Charlty reg181ratlon number 228129 Company reglslrallon numkEer 007S0390 (England and Wales) HEWER.WHITE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 HEWER-WHITE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees J H Allèrh J LAllen C L Smilh Awooiqer K Bezant M W Evans Secretary GKPapp Charlty numbèr (England and Walosl 228129 Company numbar 00750390 Registered office Moor Park 21-23 HeAlh Road Stockport Chpshire SK2 6JJ Auditor Xelnadin Audit Limlted Riverside House, Kings Reach Business Park Yew Stro91 Stockport Cheshlre United Kingdom SK4 2HO HEWER-WHITE TRUST CONTENTS Page Trustees. report Slal6m¢nl of Iwstees, responslbilities Indèpèndènt auditovs r8POrt Statèment of financial activities Balance sheet 10 s￿lement of cash flow8 11 Notes lo Ihe financial statements 12-26 HEWER-WHITE TRUST TRUSTEES, REPORT {INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The truslees wesenl Iheir annual report and financial statements for tha year ended 31 March 2024. The financial statements have been PTepared in accordance with the 2ccounling poli¢ies set out in note 1 to tho financial statements and comply with the trusl's Memorandum and Articles of Associalion. the Companies Act 2006 and "Accounting and Reporting by Charilies-. Stalemenl of Recommended Praclice applicable lo charities preparing their accounts in accordance wilh the Financial Reporling Standard applieable in the UK and Republic ol Ireland IFRS 1021 leffecuve l January 20191. Oblectlves and acllvltles Th6 prlmary oblècllve Is to asslst Indlviduals and famlllès In n88d with sull8blè 8ccommod8lion. Thè Trust owns ar admlnislers charil8ble sheltered accommodallon In Slockwrt and Sh8ffleld, whlch is occupied by Indlviduals over the age of 55. The Trust also owns four bungalows whlch are adapted to asslsl famllies wllh disabled children. wllh a lurther bungalow due lo be acqulred. We e81imats that the Trusl gonerated ¢hori1oble bonefil lo the 03llmaled valug of£440,337. The Trust has a robust rolling five y88r slralegy in place lo ensure lh8 objects are mel and the Trvsl adapts lo change. manages the funds and spend eflectively and remalns compliant wllh the Charily Commission. The Iruslees have pald due reyard lo guldance Issued by Iha Charity Commission in deciding what aclivilie5 Ihe Irusl should iJndert8kè. Achlevements and performance The resulls for the period are sel oul on pages 8 10 26. The Tnjsl has conllnued lo mainlaln. refurt)Ish and modernlse Ils 1ndl￿trIal and chartlable properties lo further Ils objecllves. Charilablo propertl98 ¢urtsnlly, fj3 flats are let al Moor Park, wllh one ground floor flat due lo bg let lo a whÈ8lchalr usèr. A buyar has bè8n gtsughl ftsr thè Sh8ffiéld piopèrty and the Tru$l wlll look lo rèlnvesl lh8 pro¢8eds In lihè Wlth Ihe Trust's oblAclives. Grants- Granls conllnue lo be prO￿ded to those who meet the Trust's oblects. We hold investmenl properiies which generate funds for tharitable purposes. Their performance during the year are 8s follows.. Hollands Mill Land and H8wer-Whlle Trading Estate- three tenancies are In place wSlh all land and units currently let, one of whlch Is a larg& local charity and another is an NHS facility. Meadow Industrial Estate undorgoing r¢furbishmonl. all bul iwo unlis are curronlly under 18a80. The Iwo va¢anl units ale Flnanclal r8vlew The Tiusl's reseNes remain adequate. General Pollcles The pollcles of the Tntslees are to ensure that the Trust operates In accordance vAlh the rules lald down In Ils Memorandtjm and Arlldes of Assoclauon. More partlcularly Ihe Tnjslees, alms ère.. - 1. Ta oplimlse Ihè charitable benèfit prO￿ded In accordance with th8 Trust's Objects from the Tesources available 2. To prud&rTrlly manage the Trusl's resources to ensure that the Trust can honoul its charitable commitments for the foreseeable lulure 3. To ensure that the accommodalion and piemises provided by the frust to benef¢￿arieS are maintained to a high standard. HEWER-WHITE TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 ReseNes Pollcy Subjecl lo everyday turwnl rèqulremènts, all moniès h61d at th6 bank or with the Charities Official Inveslmenl Fund are available for charitablg Purposes In accordan¢& with the objects and policies of Ihe Trust. The Trustees wlll ènsure that the projects outlined above will not stretch Ihe Trusl's resources beyond an ae£èpl8ble 18vèI beèring in mind Ihe major risks identified below. The res81ve balan￿ al the end of year is £15,679,245. Invèstmént Policy The Trust's investtnentb are Ils properties and ils current assel investménts. Th8 Trust has refreshed ils T¥easury Policy and moved all resewes lo thè COIF fund. The Irustees have assessed the major risks to which the Irusl ts exposed and are satisfied that systems ar8 In place to mitigate exposure to the major risk8. FU1u￿ Pl&ns.