Charity reglstratlon number 1106123 THE HAMILTON DAVIES TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
THE HAMILTON DAVIES TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustee$ N McArthur MBE G Chisn211 F Cocker Charity number 1106123 Prlnclpal offlee Hamilton Dawes Hovse 117c Liverpool Road Cadishoad Manchester M44 SBG Auditor Champion Accountants LLP 1 Worsley Court High Street Worsley Manchasler M28 3NJ Bankers Nation81 Weskninstef Bank PIC 11 Spring G8rd9ns Manchester M60 2DB
THE HAMILTON DAVIES TRUST CONTENTS Page Trustees, report Statement of trustees, responsibilities Independent auditorfs report Statdnent of financial activitie8 Balance sheet Statement of cash flows 10 Notes to the financial statements 11-20
THE HAMILTON DAVIES TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustees present their annual rewt and financial statements for the y6ar ended 5 April 2024. The financial statements have been prepared in acconlanr* with Ihe a(tounting policies set out in note 2 to the financial slalements and comply wth the Charities Act 2011 and "Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" las amended for accounting periods commèncing from 1 January 20161 Strueturè, gdvernance and management The Hamilton Davies Trust (HDTI Is a non-exempt charity governed by a Dedaration of Trust datèd 29 Junè 2004. AII HDT investments were managed by Brown Shipley during the year and have been reviewed with regards lo the associated risks, and recommendations have been made, and are being Implemented, lo reduc those risks where appropriate. The Trustees hav6 due regard to the guidance published by the Charities Commissian regarding public benefit. The three Trustees for HDT are responsiblè for the investment and distribjlion of funds. All granl applications are pre8enled to the Trustees at regular meetings. Duo regard lo the aims and objectives of the charity is considered by the Trustee$ each lime a grant of £500 or more is received and grants are awarded only on¢e approval has been obtained from the Trustees. meeting. During the year, HDT employed a 81aff team including Mandy Eceles {Marketing A8SlStant), David Taylor (Operations support), Sharon Piggin (Admin Assistant), Alison Blad(well {Finance Officer), Tony Prescott (Opèrations Manager) and Sarah Murray (Marketing Assis18nl). Kirsty Martin {Projecl Manager for Arts and Heritage), left the team during the year. HDT also conts'nued lo receive support from one consullanl, Julio Thompson to provide General Manager type sarvices and regeneration project advice, and also, Suzanne Hindle to lead on Arts and Heritagé Proiecls. Objectives and actlvitles HDT was estsblished in 2004 and although there are no restrictions in terms of how funds can be gifted, funds lend to be gifted to support projects with 8 main area of focus in on6 or more of the following categories= Regeneration, Communlty, Education, Recre8tion and Youth. within Id8m & Cadishead and R1xlon-th- Glazebrook. Achievements and performance 11 is a privige lo present the nineteenth annual report for HDT, in al has been another diverse year for Ihe charity. The $18ff team continued to work primarily from Ihe HDT offices, with the invaluable support of Julie Thompson as Consultant General Manager. Suzanne Hindle joined the team as Arls and Heritage Co-ordinator as we continue to diversify and deliver infornative activities diredy to the local clMUnIty wilh a focus on the area's industrial heritage. HDT continues to be funded through our inveslment portfolio. The number of funding grant requests received during the year increased and we were pleased to support a wide range of activities and projects wilhin our local area. Whilst some of these funding requests were small, the impad of this funding is wide-reaching wthin our community. In addillon to financial contributions lo community groups, we have been able to assist new and existing groups with administr21iva support. using the technical skills of the HDT leam. and by offering continued access to our facilities and meeting rooms. We also continued to direcuy deliver on some community-ba8ed projects induding in 2nd around the thriving heritage hub al Irlam Station and Station Park, with special gralilude to the Friends of Idam Station {FIRSTI, who, with support from HDT, have continued lo look after the Station heritage attractions and lo educ8te and inform visitors through organised station tours. We have also implemented a full Maintenan programrne to ensure the
