THE ADA HILLARD CHARITABLE TRUST
Trustee’s Report
and Financial Statements
for the year ended 4 December 2025
Registered Charity Number 1124957
FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 DECEMBER 2025
THE ADA HILLARD CHARITABLE TRUST
INDEX
| Page | |
|---|---|
| Charity information | 1 |
| Trustee’s report | 2 |
| Independent auditor’s report | 4 |
| Statement of financial activities | 7 |
| Balance sheet | 8 |
| Accounting policies | 9 |
| Notes to the accounts | 11 |
THE ADA HILLARD CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 DECEMBER 2025
CHARITY INFORMATION
Trustee
Ludlow Trust Company (Southampton) Limited (Company no. 00106294 – corporate trustee) (formerly HSBC Trust Company (UK) Limited)
Corporate trustee
Represented during the year by the following directors: Gary St John Collins (appointed 01/03/2025 and resigned 31/03/2026) Walter Duncan Coxon (appointed 01/03/2025) Christopher Ian Thurlow (appointed 19/03/2025) Matthew John Wickers (appointed 01/03/2025) Jacqueline Marie Gentles (resigned 01/03/2025) Emma Louise Chee (resigned 01/03/2025) Jenny Fiona Goldie-Scot (resigned 01/03/2025) James Edward Hewitson (resigned 01/03/2025) Paul Michael Spencer (resigned 05/12/2024) Alexander Edward Mulroe (appointed 01/04/2026)
Principal office
Yarmouth House 1300 Parkway Solent Business Park Whiteley PO15 7AX
Charity registered number
1124957
Independent Auditor
Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY
Banker and investment manager
HSBC UK Bank plc 8 Cork Street London W1S 3LJ
Page 1
THE ADA HILLARD CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 DECEMBER 2025
TRUSTEE’S REPORT
The Trustee present their report and financial statements of the charity for the year ended 4 December 2025. The trustee has adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
STRUCTURE GOVERNANCE AND MANAGEMENT
The Ada Hillard Charitable Trust is a registered charity constituted under a will trust dated 6 March 2003 which came into existence on 4 December 2007 and registered as a charity 14 July 2008.
The charity is controlled by the trustee, as detailed on page 1.
The trustee opted to align the accounting reference date with the charity’s creation, being 4 December. Consequently, the comparative financial statements presented are for a nine-month period from 6 April 2024 to 4 December 2024.
During the year under review the administration of the charity was undertaken by Ludlow Trust Company (Southampton) Limited in capacity as trustee.
The new trustees are appointed by the existing trustee.
OBJECTIVES AND ACTIVITIES
The will trust states that the objects are to distribute the income to the below mentioned charities:
Cancer Research UK (formerly Imperial Cancer Research Fund) The Northern Police Convalescent Home Shaw Trust Limited (formerly Disabled Living Foundation) The Royal Air Force Benevolent Fund The Royal National Institute for the Blind The British Heart Foundation The National Trust
In pursuance of its objects, the charity’s income, and, at the absolute discretion of the trustee, its capital, is applied in making grants to charitable organisations.
In the furtherance of the charity’s objectives for the public benefit the trustee shall provide grants and donations. In determining how the charity should pursue its objects, the trustee have had regard to the Charity Commission's guidance on public benefit.
ACHIEVEMENTS AND PERFORMANCE
During the year under review the charity made grants in furtherance of the objects amounting to £430,263 (year ended 4 December 2024: £255,295) in accordance with the trust’s grant making policy.
The investment strategy is agreed between the trustee and the investment managers and is regularly reviewed.
Investment performance was in line with expectations for the year.
FINANCIAL REVIEW
During the year ended 4 December 2025 the trust’s total income amounted to £431,341 (period ended 4 December 2024: £309,346) consisting of investment income of £329,442 (period ended 4 December 2024: £257,464) and transfers from expendable endowment of £101,899 (period ended 4 December 2024: £51,882). Expenditure for the same year amounted to £595,061 (period ended 4 December 2024: £363,714).
Reserves policy. The trust is operated as a grant giving charity and is funded by additions to its capital fund and income arising on its investment portfolio, which is held in the capital fund. The trustee has the power to alter the level of grant expenditure from year to year insofar as they shall think fit.
The balance sheet shows total funds of £15,254,909 (4 December 2024: £14,603,880) with free reserves at 4 December 2025 being overdrawn by £106,429 (overdrawn - period ended 4 December 2024: £15,200). Given the availability of the expendable endowment fund the trustee does not consider that the charity needs to maintain any significant free reserves and recognise such deficits on reserves will arise from time to time.
