Charity number.. 2117S6 HAMPTON FUELALLOTMENT CHARITY ANNUAL REPORT 30 JUNE 2023 Hampton Fund lknwton Fund 15t￿¥Jo￿lI￿amÈ lot MarnpLon FuÈl ￿l¢￿￿ent￿￿m¥ (Re8StAt￿n No2117561 RSM UK Tax and Accwntin8 bmited Third Floor. One London Sqltare 05s lanes. Guildford Surrey GUI IUN P4elof49 IAMPTON FUELALLOTMENT CTriARITY ANNUAL REPORT for the year ended 30 June 2023 TABLE OF CONTENTS Pa The Chairman's Report Trustee< Annual Rep IndependentAuditorfs Report 18 Statement of Flnan¢lal A¢iNrries- Current year 22 Statement of Financial Aclivrtie5- Comparativeyear 23 Balance 5heet- C￿r￿nt year 24 Balance Sheet-comparative year 25 Statement of Cash Flows 26 Note5 to the Financial Statements 27 Accountanvs Report 49 Hampton Fuel ￿lotment Charity- Annual Report 30 June 2023 Page 2 of 49 HAMPTON FUEL ALLOTMENT CHARITY THE CHAIRMAWS REPORT for the year ended 30 June 2023 IV5 all about people. People who benefit from the fund prirnarily of course. ThaV5 why we a￿ here. Much more on that later. IVS a150 abtyJt those we work with and those who make it work within Hampton Fuel Allotment Charity- known more simpty as Harnpton Fund. I start then with mention ol our former Dirertor, David White. After 12 successful years at Hampton Fund that saw 518nificant change under his leadership. Davtd left us to Spend more time with his farnily and to pursue his many intere5t5. We wish him well for the future. As we have been without a Dtrettor since January 2023. 1 want to record here my personal thanks to both my fellow Trustees and ourfantastic staff. All havegone the extra mile to cover the Directorfs responsibilities during the recruitment of David'5 successor. Speoal mention here to Geraldine Locke and her P&R team for the professional and successful recruitment process. It is my sincere hope and belief thèt the work Hampton Fund doe5 has cL￿tinUed for those who rely on us. without noticeable disruption. a5 it has for the past 212 years. It's what we do Hampton Fund prLwide58rants and otherfornis of finanrial help to l¢)w-income familiesand individuals, primari helping them with their energycosts. core furnkshing and white good5 and a contribution to school uniform5 and school trips. While fuel continues to be very much in focus today. we continue to support other local charitie5 that provide a range of services within the community- It is our stock-market-inve5ted endowment fund that enables us to do this, and great ￿di1 goes to our fund manager5 and our Chair ol Finance and Invostment, Dr Martin Duffy and deputy, Sharika 5harma. for steering u5 through increa5inglyvolatile Ma￿ets with a steady hand. Significantly this year. we moved some 50% of our portfolio from UBS to Barclays in pursuit of our duty as Trustees to best mana8e our resourte5. While such a move can cause a brief pause in income, our robust approach to reserves meant we have been able to meet all of our budgeted commitments and more. How have we helped indN*lualsthis year? Hampton Fund begun in 1811 to provide fuel to those in need and that long tradition continues today. Most individual award5 a￿ fuel grants paid directly to energy suppliers on an applicanvs behalf. Durin6 2022123. we awarded 2,028 fuel grants to indThfiduals totallin6 £1.082.775120201215aw 2.579 including 650 second payments at a cost ol £1.080,4491, a modest increase after the considerable upsurge of the prewous year. In addition, we made grants for the purchase of basic white goods. for e¥ample a frTdge or a cooker. and ba5TC itern5 of furniture such as a bed. Often these 8rants were made where rehousing was needed, especially of those previously homeless. School journeygrant5 were up by just over 14% and uniform grants by 6.5%. Our Individual Grants panel was Superb￿ Chaired by Hampton Fund Deputy Chair. David Meggitt and responses to applicants were qLsickly and transparently handled by Carole Swinburne and Sheila Pryde. Those in need could apply directly to us in person or on-line via www.ham onfvnd. Hampton Fuel Allotment Charity- Annual Report 30June 2023 Page 3 of 49 HAMPTON FUEL ALLOTMENT CHARITY THE CHAIRMA REPORT (Continued) for the year ended 30 June 2023 How have we helped local thartttes this year? The work of the char￿tieS and community group5 in our borovgh has been espeoalty important in recent yeaf5 although the extraordinary tosts of lockdowns are hopefully behind us_ Community groups and local charitie5 will undoubtedly remain key in the nearfuture and theirworki5 very rnuch needed and appreciated. We continue to support those in need by making grants to many of these O￿anisatIons. Managed byjan Webb, Community Grants Manager. arvj compellingly led byAdele Kimber, Chair of Cornmunity Grants, Hampton Fund made 67 community grants in 2022123 to charitable or8anisations181 in 20211221 totalling £1.428.2W I£1.552.050 in 20211221. Our grants tover a wide variety of sectors. including disability. older people. children and young people, carer5 and mental health as well as community actNlties. The end-of-grant monitoring report we receive from the groups we fund is one way we evaluate the impact of Ouf funding. We are honoured to be able to contribute to such organisations. Between individual Idirectgrants and communitylcharitygrants it isestimated that Hampton Fund and the chaftties it supports have benefited approximately one in ten of the residents of our catchtnent area. How can we do more? Beyond our stock-market based fund raisin& our collaboration contsnues with Richmond Parish Land5 Chèrity IRPLCI and OneRichmond, our joint project to encourage -placed-baseil 8iwn£- or, simply puL the people of Richmond Borough helping the people of Richmond Borough. OneRichmond wa5 established jointly by Hampton Fund and RPIC. Independent research commissioned bv Hampton Fund and RPLC- Ion The Edge. available on requestl- conduded that the Per￿PtIon of Richmond as a wealthy place masks high leve15 of hidden need_ The aim 15 to work with others to unlock significant additioftal resources. from within and outside the Borough. in order to improve opportunities and change lives. We want a