REGISTERED CHARITY NO 233121
THE HIBBERT TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
THE HIBBERT TRUST
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
| Contents | Page | |
|---|---|---|
| Legal and Administrative Information | 1 | |
| 2 | ||
| 4 | ||
| Statement of Financial Activities | 5 | |
| Balance Sheet | 6 | |
| Notes forming part | of the Financial Statements | 7 |
THE HIBBERT TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
TRUSTEES Michael Barber Catrin Davies Elisabeth Dyson-Jones (resigned 19 March 2022) Mark Facer (resigned 18 June 2021) Dorothy Hewerdine Helen Mason Justin Meggitt Derek McAuley (Chair) Mark Pearce Melanie Prideaux Andrew Shenton (resigned 22 September 2022) Ann Sinclair Joy Winder (deceased 24 November 2021) CHARITY NUMBER 233121 PRINCIPAL ADDRESS 26 Loxley Avenue Yardley Wod Birmingham B14 4LG SECRETARY Nina Caddick INDEPENDENT EXAMINER S Daniels FCA Shaw Gibbs Limited Chartered Certified 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
1
THE HIBBERT TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
The Trustees present their report along with the financial statements of the Charity for the year ended 31 March 2022. The f inancial t deed and applicable law.
Reference and administrative details of the charity, its trustees and advisors
| Charity name: | The Hibbert Trust |
|---|---|
| Charity registration number: | 233121 |
| Trustees: | Michael Barber |
| Catrin Davies | |
| Dorothy Hewerdine | |
| Helen Mason | |
| Justin Meggitt | |
| Derek McAuley | |
| Mark Pearce | |
| Melanie Prideaux | |
| Ann Sinclair | |
| 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 two other funds within the Hibbert Trust. The Case Fund established by the will dated 23 August 1880 of George Case and the Stephanie S aville Fund established by her will dated 30 June 2018. These are held as separate funds within the Hibbert Trust. The Stephanie Sa ville Fund is classified as unrestricted. The Hibbert Trust Fund and Case Fund are both classified as restricted.
The declaration of trust states that there shall be at least three trustees. Every future trustee shall be appointed by a re solution 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 G eorge Case directed that the charitable fund established by the will be transferred to the trustees of the Hibbert Trust.
Objects 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 learni ng and frank utterance on matters connected with religion or with the nature and development and highest culture of mankind. 3. The Stephanie Saville Fund The objectives of the Stephanie Saville Fund encapsulate those of both the Hibbert Trust and the Case Fund. This allows the T rustees to allocate this fund to further either set of objectives and leads to this fund being classified as unrestricted. The Trustees may award grants or otherwise approve arrangements for purposes which are in accordance with these objects. Achievements and performance -19 pandemic. Fortunately, the trust managed to number of grant applications. The trust also received funding from investment income, enabling it to support a variety of projects and individuals in furth erance of its objects. The investments are managed by the Investment Managers and operate the portfolios on a discretionary basis. Charita ble activities (including grants pledged) during the year amounted to £37,975 (2021 - £15,804). This includes a grant of £7,000 for Black Lives Matter. Grants of £21,500 were outstanding as at 31 March 2022 (2021 £7,700).
2
THE HIBBERT TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
Trustees' Report (continued)
Reserves Policy
It is the policy of the Charity to retain sufficient funds to meet future commitments. Grants are only paid from funds in ha nd. If insufficient suitable applications for grants are received, the surplus is invested for future income generation or retained for future gr ant making.
Public Benefit
ty continues
to provide grants subject to satisfactory application for funding within its charitable aims and objectives as explained abov e.
Trustees responsibilities in relation to the financial statements
w 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 y ear 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; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
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
S Daniels has been appointed as independent examiner for the ensuring year.
Approved by the trustees and signed on their behalf by:-
2022
Derek McAuley
3
THE HIBBERT TRUST
The Hibbert Trust
I report to the charity trustees on my examination of the accounts of the Hibbert Trust for the year ended 31 March 2022.
