REGISTERED CHARTfY NUMBER: 5119367 CONSOLIDATED FINANCIAL STATEMENTS FOR YEAR EI¥4DED 5 APRIL 2(124 THE ALAN EDWARD HI S CHARJTY Arnistrongs Accountancy Ltd Chartered Accountants 21]d Statutory Auditor 1 &2 Mercia Villag¢ Torwood Clos¢ W¢$twood Business Park Coventy W¢stMidl3nds CV4 8HX
THEA WARD HIGGS CHAIUTY CONTETrITS OFTHE FINANCIAL STATEMENTS R THE YEAR E DED S APRIL 2024 Page R¢f¢r¢n¢e and Admlntstrallve Detlls Report of the Tru8tse8 2 to 5 Report of the Independent Auditors 6 to 7 Cowlidted Staternent of Flnanclal Acthpltios Charlty Statement of FSn&Dclal Aetlvltles Con8olldated Balance ShÈtt 10 ChArky B#l#n¢e Sheet Consolidated Ca5hflow 12 Charlty Cashflow 13 Notes to tbe Flnan¢lAI StAtrments 14 to 28
THE ALAN EDWARD HIGGS CHAIUTY REFEREf4CE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED S APRIL 2024 TRUSThES M F Knatchbull-Hugessen E LBarlow M S Franklin (death on 16 April 2023) A E W Batrett (chairmAn) Ms E L Bates S A Cooke CLERK TO THE TRUSTEES Dr G Will¢ocks PRINCIPAL ADDRLSS The Coventy Building Society Arena Judd's IAne Longford Covcnty CV6 6GE REGISTERED NUMBER 509367 (England) AUDITORS Arnistrongs A¢¢ountaD¢yL1d Chartered Accowhtsnts and StatutoryAuditor 1&2 M¢wia Village Tonvood C105e WestwoodBusine55 Park Coventy CV4 8HX SOLICITORS Brindley. TwisL Taffi & James Lowick Gate Siskin Drive Cov¢nty CV3 4FJ Bates Wells & Btaithwaite London LLP 2-6 Catmon Street London EC4M 6YH BANKERS Metro Bank Unit 70ni. Arndale Centre 59 Temiimis Road Eastixiurn¢ BN213NW IMSTI¥l]T FufqD Raihlxine Investm¢ntManagcment Limited 8Fin5bury CITCUS London EC2M 7AZ Rufftrs LLP 80 Victoria Street London SWIE5JL SaTasin & PaTtner5 LLP Juxon Housc 100 St. Paul's Churchyard London EC4M 8BU *Truslee holdin8 title lo property Pag¢ I
THE ALAf4 EDWARD HIGCS CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED S APRIL 2024 The trustees pres¢nt tb¢iT report together with the consolidated financial statements for th¢ year ended 05 April 2024. The lrustees have adopted the provisions of the Statement of Re¢omm¢nded PTacti¢e (SORP) "Ac¢ounting and Reporting by Charities" in preparing the annual report and finan¢ial statments of the Charity. Thc financial statements have been prepared in accordance with the aCUting policie5 Set out in notes tothe accounts and comply with the chaTity's governing do¢uTnenL the Charities Act 2011 and Accounting and Reporting by ChaTitics: Statement of RecommEnded Practice applicable to charities preparing their accounts in &ccordance with ihe Financial Reporting Standard applicable in the UK and Republic of Ireland publishcd in October 2019. STRUCTURE, GOVERNANCE AND MANACEMENr Governfillg document Thc charity is an unincorporated charity and was created after the death of MT. Alan Edw8rd Higgs in 1979 in accordance with the ternis of his will and 18 constituted under a tst deed dated 28 Septembei 1979. It js a Tegistercd charity (number 509367). Under the terms of the ITUSt deed for a period of 21 ye8r$ froTn the death of Mr. A.E. Higgs surplus income wa5 accumulated in the capita] fijnd Trnsttes The trStee5 are the individuals that are responsible for controlling and governing thc chaTitabl¢ 8roup. The trustees who held o(fice (luring the year and at the date of this report are in the adminislralive infomi&tion on page l. Re¢rnitmenÈ 4ppfjintment. induction, And trainlng of new trt New trnst¢¢s are appoint¢d by the continuing IMte$. The Cllent approach is to h&v¢ at least fouT trustees, with spread of ¢xperi¢nc¢ that gives the ability io understand when they need to take external professional advice. The trustees have hitherto not felt the need for any fvrther detai] in person 4)e¢ifi¢ation. The job description of the duties and responsibilities of a ttuste¢ ar¢ spelt out h¢lpfvlly by the Charity Commission. Orgnisatlonal structure The trustees hold regular meetings to make grants arkd T¢Vi¢W inve5tn)ent Ftrfornianc¢ within a strategic policy framework ¢overing 411 its activitie5. including serveS and risk manag¢m¢nt, whi¢h is reviewed annually, Day-to-day administration of grants made by th¢ trngtee$ and the pr¢8¢ntaiion of applItIOnS for consideration by the trnstees is delegated to th¢ ¢l¢rk. The Cle acts for the trustees in furthering the charity's objects tIOugh partnerships, working with a vaTiety of organisaiions concerned with gTOUP5 or arcas of disadvantage within the beneficial areL Management Day tt) day management of the charity is delegated to the Cl and his staff who operatc within the guidelTrncs set by the trustees and the financial limits of the charity whilst pursuing its charitsble objects. Where necessary thc clcrk and trustees will consult with and take advic¢ from the ch8rity's professional adviser5. Key mallagement remuneration As an endowed grant giving charity, thc numbcT of persomlel is Itmited. The number of ¢rnployee5 aThl l¢vels of remuneralionare discloyed in th¢ notcsto thc accounts. Thctrnstees review the level of remuneration in linewitb dutie inflation. and myTkct factors, taking professional advic¢ as appropriate. Relted parties The charity has four wholly owt)¢d ¢ompanie4 one ofwhich is apropertydealer, one ofwhich]nanagedbaraDd terIng facilities as part of 8 wid¢r ¢haritsbl¢ mixed moliv¢ social investsnent. one of which is for the ¢h8Tity to participat¢ ill joint venreS and one of which is to parti¢ipat¢ in th¢ d¢velopment of housing. Any profits in the5¢ rompani¢s ar¢ distributed to the charity by way of gift aid Yments. Details of the Companies are sbown in not¢ 15. Principal risks uncertaintles Th¢ Irustees wn5ideT the rnajor risks to which the ¢hority is exposed and review them to estsblish systems and pro¢¢dur¢s to manage thos¢ risks. 21Page
THE ALAN EDWARD HI GS CHARITY REPORT OF THE TRUSTEES FOR THE YEAR EI¥DED S APRIL 2024 As an endowed charity the Pri1paI risks and uncertainti¢s relate w the underlying value of its investments and th¢ potential income Stream gen¢rated from these sources, including rentsl income from itivestment properties and inve8tm¢nt in¢om¢ and gains on managed portfolios. Market conditions and business confid¢n¢e may have an adverse impact on investment assets. The tnLStees mitigate risk by taking independeni professional advi¢¢ from investhient managers and are able to vary the level of grani expenditure based on investment r¢Ntns received. sh¢)uld this be required. OBJECTIVES AND ACTIVITIES Objeetlves and alm$ The objectives of the charity are as follow$: To support ch&ritable purposes selected by ihe Ttee5 that benefit, either wholly or primarily. th¢ residents within a 25-mile radius of Coventry city center. To all( th¢ ¢harity's fid5. AS much as practicable. tow4r(Ls prom1n8 ohild w¢lfarn. Trith a particular focus on underprivileged children. To enable the tru51ees to Work with or contribuie to other charities whose obje¢tiv¢s are substantidty similar to th08¢ of our own ¢harity. The tftlees aim to serve a broad 5ewent of th¢ community within the defined geogr&phical area. Thry welcome grant applicatioDS from local organisations. associations, and national ¢ntities. provided that the proposed grants will directly benefit individuals residing within the srKcified region. Gellerally. applicaliotts from individuals are Thot on5idered. For local bodies and orgAni2alions s¢ekin8 8rant$, Ihe initial point ofcontact is th¢ Clerk to the trustees. Application5 8r¢ first r¢vi¢wed to ensure aligom¢nl with th¢ charity's objectives. The trustr¢$ conven¢ Tegularly to ttss¢ss these applications and allocate grants where appTopriaie. In evaluatinB the charity'g objeclive4 plaDDill8 fu1¢ activltiex, and r¢vi¢win8 8rant applic4tion4 the Trustees r¢f¢T lo the Charity Commi8SiOJ)'s g¢neral guidance on public benefit to ¢nsur¢ adherence to best practices and compliAn¢e with regulatory standards. ACHIEVMENTS AND PERFORMAIYCE Gr*ntmaklDg The trustees are d¢¢ply committed to ensuring that the application pro¢ess is as streamlined, transparen¢ and ac¢¢s$ible possible. By embracing digitsl tools and simplTfying proceduTe& they aim to make the experience for applilS more efficient and less burdensome. fostering greater participatiott and innovation among those seeking suppo As part of a strategic shift, the trustees have also d¢¢]d to gradually move away from fimdin¥ core operational costs and large capital PTojectS. tnstead. they ar¢ redirecting their focus towards initiative$ that operate at the 8ras$roots level, emphasising support for projects that deliver immediate and tangible benefits to ¢omTnunities. This pivot reflects desire to fost¢r dire¢t and visible outcomes, especially in Ar where they are needed m05t. PATti¢ularly cl(w to the Irustees, hearts is the goal of supporting children and famili¢s who are facing depriwdtion. Tbe trustees ar¢ ¢sp¢cially concerned with addr¢ssing the deprivation of opportunity-se¢king to provide experiences and opportunities that these children and families might oth¢rwi$e never have. By prioritising these vulnerabl¢ group4 the ¢haTity aims to ¢re&te lasting change and open Trew doors for those most in need.