boro(￿h in which everyone can thrive. By additional resources, we mean fund5, expertise. time and use of faolities_ Recognising that we could not address every need at once and hope to 5u£ceed at any of it. our initial focus ha5 been on young people. Peer research showed thatcareer preparation and mentoringwas second priority for young people after mental health. The latter though is well provided for through other schemes, scme of which Hampton Fund already 5ponsor5. Mentoring on the other hand seemed to have very little provision, 8eneralty offered to limited or special needs groups. Sornewhere out there is the next Albert Einstein or Isaac Newton. Bezos or Musk or perhap5 the next Prof. Sarah Gilbert who designed the Oxford AZ vaccine in such stK)rt order. They may not know it yet but perhaps with the right inspiration and experienced guidance they may gain benefiL not just for themselves but for all of us. That is what is behind OneRichmond sponsorship ol the Young Enterprise programme. Our hope 15 that by eventually bringing this seNice to all young people in the borough it mèy provide that spar We welcomed this yearthe fir5tfvll time OneRichmond employee in Development Director. Rebecca McLoughlin who has already added great rnomentum to the projert. Hampton FundTru5tee. Lau￿nce Sewell has also joined the OneRichmond team. Thank5 once again to all those who have helped to promote and support this work at both Hampton Fund and RPLC. Hampton Fuel ￿lotMent Charity- Annual Report 30 June 2023 P4e4of49 HAMPTON FUEL ALLOTMENT CHARITY THE CHAIRMAWS REPORT (Continued) for the year ended 30 June 2023 Meeting local needs today and tomorrow Looking after the endowment fund and balancing the need5 of present and future generations are challenge5 that we. as Tru5tee5, have to consider carefully. Accordingty. our prime investment objective is to ensure that funds available for beneficiariesare rnaintained in real terms. sozs toensurethat futuregeneration5 may benefit from the endowment at least as well a5 the current one. In order to achieve this goal, we have adopted a Yotal Return. approach to inve5trnent which allow5 Trustees to Use both income and capital growth produced by the endowment fund to satisfy expenditure. This remove5 any reliance on income alone to meet expendittfrre and permits a more flexible and lon8er-term investment approach. In looking afterourendowment, wetake Tndependent professional atlvice on howttsfinantial a55ets a￿ invested and managed. Durin8 the year, tnana8ement of the endowment's assets wa5 shared between UBS Asset Management, Barclay5 Private Bank and Rathbone Investment Management. Although our total inve5trnent portfolio moves up and down with the markets. we take a long-term vtew that has seen steady growth in the fund and what it can give to those in need locally. Charity governance Governance continues to be an tmportant duty of the Board of Trustees and we execute a programme of regular rewew of all our policies. 5tèff turnover 15 another important risk to manage. and l arn glad to Say that, Director aside, we have had another year with no thanges. I give my thanks once again to our team of professionals. Our Trustees Ultirnately governance sits with the Trustees. Our Trustees are permitted to serve a maximum of two five-year terms. and we can have up to 12 Ithe exception being Rev. Ben LINell. ex officio Trustee a5 Vicar of St. Marfsl. We believe thi5 offer5 a healthy balance of stability and turnover, with usually one or two new each year. Durin8 the year we welcomed Samantha BaileyarKI Rtchard Baker to the Board of Tru￿ee5. Though we are prLkactive in seeking to recruit newTrusteÈs. we atwayswelcomeenquiries from th05e who might be interested in senrin8. We have a full roster at p￿Sent. but Trustee OrJame5 Brockbank complete5 his second five-year term in 2024 land Kim Loxton her first fiv￿year terrnl. Keep in touth Finally, do tap into ovr continued presence on 50cbal media and on our website www.hamptonfund.co.uk, put together by our Communications Strate8y Group, Chai￿￿ by Dr James Brockbank. Otherwise. if you would like to Speak directly to us. do call our ¢)ffKe on 020 89417866. Putting people firsL Hampton Fund remasns forever in twst for the benefit of the people of Hampton and beyond. Whatever comes our way. we will be here for you. With thank5 Chairman Martin Seymou Hampton Fuel Allotment Charity- Annual Report 30June 2023 p￿e50f49 HAMPTON FUELALLOTMENT CHARITY TRUSTEES'ANNUALREPORT for the year ended 30 June 2023 TheTrustees present their report and the financial staternents of Hampton Fuel Allotmentcharity lalso referred to as-Harnpton Fund- or-the Charity~} for the year ended 30 June 2023. The financial statements have been prepared in accortlance with the accounting poliaes Set out in the notes to the financial statements and to comply with the chari￿5 governing document. the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recornmersded Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191. OBJECTIVES ANDAcrivmES Charitable purpose and activities The Charity exi5t5 to addre55 need in the community to improve the quality of life of inhabitants in its area of benefit. This need may arise frorn various Sour￿5. including financial hardship. ill-health and disability, and gaps in the funding of education and local recreational amenities. Itachieves thi5 purpose by rnakinggrants, both to individuals and families and to not-for-profit organisations wh05e work falls within these parameters. The funding lor these grants arises out of income derived from the Charit*5 investTnents. The Charity aims to balance the needs of current and potential future benefioaries by maintaining the value of the endowment in real terms. in addition to meeting current needs. The a￿a of benefit within the London Borough of Richmond upon Thames ILBRUT) and in ordef of priority. is- 11 Hampton arTrd Harnpton Hill,. 