THE HARTSHEATH CHARITABLE TRUST
REPORT AND ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2024
Charity Registration No. 702659
THE HARTSHEATH CHARITABLE TRUST
ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024
CONTENTS
| Page | |
|---|---|
| Reference and administrative information | 1 - 2 |
| Trustees’ Report | 3 |
| Receipts and payments accounts | 4 |
| Balance Sheet | 5 |
| Appendix | A - B |
THE HARTSHEATH CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS
FOR THE YEAR ENDED 5 APRIL 2024
FULL NAME OF CHARITY:
The Hartsheath Charitable Trust
CHARITY REGISTRATION NO: 702659 GOVERNING DOCUMENT: Deed of Settlement dated 13 November 1989 PRINCIPAL OFFICE: c/o Carter Jonas LLP Canon Court North Abbey Lawn Shrewsbury Shropshire, SY2 5DE
SETTLOR: Dr M C Jones-Mortimer Dec'd.
TRUSTEES:
The present Trustees are Dr M Dechazal, Mrs J Kaufmann and Mrs O Kaufmann .
The statutory power of appointing new or additional trustees is vested in the current Trustees.
OBJECTS:
The Trust Fund which consists of Stock Exchange securities received as a legacy under the Will of the late Mrs E S Jones-Mortimer, is held by the Trustees upon trust to pay the income and any amounts of capital that they think fit for charitable purposes according to the law of England and Wales.
By a deed of variation dated 1 August 2008, a legacy of two holdings of quoted securities, represented by their sale proceeds of £49,499, was added to the trust assets.
The Trustees can therefore use the income of the Trust Fund and any of the capital to make donations not only to established National or Local Charities but also to individuals and institutions provided the purposes for which the gift is made falls into at least one of the following categories:
-
1 The relief of poverty (e.g. payments to ex-employees or their spouses but any such payments need to be genuinely for 'the relief of poverty').
-
2 The advancement of education (e.g. payments to individuals undergoing education or to schools for educational purposes or maintenance of buildings etc).
-
3 The advancement of religion (e.g. payments to churches for repair and maintenance).
1
THE HARTSHEATH CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS
FOR THE YEAR ENDED 5 APRIL 2024
(continued)
| OBJECTS: | (continued) | 4 Any other purposes beneficial to the community |
|---|---|---|
| (e.g. anything not specifically included in the preceding three categories | ||
| but purposes must be genuinely "beneficial to the community" and | ||
| this will be strictly construed). | ||
| DONATIONS | TO THE | Donations may be made to the Trustees by any one at any time. |
| TRUST: | However the value of a donation to the Trust is enhanced if it is made | |
| out of the donor's taxed income and it is made as a Gift Aid donation, | ||
| which can be of any amount. The Trustees are able to claim from HM Revenue | ||
| & Customs the basic rate of tax deemed to have been deducted from | ||
| the donation. | ||
| FUND: | The Trust's assets are available and adequate to fulfil the obligations | |
| of the Trust. | ||
| The Trust Deed of Settlement (dated 13 November 1989) confers on the | ||
| Trustees the power to accumulate income for such period as allowed by | ||
| law. | ||
| The Trustees have therefore declared that, taking into account all the | ||
| circumstances, they are of the view that the appropriate accumulation | ||
| period for the Settlement was 21 years from the date of its creation on 13 | ||
| November 1989. | ||
| STOCKBROKERS: | Canaccord Genuity | |
| 88 Wood Street | ||
| London | ||
| EC2V 7QR | ||
| BANKERS: | National Westminster Bank Plc | |
| Castle Street | ||
| Conwy | ||
| LL32 8AS | ||
| ACCOUNTANTS: | AD Accounts Limited | |
| Rural Enterprise Centre | ||
| Vincent Carey Road | ||
| Rotherwas | ||
| Hereford | ||
| HR2 6FE |
2
THE HARTSHEATH CHARITABLE TRUST
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2024
The Trustees present their report and accounts for the year ended 5 April 2024, which have been prepared in accordance with the governing document, the Charities Act 2011, the Statement of Recommended Practice - Accounting and Reporting by Charities (published July 2014) and applicable accounting policies.
