Charlty number: 1008914 R G HILLS CHARITABLE TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
R G HILLS CHARITABLE TRUST CONTENTS Page Reference and admlnlstrative detalls of the charity, Its trustees and advlsers Trustees. report Independent audltors. report Statement of financlal activities 10 Balance sheet 11 Statement of cash flows 12 Notes to the flnancial statements 13-26
R G HILLS CHARITABLE TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees Mr K Jones, Chairman Mr H M S Barrett, Trustee Charlty reglstered number 1008914 Principal office 3940 St. Margarets Street, Canterbury, Kent, CT12TX Audltors Pure Audit Limited, 76 Canterbury Innovation Centre, University Road, Canterbury. Kent, CT2 7FG Bankers CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ Solicitors Furley Page, 3940 St. Margarets Street, Canterbury, Kent, CT12TX Investment Advlsers Brooks Macdonald Asset Management Ltd. 6 Vale Avenue, Tunbridge Wells, Kent, TN11 DJ Page 1
R G HILLS CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Board of Trustees presents its report and the audited financial statements for the year ended 31 March 2025. The Truslees confirm that the annual report and financial statements of the Charity comply with current statutory requirements. the requirements of the Charity's governing document, the provisions of the Statement of Recommended Practice (Second edition) and Financial Reporting Standard FRS 102. Objectives and Activities The charity was formed to apply its income in whole or in part towards the furtherance of such charitable purposes as the Trustees shall from time to time think fit. Various donations have been made, or are currently being considered, by the Trustees for both national and local charities, some of which are engaged in overseas charitable work. As there are so many applications received by the charity for donations, to keep expenditure to a minimum, replies are normally only sent lo successful applicants. PUBLIC BENEFIT The Trustees have only supported charities registered with the Charity Commission or have similar status after having carefully considered the merits or otheiSe of specific requests. These are mainly, but not exclusively, charities concerned with health, poverty and education issues which are engaged in activities for the public benefit. Reference is made to the general and financial information about a charity applying for funds available on the Charity Commission website and other publications in addition to information provided by the applicant. By adopting this structured approach, the Trustees consider they have fully complied with the Charities Act 2011 to have due regard to the guidance on public benefit published by the Commission in exercising their powers or duties. Achievements and performance REVIEW OF ACTIVITIES The Trustees are pleased lo be able to report that they were able to distribute £123,500 (2024.. £124,110) to various charities. After distributing this sum and paying expenses, there was a deficit of £18,262 in the Unrestricted Funds account {2024: Surplus £975). There were realised and unrealised losses of £69,753 {2024- Gain £194,960). INVESTMENT POLICY AND PERFORMANCE The market value of investments, including cash, at year end was £4,240,456 (2024.. £4,288,088). To stay abreast of the continuously flucluating markets and ensure security and returns on investments, updates are regularly received from the investmenl managers with meetings where appropriate, to monitor performance and to discuss any amendments to strategy. Trustees have distributed over £4 million to various charities and Ihe continued distributions from the R G Hills Charitable Trust are a lasting tribute to Mr R G Hills and Mrs. Hills benevolence. The Trust does not actively fundraise and seeks to conlinue the philanthropic work desired by Mrs. Hills through the careful slewardship of its existing resources. Financlal revlew Page 2
R G HILLS CHARITABLE TRUST TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025 GOING CONCERN Accounting standards require the Trustees to consider the appropriateness of the going concern basis when preparing the financial statements. 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 total reseNes at the year end were £4,347,837 {2024'. £4,455,010). The split of these being unrestricted £100,549 (2024.. £118,811) and pemianent endowment of £4,247,288 (2024.. £4,336,199). The permanent endowment funds are mainly investments which are held to earn income from which donations can be distributed in accordance with the objectives of the charity. These funds are, therefore, excluded from the reserves policy. The Trustees review annually the policy regarding unrestricted funds which amounted to £100,549 at the end of year. They have decided there is a need for the Trustees to retain sufficient funds to meet any.. accrued and future management costs which cannot be met from existing