21 the rernainder of the former Borough of Twickenham (Hampton WICK Teddington. Twickenham and Whittonl- and 31 the remainder of the present LBRUT. Individual 8rants a￿ restrirted to the first two of these. As5et5 of the Charity The a55ets of the Charity totaled £59.3 million at the year end. consisting of £57.1 million of inve5trnent5. £1.2 million of property and net ￿5h. Ilebtors and creditors of £l.O million. The total retum generated from the investments is used to meet the charitable object5. Grant making poliry l. Individual grants- Familie5 and individuals on low income To meet a proportTon of the electiicty and gas bi115 of individua15 and families who meet our crrteria.. To provide e55ential eouipment (for example white goods or items of furniturel,. and To support child￿n, who a￿ in theif penultimate orfinal year at juniorschod. with the c05t5 of the school journey and school uniform. 8enefitraries must live in the Hampt0115. Teddingt(x), Twickenham. or Whitton. Hampton Fuel Allotment Charity-Annual Report 30 June 2023 PaEe 6 of 49 HAMPTON FUELALLOTMENT CHARITY TRUSTEE5' ANNUAL REPORT (Continued) for the year ended 30 June 2023 2. Community grant5 Or8anisations are supported to tackle need and improve quality of life, beneftting residents in the following areas-. the Hamptons, Tedéin6ton. Twickenham. and Whitton. The Trustees may consider initiatives that also benefit re5ident5 In the rest of the London Borough of Aichmond-upon-Tharnes. providing there is a 518nificant proportion ol beneficiarie5 from the area5 Outlined abo¥e. What the Charity is unlikely to support The Charity is unlikely to support any of the following: Holidays Iwith the exteption of severe medical or health needl Services which are the responsibility of a statutory body Grant5 to individuals for private and post compulsory educati Retr05pertive fundin& both capital and ￿ventse National general charitable appeaLs Endowment appeals The advancement of religion and religious groups, unless they offei a nOn-re1￿10US service to the community Projects of a political nature Anirnal welfare Commercial and business activities Social Enterprises except Commvnity Interest Companies ICICS) How to apply for a zrant- Indi¥Kluals Our individual grant application form is now available to cc*nplete onlinethrough the followin8 link.. For those who do not have acce55 to the intemet. the applicatson form. which should be sent to the Individual Grants Manager. is also available to download from our website kl. The forms are also available from the Charity's office and from adwce and C(M￿munity centres in our a￿a of benefit. How to apply for a grant- Organisalions Information and guidance on the Charity'53pplication prLKe5sfor a community grant 15 avarlable on the ChariW5 web51te vKww.ham ton kl. including a copy of the application forms. Public benefit The Trustees have taken The Charity Commi55iOFt's general guidance on public benefit (contained within the recent publication -Charitie5 and Public Benelifl into considerdtion in preparing their statements on public benefit contained within this Trustees, Annual ReporL Ourvi5ion is to give our commurÈity the Chan￿ to (￿ate a brighterfvture and the opportunity to thrive. The Charity prowde5 grants to individuals in need to improve quality of life and well-being- and funds charitable organisations and community groups to prwde a range of and attiwties to tackle disadvantage and inequalitv. Hampton Fuel Allotment cha￿ty-AnnUal Report 30Jurie 2023 Page 7 of 49 IAMPTON FUELAiLOTMENT CHARITY TRUSTEES, ANNUAL REPORT Icontinuedl for the year ended 30 June 2023 To determine to what extent the Charity 15 achieving public benefit. the Trustees use the following measures of success and gather evidente accordingly= Assessment of the organisations we fvnd to deterrnine posttNe outcomes for people in our area of benefit., Evaluation and Impact reports of the work we fund from or8anisations. induding case studie5,' and Feedback such ès -thank you- letters from indiwdual recipients and from other people and organisations dealing with our beneficiaries. ACHIEVEMENTS AND PERFORMANCE Gn7llt giving- Individuolgronts During the year, the Tru5tee5 awarded grants amounting to £1.175,30612021122.. £1.178,4891. Thi5 very similar level to the preVio￿S year is not unexpected and is largefy due to the 5arne contributing factors.. Due to the unprecedented increase in energy prlces and the impact on gas and electricity bills, the Trustees have identified that familie5 are particuladyvulnerable at this time. Increased awareness of our sUPPOrt with the use of social media online application form. Increased work with our local schools. as reflected by the significant inuease in the number of grant5 for school journeys. An increase in the number of ener8y companies that we can workwith. A sumrnary of the individual grants awarded in the year is as follows.. Grants awarded 2022123 Number Grants awarded 2021122 Number Category Fuel grants 650 additional payments to families @ oio Essential items and furniture 2.028 l.(B2,775 1.929 943,949 136,500 67,531 15,669 13,400 1,440 1.178.489 14,4871 1,174,002 67.132 15,618 8,791 990 School journey grants School uniform grants Disability grants TOTAL 120 105 81 76 1.175.306 15,2961 1.170,010 Le5s.' Fuel grant refund5 TOTAL Hampton Fuel Allotment Charity-Annual Report 30 June 2023 Page 8 of 49 HAMPTON FUELALLOTMENT CHARITY TRUSTEES, ANNUAL REPORT Icontinuedl for the yeai ended 30June 2023 Grunt giving- Comrnunty gmnts Durin8 the year. the Tru5tee5 awarded 67 8rènts12021122- 811 amounting to £1,428,2CM)12021122.. £1,552,0501. For a full list of the community grants awarded in 2022123. please see note 15 to the financial statements. A summary of the community grants awarded in the year is a5 follow5= Grants Awardèd 2022123 Number Grants Awarded 202V22 Number Category Advice, Advocary & Outreach Arts. Sports & Recreation ca￿Ts 73.5 Ii.(XM) 197,500 269.600 193,400 256,500 99.000 344,250 49,100 Children & Young People Community Artivities Disability Education 14 18 13 305.CKJO 32.5C(I 192.600 45.