OpenCharities

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

2023-04-05-accounts

REGISTERED CHARITY NUMBER: 509367

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

FOR

THE ALAN EDWARD HIGGS CHARITY

Armstrongs Accountancy Ltd Chartered Accountants and Statutory Auditor 1&2 Mercia Village Torwood Close Westwood Business Park Coventry West Midlands CV4 8HX

THE ALAN EDWARD HIGGS CHARITY

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

Page
Reference and Administrative Details 1
Trustees’ Report 2 to 5
Independent Auditors’ Report 6 to 7
Consolidated Statement of Financial Activities 8
Charity Statement of Financial Activities 9
Consolidated Balance Sheet 10
Charity Balance Sheet 11
Consolidated Statement of Cash Flows 12
Charity Statement of Cash Flows 13
Notes to the Financial Statements 14 to 29

THE ALAN EDWARD HIGGS CHARITY

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 5 APRIL 2023

TRUSTEES M F Knatchbull-Hugessen (Chairman) *
R T E Higgs
E L Barlow
M S Franklin (Death on 16 April 2023)
Ms E L Bates
A E W Barrett
S A Cooke
CLERK TO THE TRUSTEES Dr G Willcocks
PRINCIPAL ADDRESS The Coventry Building Society Arena
Judd's Lane
Longford
Coventry
CV6 6GE
REGISTERED NUMBER 509367 (England)
AUDITORS Armstrongs Accountancy Ltd
Chartered Accountants and Statutory Auditor
1&2 Mercia Village
Torwood Close
Westwood Business Park
Coventry
CV4 8HX
SOLICITORS Brindley, Twist, Tafft & James
Lowick Gate
Siskin Drive
Coventry
CV3 4FJ
Bates Wells & Braithwaite London LLP
2-6 Cannon Street
London
EC4M 6YH
BANKERS Metro Bank
Unit 70/71, Arndale Centre
59 Terminus Road
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 Churchyard
London
EC4M 8BU
*Trustee holding title to property

1

THE ALAN EDWARD HIGGS CHARITY

TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2023

The trustees present their report together with the consolidated financial statements for the year ended 05 April 2022. 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 new 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.

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.

Key management 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.

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.

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.

2

THE ALAN EDWARD HIGGS CHARITY

TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2023

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 Objectives and aims

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

Grantmaking

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.

As a charity the Trustees want to start moving away from core costs and large capital projects. In essence the trustees want to see a stronger focus at grass roots level, and funding projects that have an immediate impact.

The Trustees are especially concerned about helping children and families experiencing deprivation. Particularly deprivation of opportunity, in other words providing opportunities that they would otherwise not experience.

Specific areas that Trustees are interested in are:

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.

3

THE ALAN EDWARD HIGGS CHARITY

TRUSTEES’ REPORT FOR THE YEAR ENDED 5 APRIL 2023

ACHIEVEMENT AND PERFORMANCE

Grants made during the year amounted to £345,747 (2022: £215,981). A total of 51 (2022: 35) charities and organisations were assisted of which 43 (2022: 30) had not been assisted in the previous year with an average grant size of £6,779 (2022: £6,171). Full details of grants issued are shown in Note 5.

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 and Plough Hill Land are shown in note 13.

Drapers Bar was 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 during the current financial year.

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 13.

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 reduced on prior year reporting a total reduction of £573,209 (2022: £969,336) in the year as a result of capital gains losses of £921,995 (2022: £631,963) and income generated of £348,786 (2022: £337,373).

Total consolidated net (expenditure) / income of the group before gains and losses on all investment assets and transfers between funds for the year was £63,922 (2022: £35,192). Total consolidated net losses were £881,680 (2022: Gain of £634,326)

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 5 APRIL 2023

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 2023 the charitable group had total funds of £19,463,190 (2022: £20,408,932) of which £969,962 (2022: £408,528) related to the unrestricted income fund and £18,493,228 (2022: £20,000,404) related to the expendable endowment fund.

