HASLUCK CHARITABLE TRUST UNAUDITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
HASLUCK CHARITABLE TRUST CONTENTS Page Trust Infomiation Trustees, Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Accounting Policies and Notes to the Financial Statements 7-12
HASLUCK CHARITABLE TRUST TRUST INFORMATION Trustees Matthew James Wakefield John Philip Billing Mark Kennedy Wheeler Princlpal address Rathbones Legal Services 30 Gresham Street London EC2V 7QN Charity Registration Number 1115323 Legal Advisor Rathbones Legal Services Limited 30 Gresham Street London EC2V 7QN Independent Examiner Alastair Duke PKF Littlejohn LLP Chartered Accountants 15 Wesfferry Circus Canary Wharf London E14 4HD Banker Natwest 40 High Strt Rochester Kent ME1 1LR Investment Adviser Investec Wealth & Investment Ltd 30 Gresham Street London EC2V 7QN
HASLUCK CHARITABLE TRUST TRUSTEES. REPORT Introduction The Trustees have pleasure in presenting their Annual Report and the Financial Statements of the Trust for the year ended 5 April 2024. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Ststement of Recommended Practice in preparing the annual report and financial statements of the charity. History and Objects of the Charity The Trustees hold both the capital and the income of the Trust Fund for the benefit of such exclusively charitable objects and purposes in any part of the world as the Trustees may, in their absolute discretion, think fit. The Trustees allocate half the income received to eight charities, which are of particular interest to the settlor. The remaining monies are distributed to such charitable bodies as the Trustees decide. Distributions are generally made in January and July, although consideration is given to appeals received at other times of the year. Only successful applicants are notified of the Trustees, decision. Certain charities are supported annually, although no commitment is given. Public Benefit The Trustees confirm that they have due regard to the guidan contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives, and in planning future activities and setting donations to be made in the following year. The Trustees support a number of charitable organisations, as shown within note 4 to the financial statements. The Trustees believe all the donations made are for the benefit of the public. Achievements and perfomiance During the year, the Trustees have succeeded in making 60 grants {2023 - 67) totalling £140,000 {2023 - £153,000). The Trustees resolved to support 52 individual charities (2023 - 59) in the year. All the grant payments were to charitable institutions. The Trustees, current policy is to make regular payments to eight charities with which they have long established connections. structure, governance and management The Trust was set up by an individual for the support of such charitable objects as the Trustees decide in accordance with the law of England and Wales. The Governing Document of the Trust is the Trust Deed dated 6 March 2006. The Trustees have power to appoint new trustees but the total number shall not exceed three. At the Trustees. meetings the Trustees agree the broad strategy for grant making, investment, risk management policies, reserves and perf0mlan. Financial review Total incoming resources were £187,763 {£218,637 in 2023), with £143,000 (£153,000 in 2023) being committed to charitable donations and £24,272 {£31,526 in 2023) to administrative expenses, resulting in net incoming resources before movements on investment assets of £20,491 (£34,111 in 2023) for the year. The investment porttolio retumed +12.70/0 (net of fees) from the date in which the portfolio was invested in the Rathbone Core Investment Fund for Charities (27 October 2023) to the year ending 5 April 2024, as compared to the ARC Charity Steady Growth which retumed +12.40/0 over the period. As at 5 April 2024 the Charity's portfolio was valued at £2,564,569 with gross annual income of £68.050 or 2.7 %. The net movement of fvnds in the year also includes investment gains of £166,802 (losses of £175,301 in 2023).
HASLUCK CHARITABLE TRUST TRUSTEES, REPORT Reserves policy The Trustees, policy is that the income generated from the Trust's investments is distributed in full, together with half of any further sums added by the settlor. However, as all funds are potentially available for distribution, the Trustees do not feel that they need to maintain a specific level of reSereS. Investment policy The Trustees have the power to invest in such assets as they see fit. The investment objective for the Charity is for a balance beeen longer-temi capital growth as well as the underlying investment income. with a medium risk profile. The Trustees would not wish any single investment to exceed 25 % of the portfolio. nor do they want more than 20 % to be uninvested. In addition, the stockbrokers have been instructed not to make any direct investment in companies connected with tobacco or the arms trade. Future plans The future plans of the charity are to maintain growth in the value of the fund at least in line with the MSCI PIMFA Balanced TR, and to make distributs'ons to as wide a range of good causes as possible. Risk management The Trustees have examined the strategic and operational risks which the Trust faces and confirm the steps that are appropriate to the Trust have been taken to mitigate these risks. Statement of Trustees, responsibilities The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. Charity Segislation and related regulations prescribe the manner in which the Trustees must prepare accounts for each financial year. In the preparation of these accounts, the Trustees have agreed to accept responsibility to ensure that accounts are prepared in accordance with the applicable legislation and regulations. In discharging their responsibilities, the Trustees have ensured that.. suitable accounting F)olicies have been selected and consistently applied,. any