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2022-04-05-accounts

A J B HUDSON MEMORIAL CHARITY

Registered Charity Number 227925

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TRUSTEES ANNUAL REPORT AND FINANCIAL STATEMENT

YEAR ENDED 5 APRIL 2022

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Reference and Administrative Information

Charity Number: 227925

Trustees

Charles Alexander Burnell Hudson Colonel Harry John Lowles C.B.E., formerly of The Worcestershire Regiment Colonel John Hamlyn Bryant, formerly of The Worcestershire Regiment Captain David James Bezzant, formerly of The Worcestershire Regiment Adam Elliot Knowles David Charles Waldron, Worcestershire Royal British Legion Gabriel Charles More Hudson

Treasurer

Neil Smith

Secretary

Dr Amanda Tanfield

Chaplain

The Reverend Canon Roger Spiller

Principal Office

Wyke Manor, Main Street, Wick, Pershore, Worcestershire, WR10 3NZ

Accountants

Folkes Worton, 15-17 Church Street, Stourbridge, West Midlands, DY8 1LU

Bankers

CAF Bank, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4JQ

1

Report of the Trustees for the Year Ended 5 April 2022

  1. The Trustees present their annual report and financial statement for the Trust for the year ended 5 April 2022. The financial statements have been prepared in accordance with the Trust’s governing document, the Charities Act 2011 and the Charities Statement of Recommended Practice (FRS 102).

Structure, Governance and Management

  1. The Trust is a registered charity, registered with the Charity Commission on 4 November 1965 under registered charity number 227925, and is constituted by Schemes of the Charity Commission dated 15 April 1958, 25 August 1965, 11 March 1997 and 12 September 2001, and the Resolutions adopted on 6 October 2020 and 6 April 2021.

  2. Under the Resolution adopted on 6 October 2020, the Trust will have a minimum of five and a maximum of eight Trustees (currently there are seven). Existing Trustees were reappointed for periods of three, four or five years; future Trustees will be appointed for five years.

  3. At the regular Trustees’ meetings, the Trustees agree the broad strategy and areas of activities for the Trust, including consideration of investment, reserves and risk management policies and performance. The Trustees meet twice a year and as/when required. The day-to-day administration is delegated to the Secretary.

  4. New Trustees are appointed by the existing Trustees. The Trust complies with the ICSA guidance note Charity Trustee Recruitment . Trustee recruitment takes into account experience, empathy and knowledge of the Trust as well as the need to maintain the skills and composition of the Trustee Board. The Trustees actively seek those with a knowledge of the local regiments and/or service.

  5. On appointment, Trustees sign a declaration of acceptance and of willingness to act in the trusts of the Charity, in accordance with the Trust’s governing document. The induction process follows the ICSA good practice guide, with the induction programme for a newly-appointed trustee being led by the Secretary, to include a meeting with the Chairman and Secretary on the powers and responsibilities of the Trustee board and the Trust’s assets, investments, policies and activities. The welcome pack includes, amongst other information and guidance, a brief history of the Trust, Trustee board composition and recent board minutes, the last three years’ annual reports and accounts, a copy of the Trust governing document, and a copy of the Charity Commission guidance booklet, The essential trustee: what you need to know, what you need to do . Trustees and officers are also required to sign the Trust’s Code of Conduct and Data Protection Policy.

  6. All Trustees give of their time freely and no Trustee remuneration was paid during the year. Details of Trustee expenses and related party transactions would be disclosed in the accounts. There were none to be disclosed in this financial year. Trustees are required to disclose all relevant interests and register them with the Secretary and, in accordance with the Trust’s policy, to withdraw from decisions where a conflict of interest arises.

2

Objectives and Activities for the Public Benefit

  1. The Trust was established through the Will of the late Caroline Elizabeth Hudson of Wyke Manor, Wick, near Pershore, Worcestershire, in memory of her son, Lieutenant Alban John Benedict Hudson, who died in action during the first World War.