At 05 April 2023 the charity had total funds of £18,941,461 (2022: £19,886,657) of which £1,174,564 (2022: £578,069) related to the unrestricted free income fund and £17,766,897 (2022: £19,308,588) 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.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Trustees’ 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.

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

24/01/2024

Approved by order of the board of trustees on .............................................. and signed on its behalf by:

........................................................................ A E W Barrett - Trustee

5

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') a n d its subsidiaries (the ‘group’) for the year ended 5 April 2023 which comprise the Consolidated Statement of Financial Activities, the Charity Statement of Financial Activities, the Consolidated and the Charity Balance Sheet, 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).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

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.

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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Independent Auditors’ Report thereon.

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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

6

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

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 151 of the Charities Act 2011 and report in accordance with the 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 a Independent Auditors’ Report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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, or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

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.

Armstrongs Accountancy Ltd Chartered Accountants and Statutory Auditor 1&2 Mercia Village Torwood Close Westwood Business Park Coventry West Midlands CV4 8HX

Date: .............................................

7

THE ALAN EDWARD HIGGS CHARITY

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023

INCOME AND ENDOWMENTS FROM
Notes
Activities for generating funds
Rental income
Property management
Investments
Quoted investments
Interest received
Total income and endowments
2
EXPENDITURE ON:
Raising funds
Trading subsidiaries
3
Investment management costs
4
Charitable activities
Grants payable
5
Governance costs
6
Total expenditure
Net gains/(losses) on investments
12
NET INCOME/(EXPENDITURE)
Transfers between funds
Tax on profit
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
16		 2023
2022
Unrestricted
funds
£
Endowment
fund
£
Total
funds
£
Total
funds
£
116,353
110,200
-
-
116,353
110,200
112,429
133,500
348,786
-
348,786
337,373
3
-
3
4
575,342
-
575,342
583,306
54,745
-
54,745
44,786
14,521
155,467
169,988
221,137
345,747
-
345,747
215,981
68,784
-
68,784
66,210
483,797
155,467
639,264
548,114
40,315
(921,995)
(881,680)
634,326
131,860
(1,077,462)
(945,602)
669,518
429,714
(429,714)
-
-
(140)
-
(140)
-
408,528
20,000,404
20,408,932 19,739,414
969,962
18,493,228
19,463,190 20,408,932

CONTINUING OPERATIONS

All income and expenditure have arisen from continuing activities.

The notes form part of these financial statements

8

THE ALAN EDWARD HIGGS CHARITY

CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023

INCOME AND ENDOWMENTS FROM
Notes
Donations and legacies
Investment income
Total
2
EXPENDITURE ON
Raising funds
Charitable activities
Grants payable
5
Other
Total
Net gains/(losses) on investments
12
NET INCOME/(EXPENDITURE)
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
16
TOTAL FUNDS CARRIED FORWARD		 2023
2022
Unrestricted
funds
£
Endowment
fund
£
Total
funds
£
Total
funds
£
115,696
-
115,696
49,083
427,349
-
427,349
413,680
543,045
-
543,045
462,763
3,060
155,467
158,527
200,559
345,747
-
345,747
238,850
34,269
34,515
68,784
54,775
383,076
189,982
573,058
494,184
6,812
(921,995)
(915,183)
634,326
166,781
(1,111,977)
(945,196)
602,905
429,714
(429,714)
-
-
596,495
(1,541,691)
(945,196)
602,905
578,069
19,308,588
19,886,657
19,283,752
1,174,564
17,766,897
18,941,461
19,886,657

CONTINUING OPERATIONS

All income and expenditure have arisen from continuing activities.

