OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-04-05-accounts

REGISTERED CHARITY NUMBER: 230043

Report of the Trustees and Audited Financial Statements for the Year Ended 5 April 2024

for Lady Hewley's Charity

HPH 54 Bootham York YO30 7XZ

Lady Hewley's Charity

Contents of the Financial Statements for the Year Ended 5 April 2024

Page
Report of the Trustees 1 to 5
Report of the Independent Auditors 6 to 8
Statement of Financial Activities 9
Balance Sheet 10
Cash Flow Statement 11
Notes to the Cash Flow Statement 12
Notes to the Financial Statements 13 to 21

Lady Hewley's Charity

Report of the Trustees for the Year Ended 5 April 2024

The Trustees present their report with the financial statements of the Charity for the year ended 5 April 2024. The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objects of the Charity are:

  1. For the benefit of the public:

a) To further the religious and other charitable work of the Baptist, Congregational and United Reformed Church ministers and members, including through the proclamation of the Gospel and the promotion of preaching, with a preference for such work in areas of social and economic deprivation.

b) To advance the education of men and women for the Baptist, Congregational and United Reformed Church ministries by such means as the Trustees decide including the award of grants, allowances and other financial and non -financial support.

by such means as the Trustees decide, including the award of financial and non - financial support.

d) To relieve from need, hardship and distress by:

ii) such other charitable means for the benefit of the residents as the Trustees decide.

  1. In carrying out the Charity's objects, the Trustees must give preference to places situated in and persons resident in the northern counties of England and then to other areas of England and Wales.

  2. The land adjoining 14 St Saviourgate, York, YO1 8NN, together with the Almshouses on that land, must be retained by the Trustees to use for the Charity's objects.

Public benefit

The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives, and in planning future activities.

Grantmaking

The Charity invites applications for grants through contact with the respective churches at local church, province and regional levels. The individual applications are considered twice a year and grants made according to individual's personal and financial circumstances. Church institutions are required to submit details of the specific projects when requesting grants.

Page 1

Lady Hewley's Charity

Report of the Trustees for the Year Ended 5 April 2024

ACHIEVEMENT AND PERFORMANCE Charitable activities

During the year the Trustees continued to maintain the principles laid down by Lady Hewley.

Grants of £328,845 made to ministers, retired ministers, widows, students, and church institutions, continue to further the religious and other charitable work of the United Reformed, Congregational and Baptist churches, through advancing the education of men and women within those Ministries, and providing help where relief is needed from hardship and distress.

Number of organisations Number of individuals
Religious and charitable work 3 70
Advancement of education - 35
Relief of hardship and distress 2 35

The Almshouses can house 12 residents under full occupation. During the year the Charity has provided accommodation to 9 residents.

Grants to organisations institutions included the following: -


Baptist Church Redcar
Baptist Church Hartlepool
Skelmersdale Ecumenical Centre
Emmanual Baptist Church
Northern Baptist Association
Other		 2024
£

35,877
72,868
-
10,000
12,000
7,500

138,245		 2023
£
35,877
31,064
40,000
-
-
4,889
110,830

Investment performance

The Charity's investment in stocks and shares had a market value at 5 April 2024 of £14,506,431. This gave rise to a realised loss of £47,877, and an unrealised gain in the year of £930,848, giving an overall gain of £882,971.

The total return on the investment portfolio managed by Evelyn Partners for the year ended 5 April 2023, was 9.2% (2023: -1.2%) and generated a yield of 2.4% (2023: 2.3%).

Land had a cost at 5 April 2024 of £3,233,324. The almshouses were valued at £2,600,000 on 7 March 2022. Improvements are capitalised as they are incurred.

FINANCIAL REVIEW

Principal funding sources

The Charity is reliant on income from investments, the income from which, in this year under review, was £337,980. The Charity also received income of £43,043 as a contribution towards the maintenance costs of the almshouses. From these sources, £328,845 was paid out in grants to qualifying applicants, and £68,017 was spent on the general upkeep of the almshouses, and improvements to the Hungate land. After all expenses, the Trust had a net deficit of £(117,879) for the year before realised and unrealised gains.