judgements and estimates made are reasonable and prudent: the methods and principles of the Charities. SORP, Accounting and Reporting by Charities have been observed", it is stated whether applicable United Kingdom Generally Accepted Accounting Practice (United Kingdom UK Accounting Stsndards and applicable law) has been followed, and any departures therefrom are disclosed and explained in the financial statements; and the financial statements have been prepared on the going concem basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper financial records which disclose with reasonable accuracy, at any one time, the financial position of the Trust and enables them to ensure that the financial statements omply with the Charities Act 2011. They are responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and any other irregularities. By Order of the Board of Trustees Matthew James Wakefield Chaiman 2025
HASLUCK CHARITABLE TRUST REPORT OF THE INDEPENDENT EXAMINER Independent Examiner's report to the Trustees of the Hasluck Charitable Trust I report to the charity trustees on my examination of the accounts of the charity ("the Trust") for the year ended 5 April 20245. which are set out on pages 5 to 12. Respective responsibilities of trustees and examiner As the charity's trustees you a responsible for the preparation of Ihe accounts in accordance with the requirements of the Charities Act 2011 ("the Act"). I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examiner's statement I have completed my examination. I confinn that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the charity as required by section 130 of the Act., or the accounts do not accord with those records., or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connectj'on 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. Alastair Duke, FCA For and on behalf of PKF Littlejohn LLP Chartered Accountants 15 Westferry Circus Canary Wharf London E14 4HD 2025
HASLUCK CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES For the year ended 5 April 2024 Notes 2024 2023 Income from: Donations Investment income Bank interest income 127,674 59,167 922 146,757 71,516 364 2(a) 2(b) Total Income 187,763 218,637 Expenditure on: Raising funds Charitable activities 24,272 143,000 31,526 153,000 Totsl Expenditure 167,272 184,526 Net gainsl(losses) on investment assets 166,802 (175,301) Net movement of funds 187,293 (141,190) Balance brought forward at beginning of year 2,458,708 2,599,898 Balance carrled forward at end of year 11 2,646,001 2,458,708 All funds held are unrestricted. The Trust had no gains and losses other than those noted above. All income is derived from continuing activities. The accounting policies and notes on pages 7 to 12 form part of these Financial Statements.
HASLUCK CHARITABLE TRUST BALANCE SHEET As at 5 April 2024 Notes 2024 2023 Fixed Assets Investments 2.564,569 2,355,616 Current Assets Debtors Cash at bank and in hand 17.807 72.638 34,439 71,659 90,445 106,098 Less: Current Liabilities Creditors: amounts falling due within one year 10 9,013 3,006 Net Current Assets 81.432 103,092 Net Assets 2.646,001 2,458,708 Represented by.. Unrestricted funds 2,646,001 2,458,708 The Financial Statements were approved and authorised for issue by the Trustees on 2025. Matthew James Wakefield Trustee John Philip Billing Trustee The accounting policies and notes on pages 7 to 12 form part of Ihese Financial Statements.
HASLUCK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Year ended 5 April 2024 ACCOUNTING POLICIES General information and basis of preparation The Hasluck Charitable Trust is a charity in the United Kingdom. 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 surrounds grant giving to charitable organisations. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordan 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), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Practice as it applies from 1 January 2019. The accounts (financial statements) have been prepared to give '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 Accounting and Reporting by Charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Repub5ic of Ireland (FRS 102) 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 concem basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared 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. Voluntary Income All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income. after any performan conditions have been met, when the amount can be measured reliably and when it is probable that the income will be received. Income from donations is recognised on receipt. unless there are conditions attached to the donation that require a level of performance before entitlement can be obtained. In this case income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. Investment income Investment income is earned through holding assets for investment purposes such as shares. It includes dividends, recognised when received and interest recognised on a receivable basis. Income from corporate bonds is accrued at the coupon rate. Resources Expended Liabilities are recognised as reSoUrS expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under the principal categories of Costs of Generating Funds and Charitable Activities rather than type of expense. in order to provide more useful inforrnation to users of the Financial Statements, as follows= The costs of generating funds consist of trust and investment management fees and certain legal fees. Costs of charitable activities comprise grants made to beneficiaries. Grants payable are recognised as expenditure when the commitment is entered into. Where such a grant is to be paid in instslments, the outstanding balance at the year*nd is disclosed as a liability. Governance including those related to statutory independent examination and legal fees, have been allocated to Costs of Generating Funds.