The notes form part of these financial statements

9

THE ALAN EDWARD HIGGS CHARITY

CONSOLIDATED BALANCE SHEET

5 APRIL 2023

FIXED ASSETS
Notes
Tangible fixed assets
11
Investment property
12
CURRENT ASSETS
Debtors
14
Cash at bank
CREDITORS
Amounts falling due within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
CHARITY FUNDS:
Unrestricted funds
Income fund
16
Expendable endowment fund
TOTAL CHARITY FUNDS		 2023
£
2022
£
1,180
2,505
18,492,216
20,017,376
18,493,396
20,019,881
44,468
47,421
1,079,067
499,338
1,123,535
546,759
(153,741)
(157,708)
969,794
389,051
19,463,190
20,408,932
19,463,190
20,408,932
969,962
408,528
18,493,228
20,000,404
19,463,190
20,408,932

The financial statements were approved by the Board of Trustees and authorized for issue on and were signed on its behalf by:

.............................................

A E W Barrett - Trustee

The notes form part of these financial statements

10

THE ALAN EDWARD HIGGS CHARITY

CHARITY BALANCE SHEET

5 APRIL 2023

FIXED ASSETS
Notes
Investments
Investments
12
Investment property
12
CURRENT ASSETS
Debtors
14
Cash at bank
CREDITORS
Amounts falling due within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
Unrestricted funds
16
Endowment funds
TOTAL FUNDS		 2023
£
2022
£
16,257,547
17,816,210
1,509,350
1,509,350
17,766,897
19,325,560
212,999
235,769
1,030,528
429,492
1,243,527
665,261
(68,963)
(104,164)
1,174,564
561,097
18,941,461
19,886,657
18,941,461
19,886,657
1,174,564
578,069
17,766,897
19,308,588
18,941,461
19,886,657

The financial statements were approved by the Board of Trustees and authorised for issue on 24/01/2024 . ............................................ and were signed on its behalf by:

............................................. A E W Barrett - Trustee

The notes form part of these financial statements

11

THE ALAN EDWARD HIGGS CHARITY

CONSOLIDATED STATEMENT OF CASH FLOWS

5 APRIL 2023


Notes
Cash flow from operating activities
17
Tax paid
Net cash flow from operating activities
Cash flow from investing activities
Payments to acquire investments
Receipts from sales of investments
Investment gains on investment property
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 increase in cash and cash equivalents
Cash and cash equivalents at 05 April 2022
Cash and cash equivalents at 05 April 2023		 2023
£
(488,438)
(140)
(488,578)
(5,211,193)
5,847,861
(33,503)
3
348,786
116,353
1,068,307
-
-
579,729
499,338
1,079,067		 2022
£
(327,869)
-
(327,869)
(4,287,781)
2,568,879
-
4
337,373
112,429
(1,269,096)
-
-
(1,596,965)
2,096,303
499,338

12

THE ALAN EDWARD HIGGS CHARITY

CHARITY STATEMENT OF CASH FLOWS

5 APRIL 2023

Notes
Cash flow from operating activities17
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 2022
Cash and cash equivalents at 05 April 2023		 2023
£
(462,981)
(462,981)
(5,211,193)
5,847,861
3
348,786
78,560
1,064,017
-
-
601,036
429,492
1,030,528		 2022
£
(357,641)
(357,641)
(4,287,781)
2,568,879
4
337,373
76,303
(1,305,222)
-
-
(1,662,863)
2,092,355
429,492

13

THE ALAN EDWARD HIGGS CHARITY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

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.

Income from activities includes trading, rental and other property income and is recognised when the charity is entitled to the monies.

Investment income is earned through holding assets for investment purposes such as shares or property and includes dividends, interest and rent. Investment income is included when receivable.

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 settlement will be required, and the amount of the obligation can be measured reliably.

Costs of generating funds are those costs incurred in relation to trading, managing, and maintaining investments and an apportionment of support costs.

Charitable expenditure comprises grants to the charity’s beneficiaries and the costs in respect to managing and facilitating grant making activities as well as an apportionment of support costs.