  2. The object of the Trust is the assistance of disabled ex-service personnel of the Armed Forces of the Crown and ex-service personnel who are in need. The Trust does not actively fundraise and seeks to continue the charitable work desired by the Settlor through the careful stewardship of its existing resources, the income to be applied for the relief of ex-service personnel of the Armed Forces of the Crown who are disabled and/or in need (preference being given to ex-members of The Worcestershire Regiment and descendant Regiments, currently The Worcestershire and Sherwood Foresters Regiment and The Mercian Regiment).

  3. The charity achieves its object through the provision of affordable Trust housing, situated in Wick. As well as paying for the upkeep and repair of the Trust’s properties, Trust income may be applied for the upkeep and repair of the chapel at Wyke Manor (consecrated in Lieutenant A J B Hudson’s memory) and the performance of divine service therein, so long as services remain open to Trust residents and staff.

  4. The Trustees confirm that they have referred to the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and when considering their approach to applications from prospective tenants of the Trust properties.

Achievements and Performance

  1. The Covid-19 pandemic continued to affect operations, necessitating the use of videoconferencing to conduct the Trustee meetings in April 2021 and October 2021. In the previous year, as reported, the Trustees met by videoconference under the Charity Commission Covid-19 dispensation, as there was no provision for virtual meetings in the Trust’s constitution. Trustees adopted a Resolution on 6 April 2021, amending the constitution to give the Board the permanent option of conducting business electronically, including meetings by videoconference.

  2. Last year, the Trust reported a major rethink of its investment strategy, switching funds from poorly-performing unit trusts to a new investment property. The new property has been rented out at full market rate since February 2021 and is, as expected, generating more than double the income received from the old unit trusts. Trustees overhauled the Trust’s Investment Policy to reflect this change and, in the Resolution adopted on 6 April 2021, adopted new provisions on the cash reserve, in place of the outdated and incompatible requirement for an Extraordinary Repair Fund invested in unit trusts.

  3. The Trust owns a block of garages, one of which is not required by the beneficiary tenants and is now rented out commercially, generating income of £936/year. The Trust approved a grant to one of the beneficiary tenants for the construction of a garage on his property. Once completed, this will allow him to vacate a second garage in the block, which can then also be rented out for £936/year.

3

  1. There has been no turn-over of Trust beneficiary tenancies over the past year, with all seven Trust beneficiary properties being let for the full period. A number of routine maintenance and refurbishment tasks have been completed. With inflation running high, rents for these seven properties are currently set at around three-quarters below market rates.

Financial Review

  1. The Trust’s work is entirely reliant on rental income from the seven beneficiary properties plus one investment property, which is let at full market rate. The Trust’s gross income for the year amounted to £35,277 and expenditure to £19,720. Details are shown in the accounts for the year. The balances in the Trust’s CAF bank accounts at the year-end were as follows:

  2. CAF Bank – Gold Account £11,426

  3. CAF Bank – CafCash Account £1,000

Reserves Policy

  1. As noted in paragraph 13, the Reserves Policy has been updated as part of the overhaul of Investment Policy and under the Resolution adopted on 6 April 2021. The Trust maintains revenue reserves for the purpose of meeting short term operating requirements and to fund larger projects, such as property improvements, in the longer term. The Trust’s revenue reserves are currently held in investment property and in cash. As part of its revenue reserves, the Trust maintains a cash reserve at the level required to meet planned and unforeseen maintenance and other operating expenses of its estate, and to cover any periods of reduced rental income. The Trust will endeavour to maintain a cash reserve equivalent to at least 10% of rental income (calculated at full market rates) plus three months to cover rental void periods. Cash reserve funds are held in the Trust’s bank accounts for instant access. The Trust is free to move any funds above the required cash reserve level into permitted investments. The Trust’s only current investment is its single investment property.