- After evaluating the key iisks to whloh the reserves are exposed. Hewer-white Trust wlll wnduct a comprehensive review and thoTough duÈ dlllgénce of cash dèposil platfomis. The aim is lo enhan￿ the protection ol funds by diversifying re8prv&s and lÈveraging thè safèguards provtded by the Financlal Services Compens8tlon Schem8 IFSCSI. Grant Maklng Pollcy The Tiust makes grants by the provlslon of charitabl& a￿0Mm0daIi0n as set oul In Ils objeclives. The Trust also makes grants to individuals and other charities and organisalions who satlsfy the crilerla of need expressed in the obj8¢ts of Twsl. Risk Manayèmant The Twsleos have Id8ntlfied and actively review the major risks lo which th8 charlly Is axposad 8s follows: . al Loss of incomè and bad debts from lenanls. bl Costs of Inalor repairs and relurbSshment of Ihe companls properties. c) Major incident al one of the properties, mlllgaled by Insurance. dl Ch8ngÈs In legislation applicable lo Ihe Trusts obj8cIs. el Flu¢luallon8 in market value ol Ihe current asset investments. In each case. steps have been taken lo milig8le those risks, whère posslble Structure, governance and management The Trugt was Incorporated on 15th February 1963 as a company limited by guarantee at the insligation of Mr. and Mrs. B.S. While (thè Founders)- The company Is governed by ils Memorandum and Artlcles ofAssoclatlon. Other detailed informallon as required by SORP is shown on page 101 the financial slalements. The trustees. who aTe al80 th8 direGtor5 for the purpose of company law, and who sèrv&d dtjrinu thè year and up to the dale of signalur8 of the financial statements were.. J H AllÉn J L Allen C L Smith Awoolger PJHale K Bezarnl M W Evans {Resigned 13 July 2023) HEWER-WHITE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORTI (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Truslegs sh811 numb9r not loss than Iwo or rnore than twelve. Each TTU31ee shall also be a rnember of Ihe company. A(Sdilional Trustees may be appointed by an ordinary resolution of the company from lime (o lime. The Trust has a system ol rotation, whereby each Trustee is elecled lor between one and three years. alter which. 11 ellglble. they can be re-elected. At the 2023 AGM held on the November 2023, Mls. C Smlth and Mrs. A Woolger r8tired fiotn the board and offerad IhÉms8lv8s for ré-Èlècllon. Organlsatlonal Structure The Trust is administered by its Trusteès and Executiv8 orric&r. Th8 adminislralive headquart8rs and the Ex8culive Officer are based in serviced offices in Greater Manchester. The Trustees meet regularly to review the financial position and the management of the company's properties, including new purchases. major relurbishmenls and disposals and to discuss future projects. Day-to-day charStable work and property management Ss delegaled to the Execullve Offlcer and her staff. Trustee Inducllon and Tralnlng New trvslees are appointed lo the Boa¥d who have the necessary skills and knowledge lo enable them to benefil thè Trust as & whole. They are briefed on their legal obligations under charity and company law. the content of the Memorandum and Artlcles ol A550clalion. the commlltee and declslon-making processes, the buslne55 plan and thè rec8nt flnanclal p6rformancè of Iha charily. Thèy arè 8ncourag8d lo m881 k8y 8mploy88s and allend appropriate external training 8v8nts which will facilila18 the und8rtaking of their role. Audltor In accordance with the company's articles, a resolulion proposing Ihal Xeinadin Audit Limiled be reappointed as auditor of Ihe company will be put al a General Meeting. D15closuYè of informatioh to auditor The Trustees have confimed to the auditor that there Is a value at risk to the sum of £1.3m follo￿n9 a regu18tory incldent reali5ed In 2022 whereby Hwf is In bre8ch of FSMA 2000. followl￿g the merger with the Marshall Grant Trust July 2000. A s8rlous Incldent report was issu8d to th8 Charity Commission in Jun8 2022. The Trust continues to WOTk towards resolving Ihe matter with the support of appropriate legal and financial advisors. Ea¢h of Ihe trustees has confirmed that there Is no other Information ol which Ihey are aware whloh Is r¢l8vanl lo the audit bul ol whioh Ihg auditor is unaware. They have further confirmed that they have taken appropriate steps lo identify such relevant infoimalion and lo establish that the auditor is aware ol such Informalion. The (rustees, report was approved by the Boaid of Trustees. J H Allen A Woolger Dec 18,2024 HEWER-WHITE TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trustees. who are also the direcloTS of Hewer-whlte TrusE for Ihe purpose of company law, are iesponsible lor preparing Ihe Trustees. Report and the financial slaletn8nls occordance with applicable law and Uni18d Kingdom A¢¢oui)ting Stsndards Iunited Kingdom Generally Accepted Accounting Piaeticel. Company law requires Ihe Iruslees lo prepaTe finanelBI statements for each financial year whlch glve 8 true and falr vSew of the state of affairs of the trust and ol thè incomlng resources and application of resources, including the in￿T￿e and expenditure, of Ihe charitable company for that yèar. In preparing Ihese financial statemènts, the truslees are required to.. select suitable accounting policie8 thèn apply thÈm eonsistently: observè the m61hods and principles in the Charities SORP., make judg$ment$ and eslimales that are reasonable and prudent., state whether applicable UK A¢¢ounllng Standards have been