**REGISTERED CHARITY NUMBER: 1206123**
**Report of the Trustees and**
**Financial Statements For The Year Ended 30 September 2025**
## **for**
## **The Elizabeth Nicola Hirst Charitable Trust**
Kingswood Allotts Limited, Statutory Auditor Chartered Accountants Sidings Court Lakeside Doncaster South Yorkshire DN4 5NU
**The Elizabeth Nicola Hirst Charitable Trust**
## **Contents of the Financial Statements For The Year Ended 30 September 2025**
|||**Page**||
|---|---|---|---|
|**Reference and Administrative Details**||1||
|**Report of the Trustees**|2|to|6|
|**Report of the Independent Auditors**|7|to|8|
|**Statement of Financial Activities**||9||
|**Balance Sheet**||10||
|**Cash Flow Statement**||11||
|**Notes to the Cash Flow Statement**||12||
|**Notes to the Financial Statements**|13|to|17|
**The Elizabeth Nicola Hirst Charitable Trust**
**Reference and Administrative Details For The Year Ended 30 September 2025**
**TRUSTEES** A D Teale P Williams R V Griffiths P Lundy (appointed 1.8.2025) **PRINCIPAL ADDRESS** c/o Oxley & Coward Solicitors LLP Unit K The Point, Bradmarsh Business Park Rotherham S60 1BP **REGISTERED CHARITY NUMBER** 1206123 **AUDITORS** Kingswood Allotts Limited, Statutory Auditor Chartered Accountants Sidings Court Lakeside Doncaster South Yorkshire DN4 5NU **SOLICITORS** Oxley & Coward Solicitors LLP Unit K The Point Bradmarsh Business Park Rotherham South Yorkshire S60 1BP **ADVISERS** The Wealth Management Group LLP 1 Parkview Court St. Pauls Road Shipley England BD18 3DZ
Page 1
## **The Elizabeth Nicola Hirst Charitable Trust**
## **Report of the Trustees For The Year Ended 30 September 2025**
The trustees present their report with the financial statements of the charity for the year ended 30 September 2025. 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).
The Elizabeth Nicola Hist Charitable Trust was set up in 2023 to carry out the testamentary wishes of Ms Hirst, to disburse grants though various charities for the benefit of disabled people, primarily those living in South Yorkshire.
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The charity's objective is to provide income (to be distributed on a regular basis) and capital at the discretion at the trustees, to such charity (as shall have the meaning of the Charities Act 2011) that provide for:
- the advancement of education;
- the relief of those in need by reason of ill health, disability, hardship or other disadvantage;
- the advancement of health or the saving of lives; and
- any other charitable purpose and in particular: such colleges or other professional establishments within the South Yorkshire area for the purpose of:
- 1 improving access, facilities and activities for disabled people; and
- 2 providing courses in fashion for disabled people; and
- 3 providing courses in accessible clothing and fashion for use by disabled people such institutions who can assist with the provision of holidays for disabled people and their carers, such disabled people and their carers residing within the South Yorkshire area
The initial aims were to set up the charity in line with Ms Hirst's will and testament and to register as a charitable trust; creating policies and procedures to support the ongoing work of the trust.
As Ms Hirst's will was still in probate throughout the second year of operation, only part of the capital was transferred to the Trust in its first two years. The monies were used to set up some initial investments and to pay the expenses associated with completing the set up of the Trust. The trustees focused on setting up the legal documents, systems, required policies and the investment strategy.
As none of the grant applications received fitted the Trust's criteria the trustees agreed to donate monies to Motability of Warwick House, Roydon road, Harlow, Essex, CM19 5PZ and Cancer Research of 2 Redman Place, London E20 1JQ in line with Ms Hirst's wishes and the Trust Deed.
## **Public benefit**
We, the Trustees, confirm that we have read and applied the Charity Commission's general guidance on public benefit to the best of our knowledge.