Investment policy and objectives

There are no restrictions on the Charity's power to invest. The investment strategy is set by the Trustees and takes account of recent demand for grants and future maintenance of the almshouses. The Trustees consider the income requirements, the risk profile and the investment advisor's view of the market prospects. This strategy is set within an overall policy, which states that the endowment fund is to be invested in a medium risk portfolio with a view to ensuring, that over a period of time, capital appreciates, thus keeping investment income increasing at not less than the rate of inflation. The investment performance is monitored on a regular basis against investment indices.

Page 2

Lady Hewley's Charity

Report of the Trustees for the Year Ended 5 April 2024

FINANCIAL REVIEW

Reserves policy

The Trustees aim to maintain free reserves, in unrestricted funds, at a level which equates to approximately twelve months unrestricted charitable expenditure. Within the unrestricted fund is a designated fund, which has been established as a provision against future major repair work on the almshouses. In the current year, unrestricted expenditure amounted to £462,537, the free reserves figure standing at £348,693.

Going concern

The Trustees are continually reviewing the operations of the Charity and its ability to deliver its objectives. The Trustees believe they have the structure and resources to ensure the Charity remains a going concern.

FUTURE PLANS

The Trustees are continuing to review the Charity's principal objectives, whilst maintaining the principles laid down by Lady Hewley.

The Low Grange Farm parcel of land is subject to a third-party development option agreement. In 2022 the developer exercised the first element of the option and acquired 26.58 acres for housing development. Two further option elements remain for exercise in the future.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The original Charity was established by Lady Sarah Hewley in 1705, and upon her death in 1710, Lady Hewley left her entire estate to the Charity. On the 16 June 2011, the Charity Commission of England and Wales, under the powers given in the Charities Act 2011, ordered that the Charity be governed by a new scheme, which is now the governing document. The Charity does not actively fund raise and seeks to continue the good works desired by Lady Hewley through careful stewardship of its existing resources.

Recruitment and appointment of new Trustees

The appointment of new Trustees follows the retiring of a Trustee of one of the 3 church denominations supported by the Charity. A recommendation for a replacement Trustee is received from the outgoing Trustee, thereby ensuring that each church demonination is represented. The new Trustee is interviewed by the Chair of the Trustees and the Clerk. The new Trustee is then presented by the outgoing Trustee to the Board of Trustees, for election to the board.

Organisational structure

Under the Scheme dated 16th June 2011, the number of Trustees is 7, consisting of:

-1 member of the Baptist Church and,

-1 member from the Congregational Church but, if no suitable person can be found, the vacancy shall be filled by a member of the United Reformed Church.

The Trustees serve for a term of five years, after which period they may put themselves forward for re-appointment. The Board of Trustees must hold at least 2 ordinary meetings in each 12-month period, with a quorum of at least 3 Trustees. The Board agree the strategy and areas of activity for the Trust, including consideration of grant-making, investments, reserves and risk management and performance.

The almshouses are administered and managed by committee appointed by the Trustees. The committee is asked to meet twice yearly and meet more frequently, if required, reflecting the work required to maintain and run the almshouses. The committee reports on their work to the Board of Trustees and seek approval of their recommendations.

Induction and training of new Trustees

On election, a new Trustee will be given a copy of the Scheme, dated 16th June 2011, and any amendments made to it, and a copy of the Charity's latest report and statement of the accounts. A new Trustee will also be supplied with appropriate literature from the Charity Commission and the Charity to enable the new Trustee to perform their work competently. The Charity also pays for Trustees to attend appropriate training courses.

Page 3

Lady Hewley's Charity

Report of the Trustees for the Year Ended 5 April 2024

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 230043

Principal address

Military House 24 Castle Street Chester Cheshire CH1 2DS

Trustees

Dr P A Thake - Chairman Dr A R Graydon Dr D S Robinson -Treasurer N M Mackenzie Rev P Jump Rev J Bentham A Forsyth

Auditors

HPH 54 Bootham York YO30 7XZ

Bankers

Barclays Bank plc 48B & 50 Lord Street Liverpool L2 1TD

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

Solicitors

Veale Wasbrough Vizards LLP, 24 King William Street, London EC4R 9AT

Advisers

Custodian of the title for land and property assets

The Lady Hewley Charity Trust Co Ltd (Company No: 2672189) The directors of the company are the persons acting as Trustees of the Charity as listed above.

