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2023-04-05-accounts

Charity Registration No. 1008638

MAY HEARNSHAW CHARITABLE TRUST TRUSTEES' REPORT AND UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 5 APRIL 2023

MAY HEARNSHAW CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

R D Law W Munro C H Ringrose M R Ward

Charity number

Charity number 1008638 Principal address 2 Rutland Park Sheffield S10 2PD Accountants BHP LLP 2 Rutland Park Sheffield S10 2PD Bankers Co-Operative Bank plc 84-86 West Street Sheffield S1 3SX Solicitors Lupton Fawcett Denison Till The Synergy Building Belgrave House 47 Bank Street Sheffield S1 2DR Investment advisors Rathbones Group Plc (Formerly Investec Wealth & Investment Limited) 61 Napier Street Sheffield S11 8HA

Independent examiner

W P Smith FCA CTA, Chartered Accountant of J S Bethell & Co 70 Clarkehouse Road Sheffield S10 2LJ

MAY HEARNSHAW CHARITABLE TRUST

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the accounts 6 - 13

MAY HEARNSHAW CHARITABLE TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 5 APRIL 2023

The trustees present their report and accounts for the year ended 5 April 2023.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Trust's Deed, 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 (second edition - October 2019)

Structure, governance and management

The Trust was established by the Will of the late Mrs May Hearnshaw and continues for charitable purposes, to be applied by the Trustees at their absolute discretion, wholly or mainly for the benefit of the inhabitants of the United Kingdom.

The trustees who served during the year were: R D Law W Munro C H Ringrose M R Ward

The trustees are appointed in writing by the existing Trustees.

The Trustees usually meet three times a year when they decide on and make major grants to charitable organisations but may decide to make grants at any time. They do not include in their consideration appeals received direct from individuals.

Grants authorised but not paid at the year end are included as commitments.

The principal risks to which the charity is exposed are the security and the performance of the investments and cash and the trustees are satisfied that they have arrangements in place to mitigate those risks.

Objectives and activities

It is the policy of the Trustees to support either national charities or charities working principally in the South Yorkshire, North Nottinghamshire, Derbyshire, East Lancashire and Cheshire areas.

Within the above obligations it is the policy of the Trustees to concentrate their support on the promotion of education and advancement of religion and the relief of poverty and sickness.

The trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

All trustees give their time freely and no remuneration was paid in the year. No expenses were paid to the trustees during the year.

MAY HEARNSHAW CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

Financial review

The attached accounts show the current state of the Charity's finances.

Total incoming resources for the year were £100,980 (2022: £88,408).

Total resources expended for the year were £72,101 (2022: £82,295). Investment management costs were £15,253 (2022: £13,743). Grants to institutions were £46,854 (2022: £58,993). Support costs were £9,994 (2022: £9,559).

Net outgoing resources for the year were £148,788 (2022: incoming of £156,880). After taking into account the loss on investment assets of £177,667 (2022: gain of £150,767), there was a gain on the unrestricted fund of £46,343 (2022: £21,956) and a loss on the endowment fund of £195,131 (2022: gain of £134,924).

The trustees consider the overall finances of the Charity to be sound, there being adequate liquid funds available to cover the excess of expenditure over income on the unrestricted fund.

Reserve policy

It is the policy of the Trustees to pay out or commit to grants of the level of the annual net income after costs. Any reserves held at each year end are expected to be paid out in line with this policy.

Investment policy

The Trustees have unrestricted investment powers.

Most of the permanent endowment fund is held in quoted securities covering a diversified range of assets including Fixed Interest, UK and Overseas equities, Commercial Property and Alternative Investments.

The investment objective is to maximise the funds of the Charity through a mixture of the above assets, achieving a level of income commensurate to the asset mix and capital growth ahead of inflation over time. This objective should be achieved undertaking only a moderate level of risk.

The balance of the permanent endowment fund and the unrestricted income fund is held in cash on deposit at the best interest rates available.