Page 2
THE ADA HILLARD CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 DECEMBER 2025
TRUSTEE’S REPORT
PLANS FOR FUTURE PERIODS
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.
STATEMENT OF TRUSTEE’S RESPONSIBILITIES
The trustee is responsible for preparing the Trustee’s 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 & Wales requires the trustee 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 of the charity for that period. In preparing these financial statements, the trustee is required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP (FRS 102);
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time 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.
APPOINTMENT OF INDEPENDENT AUDITOR
For the year under review the charity exceeded the audit threshold and appointed Blue Spire Limited as auditor. Blue Spire Limited have expressed their willingness to remain as auditor of the charity.
Approved by the trustee and signed on their behalf.
Chris Thurlow on behalf of Ludlow Trust Company (Southampton) Limited Trustee
Date[13 July 2026]
Page 3
FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 DECEMBER 2025
THE ADA HILLARD CHARITABLE TRUST
INDEPENDENT AUDITOR’S REPORT
Independent Auditor's Report to the Trustee of The Ada Hillard Charitable Trust
Opinion
We have audited the financial statements of The Ada Hillard Charitable Trust (the ‘charity’) for the year ended 4 December 2025 which comprise the 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 Financial Reporting Standard 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:
-
give a true and fair view of the state of the charity’s affairs as at 4 December 2025, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
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.
Other information
The other information comprises the information included in the trustee’s annual report, other than the financial statements and our auditor’s report thereon. The trustee is responsible for the other information. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
Page 4
THE ADA HILLARD CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 DECEMBER 2025
INDEPENDENT AUDITOR’S REPORT
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
-
the information given in the trustee’s report is inconsistent in any material respect with the financial statements; or
-
sufficient accounting records have not been kept; or
-
the financial statements are not in agreement with the accounting records; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustee
As explained more fully in the trustee’s responsibilities statement, 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 trustees determine 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 either intends 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
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Based on our understanding of the Charity and the industry in which it operates, we identified the principal laws and regulations that directly affect the financial statements to be the Charities Act, and Trustee Act. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
In addition, the Charity is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. As an investment and donation funded grantmaker there is a limitation to areas most likely to have such an effect. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the trustee and other management and inspection of regulatory and legal correspondence if any.
Audit procedures performed by the engagement team included:
-
Enquiry of those charged with governance around actual and potential litigation and claims and any instances of non-compliance with laws and regulations;
-
Reviewing minutes of meetings of those charged with governance;
-
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding
Page 5
THE ADA HILLARD CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 DECEMBER 2025
INDEPENDENT AUDITOR’S REPORT
irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
- A further description of our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/audit assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-the-auditor%E2%80%99s-responsibilitiesfor. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity’s trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Blue Spire Limited (Statutory Auditor) Cawley Priory South Pallant Chichester West Sussex PO19 1SY
Date 13 July 2026
Blue Spire Limited is eligible for appointment as auditor of the charity by virtue its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006
Page 6
THE ADA HILLARD CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 DECEMBER 2025
STATEMENT OF FINANCIAL ACTIVITIES
| Note INCOME AND ENDOWMENTS FROM: Investments 1 Total EXPENDITURE ON: Raising funds - Investment management fees 2 Charitable activities 3 Total Net gains/(losses) on investment assets Net income/(expenditure) Transfers between funds 11 OTHER RECOGNISED GAINS/(LOSSES) Gains/(losses) on foreign exchange Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward 11 Total funds carried forward 11 |
Unrestricted Funds £ 329,442 329,442 - 522,570 522,570 - (193,128) 101,899 - (91,229) (15,200) (106,429) |
Endowment Funds £ - - 72,491 - 72,491 916,648 844,157 (101,899) - 742,258 14,619,080 15,361,338 |
Year Ended 4 Dec 2025 Total Funds £ 329,442 329,442 72,491 522,570 595,061 916,648 651,029 - - 651,029 14,603,880 15,254,909 |
Period Ended 4 Dec 2024 Total Funds £ 257,464 |
|---|---|---|---|---|
| 257,464 | ||||
| 47,871 315,843 |
||||
| 363,714 | ||||
| 739,052 | ||||
| 632,802 - |
||||
| 26 | ||||
| 632,828 13,971,052 |
||||
| 14,603,880 |
None of the charity's activities were acquired or discontinued during the above two financial years.
The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.
