OpenCharities

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

← The Alan Edward Higgs Charity

2025-04-05-accounts

REGISTERED CHARITY NUMBER: 509367

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

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 2025

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 6
Report of the Independent Auditors 7 to 8
Consolidated Statement of Financial Activities 9
Charity Statement of Financial Activities 10
Consolidated Balance Sheet 11
Charity Balance Sheet 12
Consolidated Cashflow 13
Notes to the Consolidated Cash Flow 14
Charity Cashflow 15
Notes to the Cash Flow Statement 16
Notes to the Financial Statements 17 to 28

THE ALAN EDWARD HIGGS CHARITY

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 5 APRIL 2025

TRUSTEES Ms M F Knatchbull Hugessen Ms E L Barlow Ms E L Bates A E W Barrett S A Cooke PRINCIPAL ADDRESS The Coventry Building Society Arena Judd's Lane Longford Coventry CV6 6GE REGISTERED CHARITY 509367 NUMBER AUDITORS Armstrongs Accountancy Ltd Chartered Accountants and Statutory Auditor 1 & 2 Mercia Village Torwood Close Westwood Business Park Coventry West Midlands 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 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

Page 1

THE ALAN EDWARD HIGGS CHARITY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025

The trustees present their report together with the consolidated financial statements for the year ended 05 April 2025. 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.

OBJECTIVES AND ACTIVITIES Objectives and aims

The objectives of the charity are as follows:

(a) To support charitable purposes selected by the Trustees that benefit, either wholly or primarily, the residents within a 25-mile radius of Coventry city centre.

(b) To allocate the charity’s funds, as much as practicable, towards promoting child welfare, with a particular focus on underprivileged children.

(c) To enable the trustees to work with or contribute to other charities whose objectives are substantially similar to those of our own charity.

The trustees aim to serve a broad segment of the community within the defined geographical area. They welcome grant applications from local organisations, associations, and national entities, provided that the proposed grants will directly benefit individuals residing within the specified region. Generally, applications from individuals are not considered.

For local bodies and organizations seeking grants, the initial point of contact is the Clerk to the trustees. Applications are first reviewed to ensure alignment with the charity’s objectives. The trustees convene regularly to assess these applications and allocate grants where appropriate.

In evaluating the charity’s objectives, planning future activities, and reviewing grant applications, the Trustees refer to the Charity Commission's general guidance on public benefit to ensure adherence to best practices and compliance with regulatory standards.

Page 2

THE ALAN EDWARD HIGGS CHARITY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025

OBJECTIVES AND ACTIVITIES

Grantmaking

The charity has embarked on a significant journey to reshape its grant-making strategy, marking the beginning of a more focused and impactful approach to funding. The charity continues to work towards broadening access, allowing a more diverse range of organizations to apply for funding, thereby expanding the charity’s reach and potential impact.

The trustees are deeply committed to ensuring that the application process is as streamlined, transparent, and accessible as possible. They aim to make the experience for applicants more efficient and less burdensome, fostering greater participation and innovation among those seeking support. Having moved away from funding core operational costs and large capital projects, they are redirecting their focus towards initiatives that operate at the grassroots level, emphasising support for projects that deliver immediate and tangible benefits to communities. This reflects a desire to foster direct and visible outcomes, especially in areas where they are needed most.

Particularly close to the trustees' hearts is the goal of supporting children and families who are facing deprivation. The trustees are especially concerned with addressing the deprivation of opportunity-seeking to provide experiences and opportunities that these children and families might otherwise never have. By prioritising these vulnerable groups, the charity aims to create lasting change and open new doors for those most in need.

Specific areas that trustees are interested in are:

  1. Early years/Early start - social and developmental support

  2. Family support and protection including debt counselling and refuge

  3. Holidays

  4. Access to opportunity and experience

  5. Young Carers

  6. Looked after children and those coming out of care

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

During the year, grants totalling £429,058 were awarded, compared to £278,608 in 2024. A total of 50 charities and organisations received assistance, up from 33 in the previous year. Notably, 41 of these recipients had not received support in the prior year, compared to 22 new recipients in 2024. The average grant size increased to £8,581, up from £8,443 in 2024. Detailed information about the grants issued can be found 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.

