SIR HAROLD HOOD CHARITABLE TRUST REGISTERED CHARITY NO: 225870
ACCOUNTS
FOR THE YEAR ENDED 5 APRIL 2022
Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG
SIR HAROLD HOOD CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Trustees' Report | 1 - 4 |
| Independent Auditors' Report | 5 - 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Statement of Cash Flows | 10 |
| Notes to the Financial Statements | 11 - 20 |
SIR HAROLD HOOD CHARITABLE TRUST TRUSTEES' REPORT
Reference and administrative information
Charity Name
Sir Harold Hood Charitable Trust
Charity Number
225870
Trustees
Margaret Marie Elizabeth Felicia Hood The Lord True, CBE Dom James Hood The Lady True Christian Edward Elwes
Principal Address
PO Box 52492, London, NW3 9DY
Accountants & Auditors
Haysmacintyre LLP, 10 Queen Street Place, London, EC4R 1AG
Solicitors
Laytons Solicitors, 2 More London Riverside, SE1 2AP
Bankers
C Hoare & Co, 37 Fleet Street, Temple, London, EC4P 4DQ
Investment Managers
Rathbones,8 Finsbury Circus, Finsbury, London, EC2M 7AZ.
Report of the trustees for the Year ended 5 April 2021
The Trustees present their annual report and accounts for the year ended 5 April 2021.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's governing document deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their Financial Statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Second Edition).
- 1 -
SIR HAROLD HOOD CHARITABLE TRUST TRUSTEES' REPORT
Structure, governance and management
The Trust was set up by the Settlor, Sir Harold Joseph Hood and by The Hon Lady Hood, by a Declaration of Trust dated 9 November 1962.
The power of appointing new Trustees was vested in the Settlor during his lifetime. Sir Harold Hood died on 5 September 2005. This power now rests with the remaining Trustees. When recruiting new Trustees, the Trustees look for individuals with skills and experience which are of value to the Charity. Once appointed, new Trustees will be provided with a pack of information on the Charity. The Trustees are experienced individuals who have a good understanding of what is involved in being a Trustee of a charity. Where appropriate, the Charity supports the training of Trustees, including attendance at seminars.
The Trustees meet once a year to discuss the annual accounts and to agree the list of grants for the forthcoming year.
Risk Management
Given the solid level of the charity's general reserve and the discretionary nature of the charity's distributions The Board of Trustees is of the opinion that the charity has adequate resources to continue in operational existence for the foreseeable future.
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operation and finances of the Trust, and are satisfied that systems are in place to mitigate the exposure to the major risks.
The Trustees have identified the following risks:
-
Investments will drop in value; and
-
Donations made will not be spent how the Trustees would like.
The Trustees have mitigated these risks by: - Appointing a professional firm to manage the investments; and
- Actively reviewing the donations and asking for updates.
Key Management Personnel
The trustees consider the board of trustees the key management personnel of the charity in charge of directing and controlling, running and operating the Charity on a day to day basis. All trustees give of their time freely and no director received remuneration in the year. Details of directors' expenses and related party transactions are disclosed in note 8 to the accounts.
Investment policy and performance
In accordance with the Trust deed, the Trustees have the power to invest in such stocks, shares, investments and property as they see fit. The Trustees engage Rathbones as investment managers with the brief to adopt a medium risk investment strategy which provides revenue for the charity's current need whilst enhancing income and capital growth over the long term.
- 2 -
SIR HAROLD HOOD CHARITABLE TRUST TRUSTEES' REPORT
Objectives and activities for public benefit
The trustees confirm that they have complied with the duty in section 17 of the Charity Act 2011 to have due regard to the Charity Commission's general guidance on public benefit "Charities and Public Benefit".
All funds are unrestricted and the Trustees' policy is to retain sufficient capital for the maintenance of the trust. The balance of income at the year end is considered at the Trustees' meeting. A minimum reserve of income is maintained to cover fluctuations in income, whilst ensuring that the grants are paid.
The Trust directs that the Trustees shall apply the income of the original funds and any additional funds for such Roman Catholic charitable purposes as the Trustees shall, in their absolute discretion and from time to time, think fit. The Trustees shall be entitled to accept the receipt of any person whom they consider to be the appropriate officer of any charity for any monies so applied without being concerned to see to the further application thereof.
