REGISTERED COMPANY NUMBER: 07846630 (England and Wales)
REGISTERED CHARITY NUMBER: 1145221
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 March 2021
for
THE HAZELHURST TRUST
KNOX CROPPER chartered accountants
THE HAZELHURST TRUST
Contents of the Financial Statements for the Year Ended 31 March 2021
| 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 | 13 |
| DetailedStatementofFinancialActivities | 14 | to | 15 |
THE HAZELHURST TRUST
Report of the Trustees for the Year Ended 31 March 2021
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2021. 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
Objectives and aims
The object of the charity is the making of grants to charitable causes chosen by the trustees at their absolute discretion and to undertake activities that will increase levels of charitable giving.
Significant activities
The objectives for the year were to continue to make grants to charitable organisations and to undertake activities which will increase levels of charitable giving.
During the year the Trust provided grants to charitable organisations and paid the costs of activities to increase charitable giving. In total this amounted to £169,500.
In planning the activities for the year the Trustees have referred to the guidance contained in the Charity Commission's guidance on public benefit. In particular the Trustees considered how planned activities contribute to the aims and objectives of the Charity and are satisfied that this is the case.
During the year, the Trust has made grants to the following organisations:
YMCA North Staffordshire Reform Heritage Fredericks Foundation Blackdown and Hindhead Supporters Watts Gallery Beacon Fellowship Made-In-Stoke Kent University Medical School
Grantmaking
Grant applications are reviewed to ensure they comply with the requirements of the Trust.
FINANCIAL REVIEW
Results for the Year
In the year the Trust received income of £37,969. Expenditure amounted to £178,817, of which £177,642 was charitable activities Following the remeasurement of the Trust's unlisted investment, realised and unrealised movements on investments amounted to gains of £948 resulting in net expenditure for the year of £139,900. The total funds carried forward of £491,964 are available for future charitable activities.
Reserves policy
The Trustees maintain sufficient reserves to meet expected direct charitable expenditure.
FUTURE PLANS
The Trust will continue to generate income to make grants to charitable bodies.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The Hazelhurst Trust is a company limited by guarantee under the Companies Act 2006 and does not have a share capital. The Trust is governed by its Memorandum and Articles of Association dated 9th November 2011, as amended on 25th January 2012.
Page 1
THE HAZELHURST TRUST
for the Year Ended 31 March 2021
Report of the Trustees
STRUCTURE, GOVERNANCE AND MANAGEMENT
Members' Guarantee
The members of the Trust have each undertaken to contribute £1 to the assets of the company in the event of the same being wound up while he or she is a member or within twelve months of their ceasing to be a member.
Recruitment and appointment of new trustees
The Trustees are recruited and appointed as and when required by the remaining Trustees, often based on their professional background.
New Trustees are inducted by the other Trustees and are encouraged to attend relevant training courses where considered beneficial.
Decision making
The Trustees meet at regular intervals to monitor the activities of the Trust.
The day to day administration of the Trust is undertaken by M P Bowcock.
Risk management
The Trustees continually review the major risks to which the charity is exposed, in particular those related to the finances of the charity and are satisfied that systems are in place to mitigate their exposure to major risk.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 07846630 (England and Wales)
Registered Charity number 1145221
Registered office Warkworth Weydown Road Haslemere Surrey GU27 1DS
Trustees
M P Bowcock
Dr H A Bowcock
Mrs T K Martin (resigned 7.12.20) Dr C J Martin (resigned 7.12.20)
D Bowcock (appointed 9.12.20)
M Milliken-Smith (appointed 9.12.20)
Independent Examiner Knox Cropper LLP Chartered Accountants Office Suite 1 Haslemere House Lower Street Haslemere Surrey GU27 2PE
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THE HAZELHURST TRUST
Report of the Trustees for the Year Ended 31 March 2021
REFERENCE AND ADMINISTRATIVE DETAILS Solicitors Womble Bond Dickinson 3 Temple Back East Temple Quay Bristol BS1 6EG
Bankers Coutts & Co 440 Strand London WC2R 0QS
Starling Bank 2 Finsbury Avenue London EC2M 2PP
Investment Advisers Oakham Wealth Management 1 Berkeley Street London W1J 8DJ
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on ....23. December. 2021... and signed on its behalf by:
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M P Bowcock ~ Jrastee
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Independent Examiner's Report to the Trustees of The Hazelhurst Trust
Independent examiner's report to the trustees of The Hazelhurst Trust (‘the Company’) | report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021. This report is made to the trustees, as a body, in accordance with the terms of my engagement. Our work has been undertaken so that we might carry out an Independent Examination of the financial statements in accordance with the General Directions given by the Charity Commissioners. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Company’s trustees, as a body, for our work or for this report.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, | report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act'). In carrying out my examination | have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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Ie accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
| 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.
