibson (Appointed on 9 May 2023)
The Trust Deed states the body of trustees when complete shall consist of 9 competent persons being:
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Three nominated trustees and
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Six co-opted trustees
Nominated trustees are appointed as follows:
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One by the Leicestershire County Council (as local education authority);
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One by the Osgathorpe Parish Council; and
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One by the Bishop of Leicester
The nominated trustees are:
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Leicestershire County Council – Councillor Christine Radford
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Osgathorpe Parish Council – Councillor Martin Buczkiewicz
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Bishop of Leicester – Mr Anthony Wessel
The nominated trustees are appointed in accordance with the Charitable Scheme.
Co-opted trustees are persons through residence, occupation or employment, or otherwise have special knowledge of the area of benefit. These trustees are appointed for a term of five years by a resolution of the trustees passed at a special meeting. Any competent trustee may be re-appointed under the terms of the Trust Deed.
All trustees give of their time freely and no trustee remuneration was paid in the year. Trustees are required to disclose all relevant interests and to withdraw from decisions where a potential conflict of interest arises.
All grant claims and payments are reported to the trustees. In cases where the amounts claimed are below £3,000 and assistance urgently required, the clerk investigates the claim and a grant is awarded with the approval of the chairman and one other trustee, usually Mr Wessel. The payments usually are to assist claimants with funeral expenses or emergency repairs / replacement of essential electrical equipment such as a washing machine for a clergy widow. All other grant claims are considered by the trustees at their bi-annual meetings.
All trustees are on appointment briefed as to the objects of the charity, the background history to the charities and are given copies of the Charitable Scheme dated 2[nd] August 1990 and the most up-to-date financial accounts and performance reports from the charity investment advisors, CCLA.
The charity does not employ any staff but pays an annual fee to Charity Link for their services to act as clerk to the charity and to manage the property assets of the charity on behalf of the trustees.
The day-to-day management of the charity is delegated to Charity Link who regularly liaise with Rev'd Canon P Hackwood the chair of trustees, and Mr Wessel who is the trustee appointed by the Bishop of Leicester and who assists in identifying and bringing forward claims from clergy widows and dependents resident in the Diocese of Leicester.
The net movement in funds, excluding gains on investments totalled approximately £278,000 and this was distributed 6/8[ths] to the Relief in Need charity and 2/8[ths] to the Education charity.
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THOMAS HARLEY'S CHARITIES
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Statement of trustees' responsibilities
The trustees are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these accounts, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the charities SORP 2015 (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees' report was approved by the board of trustees.
..............................
Rev'd Canon P Hackwood - Chair
Dated: .........................
- 4 -
THOMAS HARLEY'S CHARITIES
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THOMAS HARLEY'S CHARITIES
Opinion
We have audited the accounts of Thomas Harley's Charities (the ‘charity’) for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, and the notes to the accounts, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
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 March 2023 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 Auditor's 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 UK, including the FRC’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.
Other information
The other information comprises the information included in the trustee's report, other than the accounts and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the accounts 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.
In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in 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 there is a material misstatement in the accounts or a material misstatement of the other information. 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 in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the accounts is inconsistent in any material respect with the trustee's report; or
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sufficient accounting records have not been kept; or
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the accounts are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
-
5 -
THOMAS HARLEY'S CHARITIES
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THOMAS HARLEY'S CHARITIES
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, set out on page 4, the trustees are responsible for the preparation of accounts which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.
In preparing the accounts, 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.
Auditor's 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 regulations made under section 154 of that Act.
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 auditor's 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.
Extent to which the audit was considered capable of detecting irregularities
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. However, responsibility for the prevention and detection of fraud ultimately rests with both those charged with governance and management of the charity.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:
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obtaining an understanding of the legal and regulatory framework applicable to the company by considering the nature of the industry in which the charity operates and enquiring of management; and
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identifying the key laws and regulations considered to have a direct impact on the financial statements including the UK Companies Act 2006, UK Charities Act 2011 and UK Generally Accepted Accounting Practice and
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assessing how the charity is complying with the applicable legal and regulatory framework by making further enquiries of management and observing the charity’s control environment regarding compliance with regulations and fraud prevention; and
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assessing the susceptibility of the charity’s financial statements to material misstatement, including how fraud might occur, by considering the effectiveness of the charity’s accounting systems and controls and how these were monitored by management. Where the risk of material misstatement was considered to be higher in certain areas, further audit procedures were designed to address this increased risk; and
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discussing amongst the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud.
