Charity number: 1147629
The Hillier Trust
Unaudited
Trustees' Report and Financial Statements
For the Year Ended 30 June 2025
The Hillier Trust
Contents
| Page | |
|---|---|
| Reference and administrative details of the Trust, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 14 |
The Hillier Trust
Reference and Administrative Details of the Trust, its Trustees and Advisers For the Year Ended 30 June 2025
| Trustees | Anthony John Hillier |
|---|---|
| Susan Jean Hillier | |
| Elizabeth Mary Jordan | |
| David Hillier | |
| Charity registered number 1147629 Principal office Loose Court Farmhouse Old Drive Maidstone Kent ME15 9SE Accountants UHY Hacker Young Chartered Accountants Thames House Roman Square Sittingbourne Kent ME10 4BJ Bankers NatWest Service Centre Parklands, De Haviland Way Horwich Bolton BL6 4YU Investment Managers Rathbones Investment Management Office 8 Finsbury Circus London EC2M 7AZ |
Page 1
The Hillier Trust
Trustees' Report For the Year Ended 30 June 2025
The Trustees present their annual report together with the financial statements of the Trust for the ended 30 June 2025.
OBJECTIVES AND ACTIVITIES
a. Policies and objectives
The principal object of the Trust is that Trustees shall hold the capital and income of the Trust Fund upon trust to apply the income, and all or such part or parts of the capital, at such times and in such manner, to, or for the benefit of, such exclusively charitable purposes for the public benefit as are exclusively charitable according to the laws of England and Wales as the Trustees may from time to time determine.
The Trustees confirm that they 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 future activities and setting the grant making policy for the year.
b. Grant making policies
Over the year the Trustees approved grants to registered charities and not for profit organisations amounting to £257,846. A full list of those who benefited is set out in Note 6. The funds of the Trust can be distributed to other organisations or individuals under the terms of the Trust deed.
A significant part of the Trust expenditure goes to support the work of The Family Trust which is a Christian organisation operating in Kent, whose primary aim is to help children understand that Christianity is relevant to their daily lives. Other beneficiaries tend to be organisations, generally with a Christian ethos, who are carrying out development and support work among disadvantaged groups.
ACHIEVEMENTS AND PERFORMANCE
a. Review of activities
The results of the year are set out on page 6.
The funds representing the donation of £1,900,360 during the previous year were received on 8 October 2024 and invested in the listed investment portfolio..
Income from investments in the year amounted to £58,502 ( 2024: £50,384 ), representing a gross return of 1.3% ( 2024: 1.8% ) on the closing value of the investments. Grants made in the year totalled £257.846 ( 2024: £267.482 ) and other expenditure amounted to £26,465 ( 2024: £25,443 ). The net movement of funds for the year was a deficit of £290,809 compared to a surplus of £1,986,697 in 2024, after net losses of £65,000 (2024: net gains of £328,879) on investments.
The cumulative balance of £4,602,194 is carried forward as an unrestricted reserve.
b. Factors relevant to achieve objectives
The Trust has sufficient funds to be able to make grants at a similar level the for the foreseeable future and therefore it does not carry out any fund raising activities.
c. Investment policy and performance
Rathbones are appointed as investment manager to the Trust. They report to the Trustees at regular intervals providing a full listing of the investments with details of cost, current market value and estimated income, together with statistics detailing the fund's performance. Cash deposits are retained by Rathbones as part of the investment portfolio.
Page 2
The Hillier Trust
Trustees' Report (continued) For the Year Ended 30 June 2025
FINANCIAL REVIEW
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The unrestricted funds of the Trust are available to be distributed under the Trust Deed.
c. Material investments policy
The investment objective for the portfolio is for a balance between capital growth and income with a medium risk tolerance which aims to generate a return over the long term of 2% above the rate of inflation.
d. Financial risk management objectives and policies
The Trustees are responsible for financial risk management. They monitor the investment portfolio by receiving regular reports from the investment managers. They also receive six monthly management accounts. Two trustees need to approve any payments made from the Trust bank account.
STRUCTURE, GOVERNANCE AND MANAGEMENT
a. Constitution
The Trust is constituted under a Trust deed dated 8 June 2012 and is a registered charity number 1147629.
b. Methods of appointment or election of Trustees
The management of the Trust is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
c. Organisational structure and decision-making policies
The Trustees communicate regularly throughout the financial year in order to consider grant applications and matters relating to the administration of the Trust.
d. Policies adopted for the induction and training of Trustees
The induction and training of trustees is dealt with during meetings and other communications.
e. Related party relationships
Trustees advise each other of any related party relationships and these are disclosed in the notes to the financial statements.
f. Financial risk management
The Trustees have assessed the major risks to which the Trust is exposed, in particular those related to the operations and finances of the Trust, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
PLANS FOR FUTURE PERIODS
The Trustees will continue to support the objectives of the Trust for the foreseeable future.