Page 3

THE ALAN EDWARD HIGGS CHARITY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025

FINANCIAL REVIEW

Financial position

The financial statements for the year include a consolidated Statement of Financial Activities, Balance Sheet, and Statement of Cash Flows, which incorporate the financial results of the charity and its wholly owned subsidiary companies. Detailed information regarding these companies can be found in Note 13 of the financial statements.

The charitable group continues to rely significantly on income generated from its investment assets to support its activities. The charity's investment portfolio, composed of quoted investments, is managed with the dual objectives of achieving both capital appreciation and income growth. During the year, the value of these investments saw

The total consolidated net income of the group, before accounting for gains and losses on investment assets and transfers between funds, amounted to £220,291, slightly higher than the £54,472 reported in the previous year. However, when considering the net losses on investment assets within the financial year, the group achieved a consolidated net gain of £54,528 recorded in 2025.

Investment policy and performance

The trustees' powers of investment are defined by the provisions of the trust deed. In line with these provisions, the trustees have delegated the management of the charity’s quoted investments to three fund managers, who operate on a discretionary basis.

The primary investment objective is to achieve long-term capital and income growth that exceeds the fund’s benchmark. To this end, the trustees have initiated a comprehensive review of the charity’s investments. Consultants have been engaged to assist in this process, leading to the development of a new investment policy. The trustees are currently evaluating all existing investments to ensure they align with this updated policy.

The selection of assets employed to meet the investment objectives will remain consistent with the guidelines set forth in the trust deed. The fund managers are prohibited from engaging in speculative activities, the investment portfolio may not be leveraged, and the majority of investments must be easily convertible to cash.

Additionally, the trustees recognize the potential value of making social investments that align with the charity’s mission. In such cases, the trustees will adhere to the Charity Commission’s guidelines outlined in "Charity and Social Investment" and will seek professional advice before proceeding with any social investment decisions.

Regarding residential investments, decisions to sell are made based on a thorough review of each property’s valuation and circumstances upon vacancy. However, as the majority of the houses have now undergone complete renovation, it is likely that they will be retained as rental properties to support the charity’s income.

Page 4

THE ALAN EDWARD HIGGS CHARITY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025

FINANCIAL REVIEW

Reserves policy

The trustees have set a long-term objective to maintain free reserves in unrestricted funds at a level equivalent to approximately one year’s charitable expenditure. This approach ensures the charity has adequate financial stability to continue its operations and meet its commitments.

As of April 5, 2025, the charitable group held total funds amounting to £20,850,252, compared to £20,795,724 in the previous year. Of these funds, £443,716 (2024: £850,419) were held in the unrestricted income fund, while £20,406,536 (2024: £19,945,305) were allocated to the expendable endowment fund.

On the same date, the charity itself reported total funds of £20,059,649, down from £20,224,552 in 2024. Of these, £465,444 (2024: £1,091,578) were held in the unrestricted free income fund, and £19,594,205 (2024: £19,132,974) were held in the expendable endowment fund. Given the current levels of income and expenditure, the charity has more than sufficient free reserves to cover at least one year’s charitable expenditure, ensuring financial resilience and sustainability.

Plans for the future

The trustees are actively refining and expanding their grant-making strategy with a focus on maximising the impact of the funds they distribute. As part of this ongoing development, they are exploring ways to enhance communication and foster more effective dialogue with grant applicants. By improving the exchange of information and understanding between the charity and those seeking funding, the trustees aim to ensure that grants are awarded in a manner that most effectively supports the intended outcomes. This approach not only helps to align the charity’s resources with the needs of the communities it serves but also allows for more strategic and impactful grant-making decisions.

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.

Page 5

THE ALAN EDWARD HIGGS CHARITY

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT 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 regularly assess the major risks that the charity may face and continuously review them to develop effective systems and procedures for risk management. This proactive approach ensures that the charity is wellprepared to handle potential challenges.

As an endowed charity, the primary risks and uncertainties stem from the fluctuations in the value of its investments and the potential variability in income generated from these sources. This includes rental income from investment properties, as well as income and gains from managed investment portfolios.

Market conditions and shifts in business confidence can negatively impact the value of these investment assets. To mitigate these risks, the Trustees seek independent professional advice from experienced investment managers. Additionally, they retain the flexibility to adjust the level of grant expenditure in response to the investment returns received, ensuring that the charity remains financially stable even in the face of market volatility.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees 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 and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

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.

