Charity Registration Number: 1136841 William Kenneth Hutchings Charitable Trust Unaudited Financial Statements 30 June 2024 William Kenneth Hutchings Charitable Trust Financial Statements Year ended 30 June 2024 Page Trustees. annual report Independent examiner's report to the trustees Statement of financial activities Statement of financial position Notes lo the financial statements William Kenneth Hutchings Charitable Trust Trustees, Annual Report Year ended 30 June 2024 The trustees presenl their report and the unaudited financial slalemenls of the charity for the year ended 30 June 2024. Reference and administrative details Registered Charity name Vvilliam Kenneth Hutchings Charitable Trust Charity reglstration number 1136841 Principal offlce 5 Heron Gate Office Park Hankridge Way Taunton Somersel TA12LR The trustees J Hawkins CP Marshall G Marshall Independent examiner Mr Nicholas Smy ACA Weslcotts ISW) LLP Queens House Honilon Devon EX14 1BJ Structure¥ governance and management The organisation operates as a charitable trust. It is governed by the Trust Deed dated 1 July 2009. Appointment of trustees The power of appoinling new trustees is vested in the continuing trustees of the charity. Publlc benefit The trustees have kept in mind the Charity Commission guidance on public benefit Objectlves and activities To assist in the education, treatment and care in Exeter and East Devon of children who suffer from blindness or are partially sighted or who are deaf or hard of hearing. by the provision of grants either directly to individuals and their families or lo other charitable bodies or as the trustees shall, in their absolute discretion, deem appropriate. Achievements and pèrformance The trust continued to achieve ils objectives by supporting other charities and individuals by making grants. The grants made can be seen in the notes to the accounts. William Kenneth Hutchings Charitable Trust Trustees. Annual Report (continued) Year ended 30 June 2024 Financial review Total incoming resources for the year were £27,967 {2023= £26.023). The investment portfolio rose in value during the year due lo increased stability in the stock market in the period. Reserves The Iruslees are satisfied that the level of reserves held al the year end (as per the statement of financial position) are adequate to cover known and anticipated costs in the short term. The trustees, annual reporl was approved on by . and signed on behalf of the board of trustees 202L j_3bUI J Hawkins Trustee William Kenneth Hutchings Charitable Trust Independent Examiner's Report to the Trustees of William Kenneth Hutchings Charitable Trust Year ended 30 June 2024 I report to the trustees on my examination of the financial statements of William Kenneth Hulchings Charitable Trust ('the charily'l for the year ended 30 June 2024. Responsibilities and basis of report As the Iruslees of the charity YOU are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('Ihe 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}Ib) of Ihe Act. Indepèndent 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 caijse lo believe that in any malerial respect.. accounting records were not kept in respect of the chaiily as required by section 130 of the Acl", or the financial statements do nol accord with those records., or the financial statements do not comply with the applicable requirements concerning the form and Gontenl of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 olher than any requirement that the accounts give a 'true and fair, view which is not a maller considered as part of an independent examination. I have no concerns and have come across no other mallers in Gonnection 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 Nicholas Smy ACA Independent Examiner Westcotts (SW) LLP Queens House New Street Honiton Devon EX14 18J Dated: il I lila William Kenneth Hutchings Charitable Trust Statement of Financial Activities Year ended 30 June 2024 2024 Unrestricted Endowment funds funds Total funds 2023 Total funds Note Income and endowments Investment income 27,967 27,967 26,023 Total income 27,967 27,967 26,023 Expenditure Expenditure on raising funds.. Costs of raising donations and legacies Investment management costs Expenditure on charitable activities <60) {8,799) (30,109) (38,968> (60) (8,799) (30,109) (38,968) (78) (6,330) 124,204) (30,612> Total expenditure Nel gainsl(losses) on investments 49,764 49,764 (3,661) Net expenditure 38,763 38,763 (8,250) Transfers between funds (39,452) (689) 39,452 39,452 Net movement in funds 38,763 {8,250) Reconciliation of funds Total funds brought forward Total funds carried fomard 64,995 642,010 707,005 715,255 64,306 681,462 745,768 707,005 The slalement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 6 to 11 form part of these financial statements. William Kenneth Hutchings Charitable Trust Statement of Financial Position 30 June 2024 2024 2023 Note Fixed assets Investmènts 13 681.462 642.010 Current assets Cash al bank and in hand 65.818 66,543 Croditor6.' amounts falling due within one year Net current assets 14 (1,512} 64,306 (1,548) 64,995 Total assets less current liabilities Net assets 745,768 707,005 707,005 745,768 Funds of the charity Endowment funds Unrestricted funds 681,462 64,306 745.768 642,010 64,995 Total charity funds 15 707,005 These financial statements were approved by the board of Iruslees and aulhorised for issue on l.è.li.Il34 and are signed on behalf of the board by= o, Trust The notes on pages 6 to 11 form part of these financlal statements. William Kenneth Hutchings Charitable Trust Notes to the Financial Statements Year ended 30 June 2024 General Information The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 5 Heron Gale Office Park, Hankridge Way, Taunlon, Somersel, TA12LR. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Slalemenl of Recommended Practice appliGable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling. which is Ihe functional currency of the enlity. Going concern There are no material uncertainties about the charity's ability lo continue. Disclosure exemptions The entity satisfies the criteria of being a qualifying entity as defined in FRS 102, As such, advantage has been taken of Ihe following disclosure exemptions available under paragraph 1.12 of FRS 102-. (a) No cash flow slalement has been presented for the company. {b) Disclosures in respect of financial instruments have not been presented, Judgements and key sources of estlmation uncertainty The preparation of the financial statements requires management lo make judgements, eslimales and assumptions that affect the amounls reported. These eslirnales and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed lo be reasonable under the circumstances. Fund accounting Unrestricted funds are available for use at the discretion of the trustees lo further any of the charity's purposes. Designated funds are unfeslricted funds earmarked by the trustees for particular future project or commitmenl. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal. and fall into one of two sub-classes.. reslricled income funds or endowmenl funds. William Kenneth Hutchings Charitable Trust Notes to the Financial Statements (eontlnued) Year ended 30 June 2024 Accounting policies (contlnued) Incoming resources All incoming resources are included in the slalemenl of financial activities when entillemenl has passed lo the charity., it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement Is established. income from donated goods is measured at the fair value of the goods unless Ihis is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounls are included for the contribulion of general volunteers. income from Contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a conlraclual requirement for il to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities lo which it relates.. expenditure on raising funds includes the costs of all fundraising activities, events, non-charilable trading aclivilies. and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned lo charitable activities. other expenditure includes all expenditure that is neither relaled lo raising funds for the charity nor part of its expenditure on charitable aGtivilies. All costs are allocated lo expenditure categories reflecting the use of the resource. Direct costs attributable to a single activily are allocated directly lo that activity. Shared costs are apportioned between the activities they contribute to on a reasonable. justifiable and Consistent basis. Investments Unlisted eqLSity investments are initially recorded al cost, and subsequently measured al fair value. If fair value cannot be reliably measured, assets are measured at Gost less impairment. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. William Kenneth Hutchings Charitable Trust Notes to the Financial Statements (contlnuedj Year ended 30 June 2024 Accounting policies (contlnued) Impairment of fixed assets A review for indicators of impairment is carried out at each reporting dale, with the recoverable amount being eslimaled where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal al each reporting dale. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generaling unil to which the asset belongs. The cash-generating unil is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition dale, allocated to each of the cash-generating units that are expected lo benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned lo those units. Financial instruments A financial asset or a financial liability is recognised only when the entity becomes a party lo the conlraclual provisions of the instrument. Basic financial instruments are initially recognised al the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it IS fecognised al the present value of the future payments discounted at a market rale of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Income from listed investments 27,967 27,967 26,023 26,023 Costs of raising donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Subscriptions 60 60 78 78 Investment management costs Unreslricled Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Portfolio management 8,799 8,799 6,330 6,330 William Kenneth Hutchings Charitable Trust Notes to the Financial Statements (conlinued) Year ended 30 June 2024 Expenditure on charitable activities by fund type Unreslricled Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Grants payable Support costs 26,000 4.109 26,000 4,109 20,000 4,204 20,000 4,204 30,109 30,109 24.204 24,204 Analysis of grants 2024 2023 Grants to institutions InFocus The Deaf Academy SENSE Living Paintings RSBC 10,000 10,000 2,000 2,000 2,000 8.000 8,000 2,000 2,000 26,000 20,000 Grants to individuals Grants to individuals Total grants 26,000 20,000 Net gains on investments Unrestricled Endowment Total Funds Funds Funds 2024 Gainsl(losses) on listed inveslmenls 49,764 49,764 UnrestriGted Endowment Total Funds Funds Funds 2023 Gainsl(losses) on listed investments {3,661) (3,661) 10. Independont examination fees 2024 2023 Fees payable to the independent examiner for- Independent examination of the financial statements 1,404 1,548 William Kenneth Hutchings Charitable Trust Notes to the Financial Statements feontiniiedj Year ended 30 June 2024 11. Staff costs The average head counl of employees during the year was Nil (2023.. Nil). No employee received employee benefits of more than £60,000 during the year {2023'. Nil). 12. Trustee remuneration and expenses No remuneration or other benefits from employment with the charity or a related enlity were received by the trustees. 13. Investments Listed Investments Cost or valuation Al 1 July 2023 Additions Disposals Fair value movements 642,010 8,262 (18,574) 49,764 At 30 June 2024 681,462 Impairment At 1 July 2023 and 30 June 2024 Carrying amount At 30 June 2024 681,462 AI 30 June 2023 642,010 All investments shown above are held al valuation. Financial assets held at fair value Fixed asset investments are included in the financial statements at market value. All changes in value, whether arising upon disposal or upon revaluation, are reported in the Slalement of Financial Activities for the year in which the change occurs. 14. Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income 1,512 1,548 10 William Kenneth Hutchings Charitable Trust Notes to the Financial Statements (continued) Year ended 30 June 2024 15. Analysis of charitable funds Unrestricted funds At 1 Jul 2023 Gains and At {losses} 30 Jun 2024 Income Expenditure Transfers General funds 64,995 27,967 (38,968) (39,4521 49,764 64.306 Endowment funds Al 1 Jul 2023 Gains and At losses 30 Jun 2024 Income Expenditure Transfers Endowment Fund 642,010 39,452 681,462 16. Analysis of net assets between funds Unreslricled Endowment Total Funds Total Funds Funds Funds 2024 2023 Investments Current assets Creditors less than 1 year Net assets 681,462 681.462 65,818 (1,512) 745,768 642,010 66.543 (1,548) 707,005 65,818 (1,512) 64,306 681,462 17. Related parties There were no related party transactions during the year (2023.. none).