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.

Support costs consist of the clerk's salary and associated overheads which are allocated on a time basis between investment management, charitable activities, being grant making and other charitable activities, and governance, being most consistent with use of the resources.

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit, legal fees, and overheads together with an apportionment of support costs.

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

14

THE ALAN EDWARD HIGGS CHARITY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

1. ACCOUNTING POLICIES - continued

Expenditure

scheme is 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.

Tangible fixed assets

Tangible fixed assets are recognized 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 the 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 recognized in the statement of Financial activities in the period the disposal takes place.

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.

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.

Taxation

The charity is exempt from tax on its charitable activities.

15

THE ALAN EDWARD HIGGS CHARITY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

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 recognized as 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 authorizing these financial statements. The budgeted income and expenditure are sufficient with the level of reserves for the charity to be able to continue as a going concern.

Income accounting

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

Expendable endowment fund comprises the original capital fund and gains thereto together with subsequent donations of a capital nature. The policy of the trustees is to retain capital in an endowment fund in order to generate income from which grants are made. The fund is represented by the capital investments included in investment assets less any appropriate creditor.

Income fund represents investment income and other income less expenditure and grants made.

2. DONATIONS AND LEGACIES

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

3. TRADING SUBSIDIARIES

Management and administration costs of the trading subsidiaries
Property Management Company
Salaries and national insurance
Legal and professional charges
Rent, rates and insurance
Telephone
Computer costs
Postage and stationery
Entertaining
Repairs and renewals
Travelling expenses
Audit fees
Accountancy
Bank charges
Sundry expenses
Depreciation		 2023

£
27,270
5,204
5,453
5,343
4,035
823
31
298
750
2,940
875
292
106
1,325
54,745		 2022
£
22,799
3,980
4,297
3,076
-
953
199
1,584
290
3,900
1,915
287
181
1,325
44,786

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

16

THE ALAN EDWARD HIGGS CHARITY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

4. INVESTMENT MANAGEMENT COSTS

Fund managers' charges
Clerks salary and overheads
Agents’ fees
Legal and professional
Repairs
Insurance
Sundry expenses		 Income
£
-
-
6,286
-
3,394
3,916
925
14,521		 Endowment
2023
£
£
-
-

-
-

5,784

12,070
102,984
102,984
46,699
50,093
-
3,916
-
925
155,467
169,988
 2022
£
54,362

11,434

9,842
73,474
58,001
13,513
510
154,830

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

Investment management costs were £169,988 (2022: 221,137) of which £155,467 (2022:65,796) were attributable to the endowment fund and £14,521(2022: £155,341) attributable to the income fund.

5. GRANTS PAYABLE

Grants payable 2023 2022
£ £
Acacia Family Support
To improve the mental health of women with pre/postnatal depression
across Birmingham 1,000 -
Acorns Children's Hospice Trust
Expand our family services, providing vital psychosocial support to as
many families as possible 15,000 -
African Women Impact UK
Support for young refugees with mental health 4,500 -
Armonico Consort Limited
Providing singing holiday opportunities for children in deprived areas of
Coventry/Solihull 8,502 -
Barnardo’s
Funding for Coventry children's rights service for care experienced
children and young people 10,000 -
Beyond the Horizon
Teaching parents’ therapeutic techniques to support children through
bereavement or family breakdown 2,500 -
Bipolar UK
To support individuals with Bipolar, their families and their carers - 2,552
Birmingham Disability Resource Centre
To empower disabled people in deprived areas of the West Midlands - 3,478
Brain Tumour Support
To provide support for anyone who has received a brain tumour
diagnosis living in the West Midlands 4,217 3,168