Responsibilities and basis of report
ents arrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
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:
-
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
-
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out
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
4
THE HIBBERT TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| Note Restricted funds £ INCOMING RESOURCES Investment income 3 48,461 Other 4 60 Total incoming resources 48,521 RESOURCES EXPENDED Cost of generating funds 5 10,294 Charitable activities 6 37,975 Administrative costs 7 5,099 Total resources expended 53,368 (4,847) Gains/(losses) on investments 8 73,453 68,606 TOTAL FUNDS BROUGHT FORWARD 1,753,952 TOTAL FUNDS CARRIED FORWARD 1,822,558 NET INCOMING/(OUTGOING) RESOURCES FOR THE YEAR NET MOVEMENT IN FUNDS IN THE FINANCIAL YEAR |
2022 Unrestricted fund £ 16,275 10,952 27,227 3,470 - 1,581 5,051 22,176 23,671 45,847 677,222 723,069 |
Total £ 64,736 11,012 75,748 13,764 37,975 6,680 58,419 17,329 97,124 114,453 2,431,174 2,545,627 |
Restricted funds £ 46,684 - 46,684 9,544 15,804 3,394 28,742 17,942 272,408 290,350 1,463,602 1,753,952 |
2021 Unrestricted fund £ 16,927 20,000 36,927 3,161 - 2,684 5,845 31,082 80,853 111,935 565,287 677,222 |
Total £ 63,611 20,000 83,611 12,705 15,804 6,078 34,587 49,024 353,261 402,285 2,028,889 2,431,174 |
|---|---|---|---|---|---|
The notes referred to above form part of these Financial Statements.
5
THE HIBBERT TRUST BALANCE SHEET AS AT 31 MARCH 2022
| Note Fixed assets Investments 8 Current assets Debtors 9 Cash at bank and in hand 10 Current liabilities Amounts falling due within one year 11 Net current assets Net assets Represented by Current funds 12 Capital fund 12 Unrestricted fund 12 Approved by the Trustees on and signed on their behalf by: Derek McAuley Chair and Trustee |
Restricted funds £ 1,702,456 108,256 298,019 406,275 (286,174) 120,101 1,822,557 594,066 1,228,491 - 1,822,557 19th November 2 |
2022 Unrestricted fund £ 574,984 140,438 9,399 149,837 (1,752) 148,085 723,069 - - 723,069 723,069 022 |
Total £ 2,277,440 248,694 307,418 556,112 (287,926) 268,186 2,545,626 594,066 1,228,491 723,069 2,545,626 Ann Sinclair Trustee |
Restricted funds £ 1,637,201 90,937 263,275 354,212 (237,461) 116,751 1,753,952 598,914 1,155,038 - 1,753,952 |
2021 Unrestricted fund £ 535,645 132,010 11,206 143,216 (1,639) 141,577 677,222 - - 677,222 677,222 |
Total £ 2,172,846 222,947 274,481 497,428 (239,100) 258,328 2,431,174 598,914 1,155,038 677,222 2,431,174 |
|---|---|---|---|---|---|---|
The notes referred to above form part of these Financial Statements.
6
THE HIBBERT TRUST NOTES ON AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
1 PRINCIPAL ACCOUNTING POLICIES
(a) Accounting Convention
Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with commencing from 1 January 2019). 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 previous years where an additional 30% of any gains were allocated to the capital fund.
7
THE HIBBERT TRUST NOTES ON AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
2 RELATED PARTY TRANSACTIONS
None of the trustees were paid any remuneration by the Charity during the year (2021 none).
For administrative purposes, all of the bank transactions of the John Gregson Trust are undertaken by the Hibbert Trust. This results in an amount due to or from the Hibbert Trust. That amount at the year end is £12,155 due from the Hibbert Trust (2021: £5,213 due to the Hibbert Trust). All of the trustees of the John Gregson Trust are also trustees of the Hibbert Trust and vice versa.
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 £2,745 (2021: £1,860).
During the year the 7 trustees (2021: 3) were reimbursed expenses of £1,356 (2021:£142) to cover travel costs to meetings and small items of expenditure made on behalf of the Hibbert Trust. These amounts are included in the accounts of the Hibbert Trust.