Clerk to the Trustees

Neil St. J. Blake, Military House, 24 Castle Street, Chester CH1 2DS

Land agents

Stephensons, 10 Colliergate, York YO1 8BP

Investment advisors

Evelyn Partners, Royal Liver Building, Pier Head, Liverpool L3 1NY

Page 4

Lady Hewley's Charity

Report of the Trustees for the Year Ended 5 April 2024

ALMSHOUSES

The almshouses owned by the Charity are administered and managed by a committee appointed by the Trustees who were as follows:

Rev A Micklem Mrs I Thompson Miss K Buckland Mrs E Atkins Rev J Green

The financial result of the committees administration of the almshouses is included in the statement of financial activities and also in the figures in this report under review of the year.

TRUSTEES' RESPONSIBILITY STATEMENT

The Trustees are responsible for preparing the Report of the Trustees 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 and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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, including the income and expenditure, of the Charity for that period. In preparing those financial statements, the Trustees are required to

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to 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.

Approved by order of the board of Trustees on 7 November 2024 and signed on its behalf by:

Dr P A Thake - Trustee

Page 5

Report of the Independent Auditors to the Trustees of Lady Hewley's Charity

Opinion

We have audited the financial statements of Lady Hewley's Charity (the 'Charity') for the year ended 5 April 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

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 Auditors' 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 Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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 this gives rise to a material misstatement in the financial statements themselves. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Page 6

Report of the Independent Auditors to the Trustees of Lady Hewley's Charity

Responsibilities of Trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which 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.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 a Report of the Independent Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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:

Page 7

Report of the Independent Auditors to the Trustees of Lady Hewley's Charity

In response to the risk of irregularities and non-compliance with laws and regulations and risk of fraud, we designed procedures which included but were not limited to: sample testing on the posting of journals, timing of recognition of income, review of Trustee's minutes and any correspondence with regulators.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion, or the provision of intentional misrepresentations. We are not responsible for preventing fraud and cannot be expected to detect all fraud.

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 Report of the Independent Auditors.

Use of our report

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 auditors' 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 and the Charity's Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

HPH 54 Bootham York YO30 7XZ

Date: 7 November 2024

HPH is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Page 8

Lady Hewley's Charity

Statement of Financial Activities for the Year Ended 5 April 2024

Notes
INCOME AND ENDOWMENTS FROM
Other trading activities
2
Investment income
3
Other income
Total
EXPENDITURE ON
Raising funds
4
Charitable activities
5
Grants to institutions
Grant to individuals
Almshouse maintenance costs
Governance costs
Other
Total
Net unrealised gains on fixed assets
Net realised (losses) on investments
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
43,043
337,980
969
381,992
-
138,245
190,600
68,017
61,789
3,886
462,537
-
-
-
(80,545)
429,238
348,693
Endowment
fund
£
-
-
81,094
81,094
66,428
-
-
52,000
-
-
118,428
-
(47,877)
930,848
845,637
19,907,804
20,753,441		 2024

Total
funds
£
43,043
337,980
82,063
463,086
66,428
138,245
190,600
120,017
61,789
3,886
580,965
-
(47,877)
930,848
765,092
20,337,042
21,102,134		 2023
Total
funds
£
53,330
320,357
3,978
377,665
65,401
111,830
196,505
92,520
57,160
2,568
525,984
337,500
(225,424)
(207,806)
(244,049)
20,581,091
20,337,042

The notes form part of these financial statements

Page 9

Lady Hewley's Charity

Balance Sheet 5 April 2024

Notes
FIXED ASSETS
Tangible assets
10
Investments
11
CURRENT ASSETS
Debtors
12
Cash at bank
CREDITORS
Amounts falling due within one year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
14
Unrestricted funds
Endowment funds
TOTAL FUNDS		 Unrestricted
funds
£
-
-
-
5,105
378,419
383,524
(34,831)
348,693
348,693
348,693
Endowment
fund
£
5,729,324
14,544,973
20,274,297
-
482,582
482,582
(3,438)
479,144
20,753,441
20,753,441		 2024

