The Peter De Haan Charitable Trust

Charity number: 1077005

The Peter De Haan Charitable Trust

Trustees' report and financial statements

For the year ended 5 April 2019


Contents

Page

Reference and administrative details of the charity, its trustees and advisers 1-2

Strategic review 3-4

Trustees' report 5-7

Independent auditors' report 8-11

Statement of financial activities 12

Balance sheet 13

Notes to the financial statements 14-23


Reference and administrative details of the charity, its trustees and advisersFor the year ended 5 April 2019

Trustees

P C De Haan, First TrusteeJ K McKay FCA, TrusteeR Stoneman, TrusteeOpus Corporate Trustees Limited (Directors: P C De Haan and S C Johnson)C J De Haan, Trustee (appointed 24 September 2019)

Charity registered number

1077005

Principal office

Woolyard54 Bermondsey StreetLondonSE1 3UD

Senior management team

S Johnson, Director of Finance

Independent auditors

Kreston Reeves LLPChartered AccountantsStatutory Auditor37 St Margaret's StreetCanterburyKentCT1 2TU

Bankers

Handelsbanken11-15Borough High StreetLondonSE1 9SE

Solicitors

Farrer & Co66 Lincoln's inn FieldsLondonWC2A 3LH

Page 1


Reference and administrative details of the charity, its trustees and advisersFor the year ended 5 April 2019

Advisers {continued)

Investment managers

Cambridge Associates Limited80 Victoria Street, LondonSW1E 5JL

Thesis Asset Management picExchange BuildingSt John's StreetChichester, West SussexPO19 1UP

Page 2


Strategic reviewFor the year ended 5 April 2019

The chairman presents his statement for the period.

Objectives and Activities

The Peter De Haan Charitable Trust ("the Trust" ) continued to focus on the area of environmental conservation.Through collaborations with trusted and established organisations, the Trust provides support to programmesfocused on improving the quality of life for people, communities and the environment. The Trust favours aventure philanthropy model, whereby we lend our support to organisations with a strong track record and fund

matching capabilities.

Our focus this year was once again on the environment. The Trust has a proud history of awarding grants in this

sector and maintains a close relationship with the highly-respected Leicestershire 8 Rutland and YorkshireWildlife Trusts.

Reports from year two of El Grau de L'Inquisidor, a five-year Environmental Improvement Programme on the siteof an organic winery in Barcelona, Spain are good. The Trust made an additional planned distribution this year tosupport ongoing work there. During the year we embarked on an exploratory review to see whether we could

expand the programme with an extensive plan for rewilding in an area adjacent to the winery. Unfortunately, this

idea could not be progressed due to inadequate land availability at the right price.

In the area of arts, we maintained our commitment to youth arts through our long-time relationship with National

Student Drama Festival, who again benefitted from the Trust.

Achievements and Performance

As in previous years the Trust worked with key delivery organisations, in particular Wildlife Trusts, in order tomaximise the return on monies expended. Yorkshire Wildlife Trust and Leicester 8 Rutland Wildlife Trust werethe recipients of donations funding core costs.

The Trust also made the planned distribution to El Grau de L'Inquisidor, a five-year Environmental improvementProgramme launched in 2017. The project, on the site of an organic winery in Barcelona, Spain, has shown greatprogress over the past year. Part restoration, part advocacy, the project has ambitious aims to both improve andrestore the natural environment as well as offering an educational visitor experience and training for localworkers.

~ The botanical garden area is now completed.

~ The apprenticeship training programme, upskilling local workers in environmental restoration is now in its

second year and eight local residents have now completed the programme to date.

~ Significant numbers of students have visited the site to take part in activities and leam about sustainabilityand the environment.

Principal Risks and Uncertainties Principal Risks and Uncertainties

The Trustees have assessed the major strategic, business and operational risks to which the charity is exposedto and are satisfied that systems are in place to mitigate exposure to the major risks should they materialise.

