# **Thomas Hickman’s Charity** Charity No. 202973 # **Trustees’ Annual Report** # **for the year ended 31[st] DECEMBER 2020** **Correspondents and Clerks to the Charity are Messrs. Parrott & Coales LLP, 14 Bourbon Street, Aylesbury, Bucks, HP20 2RS (Mr. J. LEGGETT)** ## **THOMAS HICKMAN’S CHARITY Charity No. 202973** ## **TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31[st] DECEMBER 2020** ## **Reference and Administration Details** - **1.1** The full name of the Charity is **THOMAS HICKMAN’S CHARITY.** - **1.2** The names of the Trustees who have been in office for the whole or part of the year to 31[st] December 2020 are:- Mr Roger Basil Harwood (Chairman) Mrs Elizabeth Mossford Mrs Janet Mary Taylor Mr Tim Leon Voss - Reverend Douglas Lee Zimmerman - **1.3** The Charity is administered from the offices of the Clerk to the Trustees, Mr. John Leggett of Messrs. Parrott & Coales LLP, Solicitors, 14 Bourbon Street, Aylesbury, Bucks. HP20 2RS - **1.4** The Bankers to the Trustees are:- - Lloyds Bank PLC, 1 Market Square, Aylesbury, Bucks, HP20 1TD The Bank of New York Mellon (International) Limited, 1 Canada Square, London, E14 5AL - **1.5** The Stockbrokers appointed to manage the Charity’s investments are:Blackrock Investment Management (UK) Ltd, 12 Throgmorton Avenue, London, EC2N 2DL - **1.6** The Charity’s auditors are:- Messrs. Hillier Hopkins LLP, 249 Silbury Boulevard Milton Keynes Buckinghamshire MK9 1NA ## **Structure, Governance and Management** - **2.1** The Charity arises from the Will of Thomas Hickman dated 1st January 1695 and is governed by a Charity Commission Scheme dated 22[nd] June 1979. - **2.2** Under the terms of the Scheme the Charity has five Trustees, one exofficio who is the incumbent of the Benefice of St. Mary’s Church, Aylesbury and the other four co-optative. - **2.3** The Trustees meet on a regular basis to consider and determine the work of the Charity. - **2.4** The organisation of the Charity centres upon the day to day administration being carried out by its Clerks and the meetings of the Trustees. - **2.5** New Trustees are given an induction pack to brief them on their legal obligations under charity law, the content of the governing document, the committee and decision making processes, the business plan and recent financial performance of the charity. During their induction they meet key employees and other Trustees. Trustees are encouraged to attend appropriate internal and external training events where these will facilitate the undertaking of their role. - **2.6** The Trustees have a risk management strategy which comprises; - **2.6.a** An annual review of the risks the charity may face. - **2.6.b** The establishment of systems and procedures to mitigate those risks identified in the plan. - **2.6.c** The implementation of procedures designed to minimise any potential impact on the charity should those risks materialise. This work has identified no significant risks to the charity. ## **Objectives, Activities** - **3.1** The Trustees are mindful of their duty to manage the affairs of the Charity for the public benefit and to this end make appropriate enquiries of all applicants both individual and corporate as to their capital and income to ensure that assistance is offered to those in need. - **3.2** The objects of the Charity as specified in the Charity’s Scheme are:- To apply the income of the Charity after payment of the proper expenses of management as follows:- - **3.2.1** For the benefit of the residents of the Charity’s almshouses; - **3.2.2** For relief in need in accordance with the provisions of the Scheme, i.e to relieve either generally or individually persons resident in Aylesbury who are in conditions of need, hardship or distress. - **3.3** The Charity’s Scheme limits the area of benefit to those resident in the town of Aylesbury. - **3.4** The Charity has no specific investment powers. ## **Achievements and Performance** - **4.1** The Charity owns 48 almshouse units many of which are listed Grade II, all within the Conservation Area of Aylesbury Old Town around the Parish Church of St. Mary. Several are individual cottages, the majority flats within converted old buildings, but there are eight purpose built one bedroom bungalows within a courtyard and garden development in the curtilage of a listed building. Four cottage properties, now converted, were the original almshouse endowment of the Founder. In January 2000, the Charity acquired Green End House, a 17c Grade II Listed Building also within the Conservation Area, which following extensive sympathetic conversion provides seven single occupancy, self contained flatlets. In October 2012 the Charity had acquired Rickford House a grade 2 Listed building