THE HILDEN ARITABLE ND ACCOUNTS FOR THE YEAR ENDED SDI APRIL 2025 Martin and Company 25 St Thom*s Street With¢hes¢¢r H*wpshir¢ S023 9HJ THE HILDEN CHARITABLE FUND CONTENTS Page Generdl tnfixmaiion Trustees, Re￿1 Statement of TTUStees' ReS￿nsIbIlItieS Auditors. Report 10-12 Statement of Financtal ActiVilie$ 13 Balance Shttt 14 Notes to the Fithancial Statements 15-24 THE HILDEN CHARITABLE FUND GENERAL INFORMATION Cwislitutiort Chariiable settlement da*d V May 1963 Charity Registraiion Numter 232591 Registered Addre53 ihw¢5 Ri)ad Hub. 20 Dawes R￿￿. LoThJon SW6 7EN Trustees The appoinlm¢nt of new truste¢s is by deed at the discretion of the trustets for the time bein& The trustee5 who have served ￿ring the yearare.. Ms M E Bax*r CBE Ms E Jenkins Ms S Khatun B Mbubi AJMRamw Prof D S RamFthI Prof M B H RamNon R A Ramp¢ixi Prof C H Rtykck DWRode Mrs E K Rodeck M•ln Term$ Income and capitsl are to be applied in or ¢oward% the furthernnce of such ¢haritsble ￿r￿%}se5 or objects as the trustees think fit. Investn￿#t Pow¢TS The trustees have the same full. free and wThtricted Fx)wers of investment ￿ if Ih¢y We￿ absoluiely entitled to the Trust fund beneficially (elause 6 of the s¢ttlem•)t). Origins Ind Policy The Fund uvat¢d &4 a genernl charitsble lThst. Tr trusi¢¢S hav¢ n¢inuing inl¢r¢51 in overseas aid and in minorities, however defirt¢d, in ihe UK. Grants are no¢ nonn4lly for well estsblished cause5 or lo individuals. and ov¢rs¢¥s grnits developnent aid in preference to di$￿er relief. Director C Rafferty Dawes Road Hub. 20 Daw¢5 Ro Lonth)n SW6 7EN Advi*TS BaNkers CAF Bank L 25 Kings Hill Avenue Kin8s HilL we￿ Malling Kent ME194JQ Solieitors Dixm Ward 16TheGr¢ Richrnond SuTrey TW9 IQD IAvestmeD¢ Managers Sa￿lA and Partnets LLP Juxon Hotsse IIM) St Paul's Churchyard Lffldon EC4M 8BU Ruffer LLP (until 22 May 2024) 80 Vicloria Street London SWIE5JL Accoultants Martin and C￿￿panY Accountants Ltd 25 St Thomas StreeL WindKster. HaM￿h1[¢. S023 9HJ Audltors Shaw Gibbs (Audit) Limi*d 25 St Th(xnas SirttL Winchester, Hampshire, S023 9HJ TRU TEES REPORTONT E WORK OF THE HILDE]Y CHARIT BLE FUND YEAR ENDING 5- APRIL2025 The Trustee5 present their report and ihe alldit*J fin￿¢¢al sthtements of the clwity for the year ended Sth April 2025. The trustees have ath4Jied the EmViSi(XbS of the Sttiement of RKom]nended Practice (SORP) "Accounting and RepMin8 by (Jwiiies- in wepaTing the annual and financial stsiements of the ¢harity. The financi￿ siatements have prepared in accordance with the accounting policies set out in notrs to Ihe accounts and ￿)mplY with the charity's governing dc*um¢nL the Charities Aci 201 l and Accouniing and ReptKting by Charities.. &atement of Reccrfnmended Praditt applicable to charities preparing their accounts in accordance with the FinJn¢ial ReFLYting StsfyJaTd applic4bk in the UK and Rewb]ic of Ireland (FRS102) publis1￿ in Odober J)19. The Hilden Charitsble Fut)d is an unint￿pOrated grani n)aking charity wnslituted under a trust deed dated 8th May 1963. charity regisirntion No. 232591. The Fund was esthbli5hed by an iniiial gift from Anthony and Joan RarnPt￿. Rtferenee and Admini$tr•tlv¢ Inforn*ti Detail% of ihe TrU￿CeS and advis¢n ¥¢ re￿￿ed within the genernl infmatTh ¢)n Pa8e l of these fin¥n£ial statements. Trus¢ees delegate day to day rnrtning of th¢ FuThJ to the Direcior. Mr Ciaran Rafferty, and the office team which were based ai 34 North End Rowl. Lon(k)n W14 OSH until tr May 2024 when ty moved to Dawes Road Hub. 20 L>awes Road. Li)ndon SW6 7EN, which is tmlw the principal offKe of the Fund. In the first instance all enquiries on Fund mall¢TS 5hLwld be adthessed to the Dir¢¢tor. Stru¢ithre, Governance and M*Dxgewe•¢ The Tnjsttts a￿ appointed by the Board of TnK*¢s. The Tru￿ Deed provides for i minimum of three tnISt￿8, with no maximum. Ad hoc working Parti¢5 aT¢ ￿l¥ened when llecess￿. ThrOugh￿t the year TnLStee5 are briefed on charity issues concerning grant wioriiies arKI on financial management and inveslmenl by thv Direcky and Ffofessional ￿VIsers. Accovniancy is condu¢ted by Martin and coM￿nY Jnd audii by Shaw Gibbs (Audit) Ltd. The Fun(fs financial assds are rn8￿ged by the investsnent cornpnie5 &Yasin Part*er5 and Ruffer LLP, Iiixe the portfolio for Ruffer LLP ¢lo*l (m 2￿ May 2024. Trustees are encouraged to attend events convened by the ASstKi￿1off of Ch￿liable Foundaliony, the Chorty Commi¥xion, the Direcrory of s￿101 Change and Clwrity Finlv￿¢. From iime4frtimt Trustees may visit grantees or attthd their events. Grani applicatM)ns wior ￿ ¢oTh51derati￿ by the Tr￿*¢5 are handkd by the ￿aff iethi with ihe assistance of our professional adviw, Gilly Green. Tixtiees Changu Wiihiay ihe Year There were no ¢lwiges in the year. Th* Sioff Team In 2024125 Hilden sthff le￿ memlKv5 wffe.. Ciaran Raffttty, Director and Catherine Sotto. Office Manager who left employment in July 2024. The Trustees would like io ihank Catl*rirt¢ (K*e) for her commiknent and diligent service throughout many years with the Fund. The salaries and rther terms of employment of the stsff (including the highes¢ paid worker) &e Yeviewed anrtually by the TThsltts. The salary scales were originally based ￿ ihe National Council of Volunw Organisaiion job dts¢ription comparigThts and integrated with the London Borough of Hammttsmith salary scak5 {Hilden is based in the borwgh), and yearly Twsitts review infla¢ion chan8es by applying a cost*of-living inde TRUSTEES RE RT ON THE WORK OF THE HALDEN CHARITABLE FUND YEAR ENDING S" APRIL 2025 Pe￿110￿ Defi¢iLt In common with many other charities and ¢Miparties ￿Ing defined contribution schemes, charges were incurred on the staff pension fimd (see page 21). Risk Monagemeni In the year Trusitts reviewed the Maj￿ risks to which the charity wa5 exF￿￿ in porti¢ul8r those related io ihe operations and finarKes of the charity. everyday re5F￿SIbilitieS as an employer and building owner. This firnancial year the Trust's investh￿nts were impxted by extreme Yolatility in the fmon¢ial m8rkets caused, IA part. by the conirnuin8 war in ukrai￿ and by Government fiscal p)licy. wilh retyms on investments down compar%d io previous years. Whilm this has necessilated ongoing ￿nsIde￿Il0n of the inyesthients. the TnLSR¢S have Comirnwl ty awarf gr•)ts * a total level at least comparable to weviou5 years. ObJ¢¢tlves glld A¢tlvltles Th¢ aim of