REGISTERED CHARITY NUMBER: 225535 Report of the Trustee$ xnd Unaudited FiDaNcial stateellts for the Year Ended JI December 2024 for The Hart Memorial Trust Haryis Lh¢ey and Swain Suite I The Riverside Building Hes51e East Yorkshire HU130DZ
The Hart Memorial Trust Contents of the Financial Statements for the Year Ended 31 December 2024 Page Report of the Trustees Independent Examiner's Report Statern¢nt of Finsnci#l Aetivities Balance Sheet Notes to the Financial Statements 6 to 11 Detailed Statement of Financial Activities 12 to 13
The Hart Memorial Trust Report of the Trustees for the Year Ended 31 December 2024 The trustees present their report with the finan¢ial statement5 of the charity for the year ended 31 December 20?4. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable io charities 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 AND ACTIVITIES Obj¢clive5 and aims The charity was set UP OD 10 March 1952 by the Will of Herbert William Hart. who died in the laie 1940's and left his paddocks and residential estate (following the death of his widow) to Trustees to build homes for those chosen by the Trustees who are (not attributed to their own folly) of siraiiened means. They are persons of either sex who have resided or Caled out business for at l¢a51 ten years in the City atjd County of Kingston upon Hull or in the East Riding of Yorkshire. Following a review by the Trustees and their legal advisers, the Charity Commission approved a scheme dated 9ih May 2017. This scheme made the following amendments to the original goveming document - (l) The object of the charity is, for the public benefit. the relief of need. hardship or distress amongsi beneficiaries in such need by th¢ provisiorh of almshouse accommodation for them. (2) The trustees tnay. in exceptional circumstances, appoint a r¢sid¢nt who lives outside the area gf benefit and has not resided, worked or carried on business In the area of benefit for at leasi five years but is othenvise qualified. The trusiees must record in the record of their meetings the nature of the exceptional circumstances justifying the appointment. The number of residents appointed under this sub-clause must not exceed one-third of the total number or residents at any one time. The charity provides thirteen dwelling5 as Harts Close, H0rn5ea in the E&st Riding of Yorkshire for those who are eligibl¢ 8nd wish to continue to live independenily. The accommodation consists of 9 two-person and 4 sitlgle-person dwellings. Th¢re is no warden on the site and residents need to be sU1¢ientjY mobile and fit to look after themselves {or their spouses). Each dwelling is however, provided with the Local Authority Life-Line Support System and fitted with a smoke alarni. Central healing and hoi waier services are also provided. No r¢ntal as such is charged to residents but they are required to pay a weekly coniribuiion (usually below markei level) towards maint¢nan¢e ¢05ts. FINANCIAL REVIEW Activities, Performance and Financial Review Contributions from residents have decreased in the year to £76.704 {2023 £77,278). In view of this. the net income before taking into account unrealised movement in investments is £6,591 (2023 £9,159 net expenditure). The value of investments has increased by £2,822 {2023 £1,416). Therefoie the increase on net income for the year of £9.413 has increased unrestricted reserves carried fonvard to £262,894. Reserves Policy Unrestricted fimds are needed to provide funds for ongoing and future improvement5, tnaintenance and support costs without which the ¢hority ¢ould not filnction. The ttustees consider it prudent that unrestricted reserve5 should be suffieient to cover expenses for a period of12 months as a minimum to avoid the necessity of realising fixed assets held for charitable use. the amount of which equates 10 £76.096. Restricied funds remain unchanged at £734,897. whilst the unrestricted funds have increased by the net itlcorne in the year, as slated in the Activities, Perforn]8ne¢ and Financial Review section of this report. to Tesult in £262.8941 in unrestricted reserves, leavin(T the toial reserves ai £997,791. At 3 I December 2024 the trustee5 consider funds are adequate for these purposes. STRUCTURE, GOVERNANCE AND MANAGEMENT GoverDing document The charity is controlled by its governing document. a deed of trust and constitutes an unincorpordted charity. Page I