The main risk for the charity is the on-going performance of the investment markets which impact on the Trust'sinvestment position and its potential future returns. The Trust's investment committee will continue to closelymonitor performance in conjunction with its advisors to manage this position. The Trustees have prepared a long

term plan and review income and expenditure against this plan to manage its resources in line with the trustdeed.

Page 3


Strategic reviewFor the year ended 5 April 2019

Plans for the future

Going forward, the Trust will continue in the short term to concentrate the majority of its discretionary expendituretowards environmental programmes. We are actively looking for additional projects both in Spain and

Switzerland.

The Trust has started to make arrangements in order to terminate its property leases and its sub-tenant leaseswith an expectation that all obligations will be gone by the end of December 2019.

The Trust has now reassessed its time horizons, originally twenty years from inception, due to the promise of alegacy to be received sometime in the future.

As always, m

programmes.n s to our trustees and staff for their hard work and support in delivering another year of fruitful

Name Pet anChair

'

n

Date 17 October 2019

Page 4


Trustees' reportFor the year ended 5 April 2019

The Trustees present their annual report together with the audited financial statements of the charity of ThePeter De Haan Charitable Trust (the Trust or the charity) for the year ended 5 April 2019.

Objectives and Activities

a. Policies and objectives

The objects of the charity are deliberately wide-ranging and allow the Trust to operate as a generalist grant-making charity. The Trustees confirm that they have referred to the guidance contained in the CharityCommission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planningfuture activities and setting the grant making policy for the year.

The Trustees' current policy is to fund charitable activities in the areas of the Environment in Europe.

The Trustees are satisfied that the level of expenditure and grants made during the year falls within theparameters set by them at the start of the year.

b. Activities for achieving objectives

The Charity has continued to achieve its objectives through making traditional grants to other charitableinstitutions that meet the Trustees' criteria for support. ln doing so the Trustees are confident that the charity ismeeting its obligation to operate for the benefit of the public.

Achievements and performance

a. Factors relevant to achieve objectives

Details of the activities of the charity during the year are set out in the Strategic review.

Financial review

a. Reserves policy

The Trustees have been informed that it is the intention of the benefactor to make a further bequest upon hisdeath which means that the 20 year life span is no longer appropriate and indeed it is in the interests of thecharity to continue in order that it may support further charitable projects in furtherance of its objects for aconsiderable period. Although the size of the likely bequest is not known this uncertainty is not considered by theTrustees to have any adverse effect on their future decision making or grant giving. Until such time as thebequest is received the Trustees will manage the level of reserves on an annual basis taking into account thelevel of future outgoings, including grants, so as to ensure that the Trust has sufficient reserves to continue in

existence until the bequest is received.

Page 5


Trustees' report (continued)For the year ended 5 April 2019

b. Material investments policy

The Trustees have actively managed the Trust's investment portfolio throughout the year and the overalldecrease in the market value of investments during the year was F85,000 (2018: f82,000 decrease) but afterdisposals the total value of investments has decreased by E13,000 (2018: decrease of f881,000).

The charity's investment powers are set out in the Trustees Act 2000. The charity's investment policy is setannually and reviewed quarterly through the Peter de Haan Family Office investment Committee in conjunctionwith Cambridge Associates. The Trustees will continue to have regular discussions with Cambridge to ensurethat the policy is appropriate. Consideration will be given to moving towards allocating a sum towards incomingproducing assets rather than growth assets in order to assess whether this would enable the Charity to set apolicy of distributing its annual income each year. At present a proportion of the Charity's funds are held in cashto meet known commitments. The non-committed funds are invested in cash and growth producing readilyrealisable assets spread over a number of managers.

Risk Management

Details of the principal risks for the charity and its subsidiary and the management of those risks during the yearare set out in the Strategic review.

Structure, governance and management

a. Constitution

The Peter De Haan Charitable Trust was constituted under a trust deed dated 14 July 1999 and is a registeredcharity (no. 1077005).

