## **CHARITY NUMBER 233921**
**THE HAWTHORNE CHARITABLE TRUST (DATED 11 MARCH 1964)**
**REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 5 APRIL 2021**
## **THE HAWTHORNE CHARITABLE TRUST**
## **(DATED 11 MARCH 1964)**
## **INDEX TO REPORT AND FINANCIAL STATEMENTS**
|Trustees’ report|1 - 5|
|---|---|
|Independent Auditor’s Report to the Trustees of The Hawthorne Charitable Trust 6 – 7||
|Statement of financial activities|8|
|Balance sheet|9|
|Notes to the financial statements|10 - 15|
|Donations to charitable institutions and for charitable purposes|16 - 18|
## **THE HAWTHORNE CHARITABLE TRUST (DATED 11 MARCH 1964)**
## **TRUSTEES’ REPORT**
## **FOR THE YEAR ENDED 5 APRIL 2021**
The Trustees present their report along with the financial statements of the charity for the year ended 5 April 2021. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the charity’s trust deed, the Charities Act 2011 and the Statement of Recommended Practice: applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## STRUCTURE, GOVERNANCE AND MANAGEMENT
The Trust is an unincorporated trust, established under a trust deed dated 11 March 1964 and is a registered charity, number 233921. Under the Trust Deed the Trustees are to distribute the income and may distribute the whole or any part of the capital, to such charitable institutions or purposes as they shall in their absolute discretion determine. The Trustees particularly aim to support charities in the Hereford and Worcester areas. The Charity received a large donation in 1964 from Mrs OMQ Berington to set up this Trust. The Trustees who have served during the year and since the year end are set out on page 3. The power of appointing new or additional Trustees is vested in the Trustees. Trustees are forwarded updates from the Charity Commission and professional advisors.
## RISK MANAGEMENT
The Trustees have considered the major risks to which the Trust is exposed and have reviewed those risks and established procedures to manage those risks. The major risks to which the Trust is subject, like any other investor, is the risk that investments will not do well. The Trustees guard against this risk by having a widely diversified equity and unit trust portfolio and by having a proportion of the funds in British Government securities.
## OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT
The objects of the Trust are to apply the income, and also any part of the capital as the Trustees think fit, for or towards such charitable institutions or purposes as the Trustees shall from time to time determine. The Trustees confirm they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aim and objectives and in planning future activities and in setting the grant making policy for the year.
## PROCEDURES AND POLICY FOR GRANT MAKING
The Trustees meet annually to approve the annual financial statements and consider distributions; otherwise decisions are taken in correspondence or by telephone. The Trustees have developed a fairly substantial list of charities who are supported on a regular basis, but new proposals both regular and special are considered at each meeting and acted upon accordingly. The administrative resources are very limited and for this reason the Trust has always made it clear that grants to individuals cannot be considered. In the year to 5 April 2021 a total of £217,500 (2020: £187,518) was distributed to various charities, full details of which are given on pages 16 to 18. The Trustees review the grant making policy annually to ensure it reflects the charity’s objects and thereby advances public benefit.
## ACHIEVEMENTS AND PERFORMANCE OF TRUST
The objective of the Trust is to distribute its net income after governance costs to charitable bodies which will make good use of what they receive. It continues to be the policy of the Trustees to distribute all the available income within a reasonable period of its receipt and not to build up a large amount of undistributed income, thus at 5 April 2021 the balance of undistributed income was £9,661 (2020: £141,357) which was less than the investment income received in the year.
- 1 -
## **THE HAWTHORNE CHARITABLE TRUST (DATED 11 MARCH 1964)**
## **TRUSTEES’ REPORT**
## **FOR THE YEAR ENDED 5 APRIL 2021**
As a result of the continuing COVID-19 outbreak, the Trust’s income has further reduced in the year. Despite this, the Trust granted additional donations during the year and therefore the income fund is much lower at 5 April 2021, compared to previous years. It is the Trust’s intention to transfer funds from the capital account to the income account in the year to 5 April 2022 in order that the Trust can continue to make additional donations if it elects to.
