Wealth & Asset Management
THE HOTSPUR TRUST
REPORT AND ACCOUNTS YEAR ENDED 5 April 2024
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Version:29/07/2024
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THE HOTSPUR TRUST
INDEX
Year ended 5 April 2024
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| General information | 2 |
| Report ofthe trustees | 3-4 |
| Independent examiner's report | 5 |
| Statement of trustees’ responsibilities | 6 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Cashflow | 9 |
| Accounting policies | 10-11 |
| Notestothefinancialstatements | 12-16 |
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THE HOTSPUR TRUST
GENERAL INFORMATION
Year ended 5 April 2024
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Trustees
Address
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Evan Mervyn Davies Jeanne Marie Davies Thomas Gwyn Davies Laura Jane Wade 77 Mount Ephraim Tunbridge Wells Kent TN4 8BS
Independent examiner
Mrs K Whiley BKM Accounting Services 5 Ashdown Chase Nutley East Sussex TN22 3LY
Registered charity number
1114442
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THE HOTSPUR TRUST REPORT OF THE TRUSTEES Year ended 5 April 2024 ——————— EEN ee ee nn The trustees present their report with the financial statements of the charity for the year to 5 April 2024. 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).
Object and activities for thespublic benefit
The object of the charity, under the terms of the trust deed;
e From the donations received from individuals, to provide aid and assistance to people.
The trustees confirm that they referred to the guidance contained in the Charity Commission's general guidance on the public benefit when reviewing the trust's aims and objectives and in planning future activities and setting grant making policy for the year.
Achievements & Performance
The Trustees have supported the cause of single mothers and the education of their children in Uganda for over 3 years. This has involved the formation of a foundation constituted as a Non-Government Organisation (NGO) locally together with independent banking arrangements. The Trustees remain supportive of the educational needs of the children and, their safe-guarding at all times. To ensure the financial efficiency of their support and implementation of appropriate oversights the Trustees have appointed a Chair of the Foundation who has visited the charity in Uganda and continues to work closely with the founders.
Financial Review
Unrestricted funds
Incoming resources for the year amounted to £679 compared to £7,987 for the year to 5 April 2023. Grants of £112,535 were made and these are included in the statement of financial activities. The support costs for the year amounted to £8,313.
This compares to grants and commitments of £462,603 and support costs of £3,383 for the previous period.
Expendable endowment
Expendable endowment stood at £466,641 (2023: £327,671) at the balance sheet date and constitutes the free reserves,
Principal funding source
The principal funding source comprises gifts from the trustees of the charity and from investment income.
Investment policy and objectives
The trustees have agreed a medium to high risk profile.
Reserves policy
The trustees aim to maintain the endowment fund at a level to provide a sufficient capital base to generate an income level sufficient to maintain the level of grant making planned in the future. The trustees are satisfied with the current level of reserves.
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THE HOTSPUR TRUST
REPORT OF THE TRUSTEES
Year ended 5 April 2024
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Structure, governance and management
The Hotspur Trust is constituted by Deed of Trust dated 2 May 2006 and is a registered charity, Number 1114442.
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Trustees
New trustees may be appointed by the existing trustees by virtue of a power contained within the trust deed. The trust deed provides for a minimum of three trustees.
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Recruitment and appointment of new trustee
New trustees may be appointed by the existing trustees by virtue of a power contained within the trust deed. A minimum of three trustees is required by the trust deed.
Organisation structure
The trustees must hold at least two ordinary meetings each year. At those meetings, the trustees agree broad strategy and activity for the trust, including consideration of grant making, investments and reserves.
Induction and training of new trustees
On appointment, new trustees must expressly acknowledge his or her acceptance of the office the trustee for the charity. In selecting new trustees, the trustees must have regard to the skills, knowledge and experience needed for effective administration of the charity. New trustees are provided with a copy of the trust deed and a copy of the charity's latest report and accounts.
Risk management
The trustees have assessed the risks to which the charity might be exposed and consider them to be minimal. The trustees have addressed such risks that exist.
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Approved by order of the trustees on...Okbe 204% and signed on its behalf by:
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Evan Mervyn Davies - Trustee
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1114442
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THE HOTSPUR TRUST
Independent Examiner's Report to the Trustees of The Hotspur Trust - Charity Number: Year ended 5 April 2024
|Respectivereport on the responsibilitiesaccounts of the of trust the trusteesfor the year and ended examiner5 April 2024.