The Trustees may also at any time apply the whole or any part of the capital of the trust fund for such Roman Catholic charitable purposes as the Trustees in their absolute discretion think fit.
Performance
The financial statements show the investments at market value. The 'gain/(loss)' on disposals of investments is based on their opening market value and resulted in a loss of £10,581 for the year ended 5 April 2022 (2021: Profit of £84,201) and an unrealised profit calculated on the same basis arose at the year end of £1,349,111 (2021: £3,926,888). An informal desktop valuation of the property was carried out by Arlington Residential in 2022 and based upon this, the Trustees have valued the property as at 5 April 2022 at £18,000,000, giving rise to a £3,000,000 unrealised gain (2021: £Nil).
During the year ended 5 April 2022, income was £732,382 (2021: £632,584).
Management expenses in the year ended 5 April 2022 amounted to £106,165 (2021: £94,716).
After grants, net expenditure, before net investment gains, were therefore £135,319 (2021: £294,585).
There was no undistributed income balance at 5 April 2022 (2021: None).
Grants
During the year ended 5 April 2022 grants were made to Roman Catholic charitable organisations of £745,900 (2021: £818,000). The Trustees consider that future distributions can continue to be financed from the Trust Fund at this level.
Going Concern
Given the solid level of the charity's general reserve and the discretionary nature of the charity's distributions The Board of Trustees is of the opinion that the charity has adequate resources to continue in operational existence for the foreseeable future.
Reserves review including policy
The charity is reliant on its return from investments to fund its charitable aim, and therefore has a reserves policy which aims to provide sustainable funds for the future.
At the balance sheet date, the Trust had capital funds of £39,126,748 (2021: £34,923,290).
Plans for the future
The Trust is managed with a view to it being able to continue its activities for the future. The trustees will continue to award grants in line with the current strategy and purpose of supporting RC causes.
- 3 -
SIR HAROLD HOOD CHARITABLE TRUST TRUSTEES' REPORT
Statement of Trustees' Responsibilites
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charity will be able to continue to meet its objectives.
The Trustees are responsible for keeping proper records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees also confirm that they have made all necessary enquiries and taken such steps that they ought to, to ensure that they become aware of any relevant audit information and that they confirm that the Charitable Trust's auditors have been made aware of such information.
Signature and Declaration
Margaret Hood ...................................................................... Margaret Marie Elizabeth Felicia Hood
26.11.22 ........................................ Date
- 4 -
INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF SIR HAROLD HOOD CHARITABLE TRUST
Auditors' report to the trustees of Sir Harold Hood Charitable Trust
Opinion
We have audited the financial statements of Sir Harold Hood Charitable Trust for the year ended 5 April 2022 which comprise Statement of Financial Activities, the Balance sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
-
give a true and fair view of the state of the charity's affairs as at 5 April 2022 and of the charity's net movement in funds for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We 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. 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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Trustee’s 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.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
- 5 -
INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF SIR HAROLD HOOD CHARITABLE TRUST
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
-
adequate accounting records have not been kept by the charity; or
-
sufficient accounting records have not been kept; or
-
the charity financial statements are not in agreement with the accounting records and returns; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of trustees for the financial statements
As explained more fully in the trustees’ responsibilities statement set out on page 4 , the trustees are responsible for the preparation of the financial statements and for being satisfied that they 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.
Auditor's responsibilities for the audit of the financial statements
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 auditor’s 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:
Based on our understanding of the charity and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements of the Charity Commission, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011 and Charities SORP (2019).
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements including the risk of override of controls. Audit procedures performed by the engagement team included:
-
Enquiries of management regarding correspondence with regulators and tax authorities;
-
Discussions with management including consideration of known or suspected instances of noncompliance with laws and regulation and fraud;
-
Evaluating management’s controls designed to prevent and detect irregularities;
-
Testing journals posted during the year; and
-
Challenging assumptions and judgements made by management in their critical accounting estimates.
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 auditor’s report.
- 6 -
INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF SIR HAROLD HOOD CHARITABLE TRUST
Use of our report
This report is made solely to the charity's trustees, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. 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 Auditor's 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's trustees as a body for our audit work, for this report, or for the opinions we have formed.
