Ref. CIAM>3856 THE HANCOCKS TRUST REPORT AND FtNANCIAL STATEMEiYrs For the year ended 30th SeplembÈr 2024 LUDLOW TRtiST COMPANY WONDONI LIMtTED I SOUTHLMwfoN STREET LONT)ON WC2R OLR
THE HANCOCKS TRUST CONTE.NTS Page Trustees, Annua] Report Independent F.xamineVs ReF Statement of FiEoncial Activities Balance Sheet Notes to the Financial Ststements 7-10
THE HANCOCKS TRusr TRUSTEES, ANYLAL REPORT FOR THE YEAR ENDED 30TH SEPTLMBER 2024 Referenet and administrnlive iDforniatiti Founders James Carl Hancocks Antonia Rachel HakS Dat¢s of De¢ds Declaration of Tnt- 30th NovembeT 2010 Trustees James C[ Hancocks Antonia Rachel Hancocks The Wer to renkove and to apw)ini new or athjitioual Tn]stees is v¢sied in the Truste¢s. Nature of Trust A registered charity with the Charity Commi&8ioners for England and Wales (Ch¥rtty nurnb¢r 1140553) Registered Office Llldlow Trust Company Limited Tower VTharf Cheese Lane BTi5tol BS2 OJJ Bankers C. Hoare & Co. 37 Fleet Street London EC4P 4tK2 Custody Portfolio Canac¢ord Genuity Wealth Management 41 Lothbury London EC2R 7AE Independent Examiners KJF Accounting Ltd 17 Sheritigb8 Avenue Southgate London N144UB
TFIE HANCOCKS TRL TRLsfEES' ANNUAL REPORT tont. FOR THE YEAR ENDED 30TH SEPTEMBER 21124 RepDrt of the Trustets for tht year ended 30th September 2024 The Tntstees present their rep)rt a]ong with the flnancial statemetts of the charity. for the >ear ended 30th SeptemEcr 2024. The financial statements have been prepared in accordaDce 1th the ae£owiting wli¢ies set out on pages 7 and 8 and Comply with the charitys Declaration of TrusL the Charities Act 2011 and the requirements of the Stsemeni of Re¢ommended Pra¢ti¢e applicable to ¢harities preparing their acc(Mmts in a¢daNCe %%ith the FinaJLcial Rqx)rting Standard applicable in the UK and Republic of Ireland. StnICtu Governance attd M ent The Charity. wa5 e5tabli5hed b). a Declaration of Tr1 d2ted 30th Novtmkr 2010 by its foundeT J3rne5 Carl Hancocks and Antonia Rachel Hancocks. The Declaration of Tnjst T¥)¢ restrict orexclude the exercise b%. the Trnstees of tPLe powers giv¢T) by the TTusiee Act 21MX) &5 regards invcthety the aquisiti ¢Kdisww] of land the ernploiThent of agen nominees and Custodians. Ob'ectives and Activitie5 The Ttte$ tnU5t apply the illcotne of the aRrity suth c]]aTitie50r su¢h charitable PUTseS as the Tnttts at their discretion each year lor more freqllent]y) s¢le¢t. Th¢ words ¢barit4bll and burEK)se' have the meanings gtven to thtm in tht Charitie5 Act 2011. At their di5crelioL the Tnjstees may spend 211 or p3rt of the tapitsi of the Charity in fierIng the objects. Grant makin The annlla] irtcome from the Charity and sometimes its capital are to Way the annuaI charitable grants and expen5e& The Trustees de¢tde what they Mish lo make in accith with thc obJtiveS and activtties p)lÉcy set out alx)ve. As reqllired bj" the Chariti&8 Act 2011: the TTusfv have referred to the Charrh. Cojnmission's general gui(1gn¢e th public benefit when forn)lllaiing the grant maksng poli. In particular. the Trustee5 consider hV grants can be made to ¢nsttye mlmuJ benefit floiv5 through to the intended EeDeficiari¢s. The benefit a nwDbErof public cause& as detailed in note 4. In shaping their objectiTres for the }'ear and planning their acttyities: the TrusLees hav¢ considered the CIMrity CTn]SSion's guidance'publsc benefit.. nJrtThing a charity IPB2)"" Achievements and Perf0MCe The activities of the Charity remain &&isfactory and the objects of the cl] were achieved during the eaF. All the funds of the Chartty are considered to foTtn part of one UtLre5tricted Trun which ma) be used for the geneTa] furtherance of the Charit)'s objects. The Trustees are satisfied that the Charity's aksets are available and adequate fllifil Ihe obligations of the Chatity. Financial Total unrestricted incomt rectived during the year am¢)urtt lo £31:880 {2023.. £32.198). Total unrestricted expenditure, including grants amounted to £3.3(K> {2023.. £333.720}. Ik)nations totalling £nil {202i- £250.IXKI) Ivere tIN.