(KN) 151.700 18 Health & Wellbeing Housing & Homelessness Older People Other io li 198,800 45.000 196.500 28,LN)O 1,552.050 li TOTAL 67 1.428200 81 OneRichmond OneRichmond was estsblished jointly by the Charity and another important local grant-making charity, RPLC. Independent ￿searCh commi5510ned by the Charity and RPLC (On The Edge. available on requestl concluded that the perception ol Richmond as a Wea￿hY Pla￿ masks high leve15 01 hidden need. Acting as a catalyst for change. OneRichmond exists to identify. highlight and addres5 unrnet needs acros5 the London Borou8h of Richmond, that neither the Charity nor RPLC has sufficient resources to meet. The aim is to work with others to unlock additional Significant resources. from within and outside the Borough, in order to improve opportunitie5 and change live5. We want a borough in which everyone caft thrwe. By additional re50urce5. we mean funds. expertise. time and use of faalities. In the past year. OneRichmond ha5 made grants.. lil to Young Enterprise 1£16.500I towards the provision of their C￿an¥ Programme. Leam to Eam, Launchpad and Enterprise Mastwdass in three local schools- and lill to Citizen5 Advice Richmond 1£40.CKIOI and Richrnond Aid 1£20.LKIOI to prwde additional capacity and resources for advice services relating to the government's Household Support Fund. Hampton Fuel Allotment Charity-Annual Report 30 June 2023 Page 9 of 49 HAMPTON FUELALLOTMENT CHARITY TRUSTEES, ANNUAL REPORT Icontinuedl for the year ended 30 June 2023 Looking to the future. OneRichmond will pursue its aiFnS by.. bein8 an active member of the London Giving NetworL' raising funds from residents. local businesses and other funders,- 8rant-makin8to organisations addressing speofic needs identified by OneRithmond.. sharing infomation and ideas with local partners and working collaboratively to address and seek solutlOn5 to the cau5e5 and symptom5 of prioriti5ed issues- and maximise the useof ourcollective resources and avoid duplication- and commissioning reseafch to inform declsiorHnzki￿. This programme is being driven by the OneRIchmc￿d D￿￿lOpMent Director. Rebecca McLoughlin. who was appointed in March 2023. We are ift the process of Setting up OneRichmond as a Charitable Incorporated Organisation ICIOI. The Board of the new 00 will include twstees nominated by Hampton Fund and RPLC. Trustees at Hampton Fund consider that OneR1chmc￿d adds value to its existing work. For further inforrnètion on OneRichmond, please vi51twww.r￿eRithMOnd. FINANCIAL REVIEW Financial results of activÉties and e*nts The Charitvs inve5trnents produced a totral return Idefined as investment income plus capital gains OT Iossesl of +5.33% or £3.02 million gain1202y22'. -0.33% or £0.20 million Ios51. being investment income of £1.90 million 1202y22.. £1.85 rnillionl pluscapital gains of £1.12 million12021122-. losses of £2.05 millionl.The Charity received income from other sources of £0.03 rnillion1202V22.. £0.05 millionl and incurred total expenditure of £3.16 million12021122= £3.23 million). resulting in a deficit of £0.11 million for theyear12021122= £3.38 million deficit). Total expenditure of £3.16 million 12021n2.. £3.23 million) induded grants to individuals and charitable organisations tota11in8 £2.60 million 1202ty22.. £2.72 million), investment management fees totalling £0.10 million 12021122= £0.12 millionl, operating costs totalling £0.41 million 12021122.. £0.37 million) and a contribution to OneRichmond of £0.05 million12021122.. £0.02 million). The totsl net assets of the Charity at 30June 2023 were£59.30 rnillion130 June 2022.. £59.41 million). consisting 01 £57.09 milliori of inve5tments130June 2022- £56.65 million). £1.17 million of property130 June 2022.. £1.18 million) and £1.04 million of net current a5sets130June 2022.. £2.44 millionl. Reserves policy The Trustees, poliry is to maintain sufficient free reseNe5 lunre5tricted fund5 not committed or invested in tangible fixed assets or designated funds) to cover three years of operating expenditure, which based on our 2023124 budget 15 around £9.69 million. At 30 June 2023, our level of free re5erve5 wa5 £6.92 rnillion130 June 2022.- £8.04 million). which represents 3ro4Fnd 26 months130June 2022: 30 months) of expenditure. Hamptor5 Fuel Allotment Charity-Annual Report 30 June 2023 Page 10 of 49 HAMPTON FUEL ALLOTMENT CHARITY TRUSTEES, ANNUAL REPORT Icontsrtuedl for the yeai ended 30 June 2023 Translers policy The Unapplied Totsl Return Fund rs used to rnake tr3nsfer5 to the General Fund during the year to meet grant payments to current beneficiaries, whilst periodically investin8 back into the Permanent Endowment Fund for the benefitof futLJre beneficiaries. Charitycommission regulations requirethat the amovnts spent on grants and the amounts reinvested have to be cornpatible with the tr415tees' duty to furtherthe aims of the charity- The Trustees aspire to maintain grant levels over time in real terms but given the variability of market return5 and inflation levels. cannot always achieve this overshort time periods. In parbcular, reflectin8 the exceptionally high levels of inflation over the past two year5 would have resulted in high levels of r&inves¢ment in the Permanent EndtswFnent Fund to meeL as yet unknown. future needs with a corresponding redvction in funds available to meet current. known. needs. Accordingly. the Trustees decided that a fairer balante between meeting current and future needs would be achieved by limiting the transfer to the Permanent Endowment Fund to 2% If 1.0 million). being more in line with longer-term inflation e¥pettations. TheTrLStee5 trèn5ferred a total of El.5 million to the General Fund over the year. Invtstrnent policy The Trustees. investment powers a￿ those as defined bythe Tntstee Act21KX). The Trustees are required by the Charity's deeds to ensure that it5 investments are kept under revtew by one or more eMpert5, who are reqvired to inform the Trustees or investment managers of any changes that may be in the best interests of the Charity. The Trustees may ortly make changes to the Charity5 investments following advice from an independent investment expe The ChariW5 prime investment objectwe is to maintain funds available to disburse in grants at