followed, 8ubje¢l to 8ny m8tèrl81 deparlures disclosed end explained in the financial slalgm8nls', and prepare Ihe financial statements on tlig going co[￿rn basls unles5 It Is InBppropriate to presume Ihal the trust will ot)linue In operation. The trustees are responsible for keeping adequate accounllng reco¥ds that disclose wilh r6ason8ble accuracy at any time the financlal posilior) of the trust and enablè them lo ensure that the financial slalemenls comply w&th the Companies Act 2006. They are also respon8ihle fnr saféguarding the assets of the Irusl and hanco for taking reasonable steps lor thè preventlon and detection of fraud and olh8r IrFe9ularilies. HEWER-WHITE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF HEWER-WHITE TRUST Oplnlon We have audited the financial slalements of Hewer-while Trust Ilhe 'liusl'l for the year ended 31 March 2024 which comprise Ihe statemenl ol financlal acllvities, the balance sheel. the statement ol cash flows and notes to the financial slalements, Including significanl accounting policies. The financial reporting framework Ihat has been applied in their prep8ration is applicable law and United Kingdom Accounling Stand&rds. Includlno Flnancial Reporting Standard 102 Thè Fin8nci81 R8POrting Stand8rd 8pplicablè in lh8 UK Republic of Ir618nd (Uni18d Kingdom Generally Accepted Accounting Practice). In our opinion. the financial slalements.. oive a Irue and fair view of the slate ol the charitable companys affairs as al 31 March 2L124 and of ils Incomlng resources and appllcalion of resources. lor the year then ended,, have been properfy prepared in accordanc8 With Uni18d Kingdom Gengra15y Accepted Accounting Piaclice; and have been prepared in aocordance wilh the requirements of the Companies Aol 2(￿6. Basis for opinio We condueted our audlt In accordance ￿th Inlemalk>nal Standards on Audlllng IUKI IISAS IUKII and applkable law. Our responslbllltleg under those stand2rds are lurth6r dtsserlbsd the Audllors responslbllllles for Ihe Èudll of thè fin8nci&l glat&m8nls s6Ctlon ol our report. Wè arè Indèpènd8nt ol thè trust aecordxnc6 wllh the ethie81 requirements Ih8t are re18vanl lo our audit ol th8 financial statèmènts In the UK, includlng thé FRC'S Elhlcal Standard, and we have fulfilled our other elhlcal responsibilities in accordance wlh these requlrements. We belleve that the audit evidence we have oblalned Is 8uffiGienl and appropriale lo provid8 a basls for our opinlon. Concluslons relatlng to goln9 ¢on¢grn We have nolhlng to report in respect of the lollowing matters in relation to which Ihe ISAS {UKI require us to report to you where.. tho Iruslges, use of the going ¢on¢ern basls of accounllng In the preparallon ol the flnandalslalemenls Is not appropriale., or the Irusloos havo not ¢Jisclosed in the financial 8ialements any idonlilied materi81 uncgrtainlies Ihal may cast significant doubl about the Irusl's abilily lo conlinue lo adopt the going concern basis ol accounting for a perlod ol al least Iwe5ve months from the dale when Ihe financial slatements are aulhoiised for issue. Other Informatlon The olhei Inlormalion C courso of the audit, or othorwse appeals lo be malorially misslalod. If wo idonlify such malerial inconsistencies or appdreiil material misslalemenls, we are required lo determine whether this gives rise to a malerial misslalen)enl In the financlal statemenls themselves. If. based on Ihe work we have performed. we C￿nClUde thal there is e mat&rl81 mlsst8t6m&nl of this other inlormalion. we are ￿qUired to report th8t fact. We have nothing lo report In Ihls regard. Oplnlons on othor mattèrs prescrlbèd by the Companles Act 2006 In our opinion, based on the work undertaken in the course of our audit.. Ihe information given in Ihe IrusleÈs' Report, which includes the diieclors, ￿port prepared far the PUTpose8 ol company law, for the financial yeaT lor which the financial slal8menls are prepar8d is consist8nl wlh th8 financial stalempnts., and the direotors, report included within Ihe Iruslees, report has been prepared in accordance wilh applicable legal requlremenls. HEWER-WHITE TRUST INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF HEWER-WHITE TRUST Matters on which w& are requlr&d to raport by èxceptlon In Ihtt Ilghl of th¢ kn(>wledgÈ and understsnding of the Irusl and ils environment obtained iri the ¢ourso of Ihe audlt, we have not identified material misgtalèmènts 111 the directors, report included within the Iruslees. repori. In the liohl of the knowledge and understanding of the company and its environTTtent obtained In the course of Ihe audlt, wè have nol identified material misstalemenls in the trustees. report. We have nothing to report In respect of th& following matters In Y¢lollon lo whlch Ihe Companies Act 2006 requlres us to T8POrt ILI you if, in our apinlon.. adequate acwunllng records havè not been kept. or returns adequate for our audit hav8 not been recelved from branche4 Ylot vlsitÈd by LTrS,' or the financial slalemenls are nol in aoreement wSlh the accounilng records and relums. or C8rtaln dlsclosu￿s ol trustees, remuneration specified by law are nol made,. or the Iruslee5 were