Approved by the Trustees and signed on their behalf by:

Charles Alexander Burnell Hudson

Chair of Trustees

4

B HUDSON MEM AL TRUST CRED NUMBE STATbM, TS CCOUNT OR THE YEAR EN i D f APRIL 2022 Folkes Worton LLP 15.17 Chuirli Street Slouthiidge Wesl Midtands DY8 ILU

..J.B. HUDSON MEM IAL TIIUST TEINTS OF THC ¥rATEM￿.NT. OFACCO ITOR TII , YEAR EI NDED 4 APRIL 2022 P4gt AGcouutants' report Income athd expendilurc account Balortce sh¢¢t Notc5 to the finBncial statcmenis

.J B. IIUDSON MEMORIAL TRUST COUNTANTS, REPORT roR TIIE YEAR D 5 APRIL 2022 W¢ TepDrt on the accounts for the period ended 5 April 2022 sei outoft pages 2 to 5. Resptctivt respon$ibilities of trust¢g$ Rteounlftttts The th&Tity'# INstees are responsible for the preparatton of the fin&ncial Stalen￿￿15. The charity's trusrees consider Ihal an audii is not reqiiired for this year{und¢r S¢clion 14412) of the Chalitics Act20111 and tliatan itkd¢pendcnl ¢x4minalion is r¢qiiir¢d. cxaminc Ihc accoun15 linder Seciitin 145 of the 2011 A¢t,' follow Ilie proc¢duics lald down in the Generol Directions giv¢n by th¢ Charity Cominission luiider Seclion 145 (5llbl of the 2011 Act). 8nd Sta￿ wheihei'particular motters httve ¢DI1￿ to oiir alt¢ntion. IIAiig ¢pf our repoi. Obrex￿1ThXcI0rt ivBs cRrried out in gCC4)rdRnce with General Dsreciions givetk by The Ch&rity Coinmissioii. An examinslioii includ¢s a review of Ihe actoiittiing records kept by the ¢ha¢ity and a cojiiporison Dfihe occounls P￿sU.nIL'd iyiih Ihusr iELords. It RLs0 includes con8idcTrtion of any iinii$wl item5 or disclosur¢s in the ateou￿ts. aDd £eeking explanalkDn% froin you as Irusrees ¢onterning such intstt¢rs. llie prottdures undertakBn do not ptY)vide all Ihe evidence that Lr required in an aiidil. and ¢onsequenlly no opinion 15 &iveTr as to wli¢thcr th¢ accounts prcsent a'tive and fairview, artd the itport 1$ limitfd lo thos¢ niatters sei oiii in the glatrll￿llt￿ b¢low. R¢portlng at¢ount￿lIs, Statemttht In Coiin¢¢lion with 0urcxll￿inatl0Q no Inatter coin¢ to our attehlion: 111 which gives ieason8ble caiise lo beli¢ve that in any material respect th¢ ￿qll1r¢￿¢￿l$ to keep acco￿￿ting rccords in 8ceordÈn¢e with gett￿011 41 oftli¢ A¢l- io PiEpare %¢counts in &ccord witlitlic a¢wunlin8 r¢coTds lo comply with ihe Aceouniing requir¢m¢n15 of the 2011 Act have not been iiiel; or 12} in ￿ltch. in ouropinion. attenliDll should Ix drnivn Order lo enable proper understhnding ofilie gccounls to bE rwhed. ro Ikps. Cdoflcn LLP. Folktg Wortoii LLP Chorttred Aeeountl￿ts 15-17 Church Slreet Sltsurbridg¢ West Midland8 DY8 ILU ID Odokr 21)22 PAg¢ I

TEMENT or FINAN IAL R ENDED 5 APRIL 2022 Unrestricted Restricted income in¢otn¢ funds funds Total f￿ndS 2022 'rolal r￿n￿5 2021 dowiKeni fullds Nolcs INCOMC Renis reteived Ibeiieficiaries) R¢nis received linvestmentl GarBge reiLtal Dividciid in¢omc froin unit trusts CAF & COIF iiit¢r¢8t 24.841 9,498 936 24.841 9,498 936 23,847 1.670 468 2,61S 26 I'OI'AL INCOM 35.277 35,277 28,626 CHARITY ILXPCNDITUR Salary and expenses of Secretary Audit and accounthii¢y charyes Professional fees Letting fees Instsran¢e Repaiis and jiaintenan￿OrTr￿SI Houst Boiik chtsrges Chaplain's ¢xpenscs TOTAL EXPENDITllliE 1.700 720 1.700 720 1.700 696 1.457 615 2,362 3,136 69 400 2,663 14.140 97 400 2,663 14,140 97 400 19.720 19,720 10.435 NCIl' INCOMEIIEXPEINDITUREI Nei gainslllossesl on it)v¢slmonts NE4T MOVCMCINT JN FUNDS 15.557 IS,$57 52,951 71,142 15,557 15.557 RECONCILIATION OF FUNDS 'rotsl fllnds brou8hl forward TOTAL FUNDS CARRIED fiORWARD 292 913 292913 221.771 292.913 308.470 308 470 P88e 2

