REGISTERED CHARITY NUMBER: 1138813
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2022
for
The Hilary Awdry Charitable Trust
Monahans Chartered Accountants Hermes House Fire Fly Avenue Swindon Wiltshire SN2 2GA
The Hilary Awdry Charitable Trust
Contents of the Financial Statements for the Year Ended 31 March 2022
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 14 |
The Hilary Awdry Charitable Trust
Report of the Trustees for the Year Ended 31 March 2022
The trustees present their report with the financial statements of the charity for the year ended 31 March 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).
OBJECTIVES AND ACTIVITIES
The trust's objects are stated in wide terms and are the pursuit of charitable purposes which are exclusively charitable according to the law of England and Wales. In practice the trust pursues these objects by making donations to other charitable organisations which fall within its areas of interest. Grants to individuals are not made. The trust's areas of interest are principally cancer research, hospice and palliative care, rescue charities and steam railways. The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the trust's aims and objectives and in planning and settling grant making policies.
GRANT MAKING POLICY
Grants are considered by all trustees on a biannual basis while having regard to the trust's aims and objectives and investments. When grants are approved, the trustees instruct the Solicitors to organise the making of such grants. Once a grant has been made, the Solicitors liaise with the applicant to confirm receipt and the application of the grant funds. A detailed register of applications, grants and confirmations of receipt is maintained by the Solicitors.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
During the year to 31 March 2022 the trust made donations to other charitable organisations of £117,546.
Applications are made in writing or via e-mail and the trustees request that they are limited to one document of not more than four sides of A4 paper. Applications are considered on a case-by-case basis and the trust will consider applications by charitable organisations that it has not previously supported. In principle all applications by charities registered in England and Wales will be considered on their merits in accordance with the trust's areas of interest as outlined in the objectives.
FINANCIAL REVIEW
The trust does not fundraise and its income is comprised wholly of income arising on the trust's investment portfolio which has been funded by gifts of expendable endowment from the trust's founder and her surviving husband, Mr Alf Fortnam.
The trust's Investment Managers have discretionary management over the trust's investment portfolio and are instructed to maximise income return within the constraints of a medium risk portfolio. The trust does not hold investments in armaments, gambling, pornography or tobacco.
The Investment Managers' report for the year to 31 March 2022 shows a satisfactory performance in the current economic climate.
At 31 March 2022, total funds were £4,381,119.
INVESTMENT POLICY AND PERFORMANCE
The trust has an investment policy and the Investment Managers provide written reports reviewing investment performance against the MSCI PIMFA Private Investor Income Index.
RESERVES POLICY
The total unrestricted funds carried forward as at 31 March 2022 were £10,000. The trustees intend to continue with the level of grants made during this financial year, feeling that the current reserves, together with the expendable endowment fund, are sufficient to meet any unexpected grant application.
PLANS FOR THE FUTURE
The trust plans to continue making grants in line with its objectives.
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The Hilary Awdry Charitable Trust
Report of the Trustees for the Year Ended 31 March 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
The trust is a registered charity number 1138813 and is constituted under a Declaration of Trust dated 21 September 2010. The trust was established by Mrs Hilary Fortnam by an initial gift of expendable endowment funds and continued to receive regular gifts of expendable endowment from Mrs Fortnam until her death in November 2013. The trust was established by Mrs Fortnam in her maiden name in memory of her late father. The trust has received regular gifts of expendable endowment from Mr Alf Fortnam, Mrs Fortnam's surviving husband.
New trustees are appointed by the existing trustees by way of a resolution passed at a special meeting as provided for under the 2010 trust deed. The trust deed provides for a minimum of three trustees at any time. The trustees recruit new trustees having regard to the new trustees’ knowledge, skills and previous experience. There is currently no formal induction or training for new trustees; however, new trustees are provided with a copy of the trust deed, a copy of the minutes of the last trustees' meeting and a copy of the last year's annual report.
All decisions made by the trustees are via a simple majority as set out in the trust deed.
The trustees hold meetings on a biannual basis to consider strategy, review grant applications and the trust's investments. The day-to-day administration of grants and the processing and handling of applications is carried out by the Solicitors in conjunction with Mr Fortnam.
Trustees are required to disclose all relevant interests in accordance with the trust's Conflict of Interests Policy and to withdraw from any discussions or decisions where a conflict of interests arises or could potentially arise.
