THE ADA HILLARO CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 Charity Number 1124957
THE ADA HILLARD CHARITABLE TRUST CONTENTS PAGE Pages Referen and Administrative Details Report of the Trustee Independent Auditor's Report Statement of Financial Activities Balance Sheet 10 Notes to the Financial Statements
THE ADA HILLARD CHARITA8LE TRUST REFERENCE AND ADMINISTRATION DETAILS Corporate Trustee HSBC Tnjst Company (UK) Limited Current Dlrector5 of Corporate Trustee J Coyle P M SnCer J Hewitson Trust Manager S Hill Prlnclpal Office Forum 1 The Forum Parkway Whileley Hampshire P015 7PA Audttors RSM UK Audit LLP Chartered Accountants Highfield Court Tollgate Chandlers Ford Easlleigh Hampshire S053 3TY Bankers HSBC Bank plc Forum 1 The Forum Parkway Whiteley Fareham Hampshire P015 7PA Inveslment Managers HSBC UK Bank plc 1 Centenary Square Birmingham B1 1HQ
THE ADA HILLARD CHARITABLE TRUST REPORT OF THE TRUSTEE FOR THE YEAR ENDED 5 APRIL 2022 The financial statements have been prepared in accordance with the accounting policies sel out in the notes to Ihe accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014. The Ada Hillard Charitable Trust Is an unincorporated trust and is constiluled under a deed of settlement dated 6 March 2003. The trust is a registered Chaiity {no. 1124957). Aims and objectives The objects of the charity are to pay or apply the income of the ftjnd lo the below named charities in perpetuity- Cancer Research UK Disabled Living Foundation The British Heart Foundation The National Trust The Northern Police Convalescent Home The Royal Air Force Benevolent Foundation The Royal National Institute for the Blind Charitable payments may also be made out of the caprtal fund at the discretion of the truslee. This is performed through the awarding of grants, in accordance with the terrns of the governing document. The trustee considers grant making an effective method of delivering these objectives. Grants are awarded at the discTetion of the trustee. Public benefit The trustee has considered the Commission's guidance on public benefit. and consider grant making to be an effective method of delivering these objeclives. Applications are reviewed as they are received, and awarded al the discretion of Ihe trustee. Financial review The charity originally received donalions under the terms of the deed of settlement. The fund generated income of £285,386 {2021.' £320.058) in the year. which together with brought forward reserves facililaled the expenditure on charitable activities of £376,933 12021-. £373,868) of which £272,142 12021.. £280.3121 was direct charilable expenditure in the form of granls lo charitable institutions. Total charilable expenditure amounted to £443,33012021-. £419,564). The closing level of endowment funds was £13,551,77112021. £13,322.903) and unrestricted fvnds was deficit of £7.717 {2021: £2,741). Achlevements and perforrnance During the year 84 grants tolalling £272,142 12021.. 84 grants lotalling £280,312) were awarded to charitable institutions, in accordance with the terms of the governing document. Details of these grants are set out in note 5 to the financial statements. The level of investment income generated in the year was considered satisfactory and the market value of the investments moved in the underlying securities.
THE ADA HILLARD CHARITABLE TRUST REPORT OF THE TRUSTEE eont. FOR THE YEAR ENDED 5 APRIL 2022 Investment poll¢y In accordance with the governing document, the trustee has the power to invest in such stocks, shares, investments and propety as they see fit. The Ituslee engaged HSBC Global Asset Management (UK) Limited as Investment Managers. The policy is to adopt a low to medium risk investment strategy to protect, in absolule lerrns, the capital value of the fund whilst producing a sustainable and growing level of income, and also providing the potential for longer term growth of capital in real terms. Reserves pollcy The unrestricted funds, which are the tree reserves of the charity, and which are represented by the income arising, are paid over to beneficiaries throughout the year. 11 is not the policy of the charity to maintain specific reserves. At the year end the unrestricted fund was in a deficit position. The deficil has arisen as a resutt of a timing difference only and has Sin returned to a surplus since the year end. The expendable endowment hjnds represent those assets, which are held permanently by the charity, principally investments. Income aFising on the endowment fund can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. The trustee has the power lo convert this fund into income. Plans for the future The trustee intends lo continue providing grants in a similar way to the recent past whilst retaining flexibility as to the timing and scale of grant making. Related partFes The corporate trustee and the investment managers are both wholly owned subsidiaries of HSBC Holdings plc. In addition to those fees shown on page 18. as a resull of the acquisition and disposal of investments, the charity pays transaction charges to HSBC Bank plc. The charges are calculated on a sliding scale at a percentage of the transactions value plus VAT and are added lo or deducted from the cost of the investments or the disposal proceeds in accordance with UK standard accounting practice. Structure, government and management The trustee has appointed a designated tTLisI managef to look after the charity. The investment manager reviews the perf0mlan and provides recommendations on the structure of the investment portfolio. The power lo appoint additional trustees is vested in the current trustee. The Trust Deed requires a minimum of three trustees, unless a trust corporation is appointed. The trustee has examined the major strategic, business and operational risks which the charity faces and confirms that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. The main risk in the year was considered lo be the variabilrty of investment retums. The corporate trustee and the investment managers are both wholty owned subsidiaries of HSBC Holdings plc. A summary of the transactions of the charty with these parties is set out in note 11 of the financial statements.