Organisation
The Trustees have delegated the day to day management of the charity to Carter Jonas LLP. None of the Trustees receive any form of direct remuneration for their work.
The Trustees have delegated the management of the investments of the charity to Canaccord Genuity on a discretionary basis. However the Trustees review the investment portfolio on a regular basis.
Financial review
Twenty-one donations totalling £17,700 (2023: £17,421) were made in the year, the largest being of £1,500 to 5 recipients.
The Trustees were satisfied that all the donations complied with the charitable objects of the Trust.
Total net receipts before investment transactions for the year amounted to £14,290 (2023: net receipts £49,425).
Net assets at 5 April 2024 totalled £314,691 (5 April 2023: £296,090) and were unrestricted as to use.
Investment policy
The Trustees hold shares in listed UK equities which are held to generate capital growth and income. The income and related tax rebates are applied to charitable donations.
The market value of investments increased during the year from £278,519 to £288,520, an increase of 3.59%.
Reserve policy
The Trustees consider it prudent to hold a 'free reserve' (i.e.uninvested net current assets) sufficient to fund unforeseen expenditure and charitable donations. At 5 April 2024 this 'free reserve' of £36,912 (5 April 2023: £23,564) was available and adequate to fulfil the obligations of the Trust.
Public benefit
The Trustees have complied with the duty in section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.
By order of the Trustees
……………………………. Dr M Dechazal (nee Kaufmann) ……………………………. Mrs J Kaufmann ……………………………. Mrs O Kaufmann
Trustees
3
THE HARTSHEATH CHARITABLE TRUST
RECEIPTS AND PAYMENTS ACCOUNT
ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2024
| DRAFT Receipts Voluntary income: Donations Gift aid claim Dividends (net) Interest received (gross) Total receipts Payments Charitable activities Donations (net) Cost of generating funds Investment management costs Total Expenses Net Receipts for the year before investment transactions Realised profit (loss) on sale of investments Fund Balances brought forward Fund Balances carried forward B (Page 5) Appendix A A |
2024 2023 Unrestricted Unrestricted Fund Fund £ £ 500 56,300 20,155 - 12,552 11,546 213 166 33,420 68,012 17,700 16,921 1,430 1,666 19,130 18,587 14,290 49,425 4,311 ( 2,991) 296,090 249,656 314,691 296,090 |
|---|---|
All activities during the year and the preceding year were classed as continuing.
4
THE HARTSHEATH CHARITABLE TRUST
BALANCE SHEET
| DRAFT | ||||||||
|---|---|---|---|---|---|---|---|---|
| AS AT | 5 APRIL | 2024 | ||||||
| 2024 | 2023 | |||||||
| £ | £ | £ | £ | |||||
| INVESTMENT ASSETS | ||||||||
| Quoted investments at book | 277,779 | 272,526 | ||||||