th¢ Fund is to a(bJTess disad¥8nt4g¢. nothbty by $upwin8 causes which dre unlikety io roise fvn4tsfrompubli¢Jov¢es. known s(m¢tim¢s &%'UnFwlar causes.. Fund w)li¢y is dw¢¢ied laTg¢ly at supwjrting work ￿ a community level. Grants are not given to individuals. Tnwees aim to 4ddw T*d5 by fimding both PTojeci costs and general running costs. Publk Ben¢fl¢ Th¢ Trust¢¢s th¢y haw¢ of ihe Charity Commission's general gUid￿¢e on publir b¢n¢fil. HildEn provid¢5 funding io orgajisations which demI￿lS￿atr charithble purpose aTrd are registerol with a regul*ory body or ar¢ exemN or ¢xcW¢d. In th¢ UK most grani aid ts directed to registered charities or community inter￿t companies. overs￿ prOj￿ts ￿ r¢5tricied to supponing work in eiiher Malawi, Tanzania or Ugand4 with wef¢r¢w¢ for org¥ni5atiiMJs ba8¢d in-county and wilh relevant local legal slalu& Formul De¢lariYiOn Groups funded by Hilden do nol in the main attrxt mainstream public 5upporL or if they do. li is Th)t at a level ￿ achieve all their objecrives. Funding wovided by Hilden enables thes¢ causes to proYid¢ benefits to the public within ihose organisations. specific aims and objectives. Thi5 is f(wist¢nt with the aims of the Fund. When awarding granis. TTUStees aim to ensure benefi15 are balanttd against any deiriment OT hatm of which ihey are aware. The ￿ner11S of the Fund are offered to 5ectiiJns of the publi¢ within particular grani making pri￿ltIes. The oM)orninity to benefit is not unr¢a50nably restricted by geographical area or ￿her restrictions. No Individth￿ or (￿￿1￿1¢￿ rgceives private benefits from th¢ Fund. Saf¢gyardimg The Tn￿te¢S take seriously their re4KMsibilili¢s to consthjtt the safeguarding practices of the organisations they fund. Hilden continue to t￿t note of the Charity Commission's on-going advice. DFID'S guidance on safeguarding. and gwd praclice guidance 8iven by the Associarion of Charitable Foundations. and BOND (British Overseas NGO tkvelopment). This is in addition to the re.assuran¢e sought by the Hilden office on chiwyulnerable adult ￿￿eCtIo￿ through DBS ¢he¢ks in the UK, and practi¢¢ siatemenis in oversea8 couniries. Applicants sutthit their sa(e8uarding poli¢i¢g Ls part of ihe applicalion pr(Kess lo ¢nsure they i￿lUde a(kqw*e W*￿reS to maximise Fyirtection for children 8nd vuln¢rabl¢ adults. TRUSTELS REPORT N THE WORKOFTHE HILDEN ARITABLE FUND YEAR ENDING APRIL 2025 The Funding Prlorltks Attd Grant Making Following a review of its f￿dIng priorities and proce$5¢5 in 2021Q2, this yex Saw ihe criteria fijlly implemenied following approval by the Tru￿tt$ for th¢ UK programmes in March 2022 and for the Oversw programme, fft June 2022. The UK Fwmes compris¢ two 5trdnd5 - Asylum Seekers & Refjjgtts; and Penal Affair5 - with funding available for two YVd￿ arsd the indi￿tt¥c upper annual grant limii beittg £7,0(M). The inwme eligibility threshold for appli￿lts 15 £230,0￿ ￿ ensure that fijnds are iargeted at those wnisatiorts with limKed capacity to secur¢ ful￿1ng from other Sources. organi￿10￿S are required io demonstrate good governance. aThJ 80c￿ pwtiR in involving people with relevant lived experience in the plartning and Tunntng of their activities. The Fund's guidanc¢ for applicants is regularly refmed and made ele¥tt on its website ¢0 supwt the aim io incr¢as¢ the success ra* of applications, and organisations a￿ invited to seek feedback if their applI￿lOn is WIS￿r￿fUl. For applications considered in the year, the overall su¢cess rate was 31P/• (3trA in 2023Q4). Many of these mtr&sures have been Impl￿ented in cotbjunction with the F￿d signing up to the Institute for Voluntary Action Res¢*th (IVAR) Flexible Funders initiativ¢ (www.ivar.org.uklflexible-funders4, where funders pledge io implernent 8 c¢)mmitrnents to make themselves tnor¢ a￿eSsible by, and accountable to, chariiable organis*iM5 seeking and securing financial supwjrt. The Director and Tn￿$ sought to in¢rease nctwThking with. and learning fr￿, (thr grant-making b￿jIeS largely thrwgh its membership of the Association of Clwitable Fourmlatl(￿ (ACF) which runs several regular fonjms and onethoff events f(￿ sharing infornution. ideas and g(KNJ pr￿lice. In th¢ year these included special interest groups on. Smaller Funder5: Asylum, R¢fug¢¢ Migration: Criminal Justice. Internaiional Furthrs. and Family FoundatiOR5. The Chair attended lh¢ Annuyl Conference of the ACF. whilst ihe Director been & regular w of the ACF'$"Funder Netwthk" . an online portal where grant-makers can share tips and advice on a wide range of topics and prnd1￿1 support. Addilionally, Ihe Director and T￿￿tee$ have attended other meetings and events with individuals and or￿lS￿li0n5 WQTking in the sector so thai the Fund is kept up to date on relevant issues and ¢8n share its learning and knowledge with LNhers. Griml Making PrtKWS Grant applIC￿lOnS for the various programmes were aecepted within published and restrithd tim¢ periods or '%vindows". outside of which applications could not be acceNed. This enabled the Fund to b¢tt¢r plan lh¢ distribution of its funds to give applicants a known timefrarne for a decision. Using a Sal¢sfor¢¢- based grant M￿lagement system, all applicants io the Fund must complete an on-line appli¢ation form outlining their request for funds and explaining their legal artd fllwKial slatus. WitlKSUt this accompanying fonn all applications are regarded as enquiries. Applicants must also provhje their latesi account% safeguarding and equalities policies and key infomiatioTr from their constitution or governing arti¢les. A full a55¢55menl of all applications is then undertaken by the Director (or professional advisor on occasion) and r¢commenda¢iom made to the ttwsitts who will deeide on ihe outc(￿e of all applications. It has n(X been ￿sSIble to visit Proj￿iS as part of ihe &%sessment pr¢K¢$4 mly due to cosi.beAefit reason$ giY¢n lh¢ size of th¢ grdnts awarded bui also io a desire to get deeision$ to applicants within a reasonable limeframe. However. the Direct￿ and TTh￿eCs h&ve been able to visit Some wisations afttr a grant was awarded. All grant recipients are required to a rep)rt thr￿gh th¢ online system on how they have made use of Iheir grant and the difference li has m* to th(tse they art suppxling and ￿ the Organi￿lon itself. F¢￿back is given lo Tn￿teeS via mailings and at Tft￿tes meetings. TRU￿£ REPORT ON THE WORK F THE HILDEN CHARITABLE ND YEAR ENDING 5" APRIL 202 Applicalion¥ In the year 2024r25, the Hilden office c(xL%idered awximaiety 420 eligible applicall￿S for gratit aid. This was mueh higher than the previous year. mainly the to a 150Yo itKrease in Overseas appli¢ation& These w¢re assessed and decided upm by Tr￿￿te$ within the fmancial year and excluding the funding for Playscheme5. 