17

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

5. GRANTS PAYABLE - continued

Carriers of Hope
To provide emergency support to asylum seekers, refugees, and migrants 28,242 12,000
Child Brain Injury Trust
Supporting children following Brain Injury 2,000 -
Children's Hospital Pyjama's
Provide children & young people in hospitals, hospices & refuges with
pyjamas 3,000 -
Children with Cystic Fibrosis Dream Holidays
To provide respite for a family from Coventry - 1,580
City Year UK
Creating pathways to employment and leadership for NEET young
women 15,000 -
Clothing Coventry
To support Coventry with a free school uniform clothing bank 15,000 -
Compass Support Services
To support children and families to enjoy outdoor play - 5,000
Coventry City Mission
Providing vulnerable children in Coventry with Christmas gifts
2,500 2,500
Coventry Music Trust
Music education for those in challenging circumstances 12,171 -
Coventry Rugby Community Grant
Healthy, social, physical activity and nutrition for disadvantaged
children across Coventry 7,620 -
Eglise Armee des Vainqueurs
Re-instate youth club facility closed due to the effect of Covid 1,500 -
Engineering Development Trust
To fund a STEM experience day for young people - 990
Etch and Pin
Support with Coventry children's books donated to local primary
schools 1,000 -
Family Holiday Charity
Helping families facing multiple disadvantages to create happy and
positive memories 12,000 -

18

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

5. GRANTS PAYABLE - continued

Feeding Coventry
To secure the CEO role for the next 2 years, enabling sustainability 10,000 -
Grapevine Coventry & Warwickshire
To provide support and advocacy to young people with autism and
disability absent from school 25,000 -
Happy Days Children's Charity
Leisure time activities for children with special needs in Coventry 8,000 1,000
Highly Sprung Performance
Development of new cultural performance and educational project for
children aged 3-7 12,000 -
Holbrooks Community Centre
To buy equipment for the kitchen - 1,000
Home Start North & Inner City
To provide volunteer support to vulnerable families with young children - 3,250
Huntington's Disease Association
To provide information, support, and advocacy for the Huntington's
disease community across the West Midlands via our local specialist
Huntington's disease advisory service 2,000 -
Independent Provider of Special Education Advice
Training to improve educational support for children/young people in
Birmingham with SEND 3,000 -
Insight - Counselling Coaching & Support Service
2-stage therapeutic programme - 1:1 counselling then a sibling’s group
for young carers 1,000 -
Kairos WWT
To support young women, aged 18-25, at risk of sexual exploitation 10,000 7,000
Karis Neighbour Scheme
Seeking funds for work that supports families/older people in
challenging circumstances 5,000 -
Kids Out
To bring happiness to some of the UK's vulnerable and disadvantaged
children 3,700 -
Lennox Children's Cancer Fund
Essential support for children with cancer in the South and West
Midlands 2,500 -
Level Water
Swimming lessons for children with disabilities, Birmingham - 3,000

19

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

5. GRANTS PAYABLE - continued

Lifespace Trust
To recruit, train and supervise two volunteer members - 1,026
London Midland Railway Club Association
Installation of community sports facilities for local residents in an area
of deprivation 3,000 -
Making Space
Funding vital activities for people living in our extra care Coventry
service 1,000 -
Martineau Gardens
To support environmental education at the gardens for children from
Birmingham primary schools - 2,500
Media Mania
Improving pathways to create industries for young adults with multiple
disadvantages in Coventry 10,000 -
Motor Neurone Disease Association
Care for people with Motor Neurone Disease in Coventry and
Warwickshire 2,000 -
New Parks Club for Young People
New crucial safe space for disadvantaged 14-25 year old activities 5,000 -
NSPCC
To support the NSPCC's Schools Service in the West Midlands - 10,000
Outreach & Community Action Project
To use performing arts do support disadvantaged young people - 5,000
Over The Wall
To enable children affected by serious illness access therapeutic camps and
activities		 8,000 -
Positive Youth Project 13,602 -
Delivering 264 hours of engaging safeguarding themed activity
Refuge
Funding towards our refuge in Nuneaton, supporting women and child 17,489 12,500
domestic abuse survivors
RicNic
Community arts project for creative young people to gain experience, build 2,000 -
confidence & key skills
Roald Dahl's Marvellous Children's Charity
To provide specialist nurses for seriously ill children living with complex, - 25,000
lifelong conditions
Sandwell African Women Association 3,000 -
Jobs skills training to reduce household poverty
Sandwell Youth in Action Provision of core costs - 20,525