funds due to an unexpected fall in investment income. temporary cash flow shortages when donations are made in advance of investment income being received. exceptional expenditure, for example, to fund an opportunity that is too good to be missed as it will allow the Trustees to deliver their mission in a more effective or comprehensive way. The Trustees have concluded the target level of reseNes should be in the region of £30,000 to £40,000. Structure, governance and management CONSTITUTION The Trust is an unincorporated trust, constituted under a Trust deed dated 16 December 1982 and is 8 registered charity, numbered 1008914. The Trust was originally Created by Mrs E M Hills on this date for a consideration of £1. It remained dormant until 31 March 1996, al which date there was an appropriation of assets amounting to £2,204,260 from the estate of Mr R G Hills and Mrs E M Hills. This represented the greater part of three quarters of the residue of their estate which she left to the Trust. The balance of this entitlement of £161,485 was received by the Trust in two payments in January 1998 and June 1999. A further £7,062 was added in 2003 when the Mrs E M Hills Charitable Trust ceased its operations. In addition, Mr and Mrs Hills left the net sum of £130.256 after inheritance tax on a separate life interest trust. The life tenant died on 1 December 2017 and £201,549 was subsequently transferred to the R G Hills Charitable Trust. This has been included in the Permanent Endowment. The Trust deed confers wide ranging powers of investment upon the Trustees. Since the death of Mrs. Hills, the Trustees have distributed over £4 million to various charilies and the continued distributions from the R G Hills Charitable Trust are a lasting tribute to Mrs. Hills benevolence. The Trust does not actively fundraise and seeks to continue the philanthropic work desired by Mr R G Hills and Mrs. Hills Ihrough the careful stewardship of its existing resources. Page 3
R G HILLS CHARITABLE TRUST TRUSTEES, REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025 METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The management of the charity is the responsibility of the Trustees who are elected and co-opted under the tems of the TNst deed. The current Trustees appointed are Mr. K Jones, a chartered accountant, and Mr. H M S Barrett, a solicitor and Consultant with Tassells LLP. The appointment of new Trustees is governed by section 36, Trustee Act 1925 and can only be exercised by the Continuing or suNiving Trustees, or the personal representative of the last continuing or suNiving Trustee. When considering a new appointment, the Trustees have regard lo any necessary skills needed and lo provide necessary academic, professional and Commercial knowledge relevanl lo the charity's activities. POLICIES ADOPTED FOR THE INDUCTION AND TRAINING OF TRUSTEES New Trustees, unless legally or financially and professionally qualified, will undergo an orientation day to brief them on charity law. They will receive a copy of the governing Trust deed, instruction on the decision making process, copies of the last three years, Trustee reports and financial statements, the current financial performance of the charity and the website reference of the Charity Cornmission's guidance "The Essential Trustee" and other relevant publications. Trustees are encouraged to attend appropriate external training events, where these will facilitale a better understanding of their role. ORGANISATIONAL STRUCTURE AND DECISION MAKING The Trustees meet at suitable inteNals to consider the performance of the investments and to decide on appropriate donations. The charity has no employees. The Chairman deals with the day-to-day operations of the charity. RISK MANAGEMENT The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks. The Trustees have a risk management strategy which includes.. the annual review of the risks the charily may face. Ihe establishment of systems and procedures to mitigate those risks. the implementation of procedures designed to minimise any polential impact on the charity, should these risks malerialise. The variability of the investment returns conslitutes the charity's major risk, but this has been reduced by a wide range of inveslments managed by Brooks Macdonald operating both in the UK and abroad. A key element in the management of financial risk is Ihe selting of a reseNe policy and its regular review by the Trustees. PRINCIPAL ACTIVITIES The charity's principal activities have already been described in the foregoing heading of Public Benefit. Plans for future periods The Charity will continue lo distribute income generated from investments to various registered charities. In the Page 4