Approved by order of the board of trustees on ............................................. and signed on its behalf by: 3/12/25

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

Page 6

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

Opinion

We have audited the financial statements of The Alan Edward Higgs Charity (the 'charity') for the year ended 5 April 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (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 are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The 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 Report of the Independent Auditors 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:

Page 7

REPORT OF THE INDEPENDENT AUDITORS 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 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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: .............................................

Page 8

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025

INCOME AND ENDOWMENTS FROM
Notes
Activities for generating funds
Rental income
Property management
Investments
Quoted investments
Investment income
Interest received
Total income and endowments
2
EXPENDITURE ON:
Raising funds
Trading subsidiaries
3
Exceptional item
Investment management costs
4
Charitable activities
Grants payable
5
Governance costs
6
Total expenditure
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
Tax on profit
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
16		 2025
2024
Unrestricted
funds
£
Endowment
fund
£
Total
funds
£
Total
funds
£
129,084
299,596
-
-
129,084
299,596
129,489
116,992
365,433
52,981
-
365,433
52,981
379,907
48,688
107,713
-
107,713
593
954,807
-
954,807
675,669
41,509
-
41,509
55,146
-
-
-
8,431
149,724
-
149,724
185,159
429,058
-
429,058
278,608
79,929
34,296
114,225
93,853
700,220
34,296
734,516
621,197
-
(165,763)
(165,763)
1,278,223
254,587
(200,059) 54,528
1,332,695
(661,290)
661,290
-
-
-
-
-
(161)
(406,703)
850,419
461,231
19,945,305
54,528
20,795,724
1,332,534
19,463,190
443,716
20,406,536
20,850,252 20,795,724

CONTINUING OPERATIONS

All income and expenditure have arisen from continuing activities.

The notes form part of these financial statements

Page 10 Page 9

THE ALAN EDWARD HIGGS CHARITY

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025

2025 2024
Unrestricted Endowment Total Total
funds fund funds funds
Notes £ £ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 67,809 - 67,809 118,779
Investment income 613,827 - 613,827 518,324
Total Total2 681,636 - 681,636 637,103
EXPENDITURE ON
Raising funds 137,493 - 137,493 173,726
Charitable activities
Grants payable 5 Grants payable 5 429,058 - 429,058 278,608
Governance costs 79,929 34,296 114,225 93,901
Total 646,480 34,296 680,776 546,235
Net gains/(losses) on investments - (165,763) (165,763) 1,192,223
NET INCOME/(EXPENDITURE) 35,156 (200,059) (164,903) 1,283,091
Transfers between funds (661,290) 661,290 - -
Net Movement in funds (626,134) 461,231 (164,903) 1,283,091
RECONCILIATION OF FUNDS
Total funds brought forward 1,091,578 19,132,974 20,224,552 18,941,461
TOTAL FUNDS CARRIED FORWARD TOTAL FUNDS CARRIED FORWARD16 465,444 19,594,205 20,059,649 20,224,552

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 10 Page 10

THE ALAN EDWARD HIGGS CHARITY

FIXED ASSETS
Tangible fixed assets
Investments
CURRENT ASSETS
Debtors
Cash at bank
CREDITORS
Amounts falling due within one
year
NET CURRENT ASSETS
TOTAL ASSETS LESS
CURRENT LIABILITIES
NET ASSETS
CHARITY FUNDS:
Unrestricted funds
Income fund
Expendable endowment fund
TOTAL CHARITY FUNDS
 CONSOLIDATED
BALANCE SHEET
5 APRIL 2025
Notes
11
12
14
15
16		 2025
£
2024
£
-
433
16,814,551
19,944,293
16,814,551
19,944,726
49,272
56,515
4,063,549
892,556
4,112,821
949,071
(77,120)
(98,073)
4,035,701
850,998
20,850,252
20,795,734
20,850,252
20,795,724
443,716
850,419
20,406,536
19,945,305
20,850,252
20,795,724

The financial statements were approved by the Board of Trustees and authorised for issue on . ............................................ and were signed on its behalf by: 3/12/25