## **Social investments**
The trustees agreed that we prefer to invest according to ESG standards as long as this does not reduce the Trust income.
## **Grantmaking**
The trustees will review all applications against the purposes of the Trust. At least two trustees will approve any application.
The Trustees may agree to provide a grant covering more than one year, e.g. to access a multi-year course.
Grants are available within South Yorkshire for the following purposes:
- Improving access, facilities and activities for disabled people, in particular
- 1 providing grants towards courses in fashion for disabled people, particularly for aids or adjustments to improve accessibility;
- 2 providing grants towards courses in accessible clothing and fashion for use by disabled people
- - In addition monies may be available for:
- 3 such institutions who can assist with the provision of grants for holidays, for named disabled people and their carers, such disabled people residing within the South Yorkshire area.
Page 2
## **The Elizabeth Nicola Hirst Charitable Trust**
## **Report of the Trustees For The Year Ended 30 September 2025**
## **OBJECTIVES AND ACTIVITIES**
Remaining monies in each year which are not added back into capital* may be distributed to:
- 4 Motability of Warwick House, Roydon Road, Harlow, Essex, CM19 5PZ, Registered Charity Number 299745, or
- 5 Cancer Research of 2 Redman Place, London E20 1JQ
Where more valid applications are received within a financial year than monies available then the applications will be ranked in the following order:
- 1 any multi-year funding previously agreed
- 2 urgent need
- 3 date of applications within the relevant year
People with disabilities will be eligible provided they have a chronic health condition or disability expected to last at least six months.
The trustees will require either proof of a disability benefit or medical evidence. #
The trustees do not expect to provide grants to under 18 year olds as schools already receive central government funding for children with special education needs and disabilities.
* The Trustees aim to keep the capital sum at least to the equivalent amount in real terms based on the initial bequest.
# Definition of disability - the Equality Act 2010
A person is counted as disabled under the Equality Act 2010 if they have a physical or mental impairment that has a 'substantial' and 'long-term' negative effect on their ability to do normal daily activities. An exception to this is a person with severe disfigurement.
The Act also provides protection for non-disabled people who are subjected to direct discrimination or harassment because of their association with a disabled person. The Act covers:
- sensory impairments, such as those affecting sight or hearing
- impairments with fluctuating or recurring effects such as rheumatoid arthritis, myalgic encephalitis (ME), chronic fatigue syndrome (CFS), fibromyalgia, depression and epilepsy
- progressive, such as motor neurone disease, muscular dystrophy, and forms of dementia
- auto-immune conditions such as systemic lupus erythematosis (SLE)
- organ specific, including respiratory conditions, such as asthma, and cardiovascular diseases, including thrombosis, stroke and heart disease
- developmental, such as autistic spectrum disorders (ASD), dyslexia and dyspraxia
- - learning disabilities
- mental health conditions with symptoms such as anxiety, low mood, panic attacks, phobias, or unshared perceptions; eating disorders; bipolar affective disorders; obsessive compulsive disorders; personality disorders; post traumatic stress disorder, and some self-harming behaviour
- produced by injury to the body, including to the brain
However, the Act talks about 'reasonable adjustments', which may limit the amount of money required to be spent or the scope of adjustments. The understanding of what may be reasonable for different entities or different businesses therefore been clarified through case law but it is not absolute. So, for example, a person with unique complex health conditions that require round the clock care will have funding to support those needs at home or in a care setting but will rarely find at public events the level of support at same degree.
https://www.legislation.gov.uk/ukpga/2010/15/contents
Page 3
**The Elizabeth Nicola Hirst Charitable Trust**
## **Report of the Trustees For The Year Ended 30 September 2025**
## **ACHIEVEMENTS AND PERFORMANCE**
## **Charitable activities**
This is the second year of the new trust, and the estate was still in probate. The monies were released in small amounts and the trust was still waiting for the final payment to be transferred.