comprising two almshouse flats and an Estate Office from which the management of the almshouses operates. The Charity is a member of the Almshouse Association. - **4.2** During the year the Trustees continued to appoint a Welfare Assistant to monitor the general welfare of the almshouse residents, provide advice where necessary and encourage the independence which their Licence required. A new Assistant to the Welfare Assistant was appointed in November 2020. - **4.3** The freehold properties Nos. 1 – 5 Dame Isabella Dodds Court, 8 Rickfords Hill and No. 20 Castle Street each let on residential shorthold rental basis continue to supplement the Charity’s income. - **4.4** During the year under review the Charity continued to lease 18 Mandeville Road Aylesbury to Response a charitable organisation which offers sheltered accommodation for persons with mental difficulties at a rent of £ 38,250 per annum. This rental supplements the income of the Charity. - **4.5** Merryville House at 39 Highbridge Walk Aylesbury HP21 7SE leased to Youth Concern provided accommodation for homeless young people in Aylesbury and as well as appropriate counselling leading to rehabilitation into normal society. As part of its charitable purpose the Charity granted an initial rent free period to Youth Concern to enable them to convert the Property to meet their requirements. In due course rental to be received will supplement the Charity's income. - **4.6** The policies of the Trustees in recent years have given greater emphasis to partnership with others having appropriate expertise. In general the Trustees aim to be proactive where appropriate and continue to review their policies and their plans for the future on a strategic basis. **4.7** During the year under review the Trustees continued to focus on those persons in specific need, liaising with representatives of Age UK and Citizens’ Advice Bureau and with input from the Social Services Department of Buckinghamshire Council. - **4.8** Some £ 67,920 was paid in 104 grants to individuals with particular needs. The substantial change of emphasis evident in the Trustees’ Reports for recent years was maintained; the great majority of grants being made to younger people rather than the elderly and in particular to single parents; this is a reflection of the needs of the local population. See table: |2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020|Elderly

1.9%
0.6%
2.2%
5.5%
5%
23.5%
3.2%
8.2%
10.37
7%
4.2%
1.6%
5.2%
5.7%|Non-elderly
98.1%
99.92%
97.8%
94.5%
95%
76.5%
96.8%
91.8%
89.63
93%
95.8%
98.4%
94.8%
94.3%| |---|---|---| A referral breakdown is provided below: ||**C.A.B**
**0**|**BUCKS.C**
**NHS **
**0 1**|**INDIV. **
**95**|**OTHER**
**8**| |---|---|---|---|---| - **4.9** The Trustees also made grants of £ 65,750 to organisations covering the needs of specific groups, i.e Community Impact Bucks, Southcourt Baptist church, Aylesbury Foodbank, Bedgrove Scout and Guide, Citizens Advice Bureau, Chiltern MS Centre, Connection Support and Missenden Wall Garden. - **4.10** In order to sustain the independent living of the Hickman residents, the Trustees continued during the year under review to:- - (a) fund the provision of Lifeline telephone systems at all properties; - (b) fund t.v licences for all residents not eligible for concessions; - **4.11** The sitting room made available for the benefit of all Hickman residents, furnished for both social gatherings and other leisure activities as well as inhouse hairdressing, chiropody and physiotherapy continued to provide a valuable resource during the Review Year. During the Covid Lockdown regulations the Sitting Room was closed from March 2020 for the remainder of the year. - **4.12** The Trustees remain committed to pursuing active partnership with other agencies, including The Heart of Bucks (formerly Buckinghamshire Community Foundation), Age Concern, Citizens’ Advice Bureau, and the local Social Services Department, where necessary acting as a catalyst while looking to facilitate and encourage the provision of help for the needy of Aylesbury in accordance with the Charity’s Scheme. In this connection the Charity has Associate Membership of the Aylesbury Society. - **4.13** The Off-peak concessionary rail fares, negotiated by the Charity in collaboration with Chiltern Railways, continued to be available to benefit Aylesbury residents including those living in the Charity’s almshouses. - **4.14** During the year the Covid 19 Pandemic emergency impacted on the activities of the Charity. On the one hand applications for grants significantly reduced due it is thought to the effect of Lockdown and lack of public activity generally. On the other hand assisted by the beneficial effect of transition