Charity number: 202973
THOMAS HICKMAN'S CHARITY
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
THOMAS HICKMAN'S HARITY Chari No. 202973 TRUSTEES, ANNUAL REPORT F R THE YEAR ENDED 31st DECEMBER 2021 Reference and Administr ion Details 1.1 The full name of the Charity 15 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 31st December 2021 are: Mr Roger Basil Harwood (Chairman) Mrs Elizabeth Mossford Mrs Janet Mary Taylor Mr Tim Leon Voss Revend Douglas Lee Zimmerman 1.3 The Charity is adMinisted 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: Uoyds Bank PLC, l Market Square, Aylesbury, Bucks, HP20 ITD The Bank of New York Mellon (International) Limited, I Canada Square, London, E14 SAL 1.5 The Stockbrokers appointed to manage the Charivs investments are: Blackrock Investment Management (UK) Ltd, 12 Throgmorton Avenue, London, EC2N 2DL 1.6 The Charitys auditors are: Messrs. Hillier Hopkins LLP, 249 Silbury Boulevard Milton Keynes Buckinghamshire MK9 INA tructure G vernance and Mana ement 2.1 The Charity arises from the Will of Thomas Hickman dated 1st January 1695 and is govemed by a Charity Commission Scheme dated 22nd June 1979. 2.2 Under the terms of the Scheme the Charity has five Trustee5, one ex- officio who is the incumbent of the Benefi of St. Mary's Church, Aylesbury and the other four co-optative. 2.3 The Trustees rnt on a regular basis to consider and determine the work of the Charity.
2.4 The organisation of the Charity ntreS upon the day to day administration being Caled 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 committ& 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 intemal 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 fa. 2.6.b The estsblishment of systems and procedures to mitigate those risks identified in the plan. 2.6.c The implementation of procedures designed to minimlse any potenb'al impact on the charity should those risks materialise. This work has identified no significant risks to the charity. Ob-ectives 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 a51 applicants both individual and corpK)rate as to their capitsl and income to ensure that assistance is offered to those in need. 3.2 The objects of the Charty 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 accordan 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 investsnent powers.
Achievements and Perf rmanc 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 cUlage of a listed building. Four cottage properties, now converted, were the original almshouse endowment of the Founder. In january 2000, the Charity acquired Gen End House, a 17c Grade II Listed Building also within the ConseNation Area, which following extensive sympathetic conversion provides seven single occupan(¥, 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 Ass1Stant to the Welfare Assistsnt was appointed in November 2020. 4.3 The freehold properties Nos. 1 5 Dame I&ibella 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 charitsble 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 MerTrville House at 39 Highbridge Walk Aylesbury HP21 7SE leased to Youth Concern provided accommodation for homele young people in Aylesbury and as well as appropriate counselling, leading to rehabilitstion into normal society. As part of its charitsble purpose the Charity granted an initial rent free period to Youth Conrn to enable them to convert the Property to meet their requirements. In due course rentsl 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 futu on a strategic basis. 4.7 During the year under review the Trustees continued to focus on those persons in specific n*d, liaising with representstives of Age UK and Citizens, Advice Bureau and with input from the Social servIs Department of Buckinghamshire Council.
4.8 Some £ 45,767 was paid in 78 grants to individuals with particular needs. The substsntial change of emphasis evident in the Trustees, Reports ft)r 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: Elders 1.9% 0.6% 2.2% n-elderl 2007 2008 2009 2010 2011 2012 2013 97.8 % 94.5 % 950/0 76.50/0 96.8 % 23.5Wo 3.20/0 111 2014 2015 2016 2017 2018 2019 2020 2021 8.20/0 10.37 91.8 % 89.63 93% 95.8 % 4.2% 1.6% 5.20 5.7¥0 13.04% 94.3 % A referrdl breakdown is provided below: C.A.B BUCKS.C NHS INDIV. 74 OTHER 4.9 The Trustees also made grants of £ 24,883 to organisations covering the needs of specific groups, i.e Youth Conrn, Southcourt Baptist Church (Bridge The Gap) and Pepper Foundation. 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 linCeS for all residents not ellgible for concessions; 4.11 The sitting room made available for the benefit of all Hickman residents, furnished for both social gatherings and other leisure acknvitie5 as well as in- house 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. The Sitting Rcom remained closed throughout 2021. 4.12 The Trustees remain committed to pursuing attive partnership with other agencies, including The Heart of Buck5 (formerly Buckinghamshire Community Foundation), Age Concern, Citizens, Advice Bureau, and the local Social Services
Department, where necessary acting as a catalyst while looking to facilitste and encourage the pr()vision 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 Charivs almshouses. 4.14 During the year the Covid 19 Pandemic emergency impatted on the activities of the Charity. On the one hand applications for grants significantly reduced due it is thought to the effett 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 maintsined. Activity retumed 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 dearly *t out in the Charity's accounts to 31st December 2021. As to investments, the Trustees continue to rely on advi from their stockbrokers. 5.2 The Charity's assets are held for the following purposes:_ (a) Almshouse properties: for the CupatIon 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 purpo 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 We 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. .4 The Charity's financial position enables the Trustees to anticipate and plan for future demands upon the Charivs resources, for example the provision of improved amenities and seNices for the almshouse residents and the updating and refurbishing of almshouses units. At the end of the year under report the ftjnds held by the Charity amounted to £ 25,949,214. 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 aSslated undertakings.
