Docusign Envelope ID.. F811 D5F6-738247F4-A86D-20AF21722AE3 Charlty No. 526206 The Harris Charity Financial Statements For The Year Ended 5 April 2024
Docusign Envelope ID". F811 D5F6-738247F4-A86D-20AF21722AE3 THE HARRIS CHARITY CONTENTS Page Charity Detsils Trustees report Independent examiner's report Statement of financial activities Balance sheet Notes to the accounts
Docusign Envelope ID.. F811 D5F6-738247F4-A86D-20AF21722AE3 THE HARRIS CHARITY CHARITY DETAILS Tmstees: E J Booth CBE DL LLD- (Chairman) P R Metcalf MBE FCA DChA- {Vice Chaimian} DrA W Andrews Mrs J Coulslon-Hermann BA Hons M.Ed JP Mrs N M Fielden Rev P Hamborg SWJHuckLLB K G Mellalieu T J Scotl FCSI S B R Smith IResigneiJ 31 August 2023} Honorary Vice President WSHuck Secretary D M Ingram FCA Reglstered Address Richard House 9 Winckley Square Preston PR1 3HP Charlty Number 526206 Independent Examlner A Mills FCA MAAT Chartered Accountant James Todd & Co INWI Ltd Greenbank House 141 Adelphi Street Preston PR1 7BH Investment Advlsers Brown Shipley U K Authorised Private Bank 3 Hardman Street Spinningfields Manchester M3 3HF Endowment Fund Incorporates Permanent Endowments from the following charities.. Jacson Memori81 Fund Jacson Special Bequest Victor G8tty Prize Fund Rogerson Scholarship Trust Lancashire Council for Voluntary Youth Service Page 1
Docusign Envelope ID.. F811 D5F6-738247F4-A88D-20AF21722AE3 THE HARRIS CHARITY TRUSTEES. REPORT FOR THE YEAR ENDED S APRIL 2024 The Trustees present their report and financial statements of the charity for the year ended 5 April 2024. The trustees have adopted the provisions of the Statement of Recommended Practice ISORPI "Accounting and Reporting by Charities" IFRS 102) in preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordance with the accounting policies sel out in the 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. Constitution. objectives and activities for the public benefit The charity, which was originally known as "The Harris Orphanage. regulated by a scheme of the High Court of Justice of 23 January 1883, was re-organised in 1985 following the disposal of the Harris Orphanage premises in Garslang Road, Preston, lo the Lanc8shire Polytechnic (now renamed University of Central L8ncashirel. The proceeds of sale together with previously held investments have resulted in a substsnlial endowment which has been invested for the future benefit of young people under the age of twenty-five years resident in the County of Lancashire, with preference given lo persons living in the City of Preston (formerly the Borough of Prestonl. The Harris Charity is a registered charity governed by a scheme of arrangement dated 8 August 1985 approved by the Charity Commissioners. The Trustees, powers of investment are determined by the Trustee Act 2000. Financial assistance is given to relieve hardship or distress, for promoting training and education and lo assist in th8 provision of facilities for recreation and leisure aclivilies. The trustees generally meet on a quarterly basis to address the business of the charity. The secretary handles the day lo day running of the charity from the registered office. Trustees and appointment of new trustees The trustees who have served during the year and since the year end are set out on page 1 and are appointed in accordance with the trust scheme. Trustees are appointed for five years by resolution of the body of trustees passed al a special meeting of which not less than twenly-one days, notice has been given. The Iruslees look lo appoint new Iruslees with expertise and knowledge and who have an involvement with the care of children and activities for which grants are sought. Any Trustee who is absent from all meetings of the Iruslees during a period of consecutive years is considered to have determined their tnjsteeship. The Iruslees, Mr T J Scoll and Mr P Melcalf were re-elected during the year. Investment policy An Investment Sub-commillee meets quartedy to review the investment wrtfolio of the charity and lo discuss any proposals made by the investment advisers, Brown Shipley. The Iruslees agree with the investment adviser that a realistic income target in the present circumstances is £100,000 per annum rather than the £120,000 figure that has been previously requested with an anlicipalion that the new income target will not be achieved in the short term as dividends continue lo recover. The Iruslees continue lo lake a long term view on the investment portfolio and will keep the tsrgel figure under review as market conditions change. Page 2
