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2021-12-31-accounts

HUNT SERVANTS’ FUND

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

Registered Charity Number 229974

MCA Banbury Ltd Chartered Accountants Units 4-6 The Wharf Centre Wharf Street Warwick CV34 5LB

HUNT SERVANTS’ FUND

ANNUAL REPORT AND ACCOUNTS

YEAR ENDED 31 DECEMBER 2021

CONTENTS
Charity Information
Trustees Annual Report 2-4
Independent Examiners’ Report =
Statement ofFinancial Activities 6-7
Balance Sheet 8
Notes to the Accounts 9-16
The following pages do not form part ofthe statutory accounts
Detailed Statement of Financial Activities 17-18
DetailedBalanceSheet 19-20

HUNT SERVANTS’ FUND

CHARITY INFORMATION

Trustees: T.R. Easby
R.E. Greenwood
Hon. Mrs. R.A. Vestey
A.L. Jackson
Charity Number: 229974
Charity offices: Overley Barn
Daglingworth
Cirencester
Gloucestershire
GL7 7HX
Independent Examiner: Martin Cox FCA
MCA Banbury Ltd
Chartered Accountants
Units 4-6
The WharfCentre
WharfStreet
Warwick
CV34 5LB
Bankers: Barclays Bank Ple
Leicester
LE87 2BB
Investment Managers: Cazenove Capital
1 London Wall Place
London
EC2Y5AU

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HUNT SERVANTS’ FUND

ANNUAL REPORT

YEAR ENDED 31 DECEMBER 2021

The Trustees present their Report and financial statements for the year ended 31 December 2021. The financial statements have been prepared in accordance with the accounting policies set out in note | to the accounts and comply with the Charity’s trust deed, the Charities Act 2011, and the Accounting and Reporting by Charities:Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard (FRS 102) (published in October 2019).

Structure, governance and management

The Hunt Servants’ Fund is an unincorporated trust, constituted under a Declaration of Trust dated 25 June 1963 as amended by scheme of the Commission dated 24 February 2009 and is a Registered Charity, number 229974,

The Trustees are appointed by the Board of Trustees. The minimum number of Trustees is two and there is no upper limit. When considering new Trustees regard is given to their experience and the mix of experience for the Trustees as a whole. Courses are made available to Trustees when required.

The Board of Trustees meet twice a year to agree the broad strategy and areas of activity for the Charity and these are implemented by correspondence and electronic communications throughout the year.

The Trustees have considered the major risks to which the Charity is exposed and have reviewed those risks and established systems and procedures to manage those risks.

Objectives and activities

The objects of the Charity are as follows:

Fundraising events are undertaken jointly with the Hunt Staff Benefit Society, a Friendly Society which provides post-retirement benefits for hunt staff.

2s

HUNT SERVANTS’ FUND

ANNUAL REPORT continued

YEAR ENDED 31 DECEMBER 2021

Objectives and activities - continued

Applications for assistance are invited from hunt servants who have been in full time employment with one or more pack or packs of hounds. The Masters and Chairmen of reminding the Hunts receive notices annually distributed themto huntofofficers the availabilityand staff.of this assistance. It is also mentioned in various publications

The Trustees have discretion to award allowances, grants or provision of accommodation.

During the year the Charity operated a Hunt Staff Bursary Scheme whereby bursaries are given to Hunts to enable hunt staff to undertake structured training for a National Vocational Qualification Level 2 in Animal Care and also develop their skills in literacy and numeracy.

Achievements and performance

During the year 44 beneficiaries received funds from the Charity.

Due to the Coronavirus pandemic, it was not possible to hold any fundraising events in 2021. However, some donations in lieu have been received.

The charity received four legacies totalling £47 413 97.

Financial review

eventsThe main ongoing source ofincome is from investments mainly in recognised unit trusts. Fundraising are normally carried out each year in conjunction with the Hunt Staff Benefit Society.

The Charity’s total income was £135,739.28 for the year including investment income of £42,991.78. Expenditure in the year was £104,032.61. Realised gains and unrealised gains on investments were £166,303.73 (net gain) resulting in a surplus for the year of £198,010.40. At the year end the Charity had net assets of £2,153,200.71, including investments worth £2,024,503.86.

Policy on reserves

The Trustees’ policy on reserves is to maintain such reserves as will provide sufficient income to enable allowances and grants to be awarded to the anticipated number of applicants.

The total funds as at 31 December was £2,153,200.71, of which £10,929.22 related to the Bursary Scheme and £81,500.00 related to a donation from the Jean Wilkinson Charitable Trust.