R G HILLS CHARITABLE TRUST TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2025 Trustees, opinion, the level of reserves is sufficient to cover any unforeseen expenses and lo provide flexibility in meeting exceptional funding requirements for charities where the Trustees are satisfied there is an urgency, and the purpose fits Iheir priorities. INFORMATION ON FUNDRAISING PRACTICES The charity is a grant making body and is not engaged in fundraising activities. 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 Accounting Practice). The law applicable to charities in England & Wales requires the Trustees lo prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently; obseNe the methods and principles in the Charities SORP., make judgments and accounting estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operalion. The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charitls transactions and disclose with reasonable accuracy at any lime 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Truslees are responsible for the maintenance and integrily of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and disseminalion of financial statements may differ from legislation in other jurisdiclions. This report was approved by the Trustees, on 2810112026and signed on their behalf by.. Mr K Jones, Chairman Trustee Page 5
R G HILLS CHARITABLE TRUST INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF R G HILLS CHARITABLE TRUST OPINION We have audited the financial statements of R G Hills Charitable Trust (the 'charity'l for the year ended 31 March 2025 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework thal has been applied in their preparation is applicable law and United Kingdom Accounting Slandards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in Ihe UK and Republic of Ireland (FRS 1021 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. 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. In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 March 2025 and of its incoming resources and application of resources forthe year then ended-, have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., 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 IUKI) and applicable law. Our responsibilities under those standards are further described in Ihe Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordan with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled OLFr other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate 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 to report to you where.. the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is not appropriate., or the Trustees have not disclosed in the financial statements any identified materral uncertainties that may cast significant doubt about the charitrfs ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the dale when the financial statements are authorised for issue. OTHER INFORMATION The Trustees are responsible for the other information. The other information comprises the information included in the Annual report, olher than the financial statements and our Auditors, report thereon. Our opinion on the financial statements does not cover the other infomiation and we do not express any form of assuran conclusion thereon. Page 6
R G HILLS CHARITABLE TRUST INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF R G HILLS CHARITABLE TRUST In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whelher the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslatemenls, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other infomation. If. based on the work we have performed, we conclude that there is a material misstatement of this other informalion, we are required 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 respecl 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 statemants. or 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 the preparation of financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstalement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitls ability to continue as a going COnrn, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Page 7
R G HILLS CHARITABLE TRUST INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF R G HILLS CHARITABLE TRUST AUDITORS, RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the 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 free from material misslatement, whether due to fraud or error, and to issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS {UK) will always delect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respecl of irregularities, including fraud. The extent to which our procedures are capable of deteGling irregularities, including fraud is detailed below.. Extent to which the audit was considered capable of detecting irregularities, including fraud: We identify and assess the risks of material misstatement of the financial statements. whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. Identifying and assessing potential risks related to irregularities.. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following.. The nature of the industry and sector, control environment and business performance including the design of the entity's remuneration policies, results of our enquiries of management about their own identification and assessment of the risks of irregularities and any matters we identified having reviewed the enlily's policies and procedures; the malters discussed among the audit engagement team regarding how and where fraud might occur in the financial ststements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisalion for fraud and identified the greatest potential for fraud in relation to revenue recognilion. In common with all audits under ISAS (UKI. we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal 8nd regulatory frameworks that Ihe entity operates in and focused on those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Charities Act 2011. Audit response lo risks identified.. As a result of perfomiing the above, we identified revenue recognition as key audit matter related lo the potential risk of fraud. Our procedures to respond to risks identified included the following.. reviewing the financial statement disclosures and lesting to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; enquiring of management, concerning actual and potential litigation and Glaims., performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. Page 8
R G HILLS CHARITABLE TRUST INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF R G HILLS CHARITABLE TRUST obtaining an understanding of provisions and discussing with management to understand the basis of recognition or non-recognition of provisions- and in addressing the risk of fraud through management override of controls, tesling the appropriateness of journal entries and other adjustments,. assessing whether the judgements made in making accounting estimates are indicative of a potential bias., and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert lo any indications of fraud or noncompliance with laws and regulations throughout the audit. Because of the inherent limitations of an audit, there is a risk that we will not detect all IrguIanties, including those leading to a material misstatement in the fi'nancial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at= www.frc.org.uklauditorsresponsibilities. This description forms part of our Auditors, report. USE OF OUR REPORT This report is made solely to the charitls trustees, as a body, in accordance with Part 4 of the Charities (Accounls and Reports) Regulations 2008. Our audit work has been undertaken so Ihat we might stale to the charity's truslees those matters we are required to slate to them in an Auditors, report and for no other purpose. To the fullest extent permilted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed. Pure Audit Limited Chartered Certified Accountants and Statutory Auditors 76 Canterbury Innovation Centre University Road Canterbury Kent CT2 7FG Date.. 28 January 2026 Pure Audit Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 9
R G HILLS CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Endowment funds funds 2025 2025 Total funds 2025 Total funds 2024 Note INCOME AND ENDOWMENTS FROM: Investments 143,921 143,921 150,975 TOTAL INCOME AND ENDOWMENTS 143,921 143,921 150.975 EXPENDITURE ON: Raising funds= Investment management Charitable activities 19,158 19,158 162,183 16, 760 150,000 5,6.7 162.183 TOTAL EXPENDITURE 162,183 19,158 181,341 166,160 NET EXPENDITURE BEFORE INVESTMENT GAINSI{LOSSESI Net gainsl(losses) on investments NET INCOME I {EXPENDITURE} BEFORE OTHER RECOGNISED GAINS AND LOSSES (18,262) (19,158) (69,7531 (37,4201 (69,7531 (15, 185) 194, 960 11 118,262) 188,9111 (107,1731 179, 775 NET MOVEMENT IN FUNDS 118,262) 188,911) (107,173) 7 79, 775 RECONCILIATION OF FUNDS: Total funds brought fOard 118,811 4,336,199 4,455,010 4,275,235 100,549 4,247,288 4,347,837 4,455,010 TOTAL FUNDS CARRIED FORWARD The notes on pages 13 to 26 form part of these financial statements. Page 10
R G HILLS CHARITABLE TRUST BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note FIXED ASSETS Investments 4,240.456 4,288,088 CURRENT ASSETS Debtors Cash at bank and in hand 12 16 4,293 124,467 181,399 128,760 181,399 CREDITORS: amounts falling due within one year 13 (21,379) (14,477) NET CURRENT ASSETS 107,381 166,922 NET ASSETS 4,347,837 4,455,010 CHARITY FUNDS Endowment funds Unrestricted funds 14 14 4,247,288 100,549 4,336, 199 118,811 TOTAL FUNDS 4,347,837 4,455,010 The financial statements were approved by the Trustees on 28 January 2026 and signed on their behalf, by.. Mr K Jones, Chalr The notes on pages 13 to 26 form part of these financial statements. Page 11