123 grdnts were #warded (an overnll sueeess rnte of c.30Vr*}. In addition. and as in previous years, Trustees awarded grants (£50.IMJO) to k*ial Famts & Gardens. a national charity, to deliver a Summer Playsckni¢s funding programme amongsi its member organisation$. 31 individual playschemes were eventually funded in summer 2024. Websile The website was Tef￿sh￿ d￿￿1g the year io wtrvide ￿ter clarity to visiiors and ￿tentIal applicants and to encomws the ￿t¢0M¢S of the futtding review. Funding enquiries and 4r¢ulative requests fw support - mostly for overseas PTojects are re¢eived by email and l or by t¢l¢phon¢ at th¢ rate of iwo or thrtt w wttk on average during applic*ion opening p¢riods a decrease on previous years due to the greater clarity of inforniation on the website. Chorilable AClivili￿AadiI1Onal io Gra￿ In establishin8 a Secretsriat for the Fund the Trustees had ihe aim of not onty kninistrrin8 the grant making process but also prnvidiAg a ￿lpfill service ￿ applicams on fijnding and good practice. Tnjstees look io the Hilden oifi¢e team io advise aN)licanL8 fundin8 aliemalives if grnnt appliutions ¢aTmOt be onsidered or ar¢ declined. It is also ex}￿ed th￿ the staff. esrrtially the Direct(*. establish and mainlain strong link5 and r*tworks within ihe seatt, includmg with ￿h¢r fijnders. to ensure thal the work of the Fund stays rel¢vant to contril)ute toaNI lewn from the work ofothers. Achi¢v¢ments #ttd Ptrfornianet Below is a narrative review of the grants awarded wKler each Wi(￿lty area. A list of grants is presenled in the not¢s to th¢ a¢cThthts on pages 17 10 20. Monitortng All grant r¢¢ipiertts are required io submit an thline m(miiwinB report forni at the end of iheir fundiDg period. A standardised foErn w*$ ￿eated for this wpose. in a forniai ihar was guided by the wider charitable Sect￿ to ¢nsur¢ il was opprowiat¢ and valuable. No further funding is considered or released until all returns are llp to d*e, wilh the second year's funding of 2-year grnts nol releas￿1 until a satisfactory r4￿rt on the first yew is received. MeetiThg Need The fvnding criteria impkmented in the year and wblished ￿ our w¢bsi* outlined the following priorities of the Fund: Asylum Seeker5 and R¢fugees ¢ontinu¢ th fac¢ homility. challenge and isolation which prevents them being able lo fully integrnie into sori¢ty' and s(Nne fxe coA%iderdble levels of poverty due to being unable to work or use their skills. We wanl to suppiwt or8ani5aiions and prOje￿S which provide essential services. which help meei their needs: and which suppcrt their F4rticlWi￿ within the wider community. TRUSTEFS RE RT E WORK OF THE HILDEN HA ABLE FUND YEAR ENDING 5 AP 025 Penal Affairs Whilst eustodial sentences are very damaging fly all of tlKW aff¢rted. research by the Prison Refom) Trnsi shows that w(Knen are often more gr￿lY imFMded. eswially wh¢re they have thildren or other caring responsibilities. Durin8 the Pandemic. example. family visits lo Fffi51)n5 were cwtailed and many ehildren did not see their parent for ovtr a year. We want to 5UPPXt work'yhrough the d(￿. where charitable organisations go into prisons with pyoiects and support to help pris¢)ner5 (¢5peci?Ily but not only women) wpe an(Vor maintain fanily bonds and to be better abl¢ to resettle positively when released. Equally wt wekorne applications fLY P)St4elease wtrie¢ts which 5UPPOrt positive resettiemenr and reduciiort in the likelihood of reoffending. However. please nrf¢ that jolTr5￿ch I ￿nplOYMent age￿Y proj¢ets ar¢ unlikely to be fiJTrde Overs￿1 Our preference is to fund (rganisatM)ns based in the country wh¢T¢ th¢ WOTk is tt) be delivered. Projects musi meet at le&%t one of our wioritiA whtch aye: wojects whi¢h suroort ar￿55 to education for women and girls (we th) not fund individual Ewsaries cf scholarships): IYoj¢¢ts which enabk rural and l or displaced communilies to Erc(Kne rnore self-sutTKI￿L lThere w&% a consider4ble increase in the number of appI￿All￿nS this year than in 2023124 - r*)ssibly due to the Fund b¢ing m(Ye widely known and promoted by grant-findin8 pl¥¢f¢MTThS. GRANT SPENDING 21)￿25 Igrty line sknws 2023n4 ftIE¥res) GRANT PRIORITY Number or Average Grant Speht Grant S eThdi Gr4nts As lum Seekers 4Dd Ref 42 £473,493 £11,274 £iO.IP4 Jo £J09.701 56% 4/0 16% 51•/. 23Y• Penal Affllrs £47,7AI £9 12 75 25 £141.81al 111.817 £7,946 £8.210 Over5egs £595,984 1205,260 £50,0( £40.000 £1,￿ £5,50LI £1,168327 £902.261 Pla Schemes £23,￿0 Other £i,o £2.750 £9,091* TOTAL 125 IiKI'/• 'Av¢r4C N tqsel onprojtttslt5s￿X￿t￿tt- 123 forthey￿ 2024125{89 IK))2Y£4) N￿e grani funding w&% approvthl for two ye￿S for some applicants giving a higher av¢rng¢ gr￿1 awarded. Aty1￿￿ Seekrs andRrfugees Numbers needing supwt wider this programme continue to be significant. Withoui th¢ ability to work, asylum sttkers live with ¢onsid¢Table levels of poverty. in housing and unable to use th¢ skills ihey have broughi to cowity. Destitutson is sadly ever more wevaleni in lh¢ applications lh¢ Fund T￿e1ve often ittcreased by ihe Cost-of-Living Crisis. Projects wppcfftrd durin8 the year inrlud¢ h¢lping those wi¢h no recourse to public fithds to xcess food, shelier and clothing. often ljuildirtg IM th¢ hug¢ g¢nerosity and suppcrtt of I￿￿1 rwle in helping these communities. It was hear*ning to s¢¢ 50 many organisali￿5 supported in great numlxrs by volunteus from their local (￿Unli1es. TRUSTEE REPORT ONTHE WORK F THE HILDEN CHARITABLE FUND YEAR ENDING APRIL 202S Refugtts experience similar issues although do have the righi io work in the UK. Support to th¢se ¢omrnunities tend¢d to fo¢￿ on ESOL cl&w, confideKe buildin& and helping them inte￿ale more fully inio their local mainstream communities. When a person who has been in the asylum system 15 granl¢d refugee 51atus, th¢y then haye very littk time before they are required io leave the govemment-wovi¢kd accomrnodation and find their owrt. This h&% led to many charii&es ond community groups faced with refugee$ who are & risk of homelessttess. 