The charity is for the benefit of exclusively charitable purposes according to the law of England and Wales and/or charitable institutes established for charitable purposes only.

b. Policies adopted for the induction and training of Trustees

New trustees are appointed as required by the existing trustees and are given an appropriate induction into theTrust's constitution, policies and activities.

c. Organisational structure and decision making

The Trustees meet quarterly in March, June, September and December to discuss policy, review the progress ofthe charity, review performance against annual budgets and plan for the future and approve donations. In

addition, the Trustees are active in visiting in relation to new applications, ongoing programmes and charitieswith whom we are in a long term relationship.

The Trustees have sole responsibility for all decision-making and retain full and effective control over the Charity.The Trustees who have served during the year are set out on page 1.

Plans for future periods

a. Future developments

The Trustees plan to concentrate the majority of future donations toward environmental programmes.

Page 6


Trustees' report (continued)For the year ended 5 April 2019

Trustees' responsibilities statement

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with

applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted AccountingPractice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements foreach financial year which give a true and fair view of the state of affairs of the charity and of the incomingresources and application of resources of the charity for that period. In preparing these financial statements, theTrustees are required to:

select suitable accounting policies and then apply them consistently;

~ observe the methods and principles in the Charities SORP;

~ make judgments and accounting estimates that are reasonable and prudent;

~ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the

charity will continue in operation.

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain thecharity's transactions and disclose with reasonable accuracy at any time the financial position of the charity andenable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accountsand Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguardingthe assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud andother irregularities.

The Trustees are responsible for the maintenance and integrity of the charity and financial information included

on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination offinancial stat en s may differ from legislation in other jurisdictions.

This report s ed by e Trustees, on 17 October 2019 and signed on their behalf by:

PC De Haan, F tee

Page 7


Independent auditors' report to the Trustees of The Peter De Haan Charitable Trust

Opinion

We have audited the financial statements of The Peter De Haan Charitable Trust (the 'charity') for the yearended 5 April 2019 which comprise the Statement of financial activities, the Balance sheet, the Statement ofcash flows and the related notes, including a summary of significant accounting policies. The financial reportingframework that has been applied in their preparation is applicable law and United Kingdom AccountingStandards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UKand Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

The financial statements have been prepared in accordance with Accounting and Reporting by Charitiespreparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republicof Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of RecommendedPractice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the GenerallyAccepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

~ give a true and fair view of the state of the charity's affairs as at 5 April 2019 and of its incoming resourcesand application of resources for the year then ended;

~ have been properly prepared in accordance with United Kingdom Generally Accepted AccountingPractice; and

~ have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicablelaw. Our responsibilities under those standards are further described in the Auditors' responsibilities for the auditof the financial statements section of our report. We are independent of the charity in accordance with the ethicalrequirements that are relevant to our audit of the financial statements in the United Kingdom, including theFinancial Reporting Council'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 andappropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us toreport to you where:

the Trustees' use of the going concern basis of accounting in the preparation of the financial statements isnot appropriate; or

~ the Trustees have not disclosed in the financial statements any identified material uncertainties that maycast significant doubt about the charity's ability to continue to adopt the going concern basis of accountingfor a period of at least twelve months from the date when the financial statements are authorised for issue.

Page 8



Other information

The Trustees are responsible for the other information. The other information comprises the information includedin the Annual report, other than the financial statements and our Auditors' report thereon. Our opinion on thefinancial statements does not cover the other information and we do not express any form of assuranceconclusion 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 ourknowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such materialinconsistencies or apparent material misstatements, we are required to determine whether there is a materialmisstatement in the financial statements or a material misstatement of the other information. If, based on thework we have performed, we conclude that there is a material misstatement of this other information, we arerequired 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:

~ the information given in the Trustees' report is inconsistent in any material respect with the financial

statements; or

o sufficient accounting records have not been kept; or

~ the financial statements are not in agreement with the accounting records and returns; or

~ we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for thepreparation of financial statements which give a true and fair view, and for such internal control as the Trusteesdetermine is necessary to enable the preparation of financial statements that are free from materialmisstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continueas a going concern, disclosing, as applicable, matters related to going concern and using the going concernbasis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have norealistic alternative but to do so.