## FINANCIAL REVIEW
The Trust’s income consists of dividends and interest which amounted to £158,727 (2020: £209,058) and charitable grants paid were £217,500 (2020: £187,518).
## INVESTMENT POLICY
The Trustees’ policy on listed investments is to obtain a good rate of return, commensurate with security of capital. Details of movements are given in Note 6 to the financial statements.
## RESERVES POLICY
Total income, subject to governance costs, are available for charitable purposes and have been used accordingly. In these circumstances the Trustees see no point in creating and maintaining financial reserves, although they consider it prudent to maintain a small balance to cover any unexpected events. At 5 April 2021 the Endowment Fund was £11,970,147 (2020: £8,688,995) which is held to generate investment income (though it is permitted to be spent). At 5 April 2021 the Income Fund was £9,661 (2020: £141,357); this will be used in making charitable grants during the year ending 5 April 2022.
## FUTURE PLANS
The Trustees have no plans to change the way the Trust operates. The Trustees have considered the impact of the ongoing Covid-19 outbreak on their future plans and at this stage there is no change to the strategy or the way the Trust operates.
## IMPACT OF COVID-19
There are current uncertainties in the global economy related to the COVID-19 (coronavirus) outbreak. The Trustees have considered the uncertainties and impact on the charity in the going concern policy.
## RELATED PARTIES
Mr R White, an acting Trustee of The Hawthorne Charitable Trust, serves as a director at RSM UK Tax and Accounting Limited providing administrative and accounting functions to the Trust. Further information is given in note 12 on page 15.
## AUDITOR
The auditor Harrison Hill Castle & Co is deemed to be reappointed under Section 487(2) of the Companies Act 2006.
- 2 -
## **THE HAWTHORNE CHARITABLE TRUST (DATED 11 MARCH 1964)**
## **TRUSTEES’ REPORT**
## **FOR THE YEAR ENDED 5 APRIL 2021**
LEGAL AND ADMINISTRATIVE INFORMATION
Particulars of Trustees in the year ended 5 April 2021:
Alexandra Susan Caroline Berington
Roger Jackson Clark
Thomas Patrick Monsanto Berington
Richard White Marlborough House Victoria Road South Chelmsford CM1 1LN
## PRINCIPAL OFFICE
c/o RSM UK Tax and Accounting Limited Marlborough House Victoria Road South Chelmsford CM1 1LN
SOLICITORS
Withers LLP 16 Old Bailey London EC4M 7EG
## BANKERS
CAF Bank Limited 25 Kings Hill Avenue Kings Hill, West Malling Kent ME19 4JQ
AUDITOR
Harrison Hill Castle & Co Melbury House 34 Southborough Road Bickley Bromley Kent BR1 2EB
INVESTMENT ADVISERS
Rathbones 8 Finsbury Circus London EC2M 7AZ
Quilter Cheviot St Helen’s 1 Undershaft London EC3A 8BB
## INVESTMENT POWERS
Under Clause 4 of the Trust Deed dated 11 March 1964 the Trustees have wide powers of investment.
Charity Commission reference number: 233921.
- 3 -
## **THE HAWTHORNE CHARITABLE TRUST (DATED 11 MARCH 1964)**
## **TRUSTEES’ REPORT**
## **FOR THE YEAR ENDED 5 APRIL 2021**
## STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The Trustees are responsible for preparing the Trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Charity law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to 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 those financial statements, the Trustees are required to:
- a. select suitable accounting policies and then apply them consistently;
- b. observe the methods and principles in the Charities SORP;
- c. make judgements and estimates that are reasonable and prudent;
- d. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- e. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the requirements of the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITOR
The Trustees who are in attendance on the date of approval of these financial statements, have confirmed that, as far as they are aware, there is no relevant information of which the auditor is unaware. Each of the Trustees has confirmed that they have taken all the steps that ought to have been taken as Trustees in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditor.