Total
funds
£
5,729,324
14,544,973
20,274,297
5,105
861,001
866,106
(38,269)
827,837
21,102,134
21,102,134
348,693
20,753,441
21,102,134		 2023
Total
funds
£
5,818,018
13,663,560
19,481,578
52,150
835,584
887,734
(32,270)
855,464
20,337,042
20,337,042
429,238
19,907,804
20,337,042

The financial statements were approved by the Board of Trustees and authorised for issue on 7 November 2024 and were signed on its behalf by:

P A Thake - Trustee

D S Robinson - Trustee

The notes form part of these financial statements

Page 10

Lady Hewley's Charity

Cash Flow Statement
for the Year Ended 5 April 2024
2024
Notes
£
Cash flows from operating activities
Cash generated from operations
1
(1,325,423)
Net cash used in operating activities
(1,325,423)
Cash flows from investing activities
Purchase of tangible fixed assets
(20,514)
Purchase of fixed asset investments
(2,141,989)
Sale of tangible fixed assets
138,302
Sale of fixed asset investments
3,074,395
Interest received
28,202
Dividends received
309,778
Net cash provided by/(used in) investing activities
1,388,174
Cash flows from financing activities
Income attributable to endowment
81,094
Expenditure attributable to endowment
(118,428)
Net cash used in financing activities
(37,334)
Change in cash and cash equivalents in
the reporting period
25,417
Cash and cash equivalents at the
beginning of the reporting period
835,584
Cash and cash equivalents at the end of
the reporting period
861,001		 2023
£
(699,548)
(699,548)
(105,796)
(4,507,811)
-
3,899,836
14,699
305,658
(393,414)
-
(117,401)
(117,401)
(1,210,363)
2,045,947
835,584

The notes form part of these financial statements

Page 11

Lady Hewley's Charity

Notes to the Cash Flow Statement for the Year Ended 5 April 2024

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
(Gain)/losses on investments
Profit on disposal of fixed assets
Interest received
Dividends received
Income attributable to endowment
Expenditure attributable to endowment
Unrealised gain/loss on investments
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash used in operations		 2024
£
765,092
52,000
(882,971)
(81,094)
(28,202)
(309,778)
(81,094)
118,428
(930,848)
47,045
5,999
(1,325,423)		 2023
£
(244,049)
52,000
95,730
(337,500)
(14,699)
(305,658)
-
117,401
207,806
(49,610)
(220,969)
(699,548)

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank
Total		 At 2023
Cash flow
£
£
835,584
25,417
835,584
25,417		 At 2024
£
861,001
861,001

The notes form part of these financial statements

Page 12

Lady Hewley's Charity

Notes to the Financial Statements for the Year Ended 5 April 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the Charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.

Income

All income is recognised in the Statement of Financial Activities once the Charity has entitlement to the funds, it is probable that the income will be received, and the amount can be measured reliably.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year-end date are noted as a commitment but not accrued as expenditure.

Raising funds

Rasing funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities, events and non-charitable trading.

Governance costs

Governance costs include external audit fees, legal and professional fees, clerk to the Trustees fees and expenses, and Trustees’ expenses.

Allocation and apportionment of costs

Support costs have been allocated between governance and other support costs. Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs.

Governance and support costs have been allocated against the almshouse maintenance costs activity.

continued...

Page 13

Lady Hewley's Charity

Notes to the Financial Statements - continued for the Year Ended 5 April 2024

1. ACCOUNTING POLICIES - continued

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold land - not provided Almshouses - 2% on fair value

In accordance with the terms of the trust on which they are held, the almshouses have to be maintained in good working order and as a result, the repairs and maintenance costs of the property are to be written off to the Statement of Financial Activities as incurred.

Any improvements to the property are capitalised and are depreciated over the estimated useful economic life of 50 years.