| valuation | (Appendix A) | |||||||
| Market value 5.4.24 £288,520 | ||||||||
| (Market value 5.4.23 £278,519) | ||||||||
| Bank accounts | and cash deposits | 36,912 | 23,564 | |||||
| NET ASSETS | 314,691 | 296,090 | ||||||
| FUNDS | ||||||||
| Unrestricted | (Page 4) | 314,691 | 296,090 |
Approved by the Board of Trustees on and signed on its behalf by
……………………………… Dr M Dechazal (nee Kaufmann)
……………………………… Mrs J Kaufmann
……………………………… Mrs O Kaufmann
5
Appendix A
HARTSHEATH CHARITABLE TRUST SCHEDULE OF INVESTMENTS AND INCOME THEREON FOR THE YEAR ENDED 5TH APRIL 2024
| Market Historic Value Cost Nominal Holding Description 5.4.23 5.4.23 £ £ UK & OVERSEAS EQUITIES, BONDS, ALTERNATIVES 1,000 Advanced Medical Solutions Group 2,195 2,574 5,000 Artemis Income Funds 12,664 11,588 50 AstraZeneca 5,797 2,545 500 Auto Trader Group 2,973 2,945 (bought 6.3.23) 55 AXA World Funds US Enhanced High Yield Bond 4,289 5,470 170 BHP Group 4,101 2,606 (170) (sold 19-4-23) 1,000 BP 5,337 4,270 (1,000) (sold 19-4-23) 285 Columbia Threadneedle Core Fund 3,856 3,459 (excess income invested 30.6.23) 300 Craneware plc 3,330 4,130 55 Croda International 3,496 3,568 25 (bought 16-10-23) 80 Dowlais Group - - 500 (demerger Melrose Industries 19-4-23) 1,250 (bought 14-8-23) (1,750) (sold 19-2-24) 550 Dunelm Group 5,979 6,510 3,500 Ecofin GBL Utilities - - (bought 24-4-23) |
Purchases Sales £ £ 4,254 5,487 40 1,105 2,032 1,529 7,638 |
Realised Historic Market Profit Cost Value on sale 5.4.24 5.4.24 £ £ £ 2,574 1,812 11,588 13,541 2,545 5,309 2,945 3,486 5,470 4,516 1,648 - - 1,217 - - 3,499 4,914 4,130 6,570 4,673 3,638 ( 503) - - 6,510 5,995 7,638 5,688 |
Date of Payment 09/06/23 27/10/23 30/06/23 31/12/23 11/09/23 25/03/24 22/09/23 26/01/24 09/01/24 30/06/23 14/04/23 15/12/23 26/05/23 03/10/23 27/10/23 11/04/23 11/04/23 20/11/23 31/05/23 31/08/23 30/11/23 29/02/24 |
Income Received |
|---|---|---|---|---|
| £ 15.10 7.00 270.82 234.85 35.90 78.00 28.00 16.00 192.50 40.32 17.50 48.00 33.55 25.85 24.50 82.50 220.00 148.50 68.25 68.25 68.25 71.75 |
Appendix A
HARTSHEATH CHARITABLE TRUST SCHEDULE OF INVESTMENTS AND INCOME THEREON FOR THE YEAR ENDED 5TH APRIL 2024
| Market Historic Value Cost Nominal Holding Description 5.4.23 5.4.23 £ £ 8,500 Fidelity Emerging Market 5,933 8,102 (8,500) (sold 31-10-23) 7,500 Franklin Templeton Funds Clearbridge 9,008 8,151 1,500 GB Group 4,227 5,452 185 Goldman Sachs Asset Management Japan Equity 3,430 1,922 (income reinvested 31.5.23) Greencoat UK Wind Plc - - 2,750 (bought 24-4-23) 500 (bought 14-8-23) 750 (bought 29-8-23) 4,000 260 GSK 3,867 4,444 400 Guinness Global Equity Income 7,486 6,073 HICL Infrastructure - - 3,000 (bought 24-4-23) 500 (bought 14-8-23) 800 (bought 29-8-23) 4,300 1,250 HSBC Holdings 6,928 7,031 250 IMI 3,665 2,663 |
Purchases Sales £ £ 121 5,499 1 6,057 6,165 |