AN EDWARD HIGGS CHARrrY REPOR T OF THE TRUSTEES FOR THE YEAR Ef4DED 5 APRIL 2024 Specific areas that trustees aTe interested in ar¢.. l. Early year&Early start- 50cioI and d¢v¢lopm¢ntsl support 2. Family suPrt and protection Inching debt counselling and refvg¢ 3. Holidays 4. A¢¢ess to opportunity and experience 5. Young Carers 6. 0k¢d after children and those coming oul of ¢are The trustees hve contributed £250,000 to the endowment fijnds of the Heart of England Community Fund, a Sum that was matched by the Community Fund to establish the Alan Higgs Community Fund. Afi¢r care1 review of th¢irgrani- making processes, the trustees ¢on¢luded that the Community Fund is b¢tt¢r equipped lo admini8t¢r small grants to smaller organisalion5 than the charity its¢lf. This ¢ollaborntion enable5 the fimd to reach deeper into the community. providing support to smaller. and often less foTmally strnctUTed, OTganization8 within the charity's area of benefiL Th¢ ChaTity has thken the fst steps in redrawin8 Its grant making strategy. The websit¢ was success11Y launched, and applicalions are now mad¢ on-line. This has enabled a wider ran£e of organisalions to make applications for fundin& The Ttse5 are detern)ined to mak¢ th¢ appIltion process as efficient and open as p085ible for app)i¢ts. ACHIEVEMENT AND PERFORMANCE During ihe year grants totaling £278,608 wer¢ awaTded, compared to £345,747 in 2023. A total of 33 ¢harities and organisations received assistance, down from 51 in th¢ previous y¢ar. Notably> 22 of these re¢ipienls had not rec¢iYed sUPP)rt in the prior year, ¢ompar¢d to 43 new recipients in 2023. The averag¢ grant gize increased to £8,443, up from £6.779 ill 2023. Detailed inforniation about the gr4t)ts issu¢d can be found in Note 5. FUndlSIng Standards Information The tThstees do not involve th¢ ¢harity in any fundraising activities. The in¢ome of the cbarity is obtained from th¢ inv¢stm¢nts comprising the tNst fund. Subsldl8ry tTDdertAking$ The results and headline balance sh¢¢t accounts for Hope Property Managetllents Limited and Plough Hill Land are sholvn in not¢ 13. FINANCIAL REVIEW Th¢ finan¢i41 siatements for the yeaT include a ¢onsolidated Statement of Financial A¢tivitie5, Balance Sheet. and Stat¢menl of Cash Flows, which incorporate the finan¢ial r¢5uIt5 of the charity and it$ wholly owned Subsidiary companies. Detailed inforniation regaTding these companies can be found in Note 13 of the finanoial statements. Th¢ ¢haritabl¢ group continues to rely signifjcantly on in¢om¢ generad from its inveskn¢nt assets lo support its a¢tiviti¢$. Th¢ charity's investment portfolio, ComSed of quot¢d xnv¢stments. is managed with the dual objectives of achieving capital appreciation and income growth. Durittg tb¢ year. th¢ value of these invesknen15 saw a notabl¢ in¢rease? yielding & total return of £1,572,130, a significani improvement compared to th¢ previous year's loss of £573.209. This positive return was driven by capitsl gains amounting to £1.192223. in ¢oThtr8st to the previo8 Ye.5 capital loss of£921,995. by income generated from the portfolio totaling £379.907. an incr¢Es¢ from £348,786 in 2023. The total consolidated net income of the group b¢for¢ a¢wuJ)ting for gains and 1085es on inveslment assets and transfers between funds, amounted to £62.904. $lightly lower than the £63,922 reported in the Previous year. However, wh¢n considering the net gains on inv¢stm¢nt assets, the group achieved a con501idated nel gain of £1,278.223, a substantial turnaround from the net loss of £881.680 re¢orded in 2023. 41Pag
THE ALAN EDWARD HIGGS REPORT OF THE TRUSTEE FOR THE YEAR ENDED S APRIL 2024 Inv¢stment pollcy and performanct Th¢ trust¢¢s' powers of investment are defined by the provisions of the trust deed. In line with these provisions, the tNstees have delegated the mana8ement of the chgrity's quot¢d investments to three fund managers, who operat¢ on a discretionary basi$. The primary investment objectiv¢ is to a¢hiev¢ long-tenn capitat gnd illcome groTh¢h that ¢xc¢¢ds th¢ fvnd. b¢n¢hmark. To this end. the trustees have initi8ted 8 comprehensive review of the charity'5 inve8tm¢n18. Consultants hav¢ be¢n ¢n8ag¢d to assist in this process, leading to the devel(yment of A new irJv¢$Lment poli¢y. The trnstees are currently evaIuating all existing investments to en$uTr they align with this updated policy, Th¢ s¢le¢lion of assets employed to Tneet the invesiment objectives will remain ¢on51slent with the guidelines set forth in the trust deed. The fund manageTS ar¢ prohibit¢d from engaging in specu]ative activities, the investment portfolio may not be leveTaged, and the majority of inv¢stments musl be easily Convertible to cash. Additithally. the trustee8 rew1 the pot¢ntial value of makin8 social investments that align with th¢ ¢harity' mission. In suob cases. the trnste¢y will 4dh¢r¢ to the Charity Commission's guidelines outlin¢d iti "Charity Soci81 Inv¢8tm¢ot" and will seek professional advice before proceeding with any 8ociaL investment decisions. Regarditig reSidtial inv¢stm¢nts. d¢cl5iCS to sell made base41 on 4 thorSh Teview of each proFtty'$ valuation and cir¢umstsnces upon vacancy. However. as the majority of the houw have now undeTgon¢ complets renovatiofy it ts likely that they will be ret&iDed r¢Jrto1 PfOF¢Mies to sVprt th¢ chArity's income. Reserves PDIICY Th¢ trust¢es xim over a period of time is to m&intain free Tes¢rv¢8 in unr¢8tri¢ted fvnd8 &t a level whioh equates to approximately one year's rharilable expenditure. At 05 April 2024 the charitable 8roup had lolal funds of £20,795,724 (2023.. £19.463.190) of which £850.419 (2023.- £969.962) related to the unrestricted income fund and £19,945,305 (2023: £18.493,228) related to the expendable ¢ndowm¢nt fijnd. At 05 April 2024 the charity had lolal funds of £20,224.552 (2023: £I8.941.461) of which £1.174,56412023- £1,174.564) related to the unrestricted free income fimd and £19,132,974 (2023: £17,766,897) related to the expendable endowment fund. Based on current levels of income and ¢xpendi¢ure the charity has more thaD sufficient fTee Teserves to meet at least one y¢aes ¢haritabl¢ ¢xpenditure. Plan$ for the fvture The trustees are actively refjning and expanding their 8rant-makin8 8trnt¢gy with a focu5 on maximising the impact of the they distribute. As part ofthi5 ongoing developmenl they are exploring ways to enhance communi¢ation and foster more effectiv¢ dialogue with srant applicts. By improving the exchange of information and understanding between the charity F4nd those se¢kin8 fimdin& th¢ trnsle¢s aim to ensure that grallts are awarded Én a manner that most elyeotivoly 5UPPOrt5 the intende41 outwmes. This approach tsol (mly helps to ali8tt the ¢harity's $our¢es with the needs of the communities it serves but also allows for more sttate8lC And impactful 8rant-makiDg decisions. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees are responsible for preparing the Report of the Trust¢¢s and th¢ financial statements in a¢ooTdance with applicable law and United Kingdom Accounting Standards (Unit¢d Kingdom Generally Accepted Accountin8 Practice). The law applicable to charities in England & Wales requires the tru5t¢¢5 to PTepare fInCIal statements for each financial year which give a trne and fair view of the state of affiiry of th¢ thaTity and of the incoming resources and application of resources of the charity for that period.