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hi
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G Stevenson FCA Knox Cropper LLP Chartered Accountants Office Suite 1 Haslemere House Lower Street Haslemere Surrey GU27 2PE
Date:[TAs] QDALf/LoL[ie]
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THE HAZELHURST TRUST
Statement of Financial Activities
(Incorporating an Income and Expenditure Account) for the Year Ended 31 March 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Unrestricted | — Restricted | Total | Total | ||
| funds | fund | funds | funds | ||
| Notes | £ | £ | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||||
| Donations and legacies | 3 | 37,500 | - | 37,500 | 400 |
| Investment income | 4 | 469 | - | 469 | 710 |
| Total | 37,969 | - | 37,969 | 1,110 | |
| EXPENDITURE ON | |||||
| Raising funds | 5 | 1,175 | - | 1,175 | 1,226 |
| Charitable activities | 6 | ||||
| Grant Making | 177,642 | - | 177,642 | 125,494 | |
| Total | 178,817 | - | 178,817 | 126,720 | |
| Net gains on investments | 948 | - | 948 | 616,480 | |
| NETINCOME/(EXPENDITURE) | (139,900) | - | (139,900) | 490,870 | |
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 631,864 | - | 631,864 | 140,994 | |
| TOTALFUNDSCARRIEDFORWARD | 491,964 | - | 491,964 | 631,864 |
The notes form part of these financial statements
Page 5
THE HAZELHURST TRUST
Balance Sheet
31 March 2021
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2021 2020
Notes £ £
FIXED ASSETS
Investments 14 501,808 675,965
CURRENT ASSETS
Debtors 15 7,500 -
Cash at bank 62,614 10,737
70,114 10,737
CREDITORS
Amounts falling due within one year 16 (79,958) (54,838)
NET CURRENT ASSETS (9,844) (44,101)
TOTAL ASSETS LESS CURRENT
LIABILITIES 491,964 631,864
NET ASSETS 491,964 631,864
FUNDS 18
Unrestricted funds 491,964 631,864
TOTAL FUNDS 491,964 631,864
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The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.
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The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on ea. hecember.2021.... and were signed on its behalf by:
M P Bowcock.>-Trustee
The notes form part of these financial statements
Page 6
Notes to the Financial Statements for the Year Ended 31 March 2021
THE HAZELHURST TRUST
1. STATUTORY INFORMATION
The Hazelhurst Trust is a private company, limited by guarantee, registered in England and Wales. The Trust's registered number and registered office address can be found on page 2 of the Report of the Trustees.
The Trustees consider there are no material uncertainties about the charity's ability to continue as a going concern nor a significant risk that uncertainty over estimates made for the purpose of these financial statements may cause a material adjustment to the carrying values of assets and liabilities.
The presentation currency of the financial statements is the Pound Sterling (£).
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, 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 Companies Act 2006. 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.
Financial reporting standard 102 - reduced disclosure exemptions The charitable company 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.
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 offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Allocation and apportionment of costs
Support costs are wholly allocated to the Trust's grant making activity.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
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continued...
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
THE HAZELHURST TRUST
2. ACCOUNTING POLICIES - continued
Fund accounting
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.
Unlisted investments
From the preceding financial year, the Trust has been able to reliably estimate the fair value of its investment in an unlisted company and has remeasured the holding to reflect this.
Fair value has been estimated using the proportion of the company's equity the Trust owns applied to the company's net assets as per its financial statements for the year ended 31st December 2020 adjusted for the movement in share price from December 2020 to March 2021.
The company's assets are substantially represented by a holding in another company measured at fair value. As at 31st March 2021 this company is unlisted and fair value has been assessed using the price achieved for the most recent issue of shares. This represents a key source of estimation uncertainty and could result in a material adjustment to the carrying value in future periods.
- DONATIONS AND LEGACIES
| 3. | DONATIONS AND LEGACIES | ||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Donations | 37,500 | 400 | |
| 4. | INVESTMENT INCOME | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Dividends | 462 | 582 | |
| Deposit account interest | 7 | 128 | |
| 469 | 710 |
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continued...