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6 -
THOMAS HARLEY'S CHARITIES
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THOMAS HARLEY'S CHARITIES
Audit response to risks of irregularities identified
Our procedures to respond to risks identified included the following:
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reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
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enquiry of charity staff responsible for compliance to identify any instances of non-compliance with laws and regulations; and
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reviewing supporting documentation confirming compliance with specific laws and regulations considered central to the ability of the charity to operate; and
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enquiry of management, those charged with governance and other relevant parties around actual and potential litigation claims; and
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reviewing supporting documentation regarding actual and potential litigation claims; and
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reviewing minutes of meetings of those charged with governance; and
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performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and
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communicating identified laws and regulations and potential fraud risks to all engagement team members and assessing whether there are any indications of fraud or non-compliance with laws and regulations throughout the audit.
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 is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Other matters
Your attention is drawn to the fact that the charity has prepared accounts in accordance with 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) 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 now been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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 the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Newby Castleman LLP Chartered Accountants Statutory Auditor 6 Forest Road Loughborough Leicestershire LE11 3NP
.........................
Newby Castleman LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
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THOMAS HARLEY'S CHARITIES
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
| Unrestricted funds Notes £ Income from: Charitable activities 3 - Income from investments 4 304,492 Other income 5 26 Total 304,518 Expenditure on: Charitable activities 6 26,339 Net gains on investments 11 (396,957) Net (outgoing)/incoming resources before transfers (118,778) Transfers between funds 18 (278,175) Net movement in funds (396,953) Fund balances at 1 April 2022 10,962,059 Fund balances at 31 March 2023 10,565,106 |
Restricted Restricted funds funds Charitable Branch Educational Branch £ £ - 9,500 - - - - - 9,500 170,058 61,076 - - (170,058) (51,576) 208,631 69,544 38,573 17,968 426,415 588,885 464,988 606,853 |
Total 2023 £ 9,500 304,492 26 314,018 257,473 (396,957) (340,412) - (340,412) 11,977,359 11,636,947 |
Total 2022 £ 50 296,020 27 |
|---|---|---|---|
| 296,097 | |||
| 223,054 | |||
| 885,075 | |||
| 958,118 - |
|||
| 958,118 11,019,243 |
|||
| 11,977,361 |
All income and expenditure derive from continuing activities.
- 8 -
THOMAS HARLEY'S CHARITIES
BALANCE SHEET
AS AT 31 MARCH 2023
| Notes Fixed assets Investment properties 12 Investments 13 Investment deposits Current assets Debtors 15 Cash at bank and in hand Liabilities Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Provisions for liabilities Net assets Total funds of charity Restricted funds Educational Branch General restricted funds Fair value reserve - Educational branch 18 Unrestricted funds General unrestricted funds Fair value reserve |
2023 £ £ 819,500 10,371,254 104,147 11,294,901 76,226 274,421 350,647 (8,601) 342,046 11,636,947 - 11,636,947 123,353 464,988 483,500 1,071,841 7,455,235 3,109,871 10,565,106 11,636,947 |
2022 £ £ 819,500 10,768,211 102,333 11,690,044 75,868 239,596 315,464 (5,410) 310,054 12,000,098 (22,737) 11,977,361 105,385 426,415 483,500 1,015,300 7,455,235 3,506,826 10,962,061 11,977,361 |
|---|---|---|
The financial statements were approved and authorised by the board of trustees on ......................... and are signed on its behalf by:
..............................
Rev'd Canon P Hackwood - Chair
The notes on pages 10 - 19 form part of these financial statements.
- 9 -
THOMAS HARLEY'S CHARITIES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
Charity information
Thomas Harley's Charities is an unincorporated charity registered in England and Wales, and is governed by its trust deed. The address of the place of business is given in the legal and administrative information page of these financial statements
1.1 Basis of preparation
The charity is a public benefit entity as defined by FRS102. The financial statements have been prepared in accordance with: The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (“FRS 102”), Accounting and Reporting by Charities: the Statement of Recommended Practice for charities applying FRS 102, the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.
