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2022-04-30-accounts

REGISTERED CHARITY NUMBER: 1044573

Report of the Trustees and Financial Statements for the Year Ended 30 April 2022

for

Huntingdon Freemen's Trust

George Hay Partnership LLP Chartered Accountants and Statutory Auditor St George's House, George Street Huntingdon, Cambridgeshire PE29 3GH

Huntingdon Freemen's Trust

Contents of the Financial Statements for the Year Ended 30 April 2022

Page
Report of the Chief Executive 1 to 2
Report of the Trustees 3 to 12
Report of the Independent Auditors 13 to 15
Statement of Financial Activities 16
Balance Sheet 17
Cash Flow Statement 18
Notes to the Cash Flow Statement 19
Notes to the Financial Statements 20 to 28
Detailed Statement of Financial Activities 29 to 30

Huntingdon Freemen's Trust

Report of the Chief Executive for the Year Ended 30 April 2022

INTRODUCTION

On behalf of the Trustees, I would like to welcome you to our annual report.

I hope that you will find this report both interesting and informative, providing you with an insight into the working of this long-standing and unique charity.

Since its inception in 1993 the Trust has gone from strength to strength, providing grants to both local individuals and to groups and organisations within the geographical area of remit covered by Huntingdon Town Council. Whilst the charity cannot subsidise the public purse for statutory provision of services, it is uniquely well-placed to be able to provide additional support where gaps appear.

The Charity exists as a grant-making Trust and that is its core business. Applications for grants are received and processed by the small staff team and decisions on whether to award a grant or not are made by Trustees, based on consideration of eligibility and need. There has been little change to the way in which the Trust works over many years.

THE YEAR IN BRIEF AND THE CHALLENGES

At the start of our reporting year, we continued to face the ongoing difficulties presented by the Covid-19 pandemic. As we end the year and gradually emerge from our world of isolation, Trustees and Staff can reflect on the excellent work of the Trust achieved over this time, whilst recognising that we faced unprecedented challenges along the way.

The impact of the pandemic on our day to day working practice, as with many organisations, has been significant as we entered a second year of staff having to work from home and our office being closed to the public. We continued throughout the year to rise to this exceptional challenge, with systems and processes for administering grants and managing the organisation being adapted accordingly. As in the previous year, meetings were held virtually.

Some of the new ways of working learned through the pandemic have proved to be efficient, for example, a greater use of digital communication and less reliance on paper processes. Working from home and virtual meetings have provided us with greater technological scope and systems. It has also been possible to interview grant applicants by telephone instead of staff making home visits and this has proved to be successful. Some of these efficiencies will be retained as we start to re-open the office and more normal service is resumed.

COVID- GRANT AWARDS

Through the year, Trustees awarded grants in line with our objectives and our remit, taking into account the significant grant funds being made available through the Government 'Hub' scheme which was put in place to respond to local need created by Covid. Whilst the Trust continued to respond to grant applications from individuals and groups, our immediate response at the onset of the pandemic was to provide emergency covid relief funding to support two local food banks to enable them to meet the increased need.

An emergency grant of £68,450 was also awarded to the local voluntary organisations umbrella group, Hunts Forum. This funding was distributed to nine local community groups through the year to enable them to sustain their work through the challenge of the pandemic and into 2021. Part of this fund was used to implement a training course for volunteers with over 170 new volunteers completing a programme of training, who were then able to support individuals and families in need in the community. The focus of this voluntary work is continuing. The impact of the increased numbers of newly trained volunteers has enabled the support work to expand and has provided a strong basis for future sustainability of the programme.

Page 1

Huntingdon Freemen's Trust

Report of the Chief Executive for the Year Ended 30 April 2022

THE FUTURE

In recent years, the financial challenges faced by public spending bodies, and the impact of budget cuts on our local services, with reduced levels of welfare support, was already proving to be significantly detrimental to individual's lives and wellbeing. The pandemic, plus a range of political and global issues have exacerbated an already pressured societal situation. We now face 2022 with an alarming increase in our cost of living with predictions that costs and inflation will continue to rise through the year ahead, and beyond.

This social, political and financial policy context underpins the work of the Trust, and we anticipate an increase in applications across all groups, as costs have started to surge to unsustainable levels for a sizeable proportion of our local population. The impact and stress on some of our most vulnerable groups is significant and potentially damaging to health and wellbeing.

In March 2020 we completed a programme of research and produced a report, 'Grants for Our Times'. This research informed and enabled Trustees to identify, and to be aligned with priority areas and emerging needs at that point in time.

The research provided evidence of high levels of need for pre-school and early years development support, as well as increasingly high numbers of people, particularly young people, experiencing a range of mental health and wellbeing difficulties.

As a result, it was agreed that the Trust would adopt these two areas of need as strategic priorities for the immediate future and would allocate significant funds to support development within these themes.

As we focus on our strategic themes, we also recognise the changing face of need in these unpredictable and unprecedented times and whilst holding to our agreed priorities as highlighted by the research, we cannot stand still. There are undoubtably challenges ahead in the coming year(s) as we face the startling pressures of spiralling living costs and rising inflation. The impact on our local communities is likely to be devastating. We will continue to respond accordingly and to provide grants to relieve hardship for Huntingdon residents. We will also continue to award per capita grants to schools and to students attending university to assist with their accommodation costs. Recreational and leisure activities will also be a focus of support as we recognise that these activities are known to contribute to mental wellbeing.