of the Charity's investments to the new Charities Growth and Income Fund managed by Blackrock Investment Management the income stream of the Charity was maintained. It is hoped that activity might return to more normal levels during 2021 although the process might not be complete until 2022. ## **Financial Review** - **5.1** The financial position of the Charity is clearly set out in the Charity’s accounts to 31[st] December 2020. As to investments, the Trustees continue to rely on advice from their stockbrokers. - **5.2** The Charity’s assets are held for the following purposes:- - **(a) Almshouse properties:** for the occupation of almspersons - **(b) Investments and cash:** to provide income for the purposes of the Charity - **(c) Commercial Properties and Residential Properties** let on a commercial basis: to provide income for the purposes of the Charity. - In this connection the Charity draws on reliable professional advice. - **5.3** The freehold properties have not been re-valued during the period the subject of this Report. Tangible fixed assets were valued in 1987 at open market value and the movement was shown through unrestricted reserves. The Charity adopted the transitional arrangements under FRS 15 and has not revalued the assets since this date. - **5.4** The Charity’s financial position enables the Trustees to anticipate and plan for future demands upon the Charity’s resources, for example the provision of improved amenities and services for the almshouse residents and the updating and refurbishing of almshouses units. At the end of the year under report the funds held by the Charity amounted to £ 24,137,232. - **5.5** There have been no changes in the accounting policies of the Charity save for the format to comply with the latest recommended practice as advised by the Charity Commissioners. - **5.5.1** The Charity has no subsidiary or associated undertakings. .5.2 The Charity is not financially dependant for support from any Individuals, corporations or classes of donors known to play a key role in its affairs. 5.5.3 The financial resource of the Charity is sufficient to support the Charity s objectives. 5.5.4 The Charity has not been set up to undertake a specific project. 5.5.5 All investments and assets held by the Charity have been acquired in accordance with the powers available to the Trustees. .5.6 The assets of the Charity are regarded by the Trustees as sufficient to meet their charitable objects. Plans for the Future .1 The Trustees will seek to continue to effectively manage and distribute the assets of the charity for the purposes of the charity's objectives into the foreseeable future. STATEMENT OF TRUSTEES, RESPONSIBILITIES Charity law requires the Trustees to prepare Financial Statements for each financial year which give a trLte and fair view of the state of affairs of the Charity and of its financial activities for that period. In preparing those Financial Ststements the Trustees are required to... (a) (b) (c) Select suitable accounting policies and apply them consistently; Make judgements and estimates that are reasonable and prudent; State whether the policies adopted are in accordance with the Statement of Recommended Prartice (Accounting and Reporting by Charities) issued by the Charity Commission for England and Wales and with applicable accounting stsndards, subjett to any material departures disclosed and explained in the Financial Ststements; (d) Prepare the Financial Statements on the going concem basis unless it is inappropriate to assume that the Charity will continue in business. The Trustees are responsible for keeping proper accounting records whlch disclose with reasonable accuracy at the time the financial position of the Charity and to enable thern to ensure that the Financial Statements comply with the Charities Act 2011. They a￿ ￿sPonsIble for safeguarding the assets of the Charity and hence for tsking reasonable Steps for the prevention and detettion of fraud or other irregularities. The Report was approved by the Board of Trustees on.........9. .K. ..