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2023-04-05-accounts

THE ADA HILLARD CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

Charity Number 1124957

THE ADA HILLARD CHARITABLE TRUST

CONTENTS PAGE

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Pages
Reference and Administrative Details 1
Report of the Trustee 2 - 4
Independent Auditor’s Report 5 - 8
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Financial Statements 11 - 18
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THE ADA HILLARD CHARITABLE TRUST

REFERENCE AND ADMINISTRATION DETAILS

Corporate Trustee HSBC Trust Company (UK) Limited
Current Directors of Corporate Trustee J Coyle
P M Spencer
J Hewitson
Trust Manager S Hill
Principal Office Forum 1
The Forum Parkway
Whiteley
Hampshire
PO15 7PA
Auditors RSM UK Audit LLP
Chartered Accountants
Highfield Court
Tollgate
Chandlers Ford
Eastleigh
Hampshire
SO53 3TY
Bankers HSBC Bank plc
Forum 1
The Forum Parkway
Whiteley
Fareham
Hampshire
PO15 7PA
Investment Managers HSBC UK Bank plc
1 Centenary Square
Birmingham
B1 1HQ

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THE ADA HILLARD CHARITABLE TRUST

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 5 APRIL 2023

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and 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 effective 1 January 2019.

The Ada Hillard Charitable Trust is an unincorporated trust and is constituted under a deed of settlement dated 6 March 2003. The trust is a registered charity (no. 1124957).

Aims and objectives

The objects of the charity are to pay or apply the income of the fund to 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 capital fund at the discretion of the trustee.

This is performed through the awarding of grants, in accordance with the terms of the governing document. The trustee considers grant making an effective method of delivering these objectives. Grants are awarded at the discretion 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 objectives. Applications are reviewed as they are received, and awarded at the discretion of the trustee.

Financial review

The charity originally received donations under the terms of the deed of settlement. The fund generated income of £327,399 (2022: £285,386) in the year, which together with brought forward reserves facilitated the expenditure on charitable activities of £347,605 (2022: £376,933) of which £262,584 (2022: £272,142) was direct charitable expenditure in the form of grants to charitable institutions. Total charitable expenditure amounted to £425,076 (2022: £443,330).

The closing level of endowment funds was £12,824,335 (2022: £13,551,771) and unrestricted funds was £38,287 (2022: deficit of £7,717).

Achievements and performance

During the year 84 grants totaling £262,584 (2022: 84 grants totaling £272,142) 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.

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THE ADA HILLARD CHARITABLE TRUST

REPORT OF THE TRUSTEE cont. FOR THE YEAR ENDED 5 APRIL 2023

Investment policy

In accordance with the governing document, the trustee has the power to invest in such stocks, shares, investments and property as they see fit. The trustee 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 absolute terms, 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 policy

The unrestricted funds, which are the free reserves of the charity, and which are represented by the income arising, are paid over to beneficiaries throughout the year. It is not the policy of the charity to maintain specific reserves.

The expendable endowment funds 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 arising on the investments form part of the fund. The trustee has the power to convert this fund into income.

Plans for the future

The trustee intends to continue providing grants in a similar way to the recent past whilst retaining flexibility as to the timing and scale of grant making.

Related parties

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 result 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 to 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 trust manager to look after the charity. The investment manager reviews the performance and provides recommendations on the structure of the investment portfolio.

The power to 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 to be the variability of investment returns.

The corporate trustee and the investment managers are both wholly owned subsidiaries of HSBC Holdings plc. A summary of the transactions of the charity with these parties is set out in note 11 of the financial statements.

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.

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THE ADA HILLARD CHARITABLE TRUST

REPORT OF THE TRUSTEE cont. FOR THE YEAR ENDED 5 APRIL 2023

Statement of trustee’s responsibilities in relation to the financial statements

The trustee is responsible for preparing the Trustee’s Annual Report 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 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 its 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:

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 to ensure that the financial statements comply with the Charities 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 Auditors of the charity will be put to a general meeting.

Approved by the trustee and signed on its behalf:

Nigel Millar ……………………………….. HSBC Trust Company (UK) Limited

01 February 2024 Date:……………………………..

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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 2023 which comprise Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, 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 financial statements:

Basis for opinion

We have been appointed as auditors under section 144 of the Charities 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)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustee with respect to going concern are described in the relevant sections of this report.

