OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-04-05-accounts

THE ALAN EDWARD HIGGS CHARITY

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 05 APRIL 2021

THE ALAN EDWARD HIGGS CHARITY

INDEX

Page
Trustees and Advisers 1
Trustees' Report 2
Auditors' Report 6
Consolidated Statement of Financial Activities 8
Charity Statement of Financial Activities 9
Consolidated Balance Sheet 10
Charity Balance Sheet 11
Consolidated Cash Flow 12
Charity Cash Flow 13
Notes to the Accounts 14

THE ALAN EDWARD HIGGS CHARITY REFERENCE AND ADMINISTRATIVE DETAILS for the year ended 05 April 2021

CHARITY NAME The Alan Edward Higgs Charity
REGISTERED NUMBER: 509367 (England)
TRUSTEES: M.F. Knatchbull-Hugessen (Chairman) *
R.T.E. Higgs
E.L. Barlow
M.S. Franklin
CLERK TO THE TRUSTEES: P.W. Knatchbull-Hugessen
REGISTERED OFFICE The Ricoh Arena
Judd’s Lane
Longford
Coventry
CV6 6GE
SOLICITORS: Brindley, Twist, Tafft & James
Lowick Gate
Siskin Drive
Coventry
CV3 4FJ
Bates Wells & Braithwaite London LLP
2 – 6 Cannon St
London
EC4M 6YH
BANKERS: Metro Bank
Unit 70/71, Arndale Centre
59 Terminus Rd
Eastbourne
BN21 3NW
INVESTMENT FUND Rathbone Investment Management Limited
8 Finsbury Circus
London
EC2M 7AZ
Ruffers LLP
80 Victoria Street
London
SW1E 5JL
Sarasin & Partners LLP
Juxon House
100 St Paul’s Chrurchyard
London
EC4M 8BU
AUDITORS: Dafferns LLP
Chartered Accountants
Statutory Auditor
One Eastwood
Harry Weston Road
Binley Business Park
Coventry
CV3 2UB

*Trustee holding title to property

1

THE ALAN EDWARD HIGGS CHARITY

TRUSTEES’ REPORT for the year ended 05 April 2021

The trustees present their report together with the consolidated financial statements for the year ended 05 April 2021. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in notes 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 Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is an unincorporated charity and was created after the death of Mr. Alan Edward Higgs in 1979 in accordance with the terms of his will, and is constituted under a trust deed dated 28 September 1979. It is a registered charity (number 509367). Under the terms of the trust deed for a period of 21 years from the death of Mr. A.E. Higgs surplus income was accumulated in the capital fund.

Trustees

The trustees are the individuals that are responsible for controlling and governing the charitable group.

The trustees who held office during the year and at the date of this report are shown in the administrative information on page 1.

Recruitment, appointment, induction and training of trustees

New trustees are appointed by the continuing trustees. The current approach is to have at least four trustees, with a spread of experience that gives the ability to understand when they need to take external professional advice. The trustees have hitherto not felt the need for any further detail in person specification. The job description of the duties and responsibilities of a trustee are spelt out helpfully by the Charity Commission.

Related parties

The charity has four wholly owned companies, one of which is a property dealer, one of which managed bar and catering facilities as part of a wider charitable mixed motive social investment, one of which is for the charity to participate in joint ventures and one of which is to participate in the development of housing. Any profits in these companies are distributed to the charity by way of gift aid payments. Details of the companies are shown in note 15.

Organisational structure

The trustees hold regular meetings to make grants and review investment performance within a strategic policy framework covering all its activities, including reserves and risk management, which is reviewed annually. Day to day administration of grants made by the trustees and the presentation of applications for consideration by the trustees is delegated to the clerk.

The clerk acts for the trustees in furthering the charity’s objects through partnerships, working with a variety of organisations concerned with groups or areas of disadvantage within the beneficial area.

Management

Day to day management of the charity is delegated to the clerk and his staff who operate within the guidelines set by the trustees and the financial limits of the charity whilst pursuing its charitable objects. Where necessary the clerk and trustees will consult with and take advice from the charity’s professional advisers.

2

THE ALAN EDWARD HIGGS CHARITY

TRUSTEES’ REPORT for the year ended 05 April 2021

Setting of Key Management Personnel Remuneration

As an endowed grant giving charity, the number of personnel is limited. The number of employees and levels of remuneration are disclosed in the notes to the accounts. The trustees review the level of remuneration in line with duties, inflation and market factors, taking professional advice as appropriate.

Principal risks and uncertainties

The trustees consider the major risks to which the charity is exposed and review them to establish systems and procedures to manage those risks.

As an endowed charity the principal risks and uncertainties relate to the underlying value of its investments and the potential income stream generated from these sources, including rental income from investment properties and investment income and gains on managed portfolios.

Market conditions and business confidence may have an adverse impact on investment assets. The trustees mitigate risk by taking independent professional advice from investment managers and are able to vary the level of grant expenditure based on investment returns received, should this be required.

OBJECTIVES AND ACTIVITIES

The objects of the charity are:

It is the aim of the trustees to reach as wide a selection of the community as possible within the geographical limitations. They are happy to receive applications for grants from local bodies or associations and from national organisations who can show that any grant from the charity would be used to benefit persons resident within the above geographical area. The trustees do not normally entertain applications from individuals.

The clerk to the trustees is the initial contact for local bodies and organisations seeking grants. These applications are screened to ensure that they meet the objectives of the charity. The trustees meet regularly to consider the applications and to make grants in appropriate circumstances.

The trustees refer to the advice contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives, in planning future activities and reviewing grant applications.

ACHIEVEMENTS AND PERFORMANCE

Grant making policy

The Charity has taken the first steps in redrawing its grant making strategy. The website was successfully launched and applications are now made on-line. This has enabled a wider range of organisations to make applications for funding. The Trustees are determined to make the application process as efficient and open as possible for applicants.