&￿￿-.2021 Roger Basil Ha ood (Chaimian) Charity number- 202973 THOMAS HICKMAN'S CHARITY TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 THOMAS HICKMAN'S CHARITY CONTENTS Page Reference and admlnlstratlve detalls of the charlty. Sts Trustees and advlsers Independent auditors. r8POrt on the financial statements Statement of financial activities Balance sheet Statement of cash flows Notes to the financial statements 9-23 THOMAS HICKMAN'S CHARITY REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. rrs TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020 Trustees Mr Roger Basil Harwood Mrs Elizabeth Mossford Mr Tim Leon Voss Reverend Douglas Lee Zimmemian Mrs Janet Mary Taylor Charity registered number 202973 Principal office Parrott & Coales LLP, 14 Bourbon Street,, Aylesbury, Bucks, HP20 2RS Independent auditors Hillier Hopkins LLP, 249 Silbury Boulevard, Milton Keynes, Buckinghamshire, MK9 1 NA Bankers Lloyds TSB PLC, Aylesbury, Bucks, HP20 1TD The Bank ofNew York Europe Limited, 1 Canada Square, London, E14 SAL Blackrock Investment Management {UKI Ltd, 12 Throgmorton Avenue, London, EC2N 2DL Page 1 THOMAS HICKMAN'S CHARITY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THOMAS HICKMAN'S CHARITY Oplnlon We have audited the financial stslements of Thomas Hickman's Charity (the 'charily'l for the year ended 31 December 2020 which comprise the Statement of Financial Activities. the Balan￿ sheet. the Statement of cash flows and the related notes, 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 Slandards, including Finanaal Reporting Standard 102 Tre Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally AC￿pted Accounting Practice}. The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland {FRS 1021 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. This has been done in order for the accounls lo prowde a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 December 2020 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 IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors. responsibilities for the audit of the financial slalemenls 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 United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Vve believe that the audit evidence we have obtained is sufficient and appropriate lo prowde a basis for our opinion. Conclusions relating to going concern In auditing the financial stalemenls, we have concluded that the Twstees, use of the going concern basis of accounting in the preparation of the financial slalemenls is appropriate. Based on Ihe work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubl on the charity's ability lo continue as a going concern for a penod of at least I￿e1ve months from when the financial statements are aulhonsed for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 2 THOMAS HICKMAN'S CHARITY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THOMAS HICKMAN'S CHARITY ICONTINUEDI Other Infomiatlon The other information comprises the information included in the Annual report other than the financial statements and our Auditors, report Ihereon. The Trustees are responsible for the other infomialion contained within the Annual report. Our opinion on the financial statements does not cover the other information and. except lo the extent otherwise explicitly staled in our report, we do not express any form of assuran conclusion Ihereon. Our responsibility is lo read the other infom)alion and, in doing so, consider whether the other information is materially inconsistent wlh the financial statements or our knowledge obtained in the course of the audrt, or othetwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstslements, we are required lo determine whether this gives rise lo a material misslatemenl in the financi81 statements themselves. If, based on the work we have perfomied. we conclude that there is a material misstatement of this other infomialion. we are required to report that fact. We have nothing to report in this regard. Matters on whlch we are requlred to report by exceptlon We have nothing lo report in respect of the following mallers where the Charities {Accounts and Reports) Regulations 2008 requires us to report lo you if. in our opinion.. the information given in the Trustees, report 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 slalement, the Twslees are responsible for the preparation of the financial statements which give a true and fair view, and for such intemal control as the Trustees detemiine is necessary lo enable the preparation of financial statements that are free from material misslatemenl, whether due lo fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charills ability to continue as a going concern, disclosing, as applicable, mallers related to going con￿rn and using the going con￿rn basis of accounting unless the Trustees either intend lo liquidate the charity or to cease operations, or have no realistic allernalive but lo do so. Page 3 THOMAS HICKMAN'S CHARITY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THOMAS HICKMAN'S CHARITY ICONTINUEDI Audltors. responslbllltles for the audlt of the flnanelal statements We have been appointed as auditor under seclion 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assurance about whether the financial stslements as a whole are free from material misslatemenl, whether due lo fraud or error, and lo issue an Auditors, report