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2022-12-31-accounts

REGISTERED CHARITY NUMBER: 1155643

REPORT OF THE TRUSTEES AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

THE HUTCHINSON CHARITABLE TRUST

Wheelers

Chartered Accountants, Tax Consultants & Statutory Auditors 27-29 Old Market

Wisbech Cambridgeshire PE13 1NE

THE HUTCHINSON CHARITABLE TRUST

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Page
Report of the Trustees 1 to 4
Report of the Independent Auditors 5 to 7
Statement of Financial Activities 8
Balance Sheet 9
Cash Flow Statement 10
Notes to the Cash Flow Statement 11
Notes to the Financial Statements 12 to 18
Detailed Statement of Financial Activities 19

THE HUTCHINSON CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees present their report with the financial statements of the charity for the year ended 31 December 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

Objectives and aims

The main objects of the charity are to provide grants for charitable purposes mainly, but not exclusively, in the following areas:-

Wherever possible the charity is seeking to provide grants that will make a real difference to the recipient.

Significant activities

The charity received incoming resources from its principal donor, H L Hutchinson Limited, and made charitable grants as described in note 5.

Public benefit

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing aims and objectives and in planning future activities.

ACHIEVEMENT AND PERFORMANCE

The charity aims to provide financial support to a wide range of charitable organisations and, in particular, to those involved with Agriculture, Disadvantaged People, Education and Fenland.

During 2022, the charity has issued donations totalling £310,750 each of which is intended to make a material difference to the work of the receiving organisation. Feedback is received from donees as to the impact of our financial support and the trustees take such information into account when considering future contributions.

FINANCIAL REVIEW

Principal funding sources

The charity received donations from its principal donor, H L Hutchinson Limited.

Investment policy and objectives

Under the trust deed the charity has the powers to invest in any way the trustees deem fit. They must however ensure that with any investments there is direct access to the charity's reserves. The trustees have made investments with CCLA Investment Management Limited, managers of the COIF Charity funds.

Page 1

THE HUTCHINSON CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

FINANCIAL REVIEW

Reserves policy

The total reserves held by the Charity at 31 December 2022 amount to £7,564,577 which is all held as unrestricted funds. The Charity does not hold any restricted funds.

The Charity's income is generated entirely from donations from H L Hutchinson Limited, a trading company operating in the agricultural sector. The Charity commenced in 2012 and since this time donations received have fluctuated depending on the results of the company. The sector that the company operates in is highly regulated and changes in chemical usage and legislation are likely to continue to have significant effects on the underlying profits of the company in the future. Agricultural challenges including the environment, government policy, subsidies and competition are factors that the Trustees acknowledge could result in the company not funding the Charity if circumstances were to change in the future. This long-term uncertainty of future funding has resulted in the Trustees decision to build up reserves to a level whereby the investment of these funds can yield a sufficient return to maintain the level of grants that have been made to the various charitable organisations that have been supported.

The reserves policy is thus one which matches the long-term returns on the unrestricted reserves to the continuing support of the various charitable organisations that have been supported. Although there is no implied long-term commitment to the majority of beneficiaries, the Trustees acknowledge that many of these recipients are likely to require funding in the future.

Going concern

The trustees are satisfied with the transactions of the charity and its financial position as at 31 December 2022 as shown in the accompanying accounts.

FUTURE PLANS

The trustees anticipate that the charity will continue on the same basis as at present. Nonetheless the Trust's plans for the future are reviewed regularly at trustee meetings.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

Recruitment and appointment of new trustees

All of the trustees are members of the Hutchinson family which has created the charity. Any new appointments will be at the recommendation of the board.

Organisational structure

The board of trustees must, under the terms of the governing document, have at least two trustees, serving at any one time.

The entire board meets on a regular basis, at least twice a year or more if required.

Induction and training of new trustees

All new trustees are given, in the view of the board, sufficient training and have enough knowledge of their specific field to understand the nature of the charity and fully comply with the charity's objectives. They are aware of both their legal and professional responsibilities under charity law.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The principal risks faced by the charity lie in the performance of investments and the continued ability of the principal donor to make donations. These risks are mitigated by investing in cash deposits with reputable banks, and by the trustees also being directors of the principal donor.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity number

1155643

Page 2

THE HUTCHINSON CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

Principal address 10 Victory Road Wisbech Cambridgeshire PE13 2PU

Trustees

D A Hutchinson M L Hutchinson

Auditors

Wheelers Chartered Accountants, Tax Consultants & Statutory Auditors 27-29 Old Market Wisbech Cambridgeshire PE13 1NE

Solicitors Fraser Dawbarns 1-3 York Row Wisbech PE13 1EA

Bankers Barclays Bank Plc 12 Old Market Wisbech Cambridgeshire PE13 1NN CCLA Investment Management Limited Senator House 85 Queen Victoria Street London EC4V 4ET

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

Page 3

THE HUTCHINSON CHARITABLE TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the board of trustees on 5 September 2023 and signed on its behalf by:

D A Hutchinson - Trustee

Page 4

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE HUTCHINSON CHARITABLE TRUST

Opinion

We have audited the financial statements of The Hutchinson Charitable Trust (the 'charity') for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Page 5

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE HUTCHINSON CHARITABLE TRUST

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The primary responsibility for the prevention and detection of fraud rests with the trustees.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant are:

We understood how The Hutchinson Charitable Trust is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of trustee minutes.