The Trustees regularly review the amount of funds that the Charity requires to ensure that they are adequate to fulfil the Charity’s continuing obligations.

Be

HUNT SERVANTS’ FUND

ANNUAL REPORT continued

YEAR ENDED 31 DECEMBER 2021

Plans for future periods

The joint fundraising event being held during 2022 with the Hunt Staff Benefit Society will be the HSBS Polo Day, which will take place at the Beaufort Polo Club on 6" August 2022.

Trustees’ responsibilities in relation to the financial statements

The law applicable to charities in England and Wales requires Trustees to prepare financial statements for each financial year which give a true and fair view of the Charity’s financial activities during the year and of its position at the end ofthe year. In preparing financial statements giving a true and[fair] view, the Trustees should follow best practice and:

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the Charity and which enable them to ascertain the financial position of the Chavity and ensure that the fiiancial statcments comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008, and the provisions of the trust deed. The Trustees are responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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T.R. EASBY On behalfof the Trustees

13'" September 2022

is

INDEPENDENT EXAMINERS’ REPORT TO THE TRUSTEES OF HUNT SERVANTS’ FUND

I report on the accounts of the Trust for the year ended 31 December 2021, which are set on pages 6 to 15.

Respective responsibilities of trustees and examiners

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiner’s report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a reviewofthe accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below,

Independent examiners’ statement

In connection with my examination, no matter has come to my attention:

have not been met: or

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding ch of the accounts to be reached. io alele,hes022 Martin Coxix FCA = = MCA Banbury Ltd Chartered Accountants Warwick

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HUNT SERVANTS’ FUND

BALANCE SHEET

AS AT 31 DECEMBER 2021

Note 2021 2020
£ £ 3 £
Fixed Assets
Investments 9 2,024,503.86 1,712,540.00
Current Assets
Debtors 10 5,000.00 10,031.25
Cash at bank and in hand 147,380.65 256,397.56
Total current assets 152,380.65 266,428.81
Liabilities
Creditors: amounts falling due
within one year 1] 23,683.80 23,778.50
Net Current Assets 128,696.85 242,650.31
Total Assets Less Current Liabilities 2,153,200.71 1,955,190.31
FUNDS OFTHE CHARITY
Unrestricted funds 12 2,060,770.99 1,862,730.09
Restricted funds— Bursary Scheme 12 10,929.72 6,960.22
Restricted funds —
Jean Wilkinson donation 12 81,500.00 85,500.00
TotalCharityFunds 2,153,200.71 1,955,190.31

Approved by the Board ofTrustees on 13'" September 2022 and signed on[its] behalf by:

' /

(

T.R. Easby

Notes on page 9 to 16 form part of the accounts

wits

HUNT SERVANTS’ FUND

YEAR ENDED 31 DECEMBER 2021

NOTES TO THE ACCOUNTS

Current asset investments are short term highly liquid investments and are held at market value. These include cash on deposit and cash equivalents with a maturity of less than one year.

Je.

HUNT SERVANTS’ FUND

YEAR ENDED 31 DECEMBER 2021

NOTES TO THE ACCOUNTS- continued

(g) Support costs Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs and governance costs. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

(h) Debtors and Creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded 2¢ transaction price.

The charity is considered to pass the tests set out in paragraph 1 Schedule 6 of the corporationFinance Acttax2010purposes.and thereforeAccordingly,it meetsthethecharitydefinitionis potentially ofa charitableexempt companyfrom taxation for UK in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 ofthe Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

=.

HUNT SERVANTS’ FUND

YEAR ENDED 31 DECEMBER 2021

NOTES TO THE ACCOUNTS- continued

2021 2020
£ £
2s DONATIONS AND LEGACIES
Donations 28,605.70 16,689.90
Donations towards bursaries 3,969.50 200.00
Legacies 47,413.97 120,209.27
Income Tax repayable on donations - 156.25
79,989.17 137,255.42

Jean Wilkinson Legacy is a restricted fund for Douglas Hunt, any surplus fund on death will be distributed equally between the Hunt Servants Fund and Hunt Staff Benefit Society.

ai OTHER TRADING ACTIVITIES
Polo Day at the Beaufort Polo Club 12,758.33 16,150.00
12,758.33 16,150.00
4. INCOME FROM INVESTMENTS
Dividends - Unit Trusts 42,789.88 42,421.92
Interest - Unit Trusts and Government Stocks 187.50 175.00
Interest on cash deposits 14.40 43.19
42,991.78 42,640.11

£42,991.78 (2020 - £42,640) of the above income was attributable to unrestricted funds and £nil (2020 - £nil) to restricted funds.