Docusign Envelope ID.. F811 D5F6-738247F4-A88D-20AF21722AE3 THE HARRIS CHARITY TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 Investmgnt policy Icontinuedl The current Brown Shipley mandate in measuring investment perfom)ance is 'Growlh' using the MSCI PIMFA Private Investor Growth Index as a benchmark. Investments are avoided where their products are harmful lo children and young people who the charity serves. The policy is to generate income for the making of grants whilst maintaining capital growth lo protect the value of the investments in real terms. Grant-making policy The charity invites applications from individuals under the age of 25 years and organisations which support persons under the age of 25 years, twice yearly in March and September. Applicants are invited to submit a summary oftheir proposals on a specific form. Each application is perused and grants are awarded at the Iruslees discretion. Each applicant is informed as lo whether or not a grant has been awarded and if successful is asked lo provide the Trustees with the relevant documenlslinvoices in order that funds may be released. Publlc beneflt The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities and setting the grant- making policy for the year. Financial assistance is given to relieve hardship or distress, for promoting training and education and to assist in the provision of facilities for recreation and leisure activities for those under the age of twenty five years resident in the county of Lancashire, with preference given to persons living in the city of Preston. An analysis of the assistance provided is shown in note 5. Review of activities- achievements and performance During the year 32 grants awards12023.'231 have been made by the charity tolalling £107,55312023..£64,6841. Grants amounting lo £224,32212023..£209,2621 had been approved bul not paid al the year end. The Harris Charity continues to explore ways to provide help to young people in the Lancashire area who are living in challenged circumstances. 11 works closely with two local charities, Preston Relief in Need and Guild Initiative for Fumiture Trust (Gift 921 in supporting young people and families setting up home. Financial review The charity's income during the year amounted lo £121,15012023.'£100,7641. Total resources expended during the year amounted lo £138,11212023.'£102,2951- Grants payable during the year lotalled £89,86312023.. £56,644). The overall result was an increase in the value of the unrestricted fund of £24,05212023'.increase of £16,218110 £389,45012023..£365,3981 at 5 April 2024 after adding12023..deduclingl the unrealised gain of £16,123 12023'.loss of £5,282) on investrnents and current asset investments held. During the year the value of the endowment fund increased by £376,661 12023..decrease of £249,100110 £4,384,55212023..£4,007,8911 at 5 April 2024. This occurred as a result of gains of £401,55212023.' gains of £249,100) and after deducting investrnent management costs of £24,89112023..£22,9531. Page 3
Docusign Envelope ID.. F811 D5F6-738247F4-A86D-20AF21722AE3 THE HARRIS CHARITY TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 Reserves policy 11 is the policy of the charity to maintain unreslricled funds, which are free reserves of the charity, at a level that provides sufficient funds to cover grants payable and administration costs and to respond lo emergency applications for grants which arise from lime lo time. The endowment fund is invested in order lo generate the income necessary lo provide for the grants that are awarded. The Iruslees confimi that the free reserves of the charity al the year end were £389,450 (2023.. £365,398). This report was approved by the Trustees on October 25, 2024 and signed on its behalf.. E J Booth CBE DL LLD Chairman of the Board of Trustees Page 4
