2024-04-05-accounts

Charity number: 1008638

MAY HEARNSHAW CHARITABLE TRUST

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

Document ID: ae30730c25582ed8801bda9ef2437b6f61485ba97f15a671c895ac13da7e971b

MAY HEARNSHAW CHARITABLE TRUST

CONTENTS

	Page
Reference and administrative details of the charity, its Trustees and advisers	1
Trustees' report	2 - 3
Independent examiner's report	4
Statement of financial activities	5
Balance sheet	6
Notes to the financial statements	7 - 17

Document ID: ae30730c25582ed8801bda9ef2437b6f61485ba97f15a671c895ac13da7e971b

MAY HEARNSHAW CHARITABLE TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024

Trustees	R D Law
	W Munro
	C H Ringrose
	M R Ward
Charity registered number 1008638 Principal office 2 Rutland Park Sheffield S10 2PD Accountants BHP LLP 2 Rutland Park Sheffield S10 2PD Bankers Co-Operative Bank plc 60/62 Pinstone Street Sheffield S1 2HN 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 J S Bethell & Co 70 Clarkehouse Road Sheffield S10 2LJ

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Document ID: ae30730c25582ed8801bda9ef2437b6f61485ba97f15a671c895ac13da7e971b

MAY HEARNSHAW 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. 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 CH Ringrose MR 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.

Financial review

The attached accounts show the current state of the Charity's finances. Total income for the year was £99,305 (2023: £100,980). Total expenditure for the year was £88,063 (2023: £72,101). Investment management costs were £14,566 (2023: £15,253). Grants to institutions were £60,600 (2023: £46,854). Support costs were £12,565 (2023: £9,994). Net income for the year was £58,744 (2023: net expenditure of £148,788). After taking into account the gain on investment assets of £47,502 (2023: loss of £177,667), there was a increase in unrestricted funds of £25,808 (2023: £46,343) and an increase on the endowment fund of £32,936 (2023: decrease of £195,131). 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.

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Document ID: ae30730c25582ed8801bda9ef2437b6f61485ba97f15a671c895ac13da7e971b

MAY HEARNSHAW CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024

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.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Signer ID: NPHRLTBG60... C H Ringrose

Date: 11/09/2024 GMT

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Document ID: ae30730c25582ed8801bda9ef2437b6f61485ba97f15a671c895ac13da7e971b

MAY HEARNSHAW CHARITABLE TRUST

INDEPENDENT EXAMINER'S REPORT

FOR THE YEAR ENDED 5 APRIL 2024

Independent examiner's report to the Trustees of May Hearnshaw Charitable Trust ('the charity')

I report to the charity trustees on my examination of the accounts of the charity for the year ended 5 April 2024.

Responsibilities 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 2011 Act').

I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared 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: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I 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 2011 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 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.

Signer ID: TD5XFMZHCF... Signed: Dated: 11/09/2024 GMT

W P Smith FCA CTA, Chartered Accountant of J S Bethell & Co

70 Clarkehouse Road Sheffield S10 2LJ

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Document ID: ae30730c25582ed8801bda9ef2437b6f61485ba97f15a671c895ac13da7e971b

MAY HEARNSHAW CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5 APRIL 2024

Note Income and endowments from: Investments 2 Total income and endowments Expenditure on: Raising funds 3,4 Charitable activities 5 Total expenditure Net income/(expenditure) before net gains/(losses) on investments Net gains/(losses) on investments 10 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2024 £ 99,305 99,305 332 73,165 73,497 25,808 - 25,808 144,792 25,808 170,600	Endowment funds 2024 £ - - 14,566 - 14,566 (14,566) 47,502 32,936 2,461,894 32,936 2,494,830	Total funds 2024 £ 99,305 99,305 14,898 73,165 88,063 11,242 47,502 58,744 2,606,686 58,744 2,665,430	Total funds 2023 £ 100,980 100,980 15,253 56,848 72,101 28,879 (177,667) (148,788) 2,755,474 (148,788) 2,606,686

The Statement of financial activities includes all gains and losses recognised in the year.

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Document ID: ae30730c25582ed8801bda9ef2437b6f61485ba97f15a671c895ac13da7e971b

MAY HEARNSHAW CHARITABLE TRUST

BALANCE SHEET

AS AT 5 APRIL 2024

			2024	2024		2023
	Note		£			£
Fixed assets
Investments	10		2,506,023			2,472,039
Investment property	11		57,213			-
			2,563,236			2,472,039
Current assets
Debtors	12	208			-
Cash at bank and in hand		107,844			140,359
		108,052			140,359
Creditors: amounts falling due within one year	13	(5,858)			(5,712)
Net current assets			102,194			134,647
Total assets less current liabilities			2,665,430			2,606,686
Total net assets			2,665,430			2,606,686
Charity funds
Endowment funds	14		2,494,830			2,461,894
Restricted funds	14		-			-
Unrestricted funds	14		170,600			144,792
Total funds			2,665,430			2,606,686

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Signer ID: NPHRLTBG60...