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirement of the charities Act 2011 (‘the Act’).
| report in respect of my examination of the trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, | have followed all the applicable Directions give by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
| am qualified to undertake the examination by being a qualified member of the Association of Accounting Technicians.
| have completed my examination. | confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
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e the accounting records were not kept in accordance with section 130 of the Charites Act; or
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e the accounts did not accord with the accounting records; or e the accounts did not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other that any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
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26.07.24 Name: bocce ee eeeneneeneaeaeenenes Date: Jeet. Coet a= aoeeeereeterd Karen Whiley
Relevant professional qualification or body: FMAAT
Address: 5 Ashdown Chase , Nutley East Sussex TN22 3LY
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THE HOTSPUR TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES
Year ended 5 April 2024
a rr im re
Trustees' responsibilities in relation to the financial statements
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed require 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 these financial statements, the trustees are required to:
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° select suitable accounting policies and then apply them consistently;
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° observe the methods and principles of the Charities SORP 2019 (FRS 102):
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° make judgements and accounting estimates that are reasonable and prudent;
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° state whether applicable accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and
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° 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 accounting records which disclose with reasonable accuracy the financial position of the charity and 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.
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THE HOTSPUR TRUST
STATEMENT OF FINANCIAL ACTIVITIES
| Yearended 5 April 2024 | |||||||
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| a | ——————————————————————————————————————————————————————L—_ | ——————————————————————————————————————————————————————L—_ 6. |
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| Unrestricted | Expendable | Total | Total | ||||
| Income | endowment | this year | last year | ||||
| Note | Fund | Fund | 2024 | 2023 | |||
| Incomeresources | £ | £ | £ | £ | |||
| Voluntary Income | , | ||||||
| Donations | 1 | - | 222,248 | 222,248 | - | ||
| Tax refund due on gift aid | - | - | - | ||||
| Investmentincome | Z | 679 | - | 679 | 7,987 | ||
| Total incoming resources | 679 | 222,248 | 222,927 | 7,987 | |||
| Resources expended | |||||||
| Cost ofgenerating funds | |||||||
| Investment management costs | 532 | 532 | 956 | ||||
| Charitable activities | 3 | ; | |||||
| Grants made | 112,535 | A2IS35 | 462,603 | ||||
| Other | 4 | ||||||
| Audit/independent examination fees | 450 | 450 | 450 | ||||
| Trust accounting/tax claims | fees | 2,880 | 2,880 | 2,808 | |||
| Other support costs | 4,795 | 4,795 | |||||
| CAF bank charges | 5 | 188 | 188 | 125 | |||
| Total resources expended | 120,848 | 532 | 121,380 | 466,942 | |||
| Net incoming/(outgoing) resources | (120,169) | 221,716 | 101,547 | (458,956) | |||
| before transfers | |||||||
| Gross transfers between funds | 120,169 | (120,169) | |||||
| Net income/(outgoing) resources | before | a | 101,547 | 101,547 | (458,956) | ||
| other recognised gains and losses | |||||||
| Other recognised gains and losses | 6 | ||||||
| (Losses)/gains on investment assets | 37,423 | 37,423 | (40,463) | ||||
| Net movements in funds | = | 138,970 | 138,970 | (499,418) | |||
| Fund balance brought forward at 5 April 2023 | E | ‘327,671 | 327,671 | 827,089 | |||
| As previously reported) | |||||||
| Fund balance carried forward at 5 April 2024 | = | 466,641 | 466,641 | 327,671 | |||
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THE HOTSPUR TRUST
BALANCE SHEET
As at 5 April 2024
| ee | ee | ee | ee |
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| Total | Total | ||
| Note | this year | last year | |
| 2024 | 2023 | ||
| Fixed assets | |||
| Investment at majketvalue | 6 | 115,051 | 480,347 |
| Current assets | |||
| Debtors | 7 | 262 | s |
| Cash atCAF | 604,657 | 139,118 | |
| Cash at Handelsbanken | 7 | 11,463 | |
| Creditors: amounts falling due within one year | 8 | 38,330 | 53,258 |
| Net current assets | 566,589 | 97,323 | |
| Creditors: amounts falling due after one year | 9 | 215,000 | 250,000 |
| Total assets less current liabilities Funds |
466,641 | 327,671 | |
| Expendableendowmentfund(page7) Unrestricted income fund (page 7) |
466,641 - |
327,671 - |
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| 466,641 | 327,671 |
Approved by order of the trustees on... Goes 2odye and signed on its behalf by: . 3 Evan Mervyn DaviesLA- Trusteé - .