20

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

5. GRANTS PAYABLE - continued

Sense
Sense Forest School for children with deaf and blindness and their
families in Birmingham - 10,000
Solihull Moors Foundation
Towards our Ability Counts project: sporting & social opportunities for
children with disabilities 3,000 -
Stoke Community Club Limited
To make urgent improvements to community facilities - 5,000
Tall Ships Youth Trust
To enable 5 disadvantaged young people from Coventry or
Warwickshire to take part in a voyage 1,500 -
Tastelife UK
Combating mental health eating disorders amongst young people aged
14-25 2,450 -
Teenage Cancer Trust
To support 'Bridging the Gap' a nursing and support outreach
programme for young people in the West Midlands with cancer - 7,000
The Anne Frank Trust UK
Equipping young people with skills and confidence to challenge
prejudice and discrimination 2,500 -
The Brainwave Centre Ltd
Funding for four families living within a 25 mile radius of Coventry 3,600 -
The Brilliant Club
The Scholars Programme supports disadvantaged students to access
competitive universities 7,654 -
The Bryntail Cottage Charity
To refurbish the fabric at the cottage - 3,000
The Lullaby Trust
To provide support to bereaving families - 5,000
The Open Theatre Company
A nonverbal physical theatre workshop for young people with profound
and multiple disabilities 3,000 -
The Orchestra of the Swan
To work with visually impaired young people at the Priestley Smith
School leading to a musical performance - 5,000
The Royal Life Saving Society UK
To fund research to understand lack of water safety training in
ethnically diverse communities - 5,000

21

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

5. GRANTS PAYABLE - continued

The Respite Association
Supporting West Midlands families who are carers to have a respite
break
The Royal Society for Blind Children
Delivery of families first services supporting visually impaired children
and their families
The Shakespeare Hospice
To support the Day Hospice
Three Spires Family Support Trust
To improve the lives and life opportunities of vulnerable children in
Coventry
Tile Hill Community Partnership
To support outreach to schools embedding a non-violence culture
Voluntary Action Coventry
To support people experiencing disadvantage to access volunteering
opportunities
Warwickshire Social Inclusion Partnership
To work with people with long term mental illness in North
Warwickshire
Whizz-Kidz
To provide bespoke mobility equipment for young wheelchair users in
Coventry
Worth Unlimited
A learning hub providing skills & qualifications for disadvantaged
young people
Young Lives vs Cancer
To support our grants scheme for young cancer patients and their families
Young People First
To support the Peer Mentoring Programme for looked after children In
Coventry		 5,000
-
5,000
5,000
-
20,000
6,000
-
1,000
8,000
-
-
3,080
-
6,000
5,000
5,000
-
3,000
-
9.832
345,747
215,981

22

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

6.

GOVERANCE COSTS

Salaries and overheads
Trustee expenses
Rent, rates and insurance
Telephone
Postage and stationery
Motor expenses
Audit fee
Accountancy
Sundry expenses
Computer costs
Bank charges
Legal fees		 2023
£
47,835
5,050
8,027
-
-
-
-
3,199
1,679
1,734
-
1,260
68,784		 2022
£
38,080
2,400
1,842
1,318
724
1,159
14,500
3,333
320
735
30
1,769
66,210

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.

7. ALLOCATION OF SUPPORT COSTS

Investment Grant making Other Governance Total
management £ Charitable £
£ £
Clerk Salary and overheads 3,375 13,500 10,125 6,750 33,750
% Allocation 10% 40% 30% 20% 100%

8. AUDITORS’ REMUNERATION

The auditor’s remuneration for the audit of the charitable group constituted an audit fee of £10,140 (2022: £19,830) and additional accounts and advice of £4,074.