C H Ringrose

Date: 11/09/2024 GMT

The notes on pages 7 to 17 form part of these financial statements.

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Document ID: ae30730c25582ed8801bda9ef2437b6f61485ba97f15a671c895ac13da7e971b

MAY HEARNSHAW CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance 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 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 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.

May Hearnshaw Charitable 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 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. Rental income is recognised in the period it relates to.

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

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the statement of financial activities.

Investment Properties held as fixed assets are shown at cost less provision for impairment.

1.5 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.

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Document ID: ae30730c25582ed8801bda9ef2437b6f61485ba97f15a671c895ac13da7e971b

MAY HEARNSHAW CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

1. Accounting policies (continued)

1.6 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 acquisition or opening of the deposit or similar account.

1.7 Liabilities and provisions

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts 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 discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost.

1.8 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 measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.9 Fund accounting

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

Endowment funds are funds 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.

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

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Document ID: ae30730c25582ed8801bda9ef2437b6f61485ba97f15a671c895ac13da7e971b

MAY HEARNSHAW CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

2. Investment income

Rental income Income from listed investments Interest receivable Total 2024 Total 2023	Unrestricted funds 2024 £ 540 94,271 4,494 99,305 100,980	Total funds 2024 £ 540 94,271 4,494 99,305 100,980	Total funds 2023 £ - 99,452 1,528
			100,980

3. Expenditure on raising funds

Costs of generating property income

	Unrestricted	Total	Total
	funds	funds	funds
	2024	2024	2023
	£	£	£
Rental property costs	332	332	-

4. Investment management costs

Investment management fees Total 2023	Endowment funds 2024 £ 14,566 15,253	Total funds 2024 £ 14,566 15,253	Total funds 2023 £ 15,253

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Document ID: ae30730c25582ed8801bda9ef2437b6f61485ba97f15a671c895ac13da7e971b

MAY HEARNSHAW CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

5. Analysis of expenditure on charitable activities

Summary by fund type

Relief of poverty and sickness grants Other grants Support Costs Total 2023	Unrestricted funds 2024 £ 51,600 9,000 12,565 73,165 56,848	Total 2024 £ 51,600 9,000 12,565 73,165 56,848	Total 2023 £ 27,674 19,180 9,994
			56,848

6. Analysis of expenditure by activities

Grants for the relief of poverty and sickness Other grants Support costs Total 2024 Total 2023	Grant funding of activities 2024 £ 51,600 9,000 - 60,600 46,854	Support costs 2024 £ - - 12,565 12,565 9,994	Total funds 2024 £ 51,600 9,000 12,565 73,165 56,848	Total funds 2023 £ 27,674 19,180 9,994
				56,848

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Document ID: ae30730c25582ed8801bda9ef2437b6f61485ba97f15a671c895ac13da7e971b

MAY HEARNSHAW CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

6. Analysis of expenditure by activities (continued)

Analysis of support costs

Accountancy charges - income Independent Examination fees Bank charges Grave upkeep and maintenance Accountancy charges - capital Total 2024	Total funds 2024 £ 8,533 900 112 175 2,845 12,565	Total funds 2023 £ 6,621 900 87 175 2,211
		9,994

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Document ID: ae30730c25582ed8801bda9ef2437b6f61485ba97f15a671c895ac13da7e971b

MAY HEARNSHAW CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

7.	Grants payable	2024	2023
		£	£
	Grants to institutions relatingto relief ofpovertyand sickness:
	Alzheimer's Society	5,000	-
	BabyBasics	3,000	-
	Batten Disease FamilyAssociation	1,000	-
	Blythe House Hospicecare	2,000	-
	BooBee - Prevent Breast Cancer Limited	2,000	-
	Cavendish Cancer Care	2,500	1,000
	Children's Hospital Charity	7,000	-
	Emmaus Sheffield	3,000	-
	Exodus	1,600	-
	Horatio's Garden	3,000	-
	Huntingdon's Disease Association	2,000	-
	Light Peer Support	1,000	-
	Maggie's	1,000	-
	Newlife	2,000	-
	Paces	2,500	-
	Prostate Cancer UK	1,500	-
	Rethink Mental Illness	1,000
	Roundabout	5,000
	Stroke Association	4,000
	YoungPeople Versus Arthritis	1,500
	Autism Centre for Support Employment	-	4,000
	British Tinnitus Association	-	2,000
	British Wireless for Blind	-	1,200
	DerbyFederation for Mental Health	-	2,000
	Greater Manchester Blood Bikes	-	2,000
	Leukaemia and Myeloma Research UK	-	2,000
	Make them Smile	-	1,000
	Melanoma Focus	-	1,000
	Microphthalmia,Anophthalmia and Coloboma Support	-	2,000
	Mitchell's Mirades Neuroplasty	-	2,000
	Osteoporosis 2000	-	1,000
	Oundle Mencap	-	2,500
	Sheffield Flourish	-	2,000
	Swan UK	-	1,974
		51,600	27,674