om EXPENDITURE ON RAISING FUNDS

Fundraising trading: cost of goods sold and other costs Polo Day at the Beaufort Polo Club - -

al le

HUNT SERVANTS’ FUND

YEAR ENDED 31 DECEMBER 2021

NOTES TO THE ACCOUNTS- continued

2021 2020
£ £
6. CHARITABLE ACTIVITIES
Allowances
Grants		 4,000.00
58,784.50		 4,000.00
53,339.00
Bursaries - -
62,784.50 57,339.00

£54,384.50 (2020 — £53,339.00) of the above expenditure was attributable to unrestricted funds and £4,000.00 (2020 - £4,000.00) to restricted funds. Grants of £54,384.50 (2020 - £53,339.00) were made to individuals in the year.

7 GOVERNANCE AND SUPPORT COSTS

Use ofoffice 23,237.00 23,738.00
Investment Management fee 9,331.36 7,996.58
Independent Examiners’ fee 3,000.00 3,000.00
legal fees 6,186.70 739.80
Bank charges 150.05 739.80
Exchange differences (657.00) -
Staffleaving gift - 500.00
41,248.11 36,105.93

The Trustees did not have any reimbursed expenses (2020 £NIL).

8. STAFF COSTS

The number of staff employed was 1.

No employees received total employee benefits (excluding employer pension costs) of more than £60,000.

aids

HUNT SERVANTS’ FUND

YEAR ENDED 31 DECEMBER 2021

NOTES TO THE ACCOUNTS- continued

  1. INVESTMENTS
9.
INVESTMENTS
Market value Market value
31 December 31 December
Nominal Cost 2021 2020
£ £ £
_Held throughout the year
Cazenove Equity Income Trust
for Charities 450,000 143,333.71 222,975 202,275
MajedieUK Equity Fund 55,000 72,284.20 89,920 77,347
Findlay Park Inc 405 22,113.11 59,726 47,150
Vanguard S&P 500 ETF 820 22,323.50 54,796 42,429
RWC Global EM Markets 200 19,932.60 22,433 23,753
M&G GI Dividend 57,977 39,522.18 71,334 64,255
Fidelity Global Dividend 48,128 29,857.00 49,428 45,012
Schroder UK Corporate Bond 112,000 54,563.67 71,456 72,674
Schroder Strategic Credit Fund 490 50,825.80 47,557 47,664
Capita Trojan Fund 40,000 74,702.40 128,372 114,388
Charities Property Fund 83,000 83,898 .04 113,660 102,878
Property Income Trust for Charities 60,549 49,666.11 55,445 48,760
Schroder Charity Equity Value Fund 120,000 79,548.00 77,964 62,064
Schroder SSF Diversified Alternative Assets
600		 60,503.00 69,538 61,692
Trojan Income Fund 24,827 47,741.08 50,396 44,659
iShares Physical Metals PLC 2,225 57,444.94 58,551 59,875
Wellington Global Healthcare 4,695 34,371.34 46,841 45,236
Blackrock European Dynamic Fund 11,000 19,751.75 31,878 26,895
Vanguard Japan Stock Index Fund 140 22,082.50 24,255 24,065
T. Rowe GI Technology Equity Fd 2,000 23,529.18 44,500 40,700
Polar Capital European ex UK Income Fund 2,000 14,520.00 18,020 16,860
Atlas Global Infrastructure Fund 200 22,864.87 26,381 24,525
CG Absolute Return Fund 600 77,202.00 85,050 79,110
MU Lyxor Core US TIPS 200 22,239.72 23,783 22,570
Polar Global Insurance Fund 4.700 24,979.77 29,844 26,027
1,169,997.47 1.574.103 1,422,863