THE HAMILTON DAVIES TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 unique art and herilage installations we have added to the district cDnlinue lo give a visual representation of the local history for many years to come. During the year, the cost of our charitable actiwties was £187,821 which included 48 grants totalling £151,578 to community groups and projects in the are8$ of Regeneration, Community, Education and Recreation= Regeneration The Chal Moss Heritage Partnership group. led by HDT has continued to progress the action plan from the Feasibility Study. identifying how access and awareness can be increased locally, regionally, nationally and internationally lo this local landscape, showcasing Ihe unique ecK)logi¢al, heritage and leisure opportunities available across the wide expanse of Chal Moss and lis environs. The HOT team are continuing lo support Ihe Partnership as the next phase ol delivery begins. We have continued to 5UPPOrt various other regeneration initiatives through direct grants and HDT-led projects Including lh8 instsllation of a Pump Track in Cadishead Park, and a slide in a local children's playground, landscaping and gardening and the Maintenan of existing arts and heritage displays. Communlty, Ra¢raatlon and Educallon The number of grant requests under these workstreams increased considerably in tha yaar and wé weré plèased to support a large numberofthem through match-funding. Many of our grant requests were for £500 or less, demonstrating that a small amount can make a big diff8r8nc8. Some of the larger grants included.. Playground improvements at 3 primary schools Uniforms and accessories to support 3 danc8 troupes Support for a villagè carnival in Rixlon. community festival in lrtam and a refugee family fun day Funding support for community groups across all ages, including carers, pensioners and children's Playslreets sessions In addition to direct funding, wé havé also continued to support some major prqects in th8 district through staff time and facilitation, including Irlam & Cadish6ad Academy's mentoring and careers programme, Ihe Salford Health lrnprovement tsam's bereavement, dement and menopause support groups, and the Youth Service through Iheir RESPECT programme amongst others. Plan8 for future pertod8 As we look to celebrate 20 years of support for Ihe communities of Irlam, Cadishead and RixtoTrwith-Glazebrook w8 will continue to be available to support community groups through funding grants, 8dminislrabon support or with Ihe use of our in-house faolities. By promoting Match funding. we will be able to leverage value from other fvnders. th increased partnership working. access to addrtional funding streams will be of paramount importance for us to deliver some ofthe projects we will be working on, some of lch indude= The continued promotion of the industrial heritage of the distri Leading the Chal Moss Henlage project Expanding the Arts & Heritage programme to wider community participation Finally, we want lo extend our heartfelt gratitude once again to everyone who has supported HDT over the last year. Special thanks go lo all our staff. volunteers and partners as the charity could not continue to deliver wilhout them.
THE HAMILTON DAVIES TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Financlal revlew The Trustees have followed the oty'ectives of Ihe Trust by awarding 48 grants lo Ihe value of £151,578 to local commtsnity groups The Trustees report was approved by the Board of Trustees. N McArthur MBE Trustee Dated". 19 November 2024
THE HAMILTON DAVIES TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2024 Tha Trustees are responsible for preparing the Trustees, Report and the financ4al statements in accordan with applicable law and Uniied Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in Eng12nd and Wales requires the Trusteas lo propare financial statements for each financial year which give a true and fair view of the stalè of affairs of tho charity and of the incoming resources and application of resources of the charity for that yoar. In preparing thèse financial statements, the Ttustees are required to.. - select suitable accounting poli¢ies and then apply them consistently, - obseNe the methods and principles in the Charities SORP: - make judgements and eslimales Ihal are reasonable and pent state whether applicable accountlng standards have been followed. subject to any material d6partur6s dlsdosed 8nd explained in the financial slalem6nts' and ppa th6 financial statsmenls on the going concern basis unl6ss it is inappropriat8 to pr8sume that the charity will continue in operation. The Twstses are responsible for keeping sufficient 8ccounting records that disclose with reasonab16 accuracy al 8ny lime th8 finanaal position of the ¢haiity and enable them to ensure that the financtal slalemenls Comply with the Charities Act 2011, the Charity {Accounls 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 reason8bla steps for the prevention and detection of fraud and other irregularities.
