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← The Doris Louise Hailes Charitable Trust

2024-04-05-accounts

THE DORIS LOUISE HAILES CHARITABLE TRUST

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

Charity Number 1134434

THE DORIS LOUISE HAILES CHARITABLE TRUST

CONTENTS PAGE

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

THE DORIS LOUISE HAILES CHARITABLE TRUST

REFERENCE AND ADMINISTRATION DETAILS

Corporate Trustee

HSBC Trust Company (UK) Limited

Current Directors of Corporate Trustee

Current Directors of Corporate Trustee J Hewitson J F Goldie-Scot P M Spencer E L Chee Trust Manager C Martin Principal Office Forum 1 The Forum Parkway Whiteley Fareham Hampshire PO15 7PA Independent Examiner Frances 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 DORIS LOUISE HAILES CHARITABLE TRUST

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 5 APRIL 2024

The Trustee presents 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 accounts 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 Doris Louise Hailes Charitable Trust is an unincorporated trust and is constituted under the terms of the trust deed will dated 5 August 2009. The trust is a registered charity (no.1134434).

The Corporate 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 portfolios.

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

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 mitigate these risks. The main risk in the year was considered to be the variability of investment returns.

Objectives and activities

The objectives of the charity are to pay or to apply the income of the trust for each charitable objective or purpose as the Trustee thinks fit, in accordance with the terms of the governing document.

The charity awards grants to charitable institutions. The Trustee reviews applications for grants when received and award grants at their discretion.

Achievements and performance

During the year 12 grants totalling £28,537 (2023: 12 grants totalling £20,708) were awarded to a variety of charitable institutions under the terms of the governing document. During the year no grants were returned. No grants were awarded to individuals in either year. The beneficiaries are disclosed in Appendix 1 of the financial statements.

Financial review

The funds generated investment income of £36,527 (2023: £26,787) in the year to fund its charitable activities. The expenditure on charitable activities was £36,138 (2023: £28,345) of which £28,537 (2023: £20,708) was charitable expenditure in the form of grants to charitable institutions.

THE DORIS LOUISE HAILES CHARITABLE TRUST

REPORT OF THE TRUSTEE cont. FOR THE YEAR ENDED 5 APRIL 2024

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 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 objectives 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.

Public benefit

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

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 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 trust 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 DORIS LOUISE HAILES CHARITABLE TRUST

REPORT OF THE TRUSTEE cont. FOR THE YEAR ENDED 5 APRIL 2024

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

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 it’s financial position at the end of the year. In preparing those financial statements, giving a true and fair view, the Trustee should follow best practice and:

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity. This enables them to ascertain the financial position of the charity. Which 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 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.

Approved by the Trustee and signed on its behalf:

………………………………….. ZZ. . (Uol HSBC Trust Company (UK) Limited

19 December 2024 Date: …………………………………..

THE DORIS LOUISE HAILES CHARITABLE TRUST

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEE OF THE DORIS LOUISE HAILES CHARITABLE TRUST

I report to the Trustee on my examination of the financial statements of Doris Louise Hailes 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 Trustee 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:

  1. accounting records were not kept in respect of the 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 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

On behalf of RSM UK Tax and Accounting Limited Chartered Accountants Highfield Court Tollgate Chandlers Ford Eastleigh Hampshire SO53 3TY

06-Jan-2025 Date:………………………………..

THE DORIS LOUISE HAILES CHARITABLE TRUST

RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024

Receipts
Investment income
Investment sale proceeds
Proceeds from the sale of investments
Total receipts
Payments
Cost of generating funds
Investment service charge
Charitable activities
Grants paid
Other allocated costs
Governance costs
Independent examiner's fee
Investment purchases
Payments for purchases of investments
Total payments
Net (payments)/reciepts
Transfers between funds
Cash invested at 6 April 2023
Cash invested at 5 April 2024		 £
36,527
36,527
-
36,527
-
28,537
7,601
2,712
38,850
-
38,850
(2,323)
1,890
6,919
6,486
Unrestricted
funds		 £
-
-
543,373
543,373
11,171
-
-
-
11,171
537,427
548,598
(5,225)
(1,890)
19,661
12,546
Endowment
funds		 Total
Total
2024
2023
£
£
36,527
26,787
36,527
26,787
543,373
487,059
579,900
513,846
11,171
11,582
28,537
20,708
7,601
7,637
2,712
2,880
50,021
42,807
537,427
465,527
587,448
508,334
(7,548)
5,512
-
-
26,580
21,068
19,032
26,580

These unaudited financial statements have been subject to independent examination. See fffffreport on page 5.

THE DORIS LOUISE HAILES CHARITABLE TRUST

STATEMENT OF ASSETS AND LIABILITIES AS AT 5 APRIL 2024

Unrestricted Endowment Total Total
funds funds 2024 2023
£ £ £ £
Investments
UK Fixed Interest Securities - 20,475 20,475 18,345
Overseas Fixed Interest Securities - 1,057,426 1,057,426 923,370
Overseas Equities - 92,645 92,645 147,808
Alternative Investments - 161,224 161,224 137,504
Cash 6,486 12,546 19,032 26,579
Total assets 6,486 1,344,316 1,350,802 1,253,606
Liabilities
Professional fees payable 3,520 - 3,520 3,352

Approved by the Trustee and authorised for issue on…………………………………. and signed on its 19 December 2024 behalf:

ZZ. (Uel

…………………………………………

HSBC Trust Company (UK) Limited

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

THE DORIS LOUISE HAILES CHARITABLE TRUST APPENDIX 1 BREAKDOWN OF CHARITABLE GRANTS

Institutions
Number of
Amount
grants
£
Arthiritis UK
2
4,756
British Heart Foundation
2
4,756
People's Dispensary for Sick Animals
2
4,756
RAF Benevolent Fund
2
4,756
Royal National Institute of Blind People
2
4,756
Royal Society for the Protection of Birds
2
4,757		 Institutions
Number of
Amount
grants
£
Arthiritis UK
2
4,756
British Heart Foundation
2
4,756
People's Dispensary for Sick Animals
2
4,756
RAF Benevolent Fund
2
4,756
Royal National Institute of Blind People
2
4,756
Royal Society for the Protection of Birds
2
4,757
12
28,537

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