af

HUNT SERVANTS’ FUND

YEAR ENDED 31 DECEMBER 2021

NOTES TO THE ACCOUNTS- continued

9,
INVESTMENTS - continued
Market value Market value
31 December 31 December
Nominal Cost 2021 2020
£ £ £
Brought forward 1,169,997.47 1.574.103 1,422,863
Purchased during the year and held at year end
Ninety One III Global 17,000 27,854.60 30,746
Schroder Sterling Corporate Bond 16,000 10,297.60 10,208
Schroder Global Recovery-Fund 80,000 48,435.00 53,080
Brevan Howard Absolute Return 267.84 26,618.70 27,893
Atlas GI Infastruct-B-GBP-Uh-Dis 100 12,080.31 13,19]
Schroder SSF Diversified Alternative Assets 400 42,896.00 46,359
Morgan Stanley Global Asset backed
securities fund 1,555.047 38,889.71 38,767
CG Absolute Return Fund 160 21,985.60 22,680
Lyxor Core US TIPS ETF-D-M-h-GBP-Dis 200 23,014.00 23,783
Charities Property Fund 31,700 39,995 .89 43,410
Federated Hermes Unc Credit-L3-GBP-h-Dis37,000 39,612.20 39,065
Schroder Asian Alpha Plus Fund 29,000 36,177.50 36,714
Blackrock iSharesCNY Bnd-S-USD-Dis 8,476 66,167.09 64,505
434,024.20 450,401
1,604,021 .67 2,024,504 1,422,893
SOLD DURING THE YEAR
Nominal Cost
£		 Proceeds
£		 Gain/(Loss)
£
Majedie UK Equity Fund 5,000 6,571.29 7,006.00 434.71
SchroderUK Corporate Bond 60,000 30,403.72 38,976.00 8,572.28
Capita Trojan Fund 10,000 18,675.60 28,443.00 9,767.40
Charity Bond Fund 54,568 31,967.21 38,355.95 6,388.74
Black Rock Asian Dragon Fund 1,000 33,054.00 42,820.00 9,766.00
Trojan Income Fund 25,173 49,728.92 43,909.26 (5,819.66)
T. Rowe GI Technology Equity Fund 1,007 11,850.82 22,040.38 10,189.56
1.25%UK Treasury Stock 28,000 31,099.88 27,701.77 (3,398.11)
iShares USD Treasury Bond 4,200 24,200.82 21,554.82 (2,646.00)
iShares ChinaCNY Bond 15.200 60,736.80 65,233.42 4,496.62
T Rowe Asian Oppt Eq 40,322.59 36,243.33 (4,079.26)
338,611.65 372,283.93 33,672.28

afk

HUNT SERVANTS’ FUND

YEAR ENDED 31 DECEMBER 2021

NOTES TO THE ACCOUNTS- continued

9. INVESTMENTS- continued

Purchased during the yearand sold during the Purchased during the yearand sold during the year
Nominal Cost
T Rowe Asian Oppt Eq 3,850 40,322.59
iShares ChinaCNY Bond 11,000 43,691.47
84,014.06
Purchased during the year and held at year end 434,024.20
Total purchases 518,038.26
Summary
Fixed Asset Investments Summary
Quoted Investments
2021 2020
£ £
Market Value at January 2021 1,712,540.00
Additions and conversions during the year 518,038.26 301,622.66
Accumulated income - -
Disposals and Capital distributions during the year (373,691.13) (334,673.84)
Equalisation relating to units purchased in prior years - (1,837.57)
Rebate relating to stock purchased prior years - -
1,856,887.13 1,694,320.09
Net unrealised investment gain/(loss) 167,616.73 18,219.91]
MarketValueat31December2021 2,024,503 .86 1,712,540.00

he

HUNT SERVANTS’ FUND

YEAR ENDED 31 DECEMBER 2021

NOTES TO THE ACCOUNTS - continued

2021 2020
£ £
10. DEBTORS
HSBS office facilities paid in advance 5,000.00 10,000.00
Income tax reclaim - S123
Accrued donation income ~ -
5,000.00 10,031.25
it. CREDITORS: amounts falling due within one year
Investment Management fees 2,446.80 2,040.50
Independent Examiners’ fee 3,000.00 3,000.00
HSBS office facilities 18,237.00 18,738.00
Deferred income - -
23,683.80 23,778.50
Restricted funds
12. FUNDS Unrestricted Bursary Jean Wilkinson
Funds Scheme Donation
£ £ £
Balance at January 2021 1,862,730.09 6,960.22
Incoming resources 131,769.78 3,969.50 -
Resources expended
Other recognised gains/(losses)		 (100,032.61)
166,303.73		 -
-		 (4,000.00)
-
Transfers between funds - - -
Balanceat31December2021 2,060,770.99 10,979.72 $1,500.00
  1. RELATED PARTY TRANSACTIONS

During the year the Hunt Servants’ Fund undertook one fund raising event jointly with the Hunt Staff Benefit Society, a Registered Friendly Society. The funds raised during the year were as follows:

Hunt Hunt Staff
Servants’ Fund Benefit Society
Polo Day at the Beaufort Polo Club £1236 £7,047

The Charity is administered from the same premises as the Hunt Staff Benefit Society and a recharge is made for shared expenses.

«1G-

HUNT SERVANTS’ FUND

MANAGEMENT INFORMATION

YEAR ENDED 31 DECEMBER 2021

The following pages do not form part of the statutory accounts.

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