that indudes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslalemenl when il 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 deasions of users taken on the basis of these financial stalemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, lo delecl material misstatements in respect of irregularities. including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud is detailed below: the nature of the industry and sector, control environment and business perfomiance including the remuneration incentives and pressures of key management., the primary responsibility for the prevention and detection of fraud rests with both those charged with govemance of the entity and management. We consider the results of our enquiries of management about their own identification and assessment of the risks of irregularities., any matters we identified having obtained and reviewed the Charity's documentation of their policies and procedures relating lo.. identifying, evaluating and complying wlh laws and regulations and whether they were aware of any instances of non-compliance., detecting and responding to the risks of fraud and whether they have knowledge of any actual. suspected or alleged fraud., the internal controls established lo mitigate risks of fraud or non-compliance with laws and regulations., the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As 8 result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAS (UK), we are also ￿qUired to perform specific prO￿dureS to respond lo the risk of management override, including testing joumals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due lo fraud. We also obtained an understanding of the legal and regulatory frameworks that the Charity operates in. focusing on provisions of those laws and Tegulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited lo, the Charities Act 2011 and relevant tax legislation. Because of the inherent limitations of an audit. there is a risk that we will not detect 811 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 al= www.frc.or .uklauditorsres onsibilities. This description forms part of our Page 4 THOMAS HICKMAN'S CHARITY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THOMAS HICKMAN'S CHARITY ICONTINUEDI Auditors. report. Use ot our report This report is made solely to the charity's Iruslees, as a body, in accordance with Part 4 of the Charities {Accounls and Reports} Regulations 2008. Our audit work has been undertaken so that we might slate lo the charity's trustees those mallers we are required lo stale lo them in an Auditors, report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility lo anyone other than the charity and ils trustees, as a body, for our audit work, for this report, or for the opinions we have formed. ILP Hlllier Hopklns LLP 249 Silbury Boulevard Milton Keynes Buckinghamshire MK9 1NA Dale.. 26 Octobèr 2021 Hillier Hopkins LLP are eligible to act as auditors in temis of section 1212 of the Companies Acl 2006. Page 5 THOMAS HICKMAN'S CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020 Unrestricted funds 2020 Totsl funds 2020 Total funds 2019 Note Income from: Charitable activities Investments Other income 210,452 630,562 1,839 210,452 630,562 1,839 219,456 650,803 5,624 Total incomo Expendlture on: Raising funds Charitable activities 842,853 842,853 875,883 40,926 645,866 40,926 645,866 112,037 608,648 Total expenditure Net income beforè nèt Ilossesllgains on investments 686,792 686,792 720,685 156,061 156,061 155, 198 Nel Ilossesygains on investments {498,646} {498,646} 2,567,033 {342,585} {342,585} 2, 722,231 Net movement in funds Rgconciliation of funds.. Total funds brought forward Nel movement in funds 24,479,818 {342,585> 24,479,818 {342,585} 21.757,587 2, 722,231 24,137,233 24,137,233 24,479,818 Totsl funds carried fonvard The Stslement of Financial Aclivilie$ includes all gains and losses recognised in the year. The notes on pages 9 to 23 form part of these financial statements. Page 6 THOMAS HICKMAN'S CHARITY BALANCE SHEET AS AT 31 DECEMBER 2020 2020 2019 Note Flxed assets Tangible assets Investments 12 5.326.005 17.767.249 5.489,841 18,336,256 13 23,093,254 23.826,097 Current assets Debtors Cash at bank and in hand 14 91,136 994.301 10.262 677.630 1,085.437 687,892 Creditors.. amounts falling due wf(hin one year 15 141,459) (34, 171J Net current assets 1.043.978 653, 721 Total assets less current IlabI15tles 24,137.232 24,479.818 Total net assets 24,137,232 24,479.818 Charity lunds Reslrided funds Unrestricted funds 16 16 24,137,232 24,479,818 Total funds 24,137,232 24,479,818 The financial statements were approved and aulhorised for issue by the Trustees and signed on Ihoir behalf by.. Mr Roger Basil Harwood Date. 1 The notes