The trust aims to maintain the value of the capital in real terms and disburse the reminder of the capital once expenses are paid. The trustees have made initial contact with suitable charities in South Yorkshire.
The trust received over 30 applications in the year but none met the criteria as set out in the trust deed and registration.
As there were no grant applications which met the criteria, the Trustees agreed to make donations to the named charities. Residual profits at the end of the financial year will be available for grants in year three.
## **Achievements against objectives set**
The Trustees appointed one additional Trustee to strengthen our expertise in accounting.
As the Trustees were committed to ESG investing and a risk profile that generated income for grants, our Independent Financial Advisor recommended we moved our investment portfolio from a USA based company in January 2025. The recommended company was at that time performing better, and the Trustees agreed that the move would reduce risks in 2025 and beyond.
## **Fundraising activities**
The Trust does not fundraise. The Trust was set up to administer the bequest from the estate of Ms Elizabeth Nicola Hirst.
## **Investment performance**
The trustees agreed a provisional return of 8% on investments with the IFA. This has been met.
Note that the Trustees were appointed in line with the last will and testament of Ms Elizabeth Nicola Hirst and taking into account her memorandum of wishes.
## **FINANCIAL REVIEW**
## **Financial position**
Income from donations and legacies was £0 (2024: £2,555,325). Other income, including income from other incoming resources, was £47,912 (2024: £34,342) giving total income for the year of £47,912 (2024: £2,589,667). There was a net gain on investments of £172,920 (2024: £161,581).
Total expenditure for the year was £56,121 (2024: £22,915), giving net income of £164,711 (2024: £2,728,333).
## **Principal funding sources**
The trust was set up in line with the bequest from Ms Elizabeth Nicola Hirst. In future years half of the investment income will be used to maintain the capital in real terms while the rest, after deducting expenses, will be disbursed in line with the Trust Deed.
## **Investment policy and objectives**
The trustees agreed to invest in line with Environmental, social and governance factors, where this would not significantly reduce the value and profits from the investments.
The discretionary fund managers were advised of this policy.
As a result and acting on advice from our IFA, the trustees transferred to new discretionary managers in 2025.
## **Reserves policy**
It was agreed that the Trustees should aim to maintain the invested capital at the level of the bequest, in real terms. Additional profits will be made available to disburse in line with the charity's objectives.
The trustees hold a small amount to money for anticipated bills, all other income was invested.
Total funds carried forward are £2,893,044 (2024: £2,728,333) which are all unrestricted.
## **Going concern**
The Trustees struggled to find additional/replacement trustees over the last 6 months and were therefore considering if a managed closure of the Trust was the best option. However, three new trustees have recently been recruited and the Trustees now confirm that the charity will continue. The financial statements have therefore been prepared on a going concern basis.
Page 4
## **The Elizabeth Nicola Hirst Charitable Trust**
## **Report of the Trustees For The Year Ended 30 September 2025**
## **FUTURE PLANS**
The trust aims to maintain the value of the capital in real terms and disburse the reminder of the capital once expenses are paid. The trustees have made initial contact with suitable charities in South Yorkshire.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust dated 11 September 2023 and constitutes an unincorporated charity.
## **Charity constitution**
The charity is an unincorporated charitable association.
## **Recruitment and appointment of new trustees**
The initial trustees were appointed by the solicitors dealing with the estate in consultation with the new solicitor who was initially appointed to manage the transfer from probate to the Trust. The Trust currently has four trustees, who serve for up to three years. Additional trustees will be appointed by the trustees in consultation with the legal advisor. All trustees underwent ID checks, and also applied for DBS certificates.
One new trustee was appointed in 2025 to strengthen our accounting knowledge and skills and to start an orderly transfer when the original trustees reach term of office in 2026. The trustees consulted with our legal advisor in drafting a suitable advert to appoint more trustees.
## **Induction and training of new trustees**
New trustees have access to a shared directory of policy documents and Charity Commission guidance.