- 4 -
THE HAwfHORNE CHARITABLE TRUST
(DATED q I MARCH 1964)
TRUSTEES. REPORT
FOR THE YEAR ENDED 5 APRIL 2021
Aupr(w¥¢' bv thg. Truslees on 25 January 2022
ndro Skn5dn cartse 8etlngton
Rryer J8¢k30rt C:.erk
, TFusieg%
-l?mas PAtrits NIDnsantD gerpnalon
¢h3rd lilhrts
## **THE HAWTHORNE CHARITABLE TRUST (DATED 11 MARCH 1964)**
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE HAWTHORNE CHARITABLE TRUST**
## **Opinion**
We have audited the financial statements of Hawthorne Charitable Trust (the ‘Charity’) for the year ended 5 April 2021 which comprise the Statement of Financial Activities, the Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies and a Schedule of Donations. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the Charity’s affairs as at 5 April 2021 and of its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCʼs Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- the Trusteesʼ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
## **Other information**
The Trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
- 6-
## **THE HAWTHORNE CHARITABLE TRUST (DATED 11 MARCH 1964)**
## **INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE HAWTHORNE CHARITABLE TRUST (CONTINUED)**
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the Trustees’ Report; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not obtained all the information and explanations necessary for the purposes of our audit.
## **Responsibilities of the trustees**
As explained more fully in the Trusteesʼ responsibilities statement set out on page 4, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Councilʼs website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditorʼs report.
## **Use of our report**
This report is made solely to the Charityʼs Trustees as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the Charityʼs Trustees those matters we are required to state to them in an auditorʼs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charityʼs Trustees as a body, for our audit work, for this report, or for the opinions we have formed.
P R Castle (Senior Statutory Auditor) For and on behalf of Harrison Hill Castle & Co Chartered Accountants Melbury House, 34 Southborough Road 25th January 2022 Bickley, Bromley, Kent BR1 2EB
Harrison Hill Castle & Co is eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006.
- 7 -
## **THE HAWTHORNE CHARITABLE TRUST (DATED 11 MARCH 1964)**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 5 APRIL 2021**
|||Unrestricted|Endowment|||
|---|---|---|---|---|---|
||Notes|Funds|Funds|Total|Total|
|||2021|2021|2021|2020|
|||£|£|£|£|
|**Income from:**||||||
|Investments|2|158,727
|-
|158,727
|209,058
|
|**Total**||158,727|-|158,727
|209,058|
|**Expenditure on:**||||||
|Raising funds|3|-|71,417|71,417|67,599|
|Charitable activities|4|290,423|-|290,423
|250,136|
|**Total**||290,423|71,417|361,840
|317,735|
|Net gains / (losses) on|6|-|3,352,569|3,352,569|(1,154,606)|
|investments||||||
|**Net income / (expenditure)**||(131,696)|3,281,152|3,149,456|(1,263,283)|
|**for the year and net**||||||
|**movement in funds**||||||
|**Total funds at 6 April**||141,357|8,688,995|8,830,352
|10,093,635|
|**Total funds at 5 April**||9,661|11,970,147|11,979,808|8,830,352|
- 8 -
THE HAwfHORNE CHARITABLE TRUST
{DATED 11 MARCH 1964)
BALANCE SHEET
AS AT 5 APRIL 2021
20
20
rixED ASSETS..
Llsle¢ tnve5wnÉnts
Cash slDdtbroke
oU1.r Ch*ilol
Rathbones
11,845,(3
8 384,248
42 738
53,578
73.870
234,958
1 1.939.399
CURRENT ASSVS.
D¢btorB
Cath at bank..
CAF
sh NY.th •tockbrok8rs
Quiltt-. chet
Ratrikn.-,es
8.673,016
18,439
92,5S5
54.041
87,759
1.725
417
1.793
74.622
164.885
CREDITORS. Am?unts laHing dve wthinone
27.809
NET CURRENT ASSWS
40 409
157.276
TOTAL NET ASSETS
11.979,808
8,830.352
THE FIJNDS OF THE CHARI
Fw5.enI Furyd
10
11.9iQ.147
8.686.995
UNp2ESTRICTED FUNDS
IoMe FJnd
10
9.85..