We assessed the susceptibility of the charity's financial statements to material misstatement, including how fraud might occur, by discussion with management and our prior knowledge of the charty's activities and controls.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 6

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE HUTCHINSON CHARITABLE TRUST

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Wheelers Chartered Accountants, Tax Consultants & Statutory Auditors 27-29 Old Market Wisbech Cambridgeshire PE13 1NE

5 September 2023

Page 7

THE HUTCHINSON CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Investment income
3
Total
EXPENDITURE ON
Charitable activities
4
Charitable
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 31.12.22
Unrestricted
fund
£
2,886,791
39,002
2,925,793
312,785
(18,724)
2,594,284
4,970,293
7,564,577		 31.12.21
Total
funds
£
-
3,526
3,526
252,391
14,656
(234,209)
5,204,502
4,970,293

The notes form part of these financial statements

Page 8

THE HUTCHINSON CHARITABLE TRUST

BALANCE SHEET

31 DECEMBER 2022

Notes
FIXED ASSETS
Investments
9
CURRENT ASSETS
Debtors
10
Cash at bank
CREDITORS
Amounts falling due within one year
11
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
12
NET ASSETS
FUNDS
13
Unrestricted funds
TOTAL FUNDS		 31.12.22
Unrestricted
fund
£
498,800
14,335
7,077,642
7,091,977
(13,700)
7,078,277
7,577,077
(12,500)
7,564,577
7,564,577
7,564,577		 31.12.21
Total
funds
£
117,524
-
4,854,969
4,854,969
(2,200)
4,852,769
4,970,293
-
4,970,293
4,970,293
4,970,293

The financial statements were approved by the Board of Trustees and authorised for issue on 5 September 2023 and were signed on its behalf by:

D A Hutchinson - Trustee

M L Hutchinson - Trustee

The notes form part of these financial statements

Page 9

THE HUTCHINSON CHARITABLE TRUST

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by/(used in) operating activities
Cash flows from investing activities
Purchase of fixed asset investments
Interest received
Dividends received
Net cash (used in)/provided by investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 31.12.22
£
2,583,671
2,583,671
(400,000)
35,896
3,106
(360,998)
2,222,673
4,854,969
7,077,642		 31.12.21
£
(253,391)
(253,391)
-
500
3,026
3,526
(249,865)
5,104,834
4,854,969

The notes form part of these financial statements

Page 10

THE HUTCHINSON CHARITABLE TRUST

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

OPERATING ACTIVITIES
Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Losses on investments
Interest received
Dividends received
Gain on investments
Increase in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operations		 31.12.22
£
2,594,284
18,724
(35,896)
(3,106)
-
(14,335)
24,000
2,583,671		 31.12.21
£
(234,209)
-
(500)
(3,026)
(14,656)
-
(1,000)
(253,391)

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank
Total		 At 1.1.22
£
4,854,969
4,854,969
4,854,969		 Cash flow
£
2,222,673
2,222,673
2,222,673		 At 31.12.22
£
7,077,642
7,077,642
7,077,642

The notes form part of these financial statements

Page 11

THE HUTCHINSON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1. 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) (issued October 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.

The presentation currency of the financial statements is the Pound Sterling (£), the accounts are rounded to the nearest Pound.

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 receivable on funds held on deposit is included when receivable and the amount can be measured reliably; this is normally upon notification of the interest paid or payable by the bank.

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.

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.

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.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Fixed asset 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 quoted bid market price or market value. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the period.

The company does not enter into put options, derivatives or other complex financial instruments.

continued...

Page 12

THE HUTCHINSON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

2.
DONATIONS AND LEGACIES
31.12.22
£
Donations
2,886,791
3.
INVESTMENT INCOME
31.12.22
£
Dividends
3,106
Deposit account interest
35,896
39,002
4.
CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities
Support
(see note
costs (see
5)
note 6)
£
£
Charitable
310,750
2,035
5.
GRANTS PAYABLE
31.12.22
£
Charitable
310,750
The total grants paid to institutions during the year was as follows:
31.12.22
£
Agricultural
132,000
Fenland
39,500
Educational
12,000
Disadvantaged people
127,250
310,750
Material grants, included above within Agricultural, paid during the year were:-
To provide relief from hardship in the Agricultural sector: Royal Agricultural Benevolent
Institution
To provide homes for farming families: The Addington Fund
Material grants, included above within Fenland, paid during the year were:-
To advance sport in Fenland: Leverington Sports & Social Club		 Grant
funding of
activities
(see note
5)
£
310,750		 31.12.22
£
2,886,791
31.12.22
£
3,106
35,896
39,002
Support
costs (see
note 6)
£
2,035
31.12.22
£
310,750
31.12.22
£
132,000
39,500
12,000
127,250
310,750		 31.12.22
£
2,886,791
31.12.22
£
3,106
35,896
39,002
Support
costs (see
note 6)
£
2,035
31.12.22
£
310,750
31.12.22
£
132,000
39,500
12,000
127,250
310,750

continued...