............................................. A E W Barrett - Chairman

The notes form part of these financial statements

Page 10 Page 11

THE ALAN EDWARD HIGGS CHARITY

FIXED ASSETS
Investments
Investments
Investment property
CURRENT ASSETS
Debtors
Cash at bank
CREDITORS
Amounts falling due within one year
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
Unrestricted funds
Endowment funds
TOTAL FUNDS		 BALANCE SHEET
5 APRIL 2025
Notes
12
12
14
15
16		 2025
£
14,213,362
1,789,870
16,003,232
266,087
3,816,495
4,082,582
(26,165)
4,056,417
20,059,649
20,059,649
465,444
19,594,205
20,059,649		 2024
£
17,397,974
1,735,000
19,132,974
314,888
806,374
1,121,262
(29,684)
1,091,578
20,224,552
20,224,552
1,091,578
19,132,974
20,224,552

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 3/12/25

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

The notes form part of these financial statements

Page 13 Page 12

THE ALAN EDWARD HIGGS CHARITY

CONSOLIDATED STATEMENT OF CASH FLOWS
5 APRIL 2025
2025

£
Cash flow from operating activities
(395,215)
Tax paid -

Net cash flow from operating activities
(395,215)

Cash flow from investing activities
Payments to acquire investments
(1,734,349)
Receipts from sales of investments4,698,327
Investment gains -
Interest received 107,713
Dividends and other investment income received
365,433
Rents received from investment properties
129,084
Net cash flow from investing activities
3,566,208

Cash flow from financing activities
Interest paid-
Net cash flow from financing activities -
Net (decrease)/increase in cash and cash equivalents
3,170,993

Cash and cash equivalents at 05 April 2024
892,556
Cash and cash equivalents at 05 April 20254,063,549
 2024
£
(540,214)
(161)

(540,375)
(3,285,328)
3,111,422
17,781
593
379,907
129,489

353,864
-
-

(186,511)
1,079,067

892,556

The notes form part of these financial statements

Page 14 Page 13

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2025

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation and impairment of tangible fixed assets
Dividends and other investment income received
Rents received from investment properties
Interest received
Losses/(gain) on investments

(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash used in operations		 2025
2024
£
£
54,528
1,332,695
433
747
(365,433)
(379,907)
(129,084)
(129,489)
(107,713)
(593)
165,763
(1,296,004)
7,244
(12,047)
(20,953)
(55,616)
(395,215)
(540,214)

2.

ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank
Total		 At 6.4.24
£
892,556
892,556
892,556		 Cash flow
£
3,170,993
3,170,993
3,170,993		 At 5.4.25
£
4,063,549
4,063,549
4,063,549

The notes form part of these financial statements

Page 14

THE ALAN EDWARD HIGGS CHARITY

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 5 APRIL 2025
2025
Notes
£
Cash flows from operating activities
Cash generated from operations
1
(514,703)
Net cash used in operating activities
(514,703)
Cash flows from investing activities
Purchase to acquire investments
(1,734,349)
Receipts from sales of investments
4,698,327
Interest received
107,713
Dividends and other investment income
365,433
Rents received from investment properties
87,700
Net cash flow from investing activities
3,524,824
Cash flows from financing activities
Interest paid
-
Net cash used in financing activities
-
Change in cash and cash equivalents in
the reporting period
3,010,121
Cash and cash equivalents at the
beginning of the reporting period
806,374
Cash and cash equivalents at the end of
the reporting period
3,816,495		 2024
£
(519,937)
(519,937)
(3,285,275)
3,111,422
592
379,907
89,137
295,783
-
-
(224,154)
1,030,528
806,374

The notes form part of these financial statements

Page 14 Page 15

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 5 APRIL 2025

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

2.

Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation and impairment of tangible fixed assets
Dividends and other investment income received
Rents received from investment properties
Interest received
Losses/(gain) on investments

(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash used in operations
ANALYSIS OF CHANGES IN NET FUNDS		 2025
2024
£
£
(164,903)
1,283,090
-
-
(365,433)
(379,907)
(87,700)
(89,137)
(107,713)
(592)
165,763
(1,192,223)
48,801
(101,889)
(3,518)
(39,279)
(514,703)
(519,937)
Net cash
Cash at bank
Total		 At 6.4.24
£
806,374
806,374
806,374		 Cash flow
£
3,010,121
3,010,121
3,010,121		 At 5.4.25
£
3,816,495
3,816,495
3,816,495

The notes form part of these financial statements

Page 16

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE FINANCIAL STATE FOR THE YEAR ENDED 5 APRIL 2025

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 the 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 charities 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 scheme are charged to the Statement of Financial Activities in the period to which they relate.

continued...

Page 17

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025

1. ACCOUNTING POLICIES - continued

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.