No trustee remuneration is paid.
Risk management
The trustees have a duty to identify and review the risks to which the trust is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees act in accordance with the trust's Risk Management Policy.
The trustees have considered the main risks to which the trust is exposed and consider investment performance to constitute the trust's major risk.
Investment performance is reviewed against benchmarks twice a year at each trustees' meeting. A report from the trust's Investment Managers is requested for consideration at each meeting.
Fundraising
The trust does not carry out any fundraising activities.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 1138813
Principal address
Northgate House Northgate Street Devizes Wiltshire SN10 1JX
Trustees
A J Fortnam S E Heron S P Fortnam R L Barton A L Wensley Stock
Independent Examiner
James Gare FCA DChA Monahans Chartered Accountants Hermes House Fire Fly Avenue Swindon Wiltshire SN2 2GA
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The Hilary Awdry Charitable Trust
Report of the Trustees
for the Year Ended 31 March 2022
REFERENCE AND ADMINISTRATIVE DETAILS Solicitors
Wansbroughs LLP Northgate House Northgate Street Devizes Wiltshire SN10 1JX
Investment Managers
Quilter Cheviot Limited London Road Office Park London Road Salisbury Wiltshire SP1 3HP
Bankers
Lloyds Bank plc 38 Market Place Devizes Wiltshire SN10 1JD
Approved by order of the board of trustees on 13 January 2023 and signed on its behalf by:
A L Wensley Stock - Trustee
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Independent Examiner's Report to the Trustees of The Hilary Awdry Charitable Trust
Independent examiner's report to the trustees of The Hilary Awdry Charitable Trust
I report to the charity trustees on my examination of the accounts of The Hilary Awdry Charitable Trust (the Trust) for the year ended 31 March 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:
-
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
-
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 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 accounts to be reached.
James Gare FCA DChA Monahans Chartered Accountants Hermes House Fire Fly Avenue Swindon Wiltshire SN2 2GA
Date: 18 January 2023
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The Hilary Awdry Charitable Trust
Statement of Financial Activities
for the Year Ended 31 March 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 3 Investment income 4 Total EXPENDITURE ON Raising funds 5 Charitable activities Charitable Grants Total Net gains on investments NET INCOME/(EXPENDITURE) Transfers between funds 13 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ - 68,871 68,871 - 129,802 129,802 - (60,931) 32,956 (27,975) 37,975 10,000 |
Endowment fund £ - - - 28,749 - 28,749 212,282 183,533 (32,956) 150,577 4,220,542 4,371,119 |
2022 Total funds £ - 68,871 68,871 28,749 129,802 158,551 212,282 122,602 - 122,602 4,258,517 4,381,119 |
2021 Total funds £ 62,500 67,391 129,891 26,213 49,373 75,586 672,206 726,511 - 726,511 3,532,006 4,258,517 |
|---|---|---|---|---|
The notes form part of these financial statements
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The Hilary Awdry Charitable Trust
Balance Sheet 31 March 2022
| Notes FIXED ASSETS Investments 10 CURRENT ASSETS Debtors 11 Cash at bank CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 13 Unrestricted funds Endowment funds TOTAL FUNDS |
Unrestricted fund £ - 6,947 7,553 14,500 (4,500) 10,000 10,000 10,000 |
Endowment fund £ 4,079,536 - 298,674 298,674 (7,091) 291,583 4,371,119 4,371,119 |
2022 Total funds £ 4,079,536 6,947 306,227 313,174 (11,591) 301,583 4,381,119 4,381,119 10,000 4,371,119 4,381,119 |
2021 Total funds £ 3,939,334 21,563 310,869 332,432 (13,249) 319,183 4,258,517 4,258,517 37,975 4,220,542 4,258,517 |
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 13 January 2023 and were signed on its behalf by:
A L Wensley Stock - Trustee
The notes form part of these financial statements
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The Hilary Awdry Charitable Trust Notes to the Financial Statements for the Year Ended 31 March 2022
1. GENERAL INFORMATION
The Hilary Awdry Charitable Trust is an unincorporated charitable trust. The registered office address can be found in the Trustees' Report.
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
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 applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the 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) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements are prepared on a going concern basis, under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest pound.