on pages 9 10 23 fom part of these financial stalemenls. Page 7 THOMAS HICKMAN'S CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2020 2020 2919 Cash flows from operating activities Nel cash used in operating activities 246.310 392,204 Cash flows from investing attivities Purchase of tangible fixed assets Proceeds from sale of investments Purchase of investments (639,OOOJ 11.603.299 11.207,404 111,532,938) (10.662,232) Net cash provided byllusgd in) investing activitios 70.361 193,828) Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 316.671 298,376 677,630 379,254 Cash and cash equivalents at the end of the ygar 994.301 677,630 The notes on pages 9 to 23 form part of these financial stslements Page 8 THOMAS HICKMAN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 General InformatSon Thomas Hickman's Charity is an unincorporated association arising from the Will of Thomas Hickman dated 1st January 1695 and is governed by a Charity Commission Scheme dated 22nd June 1979. Accountlng pollcles 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporb'ng by Charities.. Stslemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20151, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. Thomas Hickman's Charity meets the definition of a public benefit entty under FRS 102. Assets and liabilib'es are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Income All income is recognised once the charity has entitlement lo the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income lax recoverable in relation to investment income is recognised at the time the investment income is receivable. Other income is recognised in the period in which il is receivable and lo the exlenl the goods have been provided or on completion of the servi￿. 2.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in selllemenl and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each activity are made up of the lolal of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs allributable lo a single activity are allocated direcuy lo that aclivily. Shared costs which contribute lo more than one activity and support costs which are not attributable to a single activity are apportioned be￿een those activities on a basis consislenl with the use of resources. Central staff costs are allocated on the basis of lime spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the charity lo raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitsble trading. Expenditure on charitable activities is incurred on directly undertaking the activities whith further the charity'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 allaching are fulfilled. Grants offered subject lo conditions which have not been met at the year end are noted as a commitment. but not accrued as expenditure. Page 9 THOMAS HICKMAN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Accountlng pollcles (contlnuedl 2.3 Expendlture {contlnued) All expenditure is inclusive of irrecoverable VAT. 2.4 Interest recelvable Interest on funds held on deFX)sil is included when receivable and the amount can be measured reliably by the charity", this is normally upon nolificalion of the interest paid or payable by the institution with whom the funds are deposited. 2.5 Tanglble flxed assets and depreclatlon Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition. under the cost model. tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into ils intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. using the slraight-line method. Depreciation is provided on the followng bases: Freehold property Building Improvements Fixtures and fillings Computer equipment 2Yo straight line 20/0 straight line 25Yo Straight line 33Yo Straight line 2.6 Investments Fixed asset investments are 8 form of financial inslrumenl and are initially ￿CogniSed al 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 'GainsllLossesl on inveslmenls, in the Statement of financial activities. 2.7 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount PTepaid net of any trade discounts due. 2.8 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. Page 10 THOMAS HICKMAN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Accountlng pollcles (contlnuedl 2.9 Llabllltles and provlslons Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, il is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it wll pay to settle the debt or the amount it has received as advanced payments for the goods or services il must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. 2.10 Flnanclal 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 al their settlement value with the exception of bank loans which are subsequently measured al amortised o)sl using the effective interest method. 