THE ALAN EDWA HICGS CHARITY REPORT OF THE TRUSTEES FOR ThE YEAR ENDED S APIUL 2024 STATEMENT OF TRUSTEES, RESPONSIBILITJES s¢lecl suitsble accounting poli¢i¢s and ihen apply them consist¢ntly' observe the method5 artd prin¢iples in the Charity SORP, (FRS102) ak¢ judg¢m¢nts and eimate5 that are reasonable and prudent state whether applicable accollnting standards have been followed. $ubje¢t to any material d¢partures disclos¢d and ¢xplain¢d in the financial statements. prepare th¢ financial statements on the going conc¢rn ba815 unless it is inappTopriat¢ to presume that th¢ charity will continue in business. Th¢ Iruytee5 arc Tesponsibl¢ for k¢eping proper accounting records which dis¢lose wtth reasonable aCCUTacy at any tim¢ th¢ finan¢ial position of ihe charity and to enable th¢m to enSUTe that the financial statements comply with the Chariti¢$ Act 2011. the Charity (Accounts and Reports) R¢gulations 2(N)8 and the provisions of the tryst d¢ed. They are Also responsible for safeguarding th¢ assets of the charity athl hence for Éaking reasonable st¢ps for the prevention and detection of fraud and other irregularities. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDJTORS So as the trusLees are 8ww¢, th¢T¢ is no relevant audit infr*rni4ti¢)n ofwhich the charity's auditots are unthw4r¢, and each trust¢¢ has taken all the st¢ps thai h¢ ought io have thken as a trust¢¢ in order to make himself aware of any relevant audit inforniation and to establish that the charity, oudit rs ar¢ aware of that inform81i4)n. Approved by order of the board of truste¢s on..... .and signed on its behalf by: A E W Barr¢tt- Chairnian 61Pagc
THE ALAN EDWAIU) HIGCS CHARrrY INDEPENDEf4T AUDITOR'S REPORT TO THE TRUSTEES Oplnlon We have audited the financtal statets of The Al Edward Higgs Charity (the'pareot charity) and its subsidiaries (the 'group') for the year ended S April 2024 which (y)mprise the Consolidated Statement of Financial Activitie& the Charity Statement of Financial Activities, th¢ Consoltdat¢d and the Chayity Balance Sheet, and noies to the financial st&tements, including Si8nifi¢ant accounting p)licies. The financial reporting framework that has bee appli¢d in their preparation is applicable law and United Kingdom AUnting Stsndards, including Financial Reporting Standard 102 The Financial Rqjorting Standard appliLxble in the UK and Republi¢ of Ireld {United Kingdom Generally Accepted Accounting Pra¢ti¢¢). In our opinion the financial statements: give a true and fair view of the state of the ¢hority'y affairs as at 5 April 2024 and of its incoming Tesources and appli¢&tion of resou¢5. for the year ihen ended. have been prop¢rly prepar¢d in accordance with Unit¢d Kingdom G¢n¢rally Accepted Accounting Prn¢ti¢e' and have been prepared in ac¢oTdan¢¢ with th¢ requiremenis of the Charitie8 Act 2011. Basis for opinio We conducted our audit in accordance with Jntemational Standards on Auditing (UK) (ISAS (UK)) ftnd appli¢able law. Our responsibilitie5 under those StanddS are fih¢r de$¢ribed in th¢ Auditors, responsibilities for the audtt of th¢ fmancial statements section of our r¢port. We aTe independent of the group and parent Charity in accordan¢e with ihe ethi1 requiretnents that fiTe relevant to our audit of th¢ financial statements in the UK, including the FRC'S Ethical Standard. and we have thlfilled our other ethi¢al reOnSI1)i11tI¢S in a¢¢ordance with these requirem¢nls. We believe that th¢ audit ¢vid¢n¢¢ we hav¢ obtsined is sufficient and appropriate to provide a basis for our opinion. Con¢lMslon8 relatlng to going eoncern In audiling the financial statemenls, we have concluded that the trustees, use of the going concern basis of accounting in th¢ prep¥ralion of the financial statements is appropriate. Based on the workwe have performed we have not identified any mat¢rial un¢¢rtainties yelating to events or conditions thaL individually or collectivelys may ¢ast signifi¢ant doubl on the ¢harity's ability to continu¢ as a going concern for a period of at least twelve months from when the financial Statements are auth0ri5ed for issue. Our TpOnsIbIlitieS and the r¢sponsibililies of the trnslees with respect to going c4>ncem are described in the TrIev1 seciions of this report. Other inforni4tlon The trnstees are responsible for the other inforniation. The other information comprises the inforniation included in th¢ Annukl Repor4 other thau the financial statements and our Report of th¢ Independent Auditors thereon. Our opinion on the financial st&tem¢nts does not ¢ov¢r th¢ other infomiation an except to th¢ extent otherwise explicitly stat¢d in our report. we do not express any fomi of assurance conclusion thereDn, In connection with OUT audit of th¢ financial stat¢mertts. our responsibility is to read the other information and. in doing so, consider whether the oth¢r Inforntion is materially inconsistettt with the financial statements, or our knowl¢d8e obtstned in th¢ audit or otherwise appears to be materially misstated. If we identify su¢h rnaterial inconsislencies or apparent material misstatements. we are required to detemiJ]¢ wh¢th¢r this gives rise to a material misstslement in th¢ financial statements thems¢lve5. If, based on the Work we have perforni¢d, w¢ ¢onclude that there is a maierial misstslemenl of this other lllf0rntiOn, we ar¢ r¢quir¢d to port that fa¢¢. We have nothing to report in this regard. Matters on whleb we are requlred to report by exetption We have nothing to report in respect of the following matters where th¢ Charities (A¢¢ounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: the inforn)ation given in the R¢port of th¢ Trustee8 1$ inconsistent itt any material respe¢t with the fman¢ial statements,. or sufficient accountlllg records have not been kept. or the financial statements are not in agreement with the accounting r¢¢ord8 and retUrn5' or w¢ have not received all the inforn]ation and ¢xplanations w¢ r¢quir¢ for our audit. 71Pa&Je