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Document ID: ae30730c25582ed8801bda9ef2437b6f61485ba97f15a671c895ac13da7e971b

MAY HEARNSHAW CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

7. Grants payable (continued)

8.		2024	2023
		£	£
	Other Grants:
	Friends of the Cromford Canal	1,000	-
	Goalball UK	2,000	-
	Oak Tree Farm Rural Project	1,000	-
	SPACE	2,000	-
	Work Ltd - Hidden Gem Cafe	3,000	-
	Blackburn Youth Zone	-	2,400
	Connected Perinatal Support	-	2,500
	Ethel Trust CommunityBarge	-	2,030
	FamilySupport Derbyshire	-	1,000
	Framework	-	1,000
	Grow UK	-	2,000
	High Peak Homeless Help	-	1,000
	Read for Good	-	2,000
	Rotherham TalkingNewspaper	-	2,000
	St Vincent De Paul Society	-	1,500
	Swim England	-	750
	Westwood 2015 Ltd	-	1,000
		9,000	19,180
	Independent examiner's remuneration Fees payable to the charity's independent examiner for the independent examination of the charity's annual accounts	2024 £ 900	2023 £ 900

9. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 5 April 2024, no Trustee expenses have been incurred (2023 - £NIL).

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Document ID: ae30730c25582ed8801bda9ef2437b6f61485ba97f15a671c895ac13da7e971b

MAY HEARNSHAW CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

10. Fixed asset investments

	Endowment fund	Unrestricted fund	Total 2024	Total 2023
	£	£	£	£
Cost or valuation
At 6 April 2023	2,437,003	8,939	2,445,942	2,605,730
Additions	576,365	-	576,365	224,733
Disposals	(575,627)	-	(575,627)	(206,854)
Revaluations	47,501	-	47,501	(177,667)
At 5 April 2024	2,485,242	8,939	2,494,181	2,445,942
Investment cash	11,842	-	11,842	26,097
At 5 April 2024	2,497,084	8,939	2,506,023	2,472,039
Historical cost	2,051,478	8,939	2,060,417	2,089,606

11. Investment property

Cost Additions At 5 April 2024	Freehold investment property £ 57,213
	57,213

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Document ID: ae30730c25582ed8801bda9ef2437b6f61485ba97f15a671c895ac13da7e971b

MAY HEARNSHAW CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

12. Debtors

Due within one year Other debtors Creditors: Amounts falling due within one year Accruals and deferred income	2024 £ 208 208 2024 £ 5,858	2023 £ -
		-
		2023 £ 5,712

13. Creditors: Amounts falling due within one year

14. Statement of funds

Statement of funds - current year

Unrestricted funds General funds Endowment funds Expendable endowment funds Total of funds	Balance at 6 April 2023 £ 144,792 2,461,894 2,606,686	Income £ 99,305 - 99,305	Expenditure £ (73,497) (14,566) (88,063)	Gains/ (Losses) £ - 47,502 47,502	Balance at 5 April 2024 £ 170,600
					2,494,830
					2,665,430

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Document ID: ae30730c25582ed8801bda9ef2437b6f61485ba97f15a671c895ac13da7e971b

MAY HEARNSHAW CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

14. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds General funds Endowment funds Expendable endowment funds Total of funds	Balance at 6 April 2022 £ 98,449 2,657,025 2,755,474	Income £ 100,980 - 100,980	Expenditure £ (54,637) (17,464) (72,101)	Gains/ (Losses) £ - (177,667) (177,667)	Balance at 5 April 2023 £ 144,792
					2,461,894
					2,606,686

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.

15. Analysis of net assets between funds

Analysis of net assets between funds - current period

Fixed asset investments Investment property Current assets Creditors due within one year Total	Unrestricted funds 2024 £ 8,939 57,213 108,052 (3,604) 170,600	Endowment funds 2024 £ 2,497,084 - - (2,254) 2,494,830	Total funds 2024 £ 2,506,023 57,213 108,052 (5,858)
			2,665,430

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Document ID: ae30730c25582ed8801bda9ef2437b6f61485ba97f15a671c895ac13da7e971b

MAY HEARNSHAW CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024

15. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Fixed asset investments Current assets Creditors due within one year Total	Unrestricted funds 2023 £ 8,939 140,359 (4,506) 144,792	Endowment funds 2023 £ 2,463,100 - (1,206) 2,461,894	Total funds 2023 £ 2,472,039 140,359 (5,712) 2,606,686

16. Related party transactions

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 at market rate 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.

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Document ID: ae30730c25582ed8801bda9ef2437b6f61485ba97f15a671c895ac13da7e971b