5.5.2 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 finanaal SOUr 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 projett. 5.5.5 All investments and aets held by the Charity have been acquired in accordan with the powers available to the Trustees. 5.5.6 The assets of the Charity are regarded by the Trustees as sufficient to meet their charitsble objects. Plans for the Future 6.1 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. srATEMENT OF TRUSTEE ' RESPON IBILrrIES Charity law requires the Trustees to prepare nan0a1 Ststements for each finanaal year which give a true and fair view of the state of affairs of the Charity and of its financial activities for that period. In preparing those Financial Statements the Trustees are required to:. (a) Select suitable accounting policies and apply them consistently; (b) Make judgements and estimates that are aSOnable and prudent; (c) state whether the policies adopted a in accordan with the Ststement of Recommended Pracknce (Accounting and Reporbng by Charities) issued by the Charity Commission for England and Wales and with applicable accounting standards, subject tr) any material departures disclosed and explained in the Finanoal Statements; (d) Prepare the Finanaal Statements on the going conrn basis unless It is inappropriate to assume that the Charity will continue in business. The Trustees are responsible for keeping pry)per accounting records whlth disdose with reasonable accuracy at the time the financial position of the tharity and to enable them to ensure that the Finanaal Statements comply with the tharities Att 2011. They are responsible for safeguarding the assets of the Charity and hen for tsking reasonable steps for the prevention and detection of fraud or other irregularities. The Report was approved by the Board of Trustees 0n......2.9.. SKfv...... . Roger Basil HarW0c (Chairman)
THOMAS HICKMAN'S CHARITY
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its Trustees and advisers | 1 |
| Independent auditors' report on the financial statements | 2 - 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Statement of cash flows | 8 |
| Notes to the financial statements | 9 - 22 |
THOMAS HICKMAN'S CHARITY
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021
Trustees
Mr Roger Basil Harwood Mrs Elizabeth Mossford Mr Tim Leon Voss Reverend Douglas Lee Zimmerman 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 1NA
Bankers
Lloyds TSB PLC, Aylesbury, Bucks, HP20 1TD
The Bank of New York Europe Limited, 1 Canada Square, London, E14 5AL
Blackrock Investment Management (UK) Ltd, 12 Throgmorton Avenue, London, EC2N 2DL
Page 1
THOMAS HICKMAN'S CHARITY
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THOMAS HICKMAN'S CHARITY
Opinion
We have audited the financial statements of Thomas Hickman's Charity (the 'charity') for the year ended 31 December 2021 which comprise the Statement of financial activities, the Balance 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 Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted 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 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 December 2021 and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 United Kingdom, including the Financial Reporting Council'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.
Page 2
THOMAS HICKMAN'S CHARITY
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THOMAS HICKMAN'S CHARITY (CONTINUED)
Other information
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. 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. 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 course of 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:
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the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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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 3
THOMAS HICKMAN'S CHARITY
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THOMAS HICKMAN'S CHARITY (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
We have been appointed as auditor 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 an Auditors' report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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the nature of the industry and sector, control environment and business performance including the remuneration incentives and pressures of key management;
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the primary responsibility for the prevention and detection of fraud rests with both those charged with governance 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;
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any matters we identified having obtained and reviewed the Charity’s documentation of their policies and procedures relating to:
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identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
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detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
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the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
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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 a 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 required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
We also obtained an understanding of the legal and regulatory frameworks that the Charity operates in, focusing on provisions of those laws and regulations 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 to, 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 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 Auditors' report.