Decisions on these and any new and emerging organisational priorities will be underpinned by the financial position of the charity, both now and in planning for any future significant income or expenditure. Trustees will respond accordingly in respect of balancing the needs and priorities of our community, and the sustainability of the Trust, thereby ensuring the most impactful use of our resources.

STAFFING

There have been no staff changes within the last year.

THANK YOU

The small staff team has worked incredibly hard to overcome the difficulties of remote, and separate working in these last two years and has always focussed on finding solutions rather than obstacles. I take this opportunity to thank them all for their support throughout this time.

I look forward to working together with staff and Trustees as we face the future challenges ahead.

Ruth Black CEO

Page 2

Huntingdon Freemen's Trust

Report of the Trustees for the Year Ended 30 April 2022

The Trustees present their report with the financial statements of the charity for the year ended 30 April 2022. The Trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

The Trust exists for exclusively charitable purposes for the benefit of individual residents within the boundaries of Huntingdon Town Council, or organisations primarily or exclusively benefiting them.

The objectives of the charity and the specific geographical remit has been set by a High Court Order dated 1993.

Grants or other material assistance are available within the following categories:

(a) relief in need

(b) the promotion of education

(c) the provision and support of facilities for recreation and leisure

Significant Activities

Relief-in-need

The Trust's strategy under this objective is to respond to Huntingdon residents - its public - who cannot afford to help themselves and who have basic needs that are not met by public services. Relief in need is applied to a number of sub-categories, such as: medical, children, elderly, unemployment / low income and domestic violence needs. Grants awarded under the elderly category appear to be low, but in fact many applications for elderly residents are for medical requirements and/or mobility scooters and therefore are categorised under the medical heading.

Up until the pandemic lockdown, all applicants were visited by the Grants Officers in order to elicit relevant information for the Trustees, who then allocated grants according to their assessment of the severity of the need and the applicant's ability to pay for the relevant items themselves. During lockdown, all applicants were interviewed by telephone with no physical home visits being made. Successful applicants benefit from the provision of items such as mobility aids, domestic appliances, furniture and carpets (particularly where young children are involved).

The Trustees will be looking to provide support under the following headings, as well as to provide funds to individuals to relieve hardship under the 'Relief in Need' category of grants, described above.

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Huntingdon Freemen's Trust

Report of the Trustees for the Year Ended 30 April 2022

OBJECTIVES AND ACTIVITIES

Significant Activities (continued)

Education

In this area, the Trust seeks to enhance the educational opportunities of Huntingdon residents both in their early years and in vocational and higher education.

Local pupils benefit from grants to nursery and primary schools in the town to supplement local education authority provision. In 2021-2022 the rate awarded per pupil remained at £21, as in the previous year.

Post-sixteen students taking vocational courses in local colleges are assisted with course fees and some equipment costs. Trustees have also agreed to pay student's travel costs in some situations of hardship. Students going away to university or further education colleges are helped with accommodation costs. Given the number of applications in this category, grants to students are capped at £1,000 per student per year. In the year 2021-2022, 69 students were awarded grants compared with 74 in 2020-2021 and 86 in 2019-2020. The fall in student numbers applications can be attributed to the pandemic, as some students decided to defer their places.

Educational achievement emerged as a priority area of need in parts of Huntingdon, ranging from Early Years, pre-school and Nursery through to adulthood and this was considered in more detail by Trustees in the year ending 2022, with a large grant of £145,000 awarded over three years for an Early Years and Family Support project which has just completed its first year of operation.

This funding has enabled the employment of a Community Engagement Support Worker to focus on supporting a partnership between a nursery school, parents and the community to give children the best possible start in life and to strengthen parents' capacity to manage difficulties and enabling families to effectively access available support within their family and community networks. In the first year the project has successfully supported twenty-eight families, signposting them into seventeen different community project groups and activities.

Mental health and Wellbeing

Trustees agreed that this should be an area of strategic priority for grant awards. As we now move into what is predicted to be a recession with soaring costs in all areas, we anticipate an adverse impact on the mental health and well-being of increasing numbers of local people, as people struggle to meet impossible costs of living.

The Trust is in early discussions with two local groups who are working with a) children and young people and b) local residents/families, to support their mental wellbeing.

Applications from these groups will be considered on their merits in the context of the wider Joint Health and Well-being/Integrated Care strategy currently under review.

Recreation and Leisure

Benefits to local residents are also provided through grants to local clubs, groups and societies catering for a wide variety of recreational and leisure activities to all age groups.

Numbers of applications in this category have tended to be low in recent years. However, this has to be balanced against the fact they often represent funding requests for large amounts and also applicants are sometimes required to find matched funding, which can prove to be a challenge.

Such activities are recognised as being beneficial in terms of supporting positive mental health and wellbeing as well as physical health and applications for grants will be considered in this context.

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Huntingdon Freemen's Trust

Report of the Trustees for the Year Ended 30 April 2022

OBJECTIVES AND ACTIVITIES

Performance & Public benefit

The Trust mainly works by responding to applications from individuals and organisations. The chart below shows the analysis of grants awarded compared to grants rejected.

