## **REGISTERED CHARITY NO 233121**
## **THE HIBBERT TRUST**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2021**
## **THE HIBBERT TRUST**
## **REPORT AND FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 MARCH 2021**
|**CONTENTS**|**PAGE**|
|---|---|
|Legal and Administrative Information|1|
|Trustees’ Report|2 – 4|
|Independent Examiner’s Report|5|
|Statement of Financial Activities|6|
|Balance Sheet|7|
|Notes forming part of the Financial Statements|8 – 15|
**THE HIBBERT TRUST**
**1**
## **REPORT AND FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 MARCH 2021**
## **TRUSTEES**
|**TRUSTEES**||
|---|---|
||Vivien Aylmer (resigned 29 July 2020)|
||Michael Barber|
||Catrin Davies|
||Elisabeth Dyson-Jones|
||Mark Facer (resigned 19 June 2021)|
||Dorothy Hewerdine (chair to 19 June 2021)|
||Helen Mason|
||Derek McAuley (chair from 20 June 2021)|
||Justin Meggitt|
||Mark Pearce|
||Melanie Prideaux|
||Andrew Shenton|
||Ann Sinclair|
||Jefrey Teagle (resigned 26 September 2020)|
||Joy Winder|
|**CHARITY NUMBER**:|233121|
|**PRINCIPAL ADDRESS:**|26 Loxley Avenue|
||Yardley Wood|
||Birmingham|
||B14 4LG|
|**SECRETARY**|Nina Caddick|
|**INDEPENDENT EXAMINER**|S Daniels FCA|
||Shaw Gibbs Limited|
||Chartered Certifed Accountants|
||264 Banbury Road|
||Oxford|
||OX2 7DY|
|**BANKERS**|CAF Bank Limited|
||25 Kings Hill Avenue|
||Kings Hill|
||West Malling|
||Kent|
||ME19 4JQ|
|**INVESTMENT MANAGERS**|Redmayne Bentley|
||8-10 Victoria Avenue|
||Harrogate|
||HG1 1ED|
**2**
## **THE HIBBERT TRUST**
## **REPORT AND FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 MARCH 2021**
## **TRUSTEES’ REPORT**
The Trustees present their report along with the financial statements of the Charity for the year ended 31 March 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity’s trust deed, the Charities Act 2011 and “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)”.
## **Reference and administrative details of the charity, its trustees and advisors**
Charity name: The Hibbert Trust Charity registration number: 233121 Trustees and advisors: These are set out on page 1
## **Structure governance and management**
The Hibbert Trust is constituted as an unincorporated Charity under a trust deed dated 19 July 1847. The Trustees administer the Case Fund established by the will dated 23 August 1880 of George Case as a separate fund within the Hibbert Trust.
The declaration of trust states that there shall be at least three trustees. Every future trustee shall be appointed by a resolution of the trustees passed at a special meeting, and the benefits of each selection are to be considered. The trustees are directed to revise and reconsider at least once in every quarter century any scheme they have adopted to carry the trust into effect. By his will George Case directed that the charitable fund established by the will be transferred to the trustees of the Hibbert Trust.
## **Objectives and activities**
## **1.** The Hibbert Trust
The objects of the Trust are to apply the trust fund in such manner as the trustees think most conducive to:-
- the spread of Christianity in its most simple and intelligible form; and
- the unfettered exercise of private judgement in matters of religion
## **2.** The Case Fund
The objects of the Case Fund are the promotion of free thought and the search after truth, the promotion of unfettered learning and frank utterance on matters connected with religion or with the nature and development and highest culture of mankind.
The Trustees may award grants or otherwise approve arrangements for purposes which are in accordance with these objects.
**THE HIBBERT TRUST**
**3**
## **REPORT AND FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 March 2021**
## **TRUSTEES’ REPORT (CONTINUED)**
## **Achievements and performance**
During the year the trust’s activities were severely impaired by the effects of the COVID-19 pandemic. Fortunately, the trust managed to maintain its level of income but the restrictions on face to face contact disrupted the trust’s own programmes as well as the number of grant applications.
The trust also received funding from investment income, enabling it to support a variety of projects and individuals in furtherance of its objects. The investments are managed by the Investment Managers and operate the portfolios on a discretionary basis. Charitable activities (including grants pledged) during the year amounted to £15,804 (2020 **-** £537,655). Grants of £7,700 were outstanding as at 31 March 2021 (2020 – £7,700).
