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2022-04-05-accounts

REGISTERED CHARITY NUMBER: 1135349

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 FOR HUGH INSLEY-FOX CHARITABLE TRUST

Schofields Chartered Accountants 5[th] Floor

Waverley House

115-119 Holdenhurst Road Bournemouth Dorset BH8 8DY

HUGH INSLEY-FOX CHARITABLE TRUST

CONTENTS OF THE FINANCIAL STATEMENTS For The Year Ended 5 April 2022

Page
Reference and Administrative Details 1
Report of the Trustees 2 - 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 - 10
Detailed Statement of Financial Activities 11

HUGH INSLEY-FOX CHARITABLE TRUST

REFERENCE AND ADMINISTRATIVE DETAILS

Trustees C W D Macey J A Trafford A W Simmons Registered Charity Number 1135349 Principal Address Midland House 2 Poole Road Bournemouth BH2 5QY Independent Examiner Schofields Chartered Accountants 5[th] Floor Waverley House 115-119 Holdenhurst Road Bournemouth BH8 8DY

Page 1

HUGH INSLEY-FOX CHARITABLE TRUST

ANNUAL REPORT

For The Year Ended 5 April 2022

The Trustees present their report with the financial statements of the Charity for the year ended 5 April 2022. The Trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Hugh Insley-Fox Charitable Trust is constituted by Deed of Trust dated 8 October 2009 and is a registered Charity, No.1135349.

Management and structure

The Trustees during the year and at the date of this report were:

C W D Macey J A Trafford A W Simmons

The Trust is managed by the Trustees, who meet periodically to facilitate this.

Appointment of Trustees

The Trustees have power to appoint new Trustees, who are selected on the basis of their relevant skills. Trustees shall be appointed by a resolution of the Trustees. If for any reason Trustees cannot be appointed in this way, the statutory powers of appointing new or additional Trustees shall be exercisable.

Retirement and removal of Trustees

A Trustee may retire by notice to the Trustees only if, following such retirement, at least two individual Trustees or a Corporate Trustee will remain in office.

Conflicts of interest policy

The Trustees are committed to ensuring its decisions and decision making processes are, and are seen to be, free from personal bias and do not unfairly favour any individual connected to the Charity.

The Trustees may not acquire any interest in property forming part of the Trust Fund or the income of the Charity otherwise than as Trustees, or receive remuneration or other financial benefit from the Charity or any trading company controlled by the Trustees or be interested in any contract entered into by the Trustees at the expense of the Charity except in accordance with the Trust Deed or pursuant to any authority contained in the Charities Act.

Risk Management

The Trustees have made an assessment of the major risks to which the Trust is exposed and have taken action to mitigate such risks.

OBJECTIVES AND ACTIVITIES

Charity objects

The main objects of the Charitable Trust are to promote for public benefit within Poole, in Dorset and the surrounding area and include the following:

Public benefit

The Trustees have referred to the guidance contained within the Charity Commission’s general guidance on public benefit when reviewing our objectives. The Trustees seek to ensure the range of recipients of donations from the Trust ensures that we do meet our obligations in respect of the public benefit of our charitable activities.

Activities

During the year the Trust committed to grants totalling £28,414 to four predominately local charitable organisations as set out in note 4 to the financial statements. The Charitable Trust objects will continue to be met by making grants to charitable organisations.

Page 2

HUGH INSLEY-FOX CHARITABLE TRUST

ANNUAL REPORT

For The Year Ended 5 April 2022

ACHIEVMENTS AND PERFORMANCE

Achievements in the year

The aims for the year to 5 April 2022 were to meet the Charity’s objectives through the making of grants and to continue to enhance the optimisation of the investment return.

The recent refurbishment of one of the Trust’s investment properties has continued to optimise the investment return of the property portfolio through deriving rental income of £56,492 (2021: £51,593). This enabled the Trust to achieve their Charity objects.

Complaints policy

The Trustees view complaints as an opportunity to learn and improve for the future, as well as a chance to put things right for the person or organisation that has made the complaint. It is the Trustees’ policy to ensure all complaints are investigated fairly, in a timely way, and resolved wherever possible.

FINANCIAL REVIEW

Reserves policy

At 5 April 2022 the unrestricted and endowment reserves of the Trust stood at £3,406,814 (2021: £2,964,875). These comprised an expendable endowment fund of £3,293,008 and an income fund, representing the free reserves of the Charity, of £113,806. The Trustees consider the level of the Trust’s reserves to be sufficient to meet its charitable objectives. In doing so, they recognise that they must not make grants in excess of the funds available. The Trustees have absolute discretion when making grants and as such the reserves can be maintained at a level to safeguard the future of the Trust.