New training materials on Equality law, safeguarding vulnerable adults and GDPR were developed this year,
Mrs Williams continued to provide advice about the Trust's disability criteria.
## **Key management remuneration**
There is no pay nor remuneration for key management personnel.
## **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.
## **TRUSTEES' RESPONSIBILITY STATEMENT**
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).
Charity law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under charity law the trustees must not approve the financial statements unless they are satisfied that they 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
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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 and The Charity (Accounts and Reports) Regulations 2008. 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.
Page 5
##
##
## **Report of the Independent Auditors to the Trustees of The Elizabeth Nicola Hirst Charitable Trust**
## **Opinion**
We have audited the financial statements of The Elizabeth Nicola Hirst Charitable Trust (the 'charity') for the year ended 30 September 2025 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).
In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs as at 30 September 2025 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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:
- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Trustees' Responsibilities Statement, 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.
Page 7
## **Report of the Independent Auditors to the Trustees of The Elizabeth Nicola Hirst Charitable Trust**
## **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:
- Enquiry of management around actual and potential litigation and claims and fraud;
- Reviewing minutes of meetings of those charged with governance;
- Reviewing financial statement disclosures to assess compliance with applicable laws and regulations;
- - Performing audit work over the risk of management override of controls, including review of cashbook transactions and other adjustments for appropriateness and evaluating the business rationale of any significant transactions outside the normal course of business.
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.
## **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.
Kingswood Allotts Limited, Statutory Auditor Chartered Accountants Sidings Court Lakeside Doncaster South Yorkshire DN4 5NU Date: .............................................
Page 8
## **The Elizabeth Nicola Hirst Charitable Trust**
## **Statement of Financial Activities For The Year Ended 30 September 2025**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
Investment income
3
**Total**
**EXPENDITURE ON**
Raising funds
4
**Charitable activities**
5
Grants payable and other expenditure
Other
**Total**
Net gains on investments
**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Year Ended
30.9.25
Unrestricted
fund
£
-
47,912
47,912
31,068
8,000
17,053
56,121
172,920
164,711
2,728,333
2,893,044|Period
11.9.23
to
30.9.24
Total
funds
£
2,555,325
34,342|
|---|---|---|
|||2,589,667|
|||7,878
-
15,037|
|||22,915|
|||161,581|
|||2,728,333
-|
|||2,728,333|
The notes form part of these financial statements
Page 9
##
##
||Balance$heet
30 Sept_ember2025|||
|---|---|---|---|
|||2025|2024|
|||Unrestricted|Total|
||Notes|tundt|funds
t|
|FIXEDASSETS||||
|lnvestments|11|2,818,005|816,674|
|CURRENTASSETS||||
|Debtors|12||800,000|
|Cash at bank||83,566|1,117,000|
|||83,566|1,917,000|
|CREDITORS||||
|Amounts falling due within oneyear|13|{8,527)|
(5,341)|
|NETCURRENTASSETS||75,039|1,911,659|
|TOTALASSETSLESS CURRENTLIABILITIES||2,893,044|2.728,333|
|NET ASSETS||2,893,044|2,728,333|
|FUNDS||||
|Unrestricted funds||2,893,044|2,728,333|
|TOTALFUNDS||2,893,044|2,728,333|
## **The Elizabeth Nicola Hirst Charitable Trust**
## **Cash Flow Statement For The Year Ended 30 September 2025**
||||Period|
|---|---|---|---|
||||11.9.23|
|||Year Ended|to|
|||30.9.25|30.9.24|
||Notes|£|£|
|**Cash flows from operating activities**||||
|Cash generated from operations|1|747,065|1,737,751|
|Net cash provided by operating activities||747,065|1,737,751|
|**Cash flows from investing activities**||||
|Purchase of fixed asset investments||(4,436,543)|(1,502,146)|
|Sale of fixed asset investments||2,608,132|847,053|