The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment at fair value. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are funds which are to be used in accordance with the specific restrictions imposed by it by the donor or trust deed. There are two restricted funds one for each of the two registered charities which make up these accounts. The details of these restricted funds are included in the notes to the accounts.
1.4 Income recognition
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Legacies are recognised at the earlier of the charity being notified of an impending distribution or the legacy being received.
Income from charitable activities primarily includes income received from charitable rental income, where property is let which satisfies the objectives of the charity. Such income is recognised on an accruals basis.
Investment income is earned through holding assets for investment purposes. It comprises dividends, which are recognised on an accruals basis.
- 10 -
THOMAS HARLEY'S CHARITIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
(Continued)
1.5 Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs relating to the category. Expenditure is recognised when there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. It is recognised under the following headings:
-
Costs of raising funds include investment management costs, for managing the portfolio of listed investments.
-
Expenditure on charitable activities notably includes grant payments to further the delivery of the objectives of the charity.
Irrecoverable VAT is charged against the category of resources expensed for which it was incurred.
All resources expended are allocated against unrestricted funds unless they specifically relate to a restricted fund. The surplus on the unrestricted fund is then transferred on an annual basis against the restricted funds on a 2/8 to Education and 6/8 to Relief in Need restricted funds.
1.6 Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially measured at cost and subsequently measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the Statement of Financial Activities (SOFA).
1.7 Fixed asset investments
Investments in equity instruments which are not subsidiaries are initially recognised at transaction price excluding transaction costs, and are subsequently measured at fair value with changes recognised in the SOFA.
At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount in order to determine the extent of the impairment loss (if any). Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the SOFA unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.9 Financial instruments
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Basic financial assets
Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the SOFA.
Other financial assets
Investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price excluding transaction costs. Such assets are subsequently measured at fair value and the changes in fair value are recognised in the SOFA, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
- 11 -
THOMAS HARLEY'S CHARITIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
1 Accounting policies
(Continued)
Impairment of financial assets
Derivative financial instruments are initially measured at fair value at the date on which a derivative contract is entered into and are subsequently measured at fair value through the profit and loss account.
1.10 Provisions
Provisions are recognised when the charity has a legal or constructive present obligation as a result of a past event, it is probable that the charity will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Valuation of investment property
The valuation of the investment properties is reassessed annually by the trustees and, when necessary, amended to reflect current values.
3 Income from charitable activities
| Charitable rental income Other income Restricted funds - Educational Branch |
2023 £ 9,470 30 9,500 |
2022 £ - 50 |
|---|---|---|
| 50 | ||
| 50 | ||
| 50 |
- 12 -
