Charlty reglstration number 1060725 THE HEDLEY DENTON CHARITABLE TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
THE HEDLEY DENTON CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustses l H Nicholson C M Watts C C Nicholson V Stevenson Charfty number 1060725 Independent examiner Simon Brown BAACA DChA Azets Audit Services Bulman House Regent Centre Gosforth Newcastle Upon Tyne NE3 3LS Solicllors lain Nicholson & Co 5 West Road Ponleland Newcastle Upon Tyne Tyne And Wear United Kingdom NE20 9ST
THE HEDLEY DENTON CHARITABLE TRUST CONTENTS Page Trustees, report Statement of trustees, responsibilities Independent examiner's report Statement of financial activities Statement of financial position Notes lo the financial slalements 7-13
THE HEDLEY DENTON CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2024 The trustees present their annual report and financial statements for the year ended 5 April 2024. Objectives and activities Objects and aims The trustees shall hold the trust and ils income upon trust lo apply them for such general ¢haritable purposes as the Injslees in their absolute discretion de¢ide. Fundraislng disclosurns The charity is required lo report how il deals with fundraising from the public. The charity does not use a professional fundraisèr or commercial particpalor lo raise funds. Any monies raised direct from the publi¢ follows all guidelines set out by the Charity Commission and UK law in every respect. We respect the privacy and conta preferences of all public donors. Public beneflt The trustees consider a range of objectives mainly lo charities in the North of England which can provide benefits locally and further afield covering areas such as medical research and care. youth development, the disabled, arts and assisting the disadvantaged both al home and overseas. The trustees confirm that they have complied with the requirements of section 17 of the Charitie5 Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake. Grant making poli¢les The trustees review applications received from persons and organisalions, decide lo accept or decline, and decide how much they are prepared lo give. There are no sel rules, il 15 all al the Iruslees, own discretion, a8 long as all trustees agree. Achievemènts and perfomiance The Trustees made 49 {2023.' 55) grants in the year lotalling £38.500 (2023.. £48,500}. Flnancial revlew Going concem The charity's forecasts and projections for the next twelve months show that Ihe charity should be able to continue in operational existence for that period. The charrty has strong poslive investments and cash balances available and is forecasting for this to be the case. Policy on reseThes 11 is the policy of the charity lo maintain Net Currenl Assets, al a level whi¢h equales to appriximately six months expenditure. This provides sufficienl funds to cover management, admistralion and support cosls and to respond to emergency applications for grants which arise from time lo time. Fixed asset investments are used to provide the harily with its annual income. The calculation of free reserves is based on the definition included in the charity statement of recommended practice ISORPI, which provides recommendations for accounting and reporting for charities. The trustees have examined the requirements of the charitable cornpany to hold free ieserves - Ih05e reserves not invested in tangible fixed assets, excluding long tefm liabilities, or designated for a particular purpose. This exercise considered both the normal requirements for working capilal and the loss of income of a hypothetical but reasonable reduction in the scale of operations. Ac¢ordingly, the Iruslees consider that free reserves of around £ 50,000 will allow the charity lo pay grants and administrative overheads for one year. At year end, free reserves were £17,223 (2023.. £18,393). a decrease of £1,170 in the year.