## **Reserves policy**
It is the policy of the Charity to retain sufficient funds to meet future commitments. Grants are only paid from funds in hand. If insufficient suitable applications for grants are received, the surplus is invested for future income generation or retained for future grant making.
## **Public benefit**
The charitable activities for the year are in accordance with the Charity Commission’s guidance on public benefit. The charity continues to provide grants subject to satisfactory application for funding within its charitable aims and objectives as explained above.
## **Trustees responsibilities in relation to the financial statements**
The trustees are responsible for preparing the Trustees’ Report 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 & Wales 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 of the charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements.
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
**THE HIBBERT TRUST**
**4**
## **REPORT AND FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 March 2021**
## **TRUSTEES’ REPORT (CONTINUED)**
The trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and 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.
## **Independent Examiner**
A resolution to appoint S Daniels of Shaw Gibbs Ltd as independent examiner for the ensuing year will be proposed at the Annual General Meeting.
## **Approved by the trustees and signed on their behalf by:-**
……………………………..…. Trustee Dated: ……………………. **Derek McAuley**
**5**
## **THE HIBBERT TRUST**
## **Independent Examiner’s Report to the trustees of**
## **The Hibbert Trust**
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2021.
## **Responsibilities and basis of report**
As the charity’s trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Samantha Daniels FCA for and on behalf of Shaw Gibbs Limited Chartered Certified Accountants 264 Banbury Road Oxford OX2 7DY
Dated: ……………………….
## **THE HIBBERT TRUST**
**6**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31 March 2021**
|note|2021
2020|
|---|---|
||Unrestricte
d funds
Restricted
funds
Total
Total|
|**INCOMING RESOURCES**||
|Investment Income
3|16,927
46,684
63,611
60,530|
|Other income
4|20,000
0
20,000
114,733|
|Total Incoming Resources|36,927
46,684
83,611
175,263|
|**RESOURCES EXPENDED**||
|Costs of generating funds
5|3,161
9,544
12,705
10,955|
|Charitable Activities
6|0
15,804
15,804
537,655|
|Administrative Costs
7|2,684
3,394
6,078
13,242|
|Total Resources Expended|5,845
28,742
34,587
561,852|
|**NET INCOMING /**
**(OUTGOING)RESOURCE**
**S FOR THE YEAR**|31,082
17,942
49,024
-386,589|
|Gain / (loss) on
investments
8|80,853
272,408
353,261
-136,704|
|**NET MOVEMENT IN**
**FUNDS IN THE**
**FINANCIAL YEAR**|111,935
290,350
402,285
-523,293|
|**TOTAL FUNDS**
**BROUGHT FORWARD**|565,287
1,463,602
2,028,88
9
2,552,18
2|
|**TOTAL FUNDS CARRIED**
**FORWARD**|677,222
1,753,952
2,431,17
4
2,028,88
9|
The notes referred to above form part of these Financial Statements.
**THE HIBBERT TRUST**
**7**
## **BALANCE SHEET**
## **AS AT 31 March 2021**
|notes|2021
2020|
|---|---|
||Unrestricte
d funds
Restricted
funds
Total
Total|
|**FIXED ASSETS**||
|Investments
8|535,645
1,637,201
2,172,84
6
1,563,84
9|
|**CURRENT ASSETS**||
|Debtors
9|132,010
90,937
222,947
193,534|
|Cash at Bank and in Hand
10|11,206
263,275
274,481
369,969|
||143,216
354,212
497,428
563,503|
|**CURRENT LIABILITIES**||
|Amounts due within one
year
11|1,639
237,461
239,100
98,463|
|**NET CURRENT ASSETS**|141,577
116,751
258,328
465,040|
|**NET ASSETS**|677,222
1,753,952
2,431,17
4
2,028,88
9|
|**REPRESENTED BY**||
|Unrestricted fund
12|677,222
0
677,222
565,287|
|Current funds
12|0
598,914
598,914
325,077|
|Capital funds
12|0
1,155,038
1,155,03
8
1,138,52
5|
||677,222
1,753,952
2,431,17
4
2,028,88
9|
Approved by the Trustees on ………………………… 2021 and signed on their behalf by: -
……………………………………………………. **Chair and Trustee Derek McAuley**
……………………………………………………. **Trustee**
## **Ann Sinclair**
The notes referred to above form part of these Financial Statements.