Page 3
The Hillier Trust
Trustees' Report (continued) For the Year Ended 30 June 2025
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Trust and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Trust's transactions and disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Anthony John Hillier
Date: 13 March 2026
Page 4
The Hillier Trust
Independent Examiner's Report For the Year Ended 30 June 2025
Independent Examiner's Report to the Trustees of The Hillier Trust ('the Trust')
I report to the charity Trustees on my examination of the accounts of the Trust for the year ended 30 June 2025.
Responsibilities and Basis of Report
As the Trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Your attention is drawn to the fact that the Trust has prepared the accounts in accordance with 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) 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 been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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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accounting records were not kept in respect of the Trust as required by section 130 of the 2011 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 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.
This report is made solely to the Trust's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Trust's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Trust and the Trust's Trustees as a body, for my work or for this report.
Dated: 17 March 2026
Tracey Moore, BFP ACA
UHY Hacker Young
Chartered Accountants Thames House Roman Square Sittingbourne Kent ME10 4BJ
Page 5
The Hillier Trust
Statement of financial activities For the Year Ended 30 June 2025
| Note Income from: Donations and legacies 2 Investments 3 Total income Expenditure on: Investment management costs 4 Charitable activities 5 Total expenditure Net (expenditure)/income before net (losses)/gains on investments Net (losses)/gains on investments Net movement in funds Reconciliation of funds: 13 Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2025 £ - 58,502 58,502 24,794 259,517 284,311 (225,809) (65,000) (290,809) 4,893,003 (290,809) 4,602,194 |
Total funds 2025 £ - 58,502 58,502 24,794 259,517 284,311 (225,809) (65,000) (290,809) 4,893,003 (290,809) 4,602,194 |
Total funds 2024 £ 1,900,360 50,384 |
|---|---|---|---|
| 1,950,744 | |||
| 17,170 275,755 |
|||
| 292,925 | |||
| 1,657,819 328,879 |
|||
| 1,986,698 | |||
| 2,906,305 1,986,698 |
|||
| 4,893,003 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 8 to 14 form part of these financial statements.
Page 6
The Hillier Trust
Balance Sheet As at 30 June 2025
| Note Fixed assets Investments 9 Current assets Debtors 10 Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 11 Net current assets Total net assets Charity funds Unrestricted funds 13 Total funds |
- 118,505 118,505 (10,530) |
2025 £ 4,494,219 107,975 4,602,194 4,602,194 4,602,194 |
1,900,360 125,878 2,026,238 (11,944) |
2024 £ 2,878,709 2,014,294 |
|---|---|---|---|---|
| 4,893,003 | ||||
| 4,893,003 | ||||
| 4,893,003 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Anthony John Hillier
Date: 13 March 2026
The notes on pages 8 to 14 form part of these financial statements.
Page 7
The Hillier Trust
Notes to the Financial Statements For the Year Ended 30 June 2025
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
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 Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Hillier Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Going concern
The trustees have assessed whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the trust to continue as a going concern. The trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements.
The accounts have been prepared under the going concern basis as the trust has a significant level of reserves which can continue to support the trust for the foreseeable future.
1.3 Income
All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
1.4 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 on raising funds includes all expenditure incurred by the Trust to raise funds for its charitable purposes.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Trust's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
1.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
1.6 Debtors
Trade Debtors are recognised at the settlement amount.
Page 8
The Hillier Trust
Notes to the Financial Statements For the Year Ended 30 June 2025
1. Accounting policies (continued)
1.7 Financial instruments
The Trust 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.
1.8 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Trust and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund.
2. Income from donations and legacies
| Donations Total 2024 |
Unrestricted funds 2025 £ - 1,900,360 |
Total funds 2025 £ - 1,900,360 |
Total funds 2024 £ 1,900,360 |
|---|---|---|---|
3. Investment income
| Income from listed investments Total 2024 Investment management costs Investment management fees Total 2024 |
Unrestricted funds 2025 £ 58,502 50,384 Unrestricted funds 2025 £ 24,794 17,170 |
Total funds 2025 £ 58,502 50,384 Total funds 2025 £ 24,794 17,170 |
Total funds 2024 £ 50,384 |
|---|---|---|---|
| Total funds 2024 £ 17,170 |
|||
4. Investment management costs