THE ALAN EDWARD HIGGS CHARITY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES Re$pon$lblilties of trustees As explained more fully in the Statement of TTUStees' R¢swnsibiliti¢s, the trustees are responsible for tbe wepaTktio of the financial ststem¢nts which give a true and fair view, and for such iniernal Control as ihe trnstees detern)ine is necessary to enable th¢ pr¢paratiou of financial statements that are fr¢e from material misstatement, wh¢ther due to fraud or error. In preparing the financial statements, the trusttts are responsible for assessing the chArity's ability lo continue as a going conr¢rn, disclosing, as applicable, matters Telated to going concern 2nd usiug the going concern basis of accuuDting unlcs5 the trnstees either intend to liquidate thecharity orto cease opeTations, orhave no r¢alislic alternative but to do so. Ovr re5PDnJibilitie8 for the audit of the finanelal statements We have been appointed as audilors under Section 151 of the ChaTitiC8 Act 2011 and report in accordance wilh the regulations madc Under section 154 ofthat act. Our objectives to obtain reasonable a&sllrdnce about whether the fitwicial statemcnts as a whole arc free from matcrial misstatement. whether dlle to fraud or eJTor. and to issu¢ a Report of the Independent AuditOTS that includes our opinion. Rea8onable assurance is a high l¢vcl of assurance but is not a guaTant¢c that an audit conducted in gccordance with ISA8 (UK) will always deted a matcrial misstatement when il exists. Mis5tatemenls can arise from fraud or error and are considered malcrial if, individually or in ihe aggrcgatc. thcy could reasonably be ¢xpe¢ted to influ¢n¢e th¢ economic decisions of us¢rs Lak on the basis of thcse financial statement5. Enquiry of management and those charg] wilh governance around actual and potential litigation claims. Reviewing minutes of m¢eLings of those charged with gov¢rnan¢¢ Reviewing financial statement disclosw¢$ and ting to supporting documentation to assess complian¢e wilh applicable laws and regulations. P¢rforming audit work oveT the risk of man88¢m¢nt override of controls, including testing of journal entries and other adjustments for approprialenes4 evaluating the business rationale of significant transactions outside the normal course of business. and reviewing accounting estimates forbias. B¢¢aus¢ of the ittherent limitations of an audit. there is a risk that we will not d¢te¢t all Iegularlties. including those leading to a material misstatement in the fin2claI Statements OT non-compliance with regulation. This risk increases the more that compliance with a law or regulation is r¢mov¢d from lh¢ evenis Y4nd transactions reflected in the financial stateme#Ès. we will be le55 likely to become aware of instances olnon-comp]i8n¢¢. Th¢ risk is also greater regarding irregularities oCcU1n8 due to fraud rather than error, as fraud Involves iDt¢ntional concea]ment, foTgery) collusio or misrepresentatio A furtherdescription of our responsibilitic5 foT the audit of tbe fu1¢11 statement5 1$ located on the Financial Reporting Council's wcbsite al www.frc.org.uklauditorsresponsibiliti¢s. This description fornis part of our Rew)rt of the Indcpcndcnt Auth'tors. Use of our report Thi5 report is made solely to the charity's trust s, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work "> might state to the charity'5 trustees those matters w¢ ar¢ rcquired to state to ibem in a her purpose. To the fullest extenl pern)iiied by law, we do pt or a5sum¢ rcsp the charity and the charity's truslees as a b(Kly. for our work. for is rcporL or fo s, rwrt an ility to anyone o eha Armstrongs Acco lancy Ltd CharteredAcc ntants and Statutory Auditor 1&2 Mercia Villag¢ Toood Close WestwoodBusin¢ss Park Coventy West Midlands CV4 8HX Date: ......... 81Page
THE ALAN EDWARD HIGGS CHARITY CONSOLIDATED STA TEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 2024 Total 2023 Total fun( Ujjrestrictrd ffiJDds EThlL)wmeDt fid Notes INCOME AND EI¥DOWMENTS FROM Activities for generating fimds Rental income Property management Investments Quoted inv¢stm¢nts Inv¢stm¢nt in¢ome Int¢rest r¢¢eiv¢d 129.489 116.992 129,489 116.992 116,353 110,200 379,907 48.688 593 379.907 48.688 593 348,786 Totsl In¢ome and eDdowments 675,669 675.669 575.432 EXPENDITURE ON: Raising fjJDds Trading subsidiaTies Exceptional item Invcstmcnt Jnanagemenl costs Chwitablc activilies 55.146 8,431 55,146 8.431 54.745 134,403 50,756 185.159 169.988 Grants payable Governance costs 278.608 278.608 345.747 33,611 93.853 68.784 Total expendlture 536.830 84,367 621.197 639,264 Net gains/(losses) on investJnents 13 ,278,223 1,278223 (881,680) 138.839 1,193,856 1,332,695 {945.62) NET INCOMFJ(EXPENDITURE) Transfers betwetn fvnds (258.221) 258,221 Tax on proflt (161) (161} (140) Net movement In funds (119543) 1,452,077 1.332534 (945.742) RECONCILIATION OF FUNDS 969,962 18,493228 19,463.190 20,408,932 Total fvnds brought fonv2rd TOTAL FtINDS CARRIED FORWARD 16 850,419 19,945,305 20,795,724 19.463.190 CONTINU]NG OPERA TIOJ¥S All income and expenditure h&ve &risen from continuing a¢tiviti¢s. 91Pag?e
THE ALAN EDWARD HIGGS CHARtTY STA TEMENT OF FINANCIAL ACTtVlTIEHARlTy FOR THE YEAR ENDF.D 5 APRIL 2024 2024 Total funds 2023 Total rullds funds Note5 INCOME AND ENDOWMENfs FROM Donations and legactes 118.779 118,779 115,696 TnvestmeTht income 518J24 518,324 427.349 Total 637,103 637,103 543.045 EXPENDITURE O Raising fiumjs 122,970 50,756 173.726 158,527 Charltable acthrftlei Grants payable 278,608 278,608 345.747 Other 60.290 33.611 93.901 68.784 461.868 84.367 546235 573,058 N¢t gainsl(loss¢$) on inv¢skn¢nts 1,192,223 1,192,223 (915,183) NET INCOMEIIEXPENDITiJRE) Transfer8 between 175,235 (258,221} 1,107.856 258.221 1.283,091 (945,196) Net moveTheDt In (82.986) 1,366.077 1,283,091 (945,196) RECONCILIATION OF FUNDS Total funds brought forw 1.174.564 17,766.897 18.941,461 19.886.657 TOTAL FUNDS CARRIED FORWARD 16 ,091578 19,132,974 20224.552 18,941,461 CONTINUING OPERATIONS All incom¢ and exp¢ndittw¢ have arisen from continuing activities. IOIPa¥e
THF. ALAN EDWARD GGS CHARITY CONSOLIDATED BA E SHEET 5 APRIL 2024 2W24 2023 Notes FIXED ASSETS Tan711¢ fix¢d a8s¢Is Investments 433 1.180 13 19,944,293 18.492,216 19.944.726 18,493.396 CURREIYT ASSETS Debtors Cash at bank 14 56,515 44,468 892.556 1,079,067 949,071 546.759 CREDITORS Amounts falling due within one year 15 (98.073) (153.741) IYET CURREf*T ASSETS 850,998 969,794 TOTAL ASSETS LESS CURRENT LIABJLJTIES 20,795.724 19.463,190 NET ASSETS 20.795.724 19.463.190 CHARITY FUNDS: Unre5tr1ctrd funds In¢om¢ fvnd Expendable endowment fimd 850.419 19,945,305 969.962 18.493,228 TOTAL CHARTfY FUNDS 16 20.795.724 19,463.190 cial statements were approved by the Board of Trustees and authwiscd for isslle and W¢Te signed on its behalf by: A E W Barrett- Chairniarfft 11 | P (1 e
THE ALAN EDWARD HIGGS CHAIUTY BALANCE SHEETIHARITY 5 APRIL 2024 2W24 2023 Not FIXED ASSETS Inv¢stments Investsnents 12 17.397,974 16.257,547 ,735,000 1,509,350 Investment propeTty 13 19.132.974 17,766,897 CURRENT ASSETS DebtOTS Ch ai bat)k 14 314,888 806,374 212,999 ,030.528 1.121,262 1,243,527 CREDITORS Amounts falling du¢ within one year 15 (29.684) (68,963) NET CURRENT ASSETS ,091,578 1,174,564 TOTAL ASSETS LESS CURRENT LIABILITIES 20224.552 18,941,461 NET ASSETS 20.224,552 18,941.461 16 Unrestricted fijnds 1,091.578 1,174.564 19,132,974 17,766.897 Endowment funds TOTAL FUNDS 20,224.552 18,941.461 The financial statements were approv¢d by th¢ Boan1 of Tntstees and authorisol for isme and were signed on its behalf by.. A E W Barrett- Chainnan The notes forni part of these financial slatements