THE HAZELHURST TRUST
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
- RAISING FUNDS
| Investment management costs | ||||
|---|---|---|---|---|
| 2021 | 2020 | |||
| £ | £ | |||
| Portfolio management | 1,175 | 1,226 | ||
| 6. | CHARITABLE ACTIVITIES COSTS | |||
| Grant | ||||
| funding of | ||||
| activities | Support | |||
| (see note | costs (see | |||
| 8) | note 9) | Totals | ||
| £ | £ | £ | ||
| GrantMaking | 169,500 | 8,142 | 177,642 |
| Up until the preceding year, the Trust ran the Philanthropy Collaborative as a programme, and this | Up until the preceding year, the Trust ran the Philanthropy Collaborative as a programme, and this | Up until the preceding year, the Trust ran the Philanthropy Collaborative as a programme, and this | |
|---|---|---|---|
| was then transferred to the Beacon Fellowship, who will continue to operate the programme under the | |||
| name 'The Beacon Collaborative’. | |||
| 7. | DIRECT COSTS OF CHARITABLE ACTIVITIES | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Office costs | - | 405 | |
| 8. | GRANTS PAYABLE | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Grant Making | 169,500 | 119,784 | |
| Grants payable to institutions during the year were as follows: | |||
| £ | |||
| YMCA North Staffordshire | 32,000 | ||
| Reform Heritage | 10,000 | ||
| Fredericks Foundation | 10,000 | ||
| Beacon Fellowship (commitment) | 50,000 | ||
| Blackdown and Hindhead Supporters | 5,000 | ||
| Watts Gallery | 37,500 | ||
| Made-In-Stoke | 15,000 | ||
| Kent University Medical School | 10,000 | ||
| 169,500 |
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continued...
THE HAZELHURST TRUST
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
9. SUPPORT COSTS
| 9. | SUPPORT COSTS | |||||||
|---|---|---|---|---|---|---|---|---|
| Information | Governance | |||||||
| Management | Finance | technology | costs | Totals | ||||
| £ | £ | £ | £ | £ | ||||
| Grant Making | 24 | 4,007 | 325 | 3,786 | 8,142 | |||
| Support costs, included in the | above, | are as | follows: | |||||
| 2021 | 2020 | |||||||
| Grant | Total | |||||||
| Making | activities | |||||||
| £ | £ | |||||||
| Sundries | 24 | - | ||||||
| Bank charges | 966 | 1,027 | ||||||
| Exchange difference | 3,041 | 1,602 | ||||||
| Website costs | 325 | 300 | ||||||
| Independent Examiner's fees | 2,460 | 2,376 | ||||||
| Legal fees | 1,326 | - | ||||||
| 8,142 | 5,305 | |||||||
| 10. | NET INCOMEEXPENDITURE) | |||||||
| Net income/(expenditure) is stated | after charging/(crediting): | |||||||
| 2021 | 2020 | |||||||
| £ | £ | |||||||
| IndependentExaminer'sfees | 2,460 | 2,376 |
- TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
Trustees' expenses
There were no_ trustees’ expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.
- STAFF COSTS
There were no staff costs for the year ended 31 March 2021 or year ended 31 March 2020
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continued...
THE HAZELHURST TRUST
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
| 13. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | ||
|---|---|---|---|---|
| Unrestricted | Restricted | Total | ||
| funds | fund | funds | ||
| £ | £ | £ | ||
| INCOME AND ENDOWMENTS FROM | ||||
| Donations and legacies | 400 | - | 400 | |
| Investment income | 710 | - | 710 | |
| Total | 1,110 | - | 1,110 | |
| EXPENDITURE ON | ||||
| Raising funds | 1,226 | - | 1,226 | |
| Charitable activities | ||||
| Grant Making | 125,494 | - | 125,494 | |
| Total | 126,720 | - | 126,720 | |
| Net gains on investments | 616,480 | - | 616,480 | |
| NET INCOME | 490,870 | - | 490,870 | |
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward | 140,994 | - | 140,994 | |
| TOTAL FUNDS CARRIED FORWARD | 631,864 | - | 631,864 | |
| 14. | FIXED ASSET INVESTMENTS | |||
| Listed | Unlisted | |||
| investments | investments | Totals | ||
| e | £ | £ | ||
| MARKET VALUE | ||||
| At 1 April 2020 Additions Disposals Revaluations Movements in Cash |
113,330 7,252 (106,493) 23,644 (1,494) |
562,635 - - (97,066) - |
675,965 7,252 (106,493) (73,422) (1,494) |
|
| At 31 March 2021 | 36,239 | 465,569 | 501,808 | |
| NET BOOK VALUE | ||||
| At 31 March 2021 | 36,239 | 465,569 | 501,808 | |
| At31March2020 | 113,330 | 562,635 | 675,965 |
Listed investments are all held in the UK whereas the unlisted investment is held in Switzerland.