Page 9



Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance withthe 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 freefrom material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes ouropinion. 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 arisefrom fraud or error and are considered material if, individually or in the aggregate, they could reasonably beexpected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professionalscepticism throughout the audit. We also:

~ Identify and assess the risks of material misstatement of the financial statements, whether due to fraud orerror, design and perform audit procedures responsive to those risks, and obtain audit evidence that issufficient and appropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error, as fraud may involve

collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

~ Obtain an understanding of internal control relevant to the audit in order to design audit procedures thatare appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectivenessof the charity's internal control.

~ Evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimates and related disclosures made by the Trustees.

Conclude on the appropriateness of the Trustees' use of the going concern basis of accounting and,based on the audit evidence obtained, whether a material uncertainty exists related to events or conditionsthat may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that amaterial uncertainty exists, we are required to draw attention in our Auditors' report to the relateddisclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Ourconclusions are based on the audit evidence obtained up to the date of our Auditors' report. However,future events or conditions may cause the charity to cease to continue as a going concern.

~ Evaluate the overall presentation, structure and content of the financial statements, including thedisclosures, and whether the financial statements represent the underlying transactions and events in amanner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope andtiming of the audit and significant audit findings, including any significant deficiencies in internal control that weidentify during our audit.

Page 10



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 thecharity'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 charityand its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

QC~ P~~ f PKreston Reeves LLP

Chartered AccountantsStatutory Auditor37 St Margaret's StreetCanterburyKentCT1 2TU18 October 2019Kreston Reeves LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 11


Statement of financial activitiesFor the year ended 5 April 2019

Income from:

Investments

Total income

Unrestrictedfunds2019

Note OOOO

435

435

Totalfunds2018f000

293

293

Expenditure on:Raising fundsCharitable activities

Total expenditure

(13)441

428

36692

728

Net income I (expenditure) before investment gains/(losses)Net gains/(losses) on investments

Net income I (expenditure) before other recognised gains and losses

Net movement in funds

Reconciliation of funds:

Total funds brought forward

Total funds carried forward

107

211

218

218

3,721

3,939

(435)(82)

(517)

(517)

4,238

3,721

The notes on pages 14 to 23 form part of these financial statements.

Page 12


Balance sheetAs at 5 April 2019

Fixed assetsTangible assetsInvestments

Current assetsDebtors

Cash at bank and in hand

Note

910

f000

80223

2019f000

3,909

3,909

f000

113257

2018f000

3,922

3,922

Creditors: amounts falling due within oneyear

Net current assets/(liabilities)

Total assets less current liabilities

Creditors: amounts falling due after morethan one year

Net assets

12

303

(194)

109

4,018

(79)

3,939

370

(440)

(70)

3,852

(131)

3,721

Charity Funds

Unrestricted funds 15 3,939 3,721

Total funds 3,939 3,721

The financial statements were approved by the Trustees on 17 October 2019 and signed on their behalf, by:

P C De Haan, First Trustee

The notes on pages 14 to 23 form part of these financial statements.

Page 13


Notes to the financial statementsFor the year ended 5 April 2019

Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared to give a 'true and fair' view and have departed from

the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true

and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16July 2014 rather than the Accounting and Reporting by Charities: Statement of RecommendedPractice effective from 1 April 2005 which has since been withdrawn.

The financial statements have been prepared under the historical cost convention with items

recognised at cost or transaction value unless otherwise stated in the relevant notes to theseaccounts. The financial statements have been prepared in accordance with the Statement ofRecommended Practice: Accounting and Reporting by Charities preparing their accounts in

accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 and Financial Reporting Standard applicable in the United Kingdom and

Republic of Ireland (FRS 102) and Charities Act 2011.

The Peter De Haan Charitable Trust constitutes a public benefit entity as defined by FRS 102.

The charity's functional and presentational currency is Pounds Sterling.

The charity's financial statements are presented to the nearest thousand.

1.2 Going concern

The Trust reported a cash oufflow of f34,000. Following a review of the future donations commitment

the Trustees are of the view that the Trust has sufficient resources for the next 12 months and on this

basis the charity is a going concern.