their current level of afound 4% of the value of the endowment (Current￿ in excess of £2 million), in real terms over time. In order to achieve this. the Trkjstees have established an investment 5trate8y which airn5 to produce an average annual total return (defined as income plus capttal growth) of Consumer Price Index ICPII +4%. The Tru5tee5 have adopted a Total Retum approach to management of the Pemianent Endowment Fund, whith provides a more flexible approach by relaxin8 incorne (onstraints on tts investments. A re501ution to thi5 effect was passed on 29 April 2015 and the Trustees agreed to use the value 1£39.18 million) of the Permanent Endowment Fund on 30 June 2010 as shown ia the Charitys audited financial Statements for that date, a5 the Preserved Value of the Fun¢J (Pernianent Endowment Fund). The trustees aspire to protect the value of the Pertnanent Endowment Fund in real terms by making transfers periodically from the Unapplied Total Return Fund. At 30 June 2023. the value of the Permanent Endth¥ment Fund stood at £51.15 million130 June 2022.. £S0.IS millionl. The Charity recogni5e5 the need to dtversify its irniestments in oiderto spreèd risk. Accordingly, management of the Charl￿$ investrvents ts Split between BarclaysWe8lth Managementlappointed in 2022 to replace UBS Asset Management) and Rathbone Investment Management lappointed in 20151. Both are active manager5 but have quite diffeient investment strategies, which brings further diversification. The Charitys investment strategy and the perforrnance of its investments a￿ reviewed regvlarly by the Trustee5 with input from the Chariws independent professional investment advisor5. Hampton Fuel Allotment Charity-Annual Report 30 June 2023 Page 11 of49 HAMPTON FUELALLOTMENT CHARrrY TRUSTEES, ANNUAL REPORT (Continued) for the year ended 30 June 2023 During the year under review, the market value of the Chari￿$ investments increased by approximately £0.44 million12021122.. fell by approximately £3.55 rnillionl. Please refer to note 11 to the financial statements which provides additional infomiation. The investments held at 30 June 2023 indude both the Endowment Fund and the General Fund amounts. as shown in the balance sheet on page 24. Responsible Investrnent Policy Hampton Fund hold5 the majority of its investments as finanoal ¢nvestments. with the aim of rnèximising returns at an appropriate level of risk. Appointed investment managers aTr expected to invest the assets in line with the Charity's rnission and values and the Tru5tee5 reserve the right to exdudÈ investments that conflict with these, such as (but not limited tol tnve5tments in companies involved in practices such as.. human rights violation5 unethical lending practices Ilor example payday loans) Violatic￿ of minimum labour and living wage standards environmental degradation amarnent sales to military regimes pornography 8amblin8 The Trustees ask the investment managers to engage with investee company management in relatyon to quality of governance. environmental and social impatt, and exercise voting ri8hts aCcor(Sing￿. PLANS FOR FUTURE PERIODS Future strategy The broad strategie5 and obje¢twe5 of the Charity have remained cot)stant over many year5. However, with the impact of unprecedented high energy price5 and cost of INin8 Iri5is. we have increased our support for faMIl￿e5 throu8h the level of fuel grant- and through our community grants programme, we have increased our funding to 5UPPOrt charities that are tackling the needs of those on low income who are experienong many aspects of disadvantage at this time (that is increased supportfordebt advice and food poverty initiatives). Earlier this year. the Trustees held an Awayday. Trustees discussed a range of issues to help shape our medium and longer-term vision, including our values. accessibility of our grant5. succession and governance. In all. 27 action point5 were identified. A workn.ng group has been established to prioritise these actitsn points and to ijetermine the timescale to implement each of these. The Charity will continue to be re5ponsNe to potential than8es of emphasis or new areas of work. Communications We plan to continue to be actpve in social media. both on Facebook and Twitter, further raising the profile and awareness ol Harnpton Fund. and the help available. It is worth noting that during the financial year. the Individual Grants Application Form wa5 available onli￿. ènd this has ￿rtainlY contributed to an increase in the number of applications recewed. Hampton Fuel Mlotment Charity- Annual Report 30 June 2023 Page 12 of 49 HAMPTON FUELALLOTMENT CHARITY TRUSTEES, ANNUAL REPORT Icontsnuedl for the year ended 30 June 2023 Impatt of activities and significant events The Charity will retain similar investment benthmarks as at present. Its grant gi￿￿8 priorities will also remain similar to those for the year under review. Future comrnitments For 50rne reporting period5, the Tru5tee5 will award grants to O￿anIsatIOns. which have not been accounted for within the year concemed, because terms and Cr￿ditIOnS attaching tothose grants have not been fulfilled by the year Ènd date. At 30 June 2022 and 30 June 2023, theTe were no such comTnitments. sTRU￿URE, GOVERNANCE AND MANAGEMEP Status and history The Charity was created following the 1811 Enclosure A¢i by the granting of 10.14 acres of land for producing a supply Of fuel for the poor of the ancient parish of HarnptL￿. Subsequentlythe land was rented out for nurseries. In 1988. the land wa5 sold for development and the Sale proceed5 formed the financial base for the current work of the Charity. Hampton Fuel Allotment Charity became a registered charity on 19 November 1962. The goveming document was a scheme ol the Charity Commission dated 26 Au8USt 1981_ It was amended by schemes dated 27 July 1989. 