141.357
11.979.808
8,830,&52
-Fie fnJ.'IL'3'
44 JBnuqry?022
letner*s on #ag85 e '.0 18 tre appovèd by the Trustees and auitsorfsed iswe on
. 8TrJ sigp.-.d Dn ils bgh811 by
A5pxaftdT8 Susaft C
R.ryJer JacJ¢qon aètk
TrdsiBa$
Rtb8rd Ivhjte
**THE HAWTHORNE CHARITABLE TRUST (DATED 11 MARCH 1964)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5 APRIL 2021**
## **1 Accounting policies**
## LEGAL STATUS
The Hawthorne Charitable Trust is an unincorporated charity registered in England and Wales. The principal address is Marlborough House, Victoria Road South, Chelmsford, CM1 1LN.
The charity’s objectives and aims are disclosed in the Trustees report.
## ACCOUNTING CONVENTION
The financial statements have been prepared under the historical cost convention, as modified for the inclusion of fixed asset listed investments at market value. The financial statements have been prepared in accordance with the Charities Act 2011 and the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and the Financial Reporting Standard applicable in the UK and Reporting of Ireland (FRS 102).
The financial statements are presented in sterling which is also the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The charity constitutes a public benefit entity as defined by FRS 102.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair’ view. This departure has involved following Accounting and Reporting by Charities preparing these accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
## GOING CONCERN
The Trustees have considered whether it is appropriate to prepare the financial statements on the basis that the Charity is a going concern, including the ongoing impact of COVID-19 (Coronavirus) outbreak on that assessment.
The charity’s main source of income is from its investments. The valuation of these investments at 5 April 2020 was impacted by the COVID-19 situation, however, the valuation of the portfolio has increased significantly from £8.36m at 5 April 2020 to £11.84m at 5 April 2021 and the Trustees are of the opinion that the size of the portfolio suitably mitigates any risks.
The Trustees also have the option to sell investments and realise the cash if required and therefore the Trustees consider it appropriate to continue to adopt the going concern basis for the preparation of the financial statements.
## INVESTMENT INCOME
Income is accounted for on a receivable basis. Income from the Endowment Fund is unrestricted.
## FIXED ASSET INVESTMENTS
Investments are included in the balance sheet initially at transaction value and subsequently recognised at their fair value at the end of the financial period, which is the bid price quoted on a recognised stock exchange. Realised and unrealised gains are credited or debited to the Statement of financial activities in the year in which they arise.
- 10 -
**THE HAWTHORNE CHARITABLE TRUST (DATED 11 MARCH 1964)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5 APRIL 2021**
## FINANCIAL INSTRUMENTS
The Trust only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, other than fixed asset listed investments, are initially recognised at transaction value and subsequently measured at their settlement value.
## FOREIGN CURRENCIES
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
## FUNDS
Unrestricted funds can be used in accordance with the Trust’s objectives at the discretion of the Trustees.
Restricted endowment funds comprise monies where a restriction has been placed on their use by a donor (for a purpose which falls within but is narrower than the general charitable objective). These funds are distributed in accordance with the terms of the applicable restriction.
## EXPENDITURE
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT and is reported as part of the expenditure to which it relates.
Costs of generating funds comprise those costs directly attributable to managing the investment portfolio and raising investment income.
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Trust. Grants payable are charged in the year when the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include audit and accounting fees and costs linked to the strategic management of the charity.
Costs of charitable activities comprise all expenditure directly relating to the objects of the charity. Support costs relating to the charitable activities have been allocated on a direct basis.
- 11 -
**THE HAWTHORNE CHARITABLE TRUST (DATED 11 MARCH 1964)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5 APRIL 2021**
|**2**
**Income from investments**
UK fixed interest – managed by Quilter Cheviot
Dividends – equities managed by Quilter Cheviot
Dividends – equities managed by Rathbones
Other interest
**3**
**Raising funds**
Investment management fees -
Quilter Cheviot
Rathbones
**4**
**Charitable activities**
_Governance costs:_
Accountancy and administration including VAT
Audit fees
Trustee expenses
Bank and other charges|
|**Unrestricted**
**2021**
**2020**
**£**
**£**
-
68
110,154
127,198
48,533
81,583
40
209
158,727
209,058
**2021**
**2020**
**£**
**£**
41,273
38,120
30,144
29,479
71,417
67,599
**Unrestricted**
**2021**
**2020**
**£**
**£**
68,587
58,290
4,200
4,200
-
40
136
88
72,923
62,618
|
|---|---|---|
||||
||||
||||
The amount of grants payable in the year comprises £217,500 (2020: £187,518) grants to institutions. Full details of recipients and amounts are shown in the schedule of donations on page 16 to 18.
