**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:
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
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