4 tlecember 1991, and 21 April 2(MH and an or¢Jer dated 19 August 2LM)4. With effect from 27 April 21K>5, the Trustees resolved to make various alterations to these documents with the approval of the Charity Commission. These various documents We￿ subsequently corsolidated into a Single d¢xument. Organlsational strurture The overnll Strategic direction of the Charity is determined by the Trnstees. who have set up various sub- committees and made various professional app(xntments to assist them in ensurfng the strategic goals of the Charity are achieved. Twstees a￿ normalfy appointed for a period of five year5. The Trustees transact the Charitvs business through Board meetings. which a￿ held at least four times a year and through the sub-committees of the Board. The attivities of sub-committees are reported to the main Board meeting. Hampton Fuel Allotma)t Charity-Annual Report 30June 2023 Page 13 of 49 HAMPTON FUELALLOTMENT CHARITY TRUSTEES, ANNUAL REPORT Iconiinuedl for the year ended 30June 2023 Finance and Investrnent Panel.. thi5 panel usualty meets five tirne5 a year. induding 6-mornthly reviews with our investmEnt advisor and investment managers,. and oversees the Charity's investment strategy and performance. It also set5 the Charity5 annual budget. Personnel and Resources Panel.. this panel meets at least once a year and keeps under review rnatters relatin8 to staffing. staff performance. office premises and equipment. Individual Grants Panel.. this panel rneets èt least six times a Veèr to consider Op￿iCationS from individuals and families in need. In urgentcases. twoTrustee members and the Individual Grants Mana8er havedelegated power to ag￿e grants. The level of awards is reviewed on a regular basis. Community Grants Panel.. this panel meets at least six t1￿5 a year and considers applications from organi5ations. The panel has delegated power5 to make grants lo an ag￿ed amount, currently £40,000 and to make recommendations to the Board forgrants above that amwnt. The awards of both the Individual Grants Panel the Community Grants Panel are reviewed by the full board of Trustees at therr regular meetings. Special Panels may be formed by Trustees. under an established procedure. to consider any formal cornplaints related to the conduct of the Charityand its relationship with other partie> Working Group$a￿ also established. as and when appropriate, to look at specific areas of work. Key managernent personnel The day-tTrdèy management of the Charity s entrusted to the Director and team of stsff. who are responsible for delivery of the Trustees, decisions. The starting salary for new members of staff. indtsding key management personnel. is determined by benchmarking similar roles within the charitable settor. Salaries a￿ reviewed by th@ Personnel and Resources Panel in Februaryand recommend3t&ons made to the Finance and Investment Panel. Recommendations must be approved by the Board of Trustee5 and èny Salary increase implernented from l JU￿. the beginning of the Ch3riWs accounting year. Individual performance and inflation I￿ critical factors that theTrustees will consider when determining any salary inC￿aSe. Hampton Fuel Allotment Charity-Annual Report 30 June 2023 Page 14 of 49 HAMPTON FUEL ALLOTMENT CHARITY TRUSTEES. ANNUAL REPORT Icontinvedl for the year ended 30 June 2023 Method of recruitment. appolntment. election. InductK)n. and training of Trustees Recruitment, uppointment, and elertton One of the Trustees of the Charity is ex-officto. six of the Trustees are nominated and up to five can be co-opted. The ex-officio Trustee is the incLJmbent of St. Marfs Parish, Hampton. When a vacancy lor a nominated Trustee arises, the nominating authority is contacted. and the Charity awaits its selection_ The nominating authority is provided with a guideline as to the skills. knowledge and experience that would be of benefit to the Trustee Board. Co-opted Trustees are recruited from those who are resident in the area ol benefit or have a good knowledge ol it and have skills and knowledge relevant to the artivities of the Charity and its area of benefit. In some cases, these are 'targeted' through a recognised need to have specific skills to assist Trustees, decision making Ifor example local G.P.. finèncièl 5ki115 and experience). The Charity will a150 advert15e for new Trustees when appropriate. Induction ond troining New Tru5tee5 receive induction and a Trustees, Handbook £ontain¢ng essential material about the Charity and how it operates. Key information is held on theTrustee website ponal for easeof access. Trustees receive regular reports relating to the chari￿5 activities. attend regular meetings and a￿ encourageil to participate in trainin8 events and workshops to update knowledge. The Charity recogn4ses the need to keep existing and new Trustees up to date with legislative, Charity Commission and accounting requ1￿MentS. It a150 recognisesthe need forTrustee5 to be aware of development5 within the area of benefit which might affect their grani making. Trustees receive updates from s￿akerS at their meetings. on rnatters relating to the Charity, as well as one to one induCtic￿ in pla￿ of training. Risk management The Trustees believe that the Charity should manège and where appropriate reduce risk. The Charity maintain5 a corporate risk register. which is reviewed annually by the Finance and Investment Panel. The Panel will draw the attention of the Btsard to areas where further action may be required. These are recorded 50 that the necessary steps can be tsken to manage them effectively. The Charity has adopted the r￿k probabilty and nsk impou approach to risk assessment. Although most risks are rated low and medium, this approach highlight5 the higher risk to Ios5 of investments and income due to externa1 fOr￿S Ifor example stock market and political decision51. Appropriate controls are in Pla￿ to rnitigate these risks. In addition to risk mitigation. the Charity is aware of the need to respond to events beyond its control that lead to S18nificant disruption to the running of the bvsiness. Accordingly. a Business Continuity Plan form5 part of the overall risk management processes and procedures. providing an artion plan to ensvre that the key funrtion5 of the Charity will be effertively carried out durin8 any period of disrvptiOII. Hampton