Realised Historic Market Profit Cost Value on sale 5.4.24 5.4.24 £ £ £ ( 2,724) - - 8,151 8,415 5,452 3,948 1,923 4,949 6,057 5,496 4,444 4,235 6,073 8,288 6,165 5,366 7,031 8,016 2,663 4,415 |
Date of Payment 08/08/23 31/10/23 31/05/23 31/08/23 30/11/23 29/02/24 03/08/23 31/05/23 18/12/23 26/05/23 25/08/23 24/11/23 29/02/24 13/04/23 13/07/23 12/10/23 11/01/24 31/07/23 31/01/24 30/06/23 29/09/23 29/12/23 28/03/24 30/06/23 29/09/23 29/12/23 28/03/24 27/04/23 23/06/23 21/09/23 21/12/23 12/05/23 15/09/23 |
Income Received |
|---|---|---|---|---|
| £ 164.90 120.70 87.12 145.66 108.00 80.51 60.00 1.46 26.75 60.23 60.23 87.60 137.20 35.75 36.40 36.40 36.40 92.52 63.32 19.87 1.44 38.98 36.32 42.23 70.66 49.60 52.26 231.74 99.22 99.73 99.41 43.50 22.75 |
Appendix A
HARTSHEATH CHARITABLE TRUST SCHEDULE OF INVESTMENTS AND INCOME THEREON FOR THE YEAR ENDED 5TH APRIL 2024
| Market Historic Value Cost Nominal Holding Description 5.4.23 5.4.23 £ £ iShares Gold Producers (sold 2022/2023) (excess reportable income adjustment 31.5.23) 10,000 Jupiter Global Strategic Bond 5,547 5,563 5,400 (bought 6-11-23) 15,400 3,750 Learning Technologies Group 4,793 4,182 2,000 Legal & General Group 4,696 4,519 500 (bought 19-4-23) 2,500 375 Legal & General US Index Trust 3,267 3,270 (dividends accumulated 15-8-23 & 5-2-24) 1,000 Liontrust Sustainable Future Growth Fund 2,499 2,668 4,000 Liontrust Sustainable Future UK Growth - - (bought 28-9-23) (dividend accumulated 31-3-24) 11,250 Lloyds Banking Group 5,448 5,478 1,500 M & G 2,848 3,099 500 Matthews Asia Funds (ex Japan) 6,020 5,595 1,500 Melrose Industries plc 2,458 2,344 ( 1,000) (demerger Dowlais Group & share consolidation 19-4-23) 260 (bought 19-2-24) 760 5,000 Mercantile Investment Trust 9,660 9,284 |
Purchases Sales £ £ 42 2,627 1,255 44 8,475 1,589 533 |
Realised Historic Market Profit Cost Value on sale 5.4.24 5.4.24 £ £ £ ( 42) - - 8,190 8,333 4,182 3,184 5,774 6,275 3,314 4,163 2,668 2,930 8,475 9,320 5,478 5,996 3,099 3,125 5,595 5,270 3,400 5,119 9,284 11,075 |
Date of Payment 31/05/23 30/06/23 29/09/23 29/12/23 28/03/24 14/07/23 27/10/23 05/06/23 26/09/23 05/08/23 05/02/24 31/03/24 23/05/23 12/09/23 27/04/23 03/11/23 05/07/23 04/10/23 29/12/23 03/04/24 11/04/23 20/10/23 01/08/23 01/11/23 01/02/24 11/05/23 |
Income Received |
|---|---|---|---|---|
| £ 41.91 50.69 74.07 67.64 94.89 43.13 16.88 348.25 142.75 21.91 22.02 20.67 180.00 103.50 201.00 97.50 48.27 55.44 21.23 25.94 22.50 7.50 72.50 72.50 72.50 155.00 |
Appendix A
HARTSHEATH CHARITABLE TRUST SCHEDULE OF INVESTMENTS AND INCOME THEREON FOR THE YEAR ENDED 5TH APRIL 2024