not e￿tiLled to prepare the financial slalements in 8ccordancè wlth thé small companies regim8 and lako advantage of thè small companieg, exemptions in preparing the trustees. repoFI and from the reqUir￿￿ent to prepare a strategic 18POrt. Rgspon$ibilitl¢s of trustees As expl8ined more fully in the statement of Iruslees. responsibilities, Ihe trustees, who are also the directors of the Irusl for Ihe purpose of wmpany law, are responsible for Ihe prepaTalion af Ihe financlal slalemenis and for be￿ng satisfied thal Ihoy 9ive a true and fair vlew, and for such internal control lh8 trustèÈs dètermlnè is necessary to enable Ihe preparation ol finanGial slal6ments thal ar6 free from material misstalemenl, whether du8 to fraud or error. In preparing the financial slalern8nts, IhÈ tiusteès are rèsponsible for assessing the trust's ability lo continue a8 a golng concern, disclosing, as applicable, mallers relaled lo going ¢on¢ern and using the going concern basis of accounting unless th& Irustè8s èilher intend to liquidale the charitab18 company or lo cease operatlOn5, or have realistic allernalive but to do so. Audator's rèsponslbllltlas for th& audit of the financlal statements We have been appolnled as auditor under section 144 01 thè Charlues Act 2011 and report in acwrdance with the Act and ielevanl reg￿latIonS made or having elfect ther@under. Irregularllles, Including fraud. are instances of non-complionce wllh laws and regulalions. We design pro¢eduies in line wllh our rÉsponsibllities, oullined above. lo d8t8cI maleiial misslaleTnents in respecl ol irregularilies, including fraud. The 8xtenl to which our procedurès are capable of detecting irregularities. including fraud is delalled bèlow: W6 g8lned an unde￿landing of the legal and re9ulalory framework appllcable lo Ihe Trust and the charitable sector Én whleh il operates, and consldered the r¢sk of acts by Ihe Tiust Ihst were contrary to applicable laws and fegulalions, Including fraud. We designed audil procedures lo respond lo the rlsk, recognising thal (he risk of not detecting a material misslalemenl due lo fraud Is hlgher than Ihe risk of nol detècting on6 rèsulting from error. as fraud may involve deliberate concoalmenl by, for èxamile, lorgery or intentional misrepresenlations, or through collusion. We locussed on laws and ragulallons which could give rise to a materi81 misslalemenl in the finaficTral slatements, ncluding. bul nol limited lo,Ihe Companles Acl 2016 and UK Charity legislation. Our lesls included agreeing the financial statement dlsclosures lo undertying supporting do¢umentatlon. enquirles wilh managem9111 and enquiri9S of leqal prolsssionals. There are inherent liinilalions in Ihe audit procedures described above and. the further removed non-compliance with laws and reoulalions is from Ihc ovcnts and Iransaclions rèflected in the financi81 slalemenls, the less likely we would become aware ol it. We did not id&ntify any k8y audit m8tlers relating lo irregularities. including fraud. As in all our audils, we also addressed Ihe risk of m8nagém6nt override ol inlernèl controls. including lesting jourllals and evalualinu whelher there was evidence of bias by th8 directors Ihal represonled 8 risk of tnaterial misslalemenl due to fraud. A further desoTiplion of our responsibilities is available on the Flnandal Reporting CouncS1's website al.. hllps.'Il www.Irc.org.uklauditorsresw)nslbllillès. This description forms part ol our audiloTS report. HEWER-WHITE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF HEWER-WHITE TRUST Use of our report This report is made solely lo the company's members. as a body, in accordance with section 391 01 Ihe Companies Act 2014. Our audil work has been undertaken so Ihat we might stale to the company's members ihose matters we are required lo slale lo them in an audlloff s report and lor no other purpose. To the fullest exlenl perfflitled by law, we do nol Sceepl or assume responsiblllty lo anyone other than thè cornpany and the comp8ny's members as 8 body, for our audit work, for thls report, or for Ihe oplnions wè hava fomÈd. Slmon Lelt¢h-Devlln (ACAI Isanlor Statutory Audltorl for and on behalf of Xelnadln Audlt Llmiled Chartered Accountants Statutory Audltor Riverside House, Kings Reach Business Park Slockport Cheshire United Kingdom SK4 2HD 20/1YxDI+ o(0 ¢0 f4 * Lrylo 0> ¢4 i ¢£> ¢r> Oor OQ)r ) co C￿ (n <0 L¢) 0> ts) ¢0 (o (o (o(fj 10 b o (roa Z5 V)T ¢y HEWER-WHITE TRUST BALANCE SHEET ASAT31 MARCH 2024 2024 2023 #s rèstal•d Notes Flxed assets Tangible assets Investment prop8rties 17 18 4.919.822 6.684,200 3,597,970 4.440.200 11,604,022 8.038,170 Current assets Debtors Investments Cash al bank and in hand 19 20 249,102 3.199,205 665,116 251,174 3,032,060 461,121 4,113,423 3.744.355 Credltors.. amounts falllng due within ono year 21 138,2001 {44.894} Nel current assets 4.075,223 3,699.461 Total assets less Gurrent liabllltl&s 15,679,245 11,737,631 Chpltal funds Endowment funds- general Income funds Resl¥icled funds Unroslric ed funds Gan6ral unrestricled funds Revaluallon reseNe 22 104,089 104,089 23 2,282,277 2.284,013 8.719.936 4.572,943 6,287,369 3,062,160 