THE ALAN EDWARD HICGS CHARTrY COINSOLIDATED ST A TEMENT OF CASH FLOWS 5 APRIL 2024 2024 2023 Cash flow from oper4ting a¢tivities Tax paid 18 {540,214) (161) (488,438) {140) r4et cash flojv from operatlnt activities (540,375) (488,578) Casb flow from Investing 4¢tiJqtie8 Payments to acquir¢ investments Receipts from sales of investments Investment gains on investmenl property Interest received Dividends and other investment in¢om¢ re¢¢ived Rents received from investment properties {3,285,328) (5,211,193) 3,111,422 5.847,861 17,781 (33.503) 593 379,907 129,489 348,786 116,353 F4et Cash flow from investing activitie$ 353,864 1,068,307 C4$h flow from finaTrclng aetlvltles Interest paid Iyet cash flow from fin8ntlng Activities Net (de¢rease)Iln¢re¥se in cash and cash equlvdlents Cash and ca$h equlvalent8 At 115 Aprll 2023 (186.511) 579,729 1,079.067 499,338 Casb and eash equivalents at 05 Aprfil 2D24 892,556 1,079,067 131Page
THE ALAN EDWARD HIGGS CHAIUTY STATEMENT OF CASH FLOWS-CHAIUTY 5 APRIL 21124 Cash flow from operatlng A¢tlvltle5 19 (519,936} (462,981) Net cash flow from operatlng #etlvltles {519.936) (194,439) C#$h floiv from iDve5ting activities Payments to acquire inv¢stEn¢nts Receipts from sales of investments Jnter&8t received Dividends and other investment income re(%ived Rents received from investment properties (3,285,276) 3,111,422 592 379,907 89,137 (5211,193) 5.847,861 348.786 78.560 Net from Investlng aclvltle 295.782 1.064,017 Cash flow from fjnancing activiti Intcrest paid Net casb flow from financing activities r4¢t (drease)/ In¢re4se in ¢a8h ¢sh equTvalents CAsh and e*sh eqlllv#lent$ #t 05 April 2023 {224,154) 601,036 1,030.528 429,492 Cash and cash equlvalents at 05 April 2024 806,374 1,030,528 141Paue
THE ALAN EDWARD HIC SCHA TE THE FIN IAL STATEMENT FOR THE YEAR ENDED 5 APRIL 2D24 ACCOUNTING POLICIES Basis of preparlng the flnancl818tstemellts The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared i ac4ordance with th¢ Charities SORP (FRS 102) 'A¢counting and Reporting by Charities.. Staiemenl of R¢¢ommended Practice applicable to charities preparing theiraccounts in accordan¢e with the Financial R¢poning Standard applicable irt the UK and Republic of Ireland (FRS 102) (effective l O¢Lober 2019),, Financial Reporting Standard 102 The Financial Reportirtg Standard appli¢able in the UK and Republic of [land, and the Charities A¢t2011. The financial ststements hav¢ be¢n prered und¢rth¢ historical Cost convention, with the exc4ptionof inveslmenls whi¢h are included at market value, as modified by the revaluation of certain assets. Income Incoming r¢souw¢$ are re¢ognised once the ¢harity has ¢niidemenl to the r¢souTces, it 1$ probable that the resources will b¢ received, and th¢ monetary valu¢ of incoming resources Can be measured with suifi¢ieni reliability. In¢ome from activities includes tradin£. rental and other propety income and is recognis¢d when the charity is entitled to the monies. Investment in¢ome is earned thr(>ugh holding ass¢ts for inveslment PlUP05es such as She8 or PToperty and includes dividends, interest and rent. Investment income is in¢lud¢d when r¢c¢ivable. Expendltyre Expenditur¢ 15 QoUnted for on an a¢¢ruals bosis and has iK¢n Classified under headings that aggr¢Eate all costs related ¢0 the cutegory. Expenditure is recols¢d where there is a legal or constructiv¢ obligation to make payments to third parties, Lt 15 probable that settl¢ment will b¢ r¢quired, alld the amount of the obligation can be measuTed reliably. Costs of 8¢neraling funds are those costs incurred in Telation to tradin& managingy and maintaining investments and an apportionm¢nt of support costs. Charitabl¢ ¢xp¢ndirnre comprises grants to th¢ ch4Tity'5 benefi¢i&ries and the costs in reSpt to managing and facilitating ryit making octivities as w¢ll as an apportionm¢nt of support costs. Grants payabl¢ aTe paym¢nt$ made to third parti¢$ in th¢ furtherance of the ¢haritable objectives of th¢ Charity. The ants are accounted for where either the truslees have agreed to pay the grant without ¢ondition and the recipient has a r¢asonable expectation that they will re¢eive a granl or any condition attaching to the grant is outside the ontrol of the tharity. Support costs ¢onsist of th¢ ¢l¢rk's salary and asso¢iat¢d overheuth which are allocated on a time basis behveen investment manas¢m¢nt. ¢hAritabl¢ a¢tivili¢s. b¢in8 grant making and other charitable activiti¢s, and Eovernance, being most consistent with us¢ of the r¢$our¢es. Governance costs comprise ftll costs involving the public A¢countabilxty of the charity and its compliance with regulation and good practice. These costs include costs relat¢d to statutory audit, legal fees, and overheads togeth¢r with an app)rtio]llnent of support costs. Irrecoverable VAT Lrr¢¢overable VAT is Charged against the category of resourixs expended for which it was incued. P¢n$lon ¢ontrJbud&D8 The group operates a defined contribution to the Staternent of Financial A¢tivities in nsion scheme. Contributions p&yabl¢ to the pension scheme is charged e p¢riod to which they relate. 151Pag)c
THE ALAN EDWARD HIGGS CHARITY TES TO THE FINAf4CIAL STATEMENTS- CDntin FOR THE YEAR ENDED 5 APIUL 2024 ACCOUNTll¥G POLICIES- eontinued Relised l unreali8ed gain$ nd los&e% All gains and losses ar¢ tak¢n to th¢ Ststement of Fingnci41 Activities as they arise. Realised gains losses on inv¢stm¢nt$ ar¢ ¢al¢ulated a5 the differ¢n¢¢ b¢twe¢n sales proceeds and opening market value {pur¢hase dale if lat¢r). Unr¢alis¢d gains and losses ar¢ cal¢ulai¢d as the difference between the market value at the year end and opening market value (or purchase date if laler). Realised and unrealised gains are not 5eparnted in th¢ Stst¢mtnt of Financial Activities. Tanglble flxed Ag$ets Tangible f]xed &85ets are st&led at cosl and subsequently measured under the historical Cost model being cost less accumulat¢d depr¢ciation at)d any accumulated impairmeni losses. Historical cost includes any direct expendilure incurred io bring the asset to its cUeftt location and condition necessary for the asset Lo work as intend¢d by the managemenL R¢pairs and Mainten¢¢ costs are ohar8¢d to th¢ Stat¢m¢nt of Financial Aclivitie5 ill the period in which they are incurred. Depreciation is provided at the following onnual rates in order to write off ea¢h &8set over its estimated useful life- Fixtures and fittings- 250/0 51raight line Computer equipment- 250/0 straight line Any gains and1055es