## **5 Employees**
The Trust has no paid staff, including Trustees. Trustees are considered to be key management personnel.
Travel expenses totalling £Nil (2020: £40) were reimbursed to Mr Clark, a charitable Trustee, during the year.
- 12 -
**THE HAWTHORNE CHARITABLE TRUST (DATED 11 MARCH 1964)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5 APRIL 2021**
|**6**
**Listed fixed asset investments**
**2021**
**£**
Investments at fair value 6 April
8,364,248
Additions
4,322,446
Disposals
(4,196,180)
Revaluations
2,632,379
Net profit/(loss) on disposal
720,190
Investments at fair value 5 April
11,843,083
**2021**
**£**
Analysis of investments between classes at fair value:
UK fixed interest securities
748,997
Equities managed by Quilter Cheviot
6,522,879
Equities managed by Rathbones
4,571,207
11,843,083
|**2020**
**£**
9,871,643
3,519,976
(3,872,765)
(1,102,154)
(52,452)
8,364,248
**2020**
**£**
805,936
4,417,800
3,140,512
8,364,248|
|---|---|
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening fair value (purchase date if later). Unrealised gains and losses are calculated as the difference between the fair value at the year end and opening fair value (or purchase date if later). Realised and unrealised gains are not separated in the Statement of Financial Activities.
If the above listed investments were stated at historic cost basis instead of fair value basis, the carrying value would have been £8,164,234 (2020: £7,435,114).
|**7**
**Debtors**
Sundry debtors|**2021**
**£**
18,439
18,439
|**2020**
**£**
92,555
92,555|
|---|---|---|
- 13 -
**THE HAWTHORNE CHARITABLE TRUST (DATED 11 MARCH 1964)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5 APRIL 2021**
|**8**
**Creditors: Amounts falling due within one year**
**2021**
**£**
Trade creditors
Accruals:
Auditors charges
Investment management charges
Accountancy charges
-
4,200
18,396
11,617
34,213
**9**
**Financial instruments**
**2021**
**£**
**Carrying amount of financial assets**
Instruments measured at fair value through Statement of
Financial Activities
11,843,083
11,843,083
**10**
**Movements in**
**funds – current**
**year**
**At 6 April**
**2020**
**£**
**Income**
**£**
**Expenditure**
**£**
**Investment**
**and**
**exchange**
**gains**
**£**
Endowment Fund
8,688,995
-
(71,417)
3,352,569
Income Fund
141,357
158,727
(290,423)
-
Total unrestricted
funds
8,830,352
158,727
(361,840)
3,352,569|**2020**
**£**
8,490
4,200
14,919
-
27,609
**2020**
**£**
8,364,248
8,364,248
**At 5 April**
**2021**
**£**
11,970,147
9,661
11,979,808|
|---|---|
|**Movements in**
**funds – previous**
**year**
Endowment Fund
Income Fund
Total unrestricted
funds|**At 6 April**
**2019**
**£**
9,911,200
182,435
10,093,635|**Income**
**£**
**Expenditure**
**£**
**Investment**
**and**
**exchange**
**losses**
**£**
-
(67,599)
(1,154,606)
209,058
(250,136)
-
209,058
(317,735)
(1,154,606)|**At 5 April**
**2020**
**£**
8,688,995
141,357
8,830,352|
|---|---|---|---|
There are no specific restrictions on the use of the Endowment and Income Funds, apart from the furtherance of the charity’s aims.