Page 7
THE ADA HILLARD CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 DECEMBER 2025
BALANCE SHEET AS AT 4 DECEMBER 2025
| Note FIXED ASSETS Investments - managed funds 7 Total fixed assets CURRENT ASSETS Cash at hand and in bank Total current assets CURRENT LIABILITIES Creditors: amounts falling due within one year 8 Net current assets/(liabilities) Total assets/(liabilities) THE FUNDS OF THE CHARITY Expendable endowment funds 11 Unrestricted funds 11 Total charity funds The notes on pages 11 to 16 form part of the financial statements Approved by the trustees and signed on their behalf |
£ 15,354,264 300,055 300,055 399,410 4 Dec |
£ 15,354,264 (99,355) 15,254,909 15,361,338 (106,429) 15,254,909 2025 |
£ 14,807,330 (164,403) (164,403) 39,047 4 Dec |
£ 14,807,330 (203,450) 2024 |
|---|---|---|---|---|
| 14,603,880 | ||||
| 14,619,080 (15,200) |
||||
| 14,603,880 | ||||
Chris Thurlow on behalf of Ludlow Trust Company (Southampton) Limited Trustee Date 13 July 2026
Page 8
THE ADA HILLARD CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 DECEMBER 2025
ACCOUNTING POLICIES
General information, scope and basis of the financial statements
The Ada Hillard Charitable Trust is an unincorporated charity constituted under a will trust. The address of the principal office is given in the reference and administrative details section and the nature of the charity’s operations and principal activities are given in the trustees' report.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
In the prior year, the accounting reference date was changed to allign with the charity’s creation, being 4 December. Consequently, the comparative financial statements presented are for a nine-month period from 6 April 2024 to 4 December 2024.
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.
Incoming resources
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.
Resources expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following expenditure headings:
-
Raising funds; these include investment management fees charged by the charity's investment managers
-
Charitable activities; these include grants to third parties and the costs of administering the charity inclusive of governance costs
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
Support and governance costs are those that assist the work of the charity but do not directly represent charitable activities. They are incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in the governance of the charity and primarily associated with the constitution and statutory requirements.
VAT
The charity is not registered for VAT and is unable to recover VAT incurred. On this basis costs are recorded inclusive of VAT within the SOFA.
Taxation
The charity is considered to pass the tests set out in sections 521 to 536 Income Tax Act 2007 (ITA 2007), as such no income tax is payable on the charity's activities.
Page 9
THE ADA HILLARD CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 DECEMBER 2025
ACCOUNTING POLICIES
Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Where investments are denominated in currencies other than Sterling, transactions are translated at the rate prevailing at the date of the transaction and year end values are calculated using the exchange rate prevailing at the year end.
Investments held in foreign currencies
Where investment assets are held in a foreign currency they are translated at the prevailing rate at the balance sheet date and any gain/loss on exchange rate movements is included in the statement of financial activities in the other recognised gains and losses section.
Debtors receivable and creditors payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Cash and cash equivalents
Cash and cash equivalents includes cash at bank and in hand and cash balances within the investment portfolio available for investment transaction purposes.
Fund accounting
Unrestricted income funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Expendable endowment funds are those which are required to be invested to produce income but which may be transferred to unrestricted funds at the discretion of the trustees in order that they may be expended in furtherance of the charity's objectives.