**THE HIBBERT TRUST**
**8**
## **NOTES ON AND FORMING PART OF THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 March 2021**
## **1 PRINCIPAL ACCOUNTING POLICIES**
## **(a) Accounting Convention**
The accounts have been prepared in accordance with the Trust's governing document, the Charities Act 2011 and “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)” (as amended for accounting periods commencing from 1 January 2020). The Trust is a Public Benefit Entity as defined by FRS 102.
## **(b) Investment Income**
Investment income is accounted for in the period in which the Charity is entitled to receipt.
## **(c) Resources Expended**
Expenditure is included on an accruals basis.
Direct payments are made voluntarily to institutions or to individuals.
The value of services provided by volunteers has not been included.
## **(d) Fixed Asset Investments**
Fixed asset investments are included at mid-market value at the balance sheet date. All changes in value during the year, whether realised or unrealised, are reported in the Statement of Financial Activities.
## **(e) Taxation**
The Charity does not trade for tax purposes and hence is not liable to Corporation Tax on its surplus.
## **(f) Fund Accounting**
Within the restricted funds the amounts available for distribution are called current funds.
The Charity maintains a capital fund within the restricted funds. The capital funds are established to protect the real value of the funds into the future and are not available for distribution.
An amount equal to the increase in value of investments in line with RPI is set aside from realised or unrealised gains in the year and credited to the capital fund up to the total amounts of any gains. Any excess realised or unrealised gains are allocated to the current fund within the appropriate restricted fund and are to be used in accordance with the appropriate charitable objects.
This is a change from the previous year where an additional 30% of any gains were allocated to the capital fund.
**THE HIBBERT TRUST**
**9**
## **NOTES ON AND FORMING PART OF THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 March 2021**
## **(g) Property held for resale**
During the year the trust received a property as part of a legacy in specie. The amount is included in the accounts at net realisable value.
## **2. RELATED PARTY TRANSACTIONS**
None of the trustees were paid any remuneration by the Charity during the year (2020 – none). During the year, the 3 trustees (2020: 14) were reimbursed expenses of £195 (2020: £3,816).
For administrative purposes, all the bank transactions of the John Gregson Trust are undertaken by the Hibbert Trust. This results in an amount due to or from the John Gregson Trust. That amount at the year end is £5,213 due to the John Gregson Trust (2020: £5,646 due from the John Gregson Trust). All the trustees of the John Gregson Trust are also trustees of the Hibbert Trust and vice versa.
The Administrative costs of the Hibbert Trust are incurred in common with the John Gregson Trust. The Hibbert Trust charges an appropriate amount to the John Gregson Trust annually. The amount for the current year is £1,860 (2020: £1,206).
|The Administrative costs of the Hibbert Trust are incurred in common with the John
Gregson Trust. The Hibbert Trust charges an appropriate amount to the John
Gregson Trust annually. The amount for the current year is £1,860 (2020: £1,206).|The Administrative costs of the Hibbert Trust are incurred in common with the John
Gregson Trust. The Hibbert Trust charges an appropriate amount to the John
Gregson Trust annually. The amount for the current year is £1,860 (2020: £1,206).|
|---|---|
|**3. INVESTMENT INCOME**||
||2021
2020|
||Unrestricte
d
Hibbert
Trust
Case
Fund
Restricte
d funds
Total
Total|
|Investment
income|16,927
27,884
18,800
46,684
63,611
60,530|
## **4. OTHER INCOME**
|**4. OTHER INCOME**||
|---|---|
||2021
2020|
|Other income|20,000
114,733|
|||
Other income represents the value of part of a legacy to the trust. The balance will be reflected in the accounts to 31 March 2022 when it should have all been received.