13,292,879 9.349.529 15,679,245 11,737,631 Dec 18, 2024 The financial slalem$nls were approved by the Trustees on ......................... J H Allen Trustee A Woolger Truste8 Company règlstratlon number 00750390 10- HEWER-WHITE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 as restated Notes Cash flows from oparatlng actlvitlès Cash absorbed by operatlons 30 {452,528) 1483,0281 Invastlng actlvlties Purchase ol tangible fix6d assèts Proceeds from disposal of tanolble fixed assets Purchase of olher Investments Proceeds from disposal of investments Investment income received {194,2031 195.17SI 248,460 11.778,3301 1,673,953 706,643 7.002 1246.3371 234,598 762,342 Net cash generated from investing activities 656,523 662,430 Net cash used In flnanclng actlvltles Nèt Incréasé In eash and cash èqulvalants 203.995 179.402 Cash and cash equivalents al beginning of year 461,121 281,719 Cash and e4$h equlvalont$ at end of 665,116 461.121 HEWER-WHITE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies Charlty Infomiation Hewer-while Trust is a piivate 1￿MpanY Ilmittsd by guarantee incorporated in England and Wal¢s. The registered offic9 is Moor Park, 21-23 Hèalh Road, Stockport, Cheshire. SK2 6JJ. 1.1 Aceountino corhventlon The financial statements have been prepared in accoYdan¢o wilh the trust's governlno documenl, the Companios Act 2006, FRS 102 "The Financial Rep￿ting Standard appllcablè in thè UK 8nd Republic of Ireland {'FRS 102,1 and the Charilles SORP 'Accounting and Reporting by Char1118s.. Statement of Recommended Praclicg applicable to charities preparing their accovnls in accordance with th8 Finan¢ial Reporling Standard applicable in the UK and Republ1¢ of Iraland IFRS 1021" (effective 1 January 20191. The Ifust is a PiJbli¢ Bènelil Enlity as delined by FRS 102. The financial statements are preparéd in sterllng. whlch is Ihe functional currency of Ihe trust. Monetary amounts In these financial slalements are rounded lo th$ nearest £. The financial stat8m8nts hav6 been prepared under the hislorical cost convonlion, modified to Includè the revalualion of Ireehold properties and lo include investment properties and certain financial inslrum8nls at fair value. The principal accounting poli￿e$ adopted are set out below. Last yoars12023I acGounling peritsj was for 15 months. The curr8nt yèars120241 accoLÈnts have changed to 12 monlhs. 1.2 Golng conc8rn Al Ihè time ol approving the financial staternenls. the truslges have a reasonable expeclalion that the trust has adèquate tesources lo continue ii) operational oxislenco lor the foreseeable lulure. Thus the twslees continue to adopt the going conGerTr basis ol accounting in preparing Ihe financial 8latÈrnènls. 1.3 Charitable funds Unreslricled furlds Ére gvallable lor use al Ihe discretion of Ihts trustees Sn furtherance of the1r charllable objectives. Restricted funds are sublecl Io 8pe¢ifi¢ condlllons by donors or grantors as to how they may b6 used. Th¢ purposes and uses of the restricted funds ar8 s8t out in th& notes to the financial statements. Endowment funds are subleol lo specific conditions by donors that the capllal must be maintained by Ihe Iw81. 1.4 Incomè Inootne is reGogrElsed when the Irusl is legally ènlS118d lo it aft6r any performance conditions have been mel, th8 amounts ran be measu￿d reliably, and il is probable that Income wlll be received. Cash donalion8 arg recognised on receipt. Olher donalions are recognis8d onc8 thè trusl has been notified of the donation, unless P8rfoimance condilions require deferral of (he amount. Incomo tax recoverable in relation to donatlons received undeT Gitt Aid or d86ds of covenant is recognised at the lime of the donation. Legacies are recognisgd on recelpt or othe￿ISe If the trust has been notified of an impendlng distribullon, the amount is known. (Ind receipt is expected. If thè amount is not known, the legacy is Irealed as a conlirsgenl asset. Incoming resources arè the rent and service chargés rèc8ivablè from UK fixed asset investmen18 and lelting of charitable investment prop6rtles. AJI income is accounted for on a r8celvable basis. 12- HEWER-WHITE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles {Contlnu•dl 1.5 Expendltur8 Expendlture Is r6cognlsed once th&r6 Is 8 lègal or constfucllvè obllg8lion lo transf8r 8conomic b8nefil lo a third party, 11 Is probablé that g liansfèr of &¢onomic bènafils ￿1[ be required in selll8menl, and the amount of the obligation ¢an b¢ measured reliably. Expendllure is classified by acllvily. The costs of each acllvlly are made up of the lolal ol direcl costs and shar&d cosls, includlng support costs involved In undertnal lèès, 8nd thosè costs of an Srtdirèct n8turÈ nècessary for the strategic manag6m6nt of th& ¢harily. All costs are 8llocal8d between the expgndilur8 calegoiies of the SOFA on a basis designed to reflect the use ol the reseryes. Costs relating lo a particu￿ar activity are allocaleij directly, others are apportioned on an appropriate basis. such as slaff tlme or esilmaled usage, as sel out In Note 2. 