Page 13

THE HUTCHINSON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

5. GRANTS PAYABLE - continued

Material grants, included above within Disadvantaged People, paid during the year were:-

To provide support to the people and wildlife of Africa: Send A Cow £37,500
To provide international humanitarian support: Concern Worldwide £25,000

6. SUPPORT COSTS

6. SUPPORT COSTS
Governance
Finance costs Totals
£ £ £
Charitable
31 2,004 2,035
Support costs, included in the above, are as follows:
Finance
31.12.22 31.12.21
Total
Charitable activities
£ £
Bank charges 31 (49)
Governance costs
31.12.22 31.12.21
Total
Charitable activities
£ £
Auditors' remuneration 2,004 1,440
7. AUDITORS' REMUNERATION
31.12.22 31.12.21
£ £
Fees payable to the charity's auditors for the audit of the charity's financial
statements 2,004 1,440

continued...

Page 14

THE HUTCHINSON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.

9. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Unlisted
investments
£
MARKET VALUE
At 1 January 2022 117,524
Additions 400,000
Revaluations (18,724)
At 31 December 2022 498,800
NET BOOK VALUE
At 31 December 2022 498,800
At 31 December 2021 117,524

There were no investment assets outside the UK.

Cost or valuation at 31 December 2022 is represented by:

Unlisted
investments
£
Valuation in 2022 498,800
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£ £
Prepayments and accrued income 14,335 -

Page 15

continued...

THE HUTCHINSON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22
£
Other creditors
12,500
Accruals
1,200
13,700
12.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.22
£
Other creditors
12,500
13.
MOVEMENT IN FUNDS
Net
movement
At 1.1.22
in funds
£
£
Unrestricted funds
General fund
4,970,293
2,594,284
TOTAL FUNDS
4,970,293
2,594,284
Net movement in funds, included in the above are as follows:
Incoming
Resources
Gains and
resources
expended
losses
£
£
£
Unrestricted funds
General fund
2,925,793
(312,785)
(18,724)
TOTAL FUNDS
2,925,793
(312,785)
(18,724)
Comparatives for movement in funds
Net
movement
At 1.1.21
in funds
£
£
Unrestricted funds
General fund
5,204,502
(234,209)
TOTAL FUNDS
5,204,502
(234,209)		 31.12.21
£
1,000
1,200
2,200
31.12.21
£
-
At
31.12.22
£
7,564,577
7,564,577
Movement
in funds
£
2,594,284
2,594,284
At
31.12.21
£
4,970,293
4,970,293

Page 16

continued...

THE HUTCHINSON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

13. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
3,526
3,526		 Resources
expended
£
(252,391)
(252,391)		 Gains and
Movement
losses
in funds
£
£
14,656
(234,209)
14,656
(234,209)		 Gains and
Movement
losses
in funds
£
£
14,656
(234,209)
14,656
(234,209)
(234,209)

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 At 1.1.21
£
5,204,502
5,204,502		 Net
movement
in funds
£
2,360,075
2,360,075		 At
31.12.22
£
7,564,577
7,564,577

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
2,929,319
2,929,319		 Resources
expended
£
(565,176)
(565,176)		 Gains and
losses
£
(4,068)
(4,068)		 Movement
in funds
£
2,360,075
2,360,075

14. CONTINGENT LIABILITIES

A pledge of £350,000 has been made to the Wisbech Town Cricket & Hockey Club towards the cost of a capital project. The pledge is conditional upon the club securing planning permission, a satisfactory contract being secured and raising the remainder of the funds necessary for the project to proceed. The pledge is open for an unlimited period but may be withdrawn at any time.

As at 31 December 2022, the conditions upon which the pledge was made were not satisfied and as such, this is recognised as a contingent liability.

continued...

Page 17

THE HUTCHINSON CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

15. RELATED PARTY DISCLOSURES

All donations were received from H L Hutchinson Limited a company registered in England, in which the trustees are also shareholders and have a controlling interest.

Page 18

THE HUTCHINSON CHARITABLE TRUST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Investment income
Dividends
Deposit account interest
Total incoming resources
EXPENDITURE
Charitable activities
Grants to institutions
Support costs
Finance
Bank charges
Governance costs
Auditors' remuneration
Total resources expended
Net income/(expenditure) before gains and
losses
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments
Net income/(expenditure)		 31.12.22
£
2,886,791
3,106
35,896
39,002
2,925,793
310,750
31
2,004
312,785
2,613,008
(18,724)
2,594,284		 31.12.21
£
-
3,026
500
3,526
3,526
251,000
(49)
1,440
252,391
(248,865)
14,656
(234,209)

This page does not form part of the statutory financial statements

Page 19