3 INVESTMENT INCOME
----- Start of picture text -----
2022 2021
Investment income £ £
Hibbert Trust 27,957 27,884
Case Fund 20,504 18,800
Total restricted funds 48,461 46,684
Unrestricted fund 16,275 16,927
Total 64,736 63,611
4 OTHER INCOME
2022 2021
Other Income £ £
Hibbert Trust 60 -
Case Fund - -
Total restricted funds 60 -
Unrestricted fund 10,952 20,000
Total 10,952 20,000
5 COST OF GENERATING FUNDS
2022 2021
Investment management costs £ £
Hibbert Trust 5,763 5,394
Case Fund 4,531 4,150
Total restricted funds 10,294 9,544
Unrestricted fund 3,470 3,161
Total 13,764 12,705
----- End of picture text -----
8
THE HIBBERT TRUST NOTES ON AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
6 CHARITABLE ACTIVITIES
----- Start of picture text -----
2022 2021
Grants Grants from Grants
Grants from awarded Total previous awarded Total
previous years and years not and
not required activities required activities
£ £ £ £ £ £
Hibbert Trust (4,200) 44,675 40,475 - 15,804 15,804
Case Fund (2,500) - (2,500) - - -
Total restricted funds (6,700) 44,675 37,975 - 15,804 15,804
Unrestricted fund - - - - - -
Total (6,700) 44,675 37,975 - 15,804 15,804
Analysis of charitable activities
Grants awarded
Restricted funds
2022 2021
£ £
Hibbert Trust
Black Lives Matter (grant) 7,000 -
Cape Town, South Africa 15,000 -
Colin Bossen (grant) 3,000 -
Elizabeth Gaskell House (grant) - 6,000
Mark Hutchinson - Transformers (grant) 2,000 -
Oscar Lugasa Malande (grant) 3,000 -
The Inquirer (grant) - 7,000
The Lunar Society (grant) 3,000 -
Unitarian Digital Resources Network (grant) 2,000 -
Education programme - 2,000
Bridge Builders training programme - 300
Ministry in the Making 9,675 1,759
Cancellation refunds - (1,255)
Total 44,675 15,804
Grants from previous years not required
Restricted funds
2022 2021
£ £
Hibbert Trust
Lewisham Beyond Congregation (grant) (500) -
Wakefield Westgate (grant) (3,000) -
Findhorn (700) -
(4,200) -
2022 2021
£ £
Case fund
IARF British Chapter (1,500) -
IARF EME (1,000) -
(2,500) -
----- End of picture text -----
9
THE HIBBERT TRUST NOTES ON AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
7 ADMINISTRATI0N COSTS
----- Start of picture text -----
2022 2021
£ £
Hibbert Trust 2,941 2,027
Case Fund 2,158 1,367
Total restricted funds 5,099 3,394
Unrestricted fund 1,581 2,684
Total 6,680 6,078
----- End of picture text -----
The Independent Examiners fee of £2,460 (2021:£2,790) is included in total adminisration costs. Part of this fee, £728 (2021:826) has been recharged to the John Gregson Trust.
8 FIXED ASSET INVESTMENTS
| 1 Restricted funds a Hibbert Trust Market Value as at 1 April 2021 Acquisitions at cost Disposals Gain/(loss) on revaluation Market Value as at 31 March 2022 Cost as at 31 March 2022 Statement of gains and losses on investments Realised gain /(loss) on sale of investments Gain / (loss) on revaluation b Case Fund Market Value as at 1 April 2021 Acquisitions at cost Disposals Gain/(loss) on revaluation Market Value as at 31 March 2022 Cost as at 31 March 2022 Statement of gains and losses on investments Realised gain /(loss) on sale of investments Gain / (loss) on revaluation Total gains and losses on investments Hibbert Trust Case fund |
2022 £ 917,481 57,093 (44,228) 22,152 952,498 777,389 2022 £ 14,645 22,152 36,797 2022 £ 719,720 50,995 (42,678) 21,921 749,958 580,234 2022 £ 14,735 21,921 36,656 2022 £ 36,797 36,656 73,453 |
2021 £ 697,823 100,299 (22,650) 142,009 917,481 753,056 2021 £ (1,666) 142,009 140,343 2021 £ 572,357 23,728 (9,060) 132,695 719,720 557,887 2021 £ (630) 132,695 132,065 2021 £ 140,343 132,065 272,408 |
|---|---|---|
10
THE HIBBERT TRUST NOTES ON AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
8 Fixed asset investments (continued)