| Market Historic Value Cost Nominal Holding Description 5.4.23 5.4.23 £ £ 8,500 MI Twenty Four Focus Bond 7,021 8,326 (equalisation 31.5.23) 10,500 MI Twenty Four Asset Backed Inc. 10,967 11,590 (equalisation 31.5.23) 367 National Grid 4,143 4,306 233 (bought 19-4-23) 600 1,000 Neuberger Berman Investment Funds 7,630 8,916 (excess income invested 30.6.23) Neuberger US Equity (sold 2022/2023) (excess reportable income adjustment 30.6.23) 2,550 Ninety One Fund Managers Global Env 3,964 2,732 950 (bought 16-8-23) 3,500 230 Pacific Capital Partners North of South 2,678 2,941 170 (bought 31-8-23) 400 700 Phoenix Group Holdings 3,808 4,956 300 (bought 19-4-23) 350 (bought 17-10-23) 1,350 325 Prudential 3,585 3,883 35 Prusik Asia Equity Income (bought 18-10-23) 70 Reckitt Benckiser Group 4,435 5,044 450 Rentokil Initial 2,672 2,301 |
Purchases Sales £ £ 23 39 2,612 34 53 1,449 2,053 3,352 5,516 |
Realised Historic Market Profit Cost Value on sale 5.4.24 5.4.24 £ £ £ 8,303 7,477 11,551 11,645 6,918 6,195 8,950 7,980 ( 53) - - 4,181 5,411 4,994 5,311 8,308 7,385 3,883 2,332 5,516 5,243 5,044 2,992 2,301 2,042 |
Date of Payment 31/05/23 30/11/23 31/05/23 30/11/23 09/08/23 11/01/24 30/06/23 06/07/23 04/10/23 04/01/24 04/04/24 30/06/23 02/05/23 17/04/23 17/07/23 16/10/23 16/01/24 10/05/23 23/10/23 15/05/23 19/10/23 31/01/24 24/05/23 15/09/23 17/05/23 11/09/23 |
Income Received |
|---|---|---|---|---|
| £ 229.51 271.29 497.31 513.58 225.60 116.40 34.37 73.93 89.58 72.18 83.19 52.56 28.99 9.06 47.93 50.88 32.73 182.00 260.00 34.00 16.75 142.80 77.21 53.62 23.18 12.38 |
Appendix A
HARTSHEATH CHARITABLE TRUST SCHEDULE OF INVESTMENTS AND INCOME THEREON FOR THE YEAR ENDED 5TH APRIL 2024
| Market Historic Value Cost Nominal Holding Description 5.4.23 5.4.23 £ £ 125 Rio Tinto 6,604 2,948 (125) (sold 19-4-23) 9,995 Royal London 12,184 11,529 (9,995) (sold 20-9-23) 15 RWC Nissay Japan Focus 2,168 2,159 (15) (sold 21-8-23) 13,500 Schroder Asian Income Maximiser 6,456 7,375 (13,500) (sold 19-10-23) 25,000 Schroder UK Income Maximiser 10,958 12,609 10,000 Schroder Unit Trusts US Income Maximiser 6,255 5,604 Semper Strategic Focus High Yield (sold 2022/2023) (excess reportable income adjustment 30.6.23) 400 Shell 9,452 7,996 (400) (sold 19-4-23) Sparx Japan Institutional 35 (bought 18-8-23) 20 (bought 13-2-24) 55 2,000 Tesco 5,278 4,782 |
Purchases Sales £ £ 6,928 12,274 2,059 6,063 1 9,942 6,163 |
Realised Historic Market Profit Cost Value on sale 5.4.24 5.4.24 £ £ £ 3,980 - - 745 - - ( 100) - - ( 1,312) - - 12,609 10,978 5,604 7,275 ( 1) - - 1,946 - - 6,163 7,256 4,782 5,790 |
Date of Payment 20/04/23 28/04/23 31/07/23 31/10/23 31/05/23 31/08/23 30/11/23 28/04/23 31/07/23 31/10/23 31/01/24 20/06/23 20/09/23 20/12/23 20/03/24 30/06/23 23/06/23 24/11/23 |
Income Received |
|---|---|---|---|---|
| £ 231.69 106.85 179.91 154.21 79.06 143.80 158.22 144.55 286.63 208.33 178.38 85.90 77.94 85.94 85.56 0.72 141.00 77.00 |
Appendix A
HARTSHEATH CHARITABLE TRUST SCHEDULE OF INVESTMENTS AND INCOME THEREON FOR THE YEAR ENDED 5TH APRIL 2024
