Charlty number: 1000033 THE PERCY HEDLEY 1990 CHARITABLE TRUST UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 THE PERCY HEDLEY 1990 CHARITABLE TRUST CONTENTS Page Reference and Administratlve Details of the Charity. its Trustees and Advisers Trustees. Report Independent Examiner's Report Statement of Flnancial Activities Balance Sheet Notes to the Financial Statements 8-18 THE PERCY HEDLEY 1990 CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024 Trustees G W Meikle J R Armstrong Mrs F M Ruffman Charity registered number 1000033 Prlnclpal offlce 10 Castleton Close Jesmond Newcastle upon Tyne NE2 2HF Accountants Kinnair Associates Limited Chartered Accountants Aston House Redburn Road Newcastle upon Tyne NE5 1NB Bankers Barclays Bank PLC 1 Churchill Place London EH14 5HP Sollcfito Womble Bond Dickinson (UK) LLP St Ann's Wharf 112 Quayside Newcastle upon Tyne NE13DX Investment Advisors Barclays Bank PLC 1 Churchill Place London EH14 5HP Page 1 THE PERCY HEDLEY 1990 CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustees present their annual report together with the financial statements of the Charity for the year from 6 April 2023 to 5 April 2024. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the charity's governing document, the Charities Act 2011 and the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Objectives and activities • Policies and objectives The object of the Trust is the payment of donations to such charitable bodies or institutions as the Trustees may in their absolute discretion from time to time detemiine. In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Comrnission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'. Achlevements and performance • Review of activltles During the year the Trustees have authorised charitable donations to 69 organisations totalling £57,500 (2023.. 66 organisations £58,000) as shown in the notes to the financial ststements. Investment policy and performance The Trustees, having taken professional advice, consider that the investment portfolio is both well balanced and producing a good yield. Barclays Private Bank Limited manage the Trust's investments on a discretionary basis. Flnanclal review Going concern After making appropriate enquiries the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. • Reserves policy The policy of the Trustees is to distribute all available income to charitable bodies and to fulfil this obligation they hold meetings each year to decide the amount of charitable donations. The Trustees consider the current level of the unrestricted funds of £14.736 (2023: £23,542), being the free reserves of the charity, to be sufficient to meet both ongoing charitable donations and the management and administration costs of the Trust. P2ge 2 THE PERCY HEDLEY 1990 CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED S APRIL 2024 • Principal rlsks and uncertainties The Trustees have examined the major strategic, business and operational risks which the Trust faces and confirm that systems have been established to mitigate these risks. Overview During the year under review, the Trust had net outgoing resour￿$ of £24,748 (2023.. £23,985) and made realised and unrealised investment gains on investment assets of £115,022 (2023- losses of £127,724) as shown on the Statement of Financial Activities and notes to the financial statements. Structure, governance and management Constitutlon The Percy Hedley 1990 Charitable Trust is a registered charity, number 1000033, and is constituted under Twst deed dated 24 July 1990. Under the terms of the Trust deed the Twstees were directed to pay and apply Capital and income to such charitable objects or institutions as they from ts'me to tlme In their absolute dlscretlon decide, By a Deed dated 24 July 1990 under the power granted to him by clause 14 of the Will of Percy Hedley dated 24 December 1940, J S Armstrong appointed that from his death, the funds of the Will Trust should be held upon the trusts of the Charity known as Percy Hedbey 1990 Charitable Trust. J S Armstrong died on 19 November 1999 on which date the assets comprising The Percy Hedley Will Trust were added to this Trust. • Methods of appolntment or electlon of Trustses The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. There shall not be less than three Trustees. In the event of the number of Trustees falling to a new Trustee or Trustees shall immediately be appointed by the remaining Trustees who have the sole power to appoint new Trustees. • Poli¢i¢s adopted for the induction and training of Trustees A briefing is given to all new Trustees which gives the necessary information about the Charity, its strategic objectives and history. It explains the Charitable Trust and principles of good governance. The briefing is dedicated to explaining the Trustee's role. the skills and qualities required and the role of the Trustees in strategic planning. The briefing goes on to identify guidance from the Charities Commission to Trustees on their responsibilities. Plans for future periods The Trustees plan to continue to operate the charity in a manner consistent with previous years and to distribute grants at a level determined by the investment income received. Page 3 THE PERCY HEDLEY 1990 CHARITABLE TRUST TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED S APRIL 2024 Statement of Trustees, responsibilities 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 Accounting Practice). The law applicable to charities in England & Wales 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 