| Analysis of investments market value Hibbert Trust Fixed interest UK equity funds Overseas equity funds Multi-asset funds Property Alternative funds Case Fund Fixed interest UK equity funds Overseas equity funds Multi-asset funds Property Alternative funds Total investments Hibbert Trust Case Fund 2 Unrestricted fund Market Value as at 1 April 2021 Acquisitions at cost Disposals Gain/(loss) on revaluation Market Value as at 31 March 2022 Cost as at 31 March 2022 Statement of gains and losses on investments Realised gian /(loss) on sale of investments Gain / (loss) on revaluation Analysis of investments market value Overseas equity funds Multi-asset funds Property Alternative funds |
2022 £ 272,744 79,350 207,585 113,402 144,663 134,754 952,498 2022 £ 126,706 47,610 203,233 113,402 132,498 126,509 749,958 2022 £ 952,498 749,958 1,702,456 2022 £ 535,645 53,620 (45,600) 31,319 574,984 517,873 2022 £ (7,648) 31,319 23,671 2022 £ 77,482 171,522 117,044 208,936 574,984 |
2021 £ 284,578 77,700 193,958 116,724 117,348 127,173 917,481 2021 £ 135,494 46,620 193,958 116,724 109,263 117,661 719,720 2021 £ 917,481 719,720 1,637,201 2021 £ 293,669 198,188 (32,760) 76,548 535,645 500,356 2021 £ 4,305 76,548 80,853 2021 £ 126,374 126,356 95,547 187,368 535,645 |
|---|---|---|
11
THE HIBBERT TRUST
NOTES ON AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
----- Start of picture text -----
9 DEBTORS 2022 2021
Accrued Other Accrued Other
income debtors Total income debtors Total
£ £ £ £ £ £
Hibbert Trust 1,926 - 1,926 2,363 - 2,363
Case Fund 1,394 104,936 106,330 1,775 86,799 88,574
Total restricted funds 3,320 104,936 108,256 4,138 86,799 90,937
Unrestricted fund 1,253 139,185 140,438 2,195 129,815 132,010
Total 4,573 244,121 248,694 6,333 216,614 222,947
10 CASH AT BANK AND IN HAND 2022 2021
£ £
Hibbert Trust 295,444 263,275
Case Fund 2,575 -
Total restricted funds 298,019 263,275
Unrestricted fund 9,399 11,206
Total 307,418 274,481
----- End of picture text -----
11 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Hibbert Trust Case Fund Total restricted funds Unrestricted fund Total |
Accruals £ 6,202 2,258 8,460 1,752 10,212 |
2022 Other creditors £ 277,714 - 277,714 - 277,714 |
Total £ 283,916 2,258 286,174 1,752 287,926 |
Accruals £ 5,775 2,159 7,934 1,639 9,573 |
2021 Other creditors £ 227,027 2,500 229,527 - 229,527 |
Total £ 232,802 4,659 237,461 1,639 239,100 |
|---|---|---|---|---|---|---|
12 ACCUMULATED FUNDS
| Restricted funds a Hibbert Trust Balance as at 1 April 2021 Movement on investments Surplus/(deficit) in year Balance as at 31 March 2022 |
Current fund £ 294,028 - (21,162) 272,866 |
2022 Capital Fund £ 656,288 36,797 - 693,085 |
Total £ 950,316 36,797 (21,162) 965,951 |
Curent fund £ 158,097 131,271 4,660 294,028 |
2021 Capital Fund £ 647,216 9,072 - 656,288 |
Total £ 805,313 140,343 4,660 950,316 |
|---|---|---|---|---|---|---|
12
THE HIBBERT TRUST NOTES ON AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
12 ACCUMULATED FUNDS (continued)
Restricted funds b Case fund
| Balance as at 1 April 2021 Movement on investments Surplus/(deficit) in year Balance as at 31 March 2022 Total restricted reserves Balance as at 1 April 2021 Movement on investments Surplus/(deficit) in year Balance as at 31 March 2022 |
Current fund £ 304,886 - 16,314 321,200 Current fund £ 598,914 - (4,848) 594,066 |
2022 Capital Fund £ 498,750 36,656 - 535,406 2022 Capital Fund £ 1,155,038 73,453 - 1,228,491 |
Total £ 803,636 36,656 16,314 856,606 Total £ 1,753,952 73,453 (4,848) 1,822,557 |
Current fund £ 166,980 124,624 13,282 304,886 Current fund £ 325,077 255,895 17,942 598,914 |
2021 Capital Fund £ 491,309 7,441 - 498,750 2021 Capital Fund £ 1,138,525 16,513 - 1,155,038 |
Total £ 658,289 132,065 13,282 803,636 Total £ 1,463,602 272,408 17,942 1,753,952 |
|---|---|---|---|---|---|---|
Unrestricted fund
| Balance as at 1 April 2021 Movement on investments Surplus/(deficit) in year Balance as at 31 March 2022 |
2022 £ 677,222 23,671 22,176 723,069 |
2021 £ 565,287 80,853 31,082 677,222 |
|---|---|---|
13