The trustees' investments are managed by the investment advisors on an advisory basis.

Asset cover for funds

Note 12 sets out an analysis of the assets attributable to the various funds. These assets are sufficient to meet the charity's obligations on a fund by fund basis.

Approved by the trustees and signed on their behalf by:

C H Ringrose Trustee Dated: 26 October 2023

MAY HEARNSHAW CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF MAY HEARNSHAW CHARITABLE TRUST

I report to the charity trustees on my examination of the accounts of the charity for the year ended 5 April 2023, which are set out on pages 4 to 13.

Responsibilites and basis of report

As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared the accounts (financial statements) in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Rebublic of Ireland (FRS102) in preference to the Accounting and Reporting by Charities Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since 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.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of

  4. accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true 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 to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

W P Smith FCA CTA, Chartered Accountant of

J S Bethell & Co

70 Clarkehouse Road Sheffield S10 2LJ

Dated: 26 October 2023

MAY HEARNSHAW CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5 APRIL 2023

Unrestricted Endowment
Total
funds
funds
2023
Notes
£
£
£
Income and endowments from:
Investments
3
100,980
-
100,980
Expenditure
4
Raising funds
Investment management costs
-
15,253
15,253
Charitable activities
Relief of poverty and sickness
5
27,674
-
27,674
Other
19,180
-
19,180
Support costs
6
7,783
2,211
9,994
Total expenditure
54,637
17,464
72,101
Net Gains/(losses) on investments
-
(177,667)
(177,667)
Net income - movement in funds
46,343
(195,131)
(148,788)
Reconciliation of Funds
Total funds brought forward at 6 April 2022
98,449 2,657,025 2,755,474
Total funds carried forward at 5 April
2023
144,792 2,461,894 2,606,686		 Total
2022
£
88,408
13,743
47,127
11,866
9,559
82,295
150,767
156,880
2,598,594
2,755,474

All income and expenditure amounts relate to continuing activities.

MAY HEARNSHAW CHARITABLE TRUST

BALANCE SHEET

AS AT 5 APRIL 2023

Notes
Fixed assets
Investments
10
Current assets
Cash at bank and in hand
Creditors due within one year
11
Net current assets
Total assets less current liabilities
Capital funds
Endowment funds
Income funds
Unrestricted funds		 2023
£
£
2,472,039
140,359
140,359
(5,712)
134,647
2,606,686
2,461,894
144,792
2,606,686		 2022
£
£
2,662,164
96,580
96,580
(3,270)
93,310
2,755,474
2,657,025
98,449
2,755,474		 2022
£
£
2,662,164
96,580
96,580
(3,270)
93,310
2,755,474
2,657,025
98,449
2,755,474
2,755,474
2,657,025
98,449
2,755,474

The accounts were approved by the Trustees on 26 October 2023

C H Ringrose Trustee

MAY HEARNSHAW CHARITABLE TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 5 APRIL 2023

1 Accounting policies

1.1 Accounting convention

The financial statements have been prepared 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) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice.

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 Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts with the Financial Reporting Standard applicaple in the UK and Republic of Ireland (FRS102) 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 May Hearnshaw Charitable Trust meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The financial statements are prepared in sterling, which is the functional currency of the charity and rounded to the nearest £.

1.2 Income

Dividends and interest are taken into account in the year in which they are received.

1.3 Expenditure

Expenditure is included on an accruals basis inclusive of any irrecoverable VAT.

Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year-end are noted as a commitment, but not accrued as expenditure.

All governance and secretarial costs are akin to support costs under SORP 2019. All costs other than investment fees are therefore shown as support costs under charitable expenditure.

1.4 Investments

Investments are included at their market value on 5 April and the unrealised net gains or losses arising from the revaluation are recognised in the Statement of Financial Activities.