HUDSON MEI MORIAL TRusr BALAN r SHf,FT AS A'I. S APIIIL 2022 2022 2021 Notes rixbD ASSF.'rs Tangible asscts 296.321 296,321 296,321 296.321 CURRENT ASSETS Debtors Cash at baiik 4,850 12,426 4.160 7.645 17.276 11,805 CIIEDKI'ORS Amounls falling diie wiihirt one year 5,127 7213 8,000 5,127 15,213 NET CIIRRENT ASSETS 12,149 13.4011 NET ASSETS 308,470 292.913 CAPITAL AND RESERVES Capital ocoount Cxlraordiiiary Iwairs fund Revenue reseTves 2,314 166.488 184.359 TOTALFUNDS 308,470 292,913 The finDncial Stslements on pages 2 to 3 wcre approved by Ihc trustees on + 2022 and sign¢d on iheirb¢half by.. Mr C.A. dsoD IChRlrmAn} The nole5 on pages 4 to 5 forjn p&rt of these financial slatcnienis. Page 3

A.J.B. HUDSON MCI MORIAL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR EliDED SAPRIL2022 I CHARITY EXPENDITURE ANALYSIS 2022 2021 Salary and expenses of Sethttdry 1,7(K 1,700 The Trust Secretary Isincc Apvil 2017) is the ChtiEfs sister-in-law. 2 TANGIBLK FIXED A&SETS Houses, 18nd and ¢oltag¢s at Wick Chapel Furnitu￿ & Inve6tin¢nts Total COST At 6 April 2021 Additions 296,320 65 296,385 At 5 Awil 2022 296,320 65 296,385 DEPRECIATION At 6 April 2021 Charge foi. year 64 64 At 5 April 2022 64 64 NKT BOOK VALUE At 6 April 2021 296,320 296,321 Al 5 April 2022 296,320 296,321 Markei value at 0510412022 ma￿et value at 0510412021 2,820.000 2.690.0 Pag¢ 4

A.J.B. HUDSON MEM RIAL TRUST OTLS TO THE ACCOUNTS OR THE YEAR ENDED 5 APRIL 22 3 DEBTORS: AMOUNTS fiALLINC DUEWITHIN ONE YEAR 2022 2021 Prepaid insurance Deposit ProteGlion Scheme 3,074 1,776 4.850 2.384 4,160 4 CASH AT BANK 2022 2021 CAF Chaiity Services Account CAf Gold A￿OUnt I.oDo 1,426 I,oJo 6,645 12,426 S CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 2021 Acci'ued Inaintenance A¢¢iiied accountancy fee Piwid g&rage rental income T¢nani Dewsits 1,227 720 1,404 1,776 5,127 2,401 696 2,340 1,776 7,213 6 CREDITORS: LONC TERM 2022 2021 Lo&n 8,000 8,000 The Chaimian loaned £12,0(X) Enleresl free for propeTty pul'ehase in Octobti. 2020- Temaining £8,000 repaid this FY. 7 CAPITAL AND RESKRVLS ExlraordÉnary repgirs fund CapÉtal account Revenue Teserves Totsl At 6 April 2021 Suvplusl(defititl for the year Funds transferred 2314 166,488 15,557 2,3 14 184,359 292,913 15,557 (2,3141 At 5 April 2022 308 470 The Extraordinary kepairs Fund was closed under tl)e conslilutional amendmettt adopted 6 April 2021 atyj the funds ti?nsfri'red to reveE)ue reserves. Poge 5