from the disposal of tangible fixed ats e recognized in the statement of Financial a¢tiviti¢s in the period the disposal tak plac¢. Investmellts Investments ue recognised initially at cost whicb is nornially the tr8nsa¢tion pri¢e excluding transaction costs. Subsequently. they ar¢ measured at fair value with changes recognised in 'net gains / (losses) on inv¢slments' in the Statement of Financial Activities if the shares publicly traded or theiy fair value WL otherwise Ix measured reliably. Other irtvestsnents ar¢ measured at ¢ost less impairment. The main forni of financial risk faced by the charity's investments ts that of volatility in equity maTkets and inv¢sttn¢nt market8 du¢ to wider ¢conomi¢ ¢ondilions, the attitude to investors to inveslmenl risk, and changes in s¢ntim¢nt cO¢M]ng ¢quiti¢s and within parti¢ul&r s¢¢lors or sub sectors. Investments in subsidiaries> joint ventures and a&8ociat¢s ar¢ measur¢d at Cost less impairment. Investment property Inv¢stm¢nt properties are measured at fair valu¢ at ¢a¢h reportin£ dats with the changes in fair value recognised iti'net gains l (losses) on inyesiments, in the Statement of Financial Activities. Surplu5¢s made on the disposal of property are treated as cllpitsl receipts and are taken to the credit of the expendable endowment fimd in the year in whi¢b they o¢cw. Taxatlo The charity 15 exempt from lax on its charitable activities. Debtors and credltors recelvable I payable whhlll on¢ year Debtors and creditors with no stated inter¢st rat¢ and r¢ceivabl¢ or payabl¢ within one year are recorded at transaction price. Any losses arising from impairn)¢nt ar¢ re¢ogni8¢d as ¢xp¢ndiMre. Going etsntertt The financial statements have been prepared on a going concern basis as the tnjstees believe ihal no material uneertainties exist. Th¢ tru$t¢¢s hav¢ ¢onsid¢r¢d the level of thnds h¢ld and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditur¢ ar¢ sufficient with th¢ l¢v¢l of reserves for the charity to be able to continue as a going concern. 161Paoe
E ALAN EDWARD HIGGS CHARITY OTES TO THE FINANCIAL STATEMENTS- eontlnu FOR THE YEAR ENDED 5 APRIL 2024 Income accounting As th¢ trustees have the power lo distribute both income and capital the funds of the ttust are all unrestricte<L Expendable endowment fund comprises tb¢ original ¢apitsl fund and gains thereto together with subsequent donations of a ¢apitsl nature. The policy of the trustees is to retain capital in an end0llent fund in order to generate income from which grants are made. The fithd is represented by the capital investh)ent8 included in xnvestment L8set8 less any appropriate Creditor. Income fund represents inv¢5tm¢nt income and other income less expenditure grants made. INCOME AIN'D Ef4DOWMENTS All income is wholly attributsble to the unr¢stri¢t¢d in¢om¢ fund in the Current and precedtng y¢ar. TRADJNG SUBSIDJARIES 2024 2023 Management and athntnistration costs of the t1]ng subsidiaries PMpertyMan4gement Company Salaries and national insuratie L¢g412nd prof1087 th¥TB¢S R¢nL r*s and it)su Telephone Comput¢r ¢osts Postsge and slationery Entertaining 26,016 5,277 6.345 4,725 3,980 639 27270 5204 5.453 5,343 4,035 823 31 298 750 Travelling expenses Audit fees 746 2940 875 2,147 296 728 747 292 106 lJ25 Sundry aYpens¢$ D¢precialion 55,146 54.745 EXCEPTIONAL ITEMS During the year. theTe has been a balance of £8,431.24 in pr¢paym¢nts which has been released. 171Paee
THE ALAN EDWARD HI ARJTY NOTES TO THE FI IA TATEMENTS- continued FOR THE YEAR ENDED 5 APRIL 2024 INVESTME MANAGEMENT COSTS Income Endowment 2024 2023 A8cnts' fees Legal and professional RepAirs InsuYan¢e Sundry expenses 12.094 104,596 13,592 4,071 50 134,403 12.094 155,352 13,592 4,071 50 185,159 12.070 102,984 50.093 3.916 925 169988 50.756 50.756 The salary costs relate to the management of the charity's investments and are &llocated on a time apportioned ba$is. Inv¢stment managem¢nt ¢osts were £185,159 (2023: 169,988) of which £50,756 (2023..155,467) were attributabl¢ to the ¢ndowment nd and £134.403 (2023- £14.52] } attributable to the income fund. GRANTS PAYABLE SUNrted ¢h4rltles *nd ihelr objeetives 21124 2023 Acacia Family Swyort To Impro the mentsl health of women pr¢lp)8tt)atal (kSSion across Binninglwm 1,000 Acom5 ]ldren'S Hospice Trust rn1]Y serhices. providing vital psycho8ocial SUEWrt to as many families as possible 15.000 15,(KlO African Women 1rnpt UK Swrt for yOurefugeeS withmental kalth 4,500 Amioniw Consort Lnnited Providing singing holxd&y oRK)rtunities for children in deprived 8re&8 of ConIry/s01ihuIl 10.000 8.502 Artichoke Trust 10,000 Baby Godivd 4.(100 rmar&)'5 Fut)ding for CovcDtry cbildrcn's rigbts service for care erIeed chilthen a1 young wle 10,000 i 0.000 Beyondthe Horizfjn Te&hI1 ents. t¢¢qS to swrt chil&enthrol bcrcaNrmcnt or family breakdov 2.500 Brain IIDnour Supwrt To provlde suprrf>rt for allyoDe h&4 receiied abrain tumour dia8wsis li7 inthe West Midlands 4217 181Pa&ie
THE ALAN EDWARD HI OTES TO THE FINANCIAL STATEMENTS- ¢oDtin•ed FOR THE YEAR ENDED S APRtL 2024 GRAiYTS PAYABLE Supported charities gnd their objectives 2024 2023 Carriers of Hope To provide emergency sw)p)rt lo &8ylum 8eek¢rs, refugees. and MIantS 15,000 28,242 CharnM4)od20..20 2.000 Child Brain Injury Trust SUprtIng children following Brain Jnjury 2,000 Cbildrell's Hospital Pyiama'5 1,000 3.000 Provide children & young Fopl¢ in hospit8]s, hospices & refuges with pyjamas City Ycar UK Creating pathways to employmenl aTKI l¢adeT5hip for NEETyoung women 15.000 Clothing ContrY To sUrt Coventry with a fre¢ $cknol uniforni clothing b 15.000 Co*ntry City Mission Proiidt'ng Ivlnerable children in COntry with Christm&8 ftS 2,5 2.500 Coventy Hall Women's Aid 6,000 Coventry Music TnJt Music edu¢atiOD for those in challenging circumstanc¢s 12,171 CoNEDtry Rape and Sexual AbSe C¢ntre 15.000 Cov¢ntyRugby Community Grant Healihy, social, physic activity and nutrition for disadvanthged¢hildren rosS CoNEnlry 7,620 Eglise Armee des Vainqueurs Re-instate youth club facility closed due to the effect of Cowid 1,5(M) Fgineering Delopment Trust To fut a SIEM cxpcricncc day for yowgpeople 2.470 Etch aThJ Pin 1,0 Supwrt with Contry children's books donated lo¢a] PTimary 5¢1Loois Family Holiday Charity Helping families facing multiple disadYdDta8¢S to ¢r¢at¢ hgt4)y andpositi memories 12,320 12,1110 F¢¢ding Coventry To secwe the CEO role for the next 2 Y$. ¢nabling 8UStainJbility 10,000 191P¢ige