Docusign Envelope ID.. F811 D5F6-738247F4-A86D-20AF21722AE3 THE HARRIS CHARITY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE HARRIS CHARITY I report lo the trustees on my examination of the accounts of The Harris Charity for the year ended 5 April 2024 set out on pages 6 to 15. Responsibilities and basis of report As the charity Iruslees of The Harris Charity, you are responsible forthe preparation ofthe accounts in accordance with the requirements of the Charities Act 2011 Ilhe 2011 Act). I report in respect of my examination of the charty's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable directions given by the Charity Commission under section 145151(bl of the 2011 Act. Independent examiner's statement I have completed my examination. l ¢onfirm that no material matters have come to my attention in connection with the examination giving me cause lo believe that in any material respect.. Accounting records were not kept in respect of the Harris Charity as required by section 130 of the Act., or The accounts do not accord with those records,. or The accounts do not comply with the applicable requirements concerning the form and content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair view, which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. A Mills FCA MAAT Chartered Accountant Jamgs Todd & Co INWI Ltd Gregnbank Housg 141 Adelphi Street Preston PR17BH Dated- October 29. 2024 Page 5
Docusign Envelope ID.. F811 D5F6-738247F4-A86D-20AF21722AE3 THE HARRIS CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Unrestrict&S EndoWnt fvnds Total 2024 Note InconE and emdowrrtts frorr Donations and legacies In5thnts 1,031 120, 119 1,031 120.119 99. 764 Total inconing resources 121.150 121,150 100, 764 ExpditUre on: Raising funds Charitsble actiiAlies 24.891 24,891 113.221 24,310 77.985 113,221 Totsl WdItUre 113.221 24.891 138,112 102.295 Net inconpl{exwditure) before 90ins/(losses) on investrwts Gainsllbssesl on InsInnts 7.929 (24.891> (16,) 11,531J 617 16, 123 401,552 417,675 1254,382J Net rrDvrnit in fijnds Ron¢l11ati0n of funds Totsl funds broughtfotwdrd Total funds carri1 foThYard 24.[62 376.É61 4.713 (255,913J 365.398 4.007.891 4 373 289 4,629,202 389.450 4.,552 4.774,(Mf2 4,373,289 Page 6
Docusign Envelope ID.. F811 D5F6-738247F4-A86D-20AF21722AE3 THE HARRIS CHARITY BALANCE SHEET AS AT 5 APRIL 2024 Unrestrirted Endowrrt funds funds Totsl 2024 rotsl Note Fixal ass InStrrents 4,343,289 4.343,289 3,930,976 Totsl fixal ass 4.343.289 4.343.289 3.930.976 Currwt ass Debtrsrs InKestrEnts Cash atbank and in hand 18.627 433.820 181.568 18.627 433.820 17.477 239. 722 414,380 41.263 Total current assets 634,0 41.263 675.278 671,579 Liabilities Cr&Yitors: aUnts fallirvJ due Ihin one year 244.565 244.Y 1229.266) Net CUrrt ass£ts .4X) 41,263 4X).713 442.313 Net assÉts .450 4.384.552 4.774.CK12 4.373.289 Charty Funds Unresthctedfunds.. General fund 389.450 3Sg.4X) 365.398 EndoWnrt(Us 4.384 552 4.,552 4,007,891 Total charty funds io,ii .450 4.384.552 4.774.CX)2 4,373.289 Approved by the Board of Trustees on October 25, 2024and signed on its behalf by.. PdLY nwdf E J Booth CBE DL LLD- Chaimian of Trustees P R Metcalf MBE FCA DChA-Vice Chairman Q¢W41 IMYA D M Ingram FCA- Secretary The notes on pages 8 10 15 fomi part of these financial statements. Page 7
Docusign Envelope ID.. F811 D5F6-738247F4-A86D-20AF21722AE3 THE HARRIS CHARITY NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024 Accountlng pollcles Basis of preparation The Harris Charity is a charity registered in England and Wales. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity's operations and principal activities are set out on page 2 of the trustees report. The charity conslitules a public benefit entity as defined by FRS 102. The financial stslemenls have been prepared in accordan with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011, and UK Generally Accepted Accounting Practice. The financial statements have been prepared to give a 'lrue and fair, view and have departed from the Charities IAccounts and Reports) Regulations 2008 only to the extent required lo provide a 'lrue and fair view,. This departure has involved following the Aceounling and Reporbng by Charities.. Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn The financial statements are prepared on a going concern basis under the historical cost eonvention, modified lo include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £000. Golng concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainly exists that casts doubl on the charity's, ability to continue to operate. The trustees have considered the level of funds held and the expected level of income and expenditure for the twelve months from the date of the aulhorising of these financial statements. The budgeted income and exndItUre is sufficient with the level of reserves for the charity to be able to continue as 8 going concern. Income recognition All income is recognised once the charity has entitlement to receipt and it is probable that the income will be received and the amount of income receivable can be measured reliably. All income is included in the Statement of Financial Activities. Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject lo conditions that require a level of performance before the charity is entitled to the funds then the income is deferred until those conditions are fully mel or the fulfilmenl of those conditions is within the control of the charity and il is probable that they will be fulfilled. Investment income is recognised in the period in which the charity is entitled to receipt. Page 8