The Trustees have added £250,000 to the endowment funds of the Heart of England Community Fund. These funds were matched by the Community Fund to create the Alan Higgs Community Fund. In reviewing their grant making the Trustees determined that the Community Fund was better placed to administer small grants to small organisations than the Charity. Through this fund greater penetration into smaller and often less formally organised community organisations within the beneficial area is possible.

The Charity continues to work with the Historic Coventry Trust to preserve the City’s patrimony and to make buildings useful to people. The developments of and around The Drapers’ Hall will create a centre for music and the arts with a strong focus on young people.

3

THE ALAN EDWARD HIGGS CHARITY

TRUSTEES’ REPORT for the year ended 05 April 2021

ACHIEVEMENTS AND PERFORMANCE

Grants made during the year amounted to £650,628 (2020: £855,709). A total of 47 (2020: 25) charities and organisations were assisted of which 40 (2020: 19) had not been assisted in the previous year with an average grant size of £13,843 (2020: £34,000). Full details of grants issued are shown in Note 6.

Fundraising Standards Information

The trustees do not involve the charity in any fundraising activities. The income of the charity is obtained from the investments comprising the trust fund.

Subsidiary Undertakings

The results and headline balance sheet accounts for Hope Property Managements Limited, The Drapers Bar and Restaurant Limited and Plough Hill Land are shown in note 16.

Drapers Bar has been gifted to The Historic Coventry Trust fulfilling the Trustees’ aim in helping develop a major part of the cultural centre of the City to the benefit of residents and the economy. Completion of this transfer occurred post year end.

FINANCIAL REVIEW

The financial statements include a consolidated Statement of Financial Activities, Balance Sheet and Statement of Cash Flows incorporating the results of the wholly owned companies. These companies are disclosed in note 15.

The charitable group is reliant on the income from its investment assets. The portfolio of quoted investments is invested to achieve both capital and income growth, held within the charity itself. The value of these investments increased on prior year reporting a total return of £3,102,040 (2020: £2,744,053) in the year as a result of capital gains/losses of £2,831,894 (2020: losses £3,205,715) and income generated of £270,146 (2020: £461,662).

Total consolidated net (expenditure) / income of the group before gains and losses on all investment assets and transfers between funds for the year was £(486,399) (2020: £(826,600)). Total consolidated net (losses) / gains were £2,952,946 (2020: £(3,205,715)).

Investment policy and performance

The trustees’ powers of investment are governed by the trust deed. The trustees have delegated the management of the quoted investments to three fund managers on a discretionary basis.

The overall investment objective is to achieve long term capital and income growth in excess of the benchmark for the fund.

The Trustees are undertaking a major review of their investments and have engaged consultants to assist them in this. They have developed a new Investment Policy and are reviewing all investments against the new policy.

The range of assets employed to achieve the objective will be consistent with the trust deed. Speculative activity by the managers is prohibited, the portfolio of assets may not be geared and the greater proportion of all investments should be readily realisable.

However, where appropriate, the trustees may wish to make social investments in pursuance of the objectives of the charity. In such cases, the trustees will have regard to the Charity Commission's paper "Useful Guideline - Charity and Social Investment" and will always take appropriate professional advice before proceeding to make any such social investment.

Decisions regarding sale of residential investments are taken having reviewed the valuation and circumstances of each property when it comes vacant but as most houses have now been fully renovated the likelihood is that they will be retained as rental stock.

4

THE ALAN EDWARD HIGGS CHARITY

TRUSTEES’ REPORT for the year ended 05 April 2021

Reserves policy

The trustees aim over a period of time is to maintain free reserves in unrestricted funds at a level which equates to approximately one year’s charitable expenditure.

At 05 April 2021 the charitable group had total funds of £19,739,414 (2020: £17,272,808) of which £2,234,127 (2020: £980,995) related to the unrestricted income fund and £17,505,287 (2020: £16,291,813) related to the expendable endowment fund.

At 05 April 2021 the charity had total funds of £19,283,752 (2020: £16,920,817) of which £2,151,366 (2020: £2,586,161) related to the unrestricted free income fund and £17,132,386 (2020: £14,334,656) related to the expendable endowment fund. Based on current levels of income and expenditure the charity has more than sufficient free reserves to meet at least one year’s charitable expenditure.

PLANS FOR THE FUTURE

The Trustees are continuing to develop their grant making strategy and will look to optimise the effect of their grant making by enabling more effective dialogue with applicants.

TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements 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 period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the trustees are aware, there is no relevant audit information of which the charity’s auditors are unaware, and each trustee has taken all the steps that he ought to have taken as a trustee in order to make himself aware of any relevant audit information and to establish that the charity’s auditors are aware of that information.

ON BEHALF OF THE TRUSTEES

M.F. Knatchbull-Hugessen - Chairman

Dated: 2 February 2022

5

THE ALAN EDWARD HIGGS CHARITY

INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF THE ALAN EDWARD HIGGS CHARITY

Opinion

We have audited the financial statements of The Alan Edward Higgs Charity (the ‘parent charity’) and its subsidiaries (the ‘group’) for the year ended 05 April 2021 which comprise the Consolidated Statement of Financial Activities, the Charity Statement of Financial Activities, the Consolidated and the Charity Balance Sheet, the Consolidated and Charity Statement of Cash flows and the and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 group and parent 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 group’s or parent 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 trustees annual report[2] , other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

6

THE ALAN EDWARD HIGGS CHARITY

INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF THE ALAN EDWARD HIGGS CHARITY

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:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 6, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent 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 group or the parent 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 151 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s 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.