42 rrtojecL8 145 aM)licaii(ffls were sUp￿rted under th¢ Asylum Sttker5 and Refugee5 Fyogramme area. Penol Affuir5 By comparison to the Asylum Seekers & Refugee StraTKI the numlxr of applications for funding under the Penal Affairs strand is often considerably lower as there ￿ feww small org￿lsaIlortS working in this arena. Nevertheless. the work thai is ¢kne is typicalty very personuiMeni Managers Sarasin and Pamers and Ruffer LLP c¢Mtinued to act as inve51ment managers fty the Fund. It should be Th)ted that ihe Ruffer LLP investmeTht p(Ktfolio was c105rf and the funds trat1$f¢r￿d io Sardsin and Partners in the year. I￿￿1￿ent PoliLy andPerfOrmop￿e.' The portfolio of ihe fund is with ihe Alpha CIF Endowments and Alpha CIF for income and reserves mAnaged by Sar&8in and Partners. and the Charity Assets managed by Ruffer LLP, up until the portfolio closed. Thes¢ pooled funds art in line with Trusttts, ethical preference5 and are proven balanced investmeAt Yehieles. The charity's work is rell￿t on income aTrJ investment retUTtLS frcrfn its ertthtrwments. The value of the investments decreased this year and have Tewted unrtalised losses of £639.925 compar&J to unreali5ed gains of £288,766 the previous yeat. TRU TE REPORT ONTHE W RKOFTHE HILDEN CHARI ABLE FUND YEAR ENDING STM APRIL 2025 Property hl(Jnagemeni andEarniFws The Hilden charith￿e Fund owned th¢ building at 34 North End Ro&J. London W14 OSH until it was sold on 20 May 2024. The Hilden stsff ieam weT¢ bwd ihe first fkNx of rhis building. Renthl income from the ground and second floor otTK¢5 in th¢ was £Nil (2024: £Nil) as they no longer had any ietwlts occupying the lyJildin& Ruerves The Charity has no income res¢rve% aTxI the TTU5*es rety their io attess capxial fff spending needs in excess of available incorne. Th¢ 'free re5¢rv¢5' of Charity are those unrestricted ￿rtd$ not committed or invested in tangl￿e fixed assets. Transfers ar¢ wiodically made from the exp¢rtdabl¢ endowment fund to allow sufficient fuTMls to be av4ilabl¢_ Plam for the fulure The eharity will continue with its aims and obiectiV¢s over the next 12 monihs and will work closely with IL% investmert managers to achieve capiial growth in its inv¢51ments. The levels of grani srthd I commitments seen in the year are a result of ihe a(kliti(¥sal income arising from the sale of our building in May 2024 and Ire set to reduce in 202512026 and Iwond to fall m¢Ke in lin¢ with investment income. A review of the investment strategy coMme￿ed ITr the fourfh quarter of 2024121f25. whilst a trustee away- day took plAc¢ in November 2024 to review our obiKtive5 and funding priwiiies. Ch￿geS in grant policy a8rttd for 2025 and beyond induded.. Community Interest Companies would no l(Hw iy eli8ible to apply. Applicani (*ganiwions have recent annual income of £200.OIKI or less (previ(w51y was £250.(KIO) The Overseas programrne would be OF*ll w one c(AW per year ￿ rotatio￿ with Malawi being the firm country ¢0 be able to apply in 2025. (fhis was iti reeogrtitiort ol the in¢re4sed demand seen in 2024 and to ensure that applicants had a beNer chance of being successful.) In ￿rthering the work of the Fund ?rKI develowent of ow grani-making process, the Trustees would like to welcome the arrival in 2025Q6 of our part lime Fund Admtnistrator. Zainab Bhalloo. The reiKrt was approved at the Tru5ttts m￿Ing (¥1 Signe4 on behalf of the Tnutees: Prof. MBH Ramp1￿ (Cffiairj Dai¢- THE HILDEN CHARITABLE FUND YEAR ENDING 5- APRIL 2025 STATEMENT OF TRu￿E&s RESPONSIBILITIES The trustees are responsible fw pr¢poring Tntsttts. Annual Report and the financial statements ID ar¢ordan¢e wilh applicable law United Kingdlryn Accounting Standards (United Kingthm Generally A￿epted A¢¢ounung Practice). The law appli¢able io ¢hariiies in England and Wales requires the chority trustees to prepare financial s¢al¢m¢nts for ¢arh fman¢ial year which give a tnK and fair view of the slxte of affairs of charity and of the incoming resourre5 and applicaiicm) of resources of the clwity f(r period. In preparing ih¢se finaTh¢ial sta¢em¢nts, th¢ trust¢¢s are required to: select suiiable accounting wlicie5 andthen apply than ¢￿￿1Stenty' observe ihe mdhods and winciples tn Charities SORP 2019 (FRS102I. make judgements aThJ estimates ar¢ r¢asoJthk and wuknt. state whether applicable acC￿n11n8 standar& have been followed, subject to any material d¢parttLres disclosed and explained in the financia] slatements. aNI prepare the financial staiements on the gom8 concern basis unless il is inapwowio¢e to presume that the ¢harity will coniinue in ￿ration. The trustees are re5POn5ible for ke￿ing prnper acco￿ting records that disclose wilh rea50nabl¢ ￿UrKY at any time th¢ fi]wi¢ial position of the charity and enable ihem io ensur¢ that the financial statements omply with the ch￿ill¢S Act 2011, the Chariry (Accounts and Reports) Regulations 2008 and the provision5 of the trust deed. They #Tr also resp)nsible for safeguarding ihe assets of the charity and hence for taking reasonable steps for ihe wevention and deiection of fraud and other irregularilies. The trustee5 are resFKMJsible f(Y the maintenathce and integriry of the charity and finarKial infomiation included on the charity's website. Legislation tn the unli￿ Kingth)m governing the preparation and dissemination of financial statements may differ from legisl*ion in other jurisdictions. 