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
Page 10
FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 DECEMBER 2025
THE ADA HILLARD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
1. Investment income
| 1. Investment income | |||||
|---|---|---|---|---|---|
| Unrestricted Funds £ Income from investments 324,845 Interest on cash deposits 4,597 329,442 2. Raising funds - investment management charges Unrestricted Funds £ Fees paid to investment managers - - |
Endowment Funds £ - - - Endowment Funds £ 72,491 72,491 |
Year Ended 4 Dec 2025 Total Funds £ 324,845 4,597 329,442 Year Ended 4 Dec 2025 Total Funds £ 72,491 72,491 |
Unrestricted Funds £ 256,975 489 257,464 Unrestricted Funds £ - - |
Endowment Funds £ - - - Endowment Funds £ 47,871 47,871 |
Period Ended 4 Dec 2024 Total Funds £ 256,975 489 |
| 257,464 | |||||
| Period Ended 4 Dec 2024 Total Funds £ 47,871 |
|||||
| 47,871 |
3. Charitable activities
| 3. Charitable activities | ||||||
|---|---|---|---|---|---|---|
| Grants to institutions (see note 5) Administrative services Governance costs Auditor's remuneration (see note 4) 4. Auditor's remuneration Auditor's fees - audit |
Unrestricted Funds £ 430,263 86,907 5,400 522,570 Unrestricted Funds £ 5,400 |
Endowment Funds £ - - - - Endowment Funds £ - |
Year Ended 4 Dec 2025 Total Funds £ 430,263 86,907 5,400 522,570 Year Ended 4 Dec 2025 Total Funds £ 5,400 |
Unrestricted Funds £ 255,295 55,748 4,800 315,843 Unrestricted Funds £ 4,800 |
Endowment Funds £ - - - - Endowment Funds £ - |
Period Ended 4 Dec 2024 Total Funds £ 255,295 55,748 4,800 |
| 315,843 | ||||||
| Period Ended 4 Dec 2024 Total Funds £ 4,800 |
Page 11
THE ADA HILLARD CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 DECEMBER 2025
NOTES TO THE FINANCIAL STATEMENTS
5. Grants to institutions (one payment and England and Wales unless indicated)
| no. Cancer Research UK 4 Shaw Trust Limited (formerly Disabled Living Foundation) 4 The British Heart Foundation 3 The National Trust 3 The Northern Police Convalescent Home 4 The Royal Air Force Benevolent Fund 4 The Royal National Institute for Blind 3 |
Year Ended 4 Dec 2025 Unrestricted Funds £ no. 101,253 8 101,253 8 8,417 8 8,417 8 101,253 8 101,253 8 8,417 8 430,263 |
Period Ended 4 Dec 2024 Unrestricted Funds £ 36,471 36,471 36,471 36,471 36,471 36,471 36,471 |
|---|---|---|
| 255,295 |
6. Foreign currency exchange gains and losses
| Year Ended | Period Ended | |||||
|---|---|---|---|---|---|---|
| 4 Dec 2025 | 4 Dec 2024 | |||||
| Unrestricted | Endowment | Total | Unrestricted | Endowment | Total | |
| Funds | Funds | Funds | Funds | Funds | Funds | |
| £ | £ | £ | £ | £ | £ | |
| Gains/(losses) on foreign exchange | - | - | - | - | 26 | 26 |
| - | - | - | - | 26 | 26 |
7. Fixed asset investments - managed funds
| Market value brought forward Additions at cost Disposals at proceeds Gain/(Loss) on revaluation Market value carried forward Asset distribution Listed investments |
Year Ended 4 Dec 2025 £ 14,807,330 8,279,568 (8,649,282) 916,648 15,354,264 15,354,264 15,354,264 |
Period Ended 4 Dec 2024 £ 14,006,708 5,134,170 (5,072,600) 739,052 |
|---|---|---|
| 14,807,330 | ||
| 14,807,330 | ||
| 14,807,330 |
Page 12
FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 DECEMBER 2025
THE ADA HILLARD CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
8. Creditors: amounts falling due within one year
| Accruals - auditor's fees Accruals - accountancy services Accruals - management fees Accruals - administrative services Accruals - grants |
Unrestricted Funds £ 6,000 72 - 8,378 371,344 385,794 |
Endowment Funds £ - - 13,616 - - 13,616 |
Year Ended 4 Dec 2025 Total Funds £ 6,000 72 13,616 8,378 371,344 399,410 |
Unrestricted Funds £ 14,400 3,750 - 8,138 - 26,288 |
Endowment Funds £ - - 12,759 - - 12,759 |
Period Ended 4 Dec 2024 Total Funds £ 14,400 3,750 12,759 8,138 - |
|---|---|---|---|---|---|---|
| 39,047 |
9. Related party transactions
During the year under review, Ludlow Trust Company (Southampton) limited, formerly HSBC Trust Company (UK) Limited(see page 1), charged fees for the provision of administrative services of £86,907 (period ended 5 April 2024: £55,748), as shown in note 3, with £8,378 (period ended 5 April 2024: £8,138) payable at the balance sheet date. These fees are authorised under section 3 of the will trust.
During the period under review, £18,059 (period ended 4 December 2024: £47,871 ) of investment management fees were paid to HSBC Bank Plc up to 1 March 2025. up to 1 March 2025, the corporate trustee (formerly HSBC Trust Comany (UK) Limited) and the investment manager, were both wholly owned subsidiaries of HSBC Holdings Plc.
The charity has no employees, with all administration being carried out by the trustee.
No trustee received remuneration nor expenses in the period under review or the comparative year.