**THE HIBBERT TRUST**
**10**
## **NOTES ON AND FORMING PART OF THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 March 2021**
|**FOR THE YEAR ENDED 31 March 2021**|**FOR THE YEAR ENDED 31 March 2021**|
|---|---|
|**5. COST OF GENERATING FUNDS**||
||2021
2020|
||Unrestricte
d
Hibbert
Trust
Case
Fund
Restricted
funds
Total
Total|
|Investment
management
costs|3,161
5,394
4,150
9,544
12,705
10,955|
|**6. CHARITABLE ACTIVITIES**|**6. CHARITABLE ACTIVITIES**|
|---|---|
||2021
2020|
||Unrestricte
d
Hibbert
Trust
Case
Fund
Total
restricte
d
Total
Total|
|Grants awarded
and activities|0
15,804
0
15,804
15,804
540,84
0|
|Grants
from
previous years not
required|0
0
0
0
0
-3,185|
||0
15,804
0
15,804
15,804
537,65
5|
## **Analysis of charitable activities**
|**Restricted Funds**||
|---|---|
|**Hibbert Trust**||
|Elizabeth Gaskell House
(grant)|6,000|
|The Inquirer (grant)|7,000|
|Education programme (grant)|2,000|
|Bridge builders training programme|300|
|Ministry in the Making|1,759|
|Cancellation refunds|-1,255|
||15,804|
**11**
## **THE HIBBERT TRUST**
## **NOTES ON AND FORMING PART OF THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 March 2021**
## **Analysis of charitable activities (continued)**
|**7. Administration costs**|**7. Administration costs**|
|---|---|
||2020
2019|
||Unrestricte
d
Hibbert
Trust
Case
Fund
Restricte
d funds
Total
Total|
|Administration
costs|2,684
2,027
1,367
3,394
6,078
13,242|
## **8. INVESTMENTS**
|**8. INVESTMENTS**||
|---|---|
|**1. Unrestricted investments**||
||2021
2020|
|Market Value at 1 April 2020|293,669
0|
|Acquisitions at cost|198,188
341,713|
|Disposals|-32,760
0|
|(Loss) / Gain on revaluation|76,548
-48,044|
|Market value at 31 March 2021|535,645
293,669|
|Cost as at 31 March 2021|500,356
341,713|
|Statement of Gains and Losses on Investments|2021
2020|
|Realised gain / (loss) on sale of investments|4,305
0|
|(Loss) / Gain on revaluation|76,548
-48,044|
||80,853
-48,044|
|||
||2021
2020|
|UK equity funds|0
0|
|Global equity funds|126,374
37,804|
|Multi-asset funds|126,356
100,615|
|Property|95,547
42,894|
|Alternative funds|187,368
112,356|
|Market value at 31 March 2021|535,645
293,669|
**12**
## **THE HIBBERT TRUST NOTES ON AND FORMING PART OF THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 March 2021**
## **Investments (continued)**
|**Investments (continued)**||||
|---|---|---|---|
|**2. Restricted investments**||||
|**a. Hibbert Trust**|2021|2020||
|Market Value at 1 April 2020|697,823|839,293||
|Acquisitions at cost|100,299|41,731||
|Disposals|-22,650|-119,671||
|(Loss) / Gain on revaluation|142,009|-63,530||
|Market value at 31 March 2021|917,481|697,823||
|Cost as at 31 March 2021|753,056|696,246||
|Statement of Gains and Losses on Investments|2021|2020||
|Realised gain / (loss) on sale of investments|-1,666|10,841||
|(Loss) / Gain on revaluation|142,009|-63,530||
||140,343|-52,689||
|**b. Case fund**|2021|2020||
|Market Value at 1 April 2020|572,357|625,501||
|Acquisitions at cost|23,728|79,106||
|Disposals|-9,060|-88,171||
|(Loss) / Gain on revaluation|132,695|-44,079||
|Market value at 31 March 2021|719,720|572,357||
|Cost as at 31 March 2021|557,887|510,780||
|Statement of Gains and Losses on Investments|2021|2020||
|Realised gain / (loss) on sale of investments|-630|8,107||
|(Loss) / Gain on revaluation|132,695|-44,079||
||132,065|-35,972||
|Total Gains and Losses on Investments||||
|Hibbert Trust|140,343|-52,689||