Dafferns LLP Chartered Accountants Statutory Auditors One Eastwood Harry Weston Road Binley Business Park Coventry CV3 2UB

Dated: 2 February 2022

7

THE ALAN EDWARD HIGGS CHARITY

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES for the year ended 05 April 2021

Income and endowments from:
Activities for generating funds
Rental income
Trading income (discontinued)
Property management
Licence fees
Investments
Quoted investments
Interest received
Voluntary income
Other income
Total income and endowments
Expenditure on:
Raising funds
Trading subsidiaries
Investment management costs
Charitable activities
Grants payable
Grant making expenses
Other charitable expenses
Governance costs
Total expenditure
Net gains / (losses) on investments
Net income / (expenditure)
Transfer between funds
Total funds brought forward
Total funds carried forward		 Expendable
2021
2020
Income
endowment
Total
Total
Notes
fund
fund
funds
funds
£
£
£
£
111,872
-
111,872
112,538
-
-
-
475,602
82,350
-
82,350
91,500
(4,775)
-
(4,775)
4,638
270,146
-
270,146
461,662
135
-
135
21,840
(42,975)
-
(42,975)
41,742
-
-
-
22,679
_
_
_
_
3
416,753
-
416,753
1,232,201
_
_
_
_
4
53,447
-
53,447
965,467
5
37,810
75,664
113,474
133,009
6
650,628
-
650,628
855,709
6
10,272
-
10,272
15,996
6
20,544
-
20,544
31,992
7
54,727
-
54,727
56,628
_
_
_
___
827,428
75,664
903,092
2,058,801
_
_
_
_
13 - 2,952,945 2,952,945 (3,205,715)
_
_
_____
_
(410,675) 2,877,281
2,466,606
(4,032,315)
18
1,663,807
(1,663,807)
-
-
980,995
16,291,813
17,272,808
21,305,123
_
______
_
_
18
2,234,127
17,505,287
19,739,414
17,272,808
══════
═══════
═══════
═══════

Activities for Drapers Bar and Restaurant Ltd were discontinued during the previous year. For further breakdown of income and expenditure see notes 3 and 4. Otherwise, income and expenditure derives from continuing activities.

The Statement of Financial Activities includes all gains and losses recognised during the year.

8

THE ALAN EDWARD HIGGS CHARITY

CHARITY STATEMENT OF FINANCIAL ACTIVITIES for the year ended 05 April 2021

Income and endowments from:
Activities for generating funds
Rental income
Gift aid receipts from subsidiaries
Licence fees
Investments
Quoted investments
Interest received
Voluntary income
Other income
Total income and endowments
Expenditure on:
Raising funds
Investment management costs
Charitable activities
Grants payable
Grant making expenses
Other charitable expenses
Impairment of mixed motive social
investments
Governance costs
Total Expenditure
Net gains / (losses) on investments
Net income / (expenditure)
Total funds brought forward
Total funds carried forward		 Expendable
2021
2020
Income
endowment
Total
Total
Notes
fund
fund
funds
funds
£
£
£
£
76,567
-
76,567
82,092
65,510
-
65,510
50,944
(4,775)
-
(4,775)
4,638
270,146
-
270,146
461,662
135
-
135
21,840
(42,975)
-
(42,975)
41,742
-
-
-
22,233
_
_
_
_
3
364,608
-
364,608
685,151
_
_
_
_
24,074
75,664
99,738
121,858
6
650,628
-
650,628
855,709
6
10,272
-
10,272
15,996
6
20,544
-
20,544
31,992
39,158
-
39,158
307,714
7
54,727
-
54,727
56,385
_
_
_
___
799,403
75,664
875,067
1,389,654
_
_
_
_
14
-
2,873,394
2,873,394
(3,205,715)
_
_____
_
_
(434,795)
2,797,730
2,362,935
(3,910,218)
2,586,161
14,334,656
16,920,817
20,831,035
__
_
_
___
18
2,151,366
17,132,386
19,283,752
16,920,817
══════
═══════
═══════
═══════

All income and expenditure derive from continuing activities.

The Statement of Financial Activities includes all gains and losses recognised during the year.

9

THE ALAN EDWARD HIGGS CHARITY

CONSOLIDATED BALANCE SHEET 05 April 2021

FIXED ASSETS
Tangible Fixed Assets
Investments
CURRENT ASSETS
Debtors
Cash at bank and in hand
CREDITORS:amounts falling due
within one year
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES BEING NET ASSETS
CHARITY FUNDS:
UNRESTRICTED FUNDS
Income fund
Expendable endowment fund
TOTAL CHARITY FUNDS		 Notes
£
12
13
16
43,789
2,096,303
__
2,140,092
17
(71,019)
18		 Notes
£
12
13
16
43,789
2,096,303
__
2,140,092
17
(71,019)
18		 2021
£
3,830
17,666,511
_
17,670,341





2,069,073
_
19,739,414
═══════
2,234,127
17,505,287
___
19,739,414
═══════		 £
102,816
5,006,459
__
5,109,275
(865,642)		 2020
£
645,642
12,383,533
_
13,029,175




4,243,633
_
17,272,808
═══════
980,995
16,291,813
___
17,272,808
═══════

The financial statements were approved by the trustees and authorised to issue on 2 February 2022 and are signed on their behalf by:

M.F. Knatchbull-Hugessen - Chairman

10

THE ALAN EDWARD HIGGS CHARITY

CHARITY BALANCE SHEET 05 April 2021

FIXED ASSETS
Investments
CURRENT ASSETS
Debtors
Cash at bank and in hand
CREDITORS:amounts falling due
within one year
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES BEING NET ASSETS
FUNDS OF THE CHARITY:
UNRESTRICTED FUNDS
Income fund
Expendable endowment fund
TOTAL CHARITY FUNDS		 Notes
£
14
16
261,251
2,092,355
__
2,353,606
17
(44,549)
___
18		 2021
£
£
16,974,695

334,608

4,928,320

_

5,262,928

(128,571)

_
2,309,057
_
19,283,752
═══════
2,151,366
17,132,386
_
19,283,752
═══════		 2020
£
11,786,460