3 January 2023 .................................................................. .................................................................. Haysmacintyre LLP Date Statutory Auditors 10 Queen Street Place London EC4R 1AG
Haysmacintyre LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
- 7 -
SIR HAROLD HOOD CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022
| Unrestricted Funds Income Capital Note Fund Fund £ £ INCOME FROM: Investments 2 732,382 - Total Income 732,382 - EXPENDITURE ON: Raising Funds 3 106,165 - Charitable Activities: Grants awarded 4 761,536 - Total Expenditure (867,701) - Net expenditure before (losses) in investments (135,319) - Other recognised (losses)/gains: Gain on investments 6 - 1,338,530 Unrealised gain on Property 6 - 3,000,000 Exchange rate gain/(loss) - 247 Net (expenditure)/income (135,319) 4,338,777 Transfers between funds 135,319 (135,319) NET MOVEMENT IN FUNDS - 4,203,458 Total funds brought forward - 34,923,290 Total funds carried forward - 39,126,748 |
Total 2022 £ 732,382 732,382 106,165 761,536 (867,701) (135,319) 1,338,530 3,000,000 247 4,203,458 - 4,203,458 34,923,290 39,126,748 |
Total 2021 £ 632,584 632,584 94,716 832,453 (927,169) (294,585) 4,011,089 - (1,610) 3,714,894 - 3,714,894 31,208,396 34,923,290 |
|---|---|---|
All operations are continuing.
All recognised gains and losses are included in the Statement of Financial Activities.
- 8 -
SIR HAROLD HOOD CHARITABLE TRUST
BALANCE SHEET AS AT 5 APRIL 2022
| Note FIXED ASSETS Investments 6 Property 6 CURRENT ASSETS Cash LESS: CURRENT LIABILITIES Creditors: amounts falling due within one year 7 NET CURRENT ASSETS NET ASSETS REPRESENTED BY Capital Fund 9 |
2022 £ 463,043 (36,292) |
£ 20,699,997 18,000,000 38,699,997 426,751 39,126,748 39,126,748 39,126,748 |
2021 £ 456,224 (34,440) |
£ 19,501,506 15,000,000 |
|---|---|---|---|---|
| 34,501,506 421,784 |
||||
| 34,923,290 | ||||
| 34,923,290 | ||||
| 34,923,290 |
Approved by the Trustees and signed on their behalf by:
Margaret Hood
..................................................... Margaret Marie Elizabeth Felicia Hood
26.11.22
........................................ Date
- 9 -
SIR HAROLD HOOD CHARITABLE TRUST STATEMENT OF CASH FLOWS YEAR ENDED 5 APRIL 2022
| 2022 | 2021 | |||
|---|---|---|---|---|
| Note | ||||
| £ | £ | |||
| Cash | used in operating activities | a | (865,602) | (977,057) |
| Cashflows from investing activities | ||||
| Purchase of investments | (1,975,851) | (1,124,633) | ||
| Proceeds from sale of investments | 2,427,682 | 1,336,254 | ||
| Decrease in investment portfolio cash | (311,792) | (22,540) | ||
| Investment income | 732,382 | 632,584 | ||
| 872,421 | 821,665 | |||
| Increase in cash at bank and on deposit | 6,819 | (155,392) | ||
| Cash | at bank and on deposit at beginning of year | 456,224 | 611,616 | |
| Cash | at bank and on deposit carried forward | 463,043 | 456,224 | |
| Note | to Statement of cash flows | |||
| 2022 | 2021 | |||
| £ | £ | |||
| a | Reconciliation of Net expenditure to | |||
| Net Cash outflow from Operating Activities | ||||
| Net Income | 4,203,458 | 3,714,894 | ||
| (decrease)/increase in creditors | 1,852 | (48,278) | ||
| Investment income | (732,382) | (632,584) | ||
| (Gains) on investments | (1,338,530) | (4,011,089) | ||
| Unrealised gain on property | (3,000,000) | - | ||
| (865,602) | (977,057) |
There is no debt held by the charity.
- 10 -
SIR HAROLD HOOD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS
1 Principal Accounting Policies
Please refer to the 'Reference and administrative information' shown on page 1 of the accounts for details regarding the Sir Harold Hood Charitable Trust.
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
(a) Basis of accounting
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities (effective 1 January 2019) preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP(FRS102) (Second Edition)).
The Sir Harold Hood Charitable Trust meets to definition of a public entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
(b) Going Concern
The Trustees consider there are no material uncertainties about the Charity's ability to continue as a going concern. The review of our financial position, reserves level and future plans gives Trustees confidence the charity remains a going concern for the foreseeable future.