2.11 Penslons The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity lo the fund in respect of the year. 2.12 Fund aceountlng General funds are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been sel aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial stslements. Investment income. gains and losses are 811ocated to the appropriate fund. Income from charitable activities Unrestricte d funds 2020 Total funds 2020 Income from charitable activities- Contributions received from almshouse occupants 210,452 210,452 Page11 THOMAS HICKMAN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Income from charltable actlvltles Icontlnuedl Unrestricted funds 2019 Total funds 2Q19 Income from charitable 8Ctivities- Contributions received from almshouse OCCUP8nls 219,456 219,456 Investsnent income Unrestricte d funds 2020 Total funds 2020 Rental income Income from listed investments 99,235 531,231 96 99,235 531,231 96 Bank inleresl 630,562 630,562 un￿stricted funds 2019 Total funds 2019 Rental income 137,880 512,716 207 137,880 512,716 207 Income from listed investments Bank inleresl 650,803 650,803 Page 12 THOMAS HICKMAN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Other Incomlng resources Unrestrlcte d funds 2020 Total funds 2020 Other incK)me 1.839 1,839 un￿striCted funds 2019 Total funds 2019 Other income 5,624 5,624 Investment management costs Unrestricte d funds 2020 Total funds 2020 Rent81 propety costs Investment management fee$ 13,213 27,713 13,213 27,713 40,926 40,926 Unrestricted funds 2019 Total funds 2Q19 Rental propety costs Investment management fees 31,293 80, 744 31,293 80,744 112,037 112,037 Page 13 THOMAS HICKMAN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Analysls of grants Grants to Grants to Instltutlons Indlvlduals 2020 2020 Total funds 2020 Grants paid 65,750 67,920 133,670 Grants lo Institulions 2019 Grants to Individuals 2019 Total funds 2019 Grants paid 40,644 66,843 107,487 The charity has made the following material grants to instilulions during the year.. 2020 2019 Name of Instltutlon Soulhcourt Baptist Church Aylesbury Foodbank Bedgrove Scout & Guide Hut HQ Bucks Vision 2.500 11.000 2.000 2,000 5,000 1,449 2,000 15,000 1,460 2,000 1,000 2,000 3,000 1.050 2,000 Spinal Injuries Association Youth Concem Mamabee Puzzle Centre Trust Aylesbury Town Chaplaincy Connection Support Chiltern MS Centre 29.500 4.000 3.000 500 Missenden Walled Garden The Pepper Foundation CAAV 12.500 65.000 37,959 other grants lo institutions 750 2,685 65.750 40,644 Page 14 THOMAS HICKMAN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Analysls of expendlture by actlvltles Actlvltles undertaken dlrectly 2020 Grant fundlng of actlvltles 2020 Support costs 2020 Total funds 2020 Charitable activities 400,172 133,670 112,025 645,867 Activities undertaken directly 2019 Grant funding of activities 2019 Support costs 2019 Total funds 2Q19 Charitable activities 391,494 107.487 109,668 608,649 Analysls of dlrect costs Total funds 2020 ActSvltSes 2020 Staff costs Depreciation Almshouse expenses 36,981 163,836 199,355 36,981 163,836 199,355 400,172 400,172 Total funds 2019 ActivIt￿S 2019 Staff costs 29,087 166,637 195,770 29,087 166,637 f95.770 Depreciation Almshouse expenses 391,494 391,494 Page 15 THOMAS HICKMAN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Analysls of expendlture by actlvltles (contlnuedl Analysls of support costs Total funds 2020 Actlvltles 2020 Clerk to the Trustees Maintenance control and supervision Office and miscellaneous costs Professional fees Governan￿ costs 32,233 6,530 8,950 5,515 58,797 32,233 6,530 8,950 5,515 58,797 112,025 112,025 Total funds 2919 AcfivitRs 2019 Clerk to the Trustees Maintenance control and supervision Office and miscellaneous costs Professional fees Governan￿ cosls 30,984 8,532 3,592 9,577 56,983 30,984 8,532 3,592 9,577 56,983 109,668 109,668 The salary in respect of the Clerk lo the Trustees lolals £80,583 (2019. £77,460) and is paid lo a firni of solicitors of which the Clerk is a Corbsullant. Auditors. remungration 2020 2019 Fees payable to the charity's auditor for the audit of the charitls annual accounts 4.500 4,250 Fees payable to the charity's auditor in respect of.. All non-audil s8Jvices not included above 5.947 6,257 Page 16 THOMAS HICKMAN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 10. Staff costs 2020 2919 Wages and salaries Contribution lo defined contribution pension schemes 33.887 3.094 26,743 2,344 36,981 29,087 The average number of persons employed by the charity during the year was as follows.. 