5,134,357
_
16,920,817
═══════
2,586,161
14,334,656
_
16,920,817
═══════

The financial statements were approved by the trustees and authorised to issue on 2 February 2022 and are signed on their behalf by:

M.F. Knatchbull-Hugessen - Chairman

11

THE ALAN EDWARD HIGGS CHARITY

CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 05 April 2021

Cash flow from operating activities
Net cash flow from operating activities
Cash flow from investing activities
Payments to acquire tangible fixed assets
Payments to acquire investments
Receipts from sales of investments
Interest received
Dividends and other investment income received
Rents received from investment properties
Receipts from sales of tangible fixed assets
Net cash flow from investing activities
Cash flow from financing activities
Interest paid
Net cash flow from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at 05 April 2020
Cash and cash equivalents at 05 April 2021		 Notes
19		 2021
£
(960,686)
(960,686)
(1,590)
(9,647,206)
7,317,173
135
270,146
111,872
-
(1,949,470)
-
-
(2,910,156)
5,006,459
2,096,303		 2020
£
(543,043)
(543,043)
(3,711)
(1,038,947)
1,039,883
21,840
416,662
112,538
3,167
551,432
-
-
8,389
4,998,070
5,006,459

12

THE ALAN EDWARD HIGGS CHARITY

CHARITY STATEMENT OF CASH FLOWS for the year ended 05 April 2021

Cash flow from operating activities
Net cash flow from operating activities
Cash flow from investing activities
Payments to acquire investments
Receipts from sales of investments
Interest received
Dividends and other investment income received
Rents received from investment properties
Net cash flow from investing activities
Cash flow from financing activities
Interest paid
Net cash flow from financing activities
Net (decrease) / increase in cash and cash equivalents
Cash and cash equivalents at 05 April 2020
Cash and cash equivalents at 05 April 2021		 Notes
20		 2021
£
(828,814)
(828,814)
(9,671,172)
7,317,173
135
270,146
76,567
(2,007,151)
-
-
(2,835,965)
4,928,320
2,092,355		 2020
£
(345,616)
(345,616)
(1,299,907)
1,039,883
21,840
461,662
82,092
305,570
-
-
(40,046)
4,968,366
4,928,320

13

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE FINANCIAL STATEMENTS for the year ended 05 April 2021

1 GENERAL INFORMATION AND BASIS FOR PREPARATION

The Alan Edward Higgs Charity is an unincorporated charity registered in England and Wales. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are detailed in the trustees report on pages 2 to 6.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared 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) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice.

The consolidated statement of financial activities and the group balance sheet consolidate the financial statements of the charity and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line by line basis and intra-group transactions are eliminated on consolidation.

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 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) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 01 April 2005 which has since been withdrawn.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2 ACCOUNTING POLICIES Income

Incoming resources are recognised once the charity has entitlement to the resources, it is probable that the resources will be received, and the monetary value of incoming resources can be measured with sufficient reliability.

Expenditure

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably.

14

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE FINANCIAL STATEMENTS for the year ended 05 April 2021

2 ACCOUNTING POLICIES (CONTINUED)

Grants payable are payments made to third parties in the furtherance of the charitable objectives of the charity. The grants are accounted for where either the trustees have agreed to pay the grant without condition and the recipient has a reasonable expectation that they will receive a grant, or any condition attaching to the grant is outside the control of the charity.

Irrecoverable VAT

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

Pension contributions

The group operates a defined contribution pension scheme. Contributions payable to the pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Realised / unrealised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later). Realised and unrealised gains are not separated in the Statement of Financial Activities.

Funds

As the trustees have the power to distribute both income and capital the funds of the trust are all unrestricted.

Tangible fixed assets

Tangible fixed assets are recognised at cost and subsequently measured under the historical cost model being cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes any direct expenditure incurred to bring the asset to its current location and condition necessary for the asset to work as intended by management.

Repairs and maintenance costs are charged to the Statement of Financial Activities in the period in which they are incurred.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Fixtures and fittings - 20 - 25% straight line
Computer equipment - 25% straight line
Long leasehold - over the remaining life of the lease

Any gains and losses on the disposal of tangible fixed assets are recognised in the Statement of Financial Activities in the period that the disposal takes place.

15

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE FINANCIAL STATEMENTS for the year ended 05 April 2021

2 ACCOUNTING POLICIES (CONTINUED)

Investments

Investments are recognised initially at cost which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the Statement of Financial Activities if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

The main form of financial risk faced by the charity’s investments is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude to investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Investments in subsidiaries, joint ventures and associates are measured at cost less impairment.

Social investments include mixed motive investments and programme related investments which are those held to further our charitable purposes. In 2020 mixed motive investments included the charity’s current holding in The Drapers Bar and Restaurant Limited. The Drapers Bar and Restaurant Limited ceased to trade during the 2020 financial year and the long leasehold has been gifted to Historic Coventry Trust.

Investment property

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in ‘net gains / (losses) on investments’ in the Statement of Financial Activities.

Surpluses made on the disposal of property are treated as capital receipts and are taken to the credit of the expendable endowment fund in the year in which they occur.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Going Concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

3 INCOME AND ENDOWMENTS

All income is wholly attributable to the unrestricted income fund in both the current and preceding year.