(c)
Income
Investment income and other sundry income and is accounted for on a receivable basis. Investment income represents the net amounts received plus income tax deducted and tax credit transitional relief.
(d) Expenditure
Expenditure is recognised on an accruals basis. Investment Management Costs comprise the investment managers' fees together with property expenses for the property held. Governance costs comprise those of running the charity, namely audit and accountancy fees and bank charges.
(e) Investments
Investments are stated at their middle market values ruling at the balance sheet date. The realised and unrealised gains and losses on investments are calculated based on the opening market values and are accounted for within the Statement of Financial Activities.
(f) Investment properties
Investment properties are included in the balance sheet at their estimated market value at the balance sheet date. The valuation of investment properties is performed periodically by the Trustees with professional valuations obtained at least every five years. As these assets are recorded at market value no charge is made for depreciation in the accounts. This is an area of judgement as only a desktop valuation has been performed.
Realised and unrealised gains and losses on investment properties are included within the Statement of Financial Activities in the year in which they arise.
- 11 -
SIR HAROLD HOOD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS
(g) Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
(h) Cash and cash equivalents
Cash and cash equivalents includes cash and short term highly liquid investments with short term maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
(i) Estimates and judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the Trustees' best knowledge of the amount, events or actions, actual results ultimately differ from these estimates. The trustees consider the value of the freehold property to be based on estimates however do not consider there to be any other estimates and judgements.
(j) Capital Fund
The Capital Fund represents those assets settled into trust, together with any movements in their values. The Capital Fund is designated by the Trustees for internal purposes only and is not subject to any restrictions regarding distribution.
(k) Grants and donations
Grants to the making of which the Trustees have committed themselves are charged in the Statement of Financial Activities in the year in which the commitment is made and are carried forward under creditors until paid.
(l) 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 creditors are initally recognised at transaction value and subsequently measured at amortised cost.
- 12 -
SIR HAROLD HOOD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS
| 2 Investment Income UK dividends UK Unit Trust dividends UK Real Estate Investment Trust distributions UK fixed interest Overseas dividends Overseas fixed interest Brokers interest Bank Interest 3 Raising Funds Investment fee Property costs: Council Tax Utilities Security Insurance Repairs 4 Analysis of Charitable Expenditure Grants to institutions by category: Single Grants Aid Churches Education Homeless Hospitals Leprosy Missionary Nursing Prisoners Retreat Centre Schools Seminary Youth Special grants Emergency grants Adjustments in year Governance costs (note 5) |
2022 £ 450,299 88,837 22,466 37,987 100,526 32,119 132 16 732,382 2022 £ 86,937 1,662 4,024 699 10,608 2,235 106,165 2022 £ 139,900 - 194,000 95,000 27,000 3,000 - 37,000 12,000 45,000 50,000 8,000 - 58,000 43,000 28,000 6,000 15,636 761,536 |
2021 £ 395,777 51,764 21,619 39,576 69,685 54,154 - 9 |
|---|---|---|
| 632,584 | ||
| 2021 £ 77,559 1,567 1,792 1,676 10,042 2,080 |
||
| 94,716 | ||
| 2021 £ 144,000 5,000 202,000 103,000 25,000 3,000 30,000 37,000 12,000 40,000 50,000 6,000 4,000 60,000 43,000 54,000 - 14,453 |
||
| 832,453 |
- 13 -
SIR HAROLD HOOD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS
| Names of institutions and amounts paid: Ace of Clubs, Clapham African Mission, based in London SE1 Aid to the Church in Need UK - Lebanon Aid to the Church in Need UK - Nigeria Aid to the Church in Need UK - Pakistan and Argentina Aid to the Church in Need UK - Ukraine Aid to the Church in Need UK - India Anawim, Birmingham Apostleship of Jesus Seminary Bishops WIllingers School, Uganda Borderlands, Bristol Brentwood Catholic Children's Society CAFOD Cambridge Nazareth Trust Cardinal Hume Centre Caritas Anchor House, East London Catholic Bishops' Conference, 'Parliamentary & Public Affairs' Catholic Chaplaincy at Queen's University, Belfasth Catholic Children's Society, Plymouth Catholic Children's Society, Westminster Catholic for AIDS Prevention and Support, London Catholic Marriage Care Catholic Parish of St Mary & St Thomas More, Cannock, Staffs. CHAS Bristol Church Of Our Lady Churchof our Lady Queen of Peace, Richmond City Pregnancy Counselling Psychotherapy Clergy Support Fund, Archdiocese of Southwark Craig Lodge Trust Depaul UK Diocese of Aberdeen Diocese of Argyll & The Isles - St Mary & Finnan Glenfinnan Diocese of Brentwood Diocese of Eluru, India Diocese of Guntur, India Diocese of Hexham & Newcastle, St Bedes, Jarrow Diocese of Mibeya, Tanzania Diocese of Nottingham Downside Abbey Downside School Carried forward |
2022 £ 12,000 - 7,000 9,000 - 14,000 10,000 - - - 5,000 - 1,000 - 13,000 - - 2,000 - 8,000 1,000 - - - 3,000 6,000 - 15,000 50,000 2,000 4,000 3,000 - - - 10,000 28,000 60,000 40,000 303,000 |
2021 £ 12,000 1,000 7,000 - 13,000 - - 2,000 2,500 1,000 - 2,000 - 3,000 13,000 2,000 2,000 - 2,000 8,000 - 3,000 1,000 3,000 - - 4,000 15,000 50,000 2,000 4,000 3,000 12,000 2,000 1,000 10,000 1,000 28,000 60,000 40,000 |
|---|---|---|
| 309,500 |
- 14 -
SIR HAROLD HOOD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS
| Names of institutions and amounts paid: Brought forward Downside Fisher Youth Club Duchess of Leeds Foundation Emusoi Centre, Arusha,Tanzania-Maryknoll Sisters New York State Emusoi Centre,Tanzania- Sr Mary Vertucci Maryknoll Sisters English Martyrs Church, Reading Fellowship and Aid to the Christians of the East Franciscan Missionary Sister of Africa Friends of Jesus Missionary Society Friends of Kipkelion, Kenya - UK charity Friends of St Michael's Primary School, Uganda - Bath Friends of the Holy Land, Kenilworth, Warks. Friends of the Holy Land Global Fund for Forgotten People, Oxon Growing Old Gracefully, Diocse of Leeds HCPT Handicapped Children's Pilgrimage Trust Handmaids of Mary, Clapham Holy Cross Priory, Dominicans, Leicester Holy Union Sisters, Dar es Salaam, Tanzania Hospice, Hospital of St John & St Elizabeth Housing Aid Bosnia & Rwanda, Daughters of the Holy Spirit International Refugee Trust, Chiswick Iraqi Christians in Need, Surrey Iraqi Christians in Need, Kenelm Youth Trust, Alton Kerala Crafts La Sainte Union (Holy Union Sisters), Bath Lebenaon Order of Malta Releif Little Friends Centre, Botswana (SVP UK) Little Sisters of the Poor, Leeds Londani Catholic Parish Longford Trust Loyola Jesuit Secondary School, Malawi - Jesuit Missions Margaret Beaufort Institute of Theology, Cambridge Marian Brothers, Tanzania (through the Diocese of Arua) Marriage Care, London Mary Knoll Sisters of St Dominic Mary's Meals Maryvale Institute, Birmingham Million Minutes Missio England and Wales Missionary Sisters of the Blessed Virgin Mary, Uganda Nehemiah Project, Streatham, London Noah Enterprises - Winter Shelter, Luton Our Lady and St John Church, Goring-on-Thames Carried forward |
2022 £ 303,000 30,000 30,000 5,000 - - 3,000 2,000 5,000 2,000 1,700 - 3,000 10,000 1,000 10,000 12,000 - 3,000 3,000 - - - - 5,000 1,000 - - 5,000 1,000 2,000 3,000 3,000 - 3,000 4,000 1,000 - 2,000 - - 3,200 5,000 3,000 3,000 467,900 |
2021 £ 309,500 30,000 30,000 6,000 1,000 1,000 - - - 2,500 1,000 3,000 10,000 - - 12,000 12,000 1,000 - 3,000 2,000 2,000 4,000 1,000 3,000 - 3,000 10,000 5,000 - - 3,000 3,000 5,000 - 4,000 - 2,000 2,000 1,000 3,000 2,000 - - 5,000 |
|---|---|---|
| 482,000 |
- 15 -
SIR HAROLD HOOD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS
| Names of institutions and amounts paid: Brought forward Our Lady's Church, NW8 Our Lady of Good Health Church, Diocese ofVellore, India Our Lady of Lourdes Church, Ashby-de-la-Zouch Our Lady of Queen of Peace Catholic Church, Muhoroni, Kenya Out There, Manchester Oratory School Reading Order of Malta Italy PACT (Prison Advice & Care Trust) Providence Row, Tower Hamlets East London Quarr Abbey, Isle of Wight Redemptors Mater House of Formation Redemptorists, Zimbabwe - Scotland Right to Life - Pro-Life Research Unit, London Royal Navy RC Chaplaincy Trust, Portsmouth Sacred Heart Church, Frinton-on-Sea Sacred Heart, Holloway, London San Jose, Chile - Retreat Centre San Lorenzo, Chile - School Shrine of San Liberato, Italy Sisters of the Assumption, Kisaki/Singida, Tanzania SS Peter and Paul RC Church, Leyburn, Diocese of Middlesbrough St Andrew's Hospice, North and South Lanarkshire St Anthony's Health Centre, Uganda St Augustine College of South Africa, Johannesburg St Beuno's Jesuit Spirituality Centre, St Asaph, North Wales St David's Marist Inanda, South Africa St Don Bosco Girls Secondary School, Tanzania St Elizabeth's, Church, Richmond St Elizabeth's, Much Hadham St Francis Leprosy Guild St Gerard's Catholic Church, Castle Vale, Birmingham St Johns Hospice NW8 St Joseph's Catholic Church, Bradford St Joseph's Home for Chronically Ill Children, South Africa St Joseph's Hospice, Hackney St Joseph's Pastoral Centre St Joseph's Pastoral Centre/Caritas Westminster St Mary's College, Crosby St Mary's RC Chapel, Crathorne, North Yorkshire St Nicholas of Tolentino Church, Bristol St Pio Friary, Franciscan Friars of the Renewal, Bradford St Raphael's Hospice, North Cheam St Richards Reynolds Catholic College St Vincent's - SVP Furniture Store, Sheffield Carried forward |
2022 £ 467,900 3,000 - 3,000 - - 7,000 - 48,000 5,000 3,000 4,000 7,000 5,000 15,000 3,000 7,000 4,000 8,000 20,000 4,000 - - 1,000 - - 4,000 - 2,000 - - - - 3,000 2,000 3,000 18,000 - 1,000 3,000 10,000 - - 46,000 - 706,900 |
2021 £ 482,000 3,000 1,000 4,000 1,000 2,000 - 10,000 40,000 2,000 - - 6,000 10,000 15,000 3,000 7,000 4,000 7,000 20,000 - 1,000 3,000 2,000 2,000 1,000 4,000 - - 3,000 30,000 1,000 5,000 - 2,000 3,000 18,000 2,000 1,000 - 20,000 4,000 2,000 45,000 2,000 |
|---|---|---|
| 768,000 |
- 16 -
SIR HAROLD HOOD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS
| Names of institutions and amounts paid: Brought forward St Wilfred's Centre, Sheffield Stella Maris (formerly Apostleship of the Sea) The Ordinariate of Our Lady of Walsingham, London Venerable English College, Rome Westminster Cathedral Wintershall Education, Surrey Young Christian Workers, Manchester Youth Alive, Zimbabwe Youth Alive, Zimbabwe - Sr Eunice Quigley FMSA Youth Ministry Trust, Diocese of Hexham and Newcastle Youth 2000 Governance costs (note 5) 5 Analysis of Governance Costs Accountancy fees Statutory audit fees Sundry expenses |
2022 £ 706,900 5,000 - - - 20,000 2,000 - 2,000 - - 10,000 15,636 761,536 2022 £ 7,054 7,920 662 15,636 |
2021 £ 768,000 - 3,000 5,000 4,000 20,000 4,000 2,000 - 1,000 1,000 10,000 14,453 |
|---|---|---|
| 832,453 | ||
| 2021 £ 6,200 7,200 1,053 |
||
| 14,453 |
- 17 -
SIR HAROLD HOOD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS
| 6 | Investments Shares and Securities Fixed interest: United Kingdom Overseas Equities: United Kingdom Overseas Alternatives Cash held as part of the portfolio Market value as at 6 April 2021 Add: Acquisitions at cost/transfer value Less: Disposals at market value - Proceeds Add: net gain on investments/(net loss) Increase in investment portfolio cash Market value at 5 April 2022 Property 31 Avenue Road, NW8 - market value as at 5 April 2016 Unrealised gain on property |
2022 2021 £ £ 687,303 756,051 315,752 578,828 10,172,880 12,583,909 6,311,903 5,390,740 2,708,389 - 503,770 191,978 20,699,997 19,501,506 19,501,506 15,679,498 1,975,851 1,124,633 (2,427,682) (1,336,254) 1,338,530 4,011,089 311,792 22,540 20,699,997 19,501,506 2022 2021 £ £ 15,000,000 15,000,000 3,000,000 - 18,000,000 15,000,000 |
2021 £ 756,051 578,828 12,583,909 5,390,740 - 191,978 |
|---|---|---|---|
| 19,501,506 |
Note: On 17 March 2009, voluntary income from the Estate of Sir Harold Joseph Hood deceased, in the form of his main residence, was settled on Trust. This property was valued at £10,000,000 on the date of transfer. Investment properties are included at their estimated open market valuation at the balance sheet date. The valuation of investment properties is performed by the Trustees annually. A informal desktop valuation was carried out by Arlington Residential this year and based upon this, the Trustees have valued the property as at 5 April 2022 at £18,000,000.