In the year, there were 157 applications received. Of these 157,136 applications were totally or partially awarded and 21 were rejected. Grant applications of £1,065,449 were received comparing to £1,024,089 in 2020-21. Of these 34% were awarded. One of these rejected was worth £604,350 and so is the key reason for the change in acceptance rate.

The largest percentage of grant applications received within the year was children 58% (2020: 54%). This is in line with last year.

Conversely, grants for domestic violence represent just 1% (2021:0%).

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Huntingdon Freemen's Trust

Report of the Trustees for the Year Ended 30 April 2022

FINANCIAL REVIEW

Financial position

The Trustees have successfully managed to keep governance costs at a minimum, the most significant cost being the fees of our expert fund managers Rathbones, without whom we would not be able to achieve the high levels of investment returns that we do.

Staff salaries were reviewed, and Trustees approved and implemented a 4% pay increase for all staff from May 2021. The Freemen's Trust pay scheme is structured in close alignment with the NJC pay spine although pay awards are at the discretion of Trustees. A staff pension scheme introduced as required by legislation has two employees enrolled. Trustees continue to make an employer's contribution of 5% which is the same as the previous year.

Historically, the Trustees and staff have managed to keep overheads modest.

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Huntingdon Freemen's Trust

Report of the Trustees for the Year Ended 30 April 2022

FINANCIAL REVIEW

Financial position (continued)

During the financial year, income exceeded expenditure by £30,472 [2021: £996,529]. Last year’s higher income was due to the recovery of the investment portfolio following the initial shock of the pandemic. Taking the valuation out of the equation, rental income plus realised income from the investments, less grants and supporting activities, the result is a surplus of £18,883 [2021: £(129,104)].

The graph above shows the consistency and moderately low cost of running the Trust. The Trustees do not wish to increase these costs, but to spend reserves by increasing the grants available to the community.

Grants awarded in the year are 22% lower than last year and the costs of running the charity have decreased by 18%.

Much of the Trust's financial growth is attributed to endowed assets and cannot therefore be spent, simply retained for the future sustainability of the Trust, ensuring its ability to generate funds long-term.

The major upgrade of the A14 road, whilst completed in the last year, continues to impact on Trust land around Huntingdon with some being subject to either temporary or permanent compulsory purchase by Highways England (now National Highways). The Trust's commissioned surveyor acts on our behalf to manage the negotiations concerning land-take and the resulting compensation claims. The ongoing disruption caused by the project is creating an increased workload for our surveyors with a resulting increase in professional fees, some of which, but not all, are reclaimable from Highways England.

Plans continue to be developed by National Highways for an upgrade of the A428/421 and this will impact Trust land at Roxton, Bedfordshire. The proposed works to improve the A428/421 are due to start during the coming year. In addition, East West Rail have initiated plans to provide rail services between Bedford and Cambridge. These plans, if the materialise will also affect the Trust’s land at Roxton.

FINANCIAL REVIEW

Investment Policy and Performance

In accordance with the terms of the Order made by the Charity Commission, the Trustees confirm that:

" the Trustees first identified the value of the initial founding gift in 1967. No further gifts have been made. " when determining the amount to transfer to income the Trustees have considered the requirements to maintain the current level of charitable activity, the likely benefit to future generations of Huntingdon, and the likely needs of future beneficiaries; and

" when reaching their decision as to the amount of return to transfer to income, the Trustees have taken professional advice from their investment advisors regarding the market outlook, investment trends and yield and the prospects for future capital growth.

Our investment advisors, Rathbones Investment Management Ltd [Rathbones] are instructed to invest to maximise the total return on permanent endowment funds.

The Trust has been relatively financially secure in that its income largely derives from investments in permanently endowed funds and agricultural land. The Trustees safeguard the income from these investments by a policy of diversification across sectors, countries and funds, which it regularly reviews with its fund managers.

Regular financial reviews confirmed that the performance of the investments has matched both the agreed benchmark comparator and the projected performance level. Ongoing uncertainty related to first Brexit and then Covid-19, along with the wider political influences continue to affect the volatility of the markets. Latterly, the Russia/ Ukraine war is exacerbating the uncertainty of the financial global markets and Rathbones highlight this point in updates provided for the Trust. Uncertainty is the key message as we move into a new year with hikes in the cost of living and an upward trend in inflation.

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Huntingdon Freemen's Trust

Report of the Trustees for the Year Ended 30 April 2022

FINANCIAL REVIEW

Investment Policy and Performance (continued)

The Trust owns the three-storey listed office building which had previously been rented. The ground floor is occupied by the Trust as head office and the upper floors have been let through the year to four tenants, with interim gaps as two tenants vacated, and new tenants took up occupation. The Trust derives an income from rent received.

Banking and Investments

Barclays continues to be the bank of choice for the day-to-day running of the charity and access security measures are in place to allow for electronic banking to be carried out, During the pandemic bank transactions have been made mostly by BACS, thereby reducing, though not eliminating the use of cheques and the associated charges of cheque processing and also keeping to a minimum the trips to the bank. Rathbones continue to hold the charity's invested funds and report regularly to a financial sub-group of Trustees who hold delegated authority on behalf of the Board. There has been no cause to consider changing the arrangements for the management of the portfolio.

Liquid Reserves Policy

Trustees have adopted a financial management policy which sets the parameters for the handling and management of free funds and cash. A cash reserve of £350,000 is considered sufficient to administer the Trust's aims and objectives for up to one year.