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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 information. The other information comprises the information included in the Trustee’s Report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, we do not express any form 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 misstated. If we identify such material inconsistencies or apparent material misstatements, 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 have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities 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 internal 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 concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustee’s either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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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 regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected noncompliance 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 statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

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 (FRS 102), Charities Act 2011, and the charity's governing document. We performed audit procedures, which included reviewing the financial statements including the Trustee report and remaining alert to new or unusual transactions which may not be in accordance with the governing documents, to detect non-compliances which may have a material impact on the financial statements.

There were no significant laws and regulations that have an indirect impact on the financial statements.

The audit engagement team identified the risk of management override of controls, as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business and challenging judgments and estimates.

A further description of our responsibilities for the audit of the financial statements is provided on the Financial Reporting Council’s website at http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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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 accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to 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 permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustee as a body, for our audit work, for this report, or for the opinions we have formed.

RSM UK Audit LLP

RSM UK Audit LLP Statutory Auditor Chartered Accountants Highfield Court Tollgate Chandlers Ford Eastleigh Hampshire SO53 3TY

Date: 02/02/24

RSM UK Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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THE ADA HILLARD CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES AT 5 APRIL 2023

Income
Investment income
2
Total income
Expenditure
Cost of generating funds
3
Charitable activities
4
Total expenditure
Net income/(expenditure) incurred
before transfers and other
recognised gains and losses
Realised and unrealised
gains/(losses) on investments
7
Net income/(expenditure) for the
year
Transfer between funds
Funds invested at 6 April 2022
Funds invested at 5 April 2023
Notes		 £
327,399
327,399
-
274,845
274,845
52,554
-
52,554
(6,550)
(7,717)
38,287
Unrestricted
funds		 £
-
-
77,471
72,760
150,231
(150,231)
(583,755)
(733,986)
6,550
13,551,771
12,824,335
Endowment
funds		 £
327,399
327,399
77,471
347,605
425,076
(97,677)
(583,755)
(681,432)
-
13,544,054
12,862,622
Total
2023		 £
285,386
Total
2022
285,386
66,397
376,933
443,330
(157,944)
376,354
218,410
-
13,325,644
13,544,054

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THE ADA HILLARD CHARITABLE TRUST

BALANCE SHEET AS AT 5 APRIL 2023

Fixed assets
Investments
7
Current assets
Debtors
8
Creditors: amounts falling
due within one year
9
Net current liabilities
Net assets
Funds
10
Notes		 £
37,591
20,885
20,885
20,189
696
38,287
38,287
Unrestricted
funds		 £
12,844,101
-
-
19,766
(19,766)
12,824,335
12,824,335
Endowment
funds		 £
£
12,881,692
13,582,397
20,885
1,276
20,885
1,276
39,955
39,619
(19,070)
(38,343)
12,862,622
13,544,054
12,862,622
13,544,054
Total 2023
Total 2022

01 February 2024

Approved by the Trustee and authorised for issue on ..................................... and signed on their behalf by:

Nigel Millar

………………………………………… HSBC Trust Company (UK) Limited

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THE ADA HILLARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

1. Accounting policies

Accounting convention

The financial statements have been prepared in accordance with the Statement 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 (FRS 102) effective 1 January 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities 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 ‘true and fair view’. This departure has involved following Accounting and Reporting by 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 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 the functional and presentational currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

At the time of approving the accounts, the Trustee has a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trustee continues to adopt the going concern basis of accounting in preparing the accounts.

The trust’s investments are sufficient to cover its fixed costs for a period of at least twelve months even in the event of a significant fall in investment values. Therefore, the Trustee has concluded that the going concern basis remains appropriate.

Income

All incoming resources are recognised once the charity has entitlement to the resources, it is certain that the 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 any tax credits that are available. Dividends due on quoted investments that are ex-dividend at the balance sheet date are accrued as income.

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THE ADA HILLARD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

1. Accounting policies cont.

Expenditure

Expenditure is included on an accruals basis. Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation 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 the charitable objectives of the charity. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs are those functions 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 statutory requirements of the charity.

Fixed asset investments

Investments are included at closing fair value at the balance sheet date. Any gain or loss on revaluation or disposals throughout the period is taken to the Statement of Financial Activities.

Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. 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 net of any trade discounts due.