Taxation

The Charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the Charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Grants -outgoing

Grants payable are payments made to third parties in the furtherance of the charitable objects of the trust. Grants are accounted for in the year the grants are approved, irrespective of the period covered.

Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Trust does not acquire put options, derivatives or other complex financial investments. The main form of financial risk faced by the Charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Realised gains and losses

All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value is acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

Irrecoverable VAT

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit.

continued...

Page 14

Lady Hewley's Charity

Notes to the Financial Statements - continued for the Year Ended 5 April 2024

1. ACCOUNTING POLICIES - continued

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.

Financial Instruments

The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2. OTHER TRADING ACTIVITIES

Maintenance contributions
3.
INVESTMENT INCOME
Dividends received
Deposit account interest
4.
RAISING FUNDS
Investment management costs
Portfolio management
5.
CHARITABLE ACTIVITIES COSTS
Grants to institutions
Grant to individuals
Almshouse maintenance costs
Governance costs		 Direct
Costs
£
-
-
120,017
-
120,017		 Grant
funding of
activities
(see note
6)
£
138,245
190,600
-
-
328,845		 Support
costs (see
note 7)
£
-
-
-
61,789
61,789		 Totals
£
138,245
190,600
120,017
61,789
510,651

Page 15

continued...

Lady Hewley's Charity

Notes to the Financial Statements - continued for the Year Ended 5 April 2024

6. GRANTS PAYABLE

GRANTS PAYABLE
Grants to institutions
Grant to individuals		 2024
£
138,245
190,600
328,845		 2023
£
111,830
196,505
308,335

The total grants paid to individuals during the year was as follows:

Ministers
Retired Ministers
Widows
Students		 2024
£
41,500
76,300
31,100
41,700
190,600		 2023
£
55,655
74,900
30,550
34,100
196,505

7. SUPPORT COSTS

SUPPORT COSTS
Governance
costs
£
Governance costs 61,789
Support costs, included in the above, are as follows:
2024 2023
Governance Total
costs activities
£ £
Trustees' expenses 1,523 1,374
Auditors' remuneration 6,240 5,880
Trustees' indemnity insurance 1,482 1,632
Legal fees 3,907 188
Trustees' meeting costs 3,875 3,381
Clerk to the Trustees fees 44,400 44,400
Sundries 362 305
61,789 57,160

Page 16

continued...

Lady Hewley's Charity

Notes to the Financial Statements - continued for the Year Ended 5 April 2024

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no Trustees' remuneration or other benefits for the year ended 5 April 2024 nor for the year ended 5 April 2023.

Trustees' expenses
2024 2023
£ £
Trustees' expenses 1,523 1,374

9. STAFF COSTS

There were no staff costs for the year ended 5 April 2024 nor for the year ended 5 April 2023.

No employees received emoluments in excess of £60,000.

The Charity does not employ any members of staff; hence, no member of staff received a salary in excess of £60,000. The Clerk to the Trustees performs all of the duties required to administer the Charity.

10. TANGIBLE FIXED ASSETS

COST OR VALUATION
At 6 April 2023
Additions
Disposals
At 5 April 2024
DEPRECIATION
At 6 April 2023
Charge for year
At 5 April 2024
NET BOOK VALUE
At 5 April 2024
At 5 April 2023
Cost or valuation at 5 April 2024 is represented by:
Valuation in 2022
Cost		 Freehold
land
£
3,270,018
20,514
(57,208)
3,233,324
-
-
-
3,233,324
3,270,018
Freehold
land
£
-
3,233,324
3,233,324		 Almshouses
£
2,600,000
-
-
2,600,000
52,000
52,000
104,000
2,496,000
2,548,000
Almshouses
£
725,000
1,875,000
2,600,000		 Totals
£
5,870,018
20,514
(57,208)
5,833,324
52,000
52,000
104,000
5,729,324
5,818,018
Totals
£
725,000
5,108,324
5,833,324

The Trust owns 10 almshouses in York, built in 1840, which are occupied by qualifying persons under the terms of the scheme. The almshouses were valued at £2,600,000 on 7 March 2022. Improvements are capitalised as they are incurred.

continued...