Unrestricted net current assets currently stand at £550,364 [2021:£571,173; 2020: £533,221].

FINANCIAL REVIEW

Reserves Policy

The level of income required to be drawn down from the Rathbones portfolio is regularly reviewed by the Investment sub-group, to ensure no erosion of capital. There is therefore, a sufficient safeguard in place to make sure any action required (if there is a downturn in the market), would be taken in a timely manner.

In addition to rents received from land and buildings, £300,000 is withdrawn from invested funds each year on a monthly basis, to maintain the running of the Trust. All budgetary activity is based on this and Rathbones focus their work on achieving this by altering the risk strategy and balance of income generating and growth funds within the portfolio.

The chart below shows the value (£18,178,542 millions) of endowed reserves since the financial crisis in 2008. The adjusted value shown in yellow restates the value of the fund in today's money by stripping out the effect of inflation. The result confirms relatively stable funds held, as a result of the consistent policy of balancing income with gains.

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Huntingdon Freemen's Trust

Report of the Trustees for the Year Ended 30 April 2022

FINANCIAL REVIEW

Reserves Policy (continued)

The Trust could comfortably continue to provide grants from unrestricted cash reserves in line with the normal policy and aims for a period of 12 months if there was a significant downturn in the investment market. This would give the Trustees and Rathbones enough time to reconsider their investment policy and review grant giving criteria.

FUTURE PLANS

The Charity exists as a grant-making Trust and that is its core business. Applications for grants are received and processed by the small staff team and decisions on whether to award a grant or not are made by Trustees accordingly based on consideration of eligibility and need. There has been little change to the way in which the Trust works over many years.

The Trustees continue to focus on several priorities identified in previous years. Please refer to the Chief Executive’s Report for more details.

In the coming year the Trustees will continue to provide grants to relieve hardship for Huntingdon residents and also to award per capita grants to schools and to students attending university to assist with accommodation costs. In addition, our research provided evidence of high levels of need for pre-school and early years development support and also increasingly high numbers of people, particularly young people, experiencing a range of mental health and wellbeing difficulties. The Trust will continue to allocate significant funds to these two priority areas of need as well as providing grants to alleviate the impact of Covid-19 on our Huntingdon Community.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Scheme of this unincorporated charity was set in the High Court Order which created it in December 1993. Minor amendments since then, approved by the Charity Commission, have produced a structure of three Trustees nominated by the local County Council, District Council, and Town Council together with four co-opted Trustees.

The Trustees are supported by two part-time staff managed by the Chief Executive, who also works part-time.

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Huntingdon Freemen's Trust

Report of the Trustees for the Year Ended 30 April 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT Structure, Governance & Management

Trustees

Induction of Trustees is conducted by the Chief Executive and existing Trustees through provision of relevant documents on the constitution, practices and policies of the Charity and through participation in the Trustees' monthly meetings which deal with policy and administrative issues and grant applications. From April 2020, the monthly meetings have been held through Zoom and this practice continued through 2021-2022.

All Trustees have declared that they are "fit and proper" in accordance with the Charity Commission's guidelines.

Appointed nominated Trustees serve a four-year term and co-opted Trustees serve a five-year term.

There have been two changes of Trustee personnel during the year. We were saddened by the death of the Nominated Trustee of Huntingdon District Council (HDC), Ms Jill Watkin-Tavener, at the end of the last year. Ms Watkin-Tavener had been a Trustee for a number of years and her contribution is greatly missed. Mr Jonas King was appointed as HDC nominee in July 2021. The Cambridgeshire County Council nominee, Mr Michael Shellens, left the role during the year. Mr Shellens was thanked for his years of commitment and his contribution to the work of the Trust during his time as Trustee. Mr Tom Sanderson was nominated by the County Council from July 2021. Mr King and Mr Sanderson were welcomed to the Board of Trustees. At no time has the Board of Trustees been less than quorate.

Staff

There have been no changes of staff within the year.

Risk management

The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The Board retains, and regularly consults, its solicitors, surveyors and accountants to protect its interests in all its activities, particularly management of its land holdings and financial investments.

Claims for grants are thoroughly checked for compliance with the Trust's Scheme and for veracity of the information supplied on residence, need and income. Individual applicants were visited and interviewed at home until the outbreak of the pandemic, but latterly are interviewed by telephone, by the Grants Officer. This practice will continue for the future. Applicant organisations also have their claims and accounts checked before reporting to the Trustees for their decision.

All grants and administrative expenses over £500 are approved by the Trustees as a body, either individually at monthly meetings or as specific items in the approved annual budget, and until March 2020 have usually been paid by cheques signed by two Trustees and the Chief Executive. At the start of the pandemic, the CEO was authorised to make BACS payments, thereby reducing the need for cheque signing and visits to the bank. This has continued through 2021-2022. Expenditure up to £500 can be approved by Chair's Action. Trustees agreed that the Chief Executive can authorise non-grant payments up to £500 to facilitate the efficient day-to-day management of the Trust's business.

Close attention is given to the security of confidential client information. Paper documents are kept securely locked in an alarmed office building, computerised records are isolated from the Trust's internet connection and sensitive information is only transferred electronically with password protection. Computer files are backed up on a remote server in an encrypted format.