23

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

9. STAFF COSTS

Salaries
Social Security
Pension
Average number of employees		 2023
£
71,154
2,609
713
74,476
2		 2022
£
69,281
2,913
119
72,313
2

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 £713(2022: £119).

There were no employees earning over £60,000 per year (including benefits).

The total amount of employee benefits (including employers National Insurance) received by key management personnel was £33,750 (2022: £49,514). 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.

10. TRUSTEES' REMUNERATION AND BENEFITS

The trustees received fees of £nil during the year (2022: £Nil).

Total expenses of £5,050 (2022: £2,400) were paid to 4 (2022: 4) of the trustees.

Trustees' expenses
2023 2022
£ £
Trustees' expenses 5,050 2,400

24

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

11. TANGIBLE FIXED ASSETS – GROUP

Long
Leasehold
£
COST
At 06 Apil 2022
-
Additions
-
Disposals
-
At 05 April 2023
-
DEPRECIATION
At 06 Apil 2022
-
Charge for year
-
On disposals
-
At 05 April 2023
-
NET BOOK VALUE
At 05 April 2023
-
At 05 April 2022
-
Cost and market value at 06 April 2022
Acquisitions
Sale proceeds
Investment gains / (losses)
Cost and market value at 05 April 2023
Historic cost as at 05 April 2022
There are no tangible assets held within the Charity.
12.
FIXED ASSET INVESTMENT – GROUP		 Fixtures and
fittings
£
3,737
-
-
3,737
3,737
-
-
3,737
-
-
Investment
properties
£
2,201,850
-
-
33,503
2,235,353
733,498		 Computer
equipment
£
23,762
-
-
23,762
21,257
1,325
-
22,582
1,180
2,505
Quoted
investments
£
17,815,526
5,211,193
(5,847,861)
(921,995)
16,256,863
14,015,074		 Total
£
27,499
-
-
27,499
24,994
1,325
-
26,319
1,180
2,505
Total
£
20,017,376
5,211,193
(5,847,861)
(888,492)
18,492,216
14,748,572

The investment properties were professionally valued by Carters Chartered Surveyors during March 2021. The Trustees have assessed the market value as at 5 April 2023 and do not consider the value to have moved significantly since the valuation date.

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 2023.

25

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

FIXED ASSET INVESTMENT – CHARITY

FIXED ASSET INVESTMENT – CHARITY
Cost and market value at 06 April 2022
Acquisitions
Sale proceeds
Investment gains / (losses)
Cost and market value at 05 April 2023
Historic cost as at 05 April 2022		 Investment
properties
£
1,509,350
-
-
-
1,509,350
413,675		 Quoted
investments
£
17,815,526
5,211,193
(5,847,861)
(921,995)
16,256,863
14,015,074		 Unquoted
investments
£
684
-
-
-
684
30,000		 Total
£
19,325,560
5,211,193
(5,847,861)
(921,995)
17,766,897
14,748,572

13. FIXED ASSET INVESTMENT – CHARITY

The following companies are wholly owned by the charity:

Hope Property Managements Ltd - property dealing company (Company no. 00348703)

Plough Hill Land Ltd - for the purpose of developing land in Nuneaton as a joint venture project (Company no. 09033788)

