The Hilton International Development Trust Financial Statements for year ended 5 April 2022
The Hilton International Development Trust
Index to the Financial Statements
| Page | |
|---|---|
| Charity information | 1 |
| Trustees' Report | 2 - 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 - 11 |
The Hilton International Development Trust
Charity information
Trustees
| Trustees | |
|---|---|
| P Hilton | |
| B M Hilton | |
| Charity number | 1176175 |
| Stockbrokers | Hargreaves Lansdown |
| Asset Management Limited | |
| One College Square South | |
| Anchor Road | |
| Bristol | |
| BS1 5HL | |
| Bankers | Natwest plc |
| Leicester | |
| LE2 7EJ | |
| Accountants | TC Group |
| 6 North Street | |
| Oundle | |
| Peterborough | |
| PE8 4AL | |
| Independent Examiner | Graham Darbourne FCA |
| TC Group | |
| 6 North Street | |
| Oundle | |
| Peterborough | |
| PE8 4AL |
1
The Hilton International Development Trust
Trustees' Report for the year ended 5 April 2022
The trustees present their report and financial statements for the year ended 5 April 2022.
Structure, Governance and Management
Governing Document
The charity is governed by a trust deed dated 5 December 2017 and was registered with the Charity Commission on 7 December 2017 registration number 1176175.
Trustees
The trustees who served during the year were:
P Hilton
B M Hilton
Recruitment and Appointment of Trustees
The power of appointing new trustees is vested with the current trustees. A new trustee may be appointed at any time, either by way of addition or replacement.
Risk Management
The trustees regularly review the major risks to which the charity is exposed. Where appropriate, systems and procedures have been established to mitigate the risks the charity faces on all levels, financial and contractual.
The main risks are the investments which are covered by the investment policy.
Objects and Activities
Activities
The provision of grants to charities or other organisations working to prevent or relieve poverty and suffering in the developing world.
Objects
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1 The prevention or relief of poverty throughout the world by providing: grants, items and services to individuals in need and/or charities, or other organsations working to prevent or relieve poverty, including by, but not limited to:
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a) Providing or assisting in the provision of micro finance projects
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b) Providing or assisting in the provision of social investment and community capacity building; and
c) Providing or assisting in the provision of support designed to enable individuals to generate a sustainable income and be self-sufficient.
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2 The relief of those people and communities in need throoughout the world, by reason of youth, age, ill-health, disability, financial hardship, lack of education, or other disadvantage by providing: grants, items and services to individuals in need and/or charities and charitable projects.
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3 To advance the Christian faith for the public benefit in such ways and in such parts of the world as the Trustees may from time to time determine.
2
The Hilton International Development Trust
Trustees' Report for the year ended 5 April 2022
Achievements and Performance
Review of Activities
During the year the trust received gifted shares with a market value of £46,182 and received investment income totalling £5,540. The investments have decreaed in value by £2,966 and at year end have a market value of £433,231.
The trust has made donations to charities of £7,915. This has supported the Viswa Bharati Vidyodaya Trust and the British Red Cross appeal.
At the year end the unrestricted fund had a value of £5,743 and expendable endowment £431,639.
Unrestricted funds are needed to:
i) provide funds which can be designated to specific projects to enable these projects to be undertaken at short notice; and ii) cover administration and governance costs.
The trustees consider it prudent that unrestricted reserves should be sufficient to:
-
i) avoid the necessity of realising investments at short notice;
-
ii) cover one year's administration costs; iii) cover the trustees' commitments to funds
In considering the appropriate level of reserves, the trustees have taken into account the above requirements and have estimated these to be approximately £1,000, after taking into account the expected income received during the year.
The level of reserves is monitored and reviewed by the trustees annually.
3
The Hilton International Development Trust
Trustees' Report for the year ended 5 April 2022
Donation strategy
The Trust currently makes grants in two categories:-
Category 1 grants are those to substantial, well-established and reputable world organisations whose work furthered the charitable objectives in the developing world. Recently the grants had been for the relief of hardship in disaster and crisis situations. Future grants might be in the area of public health or livelihoods. Grants are based on the Trustees' (and general informed public) knowledge of an extreme or substantial immediate or continuing need.