- 14 -
**THE HAWTHORNE CHARITABLE TRUST (DATED 11 MARCH 1964)**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5 APRIL 2021**
|**11**|**Analysis of net assets**|**Unrestricted**|**Endowment**||
|---|---|---|---|---|
||**between funds**|**Funds**|**Fund**|**Total**|
|||**2021**|**2021**|**2021**|
|||**£**|**£**|**£**|
||Listed investments|-|11,843,083|11,843,083|
||Cash & debtors|25,478|145,460|170,938|
||Creditors|(15,817)|(18,396)
|(34,213)|
||NET ASSETS|9,661|11,970,147
|11,979,808|
||**Analysis of net assets**|**Unrestricted**|**Endowment**||
||**between funds –**|**Funds**|**Fund**|**Total**|
||**previous year**|**2020**|**2020**|**2020**|
|||**£**|**£**|**£**|
||Listed investments|-|8,364,248|8,364,248|
||Cash & debtors|154,047|339,666|493,713|
||Creditors|(12,690)|(14,919)
|(27,609)|
||NET ASSETS|141,357|8,688,995|8,830,352|
## **12 Related party transactions**
RSM UK Tax and Accounting Limited, a firm in which Mr White is a director, was instructed by the Trustees to perform the administrative and accounting functions of the Trust and received professional fees totalling £68,587 (2020: £58,290). At 5 April 2021, £Nil (2020: £8,490) was owing to RSM UK Tax and Accounting Limited and is included within trade creditors and £11,617 (2020: £Nil) is included in accruals.
During the year, a donation of £5,000 (2020: £25,000) was made to Southern Thailand Elephant Foundation, a charity in which Mr Clark is a Trustee.
## **13 Taxation**
The Hawthorne Charitable Trust is a registered charity and, as such, its income and gains falling within section 521 to 536 of the Income and Corporation Taxes Act 2007 or Section 252 of the Taxation of Chargeable Gains Act 1992 are exempt from tax to the extent that these are applied to its charitable objectives.
- 15 -
## **THE HAWTHORNE CHARITABLE TRUST (DATED 11 MARCH 1964)**
## **SCHEDULE OF DONATIONS**
## **FOR THE YEAR ENDED 5 APRIL 2021**
|**Grants to institutions caring for people with**
**disabilities**
British Wireless for the Blind Fund
Canine Partners for Independence
Dog A.I.D.
Elizabeth FitzRoy
Essex Young Carers
Hearing Dogs for Deaf People
National Star
Queen Elizabeth Foundation
Willow
**Grants to institutions for medical, health and**
**sickness**
Acorn Children’s Hospice Trust
Action for Family Carers
Alzheimer’s Research Trust
Alzheimer’s Society
Anthony Nolan Bone Marrow Trust
Breast Cancer Haven – Hereford
British Red Cross Association
Cancer Research UK
Children with Cancer
Combat Stress
Different Strokes
Farleigh Hospice
Global Natural Healthcare Trust
Little Malvern Priory
MacMillan Cancer Relief (Worcestershire Branch)
Maggie’s Cheltenham
Maggs Day Centre
Motor Neurone Disease Association
Pancreatic Cancer
Parkinson’s UK
Robbie’s Rally
Royal Society for Blind Children
Sight Concern
St Michael’s Hospice, Hereford
St Richard’s Hospice
The Stroke Association
Versus Arthritis (previously Arthritis Research Campaign)|**2021**
**No**
**Value**
**£**
1
1,000
2
5,000
2
5,000
1
2,500
1
500
1
2,000
1
1,500
-
-
-
-
9
17,500
2
2,000
1
1,500
1
2,500
1
2,500
1
2,000
2
6,000
1
2,500
1
2,500
-
-
2
5,000
1
2,000
1
2,000
2
3,000
2
16,000
2
6,000
1
500
2
6,000