The Hart Memorial Trust Report of the Tru5t¢es for the Year Ended 31 Deeember 2024 The Trustees. all of whom live locally, are conscious of the well-being of those for whom they 8¢¢¢Pt responsibility. The Trust Deed provides for a maximum of 5 TrLtstees. The Chair of the Trustees is responsible for the indu¢titsn of any n¢w Trnstee which includes awareness of a Trustees responsibility, the tsovemints document and the hisiory and philosophy of the Tnjst. A new Tnjstee would receive copies of the relevant docum¢ntatiOD along with the previous year's accounts. annual report and gov¢rning document. The Trust¢es meet regularly but the day to day running of the charity is delegated to the Chairman. The Tnte¢S aTwually review ihe risks to the Trust and its Trustees. The main items usually involve the maintetwice of the buildings in conjunction with the quinquennial report prepared by our panel architect. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 225535 Principal addr¢5$ Citadel House 58 High Street Hull East Yort(shir¢ HUI IQE Trustees J B Ward chairnn N H Broxham A MetTitt S L Eggleston S Deas Independent Examiner Ha15 Lacey and Swain Suite I The Riverside Building Hessle Easi Yorkshir¢ HU13 ODZ Approved by order of the board of trustees on .. and signed otl its behalf by.. JBWa - Trustee Page 2
Independent Ex*miner's Report to the Truste¢5 of The Hart Memorial Trust Independent examiner's report to the trustees of The Harl Memorial Trust I report to the charity trustees on my examination of the account5 of The Hort Memorial Trust (the Trust} for the year ended 31 December 2024. Responsibilities and basis of report As the charity tnL5tees of the Trust you are reSpO5[ble for the preparation of ihe accounts in a¢¢ordance with the requir¢m¢nts of the Charities Act 2011 ('the Act'l. I report in respect of my examination of the Trust's accounts caled out under Section 145 of the Act and in carying out my examination I have followed all applicable Directions given by th¢ Charity Cortllnission under Section 145(5)Ibl of the Aci. Independent ex4miner'$ 5tst¢m¢nt I have completed my examination. l Confirtn that no tnaterial matters have come to my attention in ¢QDn¢¢lion with the examination giving me Cause to believe that in any material respect.. accounring records were not kept in respect of the Trust as required by Section 130 of the A¢t,' or the ac¢ounts do not accoid with those records., or the accounts do not comply with the applicable requirements concerning the fonD and content of accounts set out in the Charities (Accounis and Report51 Regulations 2008 other than any requirement that the a¢counts give a true and fair view which is not a matter consideTcd as part of an independent examination. I have no eoneems and have come across no other matters in connection with the examination to which attentiOTt should be drawn in this report in order to enable a proper understanding of the accounts to be reached. oa, .{ Harris Lacey an Suite I The Riverside Building Hessle East Yorkshire HU13 ODZ Swain Date". 24./oS/.z.o.ZS...... Page 3
The Hart Merthorial Trust Staterntnt of Finaneial Activities for the Year Ended 31 Decemb¢r 2024 2024 Total funds ?02) Total nds Unrestricted fund Restricted thjnds Notes INCOME AND ENDOWMENTS FROM Donations and l¢gacies 76,704 76,7( 77,278 Investment income 5,983 5.983 5,353 Totsl 82,687 82,687 82,631 EXPENDITURE ON Charitable activities Charitable attivities 71,183 71.183 88,321 Other 4,913 4,913 3,469 Totsl 76,096 76,096 91,790 Nei gains on investments 2.822 2,822 1,416 NET INCOME/{EXPENDITURE) 9.413 9,413 (7,743) RECONCILIATION OF FUNDS Total funds broughi forward 253,481 734,897 988,378 996,121 TOTAL FUNDS CARRIED FORWARD 262,894 734,897 997,791 988,378 The notes forni part of these financial staten]ents Pag¢ 4
The Hart Memorial Trust Balance Sheet 31 December 2024 2024 Total nds 20?3 Total fund5 Unrestricted fund Restricted funds Notes FIXED ASSETS Tanuible assets Investments 75.837 87.044 734,897 810,734 87.044 810.734 84,222 162,881 734,897 897,778 894.956 CURRENT ASSETS Debtors Cash at bank 552 112,908 552 112.908 472 94,590 I lJ,460 113,460 95.062 CREDITORS Amounts falling due within one year (13,4471 (13.447) (1,640) NET CURRENT ASSETS 100,013 l(M),013 93,422 TOTAL ASSETS LESS CURRENT LIABILITIES 26? 894 734,897 997,791 988.378 NET ASSETS 262,894 734,897 997,791 988.378 FUNDS Unrestricted funds Restricted funds 10 262.894 734.897 253.481 734,897 TOTAL FUNDS 997,791 988,378 The finan¢ial statements were approved by the Board of Trustees and authori5ed for issue ..? and were signed on its behalfby.. on JB War Trustee The rtotes forni part of the5¢ financial statements Pa£e 5