Category 2 grants are those to (generally smaller) organisations addressing specific sometimes highly localised needs, which were not being fully addressed by other public or charitable funding. The level of need, the capability of the organisation to address it, and the ethical standards of the organisation are assessed using knowledge obtained directly from people (known to the Trustees) involved in the organisation, from direct contact with the organisation's work, and/or from appropriate research.
Investment policy
Objectives
The current objectives are to build an endowment fund from the gifts made to the trust, so that it can continue to fulfil its charitable objectives for a long period in the future, potentially in perpetuity, depending on the decisions of future trustees. Funds equating to the income from investments of the trust would be distributed as grants to organisations whose work furthered the objects of the trust. The funds available for distribution would increase from growth of the endowment fund. The endowment fund would grow from gifts so long as these should continue and from capital growth of the investments.
Risk profile
The trustees recognise the risk associated with investment in mainstream financial markets and accept this risk in return for the prospect of additional returns over longer periods of time. The Trustees review the performance of the quoted investments on a regular basis.
The investment manager and Trustees' are required to avoid exposure to investments which are deemed to be unsuitable in the context of the trustees' objectives when considering the portfolio as a whole.
Public benefit statement
The Trustees have had regard to the Charity Commissions' guidance on public benefit when considering grants and donations at Trustee meetings.
4
The Hilton International Development Trust
Trustees' Report for the year ended 5 April 2022
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 and Wales 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 of the charity for that period.
In preparing those financial statements, the trustees are required to:
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i) select suitable accounting policies and apply them consistently;
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ii) observe the methods and principles in the Charities SORP;
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iii) make judgements and estimates that are reasonable and prudent;
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iv) state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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v) prepare the financial statements on a going concern basis unless it is inappropriate to presume that the trust will continue to operate.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable trust and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 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.
Signed on behalf of the board of trustees
P Hilton
Date: ….............................
5
The Hilton International Development Trust
Independent Examiner's Report
I report on the accounts of the charity for the year ended 5 April 2022.
Respective responsibilities of trustees and examiner
The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act), and that an independent examination is needed.
It is my responsibility to
-
examine the accounts under section 145 of the Charities Act;
-
follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act; and
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state whether particular matters have come to my attention.
Basis of independent examiner's statement
My examination was carried out in accordance with General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the accounts.
Independent examiner's statement
In the course of my examination, no matter has come to my attention:
-
1 which gives me reasonable cause to believe that, in any material respect, the trustees have not met the requirements to ensure that:
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proper accounting records are kept in accordance with section 130 of the Charities Act; and
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accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Charities Act; or
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2 to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Graham Darbourne FCA TC Group 6 North Street Oundle Peterborough PE8 4AL
Date: …..................................
6
The Hilton International Development Trust
Statement of Financial Activities for the year ended 5 April 2022
| Note INCOMING RESOURCES Investment income 2 Gift of shares 3 Gift aid refund 3 Cash donation 3 Total incoming resources RESOURCES EXPENDED Charitable activities 4 Investment Management Fees Accountancy Charges Trustees Expenses 5 Resources expended Net incoming resources for the year Change in market value of investments including gains and losses 6 Net income for the year Balance brought forward Transfer between funds Balance carried forward |
Unrestricted fund 2022 £ 5,540 - 2,764 5,000 13,304 7,915 - 960 - 8,875 4,429 - 4,429 1,314 5,743 |
Expendable endowment fund 2022 £ - 46,182 - - 46,182 - 1,176 - - 1,176 45,006 (2,966) 42,040 389,599 431,639 |
Total 2022 £ 5,540 46,182 2,764 5,000 59,486 7,915 1,176 960 - 10,051 49,435 (2,966) 46,469 390,913 - 437,382 |
Total 2021 £ 3,656 35,119 - 38,775 |
|---|---|---|---|---|
| 8,023 763 960 - |
||||
| 9,746 | ||||
| 29,029 76,347 |
||||
| 105,376 285,537 - 390,913 |
The notes on pages 9 to 11 form part of these accounts
7
The Hilton International Development Trust
Balance sheet as at 5 April 2022
| Note FIXED ASSETS Investments 6 CURRENT ASSETS Cash at bank REPRESENTED BY: - EXPENDABLE ENDOWMENT FUND 8 UNRESTRICTED FUND 8 |
£ £ £ £ 433,231 381,861 433,231 381,861 4,151 9,052 4,151 9,052 437,382 390,913 431,639 389,599 5,743 1,314 437,382 390,913 2022 2021 |
£ £ £ £ 433,231 381,861 433,231 381,861 4,151 9,052 4,151 9,052 437,382 390,913 431,639 389,599 5,743 1,314 437,382 390,913 2022 2021 |
|---|---|---|
| 381,861 9,052 |
||
| 390,913 | ||
| 389,599 1,314 |
||
| 390,913 |
The financial statements were approved by the trustees and signed on behalf of:
P Hilton
Date: ….......................