In line with policy, documentation pre-dating a 10-year period is securely disposed of. This process of archiving is completed on an annual basis. Electronic data undergoes a similar archiving process

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Huntingdon Freemen's Trust

Report of the Trustees for the Year Ended 30 April 2022

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity number

1044573

Principal address

37 High Street Huntingdon Cambridgeshire PE29 3AQ

Trustees

Mr B Bradshaw Mrs J Cole Mr J Hampstead (Chairman) Mr J R Hough Mr J King (from July 2021) Mrs K Parker Mr T Sanderson (from July 2021) Mr M Shellens (to June 2021)

Auditors

George Hay Partnership LLP Chartered Accountants and Statutory Auditor St George's House, George Street, Huntingdon, Cambridgeshire PE29 3GH

Solicitors

Roythornes Ltd The Incubator, Alconbury Campus, Huntingdon PE28 4XA

Surveyors

Brown & Co The Fairways, Wyboston Lakes, Bedfordshire MK44 3AL

Bankers

Barclays Bank Plc Huntingdon Business Centre, High Street, Huntingdon, Cambridgeshire PE29 3AE

Clydesdale Bank 40 Vincent Place, Glasgow, G1 2HL

Fund Managers

Rathbones Investment Management 1 Curzon Street, London, W1J 5FB

COIF Charity Funds 80 Cheapside, London, EC2V 6DZ

STAFF:

Mrs Ruth Black Chief Executive Officer Mrs Karen Clark Grants Officer & Office Manager Mrs Janice Smith Administrative Assistant

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Huntingdon Freemen's Trust

Report of the Trustees for the Year Ended 30 April 2022

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees are responsible for preparing the Report of the Trustees 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 and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the Trustees are required to

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to 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.

Approved by order of the board of trustees on 6[th] December 2022 and signed on its behalf by:

J Hampstead Trustee

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Report of the Independent Auditors to the Trustees of Huntingdon Freemen's Trust

Opinion

We have audited the financial statements of Huntingdon Freemen's Trust (the 'charity') for the year ended 30 April 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, 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 respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

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Report of the Independent Auditors to the Trustees of Huntingdon Freemen's Trust

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the 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 misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, 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.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors 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 misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, we considered the following:

  1. The nature of the industry and sector, control environment and organisational performance

  2. Key drivers for the remuneration policies, bonus levels and performance targets

  3. Enquiries with management about their own identification and assessment of the risks of irregularities.

  4. Motivations of Trustees and opportunity for undisclosed related parties

  5. Audit team discussions regarding how and where fraud might occur and fraud indicators.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in terms of misstatements was in relation to grant applications. In common with all audits under ISA's (UK), we are also required to perform specific procedures to respond to the risk of management override. We considered the risk of fraud in terms of misappropriation of assets and highlighted fraudulent payments as a focus area.

In addition we considered the legal and regulatory framework that the Trust operates in, focusing on provisions of these law and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We also considered those laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the organisations ability to operate or to avoid a material penalty, these include Health & Safety Legislation and Charity public benefit, fundraising and safeguarding regulations.

Audit response to risks identified:

A relatively large sample of grants approved by Trustees were reviewed for adherence to policies and controls as well as ensuring they align with the Governing Document and strategic direction. We made due enquiries and reviewed board minutes for indicators of fraud and departure from laws and regulations, as well as remaining professional sceptical throughout the audit.

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.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

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Report of the Independent Auditors to the Trustees of Huntingdon Freemen's Trust

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Colin Airey (Statutory Auditor)

George Hay Partnership LLP Chartered Accountants and Statutory Auditor St George's House George Street Huntingdon Cambridgeshire PE29 3GH

Date: 6[th] February 2023

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Huntingdon Freemen's Trust

Statement of Financial Activities for the Year Ended 30 April 2022

Notes
INCOME AND ENDOWMENTS FROM
Charitable activities
Rental income
Investment income
2
Other income
Total
EXPENDITURE ON
Raising funds
4
Charitable activities
5
Relief in need
Education
Recreation & leisure
Large grants
Total
Net gains/(losses) on investments
NET INCOME
Other recognised gains/(losses)
Gains on revaluation of fixed assets
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 30.4.22
Unrestricted
Endowment
Total
funds
fund
funds

£
£
£
126,097
-
126,097
350,476
-
350,476
75,000
-
75,000
551,573
-
551,573
98,126
-
98,126
104,621
-
104,621
151,268
-
151,268
14,504
-
14,504
164,171
-
164,171
532,690
-
532,690
(4,876)
16,465
11,589
14,007
16,465
30,472
230,000
895,000
1,125,000
244,007
911,465
1,155,472
1,273,513
17,267,077
18,540,590
1,517,520
18,178,542
19,696,062		 30.4.21
Total
funds
£
140,284
337,748
-
478,032
72,790
54,111
340,865
28,159
111,211
607,136
1,125,633
996,529
-
996,529
17,544,061
18,540,590

The notes form part of these financial statements

Page 16

Huntingdon Freemen's Trust

Balance Sheet 30 April 2022

Notes
FIXED ASSETS
Tangible assets
10
Investments
11
CURRENT ASSETS
Debtors
12
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year 14
NET ASSETS
FUNDS
15
Unrestricted funds
Endowment funds
TOTAL FUNDS		 30.4.22
Unrestricted
Endowment
Total
funds
fund
funds