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THE HOTSPUR TRUST
CASHFLOW
As at 5 April 2024
| As at 5 AprilApril 2024 | As at 5 AprilApril 2024 | As at 5 AprilApril 2024 |
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| 2024 | 2023 | |
| Net income for the year | 101,547 | (458,955) |
| Adjustments for « |
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| Interest and dividends | (679) | (7,987) |
| Decrease/(Increase) in debtors | (262) | - |
| (Decrease)/Increase in creditors | (49,928) | 180,188 |
| Cash flows from operating activities | 50,678 | (286,755) |
| Cash flows from investing activities | ||
| Interest and dividends | 679 | 7,987 |
| Proceeds from sale of investments | 738,010 | 258,595 |
| Purchase of investments | (335,291) | (1,601) |
| Net cash used by investing activities | 403,398 | 264,981 |
| Change in cash and cash equivalents | 454,076 | (21,773) |
| Cash and cash equivalents brought forward | 150,581 | 172,354 |
| Cashandcashequivalentscarriedforward | 604,657 | 150,581 |
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THE HOTSPUR TRUST
ACOUNTING POLICIES
Year ended 5 April 2024
a)
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (effective 1 January 2019)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities Act 2011. The financial statements have been prepared on a going concern basis and under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Going Concern
There are no material uncertainties about the charity's ability to continue.
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 the headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activates 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.
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.
The expendable endowment fund has been invested to primarily produce income although the trustees may use the fund for charitable purposes if required.
Restricted funds can only be used for a 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.
Foreign Currencies Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Ul! aeagh? in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
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THE HOTSPUR TRUST
ACOUNTING POLICIES
Year ended 5 April 2024
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Lee eae! Investments Investments are shown at market value at the balance sh i | l disposal are included in the Statement of Financial Nettie ————~ nee
Investment income is recognised as receivable.
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THE HOTSPUR TRUST
NOTES TO THE FINANCIAL STATEMENTS
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| As at 5 April 2024 | |||
|---|---|---|---|
| enna | en | SSS | ht |
| 2024 | 2023 | ||
| £ | £ | ||
| 1 Donations received | |||
| 8 | - | ~ | |
| Shares received | |||
| Intermediate Capital | Group Plc | 222,248 | - |
| 222,248 | - | ||
| 2 Investment income | |||
| UK Dividends | - | 6,297 | |
| Accumulated dividends | - | 1,601 | |
| Loan interest | 262 | - | |
| Handelsbanken deposit | - | 38 | |
| CAF interest | 417 | 51 | |
| 679 | 7,987 | ||
| 3 Grants made | 2024 | 2023 | |
| £ | £ | ||
| Midshires MobilityGroup (Wheelchair funding) | 8,645 | 8,648 | |
| Royal Welsh College | of Music and Drama | 1,500 | |
| National Theatre | 1,480 | ||
| The Mervyn Foundation (Uganda) | 18,000 | 15,000 | |
| Muchlove | 250 | - | |
| Chelsea Pensioners | 2,500 | - | |
| Dravet Syndrome Foundation | 250 | e | |
| Sported Foundation LeadershipThrough Sport |
4,000 3,500 |
4,000 | |
| ArtUK NESst Hope House Hospice |
27,000 23,000 5.000 |
10,000 8,250 F |
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| Music Masters Togther forShort Lives |
2,500 5 500 |
100,000 . |
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| Dramatherapy RoyalNationalTheatre |
250 1.480 |
2,500 : |
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THE HOTSPUR TRUST
NOTES TO THE FINANCIAL STATEMENTS
As at 5 April 2024
LN cee 3 Grants made (continued)
| UNICEF | 1,925 | |
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| Eisteddfod | 2,500 | |
| ; | Lyn Maritime Museum Noah's Ark Hospice Youth Classical Artists |
2,500 10,000 400,000 |
| Robin Llyr Evans Memorial Trust Cwmni Plas GlynYWeddwArt Centre Depaul International London AirAmbulance |
4,000 50,000 1,000 2,700 |
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| Cherie Blair Foundation forWomen | 15,000 | |
| St Michaels Hospice Kiltwalk |
Tihis0 500 |
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| Royal Academy ofArts Asthma + Lung UK Sported Foundation Letthem Shine |
50,000 10,000 4,500 2,500 |
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| Breast CancerNow | 5,000 | |
| CPD Pwileheli FC | 5,000 | |
| St Michaels Hospice Alfanar |
2,500 5,000 |
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| Alzheimers Society Lifespace Trust Redbridge Jewish CommunityCentre Victoria and Albert |
1,000 4,000 1,250 4,500 |
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| Conrad Shawcross Studio | 15,000 | |