Page 4
THOMAS HICKMAN'S CHARITY
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THOMAS HICKMAN'S CHARITY (CONTINUED)
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 its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
Hillier Hopkins LLP 249 Silbury Boulevard Milton Keynes Buckinghamshire MK9 1NA
Date: 6th October 2022
Hillier Hopkins LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 5
THOMAS HICKMAN'S CHARITY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2021
| Note Income from: Charitable activities 3 Investments 4 Other income 5 Total income Expenditure on: Raising funds 6 Charitable activities Total expenditure Net income before net gains/(losses) on investments Net gains/(losses) on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2021 £ 201,084 462,129 - 663,213 11,360 520,749 532,109 131,104 1,680,878 1,811,982 24,137,232 1,811,982 25,949,214 |
Total funds 2021 £ 201,084 462,129 - 663,213 11,360 520,749 532,109 131,104 1,680,878 1,811,982 24,137,232 1,811,982 25,949,214 |
Total funds 2020 £ 210,452 630,562 1,839 842,853 40,927 645,866 686,793 156,060 (498,646) (342,586) 24,479,818 (342,586) 24,137,232 |
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 22 form part of these financial statements.
Page 6
THOMAS HICKIAAN'S CHARITY BALANCE SHEET AS AT 31 DECEMBER 2021 2021 202Q Note Fixed assets Tangible assets Investments 12 13 5,163,280 19,937,508 5.326,005 t7.767,249 25,100,788 23,093,254 Current assets Debtors Cash at bank and in hand 14 94.632 786,258 91, 136 994.301 880.890 1,085,437 Creditors". amounts falling due wihin year 15 {32A64) (41.459) Net current assets 848.426 1,043,978 Total assets less Cuiront liabilities 25,949.214 24. 137,232 Total net assets 25,949.214 24, 137,232 Charlty funds Restricted funds Unrestricted funds 16 16 25.949.214 24, 137,232 Total funds 25.949.214 24, 137.232 The financial slalemenls were approved and authorised fc issue by the Trustees and signed on their behalf by.. Mr Roger Basll Hatwood Dale.. ?fj+K S¢p*ertknf 20 2 The notes on pages 9 to 22 fo part of these financial stalements. Page 7
THOMAS HICKMAN'S CHARITY
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021
| Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Proceeds from sale of investments Purchase of investments Net cash (used in)/provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 9 to 22 form part of these financial statements |
2021 £ 281,338 10,619 (500,000) (489,381) (208,043) 994,301 786,258 |
2020 £ 246,310 11,603,299 (11,532,938) 70,361 316,671 677,630 994,301 |
|---|---|---|
Page 8
THOMAS HICKMAN'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1. General information
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.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Thomas Hickman's Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax 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 it is receivable and to the extent the goods have been provided or on completion of the service.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which 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 attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
Page 9
THOMAS HICKMAN'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
2. Accounting policies (continued)
2.3 Expenditure (continued)
All expenditure is inclusive of irrecoverable VAT.
2.4 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
2.5 Tangible fixed assets and depreciation
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 its 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 straight-line method.
Depreciation is provided on the following bases:
| Freehold property | - 2% straight line |
|---|---|
| Building Improvements | - 2% straight line |
| Fixtures and fittings | - 25% straight line |
| Computer equipment | - 33% straight line |
2.6 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.
2.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid 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 date 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 2021
2. Accounting policies (continued)
2.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it 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 will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation.
2.10 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.11 Pensions
The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.