|Interest received||47,912|34,342|
|Net cash used in investing activities||(1,780,499)|(620,751)|
|||||
|**Change in cash and cash equivalents in**||||
|**the reporting period**||(1,033,434)|1,117,000|
|**Cash and cash equivalents at the**||||
|**beginning of the reporting period**||1,117,000|-|
|**Cash and cash equivalents at the end of**||||
|**the reporting period**||83,566|1,117,000|
The notes form part of these financial statements
Page 11
## **The Elizabeth Nicola Hirst Charitable Trust**
## **Notes to the Cash Flow Statement For The Year Ended 30 September 2025**
## **1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|||Period|
|---|---|---|
|||11.9.23|
||Year Ended|to|
||30.9.25|30.9.24|
||£|£|
|**Net income for the reporting period (as per the Statement of Financial**|||
|**Activities)**|164,711|2,728,333|
|**Adjustments for:**|||
|Losses on investments|18,829|-|
|Interest received|(47,912)|(34,342)|
|Gains on investments|(191,749)|(161,581)|
|Decrease/(increase) in debtors|800,000|(800,000)|
|Increase in creditors|3,186|5,341|
|**Net cash provided by operations**|747,065|1,737,751|
## **2.**
## **ANALYSIS OF CHANGES IN NET FUNDS**
|**Net cash**
Cash at bank
**Total**|At 1.10.24
£
1,117,000
1,117,000
1,117,000|Cash flow
£
(1,033,434)
(1,033,434)
(1,033,434)|At 30.9.25
£
83,566|
|---|---|---|---|
||||83,566|
||||83,566|
The notes form part of these financial statements
Page 12
**The Elizabeth Nicola Hirst Charitable Trust**
## **Notes to the Financial Statements For The Year Ended 30 September 2025**
## **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) (effective 1 January 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, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
## **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.
## **Legacies**
Legacies are included in the Statement of Financial Activities when receipt is probable, that is, when there has been grant of probate, the executors have established that there are sufficient assets in the estate and any conditions attached to the legacy are either within the control of the charity or have been met.
## **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.
## **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.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Investments**
Fixed asset investments are included in the financial statements at fair value (open market value) and gross investment income is included on a receivable basis. Realised and unrealised gains and losses on investments and fixed assets are disclosed separately in the accounts. Any gains or losses are taken to the statement of financial activities as they arise.
## **Financial instruments**
The charity only holds basic financial instruments as defined by FRS102. The financial assets and financial liabilities of the charity and their measurement basis are as follows:
Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.
Cash at bank - is classified as a basic financial instrument and is measured at face value.
Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument. Public benefit entity concessionary loans are initially recognised at the amount received and the carrying value is subsequently adjusted to reflect any accrued interest.
Page 13
continued...
## **The Elizabeth Nicola Hirst Charitable Trust**
## **Notes to the Financial Statements - continued For The Year Ended 30 September 2025**
## **2. DONATIONS AND LEGACIES**
|Legacies
**3.**
**INVESTMENT INCOME**
Investment deposits' interest
Income from listed investments
**4.**
**RAISING FUNDS**
**Investment management costs**
Portfolio management
**5.**
**CHARITABLE ACTIVITIES COSTS**
Grants payable and other expenditure
**6.**
**GRANTS PAYABLE**
Grants payable and other expenditure
The total grants paid to institutions during the year was as follows:
Mobility Foundation
Cancer Research|Year Ended
30.9.25
£
-
Year Ended
30.9.25
£
10,370
37,542
47,912
Year Ended
30.9.25
£
31,068
Year Ended
30.9.25
£
8,000
Year Ended
30.9.25
£
4,000
4,000
8,000|Period
11.9.23
to
30.9.24
£
2,555,325|Period
11.9.23
to
30.9.24
£
2,555,325|
|---|---|---|---|
|||Period
11.9.23
to
30.9.24
£
16,007
18,335
34,342
Period
11.9.23
to
30.9.24
£
7,878
Grant
funding of
activities
(see note
6)
£
8,000
Period
11.9.23
to
30.9.24
£
-
Period
11.9.23
to
30.9.24
£
-
-
-||
||||-|
Page 14
continued...