THE ALAN EDWARD HIGGS CHARrrY NOTES TO THE FINANCIAL STATEMENTS- ¢onrfnued FOR THE YEAR ENDED 5 APRIL 2024 GRAIYTS PAYABLE bThwported chArltles And their obiectlves 2024 2023 Fri¢shiP Project for Chi]dren 12,1)00 Go Beyond 11,200 Grapevitt Contry & W8nvi¢kshire To ¢rovide suw(Jrt vOca¢Y lo young people with autTrsm a1 disability absent from s¢lK)oI 20,000 25,000 HappyDays Cbilth¢n's Charity Leisure time tiVitieS for children with sp¢¢ial n¢¢ds in Coventry 4,000 Heart Res¢2rch UK 5,71KI Highly Swung Perfornwice Dcvclopmcnt of tkewcultural perf0rn1we 2nd ¢du¢8tional project for children aged 3-7 12.000 Huntington's Disease Asso¢iation To provide ijrforniation, suprx>rt. and advocacy for the HwAington'8 disease community across the West Midlths ila our local sla11$t Hwllingtons disease ViSOry se1¢¢ 2,000 Ipendent Provider of Special EducationAtha¢¢ Training io In)pro ethicational swwrt for childr¢ttyoun8people in BirnJiDglMm wlth SEND 3,0(K) Jn5ight- Cowjsclling Coaching & sUprt Service 2-8ta8e tlmpEUtic prograTrnnB- I:1 ¢ouns¢llith¢n a siblin8'8 0UP for YOW cer8 5.000 1.000 Int¢rnationai Children'8 G8mes 1.000 KAKits ademY CIC 2,000 KaiTOS wwr To Swvirt young aged 18-25. at risk of sexua] exploitation 20.000 10.000 Kxris N¢i8lknur Scheme Seeking fimds for MDrk that supports famtlieslolder people inchall¢nging circwnslccs 5,000 Kids Out To brIngIpInesS lo some of the UK'S H[able ond disadvantaged children 3,700 20IPaoe
THE ALAN EDWARD HI HA TE TO THE FINANCIAL STATEMENTS- contin ed FOR THE YEAR ENDED S APRIL 2024 GRANTS PAYABLE Swprf>r¢ed ¢hrltles and thelr objecilves 2024 2023 Lennox Children's Cancer Fund Essential swport for chilthen with cancer in th¢ South AThJ West MidlaThls 2.500 London mid1 Railwdy Chjb Association Installation of community stmlrts facilittes for local residents in ¥J] area of d¢priNotion 3,000 Making Spa¢¢ Funding a¢¢iNities for Fople living in our extra ¢ar¢ Conty seNice i.(M)O M¢dia Mania Jmproiryng pathways to create industries for young adults with multiple disadvmntageg in Coientry 10.000 Motor Neurone Dise&se Association Care for 0P1¢ wryth Motor Neurone Dise&se in conty gJKI Warwickshire 2.000 New Parks Club for Young People Newcrucial safe space for disadyarrtaged 14-25 year old actiNities 5,000 Nordoff Robi Music TheT8Py 5,(J)O NSPCC To supwrt the NSPCCS Sclxjols seiCe in the West Midiaj 5.000 The W1 To enabl¢ children affected by serious illness xcess theryuti¢ camps al tivitie8 8,000 Positi Youth Project Deliring 264 hours of engaging safeguarding thend activity 13.602 Refuge Funding towards our refuge in NU&t0 sukworting wDmen and child domestic abuse sur¥ivors 17,489 R¢l*¢ contrY & Warwickshire 17.500 RicNic COMMU]lY arts projcct for Creati young wple to gain exwicncc. build confidence & key skills 2.000 Sandwell African Women A880ciation Jobs skills training to red¢ hou8¢hold poirty 3.000 21 |Piqsre
THE ALAN EDWARD HIGGS CHARITY NOTES TO THE FINAIYCIAL STATEMENTS- ¢ontinued FOR THE YEAR EJ¥DED 5 APRIL 2024 GRANTS PAYABLE Suwtsrted charltle$ thelr obJeetRvts 2024 2023 se8e Sen%e For¢st School for children with thaf blnylness ajkl their families in Birniin 5200 Shine ALight 4,730 Solihull Moors Foundation Towds our Ability Coutrts project,. srting & social opp)rtunities for ¢hildr¢n wilh disabilities 3,(KJO SOSI SFcial Educational Need8 5.000 St. Gil¢8 Tnt 8,000 Ta]1 Ships Youth Trnst To enablc 5 dIslttagedyoUng 0p1¢ from Cotry or Warwickshire to IAk¢ part in avoyage 1.500 Tastelife UK 2.450 C4)Dibating mental health eati]]g disorders amongsl young FKoplc agcd 14-25 The Arn Frank TnL8t UK EqutppingyouT¥pcoplc with skills aThl confidence to c11]enge prejudi¢¢ • discrimiDation 2.5(Kl Th¢ Brainwa Centre Ltd FU118 for fow families living within 8 25 n)ile radius of Contry 3.600 The Brilliant Club The Scb)lars Prograth)me swrts di$taged students to access competi11 Unl81ti¢S 7,654 The Open Theatre Company Awmrrbal physical thcatre )rkshop foryow)8wiple withprofouryl and n]ultiple disabilities The Rcspitc A%sociation Sullx)rting West Mid18nd8 families th are carers to hait arespite break 5,000 The Royal Society for Blind Children Delivery of families first s¢rvi¢¢s sumrting visuallyimp8ir¢d ¢hildren aThl their families 5.000 Three Spires Farnily Supp)rl Trust To Imwi the li5 aThJ life oRN)rtuniti¢s of wlnerable children in Conty 6,0 221Pag)e
THE ALAN EDWA ARITY TES TO THE FJNANCIAL STATEMENTS- continued FOR THE YEAR ENDED 5 APRIL 21124 GRANTS PAYABLE Supported ¢haritles and tbelr obJettive5 2024 2023 VoluntaryAGtion contry To sunrt people erIeIng disthartage to ee$S wlunteering opwrtUDiti¢s 8,(KlO Whizz.Kidz 5,000 To rfforyide kswke mobility equipment for young Nth¢l¢hair uws in Coventry WoTth Unlirnited 5,(KiO Alean]iDg hub providing skills & qualificatiOA8 for di31vantaged yOUDg people YMCA H¢2rt of Engla1 18,000 Young P¢ople First To suFwrt the Peer Mentoring Pro8ramme for looked after children Én Coltnty 16.988 ZDe's Pe W Ilospice 2,000 278.608 345.747 GOVERNANCE COSTS 2ff24 2023 Sa]ari¢s Bnd overhe Trstee ex19¢3 RenL rates and insurance Ac(yJunt8ncy Sundry ¢xpais¢8 Computer iy)sts Legal fees 46.619 3,600 6.684 12.140 47,835 5.050 8.027 3.199 1,679 1.734 1260 2,405 22,405 93,853 68,784 The salary costs r¢lat¢ to the ongoing goYern&ng of the charity and includ¢5 an allocation of costs on a time aprtioned basis. GovernanL% eosts are wholly atiributable to the unrestricted income fimd in both the ¢urrent and pre¢¢ding year. 231Pllge
THE ALAN EDWARD HIGGS CHAIUTY NOTES TO THE Fif4ANCIAL STATEMENTS- ¢onllnued FOR THE YEAR ENDED 5 APRIL 21124 ALIA)CATION OF SUPPORT COSTS Investment managernent Grant making Other Cbaritsbl¢ Governance Total Cl¢rk Salary 8nd overheads /0 Allocation 3,361 I/0 13,445 10.083 30¥. 6,722 200/. 33,611 AUDITORS, REMUNERA Tloty The awditor's ttmunerntion for th¢ 8udit of th¢ charitable gmup Conl1¢d An audit fee of £1 1.340. IIL STAFF COSTS 2023 2022 Salaries 69.753 71.154 Social Se¢iirity 2.115 Pension 767 713 72,635 74.476 Average numb¢r of employees Pension costs The group opernled a defined contribution pension srheme. The assets of the scbeme were held Separately from those of the gmup in an independently administered fijnd. The pension ¢ost charge T¢present5 conthl>ution$ payabl¢ by the charity to the fund and amounted to £767{2023.. £713). There were no employees earning over £60,000 per Ye (including benefits). The total amount of employee ben¢fits (inclding employers National In$urdn¢e) received by key managem¢nt personnel wa5 £33,611 (2023: £33.750). Key management is C4)nsidercd to be th¢ clerk to the trustees as noted in the ¢harity inforniation on page l. Staff costs includ¢ redundancy and termination paymenls of £nil. TRUSTEES, REMURA]0]Y AND BET¥4EFrrs The trustees received fees of £nil (hing the year {2023.. £nil). Tot expenses of £3.600 (2023: £5.050) were paid to 6 (2023.. 7) of the Itees. Tru8ttes' expenses 224 21)23 Tnt¢¢$' ¢xpens¢s 3.600 5.050 Related party tranSActions As at 5th April 2024, a balance owed to ¢he beneficiaries of FG Higgs l FJ Hop¢ Trnst from Hope Property Mwnagement Limited totall¢d £64.900.73 (2023.. £30,883.}. M F Knatchbull-Hugessen is a trustee of both FG Higgs & FJ Hope Trust and a director of Hope PToperty Management Limited. A E HigEs Charity is a trustee of the FJ H(ye Trust. 241Phge