HASLUCK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Year ended 5 April 2024 Investments ACCOUNTING POLICIES (continued) All quoted investments are stated at market value. Unrealised and realised gains and losses on the investment portfolio are accounted for in the Statement of Financial Activities. Foreign Currency Translation Transactions in foreign currencies are translated at the exchange rate ruling on the date of the transaction. Monetary assets and liabilities in foreign currencies are translated into sterling at the rate of exchange at the balance sheet date. Funds The funds represented on the Balance Sheet are unrestricted funds. and can be used at the Trustees, discretion for either capital or revenue purposes on any of the activities carried out by the Trust. Taxation The Trust is treated for tax purposes as a charity and is not liable to Income Tax on income derived from charitable activities. The Trust is not registered for VAT. All expenditure amounts in the Statement of Financial Activities (SOFA) are shovm inclusive of VAT, where relevant. Judgments and estimates There are no significantjudgments or estimates in the financial statements other than investments for which the policy has been disclosed. Going concem The entity is considered to be a going concem as a surplus has been made in the year and there are sufficient funds in place to meet liabilits'es for at least 12 months from the signing date. 2024 2023 1. Donations Donations Tax refund under Gift Aid 109,867 17,807 126,676 20,081 127,674 146,757 2024 2023 2. Investment Income a) Income receivable on securrties: Quoted on recognised UK and overseas Stock Exchanges 59,167 71,516 b) Interest on UK cash deposits: 922 364
HASLUCK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Year ended 5 April 2024 2024 2023 3. Raising funds Administration fees Investment management fees Governance costs (note 5) 11,046 10,326 2,900 9,918 18,712 2,896 24,272 31,526 2024 2023 4. Charitable activities - grants to institutions Primary Beneficiaries: International Fund for Animal Welfare The Royal National Lifeboat Institution 8arnardo's Scope Mrs R H Hotblack's Michelham Priory Endowment Fund The Riding for the Disabled Association Royal Society for the Protects'on of Birds Macmillan Cancer Support 9,000 9,000 9,000 9,000 9,000 9.000 9,000 9,000 9,375 9,375 9,375 9,375 9,375 9,375 9,375 9,375 Other Beneficiaries: Fareshare MACS Lullaby Trust Housing Matters London Youth Legs4Africa Brain Tumour Charity African Revival Prevent2Protect Corbenic Camphill Communty Disability Resource Centre Family Holiday Charity Whirlow Hall Fami Trust Retina UK Intouch Dementia Support Freedom from Torture Hearing Dogs for Deaf People Whoopsadaisy Disabled Sailors Associab'on Mentoring Plus Saffron Find your Feet Wateraid Pintsize Theatre Community The Shuttlewood Clarke Foundation Disabled Workers coperative Safety Net (UK) Place2Be PHASE Worldwide 2.000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 1,000 1,000 1,000 1,000 1.000 1,000
HASLUCK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Year ended 5 April 2024 2024 2023 4. Charitsble activities- grants to institutions (continued) Pintsize Theatre Community The Shuttlewood Clarke Foundation Disabled Workers Co-operats've Safety Net (UK) Place2Be PHASE Worldwide Re-cycle Fat Macy's Foundation Safe & Sound Group Doctors of the World UK Spinal Research Right to Play Off the Streets Trussel Trust The Stroke Association Cruse Bereavement ADD International Kent Air Ambulan Trust Aquabox Village-by-village The Death Penalty Project Rural Coffee Caravan Freedom Kit Bags World Vision King's College Hospital Charity Red Cross Ukraine Appeal Workaid Community Heartbeat Trust Child Autism UK Shropshire Youth Support Trust TEMWA EACP Disability Africa Interact Reading Servi Stable Family Home Trust Living Paintings Trust Grief Encounter Hope for Justice Mwezi Foundation Lepra The Harbour British Heart Foundation The Honeypot Children's Charity YWAF Future Trees Beachy Head Chaplaincy Team Fuel Bank Foundation Crackerjacks First Love Foundation International Needs Pragya Exeter Scrapstore Entelechy Arts Lennox Children's Canr Fund Microloan Foundation Hypo Hounds Tender Childhood First Transforming Autism Willow Trust Clear Sky Children's Foundation Helen & Douglas House 1,000 1.000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1.000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1.000 1,000 1.000 1,000 1,000 2,000 2,000 3,000 3,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 1,000 1.000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 10
HASLUCK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Year ended 5 April 2024 2024 2023 4. Charitable activities- grants to institutions {continued) Street Child Southmead Project Twinning Project Hospice of St Francis Sustainable Global Gardens Frank Water Assist Trust Histio UK Age UK Medway Over the Wall 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 Total grants 140,000 153,000 2024 2023 5. Governance Costs Independent examinerfs fee 2,900 2,896 6. Trustees, Employees and Related Party Transactions The Trustees were not remunerated nor reimbursed any expenses during the year. There were no employees of the charity in the year. M J Wakefield is a Director of Rathbones Legal Services, which provides professional services to the Hasluck Charitable Trust. The fees incurred and paid during the year totalled £11,046 (2023 - £9,918). No fees were outstanding at the year end. 7. Fixed Asset Investments 2024 2023 Market value at beginning of year Additions Disposals Realised and unrealised gainsl(losses) 2,303,614 2,466,484 2,367,827 447,199 (2.276,635) (434,768) 166,802 (175,301) Market value at end of year Cash held as part of investment portfolio 2.561,608 2,303,614 2.961 52,002 Investments at Valuation 2,564,569 2,355,616 Investments at historic cost 2,410,968 2,252,228 11
HASLUCK CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Year ended 5 April 2024 2024 2023 8. Debtors Gift Aid tax relief and tax recoverable Investec Wealth & Investrnent account 17.807 20,082 14,357 17,807 34,439 2024 2023 9. Cash at Bank Natwest current account Rathbones Client account 55,764 16,874 32,528 39,131 72,638 71,659 2024 2023 10. Creditors: amounts falling due within one year Accruals Other creditors 5,907 2,106 3,006 9,013 3,006 12