¢d in the Expendable Enthwment Fund during the )'ear. The net intfloM' of funds after iDTr'e5Èmen[ uain5 arnOUe to £165,939 {2023: ttet outflow of £64.9671. The fituncial statetments for the yvdr a sel ¢wt in pa8es 5 to 10. Risk Mana ent The Trustees have assessed the major risks to ivhith the Charity is in particuior tIMTrse rel&tsJ to the (yeration and finances of the Tru5¢ altd are 5ali5fied that si&ems are tn place to mana8e thes¢ major risk& Goi Concern The TneeS have concluded that there 15 reasoTLable extatIOn the charity h&8 adequate Tex)ur¢es continue in operational existence for the foreseeable future. The chariti. ther0[¢ Continues to adopt the goin8 concern basis in preparing its f2nan¢ial state7nen Investment Poli . artd Pttfoman¢e Jn accordance M'ith the De¢laTa¢t¢)n of TnsL the Trustees haN'e the wwer to inVt in such shares, Inestments and prorty as the) See fit. Majority of the Ch&itys cash delts are invested and held c all execution only accounL The Trnstees are effe¢tively a¢ting as the Charitys invethient ReseNes Poli¢v According io the Charity Commtssionerfs guidance upjate in their STaTnent of Recotnmended Practice: Aco)unting and Retthing b). Challtie5 reSed in January 2019. the Clwity5 expendable eDdownent is not consider1 part of the Charitys free reserves. Ilowever. this endownent is a considergble sum 9d the eapitai be used at the discretion of the Trustees to fund any Ikficit on expenditure. li is thereforE the vte of the Trustets that the ChaTity d(5 need to hold any additional money in reserve. At th¢ ytrar end tota] funds ivere £2,190,02412023" £2,024,08il aDd a]1 hdd the &xpendible endowm&rt fid.
THE HANCOCKS TRUST TRUSTEES. ANNUAL REPORT cont'd. FOR THE YEAR Ef4DED JOTH SEPTEIIIBER 21124 St4tement of Tru$tses' responsibilities The trustees are responsible for prepariug th¢ R¢FrfTrrt of the Tntstees and the fillaltciai ststeItieiits in accordance with applicable law and Untted Kingdom Generally Accepted Accounting Practice (United KÉtigdom Accouniing Standards}. The law applicable tt> charities in England 2nd Wales requires the knjstees to prepare financial statements for each financial year that (Five a true and fair e of tlLe state of affairs of the charity and of the incomino resources and application of Te50urces, of the cbaTity foT that period. ID pryatiDg those financial statements. the Trustres ate required to." select suitable accounting y)licies and then appty them con5islentty" observe the methods 8nd principles in the Cbarthcs SORP make judgements and estimates that are reasonable and prudent" state whether applicable accounting sthndaTds have been folloMtiL subject to any rnaterial departtwes disclosed and explained in the financial statemeiits. prepare the fancIal ststem¢nts on a going concern b&sis unless it is inappropriat¢ to PT¢5Utne that the charity will ¢ontinu¢ in busine. The Trust¢¢s aT¢ r¢sponsibl¢ for k¢¢psng adequate accouniing record8 that ate %utr)cieni io show and explain the charitys tran¢tiOnS, disclose with rOnable accurdcy at any lime the financial position ofthe charity and to enable them to ensure that the finallcial staternenls ctsrnply with the Charities Act 2011, the Charities (Accounts ana Reports) Regulations 2008 and the provisiot]s of the chariws constituiiotL They are also responsible for safeguarding the assets of the charity and hence for raking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Trustees on: 8Th1 signed on their behalf by: .. Tnee