| CraigDavies(FeedingtheHomeless) | 4,000 |
112,535
462,603
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THE HOTSPUR TRUST
NOTES TO THE FINANCIAL STATEMENTS
As at 5 April 2024
| a | a | a | a | a | el | ||
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| 2024 | 2023 | ||||||
| £ | £ | ||||||
| 4 Other | |||||||
| Independent examination fees | for | 2023/24 (2022/23) | 450 | 450 | |||
| Accountancy (Handelsbanken) | for2023/24 | 2023/24 (2022/23) | 2,028 | 1,968 | |||
| Charity Commission annual return and report | 852 | 840 | |||||
| Travel to Uganda and accommodation costs | (see | note 12) | 4,795 | E | |||
| —8125 | S328 | ||||||
| 5 Bank charges | |||||||
| CAF fees | 188 | 125 | |||||
| 188 | 125 | ||||||
| 6 Investment asset investments | |||||||
| Market value | |||||||
| Carry (market) value at beginning of year | 480,347 | 777,805 | |||||
| Add shares gifted at Market Value | 222,248 | - | |||||
| Add additions at cost | 113,043 | 1,601 | |||||
| Less disposals at carry value | (738,070) | (258,595) | |||||
| Add/(deduct) net gain/(loss) on revaluation | 37,423 | (40,463) | |||||
| Carry (market) value at end of year | 115,051 | 480,347 | |||||
| Gains relating to share disposals | 35,416 | (8,926) | |||||
| Gains/Loss) on revaluation | 2,007 | (31,537) | |||||
| 37,423 | (40,463) | ||||||
| Analysis of Investments | |||||||
| Mkt Value | Mkt Value | ||||||
| Investment Assets | atyearend | atyearend | |||||
| 143,000.00 Nesst SelfSenior Promissory | Note | 112,889 (1) | |||||
| 391,098.248 LF Hb Adventurous |
Fd | Acc | - | 480,347 | |||
| Total | 112,889 | 480,347 | |||||
| No formal marketvaluation available as at 5 | April 2024: | ||||||
| Marketvalue at5April 2024 calculated as follows: | 05-Apr-24 | ||||||
| US$ | Exchange | 8 | |||||
| Initial loan | 143,000 | rate | |||||
| Accrued interest to 5 April 2024 | 333 ————————— |
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| 143,333 | 1.26968 | 112,889 (1) | |||||
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THE HOTSPUR TRUST
NOTES TO THE FINANCIAL STATEMENTS
As at 5 April 2024
eee rence,
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6 Investment asset investments continued
| Analysis of Funds , |
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| At | Income | Expenditure | Gains/losses | At | ||
| 06-Apr-23 | & transfers | 06-Apr-24 | ||||
| £ | £ | 2 | £ | £ | ||
| Expendable endowment funds | 327,671 | 222,248 | (532) | (82,746) | 466,641 | |
| Unrestricted funds | - | 679 | (120,848) | 120,169 | - | |
| 327,672 | 222,927 | (121,380) | 37,423 | 466,641 | ||
| At | Income | Expenditure | Gains/losses | At | ||
| 06-Apr-22 | & transfers | 05-Apr-23 | ||||
| g | a | 2 | ||||
| Expendable endowment funds | 827,089 | 1,601 | (956) | (500,063) | 327,671 | |
| Unrestricted funds | - | 6,386 | (465,986) | 459 600 | - | |
| 827,089 | 7,987 | (466,942) | (40,463) | S2MGVa | ||
| 2024 | 2023 | |||||
| £ | 2) | |||||
| 7 | Debtors | |||||
| Accrured interest on promissory loan | 262 | - | ||||
| 262 | - | |||||
| 8 | Creditors: amount falling due within one year | |||||
| Independent examination fees | for 2023/24 (2022/23) | 450 | 450 | |||
| Accountancy (Handelabanken) | for2023/24 (2022/23) | 2,028 | 1,968 | |||
| Charity Commission annual return and report | 852 | 840 | ||||
| Donation commitments | 35,000 | 50,000 | ||||
| 38,330 | 58258) | |||||
| 9 | Creditors: Amounts falling due | afterone year | ||||
| Donationcommitments | 215,000 | 250,000 |
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THE HOTSPUR TRUST
NOTES TO THE FINANCIAL STATEMENTS
As at § April 2024
a ee
Unrestricted funds are available for use at the discretion of the trustees in the furtherance of the general charitable objectives.
Expendable endowment funds are primarily invested to produce income but may be used to fund charitable purposes.
10 Related Party Disclosures
During the year Lord E M Davies did not make any cash donations to the charity (nil in 2022/23)
During the year Lord E M & Lady J M Davies gifted to the Hotspur Trust 16,679 Intermediate Capital Group PLC shares which had a market value at the date of the gift of £222,247 (nil in 2022/23)
in the year the trustees agreed a five year loan of US$143,000 to NESst Self LLC, a not for profit organisation, raising money for charitable ventures. Lord E M Davis is also a voluntary board member at NESst.
11 Staff costs and Trustees’ Remuneration and Benefits
There were no employees of the charity during the year. The trustees received no remuneration and were not reimbursed for any of the expenses in the year.
12 Travel and Accommodation costs
In the year, Miss M E S Poskitt, spent time in Uganda on behalf of the trustees with the founders of the Mervyn Foundation to develop the funding and support program for deprived children. The cost of travel and accommodation was reimbursed to her by the trustees.
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