THE HAMILTON DAVIES TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE HAMILTON DAVIES TRUST Oplnlon We have audited the finanaal slalements of The Hamilton Davies Trust {the 'charily') for the year ended 5 April 2024 which comprise the slalement of financial actiwties. the balance sheet, the statement of cash flows and notes to the financtal statements, induding significant accounting poliues. The financÉal reporting framework that has b8en applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financ1 Reportin9 Slandard applicabl8 in Ihe UK and RepubliG of Ireland {United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the slate of the charity's affairs as at 5 April 2024 of its incoming resources and application ol resoUrs, for the year Ihen ended.. have been property pr8par8d in accordance with United KIngd(n Generalty Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance wlh Int8Tnalional Siand8rds on Auditing {UKI {ISAs (UKII and applicable law. Our r85ponsibililies under those standards are further described in tho Audilors responsibililies for th8 audit of the finan¢ial stal8m8nls section of our report. We are independent of the charity in accordance with the ethical Tequirements th81 are relevant lo our audit of the financial slalements in the UK, including tha FRC'S Ethical Standard, and we have fulfilled our other elhical responsibilities in accordaneé with these requirements. Wè believe that the audit avidence we have oblained is sufficient and appropriate to prowde 8 b8$is for our opinion. Conclu8ion8 relatlng to golng concern In auditing the finanrial slalemenls. we have concluded Ihal th8 trustees. use of the going concern basls of accounting In the preparation of the financial slalements is approwiate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, indiwdually or collectively. may cast significant doubt on the charity's ability lo continu8 as a going concem for a period of at least twelve months from when the financial statements are aulhorised for issue. Our responsibilities 8nd the responsibilities of th8 Trustees with respect to going eAncern 8re des¢ribed in the relevant sections of this report. Other Informatlon The other infomalion comprises the informatson included in the annual report other than the finanaal statements and our 8udilorfs report thereon. The Tiustees are responsible for thé ollier infomiation contained within the annual r6POrt. Our opinion on the financial statements does not cover the olher infomiats.on and we do not express any form ol assurance conclusion Iher8on. Our responsibility is to read the other infomialion and, in doing so. wnsider whether the other information is materially inconsistent wtth the financial statements or our knowledge obtained in the course of the audit. or otherwise appears to bo materially misstated. If we identify such material incon8lStencies or apparenl material misstatements, we are required to determine whether this gives rise to a material misslalement in the financAal statements themselves. If. based on the work have perfOed, we conclude that there is a material misslalemenl of this olher information. we are required to report that facL We have nolhing to report in this regard. Matters on whlch wa are requlred to report by ex¢eptlon We have nothing lo report in respect of the following matters in relation to which the Charities {Aecounts and Reports) Regulations 2008 requira us to report to you if, in our opinion.. the Information given in the financial slataments rs inconsistent in any material respect wilh the trustees, report., or suffiuenl accounting records have not been kept. or the financial statements are not in agreement with the acrA)unting records: or we have not received all the information and explanations we qUIre for our audit.
THE HAMILTON DAVIES TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE HAMILTON DAVIES TRUST Responslbllltles of Trustees A5 explained more fully in the statement of trustees. responsibilits'es. the Trustees are responsible for the preparation of Ihe financtal statements and for being satisfied thal Ihay give a true and f8ir view, and for such internal control as the Ttuslees dÈtemiine is necessary to enable the preparation of financial slalements that are free fiom material misslalemenl, whether due to fraud or error. In preparing the finanal statements, the Trustees arg responsible for assessing the charity's ability to continue as 8 going concern, disclosing, 8s applicable, mattars related to going concem and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alteinative but lo do so. Audltor's rosponslbSlltles for Iho audlt of the financial slatomènts We have been appointed 8$ auditor under section 144 of ihe Charities Act 20118nd report in accordan¢6 with the Act and relevant regulations made or having effect thereunder. Our objectivès are to obtain reasonable assurance about whether Ihe financial ststements as a whole are free from mat6rial misslatemenl. whether due lo fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high 16vel of assurance but is not a guarantee that an audit conducted In accordance with ISAS (UK) will always detect a material misstalemenl when it exists. Misstatements can aris8 from fraud or error and are considered malerial if, individually or in the aggregate. they Could reasonably be expected to influence the economic decisions of users laken on the basis of these financial statements. The extent lo which our procedures are capable of detecting irregularities. indudlng fraud, Is (lelailed below. As part of our plannlng process: - ènquired of management the systems and controls the trust has in place. the ar888 of the finan81 statements Ihal are mostly susceptible lo the TSsk of irregularities and fraud. and wh8th8r there was any known. suspected or alleged fraud. Tho trust did not infoTm us of any known. suspected or alleged fraud. We obtained an understanding of the legal and regulalory frameworks applicable to tha trust. We detemiined Ih8t the following were most relevant to the financial slalements.. Companies Act 2¢)06, FRS 102 & guidance given by Ihe Charity Commission for England & Wales. We considered the incentives and opportunities that exist in the trust. including the exlent of managem8nl bias, which present a pol8ntial for irregularities and fraud to be perpeluated, and tailored our risk assessment accordingly. Using our knowledge of the Irusl, togèther with the discussions held with the trust al th8 planning stage, we fomiad 8 conclusion on the risk of misslalemenl due to irregularities induding fraud and tailored our procedura8 according to this risk assessment. In response to the risk of irregularities and nonthcAJmplianc£ with laws and regulations, including fraud, we designed procedures which included: Enquiry of manag6m8nt and 11)ose tharged gov6m8nce around actual and potential IFtlgation and claims as well as actual. susp6cled and alleged fraud,. - Reviewing minutes of meetings of those charged wth govemance.. - Assessing the extent of Compliance with the laws and regulalions considered to have a direct material affect on the financial statements or the operations of the enlity through enquiry and inspection-, Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with 8pplicable laws and regul81ions', Performing audit work over the risk of management bias and ovemde of controls, including testing of joumal entries and other adjustments for appropriateness, evalualing the business r81ionale of significant transactions outside the nomial course of business and reviewing accounting estimates for indicators of potential bias. There are inherent limitati8 in th6 audit procedures described above. The more removed that laws and regulations are from financial transacb'ons. the less likely it is that we would become aware of non-complian. Auditing standards also limit the audit procedures required to identify notr¢ompliance with laws and regulations to enquiry of the director3 and other management and the inspeclion of regulatory and legal correspondence, if 8ny. The risk of not detecting a material misstatement resulling from fraud is higher than one resulling from error. as fraud may involve collusion, forgery. intentional omissions. misrepresaniattons. or the override of inlernal control.
