## **A J B HUDSON MEMORIAL CHARITY** Registered Charity Number 227925 **__________________________________________________________** ## **TRUSTEES ANNUAL REPORT AND FINANCIAL STATEMENT** **YEAR ENDED 5 APRIL 2024** **_________________________________________________________** ## **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 David Charles Waldron, Worcestershire Royal British Legion Gabriel Charles More Hudson Lieutenant Colonel Mark Lucian Jackson O.B.E., formerly of The Worcestershire and Sherwood Foresters Regiment (from May 2023) Penelope Jane Gordon (from October 2023) ## **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 2024** 1. The Trustees present their annual report and financial statement for the Trust for the year ended 5 April 2024. 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** 2. 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. 3. 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 eight). Existing Trustees were reappointed for periods of three, four or five years; future Trustees will be appointed for five years. 4. 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. 5. 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. 6. 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 and complete a Declaration of Interests. 7. 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** 8. 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. 9. 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). 10. 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. 11. 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** 12. The Trustee Board met in person in May 2023 and October 2023. Lieutenant Colonel Mark Jackson and Mrs Penny Gordon were appointed as Trustees and welcomed to the Board at the May and October meetings respectively. 13. There has been no turn-over of Trust tenancies over the past year, with all seven Trust beneficiary properties and the single investment property being let for the full period. A number of routine maintenance and refurbishment tasks have been completed; 78% of 2023/24 expenditure went into upkeep of the estate. All properties have now been EPC rated at above the current legal requirement of ‘E’ – five ‘C’ and three ‘D’; the Board will look at options for improvement. With continuing high inflation, rents for the seven beneficiary properties are currently set at around a quarter of market rates. The Trust’s investment property 8 Timber Down has been vested with the Official Custodian, as was already the case for the beneficiary properties. 14. The Trust’s finances remain strong, with the letting at commercial rates of the Trust’s investment property and two garages contributing a third of income this year, against the investment policy target of 15-20%. ## **Financial Review** 15. The Trust’s work is entirely reliant on rental income from its seven beneficiary properties, let at well below market rate, plus one investment property and two garages, let at full market rate. The 3 Trust’s gross income for the year amounted to £40,148 and expenditure to £30,867. 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: - CAF Bank – Gold Account £53,043 - CAF Bank – CafCash Account £1,000 ## **Reserves Policy** 16. 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 A.J.B. HUD N MKMORIAL TRUST KGISTERED NUMBE 227925 STATKMENTS OF ACCOUNT R THf YEAR ENDED 5 APRIL 2024 Folkts Woiton LLP 1&17 Chui'cli Slitet Stourbridge Wesi Midlands DY8 ILU N MEMORIAL TRUST CONTf.NTS of4 TIIE STATENIENTS OF ACCOUNT FOR THE YL DED S APRIL 2024 Page Actourtianls. ItrA)rt SiatenKnt of fiiiwicial activities Balance sheet Nol¢s io the financial slalemcnts A.J.B, HUDSON MEMORIAL TRUST ACCOUNTANTS, REPORT FOR THE YEAR ENDED 5 APRIL 2024 We report on the accounts for the period ended 5 April 2024 set out on pages 2 to 5. Re5peellYe responsibilitie5 of trusttes knd aecountamts The charity's trustees are responsible foi. the preparation of the financial statemenls. The charity'5 trustees consider that an audit is not Itquired foi. this year (under Section 144 (2) of the Chariti¢5 Act 2011) and that an independent examination is required. It is our responsit)ility to.. examin¢ the acrounls