16

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE FINANCIAL STATEMENTS for the year ended 05 April 2021

4 TRADING SUBSIDIARIES

Management and administration costs of the trading subsidiaries:

4
TRADING SUBSIDIARIES
Management and administration costs of the trading subsidiaries:
2021 2020
£ £
Property Management Company
Salaries and national insurance 26,134 23,376
Legal and professional charges 2,608 2,456
Rent, rates and insurance 6,015 3,467
Telephone 3,909 3,752
Postage and stationery 1,121 809
Repairs and renewals 736 618
Motor expenses - 4
Travelling 143 334
Audit fees 7,860 4,250
Accountancy 3,462 1,763
Bank charges and other interest 252 358
Sundry expenses 246 1,391
Depreciation and profits and losses on sales of assets:
Computer equipment 961 1,065
_ _
53,447 43,643
═════ ═════
Bar and Restaurant Company (discontinued activities)
Bar and food purchases - 191,856
Salaries and national insurance - 303,472
Compensation for loss of office - 34,693
Pensions - 3,851
Legal and professional charges - 54,162
Rent, rates and insurance - 61,091
Telephone - 2,776
Postage and stationery - 1,089
Repairs and renewals - 29,310
Light and heat - 28,632
Accountancy - 24,596
Bank charges - 7,540
Entertainment - 9,990
Sundry expenses - 12,594
Cleaning consumables - 20,426
Security costs - 8,708
Depreciation and profits and losses on sales of assets:
(Profit) / loss on the sale of Fixtures and Fittings - (3,167)
Impairment of assets:
Fixtures and Fittings - 13,377
Long leasehold - 116,828
_ _
Total discontinued activities - 921,824
══════ ══════
Total trading 53,447 965,467
═════ ═════

Trading subsidiaries expenditure is wholly attributable to the unrestricted income fund in both the current and preceding year.

17

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE FINANCIAL STATEMENTS for the year ended 05 April 2021

5 INVESTMENT MANAGEMENT COSTS

Investments
Fund managers’ charges
Clerk’s salary and overheads
Legal and professional fees
Property expenses
Agents fees
Legal and professional fees
Repairs
Insurance
Sundry expenses		 Income
£
-
-
-
__
-
══════
9,609
1,406
14,964
10,281
1,550
____
37,810
══════
37,810
═════		 Endowment
2021
2020
£
£
£
60,256
60,256
77,375
15,408
15,408
23,994
-
-
(753)
__
_

75,664
75,664
100,616
══════
══════
══════
-
9,609
9,951
-
1,406
360
-
14,964
14,221
-
10,281
7,861
-
1,550
-


___
-
37,810
32,393
══════
══════
══════
75,664
113,474
133,009
═════
═════
═════

The salary costs relate to the management of the charity’s investments and are allocated on a time apportioned basis.

Investment management costs were £113,474 (2020: 133,009) of which £75,664 (2020: £100,616) were attributable to the endowment fund and £37,810 (2020: £32,393) attributable to the income fund.

6 CHARITABLE ACTIVITIES 2021 2020
£ £
Grants payable
Historic Coventry Trust - 640,000
Commitment to gift long leasehold property
5thRugby Newbold Scout Group - 2,000
Towards the re-building of the Scout building.
Armonico Consort 30,000 30,000
Towards programme of work being carried out across schools in
Coventry and Warwickshire
Acorns Children’s Hospice Trust - 30,000
To support the work of the children’s hospice
abuse in Coventry
Birmingham Vision - 2,000
To support a sports and activity programme for Blind and Partially Sighted
people in Birmingham.
Bradby Club for Young People - 10,000
To support the Young People’s Club in supporting young people in Rugby
Broad street Community Meeting Hall - 5,000
Towards the re-building of the Broad Street Community Centre, Foleshill, Coventry.
Coventry and District Credit Union 15,500 2,652
To assist with bad debt provision during COVID-19 pandemic.
______ ______
45,500 721,652

18

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE FINANCIAL STATEMENTS for the year ended 05 April 2021

6 CHARITABLE ACTIVITIES – (CONTINUED)


Alcester Youth Project
To match funding to develop the Hopkins play area
Coventry Resource Centre for the Blind
To purchase a replacement minibus.
Atrium Health
To repurpose space for community use by people with long term
health conditions
Atherstone District Scout Council
To provide camping and expedition equipment for use by scout
troops in North Warwickshire
Happy Days
To provide holidays for children with special needs and their families.
Heart of England community Foundation
To the COVID Resilience Fund
Jericho Foundation
To support people in multiple deprivation into employment and social inclusion.
Lullaby Trust
To support the Care of Next Infant programme in Coventry.
Martineau Gardens
To support environmental education at the gardens for children from
Birmingham primary schools
Motionhouse
To support the Warwickshire Young Carers Dance Project.
Macmillan Cancer Support
To provide Macmillian grants to 17 people living with cancer in Coventry
Myton Hospice
To support the running costs
Nuneaton & Warwickshire Riding for the Disabled Association
To support core costs during COVID-19 closure
PDSA
To support the Coventry Pet Hospital
Teenage Cancer Trust
To support ‘Bridging the Gap’ a nursing and support outreach programme
for young people in the West Midlands with cancer
 2021
2020
£
£
45,500
721,652
5,000
-
-
20,000
15,000
-
2,632
-
-
3,000
250,000
10,000
-
2,000
-
4,500
1,500
1,500
-
3,057
7,000
-
10,000
20,000
5,000
-
-
20,000
-
5,000
__
____
341,632
810,709		 2020

19

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE FINANCIAL STATEMENTS for the year ended 05 April 2021

6
CHARITABLE ACTIVITIES – (CONTINUED)

St Francis Employability
5 Doors down: Covid-19 response
St Martins Church Centre, Social Care Project
To help meet core costs
The Notables Foundation
To enable adults with learning disabilities to enjoy musical performance.
The Shakespeare Hospice
To meet urgent need during the Covid pandemic
The Shakespeare Hospice
To support the Day Hospice
Variety Club
To provide a specialist wheelchair
Young Womens Trust
To support 'Work It Out' a programme for young women in poverty
to gain employment and independence.
Bardsley Youth Project
To support work with young homeless people in Coventry
NSPCC
To support the NSPCC's Schools Service in the West Midlands
Revitalise
To subsidise the cost of holidays for 10 people from Coventry with disabilities
Belgrade Theatre Trust
To contribute towards cost of multifunctional community space
Coventry Foodbank
Purchase of 3 level racking to increase warehouse capacity
Coventry Haven Womens Aid
Grant to meet urgent need created by COVID
Coventry Independent Advice Service
To provide video conferencing facilities in community facilities to enable
COVID secure advice.
Coventry Refugee & Migrant Centre
To continue the work of the Coventry Health Champions
to reach harder to reach migrant communities
Warwickshire Young Carers
To provide a programme of activities for infant young carers
during school holidays		 2021
2020
£
£
341,632
810,709
10,250
8,000
-
5,000
-
1,000
-
20,000
-
5,000
-
1,000
5,000
5,000
15,000
-
10,000
-
3,280
-
45,000
-
8,000
-
10,000
-
7,500
-
5,000
-
9,991
-
__
____
470,653
855,709		 2020