THE HAMILTON DAVIES TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE HAMILTON DAVIES TRUST A further description of our responsibilities is available on the Financial Reporting Counul's website at.. https'.11 www.frc.org.uklaudilorsresponsibilities. This descripbon forms part of our att0$ report. Other matter8 Your attention is drawn to Ihe fact that thé charity has prepared financlal statements in accordance with "Accounting and Reporting by Charities.. Statement of Recommended Pract1 applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK 2nd Republic of Ireland IFRS 102)" {as amended) in preference to the Accounling and Reporting by Charilies.. Statement ol Recommended Practice issued on l April 2005 which is referred to in the exlanl regulations but has now b8en withdrawn. This has been done in order for the fin8ncial statements to provide a true and fair view in accordance ¥Mth current Generally Accepted Accountsng PraGlice. Use of our report This report is made solely to the charity's trustees. a$ a body. in accordancè wlh part 4 of the Charili8s {Accounls and Roportsl Regulations 2008. Our audit work has been undertaken so that w6 might stale lo the charily's trustees those mallers we 8r8 required to stale lo them in an audito¢s report and for no other purpos8. To the fullest exlenl pemiilled by law, we do not 3pt or assume responsibility to anyone other than Ihe charily 8nd the charills trustees 8s a body, for our audit work. for this report, or for the opinions we have fomied. Mark Turnor FCA ISenSor Statutory Auditor) for and on behalf of Champion Accountants LLP 19 November 2024 Charterad Accountant8 ststutory Audltor 1 Worsley Court High Sireel Worsley Manchester M28 3NJ Champion Aecountanls LLP is eligible for appointment as avditor of the charily by wrtue of ils eligibility for appointment Ss auditor of a company under section 1212 of the Companies Acl 2006.
THE HAMILTON DAVIES TRUST STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024 UnrestrScted Restrlcted funds funds 2024 2024 Totsl Unrestricted R8Strlcted funds fund8 2023 2023 Total 2024 2023 Nots8 Income from: Donations and legacies Charitable activities Investments 5.936 43,134 13,625 5.936 43,134 13,625 30.034 56,439 20,890 30.034 56.439 20,690 Total Incoma 62.695 62,695 107,163 107.163 Expendlture on: Charitable activities 418.203 25,683 443.886 450,711 4,716 455.427 Tolal expendltura 418.203 25,683 443,886 450.711 4,716 455.427 Net gainslllossesl on investsnents 12 79,352 79,352 (173.1581 (173,1581 Nel expendlturo and movement In funds (276,156) (25,6831 <301.839) (516,706) {4,716) (521,4221 Reconclllatlon of funds: Fund balances at 6 April 2023 2,083,448 25,683 2.109.131 2,600,154 30.399 2,630,553 Fund balances at 5 Aprll 2024 1,807,292 1,807.292 2,083,448 25,683 2,109,131 The st8tement of financial activities includes all gains and losses rectsjnised in Ihe year. All income and expenditure derive from continuing activities.