10. Analysis of net assets between funds
| Fixed assets Current assets Current liabilities |
Unrestricted Funds £ - 279,365 (385,794) (106,429) |
Endowment Funds £ 15,354,264 20,690 (13,616) 15,361,338 |
Year Ended 4 Dec 2025 Total Funds £ 15,354,264 300,055 (399,410) 15,254,909 |
Unrestricted Funds £ - 11,088 (26,288) (15,200) |
Endowment Funds £ 14,807,330 (175,491) (12,759) 14,619,080 |
Period Ended 4 Dec 2024 Total Funds £ 14,807,330 (164,403) (39,047) |
|---|---|---|---|---|---|---|
| 14,603,880 |
Page 13
THE ADA HILLARD CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 DECEMBER 2025
NOTES TO THE FINANCIAL STATEMENTS
| 11. Net movement in funds Endowment funds Unrestricted funds Endowment funds Unrestricted funds |
Year ended 4 December 2025 | Year ended 4 December 2025 | ||||
|---|---|---|---|---|---|---|
| Total funds brought forward £ 14,619,080 (15,200) 14,603,880 |
Total incoming resources £ - 329,442 329,442 |
Total Gains/ resources (losses) on expended investments and foreign exchange £ £ (72,491) 916,648 (522,570) - (595,061) 916,648 Period ended 4 December 2024 |
Transfers between funds £ (101,899) 101,899 - |
Total funds carried forward £ 15,361,338 (106,429) |
||
| 15,254,909 | ||||||
| Total funds brought forward £ 13,979,755 (8,703) 13,971,052 |
Total incoming resources £ - 257,464 257,464 |
Total resources expended £ (47,871) (315,843) (363,714) |
Gains/ (losses) on investments £ 739,078 - 739,078 |
Transfers between funds £ (51,882) 51,882 - |
Total funds carried forward £ 14,619,080 (15,200) |
|
| 14,603,880 |
The transfer of funds from the expendable endowment fund to unrestricted general fund was implemented by the trustees in order to provide resources for grant awards in furtherance of the charity's objectives as authorised by clause 6 of the will trust.
During the prior period under review, the charitable activity expenditure relating to the administrative services provided by the HSBC Trust Company (UK) Limited has been reclassed, in agreement with SORP, against unrestricted funds.
Page 14
THE ADA HILLARD CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 DECEMBER 2025
NOTES TO THE FINANCIAL STATEMENTS
| 12. Comparative statement of financial activities Note INCOME AND ENDOWMENTS FROM: Investments 1 Total EXPENDITURE ON: Raising funds - Investment management fees 2 Charitable activities 3 Total Net gains/(losses) on investment assets Net income/(expenditure) Transfers between funds 11 OTHER RECOGNISED GAINS/(LOSSES) Gains/(losses) on foreign exchange Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward 11 Total funds carried forward 11 |
Unrestricted Funds £ 257,464 257,464 - 315,843 315,843 - (58,379) 51,882 - (6,497) (8,703) (15,200) |
Endowment Funds £ - - 47,871 - 47,871 739,052 691,181 (51,882) 26 639,325 13,979,755 14,619,080 |
Period Ended 4 Dec 2024 Total Funds £ 257,464 |
|---|---|---|---|
| 257,464 | |||
| 47,871 315,843 |
|||
| 363,714 | |||
| 739,052 | |||
| 632,802 - |
|||
| 26 | |||
| 632,828 13,971,052 |
|||
| 14,603,880 |
Page 15
THE ADA HILLARD CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 4 DECEMBER 2025
NOTES TO THE FINANCIAL STATEMENTS
13. Financial instruments
The carrying amounts of the charity's financial instruments are as follows:
| The carrying amounts of the charity's financial instruments are as follows: | |
|---|---|
| Year Ended 4 Dec 2025 Total Funds £ Financial assets Measured at fair value through net income/(expenditure): Fixed asset investments 15,354,264 15,354,264 The income, expense, net gains and net losses attributable to the charity's financial instruments are summarised as follows: Year Ended 4 Dec 2025 Total Funds £ Income and expense Financial assets measured at fair value through net income/(expenditure) Investment income 324,845 Investment management fees (72,491) 252,354 Net gains and losses (including changes In fair value) Financial assets measured at fair value through net income/(expenditure) Net gains/(losses) on investments 916,648 916,648 |
Period Ended 4 Dec 2024 Total Funds £ 14,807,330 |
| 14,807,330 | |
| Period Ended 4 Dec 2024 Total Funds £ 256,975 (47,871) |
|
| 209,104 | |
| 739,052 | |
| 739,052 |
Fixed asset investments are held at fair value with valuations obtained by reference to market prices from the appropriate stock exchange, bid prices and last traded prices where applicable.
Page 16