£
£
£
638,518
6,735,000
7,373,518
387,638
11,426,686
11,814,324
1,026,156
18,161,686
19,187,842
10,924
-
10,924
823,257
16,856
840,113
834,181
16,856
851,037
(283,817)
-
(283,817)
550,364
16,856
567,220
1,576,520
18,178,542
19,755,062
(59,000)
-
(59,000)
1,517,520
18,178,542
19,696,062
1,517,520
18,178,542
19,696,062		 30.4.21
Total
funds
£
6,248,518
11,810,899
18,059,417
35,309
700,146
735,455
(164,282)
571,173
18,630,590
(90,000)
18,540,590
1,273,513
17,267,077
18,540,590

The financial statements were approved by the Board of Trustees and authorised for issue on 6[th] December 2022 and were signed on its behalf by:

J Hampstead Trustee

The notes form part of these financial statements

Page 17

Huntingdon Freemen's Trust

Cash Flow Statement
for the Year Ended 30 April 2022
30.4.22
Notes
£
Cash flows from operating activities
Cash generated from operations
1
(210,509)
Net cash used in operating activities
(210,509)
Cash flows from investing activities
Purchase of tangible fixed assets
-
Income from managed funds
350,476
Net cash provided by investing activities
350,476
Change in cash and cash equivalents
in the reporting period
139,967
Cash and cash equivalents at the
beginning of the reporting period
700,146
Cash and cash equivalents at the end
of the reporting period
840,113		 30.4.21
£
(472,728)
(472,728)
(1,907)
337,748
335,841
(136,887)
837,033
700,146

The notes form part of these financial statements

Page 18

Huntingdon Freemen's Trust

Notes to the Cash Flow Statement for the Year Ended 30 April 2022

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
30.4.22 30.4.21
£ £
Net income for the reporting period (as per the Statement of
Financial Activities) 30,472 996,529
Adjustments for:
Depreciation charges - 1,907
Gain on investments (11,589) (1,048,577)
Interest received (350,476) (337,748)
Decrease/(increase) in debtors 24,385 (10,672)
Increase/(decrease) in creditors 96,699 (74,167)
Net cash used in operations (210,509) (472,728)
2. ANALYSIS OF CHANGES IN NET FUNDS
At 1.5.21 Cash flow At 30.4.22
£ £ £
Net cash
Cash at bank and in hand 700,146 139,967 840,113
700,146 139,967 840,113
Total 700,146 139,967 840,113

The notes form part of these financial statements

Page 19

Huntingdon Freemen's Trust

Notes to the Financial Statements for the Year Ended 30 April 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Raising funds

Realised and unrealised gains and losses on investment assets are recorded in the Statement of Financial Activities.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - not provided

No depreciation is provided on freehold buildings, as it is the charity's policy to maintain these so as to extend their useful lives.

Purchases are capitalised if the trustees believe that the asset has a useful economic life of more than one year and cost at least £500. They are valued at historic cost.

Scooters, wheelchairs, lifts, computer equipment and orthopaedic beds and chairs have been written down to a nil value in the year of purchase as in the opinion of the Trustees these assets, while remaining the property of the Charity, have no residual value.

These assets are subsequently removed from the fixed asset register when it is considered that the extent of their useful life has been reached or the ownership of the asset has been formally transferred.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Page 20

continued...

Huntingdon Freemen's Trust

Notes to the Financial Statements - continued for the Year Ended 30 April 2022

1. ACCOUNTING POLICIES - continued

Fund accounting

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Investment assets

Investments are shown in the accounts at their market value at the balance sheet date and the income arising in the year is shown in the Statement of Financial Activities. Land held as investments is professionally valued every five years.

Realised and unrealised gains and losses on investment assets are recorded in the Statement of Financial Activities.

2. INVESTMENT INCOME

Bank interest
Rathbones Portfolios
3.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Rentals from land &
property (including
wayleaves)
Rental income
Office rent
Rental income
Mineral extraction
Rental income
4.
RAISING FUNDS
Other trading activities
Investment Management Fees
Property management
Bad debts		 30.4.22
£
383
350,093
350,476
30.4.22
£
101,530
24,567
-
126,097
30.4.22
£
58,257
5,869
34,000
98,126		 30.4.21
£
590
337,158
337,748
30.4.21
£
98,853
19,499
21,932
140,284
30.4.21
£
54,214
18,576
-
72,790

Page 21

continued...

Huntingdon Freemen's Trust

Notes to the Financial Statements - continued for the Year Ended 30 April 2022

5. CHARITABLE ACTIVITIES COSTS

Direct
Costs (see
note 6)
£
Relief in need
79,072
Education
84,839
Recreation & leisure
10,414
Large grants
158,039
332,364
DIRECT COSTS OF CHARITABLE ACTIVITIES
Grants payable
Provision of mobility aids
SUPPORT COSTS
Grant
making
Governance
Totals
£
£
Relief in need
15,724
8,412
Education
40,883
21,875
Recreation & leisure
2,517
1,347
Large grants
3,774
2,019
62,898
33,653		 Support
costs (see
note 7)
Totals
£
£
25,549
104,621
66,429
151,268
4,090
14,504
6,132
164,171
102,200
434,564
30.4.22
30.4.21
£
£
331,357
425,109
1,007
3,585
332,364
428,694
Other
costs
£
£
1,413
25,549
3,671
66,429
226
4,090
339
6,132
5,649
102,200

6. DIRECT COSTS OF CHARITABLE ACTIVITIES

7. SUPPORT COSTS

All support costs have been allocated to core charitable activities in proportion to the number of grants considered in the year, whether accepted or rejected, as volume is a better determinator than value, in respect of time, resources and overhead.