MAY HEARNSHAW CHARITABLE TRUST

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

1.5 Fund accounting

Unrestricted Income Fund

These are the reserves which the Trustees are required to apply in accordance with the charity's objectives.

Expendable Endowment Fund

The fund was established by the Will of Mrs M Hearnshaw, on 16 January 1992.

The Trust period of 80 years is of such length that the Trustees consider the capital of the fund should be regarded as reasonably permanent and as such is shown in the financial statements as an expendable endowment fund. They may also apply any part of the capital to further the objects of the Trust.

1.6 Debtors

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

1.7 Cash at Bank and in hand

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

1.8 Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.9 Financial instruments

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

MAY HEARNSHAW CHARITABLE TRUST

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

2 Prior year's statement of financial activities

2 Prior year's statement of financial activities
3 Unrestricted Endowment
Total
funds
funds
2022
£
£
£
Income and endowments from:
Investments
88,408
-
88,408
Expenditure on:
Raising funds
Investment management costs
-
13,743
13,743
Charitable activities
Relief of poverty and sickness
47,127
-
47,127
Other
11,866
-
11,866
Support costs
7,459
2,100
9,559
Total expenditure
66,452
15,843
82,295
Net gains on investments
-
150,767
150,767
Net income - movement in funds
21,956
134,924
156,880
Reconciliation of Funds
Total funds brought forward at 6 April 2021
76,493 2,522,101 2,598,594
Total funds carried forward at 5 April
2022
98,449 2,657,025 2,755,474
Income from investments		 Total
2022
£
88,408
13,743
47,127
11,866
9,559
82,295
150,767
Income from listed investments
Interest receivable		 2023
£
99,452
1,528
100,980		 2022
£
88,407
1
88,408

MAY HEARNSHAW CHARITABLE TRUST

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

4 Total expenditure

Total expenditure
Raising funds
Investment management costs
Charitable activities
Relief of poverty and sickness
Other
Support costs		 Other
costs
£
15,253
-
-
9,994
25,247		 Grant
funding
£
-
27,674
19,180
-
46,854		 Total
2023
£
15,253
27,674
19,180
9,994
72,101		 Total
2022
£
13,743
47,127
11,866
9,559
82,295

MAY HEARNSHAW CHARITABLE TRUST

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

5 Grants payable

Relief of poverty and sickness
Other
Grants to institutions relating to relief of poverty and sickness comprise:
Archer Project
Barnardo's
BooBee - Prevent Breast Cancer Limited
British Disabled Angling Society
Candlelighters
Dream Holidays
Epilepsy Action
Exodus Project
Paces
Place 2 Be
Rotary Club of Hitchin Priory - Ukraine appeal
Sheffield Samaritans
Stephen Harrison Academy
The Children's Trust
The University of Sheffield
Autism Centre for Support Employment
British Tinnitus Association
British Wireless for Blind
Cavendish Cancer Care - Charity Walk
Derby Federation for Mental Health
Greater Manchester Blood Bikes
Leukaemia & Myeloma Research UK
Make them Smile
Melanoma Focus
Microphthalmia, Anophthalmia and Coloboma Support
Mitchell's Miracles Neuroplasty
Osteoporosis 2000
Oundle Mencap
Sheffield Flourish
Swan UK		 2023
£
27,674
19,180
46,854
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4,000
2,000
1,200
1,000
2,000
2,000
2,000
1,000
1,000
2,000
2,000
1,000
2,500
2,000
1,974
27,674		 2022
£
47,127
11,866
58,993
1,500
2,000
1,000
1,585
1,000
2,000
1,000
1,400
4,142
1,000
5,000
1,000
2,500
2,000
20,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
47,127