10 THE HILDEN CHARITABLE FUND JNDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE HILDEN CHARITABLE FUND FOR THE YEAR ENDED 5TH APRIL 2025 Opittlott We have audi*d the financial Sfatements of The Hildrn Thwitabk Fund {Ihe 'chwiry'i for the year ¢tthd 5 April 2025 which comprise the statemeni of FHMncial Artivtli¢s. the Balance Sheer and notes to the rinancial statements, irKluding a summary of signifKan¢ ￿cOUntIng ￿lI¢jes. The fina￿1&1 re￿rting framew(*k thai been aFplied in their preparntion is applicable law and Uni*d Kingdom Accounting SrAndards, including Financial Reporting Stantsd 102 Tlw Financial Reporiing &ondard applicable in Ihe UKand Republic of Irelond(United Kingthm G•￿￿llY Ac¢eNed Accouniin8 Praciice). In our opinion the financial stateme[￿. give a true and fair view of ihe sme of the ¢h￿ity'S affairs as at 5 Awil 2025. and of its incoming resour￿5 and a￿licatI(￿l of resou￿. for the year then athd. have been Fyoperty wr¢d ill a¢¢(YdwKe with United Kingth)m Gthernlty Accwd Accountin8 Prnctice; and have i*en prepared irt accor￿ with the requirements of the ChaTiti¢S Act 2011. sis for opimlo We conducted our audit in att(thce with Internaiional ￿andardS Audiling (UK) {ISA5 (UK)) and ppli¢&bl¢ law. Our responsibiliiies under th(K standards are further described in the Auditor's r¢5PKK15ibilities for the audit of the fthancial statements seciion of our rewt. We Are indePend￿t of the harity in a¢cordantt wilh the ethical requirements that are relev￿t io audit of the fLn#ncial 51al¢ments in the UK, includin8 the FRC'S Ethical Standart and we have fulfilled OUT other ¢thi¢al r¢5PW15ibilities in accwdance with these rtqUiTements. We believe the audit ¢vid¢n¢¢ we have ob¢4in¢d is sufficient and apy0p￿ io ￿0VIde a ￿15 f(Y our opinioA. Conelw$io•s r¢l8ting ¢0 goiig co￿er* In auditing the finarKial statements. we h*ve conclwjed the trustees. use of the going ¢on¢ern basis of accoknnting in th¢ w¢wation of the financial statrm￿ is awwiale. Based on ihe work w¢ have ￿rf0M]e￿ we have not identified any m*erial unce￿•￿tieS rel￿1￿8 to events or condili0rt8 th￿, iNJividually ￿ collectively, may c&8t significant doubt on the ch¥ity's abiliry to continue as a going ¢on£ern f¢x a of at leatt twelve months fr￿Tr when the financial St￿ementS we authorised for i55ue. Chjr resw)sbi ililT¢S and the resp(mS￿lIltjeS of the tnL%tees with Tespect to goin8 concern are dexnThed tn the relevani wti0Ths of thi5 re Other IAform•¢lo The other infomiatlOD ¢ompris¢s the information included in annual rep)rL txher than the financial statemenis and our auditOT'S repm ther¢(Hb. The trusltts are responsible for the other inf¢maii¢xJ Coniained within the annual reFrfKt. opinim M the financial statemenis does cover the other inforniation an¢ ex¢¢pt to th¢ extent othenvise expliciily ststed irt ￿r rep)rL we do not express any fom) of a5SUM¢¢ ¢IKKlw1(￿ thereon. THE HILDEN CHARITABLE FUND INDEPENDE￿r AUDATORS, REPORT TO THE TRUSTEES OF THE HILDEN CHARITABLE FUJ¥D FOR THE YEAR ENDED 5- APRIL 2025 Our resrK>rtsibility is to read the oiher iffif(thaiion an4 in doing so. consider whether the other inf¢)rn)ation is materially inconsi￿ent wilh the financial stsiements, or our knowledge ckntained in the audit lx othetwise appears io be maierially missthted. If we idemify such material inconsistencies or apparent rnAterial misstat¢mertts. we are required io deterniirte whether this gives rise to a material Mis￿ateMent in finw￿l￿1 statements themselves. If, on the wiKk we have perfomied, we conclude thai there is material misststement of this other inforniatiort, we are required to rerk)rt that fact. We have ntxhing to ry)rt in this rtgard. Matters om which we are required to repwt by ¢x¢ep¢i04 We have nothing lo rewt in resiKd of the following matters in relation io which ihe Ch¥rities (A¢¢oun and Reprt8) Regulations 2(K)8 rwuire us to rep(Yl to you if, in our opinion." the inforniation given in the financial statements is inconsistent in any mat¢Tial respe¢1 with the Jstees, reF(Jrt: or the charity not kept >Jequate accounting records" LY the financial statements are not in agreement with the xc4)unting tfCLYds and returns" or we have not received all the infornutirn *tsd explanations we require f￿ our audit Rtspottsibilrtles of Irtysttts As explained more fvlty in the tru5ttt5' rtswjnsibilities *8*ment set Iwi on page 9. the trustees are responsible for the ryeparaIi￿ of fmancial statemettts and for being satisfked that they give a tThe and fair view, and such internal ¢imtroI as the trw5te¢s deterniine is neeessary io enable the preparation of financial stat4*ents thii are free m4te¥o1 mi&siat¢mettt, whether due ￿ frawj or err￿. In preparing the finan¢iai the Intstees are re4xxisibk for assessing the chariry's ability to continue as * going Conce￿ di5¢105ing. Is applicable, matteTS relaied to going concern and using the going Conc￿ b&5is of accixmting unk5$ the thLStees either intend to liquidake the chariry or to cease operations, or have no realistic altern￿1¥¢ but ￿ do so. Auditor'$ responsibilities for the aDdit of the fio*mci•l $t•tth¢nlS We have been appointed as auditor section 144 of the Chariii¢5 A¢t 2011 and report in acwrdance with the Act and regulations made or having effea therevnder. (hjr objectives are to o￿ain reas￿)able assurance at￿( whdher the financia] Statements 1$ 4 whole free from m*erial misst*ement, whether d￿¢ io fralld ￿ error. and to issue an auditor'5 report that includes our (4)inion. Reasonable assurance is a high level of assurance but i5 not a guardntee th2t an audit onduct¢d a(￿rdancE wilh ISA$ (UK) will always detect a m*erial misstsiement when it exists. Mi5stsl¢ments can 4ris¢ fr￿n fraud or error and are considered material if. individually or in the aggregate. they could rea50nably be eX1Kct￿ to influence the economi¢ decisions of users tsken on the basi5 of these financial Statements. 12 THE HILDEN CHARITABLE FUND IJ¥DEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE HILDEN CHARITABLE FUND FOR THE YEAR ENDED S- APRIL 2025 Irregularities, including fraud, are inslances of non-cOM￿lance Wifh laws and reguiatlons. We design proceduTes irt line with our responsibilities, outlined a￿Ve. to detect m*erial missiat¢ments in respe¢¢ of irregulariti4 including fraud. The extent io which our w(Éedures are capable of detecting itregulariiies, including fraud is detailed below: W¢ d)thined an understanding of the legal and regulatcKy framew(rf* applicable th the charity via discussions with ihe truste¢s ond our previous knowledge of the clwity. This identified the mosi significant laws artd regulations relate to the fonn and content of the fiAan¢ial smements such as the Chariii¢s A¢1 2011, the Charit1¢5 SORP IFRS 102) al￿ Financial Rep￿tIng Standard 102. The charity compli¢s wilh th¢5¢ laws and regumions by using appropriately qualified wofessionals ￿ prepare the fina￿1￿1 s¢¥t¢m¢nts. As part of oyr planning we ¥sses*d su5¢ryrtibility of the dwity's financial statements to material mi$ststem¢nls. including how fraud migh¢ occur by making an assessment of the key rtsks. The key risk identified in res￿¢( of Th¢ Hild¢n C￿li￿bk Fund 15 reveniie refognition. The th￿tee5 confmned no actual. su5P¢¢ted or all¢g￿ uses of fraud. Based on ihis asse&8meni