Th¢ Hart Memorial Tr$1 Notes to the Financial Statements for the Year Ended 31 Decernber 2024 ACCOUNTING POLICIES Basis of preparing the fin*neial statements The fmancial sta(¢ments of the charity, which is a public ben¢fit entity under FRS 102, have been prepared in ac¢ordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charitie5.' Statement of Reconunended Practice applicable to ¢harities preparing their atcounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective l January 2019)., Financial Reporting Swidard 102 'The FiDan¢ial Reporting Standard applicable in the UK and Republit of Ireland, and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. with the ¢xr¢ption of investments which are included at market value, as modified by the revaluation of certain assets. Incorne All income is recognised in the Statement of Financial Activities once the charity has entitlemeni to the fi]nds, It is probable that th¢ income will be received and the amount can be measured reliably. The income of the charity has arisen from 3 different sourc¢s'. Contributions from resident5, which are weekly contributions to ¢over maintenance of the properties. Investtnent income. which are dividend5 from M&G Charity Multi Asset shares. Interest received, which are monthly interest payment5 received from rhe COIF Charities Deposit Fund. Expenditure Liabiliti¢s a recoJo ised as expenditure as soon as there is a legal or constructive obligation Committing the chariry 10 thai expendiMre, il is probable that a trdnsfer of e¢onotnic benefits will be required in settlement and the amount of the obligaiion cats be me3sur¢d reliably. Expendifure is accounfed for on an accruals basis and has been cl&8sified under headings rhat aggregate all tost related to the category. Where costs catjnot be directly attributed to parti¢ular headings they have been allocated to a¢tivities on a basis consistent with the use of resources. Tangible fixed assets Fixed assets are re¢ognis¢d in the accounts at cost or valuation. Thes¢ ar¢ noÉ depreciated. as the land and building5 are not deemed to lose value over time. Investments Investments are revalued in the accounts ev¢ry y¢ar, as per the value given from M&G Investments. Tax8tion The charity is exempt frotn tax on its charitable activitie5. Fund &¢counting Unrestricted funds can be us¢d in accordance with the charitable objeeiives at the discreiion of the truste¢s. Restricted funds can only be used for particular restricted purposes within the objects of the Charity. Restrictions arise when specified by the donor or when funds are raised for particulaT restricted purposes. Further explanation of the nature and putpose of each fi]nd 15 in¢lud¢d in the notes to the financial statements. EstimAte5 and judgements Estimates and judgements are continually evaluated and are based On historical experience and other factors, itlcluding expectations of future events that are believed ro be reasonabl¢ under the tirtumstances. Although these estimates are based on the Truste¢, best kngwledge of the amount. events or actions, actual results ultimately differ from these estitnates. The Trustees do not consider there to be any material estimates and juduements. Page 6 continued...
The HArt Memorial Trust Not¢$ to ihe Financial Statements continued for the Year Ended 31 De¢emb¢r 2024 ACCOUNTING POLICIES- continued E$timates aThd Judgements Financial Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors and crediiors are initially r¢cognised al transaction value and subsequ¢ntly measure ai their settlement value. INVESTMENT INCOME 20?4 2023 Investment income Deposit account interest 3,798 2,185 3,563 1.790 5.983 5,353 TRUSTEES, REMUNERATION AND BENEFITS There were DO trustees. remuneration or other benefits for the year ended 31 December 2024 rr for the year ended 31 December 2023. Trn5tefs' exptn$¢s There were no tsNstee5' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. STAFF COSTS Averfige number of ernployee5 The average number of employees during the year wa5 NIL12023 - NIL}. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund Restricted funds Total funds IP4COME AND ENDOWMENTS FROM Donations and legacie5 77,278 77,278 Investment incorn¢ 5.i53 5,353 Total 82.631 82,631 EXPENDITURE ON Charitable activities Charitable activities 88.321 88,321 Other 3,469 3,469 Total 91,790 91.790 Net gains on investments 1.416 1.416 Page 7 coniinued...
The Hart MemorlAI Trust Note5 to the Financial Statements- eontinued for the Year Ended 31 Decernber 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- eontinued Unrestrict¢d Restricted nd funds Total funds NET INCOMEI(EXPENDITURE) (7,743) {7,743) RECONCILIATION OF FUNDS Totsl fund5 brought forward 261,224 734,897 996.121 TOTAL FUNDS CARRIED FORWARD 253,481 734,897 988.i78 TANGIBLE FIXED ASSETS FTeehold properry COST At l January 2024 and 31 tk¢ember 2024 810.734 NET BOOK VALUE At 31 December 2024 810,734 At 31 December 2023 810.734 The freehold land, buildings. fixtures and fittings were professionally valued on an open market basis at I August 2010 at £755,000. Additions less ants received sin¢e that date are included ai Cost. The Trustees are not aware of any material changes in value since the last Yaluation. FIXED ASSET INVESTMENTS Investments MARKET VALUE At l January 2024 Revaluations 84,222 2.822 At 31 December 2024 87.044 NET BOOK VALUE At 31 December 2024 87,044 At 31 December 2023 84,222 There Were no investrnent assets outside the UK. Cosi or valuation at 31 December 2024 15 represented by". Invesiments Valuation in 2024 87,044 Page 8 ontinued...