## **The Elizabeth Nicola Hirst Charitable Trust**
## **Notes to the Financial Statements - continued For The Year Ended 30 September 2025**
## **7. SUPPORT COSTS**
|**SUPPORT COSTS**||||
|---|---|---|---|
|||Governance||
||Other|costs|Totals|
||£|£|£|
|Other resources expended|11,443|5,610|17,053|
|**AUDITORS' REMUNERATION**||||
||||Period|
||||11.9.23|
|||Year Ended|to|
|||30.9.25|30.9.24|
|||£|£|
|Fees payable to the charity's auditors for the audit of the charity's financial||||
|statements||4,095|3,900|
|Auditors' remuneration for non audit work||1,515|1,440|
|Total fees payable||5,610|5,340|
## **8. AUDITORS' REMUNERATION**
## **9. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 30 September 2025 nor for the period ended 30 September 2024.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 30 September 2025 nor for the period ended 30 September 2024.
## **10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
||Unrestricted|
|---|---|
||fund|
||£|
|**INCOME AND ENDOWMENTS FROM**||
|Donations and legacies|2,555,325|
|Investment income|34,342|
|**Total**|2,589,667|
|**EXPENDITURE ON**||
|Raising funds|7,878|
|Other|15,037|
|**Total**|22,915|
|Net gains on investments|161,581|
|**NET INCOME**|2,728,333|
|**TOTAL FUNDS CARRIED FORWARD**|2,728,333|
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continued...
## **The Elizabeth Nicola Hirst Charitable Trust**
## **Notes to the Financial Statements - continued For The Year Ended 30 September 2025**
## **11. FIXED ASSET INVESTMENTS**
|**MARKET VALUE**
At 1 October 2024
Additions
Disposals
Revaluations
At 30 September 2025
**NET BOOK VALUE**
At 30 September 2025
At 30 September 2024|Listed
investments
£
816,674
4,436,543
(2,467,661)
32,449
2,818,005
2,818,005
816,674|
|---|---|
There were no investment assets outside the UK.
The investment portfolio is managed on behalf of the company by The Wealth Management Group. At 30 September 2025, all of the portfolio was invested in listed investments.
The gain on investment assets in the SOFA of £172,920 (2024: £161,581) is made up of a realised gain of £140,472 (2024: £158,075) on investments sold in the year and an unrealised gain of £32,449 (2024: £3,506) due to an increase in the value of investments held at the year end.
## **12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Prepayments and accrued income
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
47,912
**TOTAL FUNDS**
47,912|At
1.10.24
£
2,728,333
2,728,333
Resources
expended
£
(56,121)
(56,121)|2025
£
-
2025
£
8,527
Net
movement
in funds
£
164,711
164,711
Gains and
losses
£
172,920
172,920|2024
£
800,000
2024
£
5,341
At
30.9.25
£
2,893,044
2,893,044
Movement
in funds
£
164,711
164,711|
|---|---|---|---|
## **13.**
## **14. MOVEMENT IN FUNDS**
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continued...
**The Elizabeth Nicola Hirst Charitable Trust**
## **Notes to the Financial Statements - continued For The Year Ended 30 September 2025**
## **14. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**TOTAL FUNDS**
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
2,589,667
(22,915)
**TOTAL FUNDS**
2,589,667
(22,915)|Net
movement
in funds
£
2,728,333
2,728,333
Gains and
losses
£
161,581
161,581|At
30.9.24
£
2,728,333
2,728,333
Movement
in funds
£
2,728,333
2,728,333|
|---|---|---|
## **15. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 30 September 2025 (2024: 0)
## **16. ULTIMATE CONTROLLING PARTY**
The charity is ultimately controlled by its trustees. No individual trustee has control.
Page 17