2.12 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from charitable activities
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2021 | 2021 | 2020 | |
| £ | £ | £ | |
| Income from charitable activities - Contributions received | |||
| from almshouse occupants | 201,084 | 201,084 | 210,452 |
Page 11
THOMAS HICKMAN'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
4. Investment income
| Unrestricted funds 2021 £ Rental income 110,011 Income from listed investments 352,066 Bank interest 52 462,129 |
Total funds 2021 £ 110,011 352,066 52 462,129 |
Total funds 2020 £ 99,235 531,231 96 |
|---|---|---|
| 630,562 |
5. Other incoming resources
| Other income | Total funds 2021 £ - - |
Total funds 2020 £ 1,839 |
|---|---|---|
| 1,839 |
6. Investment management costs
| Unrestricted funds 2021 £ Rental property costs 11,360 Investment management fees - 11,360 |
Total funds 2021 £ 11,360 - 11,360 |
Total funds 2020 £ 13,213 27,714 |
|---|---|---|
| 40,927 |
Page 12
THOMAS HICKMAN'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
7. Analysis of grants
| Grants to Institutions 2021 Grants to Individuals 2021 £ £ Grants paid 24,883 45,767 Grants to Institutions 2020 Grants to Individuals 2020 £ £ Grants paid 65,750 67,920 The charity has made the following material grants to institutions during the year: 2021 £ Name of institution Southcourt Baptist Church 6,049 Aylesbury Foodbank - Bedgrove Scout & Guide Hut HQ - Youth Concern 16,084 CAAV - Connection Support - Chiltern MS Centre - Missenden Walled Garden - The Pepper Foundation 2,000 24,133 Other grants to institutions 750 24,883 |
Total funds 2021 £ 70,650 |
|---|---|
| Total funds 2020 £ 133,670 |
|
| 2020 £ 2,500 11,000 2,000 29,500 12,500 4,000 3,000 500 - |
|
| 65,000 750 |
|
| 65,750 |
Page 13
THOMAS HICKMAN'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
8. Analysis of expenditure by activities
| Charitable activities Charitable activities Analysis of direct costs Staff costs Depreciation Almshouse expenses |
Activities undertaken directly 2021 £ 342,658 Activities undertaken directly 2020 £ 400,172 |
Grant funding of activities 2021 £ 70,650 Grant funding of activities 2020 £ 133,670 Activities 2021 £ 37,436 162,725 142,497 342,658 |
Support costs 2021 £ 107,441 Support costs 2020 £ 112,024 Total funds 2021 £ 37,436 162,725 142,497 342,658 |
Total funds 2021 £ 520,749 |
|---|---|---|---|---|
| Total funds 2020 £ 645,866 |
||||
| Total funds 2020 £ 36,981 163,836 199,355 |
||||
| 400,172 |
Page 14
THOMAS HICKMAN'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
8. Analysis of expenditure by activities (continued)
Analysis of support costs
| Activities 2021 £ Clerk to the Trustees 33,175 Maintenance control and supervision 8,378 Office and miscellaneous costs 5,209 Professional fees - Governance costs 60,679 107,441 9. Auditors' remuneration Fees payable to the charity's auditor for the audit of the charity's annual accounts Fees payable to the charity's auditor in respect of: All non-audit services not included above |
Total funds 2021 £ 33,175 8,378 5,209 - 60,679 107,441 2021 £ 5,000 5,917 |
Total funds 2020 £ 32,233 6,529 8,950 5,515 58,797 |
|---|---|---|
| 112,024 | ||
| 2020 £ 4,500 5,947 |
10. Staff costs
| Wages and salaries Contribution to defined contribution pension schemes |
2021 £ 34,034 3,402 37,436 |
2020 £ 33,887 3,094 |
|---|---|---|
| 36,981 |
The average number of persons employed by the charity during the year was as follows:
| 2021 | 2020 | |
|---|---|---|
| No. | No. | |
| Pastoral care | 2 | 1 |
Page 15
THOMAS HICKMAN'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
10. Staff costs (continued)
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 (2020 - £NIL) .
During the year ended 31 December 2021, no Trustee expenses have been incurred (2020 - £NIL) .