2020 No. 2Q19 No. Pastoral care No employee received remuneration amounting to more than £60,000 in either year. 11. Trustees. remuneration and expenses During the year. no Trustees received any remuneration or other benefits (2019- £NILJ. During the year ended 31 December 2020, no Trustee expenses have been incurred (2019- £NIL). Page 17 THOMAS HICKMAN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 12. Tanglble flxed assets Freehold Fixtures and property fittings Computer equipment Other fixed ass8ts Total Cost or valuation At 1 January 2020 5.IM4,484 44,130 6,912 3.095,316 8,190,842 Al 31 December 2020 5.044,484 44.130 6.912 3.095,316 8,190,842 Depreciation Al 1 January 2020 Charge for the year 1.475,310 100,819 43.019 1,110 6.912 1.175,760 61,906 2,701,001 163,835 At 31 De￿mber 2020 1.576,129 44,129 6.912 1.237,666 2,864,836 Net book value At 31 December 2020 3,468,355 1.857,650 5,326,006 At 31 December 2019 3,569, 174 1,111 1,919,556 5,489,841 13. Fixed asset investments Listed investments Cost or valuatlon Al 1 January 2020 Additions Disposals Revaluations 18,336,256 16,287,549 {18,693,406) 1,921,876 185,026) Transfers between classes At 31 December 2020 17,767,249 Net book value Al 31 December 2020 17,767,249 At 31 December 2019 18,336,256 Page 18 THOMAS HICKMAN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 13. Flxed asset Investments (contlnued} 14. Debtors 2020 2919 Due within one year Other debtors 91.136 10,262 91.136 10,262 15. Creditors.. Amounts falling due within one year 2020 2019 Other creditors Accruals and deferred income 510 40.949 227 33,944 41.459 34,171 Page 19 THOMAS HICKMAN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 16. Statement of funds Statement of funds - current year Balanee at 31 Galnsl December (Losses) 2020 Balance at 1 January 2020 Income Expendlture Unrestricted funds Deslgnated funds Extraordinary repair fund Cyclical Repair Fund 14,308 42,285 14,308 42,285 56,593 56,593 General funds General Funds - all funds 24.423,225 842.853 {686,7931 1498.6461 24,080,639 Total Unrestricted funds 24,479,818 842,853 {686,7931 1498,6461 24,137,232 Statement of funds - prlor year Balan￿ ar 31 December 2919 Balance at 1 January 2019 Gain (Lossesj Income Expenditure Unrestricted funds Designated funds Extraordinary repair fund Cyclical Repair Fund 14,308 42,285 14,308 42,285 56.593 56,593 General funds General Funds - all funds 21.700,994 875.883 (720,685) 2.567,033 24,423,225 Total Unrestrictod funds 2t,757,587 (720,685) 2.567,033 24,479,818 Page 20 THOMAS HICKMAN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 16. Statement of funds Icontlnuedl 17. Summary of funds Summary of funds - current year Balance at 31 Galnsl December (Losses) 2020 Balance at 1 January 2020 Income Expendlture Designated funds General funds 56,593 24.423,225 56,593 1498.6461 24,080,639 842.853 {686,793} 24.479,818 842.853 (686,7931 1498,6461 24,137,232 Summary of funds - prior yaar Balance af 31 December 2019 Balan￿ at l Jantjary 2019 Gain (Losses) Income Experjditu Designated funds General funds 56,593 21.700,994 56,593 2,567,033 24,423,225 875,883 (720,685) 21,75T,587 875,883 (720,685) 2,567,033 24,479.818 18. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricte d funds 2020 Total funds 2020 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 5.326,005 5,326,005 17,767,249 17,767,249 1,085,437 1,085,437 141,4591 141,459) Totsl 24,137,232 24,137,232 Page 21 THOMAS HICKMAN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 18. Analysls of net assets between funds (contlnuedl Analysis of net assets between funds - prior period Unr8Stricled funds 2019 Total funds 2019 Tangible fixed assets Fixed asset investments Current assets 5,489,841 5,489,841 18,336,256 18.336,256 687,893 687,893 (34, 172) (34, 172) Creditors due within one year Total 24,479,818 24.479,878 19. Reconciliation of net Movement in funds to net cash flow frorn operating activities 2020 2919 Nel incomelexpendilure for the period las per Slalement of Financial Acts'viliesl 1342.5851 2, 722,231 Adjustm8nts for.. Depreciation charges Gainslllosses} on investments Decre8sellincre8sel in debtors Increaselldecreasel in creditors 163.835 166,637 498.646 {2.567,033J {80,8741 71,681 7,288 (1,312) Net cash provided by operating activities 246.310 392,204 20. Analysis of cash and cash equivalents 2020 2919 Cash in hand 994.301 677,630 Totsl cash and cash equivalents 994.301 677,630 Page 22 THOMAS HICKMAN'S CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 21. Analysls of changes In net debt At1 January 2020 Cash flows At31 Decembèr 2020 Cash at bank and in hand 677,630 316.671 994,301 677,630 316,671 994,301 Grant commitments 2020 2019 Approved but not provided in these financial statements Grants approved not yel paid 2.500 23. Pension commitments The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity lo the fund and amounted lo £3,12712019 - £2,344). Page 23