THE HAMILTON DAVIES TRUST BALANCE SHEET ASAT5APRIL 2024 2024 2023 Notes Flxed assets Tangible assets Investments 14 15 5,345 1,997,651 11,218 2,265.180 2.002.996 2,276,398 Currenl assèts Slocks Debtors Cash at bank and in hand 16 17 197 54,122 39.973 197 56.362 164,940 94,292 221.499 Creditors., amounts falling due wlthln one year 19 {289.996) {388.766) Net Current Ilabllltie¥ (195,7041 {167,2671 Totsl a880ts le88 Curront Ilabllltle8 1.807,292 2,109,131 Not as8et8 excludlng pen81on Ilablllty 1.807,292 2.109,131 The funds of the charity Restricted income lunds Unreslrioted funds 21 22 25,683 2,083,448 1,807,292 1,807.292 2,109,131 Tho financial statement ere approved by the Trustees on 19 November 2024 N McArthur MBE Tru8te8
THE HAMILTON DAVIES TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2024 2024 2023 Notes Cash flows from op6ratlng activitie¥ Cash absorbed by operations 25 {386,7031 {355,041) Investing actlvltlos Purchase of tsngible tixed assets Purchase of investments PrOed8 from disposal of investments Inveslmenl income received (5.354) {240.368) 551,394 20,690 {307,6681 654,549 13,625 Net cash generatsd from Investing actlvltles 360,506 326,362 Net cash usèd In flnanclng actlvllle8 Nat decreaso In cash and ¢aJh equlvalents (26,197) {28,679) Cash 8nd cash equival8nls al beginning of year (223.826) {195,147) Cash and cash équlvalent8 atend of year {250,023) {223,826) Ralatlng to: Cash at bank and in hand Bank overdrafts included in c¢dilors payable wilhin one year 39,973 164,940 <289,gg6) 1388,766) 10-
THE HAMILTON DAVIES TRUST STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR EhlDED 5APRIL 2024 Crltlcal a¢countSng estlmates and ludgements In the applicalion of the charity's accounling poliues. the Trustees are required lo make judgements, eslimales and assumptions about the carrying amount of assets and liabilities that are not r08dily appaient from other sources. The eslimotes and a5socialed assumptions are based on historical experience and olher faelors that are considéred to be relevant. Actual results may differ from these estimates. The eslimales and undertying assumptions are reviewed on an on£Joirig basis. Revisions to accounting estimates are recognised in the period in which Ihe esttmate is remsed wheie the revision affects only that period, or in the period of Ihe revision and fuiure periods wher6 the revtsion affects both ¢)Jrrenl and future P8riods. Accountlng policie8 Charlty Informatlon The Hamilton Davies Trust is 8 unincorporated charity. 2.1 Accounting conventlon The financi81 slalements have been prepared in accordance wilh the chariws governing document, the Charities Act 2011 and "Accounting 8nd Reporting by Charities: Statemént of Recommended Practice applicable to charities preparing their accounts in accordance with the Financral Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" {as am6nded lor accounting pariods commencing from 1 January 2016}. The charity is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to promde a true and laif view. This departurè has involved following the Statement of Recommended Prac11 for charities applying FRS 102 rather ihan the version of the Statement of Recommended Practice which is referred to in the Regulations but which has Since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of tha charity. Monetary 8mounts in ihese financial statements are rounded to the nearest £. The financial stateménts have been prepared under the historical cost convention, modlfied lo indude the revaluation of certain finanGial instrumenls al fair value. The princApal accounting poli88 adopled are s6t out below. 2.2 Golng Concèrn Al the lime of approving the fin8ncial slatemenls. Ihe Tru31ees have a r68sonable expectation that the charity has adequate resources to continue in operational existence for Ihe foreseeable ftfrture Thus Ihe Trustees continue to adopt the going concem basis of accounting in preparing the financial slalements. 2.3 Charitsble funds Unrestricted funds are available for use at the discretion of the Trustees in fvrtherancé of their charitable objectives. Restricted fvnds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are sel out in the notes to the fi'nancial statemènts, 2.4 In¢omlng resources Income is recognised when the charity is legally entitled to it after any performan condits'ons have been meL the amounts can be measured reliably, and it is probable that income will be received. C8sh donattons are recognised on reipl. Other donations are recognised once the charity has been nolified of Ihe <Jonation, unless perfom)ance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. 11