w¢ desi￿e￿ (yw audil to address the key risk areas with an emphasis on lesting the incoming r¢sOurc￿. A fiwth# desttiNi(MJ of our r¢swnsibiliti¢5 for the audit of the fuJ•Kial statements is available on the Financial Reporting Cwnril'5 websile al.. www.fr¢.org.uklauditorsRspMibilities. Thi5 description fomis part of our auditor's rewt. Use of our report This rep(rt is made sokty io th¢ thwity's ITWte¢4 a5 a body. in accordance with Part 4 of the Chariiies (Accounts and Re￿rts) Regulations 2￿8. Our audit wiyk ha5 teen uNJertaken so ihai we might stale to the ch¥iry's trustees those matters we aTE required io stale to them in an auditor's report and for no other purpose. To the fullest exient ￿nllItt¢d by law. we th) not accept or assume responsibility to anyone other than the charity and the chariry's tr￿Sle¢S &8 a I￿. for our audit for this rep)rL or for the ￿)inionS we have fomied. Shaw Gibbs (Audit) Litnited Statutory Auditors 25 Si Thomas Street Winchester Hampshi S023 9H Date Shaw Gibbs (Audit) Limiied is eligible io an auditix in iernis of s¢¢tion 1212 of the Cunpanie5 Act 2006. THE HILDEN CHARrrABLE FUND 13 STATEME￿ OF FINANCIAL AcfiviTILS FOR THE YEAR ENDED 5TII APRIL 2025 Tot41 Year ¢0 4.25 To¢41 Year lo 5.4.24 UDrestrided Ineom¢ Fulds C*plt*l F¥nd3 Notes INCOME AND ENDOWME]YTS FROM: Income from generated funds: Voluntsry income Investments and other income.. Investhient income (hh¢r in¢om¢ 372.844 372,844 114.053 382.203 2.100 114,053 To￿] in¢om¢ and endowments 372.844 114.053 486.897 384,303 EXPENDITURE ON: Raising fi￿d5 Chari¢abl¢ activities: Grant Giving Grwnt expenditur¢ Grdnt related support costs 71.094 71.094 88233 1,168,227 153.961 4.535 40.601 1.168227 153.961 4.535 40.601 )2,261 127,630 29,232 35,664 Management and administration Total exkxnditure 1.438.418 1.438,418 1,183,020 Nei income l (expenditure) befo gains and losses orn inves(ments (1.(kn5.574) 114,053 (951.521) (798,717) Nel gain&1 (losses) on invesnnents: Realised on investsneni ptor Realised on quoted investments Unr¢alised on qu4xed inv¢sthients (21.670) (21,670) 447,114 447,114 (639,925> (639.925) 124.648 288.766 {214,481) (214,481) 413,414 NET INCOME I (EXPENDITURE) {l.Ik55.574) {100.428} (1.166,W2) (385,303) Transfers between funds l.lJ55.574 (1.065.574) Other recognised gains l (losse5}". fjain5 1 (lo55es} ffi rev4luathon of fixed a55ets (26,666) NET MOVEMENT IN FUNDS (1.166,¢X)2) (1,166.002) {411.969) Reconciliation of fijnds.. Fund balances brought fLKward ai 6th April 2024 13.748.462 13.748.462 14,160.431 FUPID BALANCES CARRIED 12WL460 11582860 13.748.462 TH FORWARD AT S APRIL 2025 The note5 on pages 15 to 24 form of these xcounts THE HILDEN CHARITARLE FUND 14 BALANCE SHEET AT S" APRIL 2025 2024 Notes FIXED A&SETS Tangible fixed assets Investmenis 4.881 13.035,200 761.050 13.310.221 Totsl fixed asset5 13,040,081 14.071.271 CURRENT ASSfTS 10.328 36,171 20,427 68,547 Cash at bank and in hand T(Xal current a55ets 46.499 88,974 CREDITORS Amounts falling due within one year (496268) 1408.681) NET CURRENT ASSETS (449.769) 1319.707) PENSION LIABILITY 10 {7.852) 13.102) NET ASSETS 12.582.460 13.748.462 FUNDS CAPITAL Expendable Endowment INCOME UMvAri¢t¢d 12.582,460 13.748.462 TOTAL FUNDS 12,582,460 13,748,462 Approved by the Trws¢¢es ￿.......... . •md signed w theSr b¢h4lf by .. Prof. M B H R*mpto• (Ch*lr> The notes on pages 15 10 24 forni part of these accounts THE HILDEN CHARITABLE FUND 15 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED W APRAL 202S ACCOUJYTING POLICIES B4$1$ of aetoumts The charity ¢onsti¢uies a public beDefit entity a5 defined by FRS102. The firtw￿la1 staiemenLS have been prepared in accordart¢e with A¢¢ounting aEKI Reporting by Charities." Siatement of Recommended Practice applicable to charities preparing their accounts in aecordartee with the Fir￿l¢la] Rep)rting Standard applicable in the UK ￿ Republic of Ireland issued in October 2019, the Financial Reporting Sthndard applicable in the United Kingdom and Republi¢ of Ireland (FRS 102). the Clwities Act 2011 and UK Generally A£cewed Accounting Ptactirx. The f￿￿ClaI siatements have been prepared io give a 'true and fair, view and have (kparted from the Charities (Accounrs and Rewts) Regul￿lOnS 2￿8 only to the extent required to provide a 'twe and fair view.. This departure h&% involved following the Accouniing and Rewting by Charities.. Statement of Recommended P￿tICe aA)licable io chariiies ￿epam18 their accounts in accordance with the Financial Rewtin8 Stsndard applicable in the UK and Republic of Ireland issued in O¢iober 2019 ratlKr than the A¢rounting and Reporting by Charities: Statement of iiecommended Practice etTective from l April 2005 which has si￿¢ been wiihdrawn. The finan¢ial statements hav¢ b¢en prepared on a going ¢￿rn basis under the historical cost ¢onYeniion, as Th)dified ¢0 in¢lud¢ certain i¢¢ms at hir valu¢. The financial ststements are presented in sterling which is the fithdi(Mo1 ¢UfTerKy of th¢ ¢lwity. The truae¢5 consider that there are mi rnaterial uncertainl1￿ 4iM)u¢ the Charity's abilty io coniinue a5 a going ￿n￿￿L The fund has taken advantage of the exemption in FRS102 and has pr¢paTed a flow $14t¢ment. The si8nifKant ￿CoUntIng policie5 aFplied in the preparation of these financial siat¢mertts are set out b¢k)w. These p)li¢ies have been consistently awlied to all years F￿esented unles5 otherwise stsied. Fund Accownting Unrestricted incorne funds are available for use at the dtSCTetion of the trustee5 in fi￿￿¢rance of the general objectives of the charity. EXp￿dable endowmeni fund5 are fun(ts where the opital is held io generate income fff clwitsble pwp)sts whilst ihe Tntstees have discretion to expend the capilal. IDeome reeogDitioo Dividends and interest on UK ￿0¢k$ and shares have been recognised when due. Volunw income received by way of donati(￿ is recognised in fiLII when receivable. Rest)urees txpended All expendiiure is xcourtted fff on gn actn￿lS basis. All ¢xp¢ndittwe is recognised once there is a kgai or ¢¢)nstnKtive obligation comrnitting the Clwity to the expendiiiire. All costs which can be dire¢tly attributed to ¢lwitable activities we allocatcd to the relevant activity. Support costs rewesent the ¢osts incurred in woviding Slipp￿ for the charitable activities. Support costs relating to general office costs have been allocated