The notes on pages 9 to 11 form part of these accounts
8
The Hilton International Development Trust
Notes to the accounts for the year ended 5 April 2022
1 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated.
Statement of compliance and basis of preparation
The financial statements have been prepared 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 (FRS102) (effective 1 January 2015) - (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102). The charity meets the definition of a public benefit entity under FRS102.
Exemption from preparing a cash flow statement
The charity adopted to not include a cash flow statement in these financial statements.
Fixed asset investments
Fixed asset investments are included within the financial statements at open market values.
Fixed asset investments are included at open market value as at the balance sheet date with the unrealised movement being shown in the Statement of Financial Activities.
Resources expended
Expenditure incurred on the operating of the charity is provided for on an accruals basis and disclosed as "Governance costs".
Investment income
Interest and dividends received are accounted for on an accruals basis.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Governance costs
These include the costs attributable to the charity's compliance with constitutional and statutory requirements.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees. The expendable endowment fund represents the donated capital of the charity and is invested to produce the income comprising the unrestricted fund, from which grants and donations in furtherance of the charity's objects are paid.
9
The Hilton International Development Trust
Notes to the accounts for the year ended 5 April 2022
2 Investment income
| Investment income | ||||
|---|---|---|---|---|
| Dividends Loyalty bonus and cash payment Interest received |
Unrestricted fund 2022 £ 5,308 232 - 5,540 |
Expendable endowment fund 2022 £ - - - - |
Total 2022 £ 5,308 232 - 5,540 |
Total 2021 £ 3,632 24 - |
| 3,656 |
3 Trustee Donation & Gifts
During the year the trustees made a gift of shares totaling a market value of 46,182 (2021: £35,119). In addition, during the year the trustees made a cash donation totaling £5,000 (2021: £Nil).
4 Charitable activities - grants and donations
| Charitable donations made | Unrestricted fund 2022 £ 7,915 7,915 |
Expendable endowment fund 2022 £ - - |
Total 2022 £ 7,915 7,915 |
Total 2021 £ 8,023 |
|---|---|---|---|---|
| 4,212 |
5 Trustees expenses
The trustees received no emoluments (2021: £nil). During the year, travel expenses totalling £nil (2021: £nil) were re-imbursed to trustees.
10
The Hilton International Development Trust
Notes to the accounts for the year ended 5 April 2022
6 Investments
| Market value at 6 April Additions Disposals Change in market value of investments including gains and losses Market value at 5 April Cash held within the investment portfolio Total |
2022 Total £ 377,247 258,677 (206,451) (2,966) 426,507 6,723 433,231 |
2021 Total £ 226,859 143,530 (69,489) 76,347 |
|---|---|---|
| 377,247 | ||
| 4,614 | ||
| 381,861 |
7 Taxation
The charity is exempt from tax on its charitable activities.
8 Funds
| Unrestricted funds General fund Restricted funds Endowment fund Unrestricted funds General fund Restricted funds Endowment fund |
Incoming resources 13,304 46,182 59,486 |
Resources expended (8,875) (1,176) (10,051) |
At 5/4/21 £ 1,314 389,599 390,913 Gains and losses - (2,966) (2,966) |
Net movement in funds £ 4,429 42,040 46,469 Transfers between funds - - - |
At 5/4/22 £ 5,743 431,639 |
|---|---|---|---|---|---|
| 437,382 | |||||
| Movement in funds 4,429 42,040 |
|||||
| 46,469 |
11
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