Fuel Alotment Charity- Annual Report 30 June 2023 P4e 15 of 49 HAMPTON FUEL ALLOTMENT CHARITY TRUSTEES. ANNUAL REPORT (Continuedl for the year ended 30 June 2023 TfU5teeg responsibilrties In the preparation of financial 5tstements The Trustee5 a￿ responsible for preparing the Trustees. annual report and the finallcial Statements in accordance with applioble law and United Kingdom Accountin8Standards (United Kingdom Generally AcEept Accounting Practice). The law applicable to charities in England and Wale5 reqvires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state ol affairs ol the Charity and of the income and expenditure of the Charity for that period. In preparin8 those finanoal ststements. the Trustee5 are required to.. selert suitable accounting policie5 and then apply them Consistent￿,. observe the methods and principles in the Charities SORP,. make judgements and accountir¥g estimates th&t are reasonable and prudent state whether applicable accounting standard5 have t)een followed. svbjert to any material departures disclosed and explained in the financial 5taternents.' and prepare the financial statements on the 8oin8 concern basis unle$5 tt is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping proper accounting records that disdose with reasonable accuracy at any time the financial POSTtion of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charyty (Accounts and Repo￿) Regulation$ 2CtJ8 and the provisions of the twst deed. They are also responsible for safeguafding the as5et5 of the Charity and hence for taking reasonable step5 for the prevention and detection of fraud and other irregvlaritie5. The Trustees are re5pon5tbleforthe rnalntenan￿and inte8rity of the corporate and financial information on the Charitvs web51te. Legi518tion in the United Ki￿￿0M 8oveming the preparation and dissemination of financial statements may differ from lewslation in other jurisdittions. Audltor Mazars LLP ha5 indtcated its willingness to continue in office. Statement asto disclosure of infomiation to the auditor The Trustees at the date of approval of thisTrUStee￿ a￿nUal report confimi that 50 far a5 each of them is awa￿, there is no Televant audit information of which the Charity's avdttor is unaware, and the Trustees have taken all steps that they ought to have taken to makethemsefves aware of any relevant audit information and to establish that the auditor 15 aware of that infwmation. Hampton Fud Allotment Charity- Annual Report 30 June 2023 Page 16 of 49 HAMPTON FUEL ALLOTMENT CHARITY TRUSTEES. ANNUAL REPORT (Continued) for the year ended 30 June 2023 REFERENCE ANDADMINISTFiATf41E DETAIiS From l July 2022. the following Trustees have held office= Ex-officio Revd Ben L￿￿1 Nominated: The London Borough of Richmond upon Thames Richard Baker Ifrom November 20221 Mark Boyle luntil November 20221 Geraldine Locke Martin Seymour (Chairl The Parochial Church Counols of.. St Marfs, Hampton Hilary Hart lu*til November 20221 Sarnantha Bailey (from November 20221 Laurence Sewell Kim Loxton St James's, Hampton Hill All Saints, Hampton Co-opted: Dr James BrL*kbank Dr Martin Duffy Dawd Meggitt (Vice-chairl Adele Kimber Shèrska Sharma The followingTrustees served as members ofsub-committees during the year ended 30 June 2023- Finance and Investment Richard Baker (from November 20221 Mark Boyle (until Novernber 20221 Dr Martin Duffy (Chairl David Meggitt Laurence Sewell Martin Seymour Sharika 5harma Personnel and Resource5 Sam3ntha Bailey (from November 20221 Hilary Hart (until November 20221 Adele Kirnber Geraldine Locke (Chairl Revd Ben L(Nell (from November 20221 Kim Loxton Martin Seymour Sharika Sharma Individual Grants Richard Baker (from November 20221 Samantha Bailey (from November 20221 Dr James Br￿kbank Dr Martin Duffy Hilary Hart (until November 20221 Adele Kirnber Revd Ben Lovell (Chair until November 20221 Kim Loxton David Meggitt (Chair from November 20221 Martin Seymour Sharika Sharma Community Grants Richard Baker (from November 20221 Mark Boyle luntil November 20221 Dr James BrC￿kbank Dr Mèrtin Duffy Hilary Hart Ichair until November 20221 Adele Kimber (Chair from November 20221 Geraldine Locke Revd Ben lovdl Kim Loxton David Meggitt Lau￿nce Sewell Martin Seymour Hampton Fuel Allotment Charity- Annual Report 30 June 2023 Page 17 of 49 HAMPTON FUELALLOTMENT CHARITY TRUSTEES, ANNUAL REPORT Icontsnuedl fof the year ended 30 June 2023 The principal address of the Charity is the offi￿$ of Hampton Fund, 15 High Street. Hampton, Middlesex 7W12 2SA. Hampton Fund is the working name for Hampton Fuel Allotment Charity Iregistered charity number.. 2117561. Forfurther information. please visitw¥Kw.ham tonfund. The Tmstees have made the following professional appointments.. Auditor. Mazars LLP. 6 Sutton Plaza. Sutton Court Road. Sutton. Surrey SMI 4FS Accountant- RSM UK Tax and Accounting Limited. Third FILhJf. One LL￿d0￿ Square. Cross Lanes. Guildford. Surrey GUI IUN Principal Banker.. Barclays Bank plc. Bardays Business, 8-12 Church Street, Walton On Thames, Surrey K[12 2QX Investsnent Advisor- Mazar5 Weahh Management. 30 Old Bailey. London EC4M 7AU Investment Managers= Barclays Wealth Management, I Churchill Place. London, E14 5HP Rathbone Brothers plc. I Curzon Street. London WU 5FB Pensions Advi50r= Puntersouthall Aspire. 