as 85•/• relating to direct charÈtable eX￿ndItUre and 15Y• relating to management and administrati￿ costs. Costs of raising fvnds constst of investment management fees. Mar￿ement and athnin1strat1￿ costs retlect the costs of managing the eharity which do not relate to the provision of chariiabk xtiviiie& Propty costs are those costs incurred in running and maintaining ihe l¢a5ehold prowty. THE HILDEN CHARITABLE FUND 16 NOTFS TO THE ACCOUNTS FOR THE YEAR ENDED STII APRIL 2025 ACCOUNTING POLICIES (¢￿tI•ll¢￿) InVeSt￿ents Investments are shown at the mwmle m¥ket values supplied by the invekni maftagers at the balance shttt da*. Any realisedlunrealised gains or losses on inv¢slments ar¢ credited or charged to the St2ternent of Financial Aciivities when th¢y arise in accordance with ihe st￿ernent of R¢¢ornmended Practice for Charities. inveslrnent assets held are in accordance with the Charity's Trust t)tt T*thglble fixed *￿¢¢$ *md depreel*tlo D¢preeiation is provided on C￿1pMent ￿nual Tate of 21Y/• on cost in order to wrire off ¢￿h assd over its estimated useful life. Assds cos(ing £5(K) le55 are not capitslis¢(I Th¢ leas¢hold prom is included at CO￿ and ￿ deweciate& The tru5tee5 consider that the life of ¢h¢s¢ &ssets are so I￿g, and ihe residual values are so high. that their depreciation is insi￿lIf]cant. Any pemanent dimiNtion in the value of such is tharged to the 5¢atement of financial aciivili¢5 ￿ a[41r￿n41¢. lTrve5tm¢Th¢ property Inv¢5tm¢n¢ prom is included at fair value. Gains are recognised in th¢ Statement of Financial A¢¢iviti¢s. P¢*sl¢M t¢Jsts Contribulion5 in reSp￿t of the Fund's defllKd conin1￿110ti scheme are charged to the Statement of Financial Adivitie5 in the year to which they rel*e. The assds of schem¢ are h¢ld separatety from the a55¢ts of the Fund in inthpendenily admittis￿ed funds. Th¢ th¥ity previously participated in a mukiryemployer Ixn¢ftt s¢heme which provides b¢Thefits to some 521 T￿￿-*5￿cIated ￿•c1patIn8 employers and past deficit kvi¢$ are $iill being paid. Thr sohem¢ is a defined benefii Sc1￿Me it) the UK. li is not possible for the charity io obtain suffici¢nl information to awble il lo account the scheme &$ a defirted benefit schem¢, th¢Trfore it accounis the as J definal con¢riiwtiffl scI￿le. The schone 1$ ¢lassifi¢d as a-last-man standing arrang￿nent". TheTefore, the cwy is pxentially liable for oih¢r FWrti¢ipating ¢mployeT'S obligaiicffls if those employers are unable to meet their share of the scheme deficit followiThg withikawal from the scheme. Participaiing employers are legally required to meet their sh¥¢ of th¢ scheme d¢fKit on ￿ annuity purchase b&sis on withdrawal from the scheme. A full actuarial valuation for the ￿herne was ¢￿Ti¢d out at Sewember 2023. This valuaiion showed assets of £514.9m, liabilities of £53 Im and a defKii of £16.Im. To elimitydtr this funding shortfall. Ihe TnJ￿te has asked th¢ mi¢1￿1n8 employers lo pay additional contribuiions io the scheme. The chwity has ag￿ed io a deficit funding amgement and has recognised a liability for this obligation. Th¢ amount Te¢ogni5ed is the net wesent value of the deficii reduciion contributions payable under the agreemeni relates to the defKiL The preset)t value is cakulated usin8 ihe discouni rates 2025.. 4.84V* 2024.. 5.3 IY* 2023-. 5.52Y•. The discouni raies are the equivalent single discount rates whi¢lL when used to discount the fikn recovery plan contributions due, would give the sam¢ resuiis as Using a full AA c(ffp(ffa* bond yield cutve to discotmt ihe same ￿0Very plan contributions. Tr unwinding of the discount rale is re¢ognis¢d a5 a cost in the sratemeni of fmancial activities. THE HILDEN CHARITABLE FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED APRIL 202S ACCOUNTING POLICIES (eotttl*ued) R¢dund#n¢y •nd itminxtKJD payments Redundan¢y and temiin*ion costs are recogtsised &% an expense immedia*ly at the point the charity is demonstrably committed io either. ierniinate the employmeni of an employtt before nornial retirement d￿¢,. iy provide i¢rn]iDation benefits Ls • resuft of aft offer made in order to encourage voluntsry redundancy. The ch8Tity is CC￿sIdered to be demo]L%trnbly commirred only when li has detailed fonnal plan the temiina¢iC￿ and is with(Mrt rea]i4iC wibility of withdrawal fr(th the plan. INVEsfMENT AND OThER INCOME Yur to 4.25 Year to 5.4.24 The income from investments comW￿ed the following: Gross income from invesnnents listrd on r¢cognised siock exchanges fjross inierest on cash held by investsnent managu5 Gr0$5 inierest on bank dep)sii accounts 361579 10232 1.033 377,263 4,637 303 372,844 382203 Th¢ other income COM￿$￿ the following.. Gain5 on sale of fix¢d Js5rts held fly ¢haritie5 own use 114.053 2,100 GRANTS MADE Year lo 5.&2S Yexr lo 5.4.24 An analysis of ihe grants by ￿g(￿y is follow5: ASYLUM SEEKERS AND REFUGELS Anvil Projec￿ LO￿Lon 10.0 Babel's Blessing CIC, Lond( 10.0 Bedfordshire Refugee and Asylum Sttkef Suwort 10.o(M) Binningham Churche5 Togthr (Re￿ore Project) 14.0(Kl Bradford City of Sa￿ry 7.0(M) Bristol Ciry of Santhuary 10.o(M) Broughty F￿ YMCA 12.575 Croydon Refijgee Day Centre 14.0(Kl Derbyshire Refugtt Solidariry lo.0￿) Elayos, Birmingham 11.188 Fairkais Musie. London 14.000 Fe(kration of Iraqi Re￿get$, IA)tthn 14.000 Food & Edu¢ation CIC, Derby 7.000 Frie[￿5 of the Dropln for Asylum Sttk¢TS & Refugees. Swiderland 14,0(M> Horsham Refugee Support Gr￿P 6,0(KJ Interfaith Glasgow 14,0(Ml Jobsearch Employment Mentoring (JEM). 