The uncertain economic outlook and the consequence for the on-going performance of the financial

markets is a significant area of uncertainty for the Trust's income and is reviewed regularly with its

investment advisors. The Trustees monitor investment performance against its long term plan in

setting its donation policy for the future.

1.3 Fund accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of thegeneral objectives of the charity and which have not been designated for other purposes.

Investment income, gains and losses are allocated to the appropriate fund.

1.4 Incoming resources

All income is recognised once the charity has entitlement to the income, it is probable that theincome will be received and the amount of income receivable can be measured reliably.

Page 14



Accounting policies (continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economicbenefit to a third party, it is probable that a transfer of economic benefits will be required in

settlement and the amount of the obligation can be measured reliably.

Support costs are those costs incurred directly in support of expenditure on the objects of the charityand includes administration costs relating to the charity.

Grants payable are charged in the year when the offer is made except in those cases where theoffer is conditional, such grants being recognised as expenditure when the conditions attaching arefulfilled. Grants offered subject to conditions which have not been met at the year end are noted as acommitment, but not accrued as expenditure.

1.6 Tangible fixed assets and depreciation

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment.Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimatedresidual value, over their expected useful lives on the following bases:

Leasehold improvements Over period of lease

1.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at theirtransaction cost and subsequently measured at fair value at the balance sheet date, unless fairvalue cannot be measured reliably in which case it is measured at cost less impairment. Investmentgains and losses, whether realised or unrealised, are combined and shown in the heading'Gains/(losses) on investments' in the Statement of financial activities.

1.8 Operating leases

Rentals under operating leases are charged to the Statement of financial activities on a straight line

basis over the lease term.

1.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered.Prepayments are valued at the amount prepaid net of any trade discounts due.

1.10 Cash at Bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a shortmaturity of three months or less from the date of acquisition or opening of the deposit or similaraccount.

Page 15



Accounting policies (continued)

1.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a pastevent, it is probable that a transfer of economic benefit will be required in settlement, and theamount of the settlement can be estimated reliably. Liabilities are recognised at the amount that thecharity anticipates it will pay to settle the debt or the amount it has received as advanced paymentsfor the goods or services it must provide. Provisions are measured at the best estimate of theamounts required to settle the obligation. Where the effect of the time value of money is material,the provision is based on the present value of those amounts, discounted at the pre-tax discountrate that reflects the risks specific to the liability. The unwinding of the discount is recognised within

interest payable and similar charges.

1.12 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financialinstruments. Basic financial instruments are initially recognised at transaction value andsubsequently measured at their settlement value with the exception of bank loans which aresubsequently measured at amortised cost using the effective interest method.

1.13 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at ratesof exchange ruling at the balance sheet date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of thetransaction.

Exchange gains and losses are recognised in the Statement of financial activities.

1.14 Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience andother factors, including expectations of future events that are believed to be reasonable under thecircumstances.

Critical accounting estimates and assumptions:

The charity makes estimates and assumptions concerning the future. The resulting accountingestimates and assumptions will, by definition, seldom equal the related actual results. The estimatesand assumptions that have a significant risk of causing a material adjustment to the carryingamounts of assets and liabilities within the next financial year are discussed below.

Unquoted equity investments

The fair value of unquoted equity investments held by the company at the reporting date was6672,000 (see note 10). This valuation is subject to uncertainty due to the lack of observable marketprices for these investments.

Critical areas of judgement:

Lease commitments

The company has entered into a range of lease commitments in respect of property. Theclassification of these leases as either financial or operating leases requires the directors to considerwhether the terms and conditions of each lease are such that the company has acquired the risksand rewards associated with the ownership of the underlying assets.

Page 16



2. Investment income

Income from sub-leaseDividends receivableinterest on cash deposits

Unrestrictedfunds2019f000

41418

3

Totalfunds2018f000

25139

3

435 293

Total 2018 - all unrestricted 293

3. Analysis of grants

Environment and Social Welfare grants to charitableinstitutions

Arts grants to charitable institutions

Grants toInstitutions

2019f000

683

71

Total2019f000

683

71

Total2018&000

7057

127

Total 2018 - all unrestricted 127 127

During the year ended 5 April 2019 environmental and social welfare grants to charitable institutionstotalled f68,000 (2018: F70,000). Arts grants made to charitable institutions within the year totalled E3,000(2018: 657,000).