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THE ADA HILLARD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

1. Accounting policies cont.

Impairment of financial assets

Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at 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 of 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 income/(expenditure) for the year.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment 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 income/(expenditure) for the year.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially 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 to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

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 committed to, but not measurable at this time, is disclosed within the notes to the financial statements as a contingent liability.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

Realised gains 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 between sale proceeds and opening fair value (or purchase date if later). Unrealised gains and losses are calculated as the difference between the fair value at the year end and opening fair value (or purchase date if later). Realised and unrealised gains are not separated in the Statement of Financial Activities.

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THE ADA HILLARD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

2. Investment income

2. Investment income
3. Dividends - UK equities
Dividends - UK unit trusts
Dividends - Foreign equities
Interest - UK fixed interest securities
Interest - Overseas unit trusts
Other		 2023
£
51,373
-
124,799
1,049
149,745
433
327,399		 2022
£
121,306
-
76,418
2,748
85,262
(348)
285,386
Costs of generating funds
Investment management fees 2023
£
77,471		 2022
£
66,397

4. Charitable activities

The charity undertakes its charitable activities through grant making, and awards grants to a number of charities in accordance with its charitable objectives.

General charitable activities £
262,584
Grant
funded		 £
12,261
Support
costs		 £
72,760
Other
allocated
costs		 £
347,605
Total 2023		 £
376,933
Total 2022

Other allocated costs of £72,760 (2022: £87,227) principally comprise management fees charged by the Corporate Trustee.

During the year 84 grants totaling £262,584 (2022: 84 grants totaling £272,142) were awarded to institutions in accordance with the terms of the governing document.

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THE ADA HILLARD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

5. Analysis of grants

During the year the following grants were awarded to charitable institutions in accordance with the terms of the governing document. No grants were awarded to individuals in either year.

Institution
Cancer Research UK		 Amount
£
12
37,512
2023
Number of
grants		 Amount
£
12
37,512
2023
Number of
grants		 Amount
£
12
38,877
2022
Number of
grants
Disabled Living Foundation 12 37,512 12
38,877
The British Heart Foundation
The National Trust
The Northern Police Convalescent Home
The Royal Air Force Benevolent Fund
The Royal National Institute for Blind		 12
12
12
12
12
84		 37,512
37,512
37,512
37,512
37,512
262,584		 12
38,877
12
38,877
12
38,878
12
38,878
12
38,878
84
272,142

6. 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.

Accountancy fees
Auditor's remuneration		 2023
2022
£
£
4,221
9,763
8,040
7,800
12,261
17,563

Governance costs are disclosed inclusive of VAT.

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THE ADA HILLARD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

7. Investments

2023
2022
£
£
Securities fair value at 6 April 2022
Acquisitions at cost
Sales proceeds from disposals		 13,226,176
13,157,649
5,469,874
11,587,957
(5,318,113)
(11,895,784)
Change in fair value (583,755)
376,354
Securities fair value at 5 April 2023 12,794,182
13,226,176
Investments at fair value comprised of:
UK Fixed Interest Securities
Overseas Fixed Interest Securities
UK Equities
Overseas Equities
Alternative Investment
Securities historical cost at 5 April 2023		 1,328,246
1,141,597
5,003,764
5,404,203
696,322
552,198
4,447,574
4,506,716
1,318,276
1,621,462
12,794,182
13,226,176
13,067,956
13,198,553

The following individual investments are considered material (over 5% of portfolio by value) in the context of the portfolio;

2023
2022
All security investments held are listed securities.
Security investments		 £
£
12,794,182
13,226,176
Cash investments 87,510
356,221
12,881,692
13,582,397

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THE ADA HILLARD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

8. Debtors

2023
2022
£
£
20,885
1,276
Accrued income
Creditors: amounts falling due within one year
Accruals 2023
2022
£
£
39,955
39,619
  1. Creditors: amounts falling due within one year

10. Funds

Unrestricted funds comprise those funds which the trustee’s are free to use in accordance with the charitable objects.

The expendable endowment funds 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 arising on the investments form part of the fund. Investment management fees and certain management and administration costs are charged against the fund in accordance with the terms of the declaration of trust. The trustee’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 to transfer funds between unrestricted and endowment funds.

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THE ADA HILLARD CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

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:

Management fees - Corporate Trustee
Investment management fees		 2023
2022
£
£
72,760
87,227
77,471
66,397

At 5 April 2023, £19,770 (2022: £20,648) 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 scale 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.

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