1
2,000
1
2,000
-
-
-
-
1
1,500
1
2,000
2
6,000
2
5,000
1
2,500
1
2,000
33
85,000|**2020**
**No**
**Value**
**£**
1
1,000
1
2,500
1
2,500
1
2,500
1
2,000
1
1,500
1
3,000
1
2,000
8
17,000
1
1,000
1
1,500
1
2,500
1
2,500
1
2,000
2
3,100
1
2,500
1
2,500
1
204
1
2,500
1
2,000
1
2,000
1
3,000
1
9,114
1
3,000
-
-
1
3,000
1
2,000
1
2,000
1
2,500
1
100
1
1,500
1
2,000
1
3,000
1
2,500
1
2,500
1
2,000
27
62,518|
|---|---|---|
- 16 -
## **THE HAWTHORNE CHARITABLE TRUST (DATED 11 MARCH 1964)**
## **SCHEDULE OF DONATIONS**
## **FOR THE YEAR ENDED 5 APRIL 2021**
|**Grants to institutions caring for animals**
Animal Health Trust
Battersea Dogs & Cats Home
Blue Cross (DD)
Prickles Hedgehog Rescue
Southern Thailand Elephant Foundation
Welsh Springer Spaniel Rescue & Rehoming
**Grants to institutions for relief of poverty**
Addington Fund
The Passage
**Grants to institutions for environment, conservation**
**and heritage**
Compassion in World Farming Trust
Downside Mission Trust
Friends of the Public Gardens
Hereford Cathedral Perpetual Trust
Malvern Festival Theatre Trust Limited
Museum of Royal Worcester
Plant Heritage (previously National Council for the
Conservation of Plants and Gardens)
St Michael’s Braintree
The Society of Friends of Little Malvern Priory
Woodland Trust
Worcester Cathedral Development & Restoration Trust|**2021**
**No**
**Value**
**£**
-
-
1
2,000
1
1,000
1
500
1
5,000
-
-
4
8,500
2
2,000
1
2,000
3
4,000
2
5,000
-
-
1
1,000
2
5,000
1
5,000
2
4,000
1
2,000
-
-
1
3,500
1
1,000
1
2,000
12
28,500|**2020**
**No**
**Value**
**£**
1
2,500
1
2,000
1
1,000
1
500
1
25,000
1
500
6
31,500
1
1,000
1
2,000
2
3,000
1
2,500
1
5,000
1
2,000
1
2,500
1
5,000
1
2,000
1
2,000
1
5,000
1
3,500
1
1,000
1
2,000
11
32,500|
|---|---|---|
- 17 -
## **THE HAWTHORNE CHARITABLE TRUST (DATED 11 MARCH 1964)**
## **SCHEDULE OF DONATIONS**
## **FOR THE YEAR ENDED 5 APRIL 2021**
|**Grants to other charitable institutions**
Barnardos
Birmingham Royal Ballet
County Air Ambulance
Endeavour School, The (Brentwood)
Friends of the Elderly (Davenham & Perrans House)
Herefordshire Growing Point
Hospice Care Kenya
Longford Trust
Lord’s Taverners
South Worcestershire Citizens Advice
Malvern Sea Cadets
Malvern Youth Community Trust (Malvern Cube)
Festival Housing (previously MHHYAT Foyer)
Midland Air Ambulance
National Gardens Scheme
Perennial – Gardeners’ Royal Benevolent Society
The Listening People
The Salvation Army
The Samaritans Colchester Branch
The Samaritans Worcester Branch
Soldiers Charity
SSAFA Worcestershire Branch
St Andrew’s Club
Stisted Parish Council
Three Choirs Festival
Wildgoose Rural Training
TOTAL|**2021**
**No**
**Value**
**£**
1
2,000
2
2,000
1
1,000
1
2,000
2
4,000
2
3,000
1
2,500
1
2,500
2
9,500
1
1,000
2
2,000
1
1,500
1
2,000
2
7,500
1
2,000
1
1,500
1
3,000
2
5,000
1
1,500
2
3,000
1
2,500
2
4,000
1
3,000
2
4,000
1
1,000
1
1,000
36
74,000
97
217,500|**2020**
**No**
**Value**
**£**
1
1,000
1
1,000
-
-
1
2,000
1
2,000
1
1,500
1
2,500
1
2,500
-
-
1
1,000
1
1,000
1
1,500
1
1,500
1
2,500
-
-
1
1,500
1
3,000
1
2,500
1
1,500
1
1,500
1
2,500
1
2,000
1
3,000
1
1,500
1
1,000
1
1,000
23
41,000
77
187,518|
|---|---|---|
- 18 -