THE HAMILTON DAVIES TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5APRIL 2024 A¢¢ountlng pollcles {Contlnuedl Legac¢8s are recognised on receipt or otheNise if the charity has beén notified of an impending distribution, the amount is known, and receipt is expected. If Ihe amount is not known. the legacy is treated as a contingent asset. 2.5 Resources expended Expenditure is recognised On there is 8 legal or constructive obligalion lo iransfer economic beiiéfil to a third party, it is probable Ihat a transler of economic benefits wll be required in settlemént. and the amount of the obligation can be measured reliably. Expenditure is dassified by actlvity. The costs of each activity ara made up of the total of direct costs and shared costs, including support costs involved in undertaking each acliwty. Direct costs allribulable lo a single activity are allocated directly to that activtty. Shared costs which conlribule lo more than one activity and 5UPPOrt costs which are not attributab16 to a single activiiy are apportioned beeen those activities on a basis consistent with the use ol OurCeS. Central slaff costs are allocated on the basis of time spent, and depreciation charges arè allocated on the tM)rtion of th8 asset's use. Expenditure is recognised on an 8ccTuals basis as a Irability is incJJrred. Exp8ndilure indudes any VAT whi¢h cannot be fully rècov8red. and is da88ified under headings of the statement of finanrial activities to which it relates.. expenditure on raising ftjnds includes the costs of all tundraising 8CtiMties, events, non-charitable trading sctivilies, and the sale of donated goods. èxpenditure on charitable adivities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefil of its beneficiaries. including those SUPPOrt costs and costs relaling lo the governance of the charity 8PPOrtioned to charitable activities. oth8r expenditure indudes all expendilure that is neither related to raising funds for the charity nor part of11s 8XP8ndilure on charitable acliviti8S. All costs are allocated to expenditur8 calegories rellecting the us8 of the resourcE. Direct sts attributab18 to a single activity are allocated directly to that a1VIty. Shared costs are apportioned beeen the activities they contribute to on a reasonable. justifiable and consistent bask8. 2.6 Tanglble fixèd a888ts Tangible fixed assets are initially measured at cost and subsequentty measured at cost or valuation, net of depreciation and any impaimient losses. Depreciation is recognSsed so as lo write off the cost or valuation of assels Eess their residual values over their US6ful lives on the following bases: Plant and equipment Fixtures and fittings 20% Straight line 33% Straight line The gain or loss arising on the disposal of an asset is delemiinad as the differen betsveen the sale proceeds and the carrying value of the asset. and is recognised in the statement of fin8nei81 activities. 2.7 Flx¢d asset Investment8 Fixed asset inveslmenls are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value 81 each reporting date. Changes in fair value are re¢gnised in net Incomel(expenditure) for the year. Transaclion ¢J)sts are expensed as incurred. 12-
THE HAMILTON DAVIES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accountlng policies (Continued) 2.8 Impalmient of fixed assets At éach reporting end date, the charity revi8ws the carrying amounts of ils t8ngible assets trj determina whether there is any indication that those assets have suffered an impaim)enl loss. If any such indication exists, the recoverable amount of the at is eslimaled in order to detennine the extent of the impairment loss {il any). 2.9 Stock8 Slocks are staled at the lower of cost and eslimaled selling price less costs lo complete and sell. Cost comprises direct materials and. where applicable. direct labour costs and those overheads that have been incurred in bringing the stocks to their present locats.on and condition. Items hald for dislribulion al no or nominal conslderalion are measured at the lower of repla(*menl cost and cost. Net r6alisable value is the estimated selling price less all esllmaled costs ol completion and costs to be incurred in mark615ng, selling and distributn. 2.10 Ca8h and cash equlvalonts Cash and Gash equivalents include cash in hand. deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts ara shown wilhin borrowings in current liabilities. 