|Case Fund|132,065|-35,972||
||272,408|-88,661||
|**THE HIBBERT TRUST**||**13**||
|**NOTES ON AND FORMING PART OF THE FINANCIAL STATEMENTS**||||
## **FOR THE YEAR ENDED 31 March 2021**
|**Analysis of investments (market value)**||
|---|---|
|**Hibbert Trust**|2021
2020|
|Fixed interest|284,578
172,672|
|UK equity funds|77,700
84,450|
|Overseas equity funds|193,958
137,112|
|Multi-asset funds|116,724
95,620|
|Property|117,348
90,359|
|Alternative funds|127,173
117,610|
|Market value at 31 March 2021|917,481
697,823|
|**Case Fund**|2021
2020|
|Fixed interest|135,494
126,331|
|UK equity funds|46,620
46,140|
|Overseas equity funds|193,958
137,112|
|Multi-asset funds|116,724
95,620|
|Property|109,263
83,129|
|Alternative funds|117,661
84,025|
|Market value at 31 March 2021|719,720
572,357|
|Total investments|2021
2020|
|Hibbert Trust|917,481
697,823|
|Case Fund|719,720
572,357|
||1,637,201
1,270,180|
|**9. DEBTORS**||
|---|---|
||2021
2020|
||Unrestricte
d
Hibbert
Trust
Case
Fund
Total
restricte
d
Total
Total|
|Accrued
income|2,195
2,363
1,775
4,138
6,333
5,413|
|Other debtors|129,815
0
86,799
86,799
216,614
188,121|
||132,010
2,363
88,574
90,937
222,947
193,534|
**THE HIBBERT TRUST NOTES ON AND FORMING PART OF THE FINANCIAL STATEMENTS**
**14**
## **FOR THE YEAR ENDED 31 March 2021**
|**10. CASH AT BANK AND IN HAND**|**10. CASH AT BANK AND IN HAND**|
|---|---|
||2021
2020|
||Unrestricte
d
Hibbert
Trust
Case
Fund
Total
restricte
d
Total
Total|
|Cash at bank and in
hand|11,206
263,27
5
0
263,275
274,48
1
369,96
9|
||11,206
263,27
5
0
263,275
274,48
1
369,96
9|
|**11. CREDITORS: AMOUNTS DUE WITHIN ONE YEAR**|**11. CREDITORS: AMOUNTS DUE WITHIN ONE YEAR**|
|---|---|
||2021
2020|
||Unrestricte
d
Hibbert
Trust
Case
Fund
Total
restricte
d
Total
Total|
|Other
creditors|227,027
2,500
229,527
229,52
7
90,174|
|Accruals|1,639
5,775
2,159
7,934
9,573
8,289|
||1,639
232,802
4,659
237,461
239,100
98,463|
|**12. ACCUMULATED FUNDS**||
|---|---|
|**Unrestricted**
**fund**||
|Balance at 1 April 2020|565,287|
|Surplus in year|111,935|
|Balance at 31 Mar 2021|677,222|
**THE HIBBERT TRUST NOTES ON AND FORMING PART OF THE FINANCIAL STATEMENTS**
**15**
## **FOR THE YEAR ENDED 31 March 2021**
## **Accumulated funds (continued)**
|**Restricted funds**|**Restricted funds**|
|---|---|
|**a. Hibbert Trust**||
||2021
2020|
||Current
fund
Capital
fund
Total
Current
fund
Capital
fund
Total|
|Balance at
1 April 2020|158,09
7
647,216
805,313
204,232
647,216
851,448|
|Movement
on
investments|131,27
1
9,072
140,343
-52,689
0
-52,689|
|(Defcit)
/Surplus in
year|4,660
0
4,660
6,554
0
6,554|
|Balance at
31 Mar 2021|294,02
8
656,288
950,316
158,097
647,216
805,313|
|||
|**b. Case Fund**||
||2021
2020|
||Current
fund
Capital
fund
Total
Current
fund
Capital
fund
Total|
|Balance at
1 April 2020|166,98
0
491,309
658,289
201,733
491,309
693,042|
|Movement
on
investments|124,62
4
7441
132,065
-35,972
0
-35,972|
|(Defcit)
/Surplus in
year|13,282
0
13,282
1,219
0
1,219|
|Balance at
31 Mar 2021|304,88
6
498,750
803,636
166,980
491,309
658,289|
|**Total restricted funds**||
||2021
2020|
||Current
fund
Capital
fund
Total
Current
fund
Capital
fund
Total|
|Balance at
1 April 2020|325,07
7
1,138,52
5
1,463,60
2
405,965
1,138,52
5
1,544,49
0|
|Movement
on
investments|255,89
5
16,513
272,408
-88,661
0
-88,661|
|(Defcit)
/Surplus in
year|17,942
0
17,942
7,773
0
7,773|
|Balance at
1 31 Mar
2020|598,91
4
1,155,03
8
1,753,95
2
325,077
1,138,52
5
1,463,60
2|