**REGISTERED CHARITY NUMBER: 1082868** **Report of the Trustees and** **Financial Statements** **for the Year Ended 31 October 2023** **for** **The Nani Huyu Charitable Trust** Sumer Auditco Limited Statutory Auditor Chartered Accountants County Gate County Way Trowbridge Wiltshire BA14 7FJ **The Nani Huyu Charitable Trust** ## **Contents of the Financial Statements for the Year Ended 31 October 2023** |||**Page**|| |---|---|---|---| |**Report of the Trustees**|1|to|2| |**Report of the Independent Auditors**|3|to|4| |**Statement of Financial Activities**||5|| |**Balance Sheet**||6|| |**Notes to the Financial Statements**|7|to|11| **The Nani Huyu Charitable Trust** ## **Report of the Trustees for the Year Ended 31 October 2023** The trustees present their report with the financial statements of the charity for the year ended 31 October 2023. 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** ## **Objectives and aims** The objects of the charity are to assist people who are underprivileged, disadvantaged or ill, young people in matters of health, accommodation and training and those requiring assistance or medical care at the end of their lives, principally within Bristol and its surroundings. The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives and in planning the future activities. ## **ACHIEVEMENT AND PERFORMANCE** ## **Charitable activities** During the year ended 31 October 2023 the trustees distributed £231,000 (2022: £198,000) in accordance with the objectives of the trust. ## **FINANCIAL REVIEW** ## **Reserves policy** The balance held in unrestricted reserves at 31 October 2023 was £5,677,063 (2022: £5,718,812). The reserves are mainly represented by investments which are held to generate income to provide funding for grants payable. The trust has received donations of £2,901,739 since its creation on 25 July 2000. These funds have been invested and at 31 October 2023 had a market value of £5,585,562 (2022: £5,391,065). ## **FUTURE PLANS** The trustees intend to seek to maintain the capital of the fund intact as far as possible whilst generating sufficient income to satisfy the underlying objects of the charity. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. ## **Recruitment and appointment of new trustees** The procedure for recruiting new trustees when required is that the existing trustees approach suitable individuals. New trustees are appointed in accordance with the Trust Deed by resolution of the trustees. ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Registered Charity number** 1082868 ## **Principal address** 33 Ash Lane Wells Somerset BA5 2LR ## **Trustees** B C Whitmore M E Whitmore C W H Thatcher (resigned 11.11.22) S Webb J F Wilson L A Walford ## **Auditors** Sumer Auditco Limited Statutory Auditor Chartered Accountants County Gate County Way Trowbridge Wiltshire BA14 7FJ Page 1 ## **The Nani Huyu Charitable Trust** ## **Report of the Trustees** ## **for the Year Ended 31 October 2023** ## **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) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". 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 - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charity SORP; - make judgements and estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 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 ............................................. and signed on its behalf by: 21 August 2024 ........................................................................ M E Whitmore - Trustee Page 2 ## **Report of the Independent Auditors to the Trustees of The Nani Huyu Charitable Trust** ## **Opinion** We have audited the financial statements of The Nani Huyu Charitable Trust (the 'charity') for the year ended 31 October 2023 which comprise the Statement of Financial Activities, the Balance Sheet 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. In our opinion the financial statements: - give a true and fair view of the state of the charity's affairs as at 31 October 2023 and of its incoming resources and application of resources, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and - have been prepared in accordance with the requirements of the Charities Act 2011. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (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: - the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of trustees** As explained more fully in the 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. Page 3 ## **Report of the Independent Auditors to the Trustees of The Nani Huyu Charitable Trust** ## **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: Based on our understanding of the charity, we identified that the principal risks of non-compliance with laws and regulations related to charity legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements of the charity. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Statement of Recommended Practice. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to potential lack of segregation of duties, bookkeeping errors and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included: - Enquiry of management and those charged with governance about any known or suspected instances of non-compliance with laws and regulations and fraud; - Reviewing minutes of meetings of those charged with governance and any correspondence with the Charity Commission; - Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and - Performing analytical procedures to identify any unusual or unexpected relationship that might indicate a risk of material misstatement due to fraud. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 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. ## **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. Sumer Auditco Limited Statutory Auditor Chartered Accountants County Gate County Way Trowbridge Wiltshire BA14 7FJ Date: ............................................. 21 August 2024 Page 4 ## **The Nani Huyu Charitable Trust** ## **Statement of Financial Activities** ## **for the Year Ended 31 October 2023** |Notes
**INCOME AND ENDOWMENTS FROM**
Investment income
2
**EXPENDITURE ON**
Raising funds
3
**Charitable activities**
4
Charitable distributions
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|2023
Unrestricted
fund
£
272,746
2,618
236,126
238,744
(75,751)
(41,749)
5,718,812
5,677,063|2022
Total
funds
£
266,782
2,498
199,991
202,489
(317,921)
(253,628)
5,972,440
5,718,812| |---|---|---| The notes form part of these financial statements Page 5 ## **The Nani Huyu Charitable Trust** ## **Balance Sheet** ## **31 October 2023** |Notes
**FIXED ASSETS**
Investments
10
**CURRENT ASSETS**
Cash at bank
**CREDITORS**
Amounts falling due within one year
11
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS**
12
Unrestricted funds
**TOTAL FUNDS**|2023
Unrestricted
fund
£
5,585,562
96,481
(4,980)
91,501
5,677,063
5,677,063
5,677,063
5,677,063|2022
Total
funds
£
5,391,065
329,547
(1,800)
327,747
5,718,812
5,718,812
5,718,812
5,718,812| |---|---|---| The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 21August 2024 ............................................. M E Whitmore - Trustee ............................................. B C Whitmore - Trustee The notes form part of these financial statements Page 6 **The Nani Huyu Charitable Trust** ## **Notes to the Financial Statements for the Year Ended 31 October 2023** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The Nani Huyu Charitable Trust is an unincorporated charity in England. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity's operations and principal activities are to assist people who are underprivileged, disadvantaged or ill, young people in matters of health, accommodation and training and those requiring assistance or medical care at the end of their lives, principally within Bristol and its surroundings. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Practice. The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the 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) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. ## **Going concern** The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist after considering the level of funds held and the expected level of income and expenditure for a period of 12 months from the date of approval of these financial statements. ## **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. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. ## **Charitable activities** Costs of charitable activities include grants made and related support costs. ## **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. ## **Investment assets** Investment assets are stated at the market value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities. Page 7 continued... **The Nani Huyu Charitable Trust** ## **Notes to the Financial Statements - continued for the Year Ended 31 October 2023** ## **1. ACCOUNTING POLICIES - continued** ## **Investment assets** ## **Financial instruments** The charity only has assets and liabilities that qualify as basic financial instruments. These are initially recognised at transaction value and subsequently measured at settlement value. ## **2. INVESTMENT INCOME** |Income from investment portfolio