2.11 Financlal Instrumèntg The charlly has elected lo apply the provisions of Section 11 'Baslc Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financ4al instruments. Fin8t)cial instruments are recognised in the ¢harity's balanc sh8et vhn the charity b8comes paty to the conlraclual prowsion$ of the inslrument. Fin8n¢i81 as88ts and liabilities are offset. with the net amounts presented in the financial slal8m8nts, when there is a legally enforceabl8 right to sel off the recognised amounts 8nd the 18 an intention to sellle on a nèt basis or to realise th8 assel and settle the liability simultsneously. Basic financlal assets Basic financial assets, which includ6 debtors and cash and bank balances, are initially measured at transaction pric£ including Iransaclion cosls and are subsequently carried at amortised cost using the effective intefftsl method unles$ the ariangement constitutes a financing Iransaclion. where th6 transaction is measured at the present value of the future ceipts discounted at a market rale of interest. Financial assets classified as receivable within one year are not amortised. Baslc financial liablllrles Basic financial liabilities. induding creditors and bank loan5 are initially recognised at transaction price unless the arrangement conslilules a financing transaclion, whare the debt instrument is measured at the present value of the future payments discounted at a marf(et rate of interest. Financial liabilities classified as payable within one year are not amortised. Oebt instrumenls are subsequently carried al amortised cosL using the efféctive interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in th6 ordinary course of operations from suppliers. Amounts payable are dassified as current li8bilities if payment is due within one year or less. If not. they are presented as non-current liabilities. Trade creditors are recognised initially at transaction pri and subseqLJenlly measured at amortised cosl using tho effective interest method. Derecognitlon of financial liabllities Financial liabilities are derecognised when the charity's CntraCtUal obligations expire or are discharged or canlled. 13-
THE HAMILTON DAVIES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accountlng polScie5 (Contlnued) 2.12 Employèe benoflts The cost of any unused holiday entitlement is recognIs in the period in which the employee's seNic8s are received. Temiinalion benefits are recognised immediately as an expense when ihe charity is demonstrably commSlted to terminate the employment of an employe8 or to prowde termination benefits. 2.13 Rotlr8ment benefit8 Payments lo defined contribution retirement benefit schemes aro charged as an expense as they fall due. Income from donatlon8 and legaclos Unrn8trl¢tod funds 2024 Unrestrlcted funds 2023 Donations 8nd gifts 5,936 30,034 Donation8 artd glfts Donations Other 30,034 5.936 5,936 30,034 Charltsble actlvltles 2024 2023 Sale of goods Charitable rental income 19 56,420 43.134 43,134 56,439 14-
THE HAMILTON DAVIES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Investments 2024 2023 Income from listed investments Interest receivable 12,364 1.261 20,296 394 13.625 20,690 Charltablè activities Grant Charlt8blo Share of Fundlng Expendlture governancé cosls Total 2024 Total 2023 Grant fundSng of a¢tiwlies (see note 7) 177,261 10.560 187,821 200,445 Share ofgovernance costs (see note 256,065 256.06S 254,982 177,261 10,560 256.065 443,886 455,427 Grant8 payable Grant Ch8rltsbl Funding Expendlturo Total 2023 Glanls to inslitulions.. Other 151,578 10,560 162,138 195,729 Grants to individuals 25.683 25,683 4,716 177,261 10,560 187.821 200,445 Net movèm8nt In fund8 2024 2023 The nel movement in funds is stated after chargingl(cr6ditsng)'. Fees payable for Ihe audit of the charily's finanaal statements Depreciation of owned tangible fixed assets 6.240 5.873 5,700 4.570 15-
THE HAMILTON DAVIES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Support Costs Govomance costs 2024 2023 Staff costs D8preci81ion 118,946 5,873 118,946 5.873 140,853 4,570 Audlt fees Legal and professional General office Subcontractors Inl8resl paid Premises costs 6,240 6,543 11,655 44.523 21,230 41,055 6.240 6.543 11,655 44,523 21,230 41,055 5,700 8,345 11,821 31,263 11,346 41,084 256,065 256.065 254,982 Analysed beeen Charilable activities 256,¢X5 256.065 254,982 G0veMan costs indudes payments to the auditor8 of £6.240 (£5.700) for audit fees. 10 Trustees Non6 of the Trustees (or any persons connected with them) reIVed any r8muneration or benefits from the charity during the yèar. 11 Employee8 The average monthly numbar of employees during the y68r was.. 2024 Numbèr 2023 Numbér Employmanl costs 2024 2023 Wages and $818ri6S Social security costs Other pension costs 104,071 1,771 13,104 123,296 3,772 13.785 118,946 140,853 There were no employees whose annual remuneration was more than £60,000. Remuneratlon of koy management peraonnel The remuneration of key management per30nnel w&8 £Nil {2023 £Nil )- 16-
