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2021-06-30-accounts

THE HAWKS' CHARITABLE TRUST

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

REGISTERED CHARITY No 1052904

THE HAWKS' CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

Trustees Mr Matthew Bullock (Chairman)
Mr Timothy Ellis
Dr Anthony Hyde
Dr Pat Marsh
Mr Jonathan Dickens
Mr Andrew Muston
Mr James Skelton
Ms Deborah Lowther (appointed 20th September 2020)
Ms Catherine Millhouse (appointed 21st January 2021)
Bankers Lloyds Bank Plc
Sidney Street
Cambridge
CB2 3HQ
Independent Examiner Rebecca Coles
Coles Accounting (Cambridge) Limited
Newton Hall
Town Street
Cambridge
CB22 7ZE
Principal Address 18 Portugal Place
Cambridge
CB5 8AF

THE HAWKS' CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

Contents Pages
Trustees' Report 1-2
Independent Examiner's Report 3
Statement of Financial Activities 4
Balance Sheet 5
Notes to the financial statements 6-9

THE HAWKS' CHARITABLE TRUST TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2021

The Trustees present their report along with the financial account of the charity for the year ended 30 June 2021. The financial statements comply with the charity’s trust deed and applicable law.

Structure Governance and Management

The Hawks’ Charitable Trust is constituted under a trust deed dated 20 January 1996 and is a registered charity No. 1052904.

New Trustees are appointed by current Trustees. Trustees must provide sporting, legal, investment and University expertise. It would be the responsibility of the senior Trustee to induct any new Trustee and explain their responsibilities and duties.

Objects and activities

The objects of the charity are:

(a) to advance the education of students of the University of Cambridge, including their physical education and development; and

(b) the award of bursaries and scholarships or provision of other financial assistance to young persons at or who have accepted a place at Cambridge University who or whose parents are in need of financial assistance.

Financial summary

At 30 June 2021 the Trust’s investment portfolio was valued at £993,875. The investment portfolio at 30 June 2021 was invested 46.3% in a Sarasin fund and 51.9% in a BNY Mellon fund, with 1.8 % held in cash.

Total income for the year was £276,665 and total expenditure was £82,609, with investment gains of £115,906. Total funds carried forward were £1,224,422 .

Achievements in the year

Despite the suspension of many University sports fixtures due to the Covid 19 pandemic, Trustees agreed that Sporting Bursary Grants up to the total value of £22,350 (2020: £30,850) could be made. 69 (2020: 170, 2019: 198, 2018: 226) applications for support had been received and circulated to Trustees. Applications were assessed by Trustees on a scale from 1 to 5 and the marks added together.

The criteria adopted by the Trustees for awards were noted as follows:

Applications must be supported by an appropriate senior member of the University. Applicants should normally be resident members of the University.

Eligible sports should normally be those for which Cambridge Blues or Half-Blues are awarded. Financial need must be adequately established, but levels of cost should be taken into account. Excellence in academic or in other extra-curricular areas should weigh in favour of applications.

If need is equal, actual or potential sporting excellence demonstrated by achievement should be decisive. Neither gender nor a wish to spread between sports should influence awards.

The Trustees made 69 awards (2020: 136) totalling £22,350 in six categories: £1,000, £750, £500, £300, £200, and £100.

In addition grants to The Hawks Club of £65,615 were approvedto support operation of the clubhouse.

Significant activities for achieving objectives

The means of achieving the Trust's objectives is investment management and new donations.

1

THE HAWKS' CHARITABLE TRUST TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2021

Reserves policy

The Trustees have established the Trust's reserves policy with reference to Charity Commission guidance and accounting standards (FRS 102 SORP 2015). The Trust holds adequate reserves as working capital, to match income receipts with operating expenditure. Cash flow is carefully monitored on a continuing basis to meet this objective. The Trustees do not intend to build up reserves for unspecified purposes, but rather to apply all income to direct charitable purposes.

Public benefit

The Trustees confirm they have given due consideration to the Charity Commission guidance on public benefit. The Trust provides a public benefit by giving financial assistance to sportsmen and women, who are members of the University of Cambridge, and who are in financial need in pursuit of sporting excellence and to the activities of their Club.