Page 9
The Hillier Trust
Notes to the Financial Statements For the Year Ended 30 June 2025
5. Analysis of expenditure by activities
| Charitable activities Total 2024 Analysis of support costs Accounting fees Bank charges Independent examination fees Foreign exchange (gains)/losses Auditors' remuneration Total 2024 |
Grant funding of activities 2025 £ 257,846 267,482 |
Support costs 2025 £ 1,671 8,273 Activities 2025 £ 2,806 1 1,560 (2,696) - 1,671 8,273 |
Total funds 2025 £ 259,517 275,755 Total funds 2025 £ 2,806 1 1,560 (2,696) - 1,671 8,273 |
Total funds 2024 £ 275,755 |
|---|---|---|---|---|
| Total funds 2024 £ 2,732 21 - - 5,520 |
||||
| 8,273 | ||||
Page 10
The Hillier Trust
Notes to the Financial Statements For the Year Ended 30 June 2025
6. Analysis of grants paid in the year
| Age UK Amos Trust Beachy Head Chaplaincy Brit School Book Aid International CCFON Ltd Celebration Church Christian Concern Congo Action Crossline The Daniel Mervis Charity Dignity Freedom Network UK Evangelical Alliance Freedom Kit Bags Heart of Kent Hospice Kent Cricket Development Making A Difference Maidstone Churches Winter Shelter Maidstone Table Tennis Hive International Needs MGGS Development Trust Open Doors Safe Anaesthesia Worldwide Salvation Army Shakespeare UnBard The Cycle (INGO) The Birmingham City Mission The Family Trust The Loop Drug Check Total 2025 |
Endowment funds 2025 £ 1,500 6,000 5,000 5,000 1,000 7,000 5,000 - 3,000 1,500 5,000 10,000 1,846 5,000 8,000 3,000 10,000 4,000 4,000 - - - 10,000 4,000 1,500 - - 1,500 150,000 5,000 257,846 |
Total funds 2025 £ 1,500 6,000 5,000 5,000 1,000 7,000 5,000 - 3,000 1,500 5,000 10,000 1,846 5,000 8,000 3,000 10,000 4,000 4,000 - - - 10,000 4,000 1,500 - - 1,500 150,000 5,000 257,846 |
Total funds 2024 £ 1,500 8,000 4,000 5,000 - - 5,000 10,000 2,000 1,500 - 10,000 1,846 - - - - - - 10,000 36,636 4,000 - 4,000 1,500 1,000 4,000 2,500 155,000 - |
|---|---|---|---|
| 267,482 |
Page 11
The Hillier Trust
Notes to the Financial Statements For the Year Ended 30 June 2025
7. Independent examiner's remuneration
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Trust's independent examiner (2024: auditor) for the independent | ||
| examination (2024: audit) of the Trust's annual accounts | 1,560 | 5,520 |
| Fees payable to the Trust's independent examiner (2024: auditor) in respect of: | ||
| All other services not included above | 2,806 | 2,732 |
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .
During the year ended 30 June 2025, no Trustee expenses have been incurred (2024 - £NIL) .
9. Fixed asset investments
| Valuation At 1 July 2024 Additions Disposals Revaluations Transfers between classes At 30 June 2025 |
Listed investments £ 2,866,697 9,246,572 (7,567,003) (65,000) - 4,481,266 |
Cash held by portfolio manager £ 12,012 9,801,592 (9,540,651) - (260,000) 12,953 |
Total £ 2,878,709 19,048,164 (17,107,654) (65,000) (260,000) |
|---|---|---|---|
| 4,494,219 |
The book cost of listed investments held by the Trust as at 30 June 2025 totalled £3,542,191 ( 2024: £1,775,928 ).
The portfolio contains the following investments:
| Fixed Interest Listed UK equities Listed International equities Bonds Commodities Term deposits and cash |
2025 £ 206,652 586,162 2,049,178 1,463,266 176,008 12,953 4,494,219 |
2024 £ 186,845 288,696 1,328,999 671,952 390,205 12,012 2,878,709 |
|---|---|---|
Page 12
The Hillier Trust
Notes to the Financial Statements For the Year Ended 30 June 2025
10. Debtors
| Accrued income 11. Creditors: Amounts falling due within one year Accruals and deferred income |
2025 £ - 2025 £ 10,530 |
2024 £ 1,900,360 |
|---|---|---|
| 2024 £ 11,944 |
| 12. | Financial instruments | ||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Financial assets | |||
| Financial assets measured at fair value through income and expenditure | 4,612,724 | 3,004,586 |
Financial assets measured at fair value through income and expenditure comprise of listed investments, including cash held by the portfolio manager on behalf of the Trust, and other cash balances.
13. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds Statement of funds - prior year Unrestricted funds General Funds |
Balance at 1 July 2024 £ 4,893,003 Balance at 1 July 2023 £ 2,906,305 |
Income £ 58,502 Income £ 1,950,744 |
Expenditure £ (284,311) Expenditure £ (292,925) |
Gains/ (Losses) £ (65,000) Gains/ (Losses) £ 328,879 |
Balance at 30 June 2025 £ 4,602,194 |
|---|---|---|---|---|---|
| Balance at 30 June 2024 £ 4,893,003 |
Page 13
The Hillier Trust
Notes to the Financial Statements For the Year Ended 30 June 2025
14. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2025 £ 4,494,219 118,505 (10,530) 4,602,194 |
Total funds 2025 £ 4,494,219 118,505 (10,530) 4,602,194 |
|---|---|---|
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2024 £ 2,878,709 2,026,238 (11,944) 4,893,003 |
Total funds 2024 £ 2,878,709 2,026,238 (11,944) 4,893,003 |
|---|---|---|
15. Related party transactions
During the year, the Trust made charitable grants totalling £150,000 ( 2024: £155,000 ) to The Family Trust. A J Hillier served as a Trustee of The Family Trust until his resignation on 31 December 2024. At the year end there were no balances outstanding with The Family Trust.
During the year, Trustees made donations to the Trust of £Nil ( 2024: £1,900,360 ).
Page 14