1.fj Tanglble flxed assets Tangible fixed assets arg initia1Sy measured al cost and subsequenlly measured al cost or valuation, nel of depr8cialion and any impairment lossgs. DepTecialion is recognised so as to write off the cost or valuation of Bssels less their rèsidual values ovei their useful lives on the following bases.. Freehold land and buiklinos Fixlures and fillings Motor vehicles 2¢h straight linè 20°A Stralghl line 25% Straight line Th8 gain or loss arising on the disposal of an asset is detwmined as the difference between the sale proceeds and the carrying value of Ihe asset, and is rec￿nISed in the statement of financial activities. Freehold properties are lormally revalued every len years by an Independent Charlered Surveyor. wllh Interim valuations conducted by the Directors using Zoopla every 5 years. Social inveslment propèrties are not revalued because of the uncertalAly of any valuation 8bov& the currenl carrying value du¢ lo Ihg incident discussed on p8ge 3 in the Truslegs, Report. 1.7 Inv&$lm•nt property Investment properly. whlch Is properly held to eam rentals 8ndlor for eapltal appreclalion, is initially recognlsed at cost, whleh includ6S the purchasé cost and any dlraetly attributablè èxp8ndilur8. Subsequ&nlly il Is mÈagurÉd al (alr valuÈ 31 the reporting énd dale. The surplus or deficil on revaluation is recognised in profit or loss. 13- HEWER-WHITE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies Icontlnuedl Investtnenl propertles are form8lly revalued every fwe years by an Ind&pendenl Chartered SuNeyor. wilh interim valuations conducted by Ihtr Directors using Zoopla every year. 1.8 Impalrment of fixed assets At Èsch reporting end date, the Irusl reviews Ihe carrying amounts of ils tanolblè assets to determine whelher there is any Indicalton that those assets hava suffered an impairment loss. 11 any such Indlcation exists. the recoverable amount ol the asset Is estimated In order lo determine the extent of th6 Impairm6nt loss lil any). 1.9 Cash and cash equivJlent$ Cash and cash equivalonts includ8 cash In hand, deposits hekl at call wilh banks, olhor short-term liquid Investments with original malurilies of thrée months or lèss, and bank overdrafts. Bank overdrafts aFQ shr)wn wlthin borrowings in current liabilities. 1.10 Flnanclal Inslruments The trust has eleded to appty the provisions of Section 11 'Basi¢ Financial Instrumènts. and Section 12'01h8r Financial In8lrvments 18$ue8' of FRS 102 lo all of its financial instruments. Financial instruments are recognised In Ihe trust's balan¢8 sheel when the liust b8comes party to the contraclu81 provlslons of the inslwment. Flnancial assels and liabllities oro offset. wlth the net amounls presented in th@ financlal stalèmènls. when thèrè is a legally enforceable right lo sel off the ieeognised amounls and Ihere is an intention to séiilè on a net bksig or to rèalise the assel and se1118 the liability simultaneously. Baslc flnancialassels Basic finan¢ial asséts, which include debtors and cash and bank bslances, are inllially measured al transaction pricp. inrludir)g transaction costs and are subsequenlly carried al amorlised cost uslng Ihe effective Interest method unless Ihe arrangement constilutes a financing Iransa¢lion, wherè tha transacllon Is mèasiJr6d at the present value of the fulure rooaipls dlscounled al a market rate of inlerest. Financial assels classilled a$ r$¢eivablb withln one year are nol amortised. B8slc flnanclal Ilabllltles 8aslc financial liabilities, including eraditors and b8nk loans are initially recognise(f al Iransaelion price unless the arrangement eonstilutes a financi￿ Ir4nsa¢lion, wh6re the debt Inslrument is measured al thè wègént value of the futur8 payments discounted al 8 markgl iale of interest. Flnancial liabililies cla*8ifipd as payabl wilhin one year are not amortised. Debt Instruments are subsequently Ca￿led 81 amortlsed eosl. uslng Ihe effective interesl rale m¢ll)od. Trade cr8ditors are obligallons lo pay for goods or servic8S that have been acquired in the ordinary course of operdlions from suppliers. Amounts payable are classified as cuirenl 118bilblies 51 payrnenl is due wilhln one year or less. If not. they are presènted as non-current liabilities. Trade creditors are reGogni5ed initially al Iransacliotl price and subsequently m8asur8d at amortlsed cost using the effective inloresl melhod. Derecognltlon of fin8nci81 Itabllllles Financial liabilities are de￿COgnised when the Irusl's eonlraciL¢81 obllgations expire or are dlschaTged or cancelled. 1.11 Employee bgnefit5 Th8 Cost of any unused holiday enlillemenl is recognised in the period in which the Èmployee's seNlees are recelved. Termination benefits ale recognised Immediately as an expense Whe￿ the tiust Is demonslrably committed to l¢rminate the employment of an employee or lo provide terminalion benefits. 