20

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE FINANCIAL STATEMENTS for the year ended 05 April 2021

6 CHARITABLE ACTIVITIES – (CONTINUED)
CHARITABLE ACTIVITIES – (CONTINUED) 2021 2020
£ £
470,653 855,709
Coventry Samaritans 10,000 -
Grant to meet urgent need created by COVID
CRASAC 10,000 -
Grant to meet urgent need created by COVID
Dyspraxia 1,000 -
To support work with young people affected by Dyspraxia in the West-Midlands
Entrust Care Partnership 6,000 -
To replace decking round fixed mobile homes used for holidays
Etch and Pin 3,000 -
To help provide Coventry primary schools with series of children’s
books telling the city’s history
Huntington’s Disease Association 2,000 -
To develop services for sufferers across Warwickshire
John Taylor Hospice Charity 2,000 -
To support the newly established bereavement counselling programme
for young people
Kids Out 4,560 -
To provide 114 boxes of toys for children entering refuges in Coventry
2ndWarwick Sea Scouts 9,000 -
Towards fit out of new HQ for benefit of young people
Kings Rise Academy 1,500 -
Grant to meet urgent need created by COVID
Marie Curie 3,000 -
To support the Coronavirus Emergency Appeal
Motor Neurone Disease Association 1,000 -
Towards the equipment loan and support grant service in Coventry
and Warwickshire
Myaware 1,000 -
To provide support to sufferers in Coventry and Warwickshire
Friendship project for children 4,000 -
To support an individual counselling and befriending scheme in
Coventry and Warwickshire
Positive Youth Project 10,000 -
To provide critical services to looked after children in Coventry
Young People First 5,000 -
To support the Peer Mentoring Programme for looked after children
In Coventry
Voluntary Action Coventry 6,320 -
______ ______
550,033 855,709

21

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE FINANCIAL STATEMENTS for the year ended 05 April 2021

6 CHARITABLE ACTIVITIES – (CONTINUED)

CHARITABLE ACTIVITIES – (CONTINUED)

Tall Ships Youth
To provide funds for five young people from Warwickshire to participate
The Air League
To fund the building of an aeroplane by young people in Coventry
The Friends of St Andrews Church
To support the building of St Andrews community Hibin Carlton
Leicestershire
The Heart Theatre
To subsidise 4 covid compliant community activities
The Orchestra of the Swan
To work with visually impaired young people at the Priestley
Smith School leading to a musical performance
The Royal Society for Blind Children
Towards the families first service in the West Midlands to support
17 families
Together for Change, Coventry & Warwickshire
To pay for the renovation of electrical systems in community
meeting hall
Valley House
Grant to meet urgent need created by COVID
Historic Coventry Trust
Re: Drapers Bar and Restaurant
Grant making expenses
Clerk’s salary and overheads
Other Charitable Expenses
Clerk’s salary and overheads		 2021
2020
£
£
550,033
855,709
1,500
-
5,000
-
5,000
-
4,000
-
5,000
-
5,000
-
5,000
-
10,000
-
60,095
-
__
____
650,628
855,709
══════
══════
10,272
15,996
═════
═════
20,544
31,992
═════
═════		 2020

The salary costs relate to the management and administration of the charity’s grant making programme and are allocated on a time apportioned basis.

Charitable expenditure is wholly attributable to the unrestricted income fund in both the current and preceding year.

22

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE FINANCIAL STATEMENTS for the year ended 05 April 2021

7 GOVERNANCE COSTS

Salaries and overheads
Trustees’ expenses
Legal and professional fees
Rent, rates and insurance
Telephone
Postage and stationery
Motor expenses
Audit fee
Accountancy
Sundry expenses
Computer expenses
Bank charges

═		 2021
£
18,203
2,400
-
360
1,675
180
570
14,500
6,868
(1)
9,947
25
______

54,727
═════
═		 2020
£
19,686
3,069
5,529
1,486
1,608
347
1,337
14,500
6,661
766
600
1,039
______
56,628
═════

The salary costs relate to the ongoing governing of the charity and includes an allocation of costs on a time apportioned basis.

Governance costs are wholly attributable to the unrestricted income fund in both the current and preceding year.

23

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE FINANCIAL STATEMENTS for the year ended 05 April 2021

8 ALLOCATION OF SUPPORT COSTS

Investment Grant Other
Management Making Charitable Governance Total
£ £ £ £ £
Clerk’s Salary & Overheads 15,408 10,272 20,544 18,203 64,427
% Allocation 30% 20% 40% 10% 100%

9 AUDITORS REMUNERATION

The auditor’s remuneration for the audit of the charitable group constituted an audit fee of £18,900 and additional accounts and advice of £7,993.

10 STAFF COSTS

Salaries
Compensation for loss of office
Social security
Pension

═
Average number of employees
═		 2021
2020
£
£
81,706
386,935
-
34,693
8,851
31,580
-
3,851
__
____
90,557
457,059
════
═════
2
35
════
═════

Pension costs

The group operated a defined contribution pension scheme. The assets of the scheme were held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £nil (2020: £3,851).