THOMAS HARLEY'S CHARITIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
4 Income from investments
| Unrestricted Restricted funds funds £ £ Rental income 982 - Income from listed investments 301,448 - Interest receivable 2,062 - 304,492 - Unrestricted funds Restricted funds |
Total 2023 £ 982 301,448 2,062 304,492 |
Total 2022 £ 784 295,164 72 |
|---|---|---|
| 296,020 | ||
| 296,020 - |
||
| 296,020 |
5 Other income
| Unrestricted | Restricted | **Total ** | Unrestricted | Total | Restricted | |
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | |||
| general | general | |||||
| 2023 | 2023 | 2023 | 2022 | 2023 | 2022 | |
| £ | £ | £ | £ | £ | £ | |
| Other income | 26 | - | 26 | 27 | - | - |
- 13 -
THOMAS HARLEY'S CHARITIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
6 Expenditure on charitable activities
| General charitable expenditure Charitable branch Educational branch £ £ £ Clerk fees 6,031 - - Repairs to investment properties 15,208 - - Insurance - - 2,700 Audit fees 5,100 - - 26,339 - 2,700 Grant funding of activities (see note 8) - 170,058 58,376 26,339 170,058 61,076 Unrestricted funds 26,339 - - Restricted funds - Charitable Branch - 144,358 - Restricted funds - Educational Branch - - 61,076 26,339 170,058 61,076 7 Expenditure on charitable activities Activities undertaken directly Grant funding Support Costs Note 6 Note 8 £ £ £ General charitable expenditure 26,339 - - Charitable branch - 170,058 - Educational branch 2,700 58,376 - 29,039 228,434 - Unrestricted funds Restricted funds - Charitable Branch Restricted funds - general |
Total 2023 £ 6,031 15,208 2,700 5,100 29,039 228,434 257,473 26,339 170,058 61,076 257,473 Total 2023 £ 26,339 170,058 61,076 257,473 26,339 170,058 61,076 257,473 |
Total 2022 £ 5,093 - 2,475 3,600 |
|---|---|---|
| 11,168 211,886 |
||
| 223,054 | ||
| 8,693 144,358 70,003 |
||
| 223,054 | ||
| Total 2022 £ 8,693 144,358 70,003 |
||
| 223,054 | ||
| 8,693 144,358 70,003 |
||
| 223,054 |
- 14 -
THOMAS HARLEY'S CHARITIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
8 Grants payable
| Charitable branch Educational branch £ £ Grants to institutions: Forest Way School - 5,000 Whitwick St. John the Baptist C of E Primary School - 359 T.E.C.K (Teaching Educationally Creative Kids) - - The Castle Rock School - - Hugglescote Community Primary School - - Griffydam Primary School - 750 Iveshead School - 11,554 Swannington C of E Primary School - 5,730 Belton Playgroup - 1,812 Warren Hills Community Primary School - - Belton C of E Primary School - 3,061 Ivanhoe College - - Belvoirdale Primary School - - Ashby School - 360 New Swannington Primary School - - - 28,626 Grants to individuals 170,058 29,750 170,058 58,376 |
Total £ 5,000 359 - - - 750 11,554 5,730 1,812 - 3,061 - - 360 - 28,626 199,808 228,434 |
2022 £ 5,000 1,988 5,000 4,350 5,336 1,500 2,103 - 4,015 3,865 13,555 1,800 1,500 775 294 |
|---|---|---|
| 51,081 160,805 |
||
| 211,886 |
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration, benefits or reimbursed expenses from the charity during the year.
10 Employees
There were no employees during the year.
- 15 -
THOMAS HARLEY'S CHARITIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
11 Net gains/(losses) on investments
| Unrestricted funds £ Revaluation of investments (396,957) Revalution of investment properties - (396,957) Unrestricted funds Restricted funds |
Restricted funds £ - - - |
Total 2023 £ (396,957) - (396,957) |
Total 2022 £ 862,075 23,000 |
|---|---|---|---|
| 885,075 | |||
| 862,075 23,000 |
|||
| 885,075 |
| 12 | Investment property | |
|---|---|---|
| 2023 | ||
| £ | ||
| Fair value | ||
| At 1 April 2022 and 31 March 2023 | 819,500 |
Investment property comprises land and buildings in Leicestershire. The fair value of the investment properties has been arrived at on the basis of a valuation carried out at 20 December 2021 by Fisher German Chartered Surveyors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The trustees have reviewed the valuation at the year end and consider that the market has not changed since this valuation.