14 HEWER-WHITE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 ¢rltl¢al a¢¢ountillg estimates and judgBments In Ihe appllcatlon of the trust's accounting policies. the Irustees are required to make judqements, eslimal8S and assumpllons Èbout Ihe carrylng amounl of assets and liabilities Ihat are nol readily apparent from other sources. The èsllms16s and £ssoo1ated assumptions are based on hlslorical experlence and other faclors Ihal r8 consld6rèd to be relevant. Actual results may differ from these eslimates. The eslimales an(i underlying assumplkjns are reviewed on an ongoing basis. Revisions lo accounting eslimales are recognlsed in the poriod in which tho oslimalo is roviscd whorc Ihc rovision affccls only Ihal perrud. Dr In Ihf> period ol Ihe r8vision and lulure periods whgre the revision affects br)Ih current and futurg perrods. Income from donatlons andlggacies Unr8strlcted funds 2024 Unrestrlcted fund8 2023 Donations and gllts 2,750 Charltabl8 actlyltles Income wlthln charltable Income wlthln charStable aetlvltles Included rent actlvltles Included rent rècelvod from thè UK rècelved from the UK charitablè propèrtlès. charitablè propèrtlés. 2024 2023 Income wlthln eharftable actiwlies 156,167 206,879 15- ovco £Y> 010 * (5) aj Ln 0> c HEWER-WHITE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Other Incomè Unrastricled Unrestrlctèd lunds funds 2024 2023 Nel galn on disposal of tangible fixed assets Other income 5,934 11.190 8.273 8.273 17,124 ExpèndltLtrè on rxlslng funds Unrestricted Restricted lunds funds 2024 2024 Total Unrestricted Reslricled fund5 funds 2023 2023 Total 2024 2023 Cost5 Incurred on runnlng and malntalnlng UK Investment propertles Depreciation and impairment Share of support costs 286 87,368 286 87,368 52,542 52.542 87.654 87.654 52.542 52.542 lllveslment management 11,605 6,525 18,130 3,339 9.658 12.997 Total costs 99.259 6.525 1 05,784 55.881 9.658 65,539 17- HEWER-WHITE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charltable actlvltles Runnlng &DeprecÈation malntalnlng UK and charltable Impalrment propertlas 2024 Total Runnlng &D•preclatlon 2024 malntalnlng UK and charitable Impalrm•nt properties 2023 Total 2023 2024 2023 Depreciation and impaiiment L8gal and professlon81 fe¢s Donations and granls pay8b18 Direct costs 125.723 125,723 394,907 120.676 515.583 19.982 19.982 19,790 19,790 49.336 123.647 49.336 123.647 55,266 111,163 55,266 111,163 192.965 125.723 321,306 578,508 120.67 701,802 Share of support cosls Governance c(bstg 291.843 22.040 291.843 22,040 364,481 8,660 364,481 8.660 506,848 125,723 632.571 954,267 120.676 1.074,943 Analysis by fund UnreslriGl8d lunds general Restri￿ed funds 490,373 16.475 98,658 27.J65 589.031 43.540 540,980 413,287 86,843 33,833 627,823 447,120 506.848 125.723 632.571 954,267 120,676 1,074,943 Nèt movement In funds 2024 2023 The nel movement in funds 1$ staled aftér charglngllcrediting).. Depree1alion ol owtied langlblè fixed assels Impairment of owned tangible fixed assets Lossl{prollt) on disposal of tangible fixed asgets 126.009 120,677 394,907 {5,9341 8.665 10 Audltor's r¥munèratlon Fees payable lo the charills audilor and 88SQ¢i8t&s'. 2024 2023 For audit seNlce8 Audit of the fEnanclal statements of the d)arlty 9.85 8,575 18- HEWER-WHITE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Trustees No remunèr8llon was pald to Trusteès durlng tha yaar12023 - £NII}. Expenses were paid lo 3 Trusleos during the yoar tolalllng £1,51712023- 21.821) 12 Employees Th8 avÈragè mtsnlhty numb8r of employ88s du￿ng th8 year WdS- 2024 Number 2023 Number Office and managernenl Opgrational Total Employment costs 2024 2023 Wag88 and salaries 198,992 252,428 The numbor of employees whose annual r9mun91alion was more than £60,000 is as follows.. 2024 Numb8r 2023 Numb8r £60,000 . £70,000 £70,000 - £80,000 Conlribullons lotalling £12.449 115 monlhs lo 2022.. £13,519) were made lo defined conlribsjtion penslon schemes on behalf of employees. 13 Other expendlture Unrestrlcted Unrestrlcted funds funds 2024 2023 Nel loss on disposal of tangible fixed assels 8,665 19. HEWER-WHITE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Galns and losse8 on investm811ts Unrestrlcted Restrlcted funds funds 2024 2024 Total Unr8Strlcted Restrfcted funds fut)d$ 2023 2023 Tot81 2024 2023 Gainslllossesl arising on.. Revaluation ol inveslments Sale of inveslm8nts Revaluation ol Investment properties 164.919) 126.6771 {52,8371 1117,7561 (3,6581 (30.3351 31.347 31.421 62,768 2,244.000 2,244,000 2.275.347 31,421 2,306,768 191.5961 156,4951 (148.091) 15 Taxatlon The ¢harily Is exempt from taxatlon on 118 a¢livili88 bècause all Ils income is applled for ¢harilable p¢Jrposes. 16 Impairments Imp8lrmenl tests have been carried t)ul where appropriale and Ihe followng Impairment losses havè been recognlsed in profil or loss-. 2024 2023 In respecl ol.. Property, plant and equipment 394,907 Followng a recovèrability review. the carrying valu6 of certain freehold propgrt18s havè bèèn impaired to their estimaled recovèrab￿ value. 20- HEWER-WHITE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Tangible fixed assets Fr8ehold land Flxlur86 and and bullding5 fiitlngs Motor vehScles rotal Cost Al 1 April 2023 Addllions Dlspostsls Revaluation 4.935.803 189.515 1275.0001 1,510,783 2.447 4.688 32,940 4,971,190 194,203 {275,0001 1,.410,783 Al 31 March 2024 6,36fj.101 7.135 32,940 6.401,176 Depreclatlon and Impalrm&nt At fj April 2023 Depreuallon diarged In the year Eliminaled in respecl of disposals 1,364,898 116.541 117.8751 87 1.233 8.235 1.373,220 8.235 126,009 117,8751 Al 31 March 2024 1,463.564 1,320 16,470 1.481.354 Carrylng amount Al 31 March 2024 4,897.537 5,815 16,470 4,919,822 Al 31 March 2023 3,570.905 2.360 24,705 3,597,970 The catrying value of18nd and buildings at cost cornprises- 2024 2023 Freehold 3.434.021 3,504.fj03 More information on the impaiTmenl arising in Ihe year is glven in note 16. 