Page 17

Lady Hewley's Charity

Notes to the Financial Statements - continued for the Year Ended 5 April 2024

10. TANGIBLE FIXED ASSETS - continued

The estimation basis for depreciation of the Almhouses is 2% on fair value.

11. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Shares
Funds held by broker		 2024
£
14,506,431
38,542
14,544,973		 2023
£
13,538,067
125,493
13,663,560

Additional information as follows:

MARKET VALUE
At 6 April 2023
Additions
Disposals
Revaluations
At 5 April 2024
NET BOOK VALUE
At 5 April 2024
At 5 April 2023
Quoted investment analysis
Equities		 Shares in
group
Listed
undertakings
investments
£
£
1
13,538,066
-
2,141,989
-
(2,104,473)
-
930,848
1
14,506,430
1
14,506,430
1
13,538,066
2024
£
12,775,155
12,775,155		 Totals
£
13,538,067
2,141,989
(2,104,473)
930,848
14,506,431
14,506,431
13,538,067
2023
£
12,372,475
12,372,475

The Charity's investment in the group undertaking at the balance sheet date in the share capital of the company is as follows:

The Lady Hewley Property Company Limited Nature of business: Dormant

100% ordinary shareholding

Aggregate capital and reserves: £1

continued...

Page 18

Lady Hewley's Charity

Notes to the Financial Statements - continued for the Year Ended 5 April 2024

11. FIXED ASSET INVESTMENTS - continued

Investments (neither listed nor unlisted) were as follows:

Funds held by broker
12.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
VAT
13.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
14.
MOVEMENT IN FUNDS
Net
movement
At 2023
in funds
£
£
Unrestricted funds
General fund
329,238
(80,545)
Designated repair fund
100,000
-
429,238
(80,545)
Endowment funds
Endowment funds
19,907,804
845,637
TOTAL FUNDS
20,337,042
765,092
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
381,992
(462,537)
Endowment funds
Endowment funds
81,094
(118,428)
TOTAL FUNDS
463,086
(580,965)

continued...

Page 19

Lady Hewley's Charity

Notes to the Financial Statements - continued for the Year Ended 5 April 2024

14. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Designated repair fund
Endowment funds
Endowment funds
TOTAL FUNDS		 At 2022
£
375,156
85,000
460,156
20,120,934
20,581,091		 Net
movement
in funds
£
(30,918)
-
(30,918)
(213,130)
(244,048)		 Transfers

between
funds
£
(15,000)
15,000
-
-
-
At
2023
£
329,238
100,000
429,238
19,907,804
20,337,042

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Endowment funds
Endowment funds
TOTAL FUNDS		 Incoming
resources
£
377,665
-
377,665		 Resources
expended
£
(408,583)
(117,401)
(525,984)		 Gains and
Movement
losses
in funds
£
£
-
(30,918)
(95,730)
(213,131)
(95,730)
(244,049)

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Designated repair fund
Endowment funds
Endowment funds
TOTAL FUNDS		 At 2022
£
375,156
85,000
460,156
20,120,934
20,581,090		 Net
movement
in funds
£
(111,463)
-
(111,463)
632,507
521,044		 Transfers

between
funds
£
(30,000)
30,000
-
-
-
At
2024
£
233,693
115,000
348,693
20,753,441
21,102,134

continued...

Page 20

Lady Hewley's Charity

Notes to the Financial Statements - continued for the Year Ended 5 April 2024

14. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Endowment funds
Endowment funds
TOTAL FUNDS		 Incoming
resources
£
759,657
81,094
840,751
(		 Resources
expended
£
(871,120)
(235,829)
1,106,949)		 Gains and
Movement
losses
in funds
£
£
-
(111,463)
787,241
632,506
787,241
521,043

15. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 5 April 2024.

16. FUNDS

Unrestricted funds comprise those funds which the Trustees are free to use in accordance with the charitable objects.

The designated almshouse repair fund is a fund which is being retained, and will be used to fund the major refurbishment work which is anticipated will need to be carried out on a 10 year cyclical basis.

The endowment fund represents those assets which must be held permanently by the Charity, principally investments. Income arising on the endowment fund can be used in accordance with the objects of the Charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.

Page 21