MAY HEARNSHAW CHARITABLE TRUST

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

Grants payable - continued
Grants to institutions relating to other comprise:
Buxton Civic Association
Grimethorpe Activity Zone
Meadowhead School - Onboard Sheffield Skate Park
Royal Air Force Benevolent Fund
Sheffield and Rotherham Wildlife Trust
Southern Light Community Church
Spencer Contact
St Chad Woodseats PCC
Blackburn Youth Zone
Connected Perinatal Support
Ethel Trust Community Barge
Family Support Derbyshire
Framework
Grow UK
High Peak Homeless Help
Read for Good
Rotherham Talking Newspaper
St Vincent De Paul Society
Swim England
Westwood 2015 Ltd
6
Support costs
Accountancy charges - income
Independent examination charges
Bank charges
Grave upkeep and maintenance
Accountancy charges - capital		 2023
£
-
-
-
-
-
-
-
-
2,400
2,500
2,030
1,000
1,000
2,000
1,000
2,000
2,000
1,500
750
1,000
19,180
2023
£
6,621
900
87
175
2,211
9,994		 2022
£
1,000
1,000
1,800
1,000
1,000
2,000
2,000
2,066
-
-
-
-
-
-
-
-
-
-
-
11,866
2022
£
6,300
870
119
170
2,100
9,559

7 Trustees

Mr C H Ringrose is a partner with BHP LLP. No charges are made for his services. BHP LLP act as accountants to the Charity, charging fees as detailed in the accounts.

Subject to the foregoing no reimbursement of expenses is paid, directly or indirectly, to any Trustee or person or persons known to be connected with any of them.

MAY HEARNSHAW CHARITABLE TRUST

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

8 Employees

There were no employees during either year.

9 Taxation

The charity is considered to pass the tests set out in Schedule 6, paragraph 1 of the Finance Act 2010 and therefore meets the definition of a charity for UK income tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received with in categories covered by the Income Tax Act 2007, Part 10 S521 - S537 or S256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

10 Fixed asset investments

Fixed asset investments
**Unrestricted ** Endowment Total Total
fund fund 2023 2022
Listed investments £ £ £ £
Market value at 6 April 2022 4,509 2,601,221 2,605,730 2,528,539
Disposals at opening book value - (206,854) (206,854) (1,102,720)
Acquisitions at cost 4,430 220,303 224,733 1,029,144
Change in value in the year - (177,667) (177,667) 150,767
Market value at 5 April 2023 8,939 2,437,003 2,445,942 2,605,730
Investment cash - 26,097 26,097 56,434
At 5 April 2023 8,939 2,463,100 2,472,039 2,662,164
Historical cost:
At 5 April 2023 8,939 2,064,590 2,073,529
At 5 April 2022 4,509 1,942,427 1,946,936

MAY HEARNSHAW CHARITABLE TRUST

NOTES TO THE ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 5 APRIL 2023

11
Creditors: amounts falling due within one year
2023
£
Independent Examination charges
900
Accountancy charges
4,812
5,712
12
Analysis of net assets between funds
Unrestricted
funds
Endowment
funds
£
£
Fund balances at 5 April 2023 are represented by:
Fixed asset investments
8,939
2,463,100
Current assets
140,359
-
Creditors due within one year
(4,506)
(1,206)
144,792
2,461,894
Fund balances at 5 April 2022 are represented by:
Fixed asset investments
4,509
2,657,655
Current assets
96,580
-
Creditors due within one year
(2,640)
(630)
98,449
2,657,025
Unrealised gains included in the 2023 balances
On investments
-
372,413
-
372,413
Reconciliation of movements in unrealised gains
Unrealised gains at 6 April 2022
-
658,794
In respect of disposals in year
-
(104,208)
-
554,586
Net gains on revaluations in year
-
(182,173)
Unrealised gains at 5 April 2023
-
372,413		 2023
£
900
4,812		 2022
£
750
2,520
3,270
Total
£
2,472,039
140,359
(5,712)
2,606,686
2,662,164
96,580
(3,270)
2,755,474
372,413
372,413
658,794
(104,208)
554,586
(182,173)
372,413		 2022
£
750
2,520
5,712 3,270