Page 16
THOMAS HICKMAN'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
12. Tangible fixed assets
| Cost or valuation At 1 January 2021 At 31 December 2021 Depreciation At 1 January 2021 Charge for the year At 31 December 2021 Net book value At 31 December 2021 At 31 December 2020 |
Freehold property £ 5,044,484 5,044,484 1,576,129 100,819 1,676,948 3,367,536 3,468,355 |
Fixtures and fittings £ 44,130 44,130 44,130 - 44,130 - - |
Computer equipment £ 6,912 6,912 6,912 - 6,912 - - |
Other fixed assets £ 3,095,316 3,095,316 1,237,666 61,906 1,299,572 1,795,744 1,857,650 |
Total £ 8,190,842 |
|---|---|---|---|---|---|
| 8,190,842 | |||||
| 2,864,837 162,725 |
|||||
| 3,027,562 | |||||
| 5,163,280 | |||||
| 5,326,005 |
13. Fixed asset investments
| Cost or valuation At 1 January 2021 Additions Revaluations ������������ At 31 December 2021 Net book value At 31 December 2021 At 31 December 2020 |
Listed investments £ 17,767,249 500,000 1,680,878 (10,619) |
|---|---|
| 19,937,508 | |
| 19,937,508 | |
| 17,767,249 |
Page 17
THOMAS HICKMAN'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
14. Debtors
| Due within one year Other debtors |
2021 £ 94,632 94,632 |
2020 £ 91,136 |
|---|---|---|
| 91,136 |
15. Creditors: Amounts falling due within one year
| Other creditors Accruals and deferred income |
2021 £ 473 31,991 32,464 |
2020 £ 510 40,949 |
|---|---|---|
| 41,459 |
Page 18
THOMAS HICKMAN'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
16. Statement of funds
Statement of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at 1 | 31 | ||||
| January | Gains/ | December | |||
| 2021 | Income | Expenditure | (Losses) | 2021 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| Designated funds | |||||
| Extraordinary repair fund | 14,308 | - | - | - | 14,308 |
| Cyclical Repair Fund | 42,285 | - | - | - | 42,285 |
| 56,593 | - | - | - | 56,593 | |
| General funds | |||||
| General Funds - all funds | 24,080,639 | 663,213 | (532,109) | 1,680,878 | 25,892,621 |
| Total Unrestricted funds | 24,137,232 | 663,213 | (532,109) | 1,680,878 | 25,949,214 |
| Statement of funds - prior year | |||||
| Balance at | |||||
| Balance at | 31 | ||||
| 1 January | Gains/ | December | |||
| 2020 | Income | Expenditure | (Losses) | 2020 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| Designated funds | |||||
| Extraordinary repair fund | 14,308 | - | - | - | 14,308 |
| Cyclical Repair Fund | 42,285 | - | - | - | 42,285 |
| 56,593 | - | - | - | 56,593 | |
| General funds | |||||
| General Funds - all funds | 24,423,225 | 842,853 | (686,793) | (498,646) | 24,080,639 |
| Total Unrestricted funds | 24,479,818 | 842,853 | (686,793) | (498,646) | 24,137,232 |
Page 19
THOMAS HICKMAN'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
17. Summary of funds
Summary of funds - current year
| Designated funds General funds |
Balance at 1 January 2021 £ 56,593 24,080,639 24,137,232 Balance at 1 January 2020 £ 56,593 24,423,225 24,479,818 |
Income £ - 663,213 663,213 Income £ - 842,853 842,853 |
Expenditure £ - (532,109) (532,109) Expenditure £ - (686,793) (686,793) |
Gains/ (Losses) £ - 1,680,878 1,680,878 Gains/ (Losses) £ - (498,646) (498,646) |
Balance at 31 December 2021 £ 56,593 25,892,621 |
|---|---|---|---|---|---|
| 25,949,214 | |||||
| Balance at 31 December 2020 £ 56,593 24,080,639 |
|||||
| Summary of funds - prior year | |||||
| Designated funds General funds |
|||||
| 24,137,232 |
18. Analysis of net assets between funds Analysis of net assets between funds - current year
| Unrestricted funds 2021 £ Tangible fixed assets 5,163,280 Fixed asset investments 19,937,508 Current assets 880,890 Creditors due within one year (32,464) Total 25,949,214 |
Total funds 2021 £ 5,163,280 19,937,508 880,890 (32,464) |
|---|---|
| 25,949,214 |
Page 20
THOMAS HICKMAN'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
18. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior year
| Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2020 £ 5,326,005 17,767,249 1,085,437 (41,459) 24,137,232 |
Total funds 2020 £ 5,326,005 17,767,249 1,085,437 (41,459) 24,137,232 |
|---|---|---|
19. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income/expenditure for the year (as per Statement of Financial Activities) Adjustments for: Depreciation charges Gains/(losses) on investments Increase in debtors Increase/(decrease) in creditors Net cash provided by operating activities Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents |
2021 £ 1,811,982 162,725 (1,680,878) (3,496) (8,995) 281,338 2021 £ 786,258 786,258 |
2020 £ (342,586) 163,835 498,646 (80,874) 7,289 246,310 2020 £ 994,301 994,301 |
|---|---|---|
20. Analysis of cash and cash equivalents
Page 21
THOMAS HICKMAN'S CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
21. Analysis of changes in net debt
| Cash at bank and in hand | At 1 January 2021 £ 994,301 994,301 |
Cash flows £ (208,043) (208,043) |
At 31 December 2021 £ 786,258 |
|---|---|---|---|
| 786,258 |
22. Grant commitments
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Approved but not provided in these financial statements | ||
| Grants approved not yet paid | 11,000 | 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 to the fund and amounted to £3,402 (2020 - £3,094).
Page 22