R G HILLS CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Note CASH FLOWS FROM OPERATING ACTIVITIES Net cash used in operating activities 15 (34,812) {20,317) Proceeds from sale of investments Purchase of investments 3,953,557 (3,975,677) 612,261 (555,817) NET CASH USED IN INVESTMENT ACTIVITIES {22.120) {56,932) 181,399 56.444 CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR Cash and cash equivalents brought forward 36, 127 145,272 CASH AND CASH EQUIVALENTS CARRIED FORWARD 124,467 181,399 The notes on pages 13 to 26 form part of these financial statements. Page 12
R G HILLS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES 1.1 Basss of preparation of financial statements The financial ststements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the Uniled Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless othewise stated in the relevant notes to these accounts. R G Hills Charitable Trust constitutes a public benefit entity as defined by FRS 102. General Information The entity is a charity registered with Charity Commission in England & Wales under registration number 1008914. The charity's registered office address is: 3940 St. Margarels Street, Canterbury, Kent, CT12TX. 1.2 Golng concern The Trustees have assessed that the expectation is that the charity will continue in operational existence for the foreseeable future and, accordingly, these financial statements are prepared on a going concem basis. Page 13
R G HILLS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES (continued) 1.3 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. For legacies, entitlement is taken as the earlier of the date on which either.. the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s} to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Donated facilities are included at the value to the charity where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers. Donated seNices or facilities are recognised when the charity has control over the item, any conditions associated with the donated ilem have been met, the receipt of economic benefit from the use of the charity of the item is probable and Ihat economic benefit can be measured reliably. On receipt, donated professional seNices and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain seNices or facilities of equivalent economic benefit on the open market., a corresponding amount is then recognised in expenditure in the period of receipt. Income tax recoverable in relation to investment income is recognised at the time the investment income is reGeivable. other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. Page 14
R G HILLS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES {contlnued) 1.4 Expenditure Expendilure is recognised once there is a legal or constructive obligation to transfer economic benefit lo 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 is classified by activity. The cosls of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Support costs are those costs incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in connection with administration of the charity and compliance with Constitutional and statutory requirements. Costs of generating funds are costs incurred in atlracling voluntary income, and those incurred in trading activities that raise funds. Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to Charitable activities. Grants payable are charged in the year when the offer is made 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 noled as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. 1.5 Investmenls 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 fair 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 shown in the heading 'Gainsl{losses) on investments, in the Statement of financial activities. 1.6 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. 1.7 Cash at Bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments with a short malurity of three months or less from the date of acquisilion or opening of the deposit or similar account. Page15
R G HILLS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES (continued) 1.8 Liabllities and provislons Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past evenl, 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 amounl that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or seNices it must provide. Provisions are measured at the besl 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 within interest payable and similar charges. 1.9 Flnancial 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. 1.10 Fund accounting General funds are unreslricted 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. Designated funds comprise unrestrtcted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes lo the financial statements. Restricted funds are funds which are lo be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes lo the financial statements. Investment income, gains and losses are allocated to the appropriate fund. INVESTMENT INCOME Unrestricted Endowment funds funds 2025 2025 Total funds 2025 Tot81 funds 2024 Investment income - listed investments Investment income - local cash 141,917 2,004 141,917 2,004 149, 068 1,907 143,921 143,921 t50,975 Tolal 2024 150,975 150,975 Page 16