Page 22

continued...

Huntingdon Freemen's Trust

Notes to the Financial Statements - continued

for the Year Ended 30 April 2022

7. SUPPORT COSTS - continued

Support costs, included in the above, are as follows:

Staff costs, including recruitment & travel
Advertising & awareness
Insurance
Office rent, rates, light & heat
Telephone
Depreciation of tangible fixed assets
CEO fees
Auditors' remuneration
Payroll & bookkeeping
Printing, postage & stationery
Repairs & Renewals
Sundries
Legal fees
Staff costs, including recruitment & travel
Advertising & awareness
Insurance
Office rent, rates, light & heat
Telephone
Depreciation of tangible fixed assets
CEO fees
Auditors' remuneration
Payroll & bookkeeping
Printing, postage & stationery
Repairs & Renewals
Sundries
Legal fees		 Relief in
need
£
8,703
1,053
1,017
4,573
378
-
4,443
1,640
2,329
100
653
524
136
25,549
Large
grants
£
2,089
253
244
1,098
90
-
1,066
394
559
24
156
126
33
6,132		 Education
£
22,629
2,740
2,645
11,890
979
-
11,552
4,267
6,056
260
1,695
1,362
354
66,429
30.4.22
Total
activities
£
34,814
4,215
4,069
18,293
1,507
-
17,772
6,564
9,317
400
2,608
2,096
545
102,200		 Recreation
& leisure
£
1,393
169
163
732
60
-
711
263
373
16
104
84
22
4,090
30.4.21
Total
activities
£
32,406
-
2,411
14,120
1,861
1,907
18,755
11,082
11,213
804
1,300
1,718
8,075
105,652

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 April 2022 nor for the year ended 30 April 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 30 April 2022 nor for the year ended 30 April 2021.

Page 23

continued...

Huntingdon Freemen's Trust

Notes to the Financial Statements - continued for the Year Ended 30 April 2022

9. STAFF COSTS

Wages and salaries

30.4.22
£
34,814
34,814		 30.4.21
£
32,406
32,406

The Trustees delegate day to day operational management to their CEO, who works part-time and was paid a gross salary of £18,755 during the financial year [2020: £15,950]

The average monthly number of employees during the year was as follows:

Governance
Charitable Activities
No employees received emoluments in excess of £60,000.
TANGIBLE FIXED ASSETS
Freehold
property
£
COST OR VALUATION
At 1 May 2021
6,248,518
Revaluations
1,125,000
At 30 April 2022
7,373,518
DEPRECIATION
At 1 May 2021 and 30 April 2022
-
NET BOOK VALUE
At 30 April 2022
7,373,518
At 30 April 2021
6,248,518		 30.4.22
1
2
3

Computer

equipment
£
1,907
-
1,907
1,907
-
-		 30.4.21
1
3
4

Totals
£
6,250,425
1,125,000
7,375,425
1,907
7,373,518
6,248,518

10. TANGIBLE FIXED ASSETS

Included in cost or valuation of land and buildings is freehold land of £6,242,763 (2021 - £6,242,763) which is not depreciated.

Cost or valuation at 30 April 2022 is represented by:

Cost or valuation at 30 April 2022 is represented by:
Valuation in 2022
Cost		 Freehold
property
£
1,125,000
6,248,518
7,373,518
Computer

equipment
£
-
1,907
1,907
Totals
£
1,125,000
6,250,425
7,375,425

The properties held as investments, were re-valued as at 30 April 2022 by Robinson & Hall LLP, Chartered Surveyors(Previously valued on 30 April 2017 by Robinson & Hall LLP),All independent valuations were made on the basis of open market value for current use.

The trustees are not aware of any significant changes since the valuation.

Page 24

continued...

Huntingdon Freemen's Trust

Notes to the Financial Statements - continued for the Year Ended 30 April 2022

10. TANGIBLE FIXED ASSETS - continued

The historical cost of the assets forming the permanent endowment of the Charity has not been included as the original cost (if any) is unknown and as the land can not be sold, an open market value can not be obtained.

11. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 May 2021
Revaluations
At 30 April 2022
NET BOOK VALUE
At 30 April 2022
At 30 April 2021		 Unlisted
investments
£
11,810,899
3,425
11,814,324
11,814,324
11,810,899

There were no investment assets outside the UK.

All investments are carried at their market value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open ended investment companies are at the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

The historical cost of the permanent endowment when gifted to the Charity is unknown.

Only the income received during the year is made available for drawdown, and therefore forms the budget for approving grant applications.

During the year the Trustees chose to drawdown £300,000 [2021:£360,000]. In deciding on the amount to transfer to income, the trustees took the advice of their investment advisors, Rathbone Investment Management, as to the likely investment trends and the sustainability of the investment fund after considering various levels of transfer to income.

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Sundry debtors and prepayments		 30.4.22
£
-
10,924
10,924		 30.4.21
£
25,500
9,809
35,309

Page 25

continued...