whlch ate 5eto¥t onpYgr5 5 10. the(Jarth&% Act 2011 A I1¢prtIo les of Thy ofthetsitys &xxryJtys(xrial (¥rtwScUWA1 145 ofthe2011 ArtaDd IB sectiDn 145(5XTrJl oftrArL NT44U
THE HA)COCKS TRITST STATENIENT OF FLYLNCLiL.4CTIVtTIES FOR THE ED30TH SEVfEMBER 2024 -UteS¢ted Futtds- Exp¢nda)l¢ Toral Expettdabk EdoNmeDt Ttstsi FuDd5 2024 IDtomt 24) Incomt 2nd Expendttu 'COME Donatioos vesttnent income 250.1)00 250,000 32.198 2S2.198 31080 Ji 31,880 31,880 32,198 32.198 TOTAL INCO1 250.IX)O KXPENI DITURE Costs of I$]ng fijnls ILvestttt¢ni manag¢llnI Fe£s Chzritable activitil TOTAL EXPENDITLRE 400 400 333,720 334.120 3JOO 333.720 S.7 )33.720 400 NF,T (LXPENDITURE)lleoME (4) 2&180 1301.5221 249,600 (51.9221 Net gain{lOSses) on ittvtsbnents 137,759 137.759 13,045) 13.0451 NET INCOMEIIEXPENDITtJREI 137J59 16S939 (301,5221 236,555 164.9671 TrattsFth5 behNEcn fu]ths 301,5221 NET MOTlNT IN FUNDS 137J59 165J39 164.9671 164,967) REC.ONCIt.TATION OF FtINDS TotaI funds brought fonN'wd 2.02Q085 2,024,085 2.089.052 2.089,052 BALANCES CARRIED FORW'ARD 28 2.161.444 2,IYI,024 2.024.085 2 024 085 All amounts ]&¢ to contiuuing xllviiie5. AU recogt)i5edgall)s atyj lo5 &e itt¢iuded ill d Stsk[t0rFlDC]aI Aaivioes.
THE HLNCOCKS TRUST BALANCE SHEET AS AT 30th SEFtEMBER 2024 Noks 2024 2023 FIXED ASSETS tnveslments 2,OW52 1,911,928 CURREYI T ASSETS Debtors Cash Ballk 50,000 65,517 115,517 13S732 135,732 CURRENT LIABILrrILS Creditors~ falling due within one year io 4560 3.360 NET CURRENT A&SETS 131,172 112,157 NET ASSETS 2,190.024 2,024,085 UNDS Expendable Endowrnent 2,190,024 2,024,085 Approved by the Trustees ajkd authorised for issue o and signed on theirbebalf by: Date Trus
THE EWCOCKS TRUST NOTES TO THE FINLSCIAL STATEMENTS FOR THE YEAR Ef4DED 30TH SEPTEMBER 2024 l AccouiYfiNC POLICIES (a) BaSTS of Preparation I'hese financial statetnents are Prepar on a goiTrg concern ba5i8 underthe historical cost convention. The financial thtements have been prepared In 2¢¢ordan¢e with the Fin)¢12] Reporting Standard appli¢able in the UK and Republic of Ireland IFRS 102). The Chartty is a public benefit entiry for the pUr)seS of FRS 102 and therefore th¢ Charity also Prepared its financial siatements in accordartce Bith the Ststrment of Recommended Practice applicable to ChitieS preparing their accounts in accorda)e with the Financial Reponing Standard applicable in the UK and Republic of treland (The FRS 102 Charitie5 SORP) and the Charities Act 2011. The fmancial statements are prepared in st¢rlin&. which is th¢ fijnctional currency of the c]Mity. Monetary amounts ID these f]nancial statements are rounded io the nvdrest poun The principal a¢counting policies tspted ID the preparntÈoD of the fin¢la] statements are set out below. Ib) FuDd SÉructllre The Expelldable Endowment Fulld represents tbose a55ets whith are held foT the longeT teTm of the Tru5Q in accordance with the tertns of the TTUSt Deed. Income arising oll the ExElldable Elldowinent Fund can be used in th¢ UnT¢stri¢ted Funds. As an Expendable Endowrnent Fuud can be used in accordance with the objects of the Trust, witsl wi also be spent in certain circumsrances in fifihllt0t of the Tnt'S objects. Any capital gains or losses arising on the inve$tsJ]ents held in the Expendable EndownenE Fund fonn p&1 of that (c) Income All income is recognised in the Statement of FÉnancial Activitte5 (SOFA) when the conditions for receipt have been lllet and receipt is probable. Where a claim for repayment of iDci>me t&x has been or will be made. such income is grossed up for the t&x recoverable. The following accounting policies are applied to different categories of income: Grants and DoDatiODS Receivable Grants and doDZtions aTe re¢ognis¢d in the SOFA when ¢onditions for receipt have been c4)mplied with. Investment Income Interest receivable on deposit ald s¢curttie5 is accoulltcd for as it accrues. Dividend iucom¢ rvxivable on sltieS 15 aOunted for when r¢c¢ived by the 1Dv¢sl¢t umllager. (d) Expendffiture Liabilities are recognised as Wendite as soon &8 there is a letsai or constructive OblitiOn coTIimittints the charity to th¢ expenditure. All expelldite is accounted for on an accnthts basis and IA8 been classified under headings that aggregate all costs related to the Caory. The following accounting wlicies are applied to the different categories of expellditure". Costs ofRaisino Funds The costs of raising fimds coLsist of inyeslment MalgeMent and certain legal fees. Charitable ActtTrities Donations payable are recogni%d when they are approved by the trustees and the recipiellt of the t has infornied of the arnount to pai(L Governallce Costs Governance costs conwrise all costs irnvolving the public accountability of the charity and its compliance with regulation and good practice. These costs Inc1L costs related to audit fees together with support Costs.
THE HAliCOCKS TRusr NOTES TO THE FINcLL sfATEME.YTS FOR THE YEAR ENT)ED 30TH SEPTEMBER 2024 I ACCOUNfiNG POLICIES (Continued) (e) Fued Aets Investments are stated at market value at the BalaCe Sheet date. The SOFA includes the n¢t gains and losses on revaIuation and disposals throughout the year_ (O Realised and Ullrealised Gains and Lo&ses All gain5 and losses are tsken to the SOFA thcy ar[. Realised gains and losses on investtnents are calculated as the difference bctweeD sales procee¢ls alld opening nkrket value (purchase date if later). Unrealised ]S ad losses are calculated as the differellce between the markd va]ue at the year end and OWJTDg TTwket value (or purchased date if later). (g) Goillg concern The truste£s have assessed whether the use of the going CODCfflI b&sis is apT>ropriate and have Considered p)ssible ¢v¢nts or conditions that might c&st significant doubl on the ability of the charity to continue &s a going ¢onc¢rn. The trustees have made this assessment for aperi( of at least one year from the date of approval of the fmancial statements. In particular the trustees have considered the charity"s foreeasts and projections and have tsken account of pressures on donation alld invesfment income. Afier making enquiries the m]stees have conelllded that there is reasonable expectstion that the charity has adequate resources to cotttinue ill oitati0J[ existence for the foreseeable future. Th¢ ¢lwity therefore ¢ontinues to adopt the going concern basis in preparing its financial statements. (h) Financial instrnmellts The charity has elected to apply the pmvisions of Section I I 'Basic FÈllancial tttstsuments. aud Seetiou 12 t)ther Finalleial tnstrumeDts 155ues' of FRS 102 to all of its fjnaDcial instruments. Financial iDstruttkents are recognised in the charity's balance sheet when the clwity beco]n¢s patty to the contractual provi5io]]s of the instrumellL Financial set5 and liabilities are offseL with the net amoullts preseuted in the fiBau¢ial statements. wbeD there is a legally enforceable rit to Set off the recogDised and there is all intention to settle on a Det basis or to reali5e the asset and settte the liability simultaneously. The charity ¢)nly has financial assets and fllwjcial liabilities of a kind that qualify as basic f]n8n¢ial anslnmien (i) Cash and Cash equiv*leDts Cash and cash Equivalents includt cash in hand, d¢tM)sits held call wtth bank4 othu short-tetm liquid investments with original maturities of three moniljs or less. (i) Key E5timate5 