THE HEDLEY DENTON CHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Investmentpolicy and objectives The trustees can invest any sums or investments received by them in investments in which they are by law authorised to invest trust money, with power from lime to time to change for others of a like nature. Structure. governance and management Nature of governing document The Hedley Denton Charitable Trust is a registered charity {registered number 1060725). The governing do¢umenl is the Trust Deed dates 26th September 1996. and last amended on 18th December 1996. The Iruslees also act as organising committee of the charity. The trustees are appointed in accordance with the Trust Deed. The Hedley Denlon Charitable Trust was sel up in 1996 primarily lo help charitable causes in the North East of England. The object has been lo benefit a wide range of causes including medical care and research, the disabled and youth progfammes. However, the trustees have a flexible approach nol limiting their awards to only Ihese area5. Al bi-annual trustees, meetings, the Iruslees agree the board strategy and areas of activity for the Trust, including consideration of grant making, inveslmenl. reserves and risk management. The day lo day administration of grants and the processing and handling of applications prior to ¢onsideralion is ou150urced lo lain Nicholson & Co Solicitors. The day lo day management of the investments betsveen meetings is outsourced to Charles Nicholson Asset Management. Arrangements for setting key managementpersonnel remuneration The Gharity does not employ any staff and therèfore the board remain responsible for the day-lo-day operation of the charity. The trustees who served during the year and up lo the dale of signature of the financial statements were.. l H Nicholson Cmwatts C C Nicholson V Stevenson Independent examlner In accordance with the company's articles, a resolution proposing that Simon Brown BA ACA DChA be reappointed as Independent Examiner of the company will be put at a General Meeting. The trustees, report was approved by the Board of Trustees. l H Nicholson trustee Cmwatts trustee Date..(! 3-<lb X4gZ4
THE HEDLEY DENTON CHARITABLE TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2024 The trustees are responsible for preparing the Trustees, Report and the financial statements in accordan with applicable law and Uniled Kingdom AGcounling Standards (United Kingdom Generally Accepled Accounting Practice). The law applicable lo charities in England and Wales requires the Irustees to prepare financial slalements for each financial year which give a true and fair view of the stale of affairs of the trust and of the incoming resources and application of resources of the trust for that year. In preparing these financial statements, the trustees are required lo.. select suitable aG¢ounting policies and then apply them consistently.. observe the methods and principles in the Charities SORP., makejudgemenls and eslimates that are r@asonable and prudent., stale whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., and pr8pare the financial slalements on the going concern basis unless il 1$ inappropriate lo presume that the ¢harity will continue in operation. The Iruslees are responsible for keeping sufficient accounting records that dis¢lose with reasonable accuracy al any time the financial position of the Irusl and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity IAccounls and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the trust and hen¢e for taking reasonable steps for the prevention and detection of fraud and other irregularilie5.
THE HEDLEY DENTON CHARITABLE TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE HEDLEY DENTON CHARITABLE TRUST I report to th& truste8s on my examination of the financial statements of The Hedley Denton Charitable Trust {the trust) for the year ended 5 April 2024. Responsibilities and basis of report As the trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act}. I report in respect of my examinalion of the Irusl's financial slalemenls carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Dire¢lions given by the Charity Commission under section 145(5)(b} of the 2011 Act. Independent examinerfs statement Your attention is drawn lo the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with thè Financial Reporting Standard applicable in the UK and Republi¢ of Ireland (FRS 102} in preference to the A¢counting and Reporting by Charrties.. Statement of Recommended Practice issued on 1 April 2005 which is referied lo in the extant regulations bul has now been withdrawn. l understand Ihal this has been done in order for financial statements to provide a true and faiT view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. l Confirm that no matters have come to my attention in connection with the examination giving me cause lo believe that in any material respe¢l'. ac¢ounting records were not kept in respect of the trust as required by section 130 of the 2011 Act., or the financial slalemenls do not accord with those records.. or the financial statements do not comply with the applicable requirements concerning the form and conlenl of accounts sel out in the Charities {Accounls 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 con¢erns and have come across no other matters in connection with the examination to which attention should drawn in this report in order lo enable a proper understanding of Ihe financial statements lo be reached. Slmon Brown BA ACA DChA Azets Audit Services Bulman House Regent Centre Gosforth Newcastle Upon Tyne NE3 3LS Dated.. Azets Audit Services is a Trading Name of Azets Audit Services Limited.
THE HEDLEY DENTON CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024 Unrestricted Unrestrictod funds funds 2024 2023 Notes Income from: Investments 56,499 57.883 endlt Raising funds 27,423 28,367 Charitable activities $6,860 67,408 Total expendlture 84,283 95,775 Nel gainsl{lossesl on investments 61,957 1128,438) Net In¢omel{expendlturel for the yearl Net movement in funds 34,173 (166,3301 Fund balances at 6 April 2023 2,119,394 2,285,724 Fund balances at 5 Aprll 2024 2,153.567 2,119,394 The slalement of financial activilies inclLsdes all gains and losses recognised in the year. All income and expenditure derive from continuing a¢livilies.