The number of employees earning over £60,000 per year (including benefits) was as follows:

2021 2020
Number Number
£70,001 - £80,000 - 1
═════ ═════

The total amount of employee benefits (including employers NI) received by key management personnel was £64,428 (2020: £79,980). Key management is considered to be the clerk to the trustees as noted in the charity information on page 1.

Staff costs include redundancy and termination payments of £nil.

11 TRUSTEE REMUNERATION AND EXPENSES

The trustees received fees of £Nil during the year (2020: £Nil).

Total expenses of £2,400 (2020: £3,069) were paid to 4 (2020: 4) of the trustees.

24

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE FINANCIAL STATEMENTS for the year ended 05 April 2021

12 TANGIBLE FIXED ASSETS - GROUP

12 TANGIBLE FIXED ASSETS - GROUP
Fixtures
Long and Computer
Leasehold fittings equipment Total
__ __ ___ ___
£ £ £ £
COST
At 06 April 2020 801,425 40,269 22,172 863,866
Additions - - 1,590 1,590
Disposals (801,425) (40,269) - (841,694)
______ ______ ______ ______
At 05 April 2021 - - 23,762 23,762
═════ ═════ ═════ ═════
DEPRECIATION
At 06 April 2020 161,425 37,828 18,971 218,224
Charge for year - - 961 961
Disposals (161,425) (37,828) - (199,253)
Impairments - - - -
______ ______ ______ ______
At 05 April 2021 - - 19,932 19,932
═════ ═════ ═════ ═════
NET BOOK VALUE:
At 05 April 2021 - - 3,830 3,830
═════ ═════ ═════ ═════
At 05 April 2020 640,000 2,441 3,201 645,642
═════ ═════ ═════ ═════
13 INVESTMENT ASSETS - GROUP
Investment Quoted
properties investments Total
£ £ £
Cost and market value at 06 April 2020 2,065,607 10,317,926 12,383,533
Acquisitions 15,192 9,632,014 9,647,206
Sale proceeds - (7,317,173) (7,317,173)
Investment gains / (losses) 121,051 2,831,894 2,952,945
__ ___ __
Cost and market value at 05 April 2021 2,201,850 15,464,661 17,666,511
══════ ═══════ ══════
Historic cost as at 05 April 2021 733,498 8,226,664 8,960,162
══════ ═══════ ══════

25

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE FINANCIAL STATEMENTS for the year ended 05 April 2021

13 INVESTMENT ASSETS - GROUP - (CONTINUED)

Analysis of market value at 05 April 2021:

UK
£
Investment properties
2,201,850
Quoted investments
Equity:
Direct
10,143,275
Indirect
2,471,795
___
14,816,920
═══════		 Overseas
Total
£
£
-
2,201,850
586,146
10,143,275
2,263,465
4,735,240
__
___
2,849,591
17,666,511
══════
═══════

The investment properties were professionally valued by Carters Chartered Surveyors during March 2021.

There were no individual shareholdings or investments considered to be material with the market values and proportion of the portfolio shown as at 05 April 2021.

14 INVESTMENT ASSETS - CHARITY

Group Company Group Company
Investment Quoted Unquoted
properties investments investments Total
£ £ £ £
Cost and market value at 06 April 2020 1,467,850 10,317,926 684 11,786,460
Acquisitions - 9,632,014 - 9,632,014
Sale proceeds - (7,317,173) - (7,317,173)
Investment gains / (losses) 41,500 2,831,894 - 2,873,394
__ __ ______ ___
Cost and market value at 05 April 2021 1,509,350 15,464,661 684 16,974,695
═══════ ════════ ══════ ════════
Historic cost at 05 April 2021 413,676 8,226,664 30,000 8,670,340
═══════ ════════ ══════ ════════

26

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE FINANCIAL STATEMENTS for the year ended 05 April 2021

14 INVESTMENT ASSETS – CHARITY – (CONTINUED)

Analysis of market value at 05 April 2021:

UK
£
Investment properties
1,509,350
Quoted Investments
Equity:
Direct
10,143,275
Indirect
2,471,795

Unquoted investments
Equity:
Direct (Note 15)
684
___
14,125,104

═══════
═		 Overseas
Total
£
£
-
1,509,350
586,146
10,729,421
2,263,445
4,735,240
-
684
__
___
2,849,591
16,974,695
══════
═══════

15 WHOLLY OWNED COMPANIES

The following companies are wholly owned by the charity:

Hope Property Managements Ltd - property dealing company
(Company no. 00348703)
The Drapers Bar and Restaurant Ltd - leased property, bar and restaurant as part of
(Company no. 08704681) music and cultural quarter (ceased in 2020)
Plough Hill Land Ltd - for the purpose of developing land in Nuneaton
(Company no. 09033788) as a joint venture project

The Alan Edward Higgs Charity owns 100% of the ordinary share capital in each of the above listed subsidiary companies.

2021
£
Value of the investments
684
═══════
═
Results of active companies
Gross Administrative
Year ended 31 March 2021
Turnover
Profit
Expenses
£
£
£
Hope Property Managements Ltd
35,305
23,119
54,997
The Drapers Bar and Restaurant Ltd
-
-
-
Plough Hill Land Ltd
-
-
-
═════
═════
═════

Year ended 31 March 2020 (restated)
Hope Property Managements Ltd
30,446
18,542
43,643
The Drapers Bar and Restaurant Ltd 475,602
(66,977)
379,244
Plough Hill Land Ltd
-
-
(753)
═════
═════
═════
 2020
£
684
══════
Other
Operating
Income
Profit
£
£
82,350
50,472
-
-
-
-
═════
═════
91,500
66,399
446
(445,775)
-
753
═════
═════		 Gift Aid
£
65,510
-
-
═════
50,944
-
-
═════

27

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE FINANCIAL STATEMENTS for the year ended 05 April 2021