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

Results of active companies
Year ended 31stMarch 2023
Hope Property Management Ltd
Plough Hill Land Ltd
Year ended 31 March 2022
Hope Property Management Ltd
Plough Hill Land Ltd
Summary of balance sheets
Year ended 31stMarch 2023
Hope Property Managements Ltd
Plough Hill Land Ltd
Year ended 31stMarch 2022
Hope Property Managements Ltd
Plough Hill Land Ltd
Value of the investments		 Turnover
Gross
Profit
£
£
37,793
37,793
-
-
37,793
37,793
36,126
36,126
-
-
36,126
36,126
Fixed
assets &
properties
£
727,183
-
727,183
2,505
-
2,505
2023
£
684		 Administrative
expenses
£
66,206
-
66,206
53,930
-
53,930
Stock, debtors
& cash
£
66,283
-
66,283
407,885
6,631
414,516
2022
£
684		 Other
income
£
110,200
-
110,200
133,500
-
133,500
Due to
charity
£
(186,406)
-
(186,406)
(206,696)
-
(206,696)		 Operating
profit
£
81,787
-
81,787
115,696
-
115,696
Other
creditors
£
(91,278)
-
(91,278)
(60,044)
(250)
(60,294)		 Gift Aid
£
115,696
-
115,696
49,083
-
49,083
Net assets
£
515,782
-
515,782
143,650
6,381
150,031

26

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

13. FIXED ASSET INVESTMENT – CHARITY-Continued

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.

14. DEBTORS

DEBTORS
Amounts due to subsidiary undertakings
Prepayments and accrued income		 2023
2022
£
£
-
-
44,468
47,421
44,468
47,421
Group		 2023
2022
£
£
186,406
206,696
26,593
29,073
212,999
235,769
Charity
£
206,696
29,073
235,769

15. CREDITORS

CREDITORS
Trade Creditors
Deferred income
Grants payable
Amounts due to subsidiary undertakings
Other creditors and accruals		 2023
2022
£
£
-
-
3,000
3,000
-
-
-
-
150,741
154,708
153,741
157,708
Group		 2023
2022
£
£
-
3,000
3,000
-
5,558
5,571
60,405
95,593
68,963
104,164
Charity
£
-
3,000
-
5,571
95,593
104,164

27

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS

GROUP

Tangible fixed assets
Investment assets
Current assets
Creditors
Total assets
CHARITY
Investment assets
Currents assets
Creditors
Total net assets		 Income
£
1,180
-
1,122,523
(153,741)
969,962
-
1,243,527
(68,963)
1,174,564		 Expendable
endowment
£
-
18,492,216
1,012
-
18,493,228
17,766,897
-
-
17,766,897		 Total
£
1,180
18,492,216
1,123,535
(153,741)
19,463,190
17,766,897
1,243,527
(68,963)
18,941,461

INCOME FUND - The income fund includes all current and prior periods retained surpluses and deficits.

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.

28

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

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

Net income/ (expenditure) for year
Depreciation and impairment of tangible
fixed assets
Dividends and other investment income
received
Rents received from investment properties
Interest received
(Gains)/ losses on investments
(Increase)I_decrease in debtors
Increase_I(decrease) in creditors
Net cash flow from operating activities
Analysis of changes in net debt
2022
£
Cash and cash equivalents
499,338		 2023
2022
£
£
(945,602)
669,518
1,325
1,325
(348,786)
(337,373)
(116,353)
(112,429)
(3)
(4)
921,995
(631,963)
2,953
(3,632)
(3,967)
86,689
(488,438)
(327,869)
Cashflow
2023
£
£
579,729
1,079,067

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

Net income (expenditure) for year
Dividends and other investment
income received
Rents received from investment
properties
Interest received
(Gains)/ losses on investments
(Increase)/ decrease in debtors
Increase/ (decrease) in creditors
Net cash flow from operating activities
Analysis of changes in net debt
Cash and cash equivalents



2022
£
429,492		 2023
2022
£
£
(945,196)
602,905
(348,786)
(337,373)
(78,560)
(76,303)
(3)
(4)
(921,995)
(631,963)
22,770
25,482
(35,201)
59,615
(462,981)
(357,641)
Cash Flow
2023
£
£
601,036
1,030,528

18. ULTIMATE CONTROLLING PARTY

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

29