2024-04-05-accounts - Hugh Insley-Fox Charitable Trust

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REGISTERED CHARITY NUMBER: 1135349

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 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 2024

	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 - 9

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 5[th] Floor Waverley House 115-119 Holdenhurst Road Bournemouth BH8 8DY 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 2024

The Trustees present their report with the financial statements of the Charity for the year ended 5 April 2024. 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:

1) The advancement of health
2) The saving of lives
3) The relief of those in need by reason of ill health, disability or other disadvantage and:
4) Such other purposes being charitable in law as the Trustees see fit, in particular (but not limited to these) assistance to charitable hospices, to charities for the relief of cancer sufferers and to the Royal National Lifeboat Institution and related activities.

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 £24,000 to three predominately local charitable organisations, as set out in note 3 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 2024

ACHIEVMENTS AND PERFORMANCE

Achievements in the year

The aims for the year to 5 April 2024 were to meet the Charity’s objectives through the making of grants and to continue to enhance the optimisation of the investment return.

The continued refurbishment and upkeep of the Trust’s investment properties has continued to optimise the investment return of the property portfolio through deriving rental income of £42,700 (2023: £57,920).

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 2024 the unrestricted and endowment reserves of the Trust stood at £3,206,773 (2023: £3,436,486). These comprised an expendable endowment fund of £3,067,561 and an income fund, representing the free reserves of the Charity, of £139,212. 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 provisions 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:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgements and estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

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 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 30 July 2024 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 2024.

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:

accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
the accounts do not accord with those records; or
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

4 September 2024

Page 4

HUGH INSLEY-FOX CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

For The Year Ended 5 April 2024

Unrestricted Endowment funds funds Notes £ £ INCOME AND ENDOWMENTS Investment income 2 43,097 - EXPENDITURE Raising funds Property management costs 23,422 5,600 Charitable activities Grant making 3 24,000 - Other expenditure 4,788 - Total 52,210 5,600 Other recognised gains and losses Gain on revaluation of investment property - (215,000) NET (EXPENDITURE)/INCOME (9,113) (220,600) RECONCILIATION OF FUNDS Total funds brought forward 148,325 3,288,161 TOTAL FUNDS CARRIED FORWARD 139,212 3,067,561	2024 Total funds £ 43,097 29,022 24,000 4,788 57,810 (215,000) (229,713) 3,436,486 3,206,773	2023 Total funds £ 57,989 24,234 - 4,083 28,317 - 29,672 3,406,814 3,436,486

The notes on pages 7 to 9 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 2024

Notes FIXED ASSETS Investment property 6 CURRENT ASSETS Debtors 7 Cash at bank CURRENT LIABILITIES Amounts falling due within one year 8 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 9 Unrestricted funds Endowment funds TOTAL FUNDS	2024 Total Funds £ £ 3,200,000 - 35,466 35,466 (28,693) 6,773 3,206,773 3,206,773 139,212 3,067,561 3,206,773	2023 Total Funds £ £ 3,415,000 750 22,699 23,449 (1,963) 21,486 3,436,486 3,436,486 148,325 3,288,161 3,436,486	2023 Total Funds £ £ 3,415,000 750 22,699 23,449 (1,963) 21,486 3,436,486 3,436,486 148,325 3,288,161 3,436,486	2023 Total Funds £ £ 3,415,000 750 22,699 23,449 (1,963) 21,486 3,436,486 3,436,486 148,325 3,288,161 3,436,486
				3,436,486
				3,436,486
				148,325 3,288,161
				3,436,486

The financial statements were approved by the Board of Trustees on 30 July 2024 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 2024

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

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. 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 Bank interest receivable GRANT MAKING: GRANTS PAYABLE Poole Sea Cadets 3rd Poole Sea Scout Group Parkstone Sea Cadets	2024 £ 42,700 397 43,097 2024 £ 8,000 8,000 8,000 24,000	2023 £ 57,920 69 57,989 2023 £ - - - -

3. GRANT MAKING: GRANTS PAYABLE

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HUGH INSLEY-FOX CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED For The Year Ended 5 April 2024

4. TRUSTEES' REMUNERATION AND BENEFITS

There were no Trustees' remuneration or other benefits for the year ended 5 April 2024 nor for the year ended 5 April 2023.

Trustees' Expenses

There were no Trustees' expenses paid for the year ended 5 April 2024 nor for the year ended 5 April 2023.

5. STAFF COSTS

There were no staff employed during the year ended 5 April 2024 nor for the year ended 5 April 2023.

6. INVESTMENT PROPERTY

FAIR VALUE At 6 April 2023 Revaluation At 5 April 2024 NET BOOK VALUE At 5 April 2024 At 5 April 2023	£ 3,415,000 (215,000) 3,200,000 3,200,000 3,415,000

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

7. DEBTORS

Rents receivable CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Grants payable Trade creditors Deferred income Accrued expenses	2024 £ - - 2024 £ 24,000 588 2,575 1,530 28,693	2023 £ 750
		750
		2023 £ - - 325 1,638
		1,963

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Deferred income represents rent received in advance.

Page 8

HUGH INSLEY-FOX CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED For The Year Ended 5 April 2024

9. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Endowment funds
Expendable Endowment
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
43,097
Endowment funds
Expendable Endowment
-
TOTAL FUNDS
43,097
10.
ANALYSIS OF NET ASSETS BETWEEN FUNDS
Investment property
Current assets
Current liabilities
TOTAL FUNDS

At 6/4/23
Net movement
in funds
At 5/4/24
£
£
£
148,325
(9,113)
139,212
3,288,161
(220,600)
3,067,561
3,436,486
(229,713)
3,206,773
Resources
expended
Gains and
losses
Movement in
funds
£
£
£
(52,210)
-
(9,113)
(5,600)
(215,000)
(220,600)
(57,810)
(215,000)
(229,713)
Unrestricted Expendable
Income
funds
Endowment
funds
Total
2024
£
£
£
-
3,200,000
3,200,000
167,905
(132,439)
35,466
(28,693)
-
(28,693)
139,212
3,067,561
3,206,773

11. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 5 April 2024 nor for the year ended 5 April 2023.

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