10,000 Kairos Housin& Blackburn 14,000 Leicesler City of Sanctuary 14,000 Carri¢d forward 215,763 THE HILDEN CHARITABLE FUND NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5- APRIL 2025 Y¢ar to Year ¢0 5.4.25 5.4.24 GRANTS MADE (fODtinued) Brought f(*w8rd 215.763 Maternity Str¢8rn of sath￿ry. Yorkshire & Hwnberside Migrant Englith Support Hub, Yofkshwe & Hwnber Multiculturnl cum1￿]0 Napier Friends, Folkstone N¢twork of International Wornerl for Brighion & Hove 01¢0￿1$h CIC, St Helens P¢ndle New Neighbours. taThcashire Playb SPECIAL-Otl Insriiute f(* Voluniary Action Research (IVAR), Lonthn I,(b)o 5.5 1.168,227 902,261 THE HILDEN CHARITABLE FUND 21 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED APRIL2025 OVERHEAD EXPENSES Allot#tlo* of expendi(•rt betwee# dlreet eharltsb]e aetfivlty a*d m*n*gement *d￿lnIStra17tyn •etivily Rttourees Expended on MAnagement & Charitable A¢tivitiu Admi&i5trntioft TotAI 2025 Totgl 2024 Salaries and peTr5ion costs 115259 Past Ftnsion deficit remeasurements & interest 6,725 OffKe desk rental 6,645 Insurance Telephone and internel Staiionery and copying Cleaner,Eleaning materials Conferences I courses Bank charges Exchange rate losses Sundries Computer and websiie costs Subscriwions and publicaiions Postage and fvankin8 machine rentsl Trnvel and sut6iste￿e Audit f¢¢ Ac¢ountancy Consultancy & professional f¢¢s•• Depr￿latI¢mI 20.340 1.187 1,173 139 46 24 135,599 7,912 7.818 929 310 162 627 1,781 2.395 725 793 3.384 780 387 343 3.780 9.780 14.626 2.431 126,565 257 264 138 533 1.514 2.036 725 674 2.876 663 329 292 1,033 52 1,755 1,572 871 267 359 362 6,745 1,508 149 93 3,480 9,660 7,035 2.157 508 58 51 3.780 9.780 2.194 365 12.432 153.961 40.601 194.562 163294 •lnclude5 Associaion of C1Jaritabk Foundwions 5ubxriyion. •*lnrlu¢ks offlcchelp sup[￿ ¢OSts rdating to general office costs have been alkKated a5 85Y• relating to direct charitsble ¢xp¢nditttr¢ and 150h relating to management and athiinistration ¢05ts. The Fund Iwd o¢* full time employee for the whole year and part time employees fly part of the year, who ran the office. one of whom earned between £60.iMX)pa- £70,OOOpa in the year (2024.. One ¢arn¢d b¢tw¢en £60.(th)pa - £70,0(¥)pa). Total remurleratl(￿, including pension Contributi￿$. amounted to £130.353 (2024: £119.635). Employer n￿lonal insurance costs ￿Ounted 10 £5,246 (2024.. £6.930). Included in the t￿al remuneraiion are payments amouniing to £29.520 for one employee (2024.. £Nil) on ternlinat1t￿ of employment and payments were based on service. Pension contributions iotslling £8,759 (2024". £10.621) were. or will be. rAid by Fund for two employee5 {2024'. two) inio defined ￿￿(ribUti￿ Ptrsonal Pension schemes. The assets of the scheme are held separaiely from those of the Fund in Inde￿ndent￿ athninistered ￿nd. The charity w&$ ￿eviOuS￿ in a defined l)etTrefii s¢herne and continues to pay deficii levies, a situation fxed ty many compony pension ￿hemes. amounting to £3,162 (202A.. £3.795). This year scheme expenses were also inujrred amounting to £4500 (2024: £4,369). Under FRS 102, the charity must recognise a liability for the a￿d deficii funding arrangement. The coniributions paid are deducted frim the liability. Any remeasuremenL8 and imerest are c￿ged to the Statement of Financial Activities as aknve. See note 10. No trusie¢ re¢¢iwEd any remuner*ion; one trusie¢ was reimbwsed travel expenses during ihe year amounting to £261 (2024= Nil). THE HILDEN CHARITABLE FUND 22 NOTLS TO THE ACCOUNTS FOR THE YEAR ENDED S- APRIL 2025 INVFSTMENT RELATED EXPENSES Year to 5.4.25 Year to 5.4.24 InvesthJ¢nt managa5' ftts 71.094 88,233 The Fund pays ils inveSth￿l( manaBffs - s￿Irt a fee of 0.75% based on the market value of the funds in Man￿eMen( up to a value of £3,IK(I,OCM), 0.6(fv• ttheen £3.0￿.001 and £5,0(K),000 and 0.40fy. kiwe¢n £3.￿0.￿1 and £25.0(KI,1￿ on a warterly basis. The fund pays Ruffer a fee of 1.15¥• plu5 VAT based ¢M the rnarkei value of ihe fumls itt m•agement on a wttkly basis. The fees are colle￿¢d direcily thr￿ the funds. The provisions of the Fund allow ihe ￿￿￿eS to delegate their investment decisions. manag¢fftent of the investments has be&) placed at the discretion (within guidelines) of the invemment manager5. TANGIBLE FIXED ASS iu8eho Office Property Equipment Total Cost or F*lr Vxl As at 6" April 2024 Addiiions Disposals Revaluation 16&446 586.667 17.666 lJ75 772,779 1.375 (755.113) (168.446) (586.667) As at 5" A ￿1[ 2025 19.041 19.041 D¢prtti*tio* As at 6 April 2024 Charge for rhe year Elimina*d on disrKJsal 11.729 2.431 11.729 2.431 At 5" April 2025 14.160 14.160 Net Book Val￿* At 5 April 2025 4.881 4.881 At 5, April 2024 168.446 586.667 5.937 761.050 THE HILDEN CHARITABLE FUND 23 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED W APRIL 2025 Ye*r to Year to 4.24 S.42S FIXED ASSET INVEsfMENTS Qwoted IMvestn)ents'. Market value 6 April 2024 Additions Disposals Nei gains realised ￿ disFK)sals Increasel (De¢rea5e) in rKI unreali%d gains Investment management fees deducied within fimd 13,193,283 2.937,275 (3.004.865) 447.114 (639.925) (101,076) 13.295,105 70,891 (477,500) 124,648 288,766 (108,627) Market value at 5th April 2025 12.831,806 13.193283 Cost P April 2025 8.420.61XI 8.041,166 Investment with I￿veStment m*tt*ter&' At 6th April 2024 Additions Proce&ls of disposa Keinvested income Net tra￿SferS to Fund's bank xcouni Bank charges Investtnent management ftts refunded 116.938 (1937.275) 3.004,865 371.811 1379.865) {30) 26.950 198.322 {70.891) 477,500 381,900 (89Y).030) 20,137 At 5 April 2025 203.394 116,938 Total nxed awt imvtstments at m*rk¢t value •¢ P April 2025 13.035.2(K> 13.310221 The woted iDV¢StmeDts held ai P April 202S comprised: GloEal balanced funds 12.831.806 13,193283 Totsl quoted investments at market value at P April 202S 12.831,806 13,193,283 There were two ma¢erial lkn)Idings within th¢ valu¢ of the quoted investments {2024.. thr¢¢). The holdin8s in westion were 9,764,012 Al￿ Common IDvestm¢nt Fund for Endowtnents {inrome units) with a value of £1 1.589,882 and 1.315 J19 Alpha Cc*nmon Invttfynen¢ Fund for Incom¢ Reser4es {in¢(Kn¢ uni15) with a value of £1241.924. THE HILDEN CHARITABLE FUND NOTES TO THE AccouKrs FOR THE YEAR ENDED 5TH APRIL 2025 Year to 4.25 Year ¢0 5.4.24 DEBTORS IThv¢51menr Mar￿erS. ftes rd￿C Deferred property selling costs Prepaymenls Rental deposii held Pension payment in advance 8.318 5285 11.780 624 624 2.114 1.386 624 10.328 20.427 CREDITORS: falli￿ due with1* 0￿* ￿r A￿ountant'S fees Gr￿1$ c¢Thmitted but yd paid PAYE and NIC crediior Pension creditor Sundry (ther creditus 6.180 482202 1,986 2,360 3,S40 6.180 396243 2,958 3JOO 496,268 408,681 This year and last year grant applicants w¢r¢ aw¥rd¢d funding to be pNid over two years. The ¢ornmitted grants relate to the second y¢ar of fvnding to be paid. 10 PENSION LIABILITY Changes in ihe ryesent value of the defined benefrt deficii obligations w¢r¢ &$ follows.. Provision at stsrt of peri(wJ Unwinding of the discount factor{inierest exF¢nse) DefKit Contributions paid Reme&8uremeiits- impact of any chaThge in &ssumNions ReM￿￿TeMents- arn¢n(knents to the CL￿trIL￿110￿ schedule 3.102 255 (3.795) (3.162) 50 7,780 Provision ai end of peTiod 7.852 3.102