**3.**
**RAISING FUNDS**
**Investment management costs**
Portfolio management
**4.**
**CHARITABLE ACTIVITIES COSTS**
Charitable distributions
**5.**
**GRANTS PAYABLE**
Charitable distributions
The total grants paid to institutions during the year was as follows:
Age UK Somerset
Age UK Bath and North East Somerset
Cerebal Palsy Plus
Room 13 Hareclive
Resolve West (formerly Bristol Mediation)
Kinergy
Wellspring Counselling
Brain Tumour Support
The Harbour
Quartet Community Foundation
SouthSide Family Project
Somerset Community Foundation
Bristol Children's Help Society
Young Bristol
Womankind
Princes Trust
Young Carers
Escape Lines
Total Charitable Distributions|Grant
funding of
activities
(see note
5)
£
231,000|2023
£
272,746
2023
£
2,618
Support
costs (see
note 6)
£
5,126
2023
£
231,000||2022
£
266,782
2022
£
2,498
Totals
£
236,126
2022
£
198,000| |---|---|---|---|---| |||||£| |||||| |||||6,000| |||||6,000| |||||4,000| |||||3,000| |||||21,000| |||||18,000| |||||18,000| |||||10,000| |||||8,000| |||||3,000| |||||22,000| |||||7,000| |||||10,000| |||||25,000| |||||25,000| |||||15,000| |||||20,000| |||||10,000| |||||| |||||| |||||231,000| |||||| Page 8 continued... **The Nani Huyu Charitable Trust** ## **Notes to the Financial Statements - continued for the Year Ended 31 October 2023** ## **6. SUPPORT COSTS** |**SUPPORT COSTS**|||| |---|---|---|---| |||Governance|| ||Finance|costs|Totals| ||£|£|£| |Charitable distributions|15|5,111|5,126| ## **7. AUDITORS' REMUNERATION** ||2023|2022| |---|---|---| ||£|£| |||| |Auditors' remuneration|4,980|1,800| |||| ## **8. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 October 2023 nor for the year ended 31 October 2022. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 October 2023 nor for the year ended 31 October 2022. ## **Key management personnel remuneration** The charity considers its key management personnel comprise the trustees. No employee benefits were received by key management personnel. ## **9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |**INCOME AND ENDOWMENTS FROM**
Investment income
**EXPENDITURE ON**
Raising funds
**Charitable activities**
Charitable distributions
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
fund
£
266,782
2,498
199,991
202,489
(317,921)
(253,628)
5,972,440
5,718,812| |---|---| Page 9 continued... **The Nani Huyu Charitable Trust** ## **Notes to the Financial Statements - continued** ## **for the Year Ended 31 October 2023** ## **10. FIXED ASSET INVESTMENTS** |**MARKET VALUE**
At 1 November 2022
Additions
Disposals
Net gains on revaluation
At 31 October 2023
**NET BOOK VALUE**
At 31 October 2023
At 31 October 2022
There were no investment assets outside the UK.
Cost or valuation at 31 October 2023 is represented by:
Valuation in 2023
**11.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Accrued expenses
**12.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
272,746
**TOTAL FUNDS**
272,746|Listed
investments
£
5,322,681
646
-
(75,751)
5,247,576
5,247,576
5,322,681
Listed
investments
£
5,247,576
At
1.11.22
£
5,718,812
5,718,812
Resources
expended
£
(238,744)
(238,744)|Cash and
settlements
pending
£
68,384
293,134
(23,532)
-
337,986
337,986
68,384
Cash and
settlements
pending
£
337,986
2023
£
4,980
Net
movement
in funds
£
(41,749)
(41,749)
Gains and
losses
£
(75,751)
(75,751)|Totals
£
5,391,065
293,780
(23,532)
(75,751)
5,585,562
5,585,562
5,391,065
Totals
£
5,585,562
2022
£
1,800
At
31.10.23
£
5,677,063
5,677,063
Movement
in funds
£
(41,749)
(41,749)| |---|---|---|---| ||||| ||||| ||||| Page 10 continued... **The Nani Huyu Charitable Trust** ## **Notes to the Financial Statements - continued** ## **for the Year Ended 31 October 2023** ## **12. MOVEMENT IN FUNDS - continued** ## **Comparatives for movement in funds** |**Unrestricted funds**
General fund
**TOTAL FUNDS**
Comparative net movement in funds, included in the
**Unrestricted funds**
General fund
**TOTAL FUNDS**|At
1.11.21
£
5,972,440
5,972,440
above are as follows:
Incoming
Resources
resources
expended
£
£
266,782
(202,489)
266,782
(202,489)||Net
movement
in funds
£
(253,628)
(253,628)
Gains and
losses
£
(317,921)
(317,921)|At
31.10.22
£
5,718,812
5,718,812
Movement
in funds
£
(253,628)
(253,628)| |---|---|---|---|---| |||||| |||||| ## **13. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 October 2023. Page 11