ullder Section 145 of the 201 l Act. follow the procedures laid down in the Genei'al Directions given by tlie Chai'ity Commission (under Section 145 (5)(b) of the 2011 Act),. and state whether pttrticular matters have come to our attention. Basis of our report Our examination was can'ied out in accordance with the G¢E]eral Directions given by The Chai'ity Commission. An exan)ination includes a r¢view of the accounting records kept by the cliarity and a cojnparison of the accoui)ts pre5ent¢d with thu5e reLui.ds. 11 a150 includes ¢onsideratioi) of any UTrUSUktl itein5 or disclosures in the accouiits, and seeking e¥planation8 fratn yoiTr a5 triistee5 conceiniiig such matters, The procedures ulldertaken do nol provide all the evideiice Iliat iyoijld be Irqiiiied iii ali aiidil, and conseqiieiitly no opiiiioii is given as tu wliether the accounts present a 'tt'ue and fair vsew, and the report is limited to those Inatters set out in the 5tatetnEnts below. Reporting accountants, st￿teMent In connection with our examination, no matter has ￿me to our attention.. (l) which gives us reasoDable cause to believe that in any material IEspect the requirements to ke¢p accounting recoids in accordance with section 41 of the A¢t' and - to prepajt aceounts in accord with the accounting r¢¢ords and to coinply with the accountÉng requirements of the 201 l Act have not been met. or (2) in wbi¢h, in our tspii)ioi), attention should be drdWE) in order to enable proper understanding of the accounts lo be reached. f6 Ik*s ¢Jockcfj LLP Folkes Worton LLP Chartered AccouiitaDt5 15-17 Church Street Stourbi'idge West Midlands DY8 ILU 19 Noveinber 2024 Page I A.J.B. HUDSON MCMORIAL TRUST TK ENT OF FINANCIAL ACTIVITIts THE YEAR ENDED 5 APRIL 2024 Uiiresii'icted Restricted income fund5 Total TotÈl funds Endowjmit lunds lunds 2024 2023 Notes INCOME Rents received Ibeneficiaries) Rtnts received linvtslmenll Gai'8ge iEiila CAI.. Llank interest 26,100 10.731 2,376 941 26.100 10,731 2,376 941 24,843 10,220 2,418 196 TOTAL INCOME 40,148 40,148 37.677 CHARITY EXPl4NDITURE Salaiw aiidexpeiises of Seciiiary Aiidit ￿nd accaunlancy cliai¥cs Professional fees iktling fees In5LiiiiiC¢ 1,700 792 1,700 792 1,700 756 3,455 3,4)5 24.3() 60 500 3,052 11).%4i 72 400 aiik uharge 60 500 TOTAL ￿PENDllTURE 30.867 30.867 17,425 NET INCOMEIIEI XPEIYDITUREI Net gainsl{lossesl on investtllents NET MOVEMENT IN fiUNDS 9,281 9,281 20,252 9,281 9.281 20.252 REI COliCILIATION OF FUIYDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 328,722 338.004 328.722 338004 308,470 328,722 Page 2 A.J.B. IIUDS IF.MOIIIAI.TRUST BALANC T S APRIL 2024 2024 2023 Notes 'I.¥ED ASSETS T￿IgIbIC a$8eis 2L)6.321 296,321 296,321 296,.121 CURRENT ASSETS Debtoi 5.?08 54,043 4.956 29,977 59.251 34.933 CIIED11'01IS 17,568 2.531 NET CURRENT ASSETS 41,683 32.4111 NET ASSETS 338.004 328.722 CAPIT.4L AND RESERVES Revelllle reseives 213.892 TOTAI. FUNDS 238.003 J28.?22 Tlie tiiiaii¢ial smieli￿llts oti pages ? to 3 iveie appi'oved b). Ilie Irusiee% 8 Oelober 2024 aiid sigiitd 01) Ilieir b¢hglf by.. hli. C.A.B. Hudsoii IClihli'MAJhl l'ag¢ 3 A.J.B. HUDSON,MEMORIAL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR EI NDED 5 APRIL2024 I CHARITY EXPENDITURE ANALYSIS 2024 2023 Salary and expenses of Se¢r¢tsry 1,700 1.700 The Trust Secretary {since April 2017) is the Chaiffs sister-in-law. 2 TANGABLE FIXED ASSETS Houses, land Chapel and cottages FUr￿lture & at Wi¢k IThYestmeftts Total COST At 6 April 2023 Additions 296,320 65 296.385 At 5 April 2024 296,320 65 296,385 DEPRECIATION At 6 April 2023 Cli(11-¥i foi. yeai. 64 At 5 April 2024 64 64 NET BOOK VALUE At 6 April 2023 296,120 296,321 At 5 AprÉl 2024 296,320 296,321 Market value at 0510412024 Market value at 0510412023 2,820.000 2,820,000 Page 4 A.J.B. HUDSOY MEIVLORIAL TRUST IYOTES TO THE ACCOUNTS OR THE YEr AR BNDED S APRIL 2024 3 DEBTORS: AMOUIYTS FALLING DUB WITHIN ONE YEAR 2024 2023 Prepaid insurance Deposit ProteGtion Scheme 3,432 1.776 5.208 3.180 1.776 4,956 4 CASH AT BANK 2024 2023 CAF Chai'ity Services Aceount CAF Gold Account 1.000 53,043 I,ouo 28,977 54,043 29,977 5 CREDITORS: AMOUNTS FALLING DUE WTHIN ONE YEAR 2024 2023 A¢¢i'ued niaiiitetia￿ce Acerue