| 7 Creditors: amounts falling due within one year, accruals and grants pledged Accruals Investment management fees Property utilities |
2022 £ 14,400 21,892 - 36,292 |
2021 £ 13,400 20,000 1,040 |
|---|---|---|
| 34,440 |
- 18 -
SIR HAROLD HOOD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS
8 Related Party Transactions
No Trustees have received any remuneration or expenses during the year to 5 April 2022 (2021: Nil).
During the year, the Trust made grants of £60,000 and £40,000 to Downside Abbey. One of the trustees, Dom James Hood, is also a Trustee of Downside Abbey.
There were no other related party transactions in the year.
9 Analysis of Net Assets Between Funds
| Represented by: Listed Investments Property Current Assets Current Liabilities |
Unrestricted Funds Income Capital Fund Fund £ £ - 20,676,974 - 18,000,000 36,292 449,774 (36,292) - - 39,126,748 |
Total Funds £ 20,676,974 18,000,000 486,066 (36,292) |
|---|---|---|
| 39,126,748 |
9 a. Comparative Analysis of Net Assets Between Funds
| Represented by: Listed Investments Property Current Assets Current Liabilities |
Unrestricted Funds Income Capital Total Fund Fund Funds £ £ £ - 19,494,822 19,494,822 - 15,000,000 15,000,000 34,440 428,468 462,908 (34,440) - (34,440) - 34,923,290 34,923,290 |
|---|---|
- 19 -
SIR HAROLD HOOD CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS
| 10 Comparative Statement of Financial | Activities | |||
|---|---|---|---|---|
| Unrestricted | Funds | |||
| Income | Capital | Total | Total | |
| Fund | Fund | 2021 | 2020 | |
| £ | £ | £ | £ | |
| INCOME FROM: | ||||
| Investments | 632,584 | - | 632,584 | 816,672 |
| Total Income | 632,584 | - | 632,584 | 816,672 |
| EXPENDITURE ON: | ||||
| Raising Funds | 94,716 | - | 94,716 | 106,401 |
| Charitable Activities: | ||||
| Grants awarded | 832,453 | - | 832,453 | 779,996 |
| Total Expenditure | (927,169) | - | (927,169) | (889,997) |
| Net expenditure before gains/(losses) in | (294,585) | (294,585) | (73,325) | |
| investments | - | |||
| Other recognised (losses)/gains: | ||||
| (Loss)/gain on investments | - | 4,011,089 | 4,011,089 | (3,928,087) |
| Unrealised gain on Property | - | - | - | - |
| Exchange rate loss | - | (1,610) | (1,610) | (71) |
| Net (expenditure)/income | (294,585) | 4,009,479 | 3,714,894 | (4,001,483) |
| Transfers between funds | 294,585 | (294,585) | - | - |
| NET MOVEMENT IN FUNDS | - | 3,714,894 | 3,714,894 | (4,001,483) |
| Total funds brought forward | - | 31,208,396 | 31,208,396 | 35,209,879 |
| Total funds carried forward | - | 34,923,290 | 34,923,290 | 31,208,396 |
- 20 -