R G HILLS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 INVESTMENT MANAGEMENT COSTS Unrestrlcted Endowm8nt funds fund8 2025 2025 Total funds 2025 Total funds 2024 Investment management fees 19,158 19,158 16, 160 Total 2024 16,160 16, 160 DIRECT COSTS - CHARITABLE ACTIVITIES Unrestrfcted Endowment funds funds 2025 2025 Total 2025 Tolal 2024 Donations 123,500 123,500 124, 110 Total 2024 124, 110 124,110 GOVERNANCE AND SUPPORT COSTS Unrestricted Endowment funds funds 2025 2025 Total funds 2025 Total funds 2024 Auditors, remuneration Accountancy Subscription and other charges Management Legal & professional 4,260 15,031 61 4,260 15,031 61 671 19,331 4, 140 3,600 112 120 18,038 671 19,331 38,683 671 39,354 26.010 Tolal 2024 25,890 120 26,010 Page 17
R G HILLS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ANALYSIS OF EXPENDITURE BY EXPENDITURE TYPE Resources expended 2025 Total 2025 Total 2024 Expenditure on investment management 19,158 19,158 16.160 Costs of raising funds 19,158 19,158 16.160 Direct and support costs Expenditure on governance 126,885 35,298 126,885 35,298 124, 738 25,262 181,341 181,341 766,160 Total 2024 166, 160 166, 160 ANALYSIS OF EXPENDITURE BY ACTIVITIES Activities undertaken directly 2025 Total 2025 Total 2024 Direct costs - (Donations to registered charities) 123,500 123,500 124, 110 Total 2024 124, 110 124, 110 NET INCOMEI{EXPENDITURE) During the year, no Trustees received any remuneration (2024 £NIL). However, the Trustees are expressly authorised to charge professional fees in the Trust instrument. See note 18 for fees charged by Trustees. AUDITORS, REMUNERATION 2025 2024 Fees payable to the charity's audilor and its associates for the audit of the charitls annual accounts 4,260 4, 140 Auditors, remuneration includes audit fee of £3,550 (2024.. £3,450) and VAT of £710 (2024.. £690). Page 18
R G HILLS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. STAFF COSTS The average number of persons employed by the charty during the year was as follows: 2025 No. 2024 No. Management No employee received remuneration amounting to more than £60,000 in either year. 11. FIXED ASSET INVESTMENTS Ll8ted securities Market value At 1 April 2024 Additions Disposals Revaluations 4,288,088 3,975,677 (3.642,529) (380,780) At 31 March 2025 4,240,456 Historlcal cost 4,181,388 Investm8nts at market value comprise: 2025 2024 Listed investments 4,240,456 4, 288,088 All fixed asset investments are managed by Brooks Macdonald Asset Management Ltd. Page 19
R G HILLS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11. FIXED ASSET INVESTMENTS (contlnued) Valuatlon Investments held at the year end comprised the following.. 31 March 2025 31 March 2024 European Equities Hedge Funds and Alternatives International and Thematic Inlernational Fixed Interest Japan, Far East and Emerging Markets North American Equities Property Structured Return UK Equities and Unit Trusts UK Fixed Interest 92,034 334,177 848,279 151,835 298,888 524,236 74,939 367,288 871,393 677,387 175, 650 264, 634 856,985 105,675 342, 729 589, 152 94,284 391,914 847, 643 619,422 4,240,456 4, 288, 088 At the year end, Brooks Macdonald, the investment managers were also holding a bank balance of £87,166 {2024.' £130,154). Material investments Following holdings exceeded 5 % of the total value of the portfolio as at the year end.. Schroder Unit Trust Asian Income 50/0 Schroder Unit Trusts Global Equity Income 5.30/0. 12. DEBTORS 2025 2024 Prepayments and accrued income 4,293 13. CREDITORS: Amounts falling due within one year 2025 2024 A¢cruals and deferred income 21,379 14,477 Page 20
R G HILLS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. STATEMENT OF FUNDS STATEMENT OF FUNDS - CURRENT YEAR Balance at 31 March 2025 Balance at 1 April 2024 Gainsl (Losses) Income Expenditure Unrestricted funds General Funds- all funds 118,811 143,921 (162,183) 100,549 Endowment funds Endowment Fund 4,336,199 (19,158) (69,753) 4,247,288 Total of funds 4,455,010 143,921 1181,341) (69,753) 4.347,837 STATEMENT OF FUNDS - PRIOR YEAR Balance al 31 March 2024 B8lanGe al 1 Apnl 2023 Gain (Lossesj Income Expenditure General Funds - all funds 117,836 150,975 (150, 000) (16, 160) 178,811 4,336, 199 Endowment Fund 4, 157,399 194,960 Total of funds 4, 275, 235 750,975 (166, 160) 194,960 4,455,010 SUMMARY OF FUNDS- CURRENT YEAR Balance at 31 March 2025 Balance at 1 April 2024 Gainsl (Losses) Income Expenditure General funds Endowment funds 118,811 4,336,199 143,921 {162,1831 (19,158) 100,549 {69,753) 4,247,288 4,455,010 143,921 {181,341) {69,7531 4,347,837 Page 21