Investments

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

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

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

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

Investment property

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

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

Taxation

The charity is exempt from tax on its charitable activities.

Fund 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.

continued...

Page 18

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 5 APRIL 2025

2. INCOME AND ENDOWMENTS

All income is wholly attributable to the unrestricted income fund in the current and preceding financial 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
Travelling expenses
Audit fees
Accountancy
Bank charges
Sundry expenses
Depreciation		 2025
£
17,754
6,771
4,580
2,915
1,688
263
41
5,110
1,504
283
167
433
41,509		 2024
£
26,016
5,277
6,345
4,725
3,980
639
746
3,500
2,147
296
728
747
55,146

4. INVESTMENT MANAGEMENT COSTS

Agents’ fees
Legal and professional
Repairs
Insurance
Sundry expenses		 Income
£
11,789
114,344
19,596
3,990
5
149,724		 Endowment
£
-
-
-
-
-
-		 2025
£
11,789
114,344
19,596
3,990
5
149,724		 2024
£
12,094
155,352
13,592
4,071
50
185,159

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

Investment management costs were £149,724 (2024: £185,159) of which £nil (2024: £50,756) were attributable to the endowment fund and £149,724 (2024: £134,403) attributable to the income fund.

continued...

Page 19

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025

5. GRANTS PAYABLE

Supported charities and their objectives 2025 2024
£ £
A Band of Brothers 5,000 -
Acorns Children's Hospice Trust
Expand our family services, providing vital psychosocial support to as
many families as possible 15,000 15,000
Armonico Consort Limited
Providing singing holiday opportunities for children in deprived areas
of Coventry/Solihull - 10,000
Artichoke Trust - 10,000
Aspire in Arts Ltd 19,865 -
Baby Godiva - 4,000
Barnado's
Funding for Coventry children's rights service for care experienced
children and young people - 10,000
Belong: Making Justice Happen 5,000 -
Blue Coat School Coventry 3,000 -
Brain Tumour Support 5,000 -
Carriers of Hope
To provide emergency support to asylum seekers, refugees and - 15,000
migrants
Charnwood 20:20 - 2,000
Children with Cystic Fibrosis Dream Holidays 3,400
Children's Hospital Pyjamas
Provide children & young people in hospitals, hospices & refuges with
pyjamas 1,000 1,000
Circolombia 5,000 -
CleanUp UK 5,000 -
Community Safety Education 2,200 -
Corpus Christi Catholic Church 19,650 -
Coventry Boys and Girls Club 20,000 -
Coventry City Mission
Providing vulnerable children in Coventry with Christmas gifts 2,500 2,500
Coventry Haven Women's Aid - 6,000
Coventry Rape and Sexual Abuse Centre - 15,000

continued...

Page 20

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 5 APRIL 2025

5. GRANTS PAYABLE - continued

Coventry Rugby Foundation 9,776 -
Engineering Development Trust
To fund a STEM experience day for young people - 2,470
Dudley Lodge/Hurdle 13,000 -
Epic Entrepreneurs CIC 15,000 -
Epic Futures CIC 5,000 -
Family Holiday Charity
Helping families facing multiple disadvantages to create happy and
positive memories 15,000 12,320
Feeding Coventry 20,000 -
Foundation for Conductive Education 5,523 -
Friendship Project for Children - 12,000
Go Beyond 12,000 11,200
Grapevine Coventry & Warwickshire
To provide support and advocacy to young people with autism and
disability absent from school - 20,000
Happy Days Children's Charity
Leisure time activities for children with special needs in Coventry 4,000 4,000
Heart Research UK - 5,700
Highly Sprung Performance 4,000 -
Insight - Counselling Coaching & Support Service
2-stage therapeutic programme - 1:1 counselling then a siblings group
for young carers - 5,000
International Children's Games 1,000 1,000
John White Community Centre 10,000 -
Joss Searchlight 3,000 -
KA Kits Academy CIC 5,000 2,000
Kairos WWT
To support young women, aged 18-25, at risk of sexual exploitation - 20,000
KidsOut UK 5,000 -
Level Water 3,696 -
Love4Life 10,000 -

continued...