Docusign Envelope ID.. F811 D5F6-738247F4-A86D-20AF21722AE3 THE HARRIS CHARITY NOTES TO THE ACCOUNTS ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies l¢ontinuedl Expendlture recognltlon All expenditure is accounted for on an accruals basis and has been allocated lo the fund to which it relates. Expenditure is recognised where there is a legal or conslruclive obligation lo make payment, it is probable that settlement will be required and the amount of the obligation can be measured reliably. The charity is not registered for VAT, consequently. input VAT incurred is charged against the expenditure heading lo which it relates. Grants payable to third parbes are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectslion that the recipient will receive the grants. Where grants are Conditional relating lo performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity. Allocatlon of support and governance costs Support costs are those costs incurred that 8SSiSt the work of the charity but do not directly represent ch8ritsble activities. They are in sustained support of expenditure on the objects of the charity. Governance costs are those costs relating lo the public accountability of the charity and its compliance with regulations and good charity practices. The trustees have decided that all such costs be met from unrestricted funds. Investments Investments are initially recognised at their transaction value and subsequently measured at their fair value at the balance sheet date using the closing quoted mid market pri as quoted on the London Stock Exchange and, in the case of foreign investments. on their respective stock exchanges. Realised gains and losses All gains and losses are taken to the Ststemenl of Financial Activities as they arise. Realised gains and losses on investments are calculated as the differen between sale proceeds and their opening carrying value or their purchase value if acquired subsequent lo the first day of the financial year. Unrealised gains and losses are calculated as the difference between cost, if acquired dLJring the year, their fair value at the previous year end and their fair value at the CLJrrenl year end. Unrestricted fund The unreslricled fund is a fund which is available for use al the discretion of the Iruslees in furtherance of the general objectives of the charity and which has not been designated for other purposes. Designated funds comprise unreslricled funds that have been set aside by the trustees for particular purposes. The charity currently has no designated funds. Endowment fund The endowment fund is a fund representing those assets which must be held pemianenlly by the charity, principally inveslmenls. Income arising on the endowment fund can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Page 9
Docusign Envelope ID.. F811 D5F6-738247F4-A86D-20AF21722AE3 THE HARRIS CHARITY NOTES TO THE ACCOUNTS ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 Donations and legacies- unrestricted 2024 Donations 1.031 I,c0 1.031 1.000 Investment- unrestricted 2Q4 InStrnt dimdends and interest Bank int£rest 116,927 3,192 99,307 457 120.119 99,764 Raising funds - 2024 In5thnt enagennt(0sts 24,891 24.310 24.891 24,310 £24,891 12023.. £22,953) of expenditure is allocated lo the endowment fund and £Nil12023.. £1,357110 unrestricted. Page 10
Docusign Envelope ID.. F811 D5F6-738247F4-A86D-20AF21722AE3 THE HARRIS CHARITY NOTES TO THE ACCOUNTS ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 Charitable activities 2024 Grants exwdlre. Grants (see nolp 5bl 56.644 56,644 Grant rela support costs: Secretsrial fees InfortTotion conyrissionefs charges Truslee insurance Accountsncy fees - g0ManCe Independent errInerS fees - goKernance Bank charges 14.573 15.720 113 2,800 2.708 2,7 I.221 77.985 £Nil12023.' £781 of expenditure is allocated to the endowment fund, the rest is unrestricted. Note 5b 2024 Balance payabk brought fowdrd 190,696 Premousty awarded grants reaSed New grants awerded in the year 117.670) 107.533 18.0401 Net grant cost in the year (note 5cl 56.644 247,340 Grants paid in the year I74.3) 138.0781 Balance payabte carri&l forward Inote 9) 224.322 209.262 Page11