The Hart Memorial Trust Notes to the FinAneial SIAtements - continued for the Year Ended 31 December 2024 FIXED ASSET INVESTMENTS- coDtinu¢d Investments ¢onsist of 93,767 M&G Charity Multi Asset Income shares. at an original Cosi of £27,935. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 20?4 2023 Trdde delAors Prepayments 552 472 552 472 CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Other creditors 13,447 1.640 io. MOVEMENT IN FUNDS Net movement in funds At 31.12.24 At 1.1.24 Unre%tritted funds General fund 253,481 9,413 262,894 Restricted funds Restricted Capital Fund L Hickson Memorial Fund 734,797 734,797 100 734,897 734.897 TOTAL FUNDS 988.378 9.413 997.791 Net movement in fithds, included in the above are as follows.. Incoming resour¢e$ Resources expended Gains and losses Mov¢ment in funds Unre$triettd funds G¢n¢ral fund 82,687 (76,096) 2.822 9.413 TOTAL FUNDS 82,687 (76,096) 2.822 9.413 Page 9 continued...
The Hart Memorial Trust Notes to the Financial StatemeDt$- ¢ontinued for the Year Ended 31 Deeember 2024 io. MOVEMENT IN FUNDS- continued Cotnparatives for movement ID funds Net movement in funds Ar 31.12.23 Ai 1.1.23 Unrestricted funds General fund 261.224 (7,743) 253.481 Restricted funds Restricted Capital Fund L Hickson Memorial Fund 734,797 loo 734.797 100 734,897 734.897 TOT AL FUNDS 996,121 (7.7431 988.378 Comparative n¢t movement in funds. included in the above ar¢ as follows.. Incoming r¢sour¢es Resources expended Gains and losses Movemeni in funds Unrestrif ted funds General fund 82,631 {91,790) 1.416 (7,743) TOTAL FUNDS 82,631 {91,790) 1,416 (7,743) A current year 12 months and prior year 12 months combined position is as follows.. Net mov¢ment in funds At 31.12.24 At 1.1.23 Unrestricted funds General fijnd 261,224 1,670 262,894 Restricted fund$ Restricted Capital Fund L Hickson Metnorial Fund 734,797 100 734.797 100 734,897 734,897 TOTAL FUNDS 996,121 1,670 997,791 Page 10 continued...
The Hart Memorial Trust Notes to the Financial Statements - continued for the Year Ended 31 December 2024 io. MOVEMENT IN FUNDS- continued A curr¢nt year 12 months and Prior y¢ar 12 rnonihs combined net movement in funds, included ID the above are a5 follow5.. Incoming resources Resources expended Gains and losses Movetnent in funds Unre51ricted funds General fund 165.318 1167,886) 4,238 1,670 TOTAL FUNDS 165.318 {167.886) 4,238 1.670 RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 December 2024. Pagell
The Hart Memori81 Trust Detailed Statement of Finaneial Aetivities for the Year Ended 31 December 2024 2024 2023 INCOME AND ENDOWMENTS Donations and legg¢ies Contributions from residents 76,704 77,278 Investment incorne Inve5ttnent income Deposit a¢¢ount interest 3,798 2.185 3,563 1,790 5,983 5.353 Total ittcoming resources 82,687 82,631 EXPENDITURE Charitable activities Water Insurance Lifeline charges 1,803 2.790 1.679 2,676 4,285 22.145 12,977 29,485 2.602 891 25,203 13.089 16.115 3.455 1.008 Electricity Repairs and r¢n¢waL5 Garden upkeep Telephone 6i.463 76,740 Other Advertising Sundry Expenses Professional fees 300 907 3.706 249 600 2,620 4,913 3.469 Support costs Management Postage and stationery 290 251 Financ¢ Bank charges 13 Governance cost5 Accountancy fees Honorarium Motor Expenses Legal fees 1,320 6,000 110 1,232 6,000 120 3,965 7,430 11,317 This pag¢ do¢s not fonn part of the statutory financial statements Pag¢ 12
The Hart Memorial Trust Detailed Statement of Financi41 Aclivities for the Year Ended 31 DeCeber 2024 2024 2023 Totsl resources expended 76,096 91.790 Net income/(expenditurt) 6,591 (9,159) Thi5 page does not forn) part of th¢ statutory financial statements Page 13