R G HILLS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. STATEMENT OF FUNDS (continued) SUMMARY OF FUNDS- PRIOR YEAR Balance at 31 March 2024 Balance al l Apnl 2023 Gainsl (Losses) Income Expenditur8 General funds Endowment funds 117.836 4, 157,399 150,975 (150,000) (16,160) 118,811 4,336, 199 194,960 4, 275, 235 150,975 (166, 160) 194, 960 4, 455,010 15. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 2025 2024 Net (expenditure)lincome for the year (as per Statement of Financial Activities) (107,173) 179, 775 Adjustment for: (Gain) I loss on investments Increase in debtors Increasel(decrease) in creditors 69,753 {4,293) 6,901 (194.960) (5, 132) Net cash used in operatlng activltles (34,812 (20.317) 16. ANALYSIS OF CASH AND CASH EQUIVALENTS 2025 2024 Cash in hand 124.467 181,399 Total 124,467 181,399 Page 22
R G HILLS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17. RELATED PARTY TRANSACTIONS The professional trustees, Mr K Jones, Chartered Accountant and Mr H M S Barrett, Solicitor, are expressly authorised to charge fees in the Trust instrument. Mr H M S Barrett is a consultant with Furley Page, the solicitors to the charity for the year. Mr K Jones is partner al Burgess Hodgson, Chartered Accountants, The total fees payable to Furley Page in the year amounted to £9.001 (2024: £14,444). The total fees payable to Burgess Hodgson amounted to £26,005 {2024: £7,314). No reimbursement of expenses apart from these fees have been made or is due to be made to either of the Trustees in respect of the year under review. During the year, no trustees received any benefits in kind {2024.. £NIL). At the year end, the charity owed the followed balances.. Furley Page: £1.096 (2024: £855) Burgess Hodgson: £11,514 {2024: £4,800). Page 23
R G HILLS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18. Donations to registered charities 2025 2024 Action Aid for Animals African Childrens Fund Alex the Leukodystrophy Charity Amos Trust Animal SOS Sri Lanka Animals Asia Foundation Aylsham and District Care Batlersea Dogs and Cats Home Beat Bels Bru¢ha Bishop Creighton House Braille Chess Association Brain Tumour Support Breaking Barriers Brent Lodge Bird & Wildlife Trust Bristol Animal Rescue British Heart Foundation Build Up Foundation Bumblebee ConseNation Trust Canine Concern Scotland Trust Chailey Heritage Foundation Charity Buddy Childrens Hospital Pyjamas Clean Rivers Trust Conservation Without Borders Curly's Legacy Disasters Emergency Committee Domestic Abuse Volunteer Dover Gymnastics Club Drukpa Trust Ezra Umarpeh Facing the World Facet CIO Flori's Friends Rescue Four Paws Fetcher Dog 1001Fontanies UK Food Lifeline Freedom Kit Bags Friends of Bradstow School Get Set Girls Grace Kelly Childhood Cancer Trust Grow for Life Home Start Hope for the Future Hot Line Meals SeNice (London) Hypo Hounds Impact International Animal Rescue International Nepal Fellowship Jigsaw (South East) 2, 000 2, 000 1,500 2,000 2,000 2,500 1,500 2,500 1,500 2, 000 1,500 3, 000 2, 000 1,500 2,000 1,500 2,500 2,500 2,000 2,500 2,000 2,500 2,000 1,500 2,500 1,500 2,000 2.000 1,500 2,500 2,500 2, 000 2,500 2,000 3,000 2,500 2,500 2,500 2,500 2,500 2.000 2, 000 2,500 2, 000 1,500 1,500 1,500 Page 24
R G HILLS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Katharine House Hospice Trust Kent Air Ambulance Kent Mining Heritage Foundation Kent MS Therapy Centre Kids Cancer Charity Little Village Liquid Listening Livingstone Tanzania Trust MACS MADM Makhad Trust Malaika Kids UK Motivation Charitable Trust Mount Noddy Animal Centre Nightingales Childrens Project Nowzad Oakleaf Enterprise Pat Macks Plan International Play Action International Porchlighl Porridge & Pens Prevent 2 Protect Prin of Wales Youth Club Prisoners Abroad Prostate Cancer UK Rescue The Perishing Resolve Now Restore Rising Sun Roy Castle Lung Cancer Foundation Save the Children SCT Seeing Dogs Alliance Serendip Children's Home Side by Side Snaap Sofa Project Solent Sharks Wheelchair Sparks of Hope Spencer Dayman Meningitis standout Programme still Waters street Child Slrongbones Children's Charitable Trust Sudden Productions Support our Military Veterans Tea Leaf Trust The Anne Robson Trust The Canterbury Diclrict Cab The David Sheldrick Wildlife Trust The Happy & Healthy Trust The No Way Twst Ltd The Society of Protection of Animals Abroad The Smile Train UK The Trussell Trust UK Sepsis Trust 1,500 2,000 2,000 2,000 1,500 2,000 1,500 2,500 3,000 2,000 1,500 2,500 2,000 3,000 1.500 2,500 2,000 2,000 2, 000 1,500 2,500 1,500 1,500 2,500 2.000 2,500 2,500 2,500 2,000 1,500 3, 000 2,000 1,500 2,000 1,500 2,000 1,500 2,000 1,500 2,500 1,500 3, 000 2,500 1,500 1,500 2,000 1,500 1,500 3,000 3. 000 1,500 Page 25
R G HILLS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Up N Away UsinaBus Veterans Into Logistics Village Water Limited Viva NeOrk Walking With The Wounded WasteAid Water Aid Wellbeing of Women Wetherby in Support of the Elderly Willow Foundation Women's Aid Federation of England Young & Inspired Ltd Youth on the Move London Other (Reversal of uncleared cheques) 2,000 1,500 2,500 2,000 1,500 1,500 1,500 ,500 2, 000 2,000 110 (2,000) Total 123,500 124, 110 Page 26