THE ADA HILLARD CHARITABLE TRUST REPORT OF THE TRUSTEE cont. FOR THE YEAR ENDED 5 APRIL 2022 Key management personnel The Trust does not have any employees and all decisions are taken by the trustee. The only remuneration paid is that paid to the corporate trustee as disclosed in note 11. ststement of trustee's responsibilities in relation to the financial statements The Iruslee is responsible for preparing the Trustee's Annual Report and the financial slalemenls 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 requires the trustee to prepare financial statements for each financial year which give a true and fair view of the charity's financial activities during the year and of ils financial position at the end of the year. In preparing those financial statements, giving a true and fair view, the trustee's are required to. setect suitable accounting policies and then apply them consistently- make judgements and estimates Ihat are Teasonable and prudenl., stale whether applicable accounting standards and statements of recommended practice have been followed. Subject to any departure5 disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless il is inappropriate to presume that the charity will continue in operation. The trustee is responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ascertain the financial position of the charity and which enable them lo ensure that the financial statements comply with the Charbties Act 2011, the Charity {Accounts and Reports) 2008 Regulations and the provisions of the trust deed. The trustee is responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditors In accordance with the Charities Act 2011., a resolution proposing that RSM UK Audit LLP be reappointed as Audilors of the charity will be put lo a general meeting. Approved by the trustee and signed on its behalf.. HSB rust Compa y IUKI Limited Date...
THE ADA HILLARD CHARITABLE TRUST REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEE'S OF THE ADA HILLARD CHARITABLE TRUST Opinion We have audited the financial statements of The Ada Hillard Charitable Trust for the year ended 5 April 2022 which comprise Statement of Financial Activrties. 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, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" {United Kingdom Generally Accepted Accounting Practice). In our opinion the financi21 statements.. give a true and fair view of the slale of the charity's affairs as at 5 April 2022 and of its incoming resources and application of resources for the year then ended., have been property prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordan with the Tequiremenls of the Charities Act 2011. Basis for oplnion We have been appointed as auditors under section 144 of the Chaiilies Act 2011 and report in accordance with regulations made under section 154 of that Act. We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs {UK)l and applicable law. Our responsibilities under those standards are further desciibed in the Auditor's responsibilities for the audit of the financial staternenls secb.on 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 audrt evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slatemenls, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significanl doubt on the charity's ability to continue as a going concern for a period ol at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilits'es of the trustee with respect lo going cOnM are described in the felevanl sections of this report.
THE ADA HILLARD CHARITABLE TRUST REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEE'S OF THE ADA HILLARD CHARITABLE TRUST cont. Other information The trustee is responsible for the other infomation. The other information comprises the information included in the Trustee's Report other than the financial slalements and our auditor's report thereon. Ouf opinion on the financial statements does not cover the other Information and, we do not express any foim of assurance conclusion thereon. 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 misslaled. If we identify such material inconsistencie5 or apparent material rnisstatements. we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we hav8 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 V are required to report by exception We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if. in our opinion.. Ihe information given in the financial statements is inconsistent in any material respect with the Trustee's Report.. or sufficienl accounb'ng 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. Responsibiltties of trustee's As explained more fully in the Statement of Trustee's responsibilities set out on page 4, the trustee is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such inlemal control as the trustee determines 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 trustee is responsible for assessing the charity's ability to continue as a going concem. disdosing. as applicable, matters related to going conrn and using the going concern basis of accounting unless the trustee's either intend to liquidale the charity or to ase operations, or have no realistic altemative but to do so. Audltor's responsibilitle$ for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or efror. and to Issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guaranlee that an audit conducted in accordance with ISAS (UK) will always delect a material misslalement when il exists. Misstatements can arise from fraud or error and are considered materi81 if, individually or in the aggregate, they could Teasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements.