THE HEDLEY DENTON CHARITABLE TRUST STATEMENT OF FINANCIAL POSITION ASAT5APRIL 2024 2024 2023 Notes Fixed assets Investments 11 2.136,344 2,101,001 Currenl assets Cash at bank and in hand 36,176 37,312 Creditors". amounts falling due wlthln one year 12 (18,953) {18,919) Net curfent assets 17,223 18,393 Totsl assets less currènl liabilltie$ 2,153,567 2,119,394 Income fund8 Unreslricled funds 2,153,567 2,119,394 2,153,567 2,119,394 The financial statements were approved by the Trustees on . l H Nicholson Trustee Cmwatts Tnlstee
THE HEDLEY DENTON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting pollcies 1.1 Accounting convèntion The financial slalèmenls have been prepared in accordance with the trust's governing document, thè Charities Act 2011. FRS 102 "The Financial Reporting Standard applicable in thé UK and Republic of Ireland. {"FRS 102"} and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordanGe with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" (effective 1 January 2019). The trusl is a Public Benefit Enlily as defined by FRS 102. The Irust has taken advantage of the provisions in thé SORP lor charities not lo prepare a Statement of Cash Flows. The financial slalements have departed from the Charities {Accounts and Reports} Regulations 2008 only to the extent required lo provide a true and fair view. This departure has involved following the Slalemenl of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations bul which has since been withdrawn. The financial slatèmenls are prepared in sterling. which is the functional currency of Ihe Irusl. Monetary amounts in these financial slalements are rounded lo the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concem At the time of approving the financial statements. the Iruslees have a reasonable expectation that the trust has adequate resources lo continue in operational existence for the foreseeable future. Thus Ihe Iruslees continue lo adopt the going concern basis of aGcounting in preparing the financial slalemenls. 1.3 Charitable funds Unreslricled funds are available for use al the discretion of the trustees in furtherance of their charitable objectives. 1.4 Income Income is recognised when the trust is legally entitled to il after any performance conditions have been mel, the amounts can be measured reliably, and it is probable thal income will be received. Investment income Income frorn investments 15 included in incoming resources On Ihe dividend is declared and notification has been received of the dividend due. This is normally upon receiving notification by our investment advisor of the dividend.
THE HEDLEY DENTON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies (Continued) 1.5 Expenditure Expenditure is recognised once Ihere is a legal or constructive obligation to Iransfer economi¢ benefit to 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. All expenditure is accounted for on an accrual basis. All expenses. including support cosls and governance costs, are allocated or apportioned lo the applicable expenditure headings in the slalemenl of financial activities. Refer to the support C0515 note for further information on the basis of allocation. IrTecoverable VAT is charged against the expenditure heading for which it was in¢urred. Raising of funds Rsising of funds costs are incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raisè funds. Charltable activitles Charitable expenditure comprises those costs incurred by the charity in the delivery of ils activities and services for ils beneficiaries. 11 includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Grant expenditure Granls payable are payments made lo third parties in the furtherance of the charitable objects. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The nolificalion gives the recipient a reasonable expectation that they will receive Ihe one year or multi-year grant. Grant awards that are subject to the recipient fulfilling performance Gondilions are only accrued when the rècipient has been notified of the grant and any remaining unfulfilled conditions attaching lo that grant are outside Ihe control of the charily. Granl provlslons Grant provisions are made when the intention lo make a grant has been Communicated to the re¢epienl bul there is uncertainly about either the liming of the grant or the amount of grant payable. Governance costs These include the costs attributable lo the charity's compliance with conslilulional and slalutory requirements, including audit. sliategic managèment and trustee's meetings and reimbursed expenses. Support costs Support costs have been differentiated beeen governance and support costs. Governance costs comprise all costs involving the public accountability of the charity and ils compliance with regulalion and good proctice. These costs include costs related to the statutory independent examinalion and other costs with an apportionmenl of overhead and support costs. 1.6 Fixed asset investments Fixed asset investments are included at market value at the balance sheet dale. Realised gains and losses on investments are calculated as the difference beeen sales proceeds and their market value al the start of the year, or theiT subsequent cost. and are charged or credited lo the Statement of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the years and are credited or charged to the Statement of Financial Activities based on the market value al year-end. 1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid inveslments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
