2023-04-05-accounts - The Jonathan Billing Charitable Trust

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THE JONATHAN BILLING CHARITABLE TRUST

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

Charity Number 1130122

THE JONATHAN BILLING CHARITABLE TRUST

CONTENTS PAGE

	Pages
Reference and Administration Details	1
Report of the Trustees	2-4
Independent Examiner’s Report	5
Receipts and Payments Account	6
Statement of Assets and Liabilities	7
Appendix 1	8

THE JONATHAN BILLING CHARITABLE TRUST

REFERENCE AND ADMINISTRATION DETAILS

Trustees	L M Pounder
	J R Beechey
Corporate Trustee	HSBC Trust Company (UK) Limited
Current Directors of Corporate Trustee	J Coyle
	J Hewitson
	P M Spencer
Trust Manager	C Martin
Principal Office	Forum1
	The Forum Parkway
	Whiteley
	Fareham
	Hampshire
	PO15 7PA
Independent Examiner	F Millar ACA
	RSM UK Tax and Accounting Limited
	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

THE JONATHAN BILLING CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2023

The Trustees present their report together with the financial statements of the charity for the year ended 5 April 2023, which have been prepared on a receipts and payments basis. The financial statements have been prepared in accordance with the charity’s constitution and applicable law.

The purchase and sale of investments results from the day to day management of the investment portfolio by the investment managers. In accordance with the Charities Act, the financial statements have been prepared on the receipts and payments basis given that the definition of gross income excludes the receipt of any endowment, loans and proceeds from the sale of investments or fixed assets.

Structure, government and management

The Jonathan Billing Charitable Trust is an unincorporated trust and is constituted under the terms of the Trust Deed dated 22 May 2003 of the late Mr Jonathan Billing. The trust is a registered charity (no 1130122).

The Corporate Trustee has appointed a designated trust manager to look after the charity.

The power to appoint additional Trustees is vested in the current Trustees, and is exercisable in writing. Should new Trustees be appointed, the existing Trustees would take responsibility for their induction.

The Trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to mitigate these risks. The main risk in the year is considered to be the volatility of investment returns.

Objectives and activities

The objectives of the charity are to pay or apply the income of the trust fund to or for such charities as defined in the Will. Charitable payments may also be made out of the capital fund at the discretion of the Trustees.

This is performed through the awarding of grants, in accordance with the terms of the governing document. The Trustees consider grant making an effective method of delivering these objectives. Grants are awarded at the discretion of the Trustees.

Achievements and performance

During the year there was 1 grant totalling £39,433 (2022: 1 grant totalling £60,000) awarded to charitable institutions, in accordance with the terms of the governing document. No grants were awarded to individuals in either year.

Financial review

The charity received funds under the terms of the trust deed. The fund generate income, which is used for grant making in accordance with the objectives set out above. The fund generated income of £41,718 (2022: £30,354) in the year. The expenditure on charitable activities was £51,226 (2022: £72,431), of which £39,433 (2022: £60,000) was charitable expenditure in the form of grants to charitable institutions.

THE JONATHAN BILLING CHARITABLE TRUST REPORT OF THE TRUSTEES cont. FOR THE YEAR ENDED 5 APRIL 2023

Investment policy

In accordance with the governing document, the Trustees have the power to invest in such stocks, shares, investments and property as is seen fit. The Trustees engaged HSBC UK Bank plc as Investment Manager. 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 and are 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 Trustees have the power to convert this fund into income.

Public benefit

We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aim and objectives and in planning our future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.

Plans for the future

The Trustees intend to provide grants in accordance with the terms of the governing document, whilst retaining flexibility as to the timing and scale of grant making.

Related parties

The Corporate Trustee and the Investment Manager are both wholly owned subsidiaries of HSBC Holdings plc.

In addition to the fees shown on page 6, 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.