Investment policy

The Trustees have power to make investments as they see fit. The strategy for investments is one of low risk. The main investment is in residential property and although this means there is little diversification in investments held it is the Trustees’ opinion that the investment is appropriate.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

Trustees’ responsibilities

The Trustees are responsible for preparing the Trustees’ 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, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provision of the trust deed requires the Trustees 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, including the income and expenditure, of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are 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 applicable Charities (Accounts and Reports) Regulations, 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.

Approved by order of the board of Trustees on 6 December 2022 and signed on its behalf by:

C W D Macey Trustee

Page 3

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF

HUGH INSLEY-FOX CHARITABLE TRUST

Independent examiner’s report to the trustees of Hugh Insley-Fox Charitable Trust

I report to the charity trustees on my examination of the accounts of the Hugh Insley-Fox Charitable Trust (the Trust) for the year ended 5 April 2022.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Trust’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

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 cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of 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 accounts to be reached.

Mr P J Schofield ICAEW Schofields Chartered Accountants 5[th] Floor Waverley House 115-119 Holdenhurst Road Bournemouth Dorset BH8 8DY

6 December 2022

Page 4

HUGH INSLEY-FOX CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

For The Year Ended 5 April 2022

Unrestricted
Endowment
funds
funds
Notes
£
£
INCOME AND ENDOWMENTS
Investment income
2
56,492
-
EXPENDITURE
Raising funds
Property management costs
3
22,253
5,560
Charitable activities
Grant making
4
28,414
-
Other expenditure
5 3,326
-
Total
53,993
5,560
Other recognised gains/losses
Gain on revaluation of investment property
-
445,000
NET INCOME
2,499
439,440
RECONCILIATION OF FUNDS
Total funds brought forward
111,307
2,853,568
TOTAL FUNDS CARRIED FORWARD
113,806
3,293,008		 2022
Total
funds
£
56,492
27,813
28,414
3,326
59,553
445,000
441,939
2,964,875
3,406,814		 2021
Total
funds
£
51,593
21,808
-
3,189
24,997
268,601
295,197
2,669,678
2,964,875

The notes on pages 7 to 10 form part of these financial statements.

All incoming resources and resources expended arise from continuing activities. All gains and losses recognised in the year are included in the statement of financial activities.

The notes form part of these financial statements

Page 5

HUGH INSLEY-FOX CHARITABLE TRUST

BALANCE SHEET

At 5 April 2022

Notes
FIXED ASSETS
Investment property
8
CURRENT ASSETS
Debtors
9
Cash at bank
CURRENT LIABILITIES
Amounts falling due within one year 10
NET CURRENT LIABILITIES
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
11
Unrestricted funds
Endowment funds
TOTAL FUNDS		 2022 Total Funds
£
£
3,415,000
-
2,793
2,793

(10,979)
(8,186)
3,406,814
3,406,814
113,806
3,293,008
3,406,814		 2021 Total Funds
£
£
2,970,000
4,057
5,789
9,846
(14,971)
(5,125)
2,964,875
2,964,875
111,307
2,853,568
2,964,875

The financial statements were approved by the Board of Trustees on 6 December 2022 and were signed on its behalf by:

C W D Macey J A Trafford A W Simmons Trustee Trustee Trustee

The notes form part of these financial statements

Page 6

HUGH INSLEY-FOX CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS For The Year Ended 5 April 2022

1. ACCOUNTING POLICIES

Basis of accounting

The financial statements of the Charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities Act 2011.

Accounting convention

The financial statements have been prepared under the historical cost convention except that investment properties are included at market value.

Incoming resources

All incoming resources are included on the Statement of Financial Activities when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Income is deferred only when the Trust has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.

Resources expended

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Investment property

Investment property is shown at most recent market valuation. Realised and unrealised gains and losses are included in the Statement of Financial Activities.

Taxation

The Charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees.

Expendable endowment represents the original capital invested in line with the terms of the Trust Deed to provide a base to generate future income. Under the terms of the deed future income can be accumulated as capital for 21 years. However, the Trustees also have the power to apply the capital as income in order to further the Trust’s charitable objects.