THE ALAN EDWARD HIGCS CHARITY OTES TO THE FINANCIAL ST ATEMENTS- comtiDued FOR THE YEAR ENDED S APIUL 21124 12. TANGIBLE FIXED ASSETS- GROUP Fixtures and riltin Computer ¢quipmertt Total COST At 06 Apil 2023 Additions Disposals 3,737 23.762 27.499 At 05 April 2024 23.762 DEPRECIATIOIY At 06 Apil 2023 ch8¢ for y¢ar On disposals 3.737 22.582 747 26,319 747 At 05 April 2024 3,737 23,329 NET BOOK VALUE At 05 April 2024 433 433 At 05 April 2023 1,180 1.180 There are no tangible assets held withill the ChaTity. 13. INVESTMENT ASSETS - GROUP Investment ertie5 Listed investments Totsl Cost and maTk¢t value at 06 April 2023 A¢quisition8 Sale proce¢ds InvcStent gains l (loss¢s) 2.235,353 16,256.863 3,285.275 (3,129.203) 984.355 18.492.216 3,285.275 (3,129.203) 1,296.005 311,650 Cost and market Val al 05 April 2024 2.547.003 17.397.290 19,944293 HIst]C cost as al 05 April 2023 733,498 14,015,074 14,748.572 The investment properties weye professionalty valued by Carters Chartered Surveyor5 during 2024. Th¢ Trustees have assessed the market value as at 5 April 2024 and do not consider the value to have moved significantly since the valuation dats. The fair vlllue of listed inve51ments is delennined by reference to the quoted price for identical assets in &n active market at the balan¢e sheet dxt¢. 13. INVESTMENT ASSETS - CHARITY Investment ro es inv¢stTnents Quoted (hher illve$ttnenls Total Cost and market value at 06 April 2023 Acquisitions Sale proceeds Investment gains / (losses) 1,509.350 16,256.863 3.285,275 {3,129,203) 984,355 684 17.766.897 3.285.275 (3,129,203) 1.210,005 225,650 Cost and matket valu¢ at 05 April 2024 17 397 290 684 19.132.974 Historic C05t as at 05 April 2024 413,675 14 015.074 30.000 14.748.572 251Page
THE ALAN EDWARD HIGGS CHAIUTY NOTES TO THE FINANCIAL ST ATEMENTS- con11ned FOR THE YEAR ENDED S APRIL 2024 13.WHOLLY OWNED COMPANIES The following companie5 are wholly owned by the charitjr. Hope Prop¢rty Managements Ltd- property dealing company (Company no. 00348703) Plough Hill Land Ltd- forthe Purpose of developing land inNulleaton as a joint venture pmject (Company no. Iy)033788) Thc Alan Edward Higgs Charity own5 IOOYO of the ordinary share capital in each of the above-li5ted subsidiary companies. 2024 2023 Value of the investm¢nts 684 Results of aetÉve ¢ompanle8 Y¢ar ended 31 March 2024 Hop¢ Property Manag¢tllent Ltd Plough Hill Land Ltd Turnover Gross Profit Administrative Operating profit GiftAid in¢ome 40J53 40.353 66J98 SO.(XM) 53.955 53.956 40,353 40.353 66,398 80.000 53,955 53.956 Year end¢d 31 March 2023 Hope Property Management Ltd Plough Hill Land Ltd 37,793 37,793 66.206 110200 81,787 115,696 37.793 37.793 66.206 110,200 81.787 115.696 Summary of balanc¢ sheets Fixed assets & properties Stock, debtors & Due to charity Other credito Net &8set8 Y¢ar ended 3151 March 2024 Hop¢ Property Manag¢mcnts Ltd Plough Hill Laud Ltd 812.436 104.430 (269.710) (73.419) 573.737 812.436 104,430 1269,7101 173.4191 573,737 Year ended 31 March 2023 Hope Property Managements Ltd Plough Hill Land Ltd 727,183 66.283 (186,406) (91,278) 515.782 727 183 66.283 11864061 191.2781 515 782 261PaLJe
THE ALAN EDWARD HICGS CHARITY NOTES TO THE FINANCIAL STATEMLNfs- contlnued FOR THE YEAR ENDED 5 APRIL 2024 Other entldes whlch Are controlled by the charlty Tbe AEHC Company Limited, is a company limited by guarantee whi¢h is ¢ontrolled by two of th¢ trustees of the charity. The company was set up to acl as a v¢hi¢le to allow the charlty to be involved in th¢ Coventry Mysleries. The company as donnant thmughout the year. 14. DEBTORS Grou Chari 2024 2023 2024 2023 Trade debtor Amounts du¢ to subsidiary undertakings Prepayments and accrued income 24,887 25,052 24,887 280,174 9.827 314,888 25.052 186.406 1.541 212.999 31,628 56,515 19,416 44,468 IS. CREDrfoRS GTOU Charii 2024 2023 2024 2023 Trade Creditors Rent deposit Grants payable Amounts due to $ubsidi2ry undcrtakings Oth¢r crltOrS and accruals 10,268 3.000 10,268 3.000 3.000 3.000 5,158 11.258 29,684 5.558 60.405 68.963 84,805 98.073 150.741 153.741 16. ANALYSIS OF NET ASSETS BETWEEN FUIYDS GROUP lJcon)e Expendabl¢ endowment Totsl Tangible fix¢d ass¢t$ Investment a&q¢ts Current ats Creditors 433 433 19.944.293 949.071 (98.125) 19,944,293 1,012 948,059 (98.073) Total ass¢ts 850,419 05 20.795 672 Investment assets assets Cfftltiors 19.132.974 19.132.974 1.121.262 (29,684) 1.121,262 (29,684) Totsl net assets .091578 19.132,974 20,224 552 INCOMF FIJIYD- The incom¢ fvnd includes all WJTent and prior periods retained SUTpluses and dcficits. EXPENDABLE ENDOWMENf - The expendable endowment was established by a bequest in th¢ will of Alan Edward Higgs, following his d¢ath in 1979. Both th¢ endowment and the income arising from it are freely available to fund the activities of the chaTity. 17. ULTIMATE CONTROLLINC PARTY The charity was Und th¢ control of its trustees throughoul the current and preceding year. 271PagJe
THE ALAN EDWARD HIGGS CHARITY NOTES TO THE FINANCJAL STATEMEII'TS- comtiDved FOR THE YEAR E]¥DED 5 APRIL 2024 18 RECOP4CILIATION OF NET INCOMEI {EXPETqDITURE} TO NET CASH FLOW FROM OPERATING ACTIVITIES- GROUP 2024 2023 Net income/ (expenditur¢) for year D¢prcciation and IrnpaiCnt of tangible rtxed Dividends and other investm¢nt income received Rents received frorn tnvestment properties Interest Teceiv¢d (Gains}/ losses on investments {Increase)I decr¢ase in debtors Increase l(decrease) in creditors l J32.695 747 {945.602} 1.325 (379,907) (129.489) (593) (1,296,(N) (12,047) (55,616) (348.786) (116,353) (3) 921,995 2.953 (3.967) Net cash flow frorn operating activities (540,214) {488,438) An4ly5is of ¢hange$ ID net debt 023 Cash and cash equivdents 1,079,067 (186,511) 892,556 19 RECOF4CILIA TION OF Tr4ET INCOMEI (EXPEIYDITURE) TO 14ET CASH FLOW FROM OPERA TING ACTIVITIES - CHARITY 224 2023 N¢t income l (expenditure) foT year Dividends and other inve5tmeni income received Rents received from investment properties Interest received (Gains)/ losses on investments (Increase)/ decrease in debtors Increasel (decrease) in creditOTS 1,283.091 (379,9071 (89,137) (592) 11,192,223) (101,889) 139.279) {945.196) (348,786) 178,560} (3) 921,995 22,770 (35,201) Net ¢a5h flow frorn op¢ratin8 aaivities (519,936) [462,981) Analysfi$ ofehanges in net debt Casht]ow Cash and cash ¢quivalents 1.030.528 224 155 281PagFe