THE ADA HILLARD CHARITABLE TRUST REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEE'S OF THE ADA HILLARD CHARITABLE TRUST cont. The extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities are instances of non-compliance with laws and regulab'ons. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance wlh laws and regulations that have a direct effe¢t on Ihe determination of material amount5 and disclosures in the financial statements, to perform audit procedures to help idenb'fy instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and lo respond appropriately to identified or suspected noncomplian with laws and regulations identified during the audit. In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial slalements due to fraud, to obtain sufficient appropriate audit evidence regaidir¢g the assessed risks of materia5 misstatement due to fraud through designing and implernenting appropriate response5 and to respond appropriately to fraud or suspected fraud identified during the audit. However, il is the Pfimary responsibility of management. with the oversight of Ihose charged with govemance. to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevenbon and detection of fraud. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud. the audit engagement tearn". obtained an understanding of the nature of the induslry and sector. including the legal and regulatory framework that the Charsty opeTales in and how the Charity is complying with the legal and regulatory framework., inquired of management, and those charged with governancè, 8bout their own idenlffication and assessment ol the risks of irregularities, including any known actual, suspected or alleged instances of fraud-, discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible lo fraud. As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP IFRS 102}, Charities Act 2011, and the charity's governing document. We performed audit procedures to detect non-compliances which may have a material impact on the financial statemenls. There were no significant laws and regulations that have an indirect impact on the finanoial stalements. The audit engagement team identified the risk of management override of controls, as the area where the financial slalements were most susceptible lo material misstatement due lo traud. Audit procedures performed included bul were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to Significant, unusual transactions and Ifansactions entered into outside the normal course of business and challenging judgmenls and estimates. A further description of our responsibilities for the audit of the financial statements is provided on the Financial Reporting Council's website al http'.Ilwww.frc.org.ukJauditorsresponsibilities. This description forms part of our audrtor's report.
THE ADA HILLARD CHARITABLE TRUST REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEE'S OF THE ADA HILLARD CHARITABLE TRUST cont. Use of our report This report is made solely to the charity's trustee as a body, in accofdance with the Charities Act 2011. Our audit work has been undertaken so that we might slate lo the charity's trustee those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustee as a body, for OUT audjl work, for this report, or for the opinions we have fomied. Lfm AAJ*LLP RSM UK Audit LLP Statutory Auditor Chartered Accountsnts Highfield Court Tollgate Chandlers Ford Eastleigh Hampshire S053 3TY Date.. 03102123 RSM UK Audit LLP is eligible to act as an auditor in lemis of section 1212 of the Companies Act 2006.
THE ADA HILLARD CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES AT 5 APRIL 2022 Notss Unrestrlcted funds EndowTrEnt funds Totsl 2022 Total 2021 Incon Investment IOme 285.386 28S,386 320.058 Total incoTh 285.386 285.386 320,058 Expenditure Cost of generatirg funds Charitae activiti.es 66,397 87,227 66,397 376,933 45.6 373.8A8 289.7C Totsl expenditure 289,7L 153,824 443,330 419,564 Net inconllgxpenditurel incurred before transfers and other recognised gains and losses 14,3201 1153,6241 {157,9441 199.5(bl Realised and unrealised gainslllossesl on investments 376,354 376.354 2.487.570 Net Inconllexpendlturel for the year 14,3201 222,730 218,410 2.388,C64 Trsfer between fvnds 16,1381 6,138 Funds invested at 6 ri12021 2.741 13,322,903 13,325.644 10.937.580 Funds Invested at 5 Ppril 2022 (7,71n 13,551,771 13,544,054 13,325.644
THE ADA HILLARD CHARITABLE TRUST BALANCE SHEEr AS AT 5 APRIL 2022 Notes Unrestricted funds Endowm)ent funds Totsl 2022 Totsl 2021 Fixed ats Investments 9,975 13,572.422 13,582.397 13,425.947 Current assets Debtors 1,276 1,276 1,276 1,276 Creditors.. anK)unts falling due withln one year I8.8 20,651 39,619 100,303 Net current liabillties {17,6921 120,6511 138.343} {100.3031 Net assets 7.717 13,551.771 13,544,054 13.325.644 Funds 10 7,717 13.551,771 13,544,054 13,325,644 Approved by the Trustee and authorised for issue on and signed on their behalf qf rust Company (UK) Limited -10-