There are no significant areas of judgements or key sources of estimation uncertainty.
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
The charity is an unincorporated trust constituted by a trust deed.
The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.
Expenditure
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.
Grants payable are payments made to third parties in the furtherance of the charitable objects of the charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant.
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable.
The charity does not make multi-year grants and all grants are unconditional.
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The Hilary Awdry Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
2. ACCOUNTING POLICIES - continued
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.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Investments
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The charity does not acquire put options, derivatives or other complex financial instruments.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
Realised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year.
Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
Debtors
Other debtors are recognised at the settlement amount due.
Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
3. DONATIONS AND LEGACIES
| Donation - expendable endowment Gift aid |
2022 £ - - - |
2021 £ 50,000 12,500 |
|---|---|---|
| 62,500 |
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The Hilary Awdry Charitable Trust
Notes to the Financial Statements - continued
for the Year Ended 31 March 2022
4. INVESTMENT INCOME
| 4. INVESTMENT INCOME |
||||
|---|---|---|---|---|
| Dividends and interest 5. RAISING FUNDS Investment management costs Portfolio management 6. GRANTS PAYABLE Charitable Grants |
2022 £ 68,871 2022 £ 28,749 2022 £ 117,546 |
2021 £ 67,391 |
||
| 2021 £ 26,213 |
||||
| 2021 £ 39,000 |
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The Hilary Awdry Charitable Trust
Notes to the Financial Statements - continued
for the Year Ended 31 March 2022
6. GRANTS PAYABLE - continued
Grants paid to institutions:
Grants paid to institutions: 2022 £ Children's Hospices Across Scotland 2,000 Nightingale House Hospice 2,000 Nerve Tumours UK 1,000 Prostate Cancer UK 2,000 Joss Searchlight 2,000 Shine (East Norfolk) 1,000 Children's Hospice South West 2,000 Wakefield Hospice 1,000 Severn Valley Railway Charitable Trust 10,500 The Fire Fighters Charity 1,000 Buddy's for Children with Autism 1,000 St Barnabas Hospice 2,000 Leukaemia UK 1,000 Cancer Support UK 1,000 Autism Inclusive 1,000 Children's Air Ambulance 1,000 Douglas Macmillan Hospice 4,000 Lennox Children's Cancer Fund 1,000 The Myton Hospices 1,000 Penny Brohn UK 2,000 St Wilfrid's Hospice 1,500 Foxcote Manor Society 2,000 Dogs for Good 2,000 The Mary Stevens Hospice 2,000 The Eve Appeal 2,500 Asthma Relief at work with Hospices 1,000 Shooting Star Children's Hospices 2,000 The Martlets Hospice 1,000 Helen & Douglas House Hospice 2,000 RNLI 5,000 National Autistic Society 5,000 Talyllyn Railway Preservation Society 3,500 Orchid Cancer Appeal 1,000 Armonico Consort 1,000 Bowel Cancer UK 2,000 South East Cancer Help Centre 1,000 Roy Castle Lung Cancer Foundation 1,546 Marie Curie 2,000 The Institute of Cancer Research 1,500 The Hospice of St Francis 1,000 The Norfolk Hospice 1,000 The Royal Marsden Cancer Charity 1,000 The Bren Project 1,000 The Grand Appeal 1,000 Support Dogs 1,000 Tanat Valley Light Railway 5,000 Young Lives vs Cancer 3,000 The Brain Tumour Charity 1,000 Lucy Air Ambulance 3,000 Kirkwood Hospice 1,000 NF2 Biosolutions 1,000 Nerve Tumours UK 1,000 Wiltshire Air Ambulance 3,500 Space4Autism 1,000 Child Autism UK 1,000 Eden Valley Hospice 1,000 Lewis Manning Hospice Care 1,000 Julia’s House 1,000 Dogs for Autism 1,000 Tiny Tim's Children’s Centre 1,000 Maggie’s 1,000 Acheinu Cancer Support 1,000 West Somerset Railway Association 5,000
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The Hilary Awdry Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
117,546
6. GRANTS PAYABLE - continued
7. SUPPORT COSTS
| Governance Management costs £ £ Charitable Grants 10,804 1,452 Support costs, included in the above, are as follows: 2022 Charitable Grants £ Administrative expenses 10,804 Accountancy and independent examination 1,452 12,256 |
Totals £ 12,256 2021 Total activities £ 9,053 1,320 10,373 |
|---|---|
Support costs, included in the above, are as follows:
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Raising funds Charitable activities Charitable Grants Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward |
Unrestricted fund £ - 67,391 67,391 - 49,373 49,373 - 18,018 19,957 |
Endowment fund £ 62,500 - 62,500 26,213 - 26,213 672,206 708,493 3,512,049 |
Total funds £ 62,500 67,391 129,891 26,213 49,373 75,586 672,206 726,511 3,532,006 |
|---|---|---|---|
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The Hilary Awdry Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
| 9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Endowment fund fund £ £ TOTAL FUNDS CARRIED FORWARD 37,975 4,220,542 10. FIXED ASSET INVESTMENTS MARKET VALUE At 1 April 2021 Additions Disposals Realised (losses)/gains At 31 March 2022 NET BOOK VALUE At 31 March 2022 At 31 March 2021 |
Total funds £ 4,258,517 Listed investments £ 3,939,334 1,223,429 (1,295,509) 212,282 4,079,536 4,079,536 3,939,334 |
|---|---|
There were no investment assets outside the UK.
