THE JONATHAN BILLING CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Charity Number 1130122
THE JONATHAN BILLING CHARITABLE TRUST CONTENTS PAGE Pages Reference and Administration Details Report of the Trustees Independent Examiner's Report Receipts and Payments Accounl Statement of Assets and Liabilities Appendix 1
THE JONATHAN BILLING CHARITABLE TRUST REFERENCE AND ADMINISTRATION DETAILS Trustees L M Pounder J R BcheY Corporate Trustee HSBC Trust Company (UK) Limtted Current Directors of Corporate Trustse J F Goldie-scot J Hewitson P M Spencer Trust Manager C Martin Principal Office Forurn 1 The Forum Parknvay WhIteY Fareham Hampshire P015 7PA Independent Examlner Frances Millar ACA RSM UK Tax and Accounting Limited Highfield Court Tollgate Chandlers Ford EastleKJh Hampshire S053 3 Bankers HSBC Bank pfc Forum 1 The Fcrum Parl(way 4hiteley Fareharn Hampshire P015 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 S APRIL 2024 The Trustees present their report together with the financial statements of the charity for the year ended 5 April 2024, 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 Manager. 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 designaLed trust manager to look after the charity. The Investment Manager reviews the perfonan and provides recomrnendations on the structure of the investment portfolios. 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 variability of investment retums. Objectives and activities The objectives of the charity are to pay or apply the income of the trust fvnd 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 perfonned through the awarding of grants. in accordance with the temis 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 perfomiance During the year, there was 1 grant totalling £43,981 (2023: 1 grant totalling £39,433) were awarded to charitable institutions, in accordance with the temis of the goveming document. No grants were awarded to individuals in either year. The beneficiaries are disclosed in Appendix 1 of the financial statements. Financial review The charrty reiVed funds under the temis of the trust deed. These funds generate investment income, which is used for grant making in accordance with the objectives set out above. The fund generated income of £56,812 (2023: £41,718) in the year. The expenditure on charitable activities was £55,749 (2023: £51,226), of which £43,981 (2023: £39,433) was charitable expenditure in the form of grants to charitable institutions.
THE JONATHAN BILLING CHARITABLETRUST REPORT OF THE TRUSTEES conL FOR THE YEAR ENDED 5 APRIL 2024 Investment policy In accordance with the goveming document, the Trustees have the power to invest in such stod(s, shares, investments and property as they see fit. The Trustees engaged HSBC UK Bank plc as Investmen.t Manager. The policy is to adopt a low to medium risk investmenl strategy to protect, in absolute tenns, 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 rea5 terms. Reserves policy The unrestricted funds, which are the free reserves ofthe 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 accordan with the objectives of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments fo part of the fund. The Trustees have the power to convert this fund into income. Public benefft We have referred to the guidance contained in the Chanty Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. Sn particular, the Trustees consider how planned activities will contribute to the airns and objectives they have set. Plans lor the future The Trustees intend to continue providing grants in accordance with the terms of the goveming document, whilst retaining f exibility 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 accordan with UK standard accounting practice.
THE JONATHAN BILLING CHARITABLE TRUST REPORT OF THE TRUSTEES cont. FOR THE YEAR ENDED 5APRIL 2024 Statement of Trustees. 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; slate whether applicable accounting standards and statements of recommended yactice have been followed, subject to any departures disclosed and explained in the financial statements, and prepare the financial statements on the going concem 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. This enables tIEm to aSrtain the financial position of the charity and enables 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 charFty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees and signed on its behaf: M PaJ-. HSBC Trust Company (UK) Limited L M Pounder Date Date JRBeec 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 2024, which are set out on pages 6 to 7. Responsibilities and basis of report As the Trustees of the chanty you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2D11 ('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 audÈtor 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, l 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 Examinerfs ststement I have completed my examination. I confimi 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 Ihe charity as required by section 130 of the 2011 Act., or 2. the financial statements do not accord with those records., or 3. the financial statements do not comply with the applicable requirements conceming 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 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 ACA The Institute of Chartered Accountants in England and Wales Chartered Accountant On behalf of RSM UK Tax and Accounting Limited Chartered Accountants Highfield Court Tollgate Chandlers Ford Eastleigh Hampshire S053 3TY Date.. 14-Jan-2025
THE JONATHAN BILLING CHARITABLE TRUST RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED S APRIL 2024 Unrestricted funds Endolfftnt funds Total 2024 Total 2023 Receipts Investment income 56.812 56,812 41,718 56,812 56,812 41,718 Investment sale proceeds Proceeds from the sales of investments 840,095 840,095 755.310 Total receipts 56,812 840,095 896,907 797,028 Paynnts Cost of generating funds hvestmenl service charge 17,054 17,054 17,610 Charitsble activities Grants paid Other allocated costs 43,981 11,768 43,981 11.768 39,433 11,793 Governance costs kndependent Examinerfs fee 2,712 2,712 2,460 58,461 17,054 75,515 71,296 Investnnt purchases Payments for purchases of investments 831,463 831,463 718,742 Total payTrnts 58,461 848,517 906,978 790,038 Net {payments)Ireceipts {1,649) (8,422) (10.071) Transfers between funds 1,450 (1,450) Cash invested at 6 4DriI 2023 32,383 32,667 25,677 Cash invested at 5 April 2024 85 22,511 22,596 32,667 These unaudited financial statements have been subject to independent examination. See report on page 5.
THE JONATHAN BILLING CHARITABLE TRUST STATEMENT OF ASSETS AND LIABILITIES AS AT 5 APRIL 2024 Unrestricted funds Endovfftnt funds Total 2024 Total 2023 Inve3tn*rrts UK Fixed Interest Securities Overseas Fixed Intet SeCurits Overseas Equrties ternative Investment Cash 31,667 1,636,309 143,357 249.584 22,511 31,667 1,636,309 143,357 249,584 21596 28,433 1,428,468 228.573 212,745 32,667 Totsl assets 2.083,429 2.083,514 1,930,886 Liabilities Professional fees payab 4,917 4,917 4,683 Approved by the Trustees and authorised for issue on.- and signed on their behalf.. HSBC Trust Company (UK) Limited L M Pounder JRBeec ey These unaudited financial statements have been subject to independent examination. See report on page 5.
THE JONATHAN BILLING CHARITABLE TRUST APPENDIX 1 . BREAKDOWN OF CHARITABLE GRANTS Institution Number of grants AnUnt National Federation of Young Farmers, Clubs 43,981 43,981 These unaudited financial statements have been subject to independent examination. See report on page 5.