Listed investments comprises the following classes of investment:
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THE HAZELHURST TRUST
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
14. FIXED ASSET INVESTMENTS - continued
| £ | |
|---|---|
| Alternative investments | 10,915 |
| Equities | 19,196 |
| Fixed income | 5,701 |
| Cash | 427 |
| 36,239 |
The Trust has measured the value of its holding in the unlisted company, ADC Products Sarl as disclosed in the accounting policies. Previously, the Trust was unable to reliably measure the fair value of the shares. As the Trust had received the shares as a gift, its cost for the investment is nil.
| 15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Other debtors | 7,500 | - | |
| 16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Accrued expenses | 79,958 | 54,838 | |
| 17. | ANALYSISOFNETASSETSBETWEENFUNDS |
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| funds | fund | funds | funds | ||
| £ | £ | £ | £ | ||
| Investments | 501,808 | - | 501,808 | 675,965 | |
| Current assets | 70,114 | - | 70,114 | 10,737 | |
| Current liabilities | (79,958) | - | (79,958) | (54,838) | |
| 491,964 | - | 491,964 | 631,864 | ||
| 18. | MOVEMENT IN FUNDS | ||||
| Net | |||||
| movement | At | ||||
| At 1.4.20 | in funds | 31.3.21 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 631,864 | (139,900) | 491,964 | ||
| TOTALFUNDS | 631,864 | (139,900) | 491,964 |
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THE HAZELHURST TRUST
Notes to the Financial Statements - continued for the Year Ended 31 March 2021
- MOVEMENT IN FUNDS- continued
Net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 37,969 | (178,817) | 948 | (139,900) |
| TOTAL FUNDS | 37,969 | (178,817) | 948 | (139,900) |
| Comparatives for movement in funds | ||||
| Net | ||||
| movement | At | |||
| At 1.4.19 | in funds | 31.3.20 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 140,994 | 490,870 | 631,864 | |
| TOTAL FUNDS | 140,994 | 490,870 | 631,864 | |
| Comparative net movement in funds, included | in the above | are as follows: | ||
| Incoming | Resources | Gainsand | Movement | |
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 1,110 | (126,720) | 616,480 | 490,870 |
| TOTALFUNDS | 1,110 | (126,720) | 616,480 | 490,870 |
- RELATED PARTY DISCLOSURES
During the year, the Trust made the following donations to organisations of which M P Bowcock is a trustee; £37,500 (2020: £43,284) to the Watts Gallery, £100,000 (2020: £40,000) to the Beacon Fellowship and has committed an additional £50,000, included within creditors. The Trust donated £NIL (2020: £25,000) to Kent, Surrey & Sussex Air Ambulance Trust of which Dr H A Bowcock is a trustee.
Page 13
THE HAZELHURST TRUST
Detailed Statement of Financial Activities for the Year Ended 31 March 2021
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 37,500 | 400 |
| Investment income | ||
| Dividends | 462 | 582 |
| Deposit account interest | 7 | 128 |
| 469 | 710 | |
| Total incoming resources | 37,969 | 1,110 |
| EXPENDITURE | ||
| Investment management costs | ||
| Portfolio management | 1,175 | 1,226 |
| Charitable activities | ||
| Office costs | - | 405 |
| Grants to institutions | 169,500 | 119,784 |
| 169,500 | 120,189 | |
| Support costs | ||
| Management | ||
| Sundries | 24 | - |
| Finance | ||
| Bank charges | 966 | 1,027 |
| Exchange difference | 3,041 | 1,602 |
| 4,007 | 2,629 | |
| Information technology | ||
| Website costs | 325 | 300 |
| Governance costs | ||
| Independent Examiner's fees | 2,460 | 2,376 |
| Legal fees | 1,326 | - |
| 3,786 | 2,376 | |
| Total resources expended | 178,817 | 126,720 |
| Netexpenditurebeforegainsandlosses | (140,848) | (125,610) |
This page does not form part of the statutory financial statements
Page 14
THE HAZELHURST TRUST
Detailed Statement of Financial Activities for the Year Ended 31 March 2021
| 2021 | 2020 | |
|---|---|---|
| g | £ | |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset | ||
| investments | 91,546 | 65,161 |
| Unrealised gains/(losses) on fixed asset | ||
| investments | (90,598) | 551,319 |
| Net(expenditure)/income | (139,900) | 490,870 |
This page does not form part of the statutory financial statements
Page 15