Trustees' responsibilities

The Trustees are responsible for preparing financial statements for each financial year which give a true and fair view of the state of affairs of the Trust as at the end of the financial year and of the surplus or deficit of the Trust for that period. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the Trust and to enable them to ensure that the financial statements comply with the Charities Act and the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustees and signed on their behalf by:

Mr M P D Bullock Chairman

Dated:

2

THE HAWKS' CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES

I report on the accounts of The Hawks' Charitable Trust for the year ended 30 June 2021, which are set out on pages 4 to 9.

RESPONSIBILITIES AND BASIS OF REPORT

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

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

INDEPENDENT EXAMINER'S STATEMENT

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

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

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

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

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Rebecca Coles FCCA, (Independent Examiner)

Coles Accounting (Cambridge) Limited Chartered Certified Accountants Newton Hall Town Street Cambridge CB22 7ZE

Date:

3

THE HAWKS' CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2021

Note
Income from:
Donations
Donations for the Trust and legacies
2
Donations for the Club
2
Gift Aid
Investment income
Investment interest
Dividend income
Expenditure on:
Raising funds
3
Charitable activity
4
Total Expenditure
Gain / (Loss) on investment assets
6
Net Income/(Expenditure) and net movement in
funds for the year
Total funds brought forward
7
Total funds carried forward
7		 Unrestricted
Restricted
Total
Funds
Funds
Funds
2021
£
187,191
-
187,191
0
50,615
50,615
1,111
15,000
16,111
-
-
-
22,748
-
22,748
211,050
65,615
276,665
5,584
-
5,584
26,410
65,615
92,024
31,994
65,615
97,609
115,906
-
115,906
294,963
0
294,963
914,459
-
914,459
1,209,422
0
1,209,422		 Total
Funds
2020
£
11,943
-
-
114
27,505
39,562
15,425
42,406
57,832
(12,240)
(30,509)
944,969
914,459

The Charity's income and net movement in funds relate to continuing activities.

4

THE HAWKS' CHARITABLE TRUST BALANCE SHEET AS AT 30 JUNE 2021

Note
INVESTMENTS
6
CURRENT ASSETS
Debtors
Bank account
Bank development fund
Gift Aid Accrual
Prepayments
CURRENT LIABILITIES
Creditors due within one year
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
FUNDS OF THE CHARITY:
Unrestricted fund balance - pre 30/06/2020
7
Unrestricted fund balance - post 01/07/2020
7
Restricted fund balance
7
TOTAL FUNDS		 £
£
£
£
993,875
900,097
10,158
71,967
16,457
785
-
16,299
-
157,633
-
246,684
26,615
31,137
12,253
31,137
12,253
215,547
14,362
1,209,422
914,459
1,024,422
914,459
185,000
-
-
-
1,209,422
914,459
2021
2020		 £
£
£
£
993,875
900,097
10,158
71,967
16,457
785
-
16,299
-
157,633
-
246,684
26,615
31,137
12,253
31,137
12,253
215,547
14,362
1,209,422
914,459
1,024,422
914,459
185,000
-
-
-
1,209,422
914,459
2021
2020		 £
£
£
£
993,875
900,097
10,158
71,967
16,457
785
-
16,299
-
157,633
-
246,684
26,615
31,137
12,253
31,137
12,253
215,547
14,362
1,209,422
914,459
1,024,422
914,459
185,000
-
-
-
1,209,422
914,459
2021
2020		 £
£
£
£
993,875
900,097
10,158
71,967
16,457
785
-
16,299
-
157,633
-
246,684
26,615
31,137
12,253
31,137
12,253
215,547
14,362
1,209,422
914,459
1,024,422
914,459
185,000
-
-
-
1,209,422
914,459
2021
2020
246,684
31,137
31,137 12,253
1,209,422 914,459
1,024,422
185,000
-		 914,459
-
-
1,209,422 914,459

I approve these accounts and confirm that I have made available all relevant records and information for the preparation.

Mr M P D Bullock Chairman

Dated:

5

THE HAWKS' CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

1 ACCOUNTING POLICIES

1.1 Basis of preparation

The financial statements have been prepared under the historical cost convention except for investments, which are included at market value, and in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Statement of Recommended Practice "Accounting and Reporting by Charities" FRS 102 (2015).

1.2 Going concern basis

The Trustees consider that the going concern basis is appropriate as they consider the reserves levels and expected investment income to be at sufficient levels to ensure that the Trustees can meet their financial obligations for the next 12 to 18 months and on that basis the Charity is a going concern.