THE ADA HILLARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 Accounting pollcles Accounting convention The financial statements have been prepared in accordance with the Slatemenl of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102} issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Chaiities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015. The trust is a public benefit entity and has therefore applied the relevant public benefit requirements of FRS 102. 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 'Irue and fair view,. This departure has involved following Accounting and Reporting by Charrties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 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 accounts are prepared in sterling, which is Ihe functional and presentational cuffency of the chanty. Monetary amounts in these financial statements are rounded to the nearest £. Going concem At the time of approving the accounts, the Trustee has a reasonable expectation that the charity ha5 adequate resources lo continue in operational existence for the foreseeable fvture. Thus, the Trustee continues to adopt the going concern basis ol accounts'ng in preparing the accounts. The trusfs investments are sufficient to cover its fixed cosls for a period of at least twelve months even in the event of a significant fall in investment values. Therefore, the Trust has concluded that the going concern basis remains appropriate. Income All incoming resources are recognised once the charity has entitlement to the resources, il is rtain that Ihe resources will be received, and the monetary value of incoming resources can be measured with sufficient reliability. Investment income is accounted for in the period in which the charity is entitled to receipt. Income is the gross value of dividends and interest received after reclaiming ally lax credits that are available. Dividends due on quoted investments that are ex4ividend at the balance sheel date are accrued a5 income. -11-
THE ADA HILLARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 Accountlng policSe$ cont. Expenditure Expenditure is included on an accruals basis. Liabilities are recognised as resources expended as soon as there is a legal or constructive obligalion committing the charity to the expenditure. Costs of generating funds comprise those costs directly attributable to managing the investment portfolio and raising investment income. Charitable expenditure includes grants payable in furtherance of Ihe charitable objectives of the charity. It includes both costs that can be allocated directly lo such activities and those costs of an indirect nature necessary to support them. Support costs are those fynctions that assist the work of the charity but do not directly undertake charitable activity. Support costs include governance costs which are costs associated with meeting the constitutional and stalulory requirements of the charity. Fixed asset investments Inveslments are included at closing fair value at the balance sheet date. Any gain or loss on revaluation or disposals Ihroughoul the period is taken to the Statement of Financial Aclivilies. Financial instruments The charity has elected lo apply the provisions of Section 11 'Basic Financial Instruments, of FRS 102 to all of its financial instruments. Financial instruments are Tecognised in the charity's balan sheet when the chanty becomes party to the contractual provisions of the instrument. Financial assets and liabilitses are offset, with the nel amounts presented in Ihe financial statements. when there is a legally enforceable right lo set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and setue the Iiabilrty simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction piice including tfansaction costs and are subsequenlly carried al amortised cost using the effective interest method unless the arrangement conslilutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of inlerest. Financial assets classified as receivable within one year are not amortised. Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. -12-
THE ADA HILLARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2022 Accounting policies cont. Impairment of financial assets Financial assets, other than those held at fair value through income and expenditure, are assessed for indi¢ators of impairment al each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition ol the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in net incomel{expendilure) for the year. If there is a decrease in the impainnent loss arising from an event occurring after the impairment was recognised, the impaiment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net incomellexpenditurel for the year. Dere¢ognitlon of financial assets Financial assets are derecognised only when the contfaclual rights to the cash flows from the asset expire or are settled. or when the charity transfers the financial asset and subslanlially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able lo sell the asset irs its entirety to an unrelated third party Basic financial Ilabilities Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Liabilities are recognised within the financial statements in respect of all expenditure for which the entity has a measurable obligation, be it constructive or legal, at the balance sheet date. Any expenditure which is cofflmitted to, bul not measLtrable at this time, is disclosed within the notes to the financial statements as a contingent liability. Derecognltion of financial liabilitles Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled. Reallsed galns and losses All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference beeen sale proceeds and opening fair value lor purchase date if later). Unrealised gains and losses are calculated as the differen between the fair value al the year end and opening fair value lor purchase date if later). Realised and unrealised gains are not separated in the Statement of Financial Activits'es. -13-