THE HAMILTON DAVIES TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 12 Galns and losses on Investment8 Unrestrlcted Unre8trlcted funds funds 2024 2023 Gainsl(lossesl arising on.. Revaluation of inveslm8nts Salè of investments 76,289 3.063 (87.966) 185,1921 79.352 {173,158) 13 Taxatlon The charity is exempt from taxation on ils activities because all its incomé is applled for charitable purposas. 14 Tanglble fixed a88e18 Planl and Flxturès and equipment filllng5 Totsl Cost Al 8 April 2023 36,734 15,003 51,737 At 5 April 2024 36,734 15.003 51,737 Depreclatlon and Impalrment At 6 April 2023 Oeprecialion Charged in the year 26,166 5.693 14,353 180 40,519 5,873 At 5 April 2024 31,859 14,533 46.392 Carrylng amount At 5 April 2024 4,875 470 5,345 At 5 April 2023 10,568 650 11,218 17-
THE HAMILTON DAVIES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 15 Flxed asset Investments Inv8stm8nls Unll$lad portfollo investments Cash In portfollo Total Cost or valuatlon At 6 April 2023 Additions Valuation changès Disposals 1.276.921 307,668 76,289 (666.7261 970.000 18,259 2,265,180 307,668 76,289 {651,4861 15,240 At S April 2024 994,152 970,000 33,499 1,997,651 Carrylng amount At 05 Aprll 2024 994.152 970.ThXI 33.499 1,997,651 Al 05 April 2023 1,276,921 970,000 18.259 2,265,180 16 Stocks 2024 2023 Raw maleri818 and consumables 197 197 17 Debtors 2024 2023 Amounts falllng due wlthin one year Other debtors Prepayments and acwed inc(Jme 49,827 4.295 52,245 4,117 54,122 56,362 18 Loang and overdraft8 2024 2023 Bank overdrafts 289.996 388,766 Payable wilhin one year 289,996 388,766 The short-temi loans are secured by fixed charges over the chartties listed investments. 18-
THE HAMILTON DAVIES TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 19 Credliors: amounts falllng duè wlthln onè yéar 2024 2023 Nole8 B8nk overdrafts 18 289.996 388,766 20 R6tlr&mènt bonefit s¢h•mt8 2024 2023 Defined contrlbutlon schemes Charge to profft or loss in respect of defined contribution schemes 13,104 13,785 The charity operates a defined conlrbulion pension scheme for all qualifying employees. The assets of th8 scheme are held s8paralely from those of the charity in an independentEy administered fund. 21 Restrlcted fund8 The restricted funds of the chanty comprise the un6XP6ndèd balances of donations and grants held on trust subject to spedfic conditions by donors as lo how they may be used. At 6 Aprfl Resources 2023 expondad At 5 Apr51 2024 25,683 (25,683) Pravlous year: At 6 Aprll 2022 Resources exponded At O Aprll 2023 30,399 (4,716) 25.683 22 Unrestrlcted funds The unreslficted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may b6 used. These include designated funds which have bean sel aside out of unrostriclod funds by Ihe trustees for specific puOseS. At 6 April 2023 Incomlng Resource8 re80urces expendod Gains and 1088es At 5 April 2024 General funds 2,083,448 62.695 (418.203) 79.352 1,807.292 Prevlous year. At 6 Aprll 2022 Incomlng Resources résources expended Gains and 10s808 At 6 April 2023 General funds 2,600,154 107,163 (450.711) {173,158) 2,083,448
THE HAMILTON DAVIES TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 23 Operating lease commitments Le8sea At the reporting end dale the charity had outstanding cixnmitmenls for future minimum lease payments under non-cancellable operating leases, which fall due as follL)WS'. 2024 2023 thin one year Between two and five years 82,423 236,534 55,774 115,502 318,957 171,276 Operaling leases represent rent. ublily charges and seryicE charges payable lo North Cheshire Developments Limited. a company of which N McArthur MBE is a director and sote shareholder. 24 Relatod party tran8action8 N M&4rthur MBE is the sole shareholder and a director of North Ch8shire Developments Limited. Ouring the year, the Irusl was charged rent and mainlenance of £59,844 (2023.. £75,320) by North Cheshire Oevelopmenls Limited. Also during the year, thè trust was charged insuranc* of £2.920 (2023.. £3.0061 by North Cheshire Developments Limited. N McArthur MBE is the sole shareholder and a director of Thumall Taverns Limited. During thè year, thè trust charged rent of £43.135 {2023: £56.420) to Thurnall Tavems Limited. Also during the year, the trust purchased go(ThJs and SeIlY$ of £3,31712023'. £2,123) from Thurnall Tavems Limilad. 25 Cash generatod from oporallons 2024 2023 Deficit for the year 1301,839) {521,422) Adjuslmenls for. Investment income recognised in statement of finanaal activities IGain)Aoss on disposal of investments Fair valué gains and losses on investments Oeprecialion and impaiment of tsngible fixed assets {13,625) 13,063) {76,289) 5,873 {20,690) 85,192 87,966 4,570 Movements in working capitsl: (Increase)Idecrease in stocks Decrease in debtors 61 9.282 2.240 Cash ab80rbed by olatIOnS {386,703) 1355,041) -20-