2. INVESTMENT INCOME

Rents receivable
Bad debts recovered		 2022
£
56,492
-
56,492		 2021
£
47,724
3,869
51,593

Page 7

HUGH INSLEY-FOX CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED For The Year Ended 5 April 2022

3. PROPERTY MANAGEMENT COSTS

Property repairs and maintenance
Property repairs and maintenance – net exterior maintenance costs
Buildings insurance
Rates and utilities
Legal and professional fees
Agency fees: Commission
Agency fees: Handovers
Agency fees: Tenant set-up
Agency fees: Tenant find
Agency fees: Inventories
Agency fees: Deposit registrations
Agency fees: Inspections
Agency fees: Service of notice
Agency fees: Contract renewals
4.
GRANT MAKING: GRANTS PAYABLE
Parkstone Sea Cadets
Poole Sea Cadets
Tall Ships Youth Trust
3rd Poole Sea Scout Group
5.
OTHER EXPENDITURE
Independent examination
Office costs
Insurance
Bank charges		 2022
£
7,336
10,599
2,177
-
-
6,836
450
-
-
125
-
85
30
175
27,813
2022
£
6,114
7,000
7,500
7,800
28,414
2022
£
1,410
-
1,536
380
3,326		 2021
£
9,097
-
1,691
237
2,802
3,489
600
1,050
1,917
655
75
195
-
-
21,808
2021
£
-
-
-
-
-
2021
£
1,420
135
1,215
419
3,189

6. TRUSTEES' REMUNERATION AND BENEFITS

There were no Trustees' remuneration or other benefits for the year ended 5 April 2022 nor for the year ended 5 April 2021.

Trustees' Expenses

There were no Trustees' expenses paid for the year ended 5 April 2022 nor for the year ended 5 April 2021.

7. STAFF COSTS

There were no staff employed during the year ended 5 April 2022 nor for the year ended 5 April 2021.

Page 8

HUGH INSLEY-FOX CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED For The Year Ended 5 April 2022

8. INVESTMENT PROPERTY

FAIR VALUE
At 6 April 2021
Revaluation
At 5 April 2022
NET BOOK VALUE
At 5 April 2022
At 5 April 2021		 £
2,970,000
445,000
3,415,000
3,415,000
2,970,000

The investment properties were valued on a fair value basis by the Trustees in consultation with Savills.

9. DEBTORS

Rents receivable
10.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Grants payable
Deferred income
Accrued expenses		 2022
£
-
-
2022
£
7,800
1,775
1,404
10,979		 2021
£
4,057
4,057
2021
£
11,500
2,325
1,146
14,971

Deferred income represents rent received in advance.

11. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Endowment funds
Expendable Endowment
TOTAL FUNDS		 At 6/4/21
Net movement
in funds
£
£
111,307
2,499
2,853,568
439,440
2,964,875
441,939		 At 5/4/22
£
113,806
3,293,008
3,406,814

Page 9

HUGH INSLEY-FOX CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED For The Year Ended 5 April 2022

11. MOVEMENT IN FUNDS – continued

Net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement in
resources expended losses funds
£ £ £ £
Unrestricted funds
General fund 56,492 (53,993) - 2,499
Endowment funds
Expendable Endowment - (5,560) 445,000 439,440
TOTAL FUNDS 56,492 (59,553) 445,000 441,939

12. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Investment property
Current assets
Current liabilities
TOTAL FUNDS		 Unrestricted Expendable
Income
funds
Endowment
funds
£
£
-
3,415,000
124,785
(121,992)
(10,979)
-
113,806
3,293,008		 Total
2022
£
3,415,000
2,793
(10,979)
3,406,814

13. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 5 April 2022 nor for the year ended 5 April 2021.

This page does not form part of the statutory financial statements

Page 10

HUGH INSLEY-FOX CHARITABLE TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 5 April 2022

2022
£
INCOME AND ENDOWMENTS
Rents received
56,492
Bad debts recovered
-
Total incoming resources
EXPENDITURE
Property management costs
Property repairs and maintenance
7,336
Property repairs and maintenance – net exterior maintenance costs 10,599
Buildings insurance
2,177
Rates and utilities
-
Legal and professional fees
-
Agency fees: Commission
6,836
Agency fees: Handovers
450
Agency fees: Tenant set-up
-
Agency fees: Tenant find
-
Agency fees: Inventories
125
Agency fees: Deposit registrations
-
Agency fees: Inspections
85
Agency fees: Service of notice
30
Agency fees: Contract renewals
175
Charitable activities
Grants to institutions
Other costs
Independent Examination
1,410
Office costs
-
Insurance
1,536
Bank charges
380
Total resources expended
Other recognised gains and losses
Gain on revaluation of investment property
Net income		 £
27,813
3,326
59,553
445,000
441,939
56,492
56,492
28,414		 2021
£
47,724
3,869
9,097
-
1,691
237
2,802
3,489
600
1,050
1,917
655
75
195
-
-
1,420
135
1,215
419		 £
51,593
21,808
3,189
51,593
-
24,997
268,601
295,197

This page does not form part of the statutory financial statements

Page 11