THE ADA HILLARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2022 Investment income 2022 2021 Dniidends - UK equitEs DwKlends- UK unit trusts Dividends - Foreign equit8 knterest- UK fixed interest securities hteresl- Overseas unrt trusls Inleresl- Cash dep)sils Other 121.306 123,949 76,418 2,748 85,262 58,817 23,479 111,795 123 1.811 285,386 320.058 Costs of generating funds 2022 2021 Investment management fees 66,397 45,696 Charitable activitie5 The charity undertakes its charitable activities through granl making, and awards grants lo a number of charities in accordance wf(h its charitable objectives. Other allo¢atsd cgsts Grant funded Support costs Toto12022 Total 2021 Gen8r31 charitable acti$ 272,142 17,564 87.227 376 933 373.868 Other allocated costs of £87,227 (2021.. £83,834) principally comprise management fees charged by the Corporate Trustee. During the year 84 grants totalling £272.14212021'. 84 grants totalling £280,312} were awarded lo institutions in accordance with the terms ol the governing document. -14-
THE ADA HILLARD CHARITABLE TRUST NOTES TO THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 5 APRIL 2022 Analysis of grants During the year the following grants were awarded to charitable institutions in accordance with the terms of the governing document. No 9iants were awarded to individuals in either year. 2022 Nunl)er of 9rants 2021 IUnt Nuthr of grant$ Institution knunt Cancer Research UK Disabled Living Foundation The British Heart Foundatron The National Trust The Northern Police Convalescent Home The Royal Aj'r Force Benevolent Fund The Royal National Insbtule for Blind 12 12 12 12 12 12 12 38,8n 38,877 38,877 38,8TI 38,878 38,878 38,878 12 12 12 12 12 12 12 40,044 40,044 40,045 40,045 40.045 40,045 272.142 280.312 Support costs Support costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements. 2022 2021 countsncy fees Jjditorfs reMUTreratn 9,763 7,800 6,680 17,563 9,724 Govemance costs are disclosed inclusive of VAT. -15-
THE ADA HILLARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2022 Investments 2022 2021 Securit+es fair value at 6 Wi'l 2021 13,157,649 lo.7(,577 quisrtts at ¢osl Sa5 prcreeds frcm dispo$als CharKJe in value 11,587.957 111,895,784) 376,354 15,507,971 115,544.4691 2,487.570 S8curiks lair vatue at S April 2022 13,226.176 13,157,649 hweslments at f&r value comprised of." UK FtKed htere5t SeCurits Overseas Fixed knterest SecuritEs UK EquitEs Overseas Eque5 ternats've Investment 1.141,597 5.404.203 552,198 4,506,716 1.621.462 4.448.247 6,082.109 1,256,816 98.049 1,272.428 13,226,176 13.157.649 SeCUres historical c05t at S fvpril 2022 13,198.553 12,209.816 The following individual investments are considered rnaterial lover 5Vo of portfolio by value) in the context of the portfolio.. HSBC Corporate 8ond - portfolio value of 4.940/012021.. 5.920A) HSBC UK Gilt Index- portfolio value of nilO/o (2021.. 5.66'101.' HSBC Emerging Market Local Z debt- portfolio value of 4.270/0 (2021.. 5.190/0)., HSBC Ameiican Index- portfolio value of 1 59 /4 (2021.. 7.14 % )- Ishares - porrfolio value of 4.260/0 {2021'. 8.22 % }', HSBC Global Real Estate Equity - porrfolio value of 2.34Qkn {2021.. 9.68C/>o)- HSBC Global Government- portfolio value of 9.27ty/012021.' less than 5'/01,' Charities Property Inc- portfolio value of 5.170h (2021.. less than 5 % }. 2022 2021 AM 5ecurty investments held a listed securities. Securty nvestmenls Cash investrnents 13,226,176 356,221 13,157,649 268.298 13,582,397 13.425.947 -16-
THE ADA HILLARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 Debtors 2022 knru&J income 1.278 Creditors: amounts falling due within one year 2022 2021 Accruals 39,619 100.303 10. Funds Unrestricted funds comprise those funds which the trustee's are free to use in accordance with the charitable objects. The expendable endowment lunds represent those assets. which are held permanently by the charity, principally investments. Income arising on the endowment fund can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses ansing on the investments form part of the fund. Investrnenl management fees and certain management and administration cosls are charged against the fund in accordance with the leims of the declaration of trust_ The Iruslee's have the power to pay or apply the whole or any part of this fund for or towards charitable purposes. The trustee has the power lo transfer funds between unrestricted and endowment funds. -17-
THE ADA HILLARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 11. Trustee's remuneration and related parties The corporate trustee is a small wholly owned subsidiary of HSBC UK Bank plc. The following is a summary of transactions with this entity.. 2022 2021 Management fees- C(xwrate Trustge vestmwrt management fees 87,227 66,397 83.834 45.6 At 5 April 2022, £20,648 (2021.. £86,156) was owed to HSBC Trust Company (UK) Limited. The above fees include VAT that is irrecoverable by the charity. In addition, as a result of the acquisition and disposal of investments, the charity pays transaction charges to HSBC Bank Plc. The charges are calculated on a sliding seale at a percentage of the transaction value plus VAT and are added to or deducted from the cost of the investments or the disposal proceeds in accordance with UK standard accounting practice. No trustee expenses have been incurred during the year or in the previous year. -18-