and Judgetnellts In preparing financial statements it is necessary to rnake Certain jwtgements. and wurnptions that #ff¢# th¢ amounts recognised in the finallcial statemeDts. The following jUdg¢ents alld estillteS art considered by the trustees to have most significant effect on amounts recognised in the financial statements. In the vieiv of the trustees in 2pplying the aec4)unting E1cleS adopte£L judgements were requiryl that have a significant effect on the amounts wognised in the financial ststements rd0 any estitnates or asswnptions made carry a significanl risk of material adjUStnttt the next fmancia] year. 2 DONATIONS RECEIVED The Founders of the charity did llot Daake a d(wtiOD to the charity ill this financial year (2023. £250.0( which included a Gift Aid rebate of £50.0(M)). 3 INVESTMENT RNCOME 2024 2023 Inve51ment Incorne Interest on c&8h deposits 30J114 JJ76 31WO 31.026 I,T72 32,198
THE HANCOCKS TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30TH SEPTEMBER 2024 4 CHARITABLE ACTIVITIES The ¢harity undertook no direct charitable a¢tivities but awarded grants to the following instiwtions in furtherance of its charitable activities. 2024 2023 Grants Tnade 330,000 Support costs Governance costs (see note 5) 3.300 333.720 The grants made comprised the following'.- The advancement of education Dr Challone$ School Edu¢ational Trust Guy's & S¢ Thomas, Ctwity 200,000 130,000 330,000 5 ANAL YSIS OF GOVERNANCE COSTS 2024 2023 I,udlow Trust Company (London) Ltd (fomierly Me55r5. Hoare TTU5tee51- Administration fee KJF Aceountancy Ltd- Independen¢ Examination fee Kreston Reeves - Independeni Examination fee C. Hoar¢ & Co bank charges 1,620 lJ20 1,620 1,740 360 360 6 REMUNERATION OP TRUSTEES In th¢ financial year to 30th September 2024. no Trust¢¢ w¢iv¢d any rEmun¢ration or reimbur5emellt of expense from the Charity (2023.. Nil). 7 FIXED ASSET JNVESTME]YTS Movement in fixed asset investments 2024 2023 Listed Investrnents Market value Brought Forward Add: Purchase cosis Unreali5ed gainsl(loss¢s) Market vmlue C#Tried Forward 1,911,928 9,165 137,759 2,058,852 1,915.407 9,566 13,045 1,911,928 Historical costs 1,453,081 1,443,916
THE HAliCOCKS TRLST NOTFS TO THE FPA)CI.4L STATENfENTS {CoNTINLD) FOR THE YL4R ENDED 30TH SEFfEMBER 2024 FUND TRANSFERS No transf¢r bEtw'een fu]ths was rtquittil in this fmancaal (2023: £301.522 made fithn the Extndable Endowment fund to the Income FuDd) to coverthe grants paid and8ovc[nan costs It1 as FrtnittEd by the Trust Dec(L 9 DEBTORS 21>24 2023 H M Revenue aT]d Custo]Iis- Gift Ard r¢payment 50,IK>O 50,IKIO 10 CREDITORS- fxUiDg due within ollt yer 2024 2023 Ludlow Tn corn1nY (Lon(kn]) l.iJnited- Athninistratorfs fcc Mess]s. H(YJre TrSleeS. Aibninistt3to£s fee KJF Account3ncJ Ltd- Independent Examinati fc¢ Kreston R¢eves- IndqKndent FaMinati1 fce 1,620 1.620 ijzo 1,620 1,740 3,360 11 RELATED PARTY TtL4NSACTIONS Tht Charity docs not hayt artlttionshsp any othtrcFJattty or chaTitablt otgani5ation5 and the were no relztol p3rty tr3n5actions {2023.. Nil). 12 ANALYSIS OF CK4RiTABLE FUNDS Balance Ill¢omin8 Resources Transfers Oi.Oct.23 Resourcts expththl General Ttt¢ome Fw Endownent Tot1 31.880 137.759 169fv39 13J(M)) 2_024,085 2,024,085 2,161,444 2,190,024 3,7 Narne Unrestricted: Genernl In¢orne arising in the yearsthart w fi]rtt*ringthe ¢harit¢5 purtrf)5e& Expendable En(knvment An). defirit gtswa] fwjd Can it m¢t bi thi5 fund at the tru5tee5' discrctiorL 13 ANALYSIS O¥ GROUP NET ASSETS BETWEEP4 FtJr4DS 2023 Fut Tangible fjxed assets Debtors Cash at bank and in hand Other net current &55¢E{lIab]Iit]tS) Total 2.058.852 2J15&852 1.911.928 50,000 65,517 13,360 2.024.085 33,140 {4.)60 28.igo 102,592 13S732 (4J60) 2.190.024 2.161.444 io