All grants in the year were from unrestricted funds (2018: All unrestricted). At 5 April 2019 there wereoutstanding grants payable totalling 2119,000 (2018: f449,000). Of this amount the trustees expect thatf40, 000 will be paid within one year and F79,000 after more than one year (2018: f318,000 and f131,000respectively). A full list of institutions to which the charity has made grants is available from the Trustswebsite www. pdhct. org. uk.

The Trust is funding an environmental project in Barcelona, Spain. The project is being undertaken on aphased basis and is expected to take up 5 years to come to fruition although the benefits of the project tothe local community are expected to be in perpetuity. The balance of the grant commitment of 6150,000has been provided for in the accounts.

Page 17



4. Support costs

Travel & subsistenceComputer costsLegal & professionalBank chargesAccountancy feesPR & marketingBad debtsRent & service chargesRatesInsuranceAudit fees

OperationsKQOO

352

56

Total2019OOOO

1

352

56

Total2018OOOO

1

239

2335

47226

66

370 37D 565

Total 2018 - all unrestricted 565 565

5. Analysis of Expenditure by expenditure type

Investment management fees

Costs of raising funds

Other costs2019EOOD

(13)

(13)

Total2D19OOOO

(13)

(13)

Total2018EOOD

36

36

OperationsEnvironment and Social Welfare grantsArts grants

370683

37068

3

5657057

Charitable activities 692

428 428 728

Total 2018 - all restricted 728 728

6. Net income/(expenditure)

During the year, no Trustees received any remuneration (2018- ANIL).

During the year, no Trustees received any benefits in kind (2018 - ANIL).

2 Trustees received reimbursement of expenses amounting to f1,232 in the current year, (2018 - 2771).

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7. Auditors' remuneration

The Auditor's remuneration amounts to an Audit fee of E6,000 (2018:F6,000)

Key Management Personnel

All Trustees who have the authority and responsibility for planning, directing and controlling the activities ofthe charity and Simon Johnson are considered to be key management personnel. Simon Johnson is adirector of Opus Corporate Trustees Limited. Total remuneration in respect of these individuals is ANIL

(2018: ANIL). During the year the trustees were reimbursed expenses for the total amount of E1,232(2018:8771).

9. Tangible fixed assets

Cost

At 6 April 2018 and 5 April 2019

Depreciation

At 6 April 2018 and 5 April 2019

Net book value

At 5 April 2019

Leaseholdimprovements

OOOO

1,293

1,293

At 5 April 2018

10. Fixed asset investments

Market value

At 6 April 2018AdditionsDisposalsRevaluations

Listedsecurities

OOOO

3 222600

(528)(57)

Unlistedsecurities

R,OOO

700

(28)

TotalOOOO

3,922600

(528)(85)

At 5 April 2019 3,237 672 3,909

Material investments

Thesis Opus OEICNorthgate

5 April2019f000

3,233551

5 April

2018f000

3,217558

3,784 3,775

Page 19



11. Debtors

Trade debtorsOther debtorsPrepayments and accrued income

2019OOOO

4

76

2018f000

101885

80 113

12. Creditors: Amounts falling due within one year

Other taxation and social securityCreditors, accruals and deferred incomeGrants accrued (see note 3)

2019f000

315140

2018f000

122318

194 440

13. Creditors: Amounts falling due after more than one year

Grants accrued (see note 3)

2019f000

79

2018f000

131

14. Financial instruments

Financial assets measured at amortised cost

2019OOOO

4

2018f000

24

Financial liabilities measured at amortised cost 178 482

Financial assets measured at amortised cost comprise trade debtors and loans.

Financial liabilities measured at amortised cost comprise trade creditors and accruals.