13 Fixed asset investments
| Listed | |
|---|---|
| investments | |
| £ | |
| Cost or valuation | |
| At 1 April 2022 and 31 March 2023 | 10,768,211 |
| Carrying amount | |
| At 31 March 2023 | 10,768,211 |
| At 31 March 2022 | 10,768,211 |
| 14 | Financial instruments | 2023 | 2022 |
|---|---|---|---|
| £ | £ | ||
| Carrying amount of financial assets | |||
| Debt instruments measured at amortised cost | 76,226 | 75,868 | |
| Equity instruments measured at fair value | 10,371,254 | 10,768,211 |
- 16 -
THOMAS HARLEY'S CHARITIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
| (Continued) | ||||
|---|---|---|---|---|
| 14 | Financial instruments | 2023 | 2022 | |
| Carrying amount of financial liabilities | ||||
| Measured at amortised cost | 8,601 | 5,410 | ||
| Financial assets measured at amortised cost comprise prepayments | and accrued income. | |||
| Financial assets measured at a revalued amount comprise listed investments and investment property. | ||||
| Financial liabilities measured at amortised cost comprise accruals and deferred income. | ||||
| 15 | Debtors | |||
| 2023 | 2022 | |||
| Amounts falling due within one year: | £ | £ | ||
| Prepayments and accrued income | 76,226 | 75,868 | ||
| 16 | Creditors: amounts falling due within one year | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Accruals and deferred income | 8,601 | 5,410 | ||
| 17 | Provisions for liabilities | 2023 | 2022 | |
| £ | £ | |||
| - | 22,737 |
- 17 -
THOMAS HARLEY'S CHARITIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
18 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Movement | in funds Year | in funds Year | Ended 31 March 2023 | Ended 31 March 2023 | Ended 31 March 2023 | |||
|---|---|---|---|---|---|---|---|---|
| Balance at 1 | Incoming | Resources | Transfers | Gains on | Balance at 31 | |||
| April 2022 | resources | expended | Investments | March 2023 | ||||
| £ | £ | £ | £ | £ | £ | |||
| Educational Branch | 105,385 | 9,500 | (61,076) | 69,544 | - | 123,353 | ||
| Charitable Branch | 426,415 | - | (170,058) | 208,631 | - | 464,988 | ||
| Fair value reserve - | ||||||||
| Educational branch | 483,500 | - | - | - | - | 483,500 | ||
| 1,015,300 | 9,500 | (231,134) | 278,175 | - | 1,071,841 | |||
| Movement | in funds Year | Ended 31 March 2022 | ||||||
| Balance at 1 | Incoming | Resources | Transfers | Gains on | Balance at 31 | |||
| April 2021 | resources | expended | Investments | March 2022 | ||||
| £ | £ | £ | £ | £ | £ | |||
| Educational Branch | 103,500 | 50 | (70,003) | 71,838 | - | 105,385 | ||
| Charitable Branch | 355,258 | - | (144,358) | 215,515 | - | 426,415 | ||
| Fair value reserve - | ||||||||
| Educational branch | 266,800 | - | - | 193,700 | 23,000 | 483,500 | ||
| 725,558 | 50 | (214,361) | 481,053 | (23,000) | 1,015,300 |
The Educational Branch provides grants to schools for specific projects, and to students to subsidise their college / university education.
The Charitable Branch provides temporary aid grants for clergy widows, widowers and dependents.
Fair Value Reserve - Educational Branch relates to the valuation of investment properties held within the Educational Branch.
Transfers are made into the Educational Branch and the Charitable Branch from general reserves to fund the grant payments.
- 18 -
THOMAS HARLEY'S CHARITIES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
19 Analysis of net assets between funds Year Ended 31 March 2023
| Unrestricted funds Fund balances at 31 March 2022 are represented by: £ £ Investment properties 336,000 Investments 10,371,254 Investment deposit fund 104,147 Current assets/(liabilities) (246,295) 10,565,106 Analysis of net assets between funds Year Ended 31 March 2022 Unrestricted funds Fund balances at 31 March 2021 are represented by: £ £ Investment properties 336,000 Investments 10,768,211 Investment deposit fund 102,333 Current assets/(liabilities) (244,483) 10,962,061 |
Charitable Branch Educational Branch £ £ - 483,500 - - - - 464,988 123,353 464,988 606,853 Charitable Branch Educational Branch £ £ - 483,500 - - - - 426,415 105,385 426,415 588,885 |
Total 819,500 10,371,254 104,147 342,046 |
|---|---|---|
| 11,636,947 | ||
| Total 819,500 10,768,211 102,333 287,317 |
||
| 11,977,361 |
20 Related party transactions
During the year fees of £6,031 (2022 - £5,093) were paid to Charity Link for services as clerk and receiver to the charity. £3,054 (2022 - £2,410) are included in accruals at the year end.
