Charity registration number 1135349 (England and Wales)
HUGH INSLEY-FOX CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2025
HUGH INSLEY-FOX CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr C W D Macey Mr J A Trafford Mr A W Simmons
Charity number (England and Wales) 1135349 Independent examiner Schofields Unit 1, St Stephens Court 15-17 St Stephens Road Bournemouth Dorset BH2 6LA
HUGH INSLEY-FOX CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 2 |
| Independent examiner's report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes to the financial statements | 6 - 12 |
HUGH INSLEY-FOX CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2025
The trustees present their annual report and financial statements for the year ended 5 April 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".
Objectives and activities
The main objectives of the Charitable Trust are to promote for public benefit within Poole, in Dorset and the surrounding area and include the following:
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1) The advancement of health
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2) The saving of lives
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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.
The aims for the year to 5 April 2025 were to meet the Charity's objectives through the making of grants and to continue to enhance the optimisation of the investment return.
Public benefit
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the trust should undertake. 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 £10,500 to four predominantly local charitable organisations, as set out in note 6 to the financial statements. The Charitable Trust objects will continue to be met by making grants to charitable organisations.
Achievements and performance
Significant activities and achievements against objectives
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 £51,300 (2024 - £42,700).
Financial review
Reserves policy
At 5 April 2025 the unrestricted and endowment reserves of the Trust stood at £3,210,405 (2024 - £3,206,773). These comprised an expendable endowment fund of £3,061,037 and an income fund, representing the free reserves of the Charity, of £149,368. 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.
Structure, governance and management
The Hugh Insley-Fox Charitable Trust is constituted by Deed of Trust dated 8 October 2009 and is a registered Charity, No.1135349.
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HUGH INSLEY-FOX CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
The trustees who served during the year and up to the date of signature of the financial statements were: Mr C W D Macey
Mr J A Trafford Mr A W Simmons
Recruitment and 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.
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.
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.
The trustees' report was approved by the Board of Trustees.
Mr C W D Macey
Trustee
19 September 2025
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HUGH INSLEY-FOX CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HUGH INSLEY-FOX CHARITABLE TRUST
I report to the trustees on my examination of the financial statements of Hugh Insley-Fox Charitable Trust (the trust) for the year ended 5 April 2025.
Responsibilities and basis of report
As the trustees of the trust you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the trust’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1 accounting records were not kept in respect of the trust as required by section 130 of the Charities Act 2011.
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2 the financial statements do not accord with those records; or
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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.
Mr G B W Hensby
Institute of Chartered Accountants in England and Wales
For and on behalf of Schofields Chartered Accountants Unit 1, St Stephens Court 15-17 St Stephens Road Bournemouth Dorset BH2 6LA 19 September 2025
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HUGH INSLEY-FOX CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2025
| Unrestricted Endowment funds funds 2025 2025 Notes £ £ Income from: Investments 3 51,702 - Total income 51,702 - Expenditure on: Raising funds Support and governance 4 2,475 - Property management costs 4 26,096 6,524 28,571 6,524 Charitable activities Grant making 5 12,975 - Total expenditure 41,546 6,524 Net gains/(losses) on investments 10 - - Net income/(expenditure) and movement in funds 10,156 (6,524) Reconciliation of funds: Fund balances at 6 April 2024 139,212 3,067,561 Fund balances at 5 April 2025 149,368 3,061,037 |
Total Unrestricted Endowment funds funds 2025 2024 2024 £ £ £ 51,702 43,097 - 51,702 43,097 - 2,475 2,394 - 32,620 23,422 5,600 35,095 25,816 5,600 12,975 26,394 - 48,070 52,210 5,600 - - (215,000) 3,632 (9,113) (220,600) 3,206,773 148,325 3,288,161 3,210,405 139,212 3,067,561 |
Total 2024 £ 43,097 43,097 2,394 29,022 31,416 26,394 57,810 (215,000) (229,713) 3,436,486 3,206,773 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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HUGH INSLEY-FOX CHARITABLE TRUST
BALANCE SHEET
AS AT 5 APRIL 2025
| Notes Fixed assets Investment property 11 Current assets Cash at bank and in hand Creditors: amounts falling due within one year Other creditors 12 Deferred income 13 Net current assets Total assets less current liabilities The funds of the trust Endowment funds 14 Unrestricted funds 15 |
2025 £ £ 3,200,000 24,510 13,780 325 14,105 10,405 3,210,405 3,061,037 149,368 3,210,405 |
2024 £ £ 3,200,000 35,466 26,118 2,575 28,693 6,773 3,206,773 3,067,561 139,212 3,206,773 |
2024 £ £ 3,200,000 35,466 26,118 2,575 28,693 6,773 3,206,773 3,067,561 139,212 3,206,773 |
|---|---|---|---|
| 3,206,773 | |||
| 3,067,561 139,212 |
|||
| 3,206,773 |
The financial statements were approved by the trustees on 19 September 2025
Mr C W D Macey Trustee
Mr J A Trafford Trustee
Mr A W Simmons Trustee
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HUGH INSLEY-FOX CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
1 Accounting policies
1.1 Accounting convention
The financial statements have been prepared in accordance with the trust's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The trust is a Public Benefit Entity as defined by FRS 102.
The trust has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
The financial statements are prepared in sterling, which is the functional currency of the trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Expendable endowment funds represent 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 objectives.
1.4 Income
Income is recognised when the trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
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.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
1.6 Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
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HUGH INSLEY-FOX CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
1 Accounting policies
(Continued)
1.7 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.