Page 20



15. Statement of funds

Statement of funds - current year

Balance at6 April 2018

OOOO

Income Expendituref000 OOOO

Gains/ Balance at(Losses) 5 April 2019

f000 OOOO

Unrestricted funds

General Funds 3,721 435 (428) 211 3,939

There are no restricted funds within the charity.

Further details of the charity's activities are provided in the Strategic review.

Statement of funds - prior year


f000Income Expenditure

f000 f000

Gains/ Balance at 5(Losses) April 2018

f000 f000

Generalfunds

General Funds 4,238 293 (728) (82) 3,721

Summary of funds - current year

General funds


f000

3 721

Income Expendituref000 OOOO

435 (428)

Gains/ Balance at(Losses) 5 April 2019

OOOO f000

211 3,939

Summary of funds - prior year


f000Income Expenditure

f000 f000

Gains/ Balance at 5(Losses) April 2018

f000 f000

General funds 4,238 293 (728) (82) 3,721

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16. Analysis of net assets between funds

Analysis of net assets between funds - current year

Fixed asset investmentsCurrent assetsCreditors due within one yearCreditors due in more than one year

Unrestrictedfunds2019OOOO

3,909303

(194){79)

3,939

Analysis of net assets between funds - prior year

Unrestrictedfunds2018f000

Fixed asset investmentsCurrent assetsCreditors due within one yearCreditors due in more than one year

3,922370

(440)(131)

3,721

17. Contingent liabilities - grant commitments

The Trust had no outstanding contracts at the year end (2018: ANIL).

18. Operating lease commitments

In 2010 the charity entered into a lease for office space. There was a rent-free period until December2011.The minimum period of the lease is to December 2019 with the lease term ending February 2030.

The Peter De Haan Charitable Trust negotiated a surrender of the lease for two units with its landlord,

Opus Trust Group, and Charity Commission approval was granted for this transaction in June 2015. Thetotal remaining lease commitment to the end of the term is 6133,629 (2018: F3,140,000). This is due to

the charity exercising its break clause at the earliest opportunity which will bring the lease term to an end

in December 2019.

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19. Related party transactions

P C De Haan and Simon Johnson are also directors of Opus Trust Group Limited and Opus NomineesLimited.

The following amounts have been charged to the charity during the year:

Opus Trust Group Limited

2019OOOO

345

2018f000450

At the end of the year the charity had a f45, 000 balance owing to Opus Trust Group Limited (2018:fNIL).

Opus Trust Group Limited is leasing office space to The Peter De Haan Charitable Trust, the quarterlyrental amount is F67,000.

The Trust has disposed of investments for the net amount of F152,000 (2018: F196,000) through OpusNominees Limited, a nominee company that invests in private equity investments on behalf of participantsat no profit.

The Trust is funding an environmental project in Barcelona, Spain, which is described in the Chairman'sReport. The total cost of the project is 6530,000. The project is managed by De Haan Altes SL a companyultimately owned by Rafael De Haan, son of Peter De Haan the First Trustee. Peter De Haan is also FirstTrustee of the Peter De Haan 1976 Settlement Trust, who owns the remaining shares in the parentcompany of De Haan Altes SL. Peter De Haan was excluded from the decision making process regardingthis transaction. At the end of the year the charity had outstanding grants payable of 6150,000 (2018:6205, 000) to the project.

20. Principal subsidiaries

Ideas Tap Limited

Subsidiary name

Company registration number

Charity registration number

Basis of control

Equity shareholding '%%d

Ideas Tap Limited

067606101132623Parent company with 100'/o shareholding

100'/o

Total assets as at 5 April 2019Total liabilities as at 5 April 2019Total funds as at 5 April 2019

Gross income for the year ended 5 April 2019Expenditure for the year ended 5 April 2019Result for the year ended 5 April 2019

Due to a lack of core funding the Charity was officially closed on 2 June 2015. As per the Articles ofAssociation the funds remaining in IdeasTap were distributed to a charity with similar aims. There are nofurther assets available.

The Peter De Haan Charitable Trust intends to keep IdeasTap Limited as a dormant company to protectthe legacy of IdeasTap.

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Documents

The Peter De Haan Charitable Trust