1.3 Financial Reporting Standard 102 - Reduced Disclosure Exemptions

The Trustees have taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102:

1.4 Investments

Fixed asset investments are stated at market value

.

1.5 Spending rule

The Trust has adopted a revised "spending rule" of 3.25% (4%) of the rolling three-year average of the capital v investments.

1.6 Grant expenditure

Sporting Bursary Grant expenditure is recognised when awarded to individuals. Grants to the club relate to the

1.7 Taxation

The Trust is a registered charity in the United Kingdom and no taxation is payable on its income.

6

THE HAWKS' CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

2 DONATIONS

Donations for The Trust
Donations for The Club
Legacy Donations		 Unrestricted
Restricted
Funds
Funds
37,191
-
-
50,615
150,000
-
187,191
50,615		 Total
Funds
2021
£
37,191

50,615
150,000
237,806		 Total
Funds
2020
£
13,000
-

-
13,000

Donations are separated between grants for students (adding to endowment grants) and grants for the Hawks' Club, in line with donors' express wishes, and overseen by the Trustees.

The legacy was notified before year end and received in early July, hence the Balance Sheet prepayment.

3 RAISING FUNDS EXPENDITURE

Trust investment administration fees
Mailings
Hawks' development project consultancy
Events to raise donations
Marketing
Professional Fees		 Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2021
2020
£
£
606
-
606
1,942

4,627
-
4,627
-
-
-
-
9,211
352
-
352
4,176
-
-
-
96
5,584
-
5,584
15,425

4 CHARITABLE ACTIVITY EXPENDITURE

Sporting Bursary Grants awarded
Grants to Hawks' Club
Grants awarded 2017/18 not taken up
Miscellaneous including bank fees
Professional fees
Legal Fees
Independent examination		 Unrestricted
Restricted
Total
Funds
Funds
Funds
2021
£
22,350
22,350
-
65,615
65,615
(2,700)
-
(2,700)
(52)
-
(52)
2,222
-
2,222
4,140
-
4,140
450
450
26,410
65,615
92,024		 Total
Funds
2020
£
38,066
-
-
972
608
2,340
420
42,406

5 TRUSTEES' REMUNERATION

The trustees received no remuneration or expenses during the year.

There were no employment benefits for key management personnel.

7

THE HAWKS' CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

6 INVESTMENTS

INVESTMENTS
Market Value
As at 1 July 2020
Capital withdrawn
Reinvested income
Investment management fees
Revaluation
As at 30 June 2021
As at 30 June 2020		 £
900,097
(44,530)
22,748
(346)
115,906
993,875
900,097

The investment objective is to invest on a long-term basis with a view to preserving the real value of the capital and income over the years.

As at 30 June 2021, £460,505 (46.3%) was held in the Sarasin Endowments Fund; £515,071 (51.9%) was held in the Newton Growth & Income Fund for Charities; and £18,299 (1.8%) was held in cash. The asset allocation was 54.4% multi assets, 22.3% global equities, 9.1% UK equities, 6.2% fixed income, 4.1% property, 2.2% liquid assets, and 1.7% alternative investments. The currency allocation was 87% sterling, 8% US dollar, 1% euro and 4% other.

7 ANALYSIS OF CHARITABLE FUNDS

Unrestricted
Post 01/07/2020
Pre 30/06/2020		 Fund
Gains and
Fund
b/fwd
Income
Expenditure
losses
c/fwd
£
£
£
£
£
914,459
91,665
31,994
115,906
1,090,036
-
185,000
185,000
914,459
276,665
31,994
115,906
1,275,036

Following a legal review of the Trust's objects, we have expanded our interpretation of the wording "to advance the education of students ..." and as such we have segregated our unrestricted funds between those held pre the advice and those after.

8

THE HAWKS' CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

8 RELATED PARTY TRANSACTIONS

As at 30 June 2021 the Trust was owed £824 (2020: £5,409) by The Hawks' Company Limited. As at 30 June 2021 The Trust owed £27,907 (2020: £7,178) to The Hawks Club

9 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Investments
Net current assets		 Unrestricted
Restricted
Total
Total
Funds
Funds
Funds
Funds
2021
2020
£
£
993,875
-
993,875
900,097
215,547
-
215,547
14,362
1,209,422
-

1,209,422
914,459

9