THE JONATHAN BILLING CHARITABLE TRUST REPORT OF THE TRUSTEES cont. FOR THE YEAR ENDED 5 APRIL 2023

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

The law applicable to charities in England and Wales requires the Trustees 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 Trustees should follow best practice and:

select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are 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 Trustees are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the Trustee and signed on its behalf:

……………………………………….. ……………………………………….. HSBC Trust Company (UK) Limited L M Pounder ……………………………………….. 04 January 2024 ……………………………………….. Date Date

……………………………………….. J R Beechey

……………………………………….. Date

THE JONATHAN BILLING CHARITABLE TRUST

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE JONATHAN BILLING CHARITABLE TRUST

I report to the Trustees on my examination of the financial statements of The Jonathan Billing Charitable Trust for the year ended 5 April 2023, which are set out on pages 6 to 7.

Responsibilities and basis of report

As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the 2011 Act’).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable directions given by the Charity Commission under section 145 (5)(b) of the 2011 Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the financial statements present a ‘true and fair view’ and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent Examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect:

accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Frances Millar

Frances Millar ACA The Institute of Chartered Accountants in England and Wales Chartered Accountant

For and on behalf of RSM UK Tax and Accounting Limited Chartered Accountants Highfield Court Tollgate Chandlers Ford Eastleigh Hampshire SO53 3TY 11-Jan-2024 Date: ……………………………..

THE JONATHAN BILLING CHARITABLE TRUST

RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 5 APRIL 2023

Unrestricted Endowment Total Total funds funds 2023 2022 £ £ £ £ Receipts	Unrestricted Endowment Total Total funds funds 2023 2022 £ £ £ £ Receipts
Investment income	41,718 - 41,718 30,354
Investment sale proceeds	41,718 - 41,718 30,354
Proceeds from the sale of investments	- 755,310 755,310 1,142,976
Total receipts Payments Cost of generating funds	41,718 755,310 797,028 1,173,330
Investment management costs	- 17,610 17,610 17,671
Charitable activities Grants paid	39,433 - 39,433 60,000
Other allocated costs	11,793 - 11,793 12,431
Governance costs
Independent examiner's fee	2,460 - 2,460 4,356
Investment purchases	53,686 17,610 71,296 94,458
Payments for purchases of investments	- 718,742 718,742 1,121,977
Total payments Net receipts / (payments) Transfers between funds Cash invested at 5 April 2022 Cash invested at 5 April 2023	53,686 736,352 790,038 1,216,435 (11,968) 18,958 6,990 (43,105) 7,939 (7,939) - - 4,313 21,364 25,677 68,782 284 32,383 32,667 25,677

These unaudited financial statements have been subjected to independent examination. See report on page 5.

THE JONATHAN BILLING CHARITABLE TRUST

STATEMENT OF ASSETS AND LIABILITIES AS AT 5 APRIL 2023

Investments	Unrestricted funds £	Endowment funds £	Total 2023 Total 2022 £ £
UK Fixed Interest Securities	-	28,433	28,433 -
UK Equities Overseas Fixed Interest Securities Overseas Equities Alternative Investment Other Trust Assets Cash Total assets Liabilities	- - - - - 284 284	- 1,428,468 228,573 212,745 - 32,383 1,930,602	- 28,873 1,428,468 1,514,585 228,573 525,265 212,745 - - 1 32,667 25,677 1,930,886 2,094,401
Professional fees payable	4,683	-	4,683 4,460

Approved by the trustees and authorised for issue on .................................. 04 January 2024 and signed on their behalf:

……………………………………….. ……………………………………….. HSBC Trust Company (UK) Limited L M Pounder

………………………………………..

J R Beechey

These unaudited financial statements have been subjected to independent examination. See report on page 5.

THE JONATHAN BILLING CHARITABLE TRUST

APPENDIX 1 BREAKDOWN OF CHARITABLE GRANTS

Institution	Number of	Amount
	grants	£
Narional Federation of Young Farmers' Clubs	1	39,433
		-
	1	39,433