THE HEDLEY DENTON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies (Continued Baslc financlal assels Basic financial assets, which include debtors and cash and bank balances. are initially measured at tfansaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price unless the arrangement conslitules a financing Iransaclion, where the debt instrument is measured at the present value of the flilure payments discounted at a market rale of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried al amortised ¢osl, using the effective interest rale method. Trade creditors are obligations lo pay for goods Of services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade ¢reditors are recognised initially at transaction price and subsequenlly measured at amortised cost using the effective interest method. Investments Unrostrlcted Unrestrlcted funds funds 2024 2023 Income from listed investments 56,499 57.883 Ralsing fund$ Unrestricted Unrestricted funds funds 2024 2023 Investmenl management costs 27,423 28,367 27,423 28,367
THE HEDLEY DENTON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Charltsble activities Unrestricted Unrestricted funds funds 2024 2023 Grant funding of activities (see note 5) 38.500 48,500 Share of support costs (see note 6) Share of governance costs {see note 8) 14,460 3,900 14,478 4,430 56,860 67,408 Grants payable Unrestricted UnrestrScted funds funds 2024 2023 Grants lo institutions.. All institutions 38.500 48,500 The support costs associated with grant makin9 are £Nil (S April 2023 - £Nil). Grants awarded are in the region of £500 £1.000 and any above this are seperalely disclosed. During the year, the trust awarded single or multiple grants to the following entities that were in excess of £1,000.. Tyneside Hospice at Home Charlie Waller Memorial Trust Parkinsons UK Prostale Cancer UK - £ 2,000 - £ 2.000 - £ 2,000 £1,500 10-
THE HEDLEY DENTON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Support costs Support Governance costs costs 2024 Support Governance costs costs 2023 Human resources Finance cos15 13,860 600 13.860 600 13,878 600 13,878 600 Audit fee Independent examination 4,430 4.430 3.900 3,900 14,460 3,900 18,360 14,478 4,430 18.908 Analysed between Charitable activities 14,460 3,900 18.360 14.478 4,430 18,908 Trusleos None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust duTillg the year. Employees The average monthly number of employees during the year was.. 2024 Number 2023 Numbèr Total There were no employees within the charity during the current or prior year. There were no key management personnel other than the Trustees themselves. No trustees revceived any reimbursemed expenses from the charity during the year. See the rèlated party note for details of related party transactions. Net gainslllossesl on investments Unrestricted Unreslrlcted funds fund$ 2024 2023 Gainl{loss) on sale of investments 61,957 (128.438) 10 Taxation The charity is exempt from lax on income and gains falling within section 505 of the Taxes Acl 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied lo ils charitable objects. 11
THE HEDLEY DENTON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 5 APRIL 2024 11 Fixed asset investments Listsd investments Cash in portfolio Total Cost or valuation At 6 April 2023 Additions Valuation changes Cash in portfolio movement Disposals 2,034,317 120,109 83,126 66,684 2,101,001 120.109 83,126 16,645 1184,537) 16,645 (184,537} At 5 April 2024 2,053.015 83.329 2,136,344 Carrylng amount At 05 April 2024 2,053,015 83,329 2,136.344 At 05 April 2023 2,034,317 66,684 2,101.001 Flxed asset Investments revalued The investments shown above are hèld at valuation. The historical cost of the investment al year-end was £1,683,874 (2023. £1,726.932). The value of other investments (including unlisled investments which are fixed interest bonds) included in the investments above tolalled £140,764 (2023.. £144,930). Flnancial Assets held at falr value Fair value is taken as the market value of the investments held. The charity holds 24.95°h {2023'. 26.10 /.) of the investment portfolio in Glaxosmithkline PIC and 5.210/0 (2023.. 5.700/ts} of the inve51menl portfolio in Haleon Plc. 12 Credltors: amounts falling due withln one year 2024 2023 Accruals 18,953 18,919 13 Analysls of net assets between funds Unrestricted Unrestricted funds funds 2024 2023 Fund balances al 5April 2024 are represented by.. Investments Current assetsl(liabilitie5) 2.136,344 17,223 2,101,001 18,393 2,153,567 2,119,394 12
THE HEDLEY DENTON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 14 Related party Iransactions During the year the charity made the following related party transactions.. laln Nicholson & Co. Solicitors lain Nicholson & Co. Solicitors have invoiced £13,800 {2023.' £13,800) for legal and adminislration matters of the trust. At Ihe balance sheet date the amount due lo lain Nicholson & Co. Solicilors was £ 13,800 (2023.. £13,800). C.M. Watts C.M. Watts, a trustee. charged £600 12023.. £600} in respect of adminislralion and managemenl chaiges during the year. Al the balance sheet date the amount due lo C.M. Watts was £60012023.. £600). Charles Nlcholson Asset Management Charles Nicholson Asset Management is related due to C. Nicholson. a Iru5tee, being a Principal al the firm. Charles Nicholson Asset Management charged £27,423 12023.. £28,367) during the year in respect of management fees for the investment Portfolio that it managed. Al the balance sheet dale the amounl due to Charles Nicholson Assel Management was £652 {2023'. £619). 13-