11 Strdnd. London WC2N SHR The followin8 key members of staff a￿ responsible forthe day-to-day managernent of the Charity.. David White D1￿Ctor luntil April 20231 Carole Swinburne Individual Grants Manager Jan Webb CommL*nity Grants Manager Sheila Pryde Assistant Grants Manager EXEMPTION5 FROM D15CLOSURE No exemptions from the di$dosu￿ requirements applicable to a la￿er tharity have been taken in this Trustees. annual report. FUNDS HELD AS CUSTODIAN Although the Charity would maintain restricted funds to deal with 5ncomin8 ￿sOUrceS that aTr earmarked for a particular purpose by donors, sponsors, and other fundet5, the Charity does not cu￿ntIv hold any funds as custodian for any third party. This report was approved by Trust￿5 on 9 Novernber 2023. arml wa5 signed for and on behalfof the Board by . Chairman Date.. Martin Seym Hampton Fuel Allotment Charity-Annual Report 30 June 2023 Page 18 of 49 INDEPENDENT AUDITOIYS REPORT TO THE TRUSTEES OF HAMPTON FUELALLOTMENT CHARITY Oplnlon We have audited the financial statements of Hampton Fuel Allotment Charity Ithe'charity'l for the year ended 30 June 2023. which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to the financial statements. induding a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation 15 applicable law and United Kingdom Accounting Standards. including FRS 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom GenerallyAccepted Accounting practi￿). In our opinion. the financial statements.. give a true and fairview of the State of thechariV5 affair5 at30June2023 and of its tncome and expenditure for the year then ended- have been Properly prepa￿d in accordante with United Kingdom Generally Accepted Accwnting Practice. and have been prepared in accordance with the requirements of the Charities AcL2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities underthose standards are furtherde5cribed intheAiJditorfsresponsibilities lorthe audit of the financial statements settion of our report. We a￿ inde￿ndent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK including the FRfs Ethical StandarLI and we have fulfilled our other ethical re5ponstbilities in accordance with these requirements. We believe that the audit evidetTrce we have obtained 15 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 concem basis of accounting in the preparation of the finanaal Statements 15 appropriate. Based on the work we have performed. we have not identified ary material uncertainties relating to event5 or conditions that. individually or collectively, may cast significant ijoubt on the charitys ability to continue as 3 80in8concern for a periotl of at least twelve months from when the finanual statements are authorised for issue. Our responsibilitie5 and the responsibilities of the Trustees with respert to goi￿ concern are described in the relevant 5ection5 of thi5 report. Other Information The other information cornprises the information included in the TTUStees' Annual Report, other than the financial statements and our auditorfs repwt thereon. The Trv5tees are responsible for the other information. Our opinion on the finanaal ststements does not cover the other inlorniation anil we do not express any form of assurance conclusion thereon. Hampton Fuel Allotment Charity- Annual Report 30 June 2023 Page 19 of 49 INDEPENDENT AUDITOWS REPORT TO THE TRUSTEES OF HAMPTON FUEL ALLOTMENT CHARITY Icontlnuedl In connection with our audit of the financial ststements. our responsibility is to ￿ad the other information and, in doing 50, consider whether the other information is materially inconslstent with the financial statement5. or our knowledge obtained in the course of the audiL OrOthe￿ise appears to be materiallymisstated. If we identify such rnaterial incon515tencie5 or apparent material misstatements. we are required to deterrnine whether there is a material mi5Statement in the financial statements or a material misstatement of the other information. If, based on the work we have performe(J, we conclude that there is a material misstatement of this other informètion. we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by e￿ption In li8ht ot the knowledge and understandin8 of the chartty and its environment obtained in the course of the audit, we have not identified material mi55tstements in theTru5tee< Annual Report. We have nothing to report in respect of the followng matters in relation to which the Charities (Accounts and Reportsl Regulations 21J18 requires tss to report to you if. in oijr opinion". the information given in the financial statements is inconsistent in any material respect with the Trustees. Annual Report., or sufficient accounting records have not been kept,. or the finèllcièl 5taternent5 are not in 3greernent with the accounting records- or we have not received all the information and explanations we require for ovr audit. Responsibilities of Trustees A5 explained rnore fvI￿ in the Trustee5' re5ponsrbilities statement set out on p3ge 15. the Trustees a responsible lor the preparation of the financial ststements and for being Satisfied that they 8ive a true and fair view, and for such internal control as the TTU5tees determine is necessary to enable the preparation of financial statements that are free from material mi55tstement. whetherdue to fraud or error. In preparing the financial statements, the Trustees are responsible foi assessing the charitvs ability to continue as a going concern. disclosin& as applicable. matters related to going concem and using the going concem basis of accounting unlesstheTrusteeseitherkntendto liquidate the charity orto ￿ase operations, or have no realistic alternative but to do so. Auditorfs responsib41itiesfor the audit of the financial ststements Our objectives a￿ to obtain reasonable aSSurnn￿ about whether the financial Statements as a whole are free frorn material misststement. whether due to fraud or error. and to ¢ssue an auditorfs 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 IUKI will always detect a material misstatement when it exists. Misstatements can arise from fr3ud or error and a￿ considered material il, individuèlly or in the aggregate, they could reasonably be expected to influence the econornic deosions ol users taken on the basis of the finanaal statements. The extent to which our procedures are capable of detetting irregularities. indudtng fraud is detailed below. Irregularities, including fraud. are in5tance5 of nonr the year ended 30 June 2023 EXPENDtWRE ON GINllNG GRANTS 2023 2022 Grants payable (note 61 Costs of the Or*Richmond initiative Support and governance tosts Inote 81 2.598,210 2,725.052 45.(KK> 14,996 414.082 372,084 3,057,292 3,112,132 GRA￿r5 PAYABLE 2023 2022 Grant5 awarded in the year (note 71 Conditional grants awarded in previous years where condttion5 2.598.210 2,726,052 34,(M)O 2.598,210 2,760,052 Grants no longer require