Huntingdon Freemen's Trust

Notes to the Financial Statements - continued for the Year Ended 30 April 2022

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.22
£
Grants payable
257,133
Trade creditors
13,038
Taxation and social security
307
Other creditors
13,339
283,817
14.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.4.22
£
Other creditors
59,000
15.
MOVEMENT IN FUNDS
Net
movement
At 1.5.21
in funds
£
£
Unrestricted funds
General fund
1,223,513
169,007
Wellbeing Support fund
50,000
75,000
1,273,513
244,007
Endowment funds
Endowment
17,267,077
911,465
TOTAL FUNDS
18,540,590
1,155,472		 30.4.21
£
139,502
3,721
678
20,381
164,282
30.4.21
£
90,000

At

30.4.22
£
1,392,520
125,000
1,517,520
18,178,542
19,696,062

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Wellbeing Support fund
Endowment funds
Endowment
TOTAL FUNDS		 Incoming
resources
£
476,573
75,000
551,573
-
551,573
Resources

expended
£
(532,690)
-
(532,690)
-
(532,690)
Gains and

losses
£
225,124
-
225,124
911,465
1,136,589
Movement
in funds
£
169,007
75,000
244,007
911,465
1,155,472

Page 26

continued...

Huntingdon Freemen's Trust

Notes to the Financial Statements - continued for the Year Ended 30 April 2022

15. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Extraordinary funds
Wellbeing Support fund
Endowment funds
Endowment
TOTAL FUNDS		 At 1.5.20
£
1,221,993
186,378
-
1,408,371
16,135,690
17,544,061		 Net
movement

in funds
£
76,060
(210,918)
-
(134,858)
1,131,387
996,529		 Transfers

between

funds
£
(74,540)
24,540
50,000
-
-
-
At
30.4.21
£
1,223,513
-
50,000
1,273,513
17,267,077
18,540,590

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Extraordinary funds
Endowment funds
Endowment
TOTAL FUNDS		 Incoming
resources
£
456,100
21,932
478,032
-
478,032
Resources

expended
£
(374,286)
(232,850)
(607,136)
-
(607,136)
Gains and

losses
£
(5,754)
-
(5,754)
1,131,387
1,125,633
Movement
in funds
£
76,060
(210,918)
(134,858)
1,131,387
996,529

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Extraordinary funds
Wellbeing Support fund
Endowment funds
Endowment
TOTAL FUNDS		 At 1.5.20
£
1,221,993
186,378
-
1,408,371
16,135,690
17,544,061		 Net
movement

in funds
£
245,067
(210,918)
75,000
109,149
2,042,852
2,152,001		 Transfers

between

funds
£
(74,540)
24,540
50,000
-
-
-
At
30.4.22
£
1,392,520
-
125,000
1,517,520
18,178,542
19,696,062

Page 27

continued...

Huntingdon Freemen's Trust

Notes to the Financial Statements - continued for the Year Ended 30 April 2022

15. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Extraordinary funds
Wellbeing Support fund
Endowment funds
Endowment
TOTAL FUNDS		 Incoming
resources
£
932,673
21,932
75,000
1,029,605
-
1,029,605
Resources

expended
£
(906,976)
(232,850)
-
(1,139,826)
-
(1,139,826)
Gains and

losses
£
219,370
-
-
219,370
2,042,852
2,262,222
Movement
in funds
£
245,067
(210,918)
75,000
109,149
2,042,852
2,152,001

16. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 30 April 2022.

Page 28

Huntingdon Freemen's Trust

Detailed Statement of Financial Activities
for the Year Ended 30 April 2022
30.4.22 30.4.21
£ £
INCOME AND ENDOWMENTS
Investment income
Bank interest 383 590
Rathbones Portfolios 350,093 337,158
350,476 337,748
Charitable activities
Rentals from land & property (including
wayleaves) 101,530 98,853
Office rent 24,567 19,499
Mineral extraction - 21,932
126,097 140,284
Other income
Sundry receipts 75,000 -
Total incoming resources 551,573 478,032
EXPENDITURE
Other trading activities
Investment Management Fees 58,257 54,214
Property management 5,869 18,576
Bad debts 34,000 -
98,126 72,790
Charitable activities
Grants payable 331,357 425,109
Provision of mobility aids 1,007 3,585
332,364 428,694
Support costs
Grant making
Staff costs, including recruitment & travel 34,814 32,406
Advertising & awareness 4,215 -
Insurance 4,069 2,411
Office rent, rates, light & heat 18,293 14,120
Telephone 1,507 1,861
Computer equipment - 1,907
62,898 52,705
Governance
CEO fees 17,772 18,755
Carried forward 17,772 18,755

This page does not form part of the statutory financial statements

Page 29

Huntingdon Freemen's Trust

Detailed Statement of Financial Activities
for the Year Ended 30 April 2022
30.4.22 30.4.21
£ £
Governance
Brought forward 17,772 18,755
Auditors' remuneration 6,564 11,082
Payroll & bookkeeping 9,317 11,213
33,653 41,050
Other costs
Printing, postage & stationery 400 804
Repairs & Renewals 2,608 1,300
Sundries 2,096 1,718
Legal fees 545 8,075
5,649 11,897
Total resources expended 532,690 607,136
Net income/(expenditure) 18,883 (129,104)

This page does not form part of the statutory financial statements

Page 30