Page 22 Page 21

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 5 APRIL 2025

5. GRANTS PAYABLE - continued

Make Them Smile 2,683 -
Media Mania 15,000 -
Nordoff Robins Music Therapy - 5,000
NSPCC
To support the NSPCC Schools Service in the West Midlands - 5,000
Relate Coventry & Warwickshire - 17,500
Sense
Sense Forest School for children with deaf and blindness and their
families in Birmingham 5,700 5,200
She Kicks Academy 4,000 -
Shine A Light - 4,730
Sonrisa Arts CIC 13,680 -
SOS! Special Educational Needs - 5,000
St. Giles Trust - 8,000
Whizz-Kidz - 5,000
The Bradby Club for Young People 9,500 -
The Brilliant Club 12,809 -
The Children's Society 12,000 -
The Mason Foundation 8,181 -
The Respite Association 5,000 -
7,000
The Royal Society for Blind Children 10,000 -
Three Spires Family Support Trust (Coffee Tots) 9,000 -
TLC Foundation 2,000 -
Vanny Radio 5,000 -
Warwick Arts Centre 19,895 -
Warwickshire Wildlife Trust 8,000 -
Wild Earth 12,000 -
YMCA Heart of England 10,000 18,000
Young Lives vs Cancer 5,000 -

continued...

Page 23 Page 22

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025

5. GRANTS PAYABLE - continued

6.

Young People First - 16,988
Zoe's Place Baby Hospice - 2,000
429.058 278,608
GOVERNANCE COSTS
2025 2024
£ £
Salaries and overheads 56,488 46,619
Trustee expenses 2,400 3,600
Rent, rates and insurance 8,193 6,684
Accountancy 11,112 12,140
Telephone 1,249 -
Postage and stationery 113 -
Travelling 162 -
Sundry expenses 1,041 -
Computer costs 2,779 2,405
Legal fees 30,688 22,405
114,225 93,853

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 3,995 15,978 11,984 7,989 39,946
% 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 £12,894.

continued...

Page 24 Page 23

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025

9. STAFF COSTS

Salaries
Social Security
Pension
Average number of employees		 2025
£
71,148
2,308
786
74,242
2		 2024
£
69,753
2,115
767
72,635
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 £786 (2024: £767).

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

The total amount of employee benefits (including employers Nl) received by key management personnel was £33,510 (2024: £33,611). 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 (2024: £nil).

Total expenses of £2,400 (2024: £3,600) were paid to 4 (2024: 6) of the trustees

Trustees' expenses

Trustees' expenses
2024 2023
£ £
Trustees' expenses 2,400
 3,600

Related party transactions

As at 5th April 2025, a balance owed to the beneficiaries of FG Higgs / FJ Hope Trust from Hope Property Management Limited totaled £46,722.54 (2024: £64,900.73). M F Knatchbull-Hugessen is a trustee of both FG Higgs & FJ Hope Trust and a director of Hope Property Management Limited. A E Higgs Charity is a trustee of the FJ Hope Trust.

continued...

Page 24

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025

11. TANGIBLE FIXED ASSETS - GROUP
COST
At 06 Apil 2024
Additions
Disposals
At 05 April 2025
DEPRECIATION
At 06 Apil 2024
Charge for year
Disposals
At 05 April 2024
NET BOOK VALUE
At 05 April 2025
At 05 April 2024		 Fixtures
and
fittings		 Computer
equipment		 Total
£
3,737
-
-
3,737
3,737
-
-
3,737
-
-		 £
23,762
-
-
23,762
23,329
433
-
23,762
-
433		 £
27,499
-
-
27,499
26,319
747
-
27,066
-
433

There are no tangible assets held by the charity.

12. INVESTMENT ASSETS - GROUP
Cost and market value at 06 April 2024
Acquisitions
Sale proceeds
Investment gains / (losses)
Cost and market value at 05 April 2025
Historic cost as at 05 April 2025		 Investment
properties
£
2,547,003
54,870
-
-
2,601,873
733,498		 Listed
investments
£
17,397,290
1,679,479
(4,611,453)
(252,638)
14,212,678
11,083,100		 Total
£
19,944,293
1,734,349
(4,611,453)
(252,638)
16,814,551
11,816,598

The investment properties were professionally valued by Carters Chartered Surveyors during March 2024. The Trustees have assessed the market value as at 5 April 2025 and do not consider the value to have moved significantly since the valuation date.

The fair value of listed investments is determined by reference to the quoted price for identical assets in an active market at the balance sheet date.