its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements. the Trustees are required to.. select suitable accounting policies and then apply them consistently: observe the melhods and principles of the Charities SORP (FRS 102); make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards {FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going con￿rn basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeplng adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and 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 hen￿ for tsking reasonable steps for the prevention and detectlon of fraud and other irregularities. Approved by order of the members of the board of Trustees on 28 October 2024 and signed on their behalf by: G W Molkle J R Armstrong Nlrs F M Ruffman Page 4 THE PERCY HEDLEY 1990 CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED S APRIL 2024 Independent Examinerfs Report to the Trustees of The Percy Hedley 1990 Charitable Trust {'the Charity.) Vve report to the charity Trustees on our examination of the accounts of the Charity for the year ended 5 April 2024. Responsibilities and Basis of Report As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act')- We report in respect of our examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out our examination we have followed the applicable Directions given by the Charity Commission under section 14515)(b) of the 2011 Act. Independent Examinerfs Statement Your attention is drawn to the fact that the Charity has p￿Pared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Ststement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. We understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. We have completed our examination. We confirm that no matters have come to our attention in connection with the examination giving us cause to believe that in any material respect.. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or the accounts do not accord with those records. or the accounts do not comply with the applicable requirements Con￿rning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. We have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 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 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 Independent Examiner's 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 work or for this report. Signed., Detlev Anderson FCA Dated.. 28 October 2024 Kinnalr Associates Limlted Chartered Accountants Aston House Redburn Road Newcastle upon Tyne NE51NB Page 5 THE PERCY HEDLEY 1990 CHAR￿ABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Investments 52A49 52,449 53.013 Total income 52,449 52,449 53,013 Expendlture on: Raising funds Charitable activities 16,023 61,174 16,023 61,174 15, 725 61,273 Total expenditure 77,197 77,197 76,998 Net expenditure before net gainslllosses) on investments Net gainsl{losses) on investments (24,748) 115,022 (24,748) 115,022 (23, 985) (127, 724) Net movement In funds 90,274 90,274 (751,709) Reconclllation of funds: Total funds brought forward Net movement in funds 1,785,Oq O 90,274 1,785,010 90,274 1,936, 719 (151, 709) Total funds carried forward 1,875,284 1,875,284 1,785,010 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 8 to 18 form part of these financial statements. Page 6 THE PERCY HEDLEY 1990 CHARITABLE TRUST BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 Note Flxed assets Investments 11 1,860,548 1, 761,468 1,860,548 1,761,468 Current assets Debtors Cash at bank and in hand 12 504 1,358 29,628 21,973 22,477 30,986 Creditors.. amounts falling due within one year 13 (7,7411 (7,444) Net current assets 14,736 23.542 Total net assets 1,875,284 1, 785,010 Charity funds Restricted funds Unrestricted funds 15 15 1,875,284 1,785,010 Total funds 1,875,284 1,785,010 The linancial statements were approved and authorised for issue by the Trustees on 28 October 2024 and signed on their behalf by: &bL.r ' G W Meikle J R Amistrong Mrs F M Ruffman The notes on pages 8 to 18 form part of these financial statements. Page 7 THE PERCY HEDLEY 1990 CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 General information The charity is a charitable trust registered with the Charity Commission in England and Wales as charity number 1000033. The principal office is at 10 Castleton Close, Newcastle upon Tyne, NE2 2HF. Accounting policies 2.1 Basis of preparation of financlal statements The financial statements have been prepared in accordan￿ 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>. the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared to give a 'true and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fairf view. This departure has involved following the Charities SORP (FRS 102) published 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 Percy Hedley 1990 Charitsble Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othepNise stated in the relevant accounting policy. The financial ststernents are presented in pounds Sterling and rounded to the nearest pound. 2.2 Going concern Almost all the Charity's expenditure is incurred at the discretion of the Trustees and so any reducts'ons in income are reflected in the decisions the Trustees make. The Trustees are therefore satisfied that it is appropriate for them to prepare these financial statements on thè basis that the Charity continues to be a going concern. 2.3 Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit 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. Expenditure on raising funds indudes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non