15 WHOLLY OWNED COMPANIES – (CONTINUED)

Summary of balance sheets

Year ended 31 March 2021
Hope Property Managements Ltd
The Drapers Bar and Restaurant Ltd
Plough Hill Land Limited

═
Year ended 31 March 2020 (restated)
Hope Property Managements Ltd
The Drapers Bar and Restaurant Ltd
Plough Hill Land Limited

═		 Fixed
Stock,
Assets &
Debtors & Due to
Other
Net
Properties
Cash
Charity
Creditors
Assets
£
£
£
£
£
3,830
342,543
(236,375)
(32,961)
77,037
-
-
-
-
-
-
6,631
-
-
6,631
__
_
_
__ __
3,830
349,174
(236,375)
(32,961)
83,668
══════ ══════ ══════
═════
══════
3,201
400,202
(261,923)
(49,405)
92,075
642,441
12,567 (1,866,095)
(53,923) (1,265,010)
-
6,631
-
-
6,631
__
_
_
_ _____
645,642
419,400 (2,128,018) (103,328) (1,166,304)
══════ ══════ ══════
═════
══════

Other entities which are controlled by the charity

The AEHC Company Limited, is a company limited by guarantee which is controlled by two of the trustees of the charity. The company was set up to act as a vehicle to allow the charity to be involved in the Coventry Mysteries. The company was dormant throughout the year.

16 DEBTORS

Amounts due from subsidiary undertakings
Prepayments and accrued income
_
═		 Group
Charity
2021
2020
2021
2020
£
£
£
£
-
-
236,375
261,923
43,789
102,816
24,786
72,685
__
_
__
______
43,789
102,816
261,251
334,608
════
═════
══════
══════

Loan- Credit Union falls wholly due after more than one year.

17 CREDITORS

CREDITORS
Due within one year:
Trade creditors
Deferred income (rents in advance)
Grants payable
Amounts due to subsidiary undertakings
Other creditors and accruals

═		 Group
2021
2020
£
£
-
28,543
3,000
-
-
700,000
-
-
68,019
137,099
__
_

71,019
865,642
════
═════
═══		 Charity
2021
2020
£
£
-
-
3,000
3,000
-
60,000
5,044
6,257
36,505
59,314
__
_
44,549
128,571
════
═══════

28

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE FINANCIAL STATEMENTS for the year ended 05 April 2021

18 ANALYSIS OF NET ASSETS BETWEEN FUNDS

GROUP
Income
£
Tangible fixed assets
3,830
Investment assets
-
Current assets
2,140,092
Creditors
(61,569)
Interfund
151,774
_
Total net assets
2,234,127
══════
CHARITY
Income
£
Investment assets
-
Current assets
2,186,465
Creditors
(35,099)
__
Total net assets
2,151,366
══════		 Expendable
endowment
Total
£
£
-
3,830
17,666,511
17,666,511
-
2,140,092
(9,450)
(71,019)
(151,744)
-
_
_
17,505,287
19,739,414
═══════
═══════
Expendable
endowment
Total
£
£
16,974,695
16,974,695
167,141
2,353,606
(9,450)
(44,549)
_
_
17,132,386
19,283,752
═══════
═══════

INCOME FUND - The income fund includes all current and prior periods retained surpluses and deficits. The transfer to income fund during the year from expendable endowment is to restate the income fund following the disposal of mixed motive social investments in prior years.

EXPENDABLE ENDOWMENT - The expendable endowment was established by a bequest in the will of Alan Edward Higgs, following his death in 1979. Both the endowment and the income arising from it are freely available to fund the activities of the charity.

19 RECONCILIATION OF NET INCOME / (EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES - GROUP

ACTIVITIES - GROUP
2021 2020
£ £
Net income / (expenditure) for year 2,466,606 (4,032,315)
Depreciation and impairment of tangible fixed assets 961 131,270
Dividends and other investment income received (270,146) (416,662)
Rents received from investment properties (111,872) (112,538)
Interest received (135) (21,840)
(Gains) / losses on investments (2,952,945)
 3,205,715
(Increase) / decrease in stock - 7,800
(Increase) / decrease in debtors 59,027 27,267
Increase / (decrease) in creditors (794,623) 671,427
(Profit) / loss on disposal of tangible fixed assets 642,441 (3,167)
___ __
Net cash flow from operating activities (960,686) (543,043)
═══════ ══════
Analysis of changes in net debt
2020 Cashflow 2021
£ £ £
Cash and cash equivalents 5,006,459 (2,910,156) 2,096,303
══════ ═══════ ═══════

29

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE FINANCIAL STATEMENTS for the year ended 05 April 2021

20 RECONCILIATION OF NET INCOME / (EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES - CHARITY

ACTIVITIES - CHARITY
2021 2020
restated
£ £
Net income / (expenditure) for year 2,362,935 (3,910,218)
Impairment of mixed motive social investments 39,158 307,714
Dividends and other investment income received (270,146) (461,662)
Rents received from investment properties (76,567) (82,092)
Interest received (135) (21,840)
(Gains) / losses on investments (2,873,394) 3,205,715
(Increase) / decrease in debtors 73,356 (103,334)
Increase / (decrease) in creditors (84,021) 720,101
___ __
Net cash flow from operating activities (828,814) (345,616)
═══════ ══════
Analysis of changes in net debt
2020 Cashflow 2021
£ £ £
Cash and cash equivalents 4,928,320 (2,835,965) 2,092,355
══════ ═══════ ═══════
21 RELATED PARTY TRANSACTIONS

Mr. P.W. Knatchbull-Hugessen, clerk to the trustees, the husband of Mrs. M.F. Knatchbull-Hugessen, a trustee of the charity, received remuneration of £51,361 during the year (2020: £59,007).

22 ULTIMATE CONTROLLING PARTY

The charity was under the control of its trustees throughout the current and preceding year.

30