12. INVESTMENT ASSETS - CHARITY
Cost and market value at 06 April 2024
Acquisitions
Sale proceeds
Investment gains / (losses)
Cost and market value at 05 April 2025
Historic cost as at 05 April 2024		 Investment
properties
£
1,735,000
54,870
-
1,789,870
413,675		 Listed
investments
£
17,397,290
1,679,479
(4,611,453)
(252,638)
14,212,678
11,083,100		 Other
investments
684
-
-
-
684
30,000		 Total
£
19,132,974
1,734,349
(4,611,453)
(252,638)
16,003,232
11,526,775

continued...

Page 26 Page 25

THE ALAN EDWARD HIGGS CHARITY

`

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 5 APRIL 2025

13. WHOLLY OWNED COMPANIES

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.

Value of the investments
Results of
active
companies
Turnover
Year ended 31st
March 2025
£
Hope Property
Management
Ltd
41,384
Plough Hill
Land Ltd
-
41,384
Year ended 31
March 2024
Hope Property
Management
Ltd
40,353
Plough Hill
Land Ltd
-
40,353
Summary of
balance sheets
Year ended 31st
March 2025
Hope Property
Managements
Ltd
Plough Hill
Land Ltd
Year ended 31st
March 2024
Hope Property
Managements
Ltd
Plough Hill
Land Ltd		 2025
£
684
2024
£
684
Gross Profit
Administrative
expenses
Other
income
£
£
£
41,384
53,385
294,448
-
-
-
41,384
53,385
294,448
40,353
66,398
80,000
-
-
-
40,353
66,398
80,000
Fixed
assets &
properties
Stock,
debtors &
cash
Due to
charity
812,003
256,454
(447,611)
-
-
-
812,003
256,454
(447,611)		 2025
£
684
2024
£
684
Gross Profit
Administrative
expenses
Other
income
£
£
£
41,384
53,385
294,448
-
-
-
41,384
53,385
294,448
40,353
66,398
80,000
-
-
-
40,353
66,398
80,000
Fixed
assets &
properties
Stock,
debtors &
cash
Due to
charity
812,003
256,454
(447,611)
-
-
-
812,003
256,454
(447,611)		 2025
£
684
2024
£
684
Gross Profit
Administrative
expenses
Other
income
£
£
£
41,384
53,385
294,448
-
-
-
41,384
53,385
294,448
40,353
66,398
80,000
-
-
-
40,353
66,398
80,000
Fixed
assets &
properties
Stock,
debtors &
cash
Due to
charity
812,003
256,454
(447,611)
-
-
-
812,003
256,454
(447,611)		 Operating
profit
£
282,447
-
282,447
53,955
-
53,955
Other
creditors
(55,576)
-
(55,576)		 Gift Aid
£
62,661
-
62,661
53,956
-
53,956
Net
assets
565,269
-
565,269
812,436
-
812,436		 104,430
-
104,430		 (269,710)
-
(269,710)		 (73,419)
-
(73,419)		 573,737
-
573,737

continued...

Page 28

Page 26

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 5 APRIL 2025

13. WHOLLY OWNED COMPANIES… 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

Trade debtor
Amounts due from subsidiary undertakings
Other debtors, prepayments & accrued income		 2025 Group 2024
£
24,887
-
31,628
56,515		 2025 Charity 2024
£
25,722
-
23,550		 £
25,722
227,736
12,629		 £
24,887
280,174
9,827
49,272 266,087 314,888

15. CREDITORS

Trade creditors
Rent deposit
Amounts due to subsidiary undertakings
Other creditors & accruals		 2025 Group 2024 2025 Charity 2024
£
-
3,000
-
74,120		 £
10,268
3,000
-
84,805
98,073		 £
-
3,000
4,803
18,362		 £
10,268
3,000
5,158
11,258
77,120 26,165 29,684

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
£
-
-
520,836
(77,120)
443,716
-
491,609
(26,165)
465,444		 Expendable
endowment
£
-
16,814,551
3,591,985
-
20,406,536
16,003,232
3,590,973
-
19,594,205		 Total
£
-
16,814,551
4,112,821
(77,120)
20,850,252
16,003,232
4,082,582
(26,165)
20,059,649

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.

continued...

Page 28 Page 27

THE ALAN EDWARD HIGGS CHARITY

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025

17. ULTIMATE CONTROLLING PARTY

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

Page 29 Page 28