- 19 -
Th(a$ Hadevs Chariti6S Clo Charity Link 20 Millstone Lane Leicester LE15JN Chartered AcLntsnts Eltham H¢yJse 6 Forest Road LoLNJhborcMJgh Leicestershire LE113NP Dear S4rs erolRe Marc resentatlon In res oct of tho Flnanclal Statem•nls for the Year Ended 31 The folk)wing rgprgsgntstms ar8 the basis of evvjuines of management and staff wilh relevant knovAedge and exFwience swh as we cA)nsider necessary In connecllon with your 8udlt of the ch8rlty's fh8ndal statements fLY the yeor ende4J 31 Marth 2023. These enqulries have included Inspeth"on of suptMXtirLq documentstion wh8 approwlate. Al reprosenlauons are made lo the b&sl of our knwledge and ilf. We acknovAed9e as truslees our responsibilities under the Chartties Act 2011 lor preparing financial statements in accordance wlth appllcable law and United Kingdom Aeeounting Standards (UK Gonerally Accepted AccounllrKJ Practe1, for being satksfied that Ihey give true and fair view and lor making accurate reprasentallons to yoursetves and for the financial statements whh you hava prepared for th& charlty. We also confirm that th8 1Snancs81 statements arè free of material m1sslalemts, induding unissh)ns. W& conllmi that all accnuntlng re¢d$ have been made available lo your50fves for the purpose of your audit. in accordancé wlth y(xJr lems of engagèment, and that all the transadions undertaken by Iho ¢hariLy I¥9 bewi properly f¥ll¥bl¥LI rewrded iii tlie accounting records. We have provided you with unrestricted access lo all appropriate persons within Ihe chadty. and wilh all olher records and related Inforniabon requested. induding minutes of all rnanagem8nt and Irustee moelings and correswndence with The Charfty CommissA)n. Thè mèthods. dala and swificant assumptions used by us in making accounting estimates. and their rBlated disclosuies, are apProate lo aChve rec(wJnition, measurement and di5dosure that is reasonable in the o)nlext of Ihe applicable financial rep)rting framework We acknedge our responsibilities for Ihe design. implementation and maintenance of intemal control systems to prevent and detect error and fraud. We have assessed Ihe risk that the finanryal 5taternents may be misstated as a result of fraud and have disclosed the results to you. We also confirm that there have been no irrogularilies {or allegations of Irregularities) that affe( the entity Invo1ng managemenL employees who have a Signifint role in Int6mal CAMtrd others thal c4)ukl have a material effect on th6 finanaal statements. PrfnclpalAddress'. Clo Chawity Lirt20a Mi118ton• Lw Leic•st•r. LE1 Iwity Numbèr. SlQ537
We have disdosed to you all infomation in relation to allegations of fraud, or suspected fraud affecting the entitys financial statements C(Knmuted by emptoyees, fomer employees, analyst8. regulators others. We un(Jerstsnd that under the FRC Ethlcal Standards. the provision of audit and rth-audll services by yourselves to gNes ri$8 10 8 kN)tential threat lo independence. We confln that you have explained lo us the thrgats and that you have rdi8d on the Provisions Availabl8 for Audits of Small Entities with re9ard lo the potential selfthreview threat. We confirm that you hav8 discussed with us the dr8ft ac(xwnts. arKI final loumal¥ and we agree to inclusion of the journa15 in the final accounts. We understarKI that you have acled for us as audltors for mLYe than ton years and this, under the FRC Ethlcal Standards. gNes rise to 8 potonlial threat to independence. We confirn that the threat has baen explalned to us and understand that you have not put speuftc safèguards in place to address Ihis threat. We understand that you hav& an ind8p6ndent 8Xtemal reviewer who revlews a $ek¢iion of your audits files each year and our fi18 wlll be ¢oveffjd porlodlcally under tIMs cdd filo revlow process. W8 confirn that we hav8 rKorded cff disd0$, as approwal8. all liabilrti8s. both actual and ¢onlingent. and have disdosed In th8 not6S to th6 finandal statements all gu8r8ntses that we have gNen to third partles. All events subsequent lo the dato of the flnanclal statements whlch requlrn adlustment or disebsure have been propety accounted for aThJ disdosed. We conflrn that the ¢h8rlty has had, at no ttme durfThJ the year. any arr8ng8ment, trangactlon or 8grgom•nt to providè any thancas or crodils lo. or m4da guofAntg8s nn behalf of, trustees Qthgr than those disclosed in the financial statom•nts, 10. Full prOwSK ha5 be8n m*Y8for811 bad LYdoutrA(ul debts and all remalnlnG debts are expected to be fully re(a)verabl•. 