| Nominal Holding 60 TM 20 UB (20) 50 UB 100 Un 30 Wi |
Description Fulcrum Income (equalisation 28.4.23) AM Positive Impact Emerging Equity (excess income invested 30.6.23) (sold 29-8-23) S (Lux) Asian Flexible Bond ilever sdomTree Metal Securities Core Physical Gold |
Market Historic Value Cost 5.4.23 5.4.23 £ £ 5,222 5,552 2,904 3,334 5,205 5,869 4,289 3,665 4,844 4,604 |
Purchases Sales £ £ 8 10 2,854 |
Realised Historic Market Profit Cost Value on sale 5.4.24 5.4.24 £ £ £ 5,544 5,249 ( 490) - - 5,869 5,240 3,665 3,836 4,604 5,496 4,311 277,779 288,520 (Page 4) (Page 5) |
Date of Payment 28/04/23 31/05/23 30/06/23 31/07/23 31/08/23 29/09/23 31/10/23 30/11/23 29/12/23 31/01/24 29/02/24 28/03/24 30/06/23 26/04/23 06/06/23 15/06/23 31/08/23 08/12/23 22/03/24 |
Date of Payment 28/04/23 31/05/23 30/06/23 31/07/23 31/08/23 29/09/23 31/10/23 30/11/23 29/12/23 31/01/24 29/02/24 28/03/24 30/06/23 26/04/23 06/06/23 15/06/23 31/08/23 08/12/23 22/03/24 |
Income Received £ 24.78 29.71 34.92 31.77 31.89 34.22 34.22 33.37 33.39 33.56 36.41 26.86 9.89 35.00 92.72 37.83 37.00 37.15 36.47 |
|---|---|---|---|---|---|---|---|
| 278,519 272,526 |
58,434 57,492 |
12,552.32 | |||||
| (Page 4) |
Appendix B
THE HARTSHEATH CHARITABLE TRUST
DETAILS OF DONATIONS
FOR THE YEAR ENDED 5 APRIL 2024
| 2024 £ Addington Fund 1,000 Asthma Relief at Work in Clwyd - Bangor University biochemistry prizewinner: Cerys Rothero 500 Blind Veterans 1,500 Carers Trust Wales - Caudwell Children 500 Christ Church biochemistry student prize - Christ Church, Pontblyddyn 600 DASU (Domestic Abuse Safety Unit) 2,600 (2 years donations due to transition to online payments) Gladstone's Library - Gladstone's Library: Kaufmann's scholar - Happy Days (x2) - Home Start, Cymru 1,500 Jacksons Animal Sanctuary 1,000 (2 years donations due to timing issue) Mold Hospital League of Friends 1,000 Music in Hospitals and Care Homes - National Museum of Wales 500 Neuadd Eleanor Village Hall 600 Nightingale House Hospice 1,500 Ruth Jones (for Bridget Peake) - Pontblyddyn CC - Rhys Meilyr - Rossett Community Food Cupboard 1,000 (2 years donations due to timing issue) SSAFA, The Armed Forces Charity - St Cynfarch & St Mary, Llanfair DC 600 St Ffraid's Church 1,200 (2 years donations due to transition to online payments) St Giles Wrexham - St. Marys Whitewell PCC 600 Tall Ships Trust - Tenovus Cancer Care - The Police Community Clubs of Great Britain - Ty Gobaith Children's Hospice 1,500 Welsh Historic Gardens Trust - 17,700 Less: uncashed cheques written off:- Ty Dewr (Salvation Army) - Net Donations (Page 4) 17,700 |
2023 £ 1,000 500 - 700 200 - 500 600 - 500 969 750 1,100 - 1,000 750 500 1,600 1,100 250 500 200 - 500 600 1 300 600 600 500 1 1,100 500 |
|---|---|
| 17,421 ( 500) |
|
| 16,921 |