Docusign Envelope ID.. F811 D5F6-738247F4-A86D-20AF21722AE3 THE HARRIS CHARITY NOTES TO THE ACCOUNTS ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 Charitable activitios Icontinuedl Note Preston Lancashire Area 5 April 2024 5 April Insbttthnal Charitsb organisations Educational Recreab'onal- scouts. youth cKJbs et Recreab'onal- spotts. pbygroups et£ 6,030 2,199 3,9CNJ 5,OCKJ 50.077 8,229 3,50 5.000 87.018 16.646 7.600 4.289 30.786 36.941 Individuals 2,526 3,386 5.363 Premusly award grants relSl 113,4451 14,2251 117,6701 18,0401 59.477 Fixgd assgt investmgnts 2024 Market value at 5 Awl 2023 Addits'ons Disposal pr(Keeds Net inv2sthEnt Ibsse511gains Market value at 5 April 2024 3.9x1.976 426.& (416.(M8) 401.552 4.202,333 802,437 1824, 694) 1249,100) 4.343,289 3.930.976 HislDrical cost at 5 April 2024 4.(67,783 3. 773,459 2024 InKesknEnts at fair value corry)rised'. Equities Bonds and gits Hedge and StrUCred funds Propety funds 3.556,145 01,422 69,426 3.371,503 385,329 63,945 110,199 4.513,289 3.930.976 Page 12
Docusign Envelope ID.. F811 D5F6-738247F4-A86D-20AF21722AE3 THE HARRIS CHARITY NOTES TO THE ACCOUNTS ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 Debtors 2024 Accrued InC0e Loans 4.452 13,025 18,627 17,477 The loans are interest free and will be repaid or reviewed before the 25th birthday of the recipient Current asset investments 2024 Market value at 5 April 2023 Additions Disposal proceeds Net InStnnt Ik)ssesiigains 245,004 177.975 16.123 (5,2821 Market value at 5 April 2024 433.820 239, 722 Histrirical cost at 5 April 2024 2X).(XD 250.000 2024 lnstn*nts atfair Wdlue coffprised: Cash funds 433.820 239. 722 Jy, /1 Creditors- amounts falling due within one year 2024 2023 Credits)rs and accrued charges Grants payable (note 5bl 20,243 224.322 20,004 209.262 244.565 229.266 Page 13
Docusign Envelope ID.. F811 D5F6-738247F4-A86D-20AF21722AE3 THE HARRIS CHARITY NOTES TO THE ACCOUNTS ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 10 Analysis of charitable funds The unrestricted fund is available for use at the direction of the trustees in furtherance of the general objectives of the charity and which has not been designated for other purposes. The investment fund is established from previously owned investments together with the proceeds from the disposal of the Harris Orphanage premises in 1985. The fund is kept as a permanent endowment with investments being held for their capital appreciation and also to generate revenue for the unrestricted fund. Balance at 6 April 2023 Balance at 5 April 2024 Gains and losses Incoffe Exwditu Transfds Unr&trthJ fvnds: 365.398 121.150 1113.2211 16.123 Endowrmt funds: 4,W7,891 124,891) 401,552 4J45 4.373.289 121.150 (112> 417.675 4.774.)2 An8&$ 0fchanth .vusY Balance at6Ar/l BaAKe Gaft and at5Aw sse Unrestrictal fvnds: 349,180 100, 764 179,264) f5,282J Elonlt fvnds: 4,280,022 123,031) 1249,lOOJ 4.t£ty202 Im.76q 1102295J P5¢} 4J73289 Page 14
Docusign Envelope ID.. F811 D5F6-738247F4-A86D-20AF21722AE3 THE HARRIS CHARITY NOTES TO THE ACCOUNTS ICONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 11 Analysis of net assets bgtwgen funds- provious year At 5 April Unrestric1 Endowwffit funds fvnds Fund balances at 5 April 2023 are represwtal by: InSInnIS Current assets Creditors fang due vilhin one year 3,930,976 76.915 3,930,976 671.579 1229.2661 594.664 1229.2661 Y)5,398 4.7.891 4.373.289 12 Related party transactions Fees of £17,423 12022". £18,520) for secretsrial and accountancy servi$ were payable to MHA Moore & Smalley LLP, Chartered Accountants, of which the secretary, Mr D M Ingram was a Consultant during the year. The amount shown as outstsnding at the year end was £17,54312023'. £17,400). Mr P R Metcalf is a trustee of the charities, Preston Relief in Need and the Guild Initiative for Furniture Trust IGif1921, with whom The Harris Charity works closely with, both charities supporting persons under the age of 25 years. Grants awarded lo Preston Relief in Need during the year were £nil12023'. £nill and Gift 92 £nil12023.' £2501 for appliances SLJpplied by them to applicants who were grant aided by the Harris Charty. 13 Trusteos. rgmungration and oxpenses The trustees neither received nor waived any remuneration during the year {2023.' £nill. The trustees did not have any expenses reimbursed during the year12023'. £nill. Page 15