11. We cnnfim that thk and Iwyk in prograsg amountirvj lo £Nil represents all slo¢k and WLvk In prasS owned by thg CW whwwof Situatad al the balance sheet dale. 12. We mnfirm thal V•Tr havo disdosed to you the id• of the entity's related parties and all related paty reLatMsh¥)s arKI transactions rdevanl to the chanty that we are 8waTe of. R8lat8d party Telatthshlp5 and tr8ns8clScfjs have been apwotxlalety ac(x>unled and disdosed and we are nc4 aware of ftjrther relat8d paty matters that requirg diSdosu. 13. We confimi th8t 88 at 31 March 2023 th& b8lwKes C the truslg8s' bBn a¢c))unts amounlgd to£Nn. 14. We confi'rn that the tharity has not c4)ntractod for any caprial expenditure other than as disclose(l in tho financial statements. 15. We confim that the charity has Satisfact tsue to all as9ets and there are no liens c encumbrances on Ihe charivs assets, except for those Ihat 8re disdosed in the notes lo Iho finaneial statements. We also have no plans or intentions that may matoriglly aller th& Carrying value or classifKation of assets and Ikgbilities reflected in the financial statements. 16. We Caner that the vak]atw)n ol Investsnenl Properties at the year end is £819.500. This valuatlon c#)mpris85 of pri1P31 Addr•bs: Clo Charfty 20• lS)nO L4l¢•sl•r. LE1
Edurntional Branth - £483,500 Charitable Branch- £336.000 17. We have disclosed to you an claIn in connèdion th Igation that hav8 been. or are expeded to be. re¢eivod and such matters. as appropriate, have been properfy accountsd for and di8clt>sed in Ihe financial statements. 18. We are not aware of any breaches or possl)le breathe5 of stslute, regulations, contracts. or agreements or the charlty's trust deed or any other goveming dcKumenl which might preludlce the charlS going concem status or that mlght resutt In the charity suffering SIgn$Can1 penalties or oth81 loss. No allegations of such irrfigularitles. Induding fraud, OT such br8ach8s have coma lo our notirn. 19. We have disclosed to you all known instances of non-CA)mpliance or suspected non- compliance with laws and regulations whose effects SI[d be ¢onGidered when preparing th& financial st8temenl8. 20. We confim that we lieVe that the charity's financial slal8m8nts should bé prepared on a going concern basis on Ihe grounds that current and future sources of funding or support will be more than adequate for the charity's needs. We also confirm our plans for future actlon(sl required to enable the charity to continue as a going conc4m are feasible. We have consldered a ricKl of Iwefve monlhs from the date of approval of the finandal statements. We believe thal no fvrther disdosures relatsng to the chartty's ablllty lo continue as a going COnM need lo be madè Ihe Ilnancy81 sletements. 21. Wè confirm Ihal all grants, donations and other income, including those subject lo spedal lamis or condilkns or received for restricled purposes, have been notified to you and have been disdosed where necessary in the financial statements. The have been no breachgs of temis or ndOn$ during the p8ricKI regarding the aFvIic8tion of such )come. 22. Wo confirm Ihat we are not aware of any matters ol material sKJnifinCe thal should be reFQrted to Ihe Charity Commission. 23. We confimi Ihal our reasons for not adjusting the misslatements brought to our attentlon and as set out below are that Ihgy are rt material. both individualty and in total, to Ihe financlal slalements as a whole.. Non• We ackntyvl8dg• legal reSSibIlItieS regarding disdogn of irrfomat)n to you as audltors and nfirm that so lar as we are aware, there is rm) relevant audit intormation nged&J by you In onnedion with preparing yow audrt report of*hich you are unaware. E&h Irustee has tsken all thè steps they ought lo have tsken as a trustee in order lo make themsetves aware of any relevant aLKIit Infomiatlon ar to establlsh that you $re alre of that Infryrnal. Yours falthfully Principal Addrnys: Clo Chlty Link. 20a IthIBtone Lane. Lelceyier. LE1 &JN Ch¥Sty Number. $00537
Rewd Canon P Hackbvo(xl - Chair Onb all of the board of trustee$ PrfnGIA Addrn55: Clocharfty >)a Mimstorn L•K•¥ler. LE1