2 Critical accounting estimates and judgements
In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Income from investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds | |
| 2025 | 2024 | |
| £ | £ | |
| Rental income | 51,300 | 42,700 |
| Interest receivable | 402 | 397 |
| 51,702 | 43,097 |
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HUGH INSLEY-FOX CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
4 Expenditure on raising funds
| Unrestricted Endowment funds funds 2025 2025 £ £ Fundraising and publicity Governance 2,263 - Support costs 212 - 2,475 - Investment property management 26,096 6,524 Total costs 28,571 6,524 |
Total Unrestricted Endowment funds funds 2025 2024 2024 £ £ £ 2,263 2,199 - 212 195 - 2,475 2,394 - 32,620 23,422 5,600 35,095 25,816 5,600 |
Total 2024 £ 2,199 195 |
|---|---|---|
| 2,394 | ||
| 29,022 | ||
| 31,416 |
5 Expenditure on charitable activities
| Grant | Grant | ||
|---|---|---|---|
| making | making | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Direct costs | |||
| Grant funding of activities (see note 6) | 10,500 | 24,000 | |
| Share of support and governance costs (see note 7) | |||
| Support | 212 | 195 | |
| Governance | 2,263 | 2,199 | |
| 12,975 | 26,394 | ||
| Analysis by fund | |||
| Unrestricted funds | 12,975 | 26,394 | |
| 6 | Grants payable | ||
| Grant | Grant | ||
| making | making | ||
| 2025 | 2024 | ||
| £ | £ | ||
| Grants to institutions: | |||
| Poole Sea Cadets | 2,000 | 8,000 | |
| 3rd Poole Sea Scout Group | 2,500 | 8,000 | |
| Parkstone Sea Cadets | 3,000 | 8,000 | |
| Select World Travel Foundation | 3,000 | - | |
| 10,500 | 24,000 |
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HUGH INSLEY-FOX CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
7 Support costs allocated to activities
| Support costs Governance costs Analysed between: Fundraising Grant making 8 Net movement in funds The net movement in funds is stated after charging/(crediting): Fees payable for the independent examination of the charity's financial statements |
2025 £ 423 4,527 4,950 2,475 2,475 4,950 2025 £ 1,770 |
2024 £ 390 4,398 |
|---|---|---|
| 4,788 | ||
| 2,394 2,394 |
||
| 4,788 | ||
| 2024 £ 1,530 |
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.
10 Gains and losses on investments
| Endowment | Endowment | ||
|---|---|---|---|
| funds | funds | ||
| 2025 | 2024 | ||
| Gains/(losses) arising on: | £ | £ | |
| Revaluation of investment properties | - | (215,000) | |
| 11 | Investment property | ||
| 2025 | |||
| £ | |||
| Fair value | |||
| At 6 April 2024 and 5 April 2025 | 3,200,000 |
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the Trustees, following previous consultation with Savills. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties and rental yields.
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HUGH INSLEY-FOX CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
| 12 Other creditors falling due within one year Other creditors Accruals and deferred income 13 Deferred income Arising from Rents received in advance Deferred income is included in the financial statements as follows: Deferred income is included within: Current liabilities Movements in the year: Deferred income at 6 April 2024 Released from previous periods Resources deferred in the year Deferred income at 5 April 2025 |
2025 £ 10,500 3,280 13,780 2025 £ 325 |
2024 £ 24,588 1,530 26,118 2024 £ 2,575 2024 £ 2,575 325 (325) 2,575 2,575 |
|---|---|---|
| 2025 £ 325 2,575 (2,575) 325 325 |
14 Endowment funds
Expendable endowment funds represent assets that have been given to the charity to be held and invested to generate income for its purposes, but which may be spent as capital when the trustees consider it to be in the charity’s best interests.
| At 6 April | Resources | Gains and | At 5 April | |
|---|---|---|---|---|
| 2024 | expended | losses | 2025 | |
| £ | £ | £ | £ | |
| Expendable endowments | ||||
| Expendable endowment | 3,067,561 | (6,524) | - | 3,061,037 |
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HUGH INSLEY-FOX CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
| 14 | Endowment funds | (Continued) | |||
|---|---|---|---|---|---|
| Previous year: | At 6 April | Resources | Gains and | At 5 April | |
| 2023 | expended | losses | 2024 | ||
| £ | £ | £ | £ | ||
| Expendable endowments | |||||
| Expendable endowment | 3,288,161 | (5,600) | (215,000) | 3,067,561 |
15 Unrestricted funds
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
| General funds Previous year: General funds Analysis of net assets between funds At 5 April 2025: Investment properties Current assets/(liabilities) At 5 April 2024: Investment properties Current assets/(liabilities) |
At 6 April 2024 Incoming resources Resources expended £ £ £ 139,212 51,702 (41,546) At 6 April 2023 Incoming resources Resources expended £ £ £ 148,325 43,097 (52,210) Unrestricted Endowment funds funds 2025 2025 £ £ - 3,200,000 149,368 (138,963) 149,368 3,061,037 Unrestricted Endowment funds funds 2024 2024 £ £ - 3,200,000 139,212 (132,439) 139,212 3,067,561 |
At 5 April 2025 £ 149,368 At 5 April 2024 £ 139,212 Total 2025 £ 3,200,000 10,405 3,210,405 Total 2024 £ 3,200,000 6,773 3,206,773 |
|---|---|---|
16 Analysis of net assets between funds
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HUGH INSLEY-FOX CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025
17 Related party transactions
There were no disclosable related party transactions during the year (2024 - none).
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