18 Investment property 2024 Falr valu8 Al 1 April 2023 Nel galns or losses Ihrough falr value adlustmenls 4,440.200 2,244,000 Al 31 March 2024 6.684.200 The hAeadow Induslrial Esta18, 61163 Shaw He21h and the Hollands Mill, Stockport properties were externally Valued on 5th July 2023 by 88hf & Co, Chartered Su¢vgyors on an open market basis. The 18 Queens Road. was valued on 5th July 2023 by Curchod & Co, Chartered SuNeyors. on an open mBrkel basis. On historical cost basis. the properties would have been valued at £1.438.564. 21 HEWER-WHITE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Investment property Icontlnuedl 2024 2023 Freehold 6,684,200 4.440.2(kO 19 Dèbtors 2024 2023 Amounts f811ino due Wlthin onè year: Trade debtors OlheT éeblors Pr8p8ym8llts and aocrued income 9,102 40.OLK) 31.842 8.678 10,654 49,102 51.174 2024 2023 Amounts falllng due afttsr more than tsne year.. Other debtors 200,000 200.000 Total debtots 249,102 251,174 A loan of £200.000 has been made lo Cedars Castle Hill a registered charlly and Is secured by way ol a charge over the charities property. The loan Is due to be repald In more than five years on Ihe sale ol the property. 20 Flnanclal Instruments (Current asset Inveslmenlsl 2024 2023 Carrylng Jmount of fln8nclal assets Iunllsted Inveslment$l In8trum8nls mgasur8d at laFr valuè Ihrtsugh profil or loss 3,Igg,205 3,032.060 21 Creditors: amounts falling due withln one year 2024 2023 Trade creditors Other credilors Accr(tals and dgfwre(F income 35.667 2,533 44,527 1,929 11,5621 38.200 44,894 22- HEWER-WHITE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 22 Endowment funds Endowment fvnds represerkl asset5 which mu51 be held permanently by the Irust. Incomè 8rlslng on the endowment funds can be used in accordanc8 With the objects ol the Irusl and is included as unFèslrict&d income. Any &qpital gains or losses arising on the assets form part of the fund. At 1 Apr51 At 31 March 2023 2024 Permanent endowment8 104.089 104,089 Previous period: Al 1 Apr51 At 31 March 2022 2023 P*m)anant •ndowm•nts 104,Q89 104,089 23 R8strlct•d funds Ths resliicled funds of the ch81ily compriso the vnexpgnded balances of donations and giants held on ttU5l subjecl lo specific conditions by donors as to how Ihoy may be used. At 1 Ap¥ll 2023 Incomlng rasourc8S Resources 8xp&ndod Galns and At 31 March lossas 2024 Restricted gen8ral funds 2,284,013 16,W8 150,0651 31,421 2,282,277 Previous period: At 1 April 2022 Incoming resources Resources expended Galns and A131 March losses 2023 ReslThded gen8ral funds 2,770,966 26,320 1456,7781 {56,4951 2,284,013 24 Unrestricted funds Tho unre£lriclad funds of th¢ charity Comprise the unexpènded b81an¢ès ol donatlons and grants whlch are not subject lo specific condilions by Ilonors and 9ranlors as lo how they may be used. These include designalod funds which havc boon sol asido out of unrcslriclcd lunds by th¢ Iwslees for specific purpos8S. At 1 April 2023 Incoming r85ourc85 Resourcès èxpandéd Galns and At 31 March loss•s 2024 General funds Revaluation reserve 6,287,369 3,062,160 854,175 1696,9551 2,275,347 1.610.783 8,719,936 4.572.g43 -23. HEWER-WHITE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 24 Unr•stilct8d funds IContlnu8dl Previous period: At 1 April 2022 Incomlng resources Resources expvndgd Gains and At 31 March losses 2023 General funds R8valuatlon ièseyve 6.099,894 3.262.851 962.775 {683.7041 {91,5961 12QO,6911 6,287,369 3,062,160 25 Analysls of net assets between funds Unreslrlcled furtds 2024 Restrlct8d Endowmenl funds funds 2024 2024 Total 2024 Fund b3lan¢6s at 31 March 2024 aro represented by.. Tangiblè assets 4,095,877 Investmenl properties 6,550,000 Currenl assetsllliabililies) 2,647.002 823,945 134,200 1.324,132 4.919,822 6.684.2QO 4.075,223 104.089 13,292.879 2,282,277 104,089 15,679,245 Unreslrlcled funds 2023 Rgstrlcted Endowment funds funds 2023 2023 Total 2023 Fund balances at 31 Mar¢h 2023 ar• r6pr&sènted by.. Tangible assets 2.746.960 Inv8stm6nt properties 4.306.000 C￿rren1 assetsl{Ilabilities) 2,296,569 851,010 134,200 1.298.803 3.597,970 4.440.200 3.699,461 104,089 9.349.529 2,284.013 104,089 11,737,631 26 Events after the reporting date In Septémber 2024 8 prop6rty was sold for proceeds of £156k 27 R&lated party transactions 24- HEWER-WHITE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 27 Relatèd party transactlons Icontlnuadl R. Phillips. who resigned as a Twslee on 24 February 2022, is a member and Truslee of Greevjdown Trusl Limited, a reglstered charity. Ilmited by guarantee, having slmllar obSecllves to this Trust. Durfng the prlor year, the Trust made payrnenls of £16.355 to Greendown Trusl Limlted to 5ubsldlse care for 1 resident. There was an outstan