All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets. All investments have been valued by Quilter Cheviot and are based on the Bid price as at the close of business on the valuation date. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).
The significance of financial instruments to the ongoing financial sustainability of the charity is considered in the financial review and investment policy and performance sections of the Trustees’ Annual Report.
The main risk to the charity from financial instruments lies in the combination of uncertain investment markets and volatility in yield. The charity is reliant on dividend yield in part to finance its work.
Liquidity risk is anticipated to be low as all assets are traded. The charity's investments are traded in markets with good liquidity and high trading volumes. The charity has no investment holdings in markets subject to exchange controls or trading restrictions.
The charity manages these investment risks by retaining expert advisors and operating an investment policy that provides for a high degree of diversification of holdings within investment asset classes that are quoted on recognised stock exchanges. The Trust does not make use of derivatives and similar complex financial instruments as it takes the view that investments are held for their longer term yield total return and historic studies of quoted financial.
11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other debtor Accrued income |
2022 £ 91 6,856 6,947 |
2021 £ 91 21,472 |
|---|---|---|
| 21,563 |
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The Hilary Awdry Charitable Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2022
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors 13. MOVEMENT IN FUNDS Net movement At 1.4.21 in funds £ £ Unrestricted funds General fund 37,975 (60,931) Endowment funds Endowment 4,220,542 183,533 TOTAL FUNDS 4,258,517 122,602 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 68,871 (129,802) Endowment funds Endowment - (28,749) TOTAL FUNDS 68,871 (158,551) Comparatives for movement in funds At 1.4.20 £ Unrestricted funds General fund 19,957 Endowment funds Endowment 3,512,049 TOTAL FUNDS 3,532,006 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 67,391 (49,373) Endowment funds Endowment 62,500 (26,213) TOTAL FUNDS 129,891 (75,586) |
2022 £ 11,591 Transfers between funds £ 32,956 (32,956) - Gains and losses £ - 212,282 212,282 Net movement in funds £ 18,018 708,493 726,511 Gains and losses £ - 672,206 672,206 |
2021 £ 13,249 At 31.3.22 £ 10,000 4,371,119 4,381,119 Movement in funds £ (60,931) 183,533 122,602 At 31.3.21 £ 37,975 4,220,542 4,258,517 Movement in funds £ 18,018 708,493 726,511 |
|
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The Hilary Awdry Charitable Trust
Notes to the Financial Statements - continued
for the Year Ended 31 March 2022
13. MOVEMENT IN FUNDS - continued
Transfers between funds
During the year the trustees resolved to transfer a sum of £22,956 from the expendable endowment fund to the general fund to be used for grant making purposes.
14. RELATED PARTY DISCLOSURES
During the year the charity incurred fees of £10,804 (2021 - £9,053) from Wansbroughs Solicitors in respect of administrative services provided to the charity. At the balance sheet date £3,048 was payable and is included in other creditors. Anna Wensley Stock is a trustee of the charity and a partner at Wansbroughs Solicitors.
A donation of an expendable endowment of £Nil (2021: £50,000) was received from a Trustee.
There were no other related party transactions during the year nor the prior year.
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