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2022-04-05-accounts

SUE HAMMERSON TRUST "G"

(THE SUE HAMMERSON CHARITABLE TRUST) ACCOUNTS FOR THE YEAR ENDED

5th APRIL 2022

SUE HAMMERSON TRUST "G"

(THE SUE HAMMERSON CHARITABLE TRUST)

CONTENTS Page
TRUSTEES' ANNUAL REPORT 1 - 4
AUDITORS' REPORT 5 - 7
ACCOUNTS:
STATEMENT OF FINANCIAL ACTIVITIES 8
BALANCE SHEET 9
NOTES TO THE ACCOUNTS 10 - 14

SUE HAMMERSON TRUST "G"

(THE SUE HAMMERSON CHARITABLE TRUST)

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 5th APRIL 2022

The Trustees present their Annual Report as under, together with the Annual Accounts as attached, for the year ended 5[th] April 2022.

These have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Trust’s governing document, applicable law and requirements of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireland (FRS102)(effective January 2019)

STRUCTURE, GOVERNANCE AND MANAGEMENT

Sue Hammerson Trust G is registered with the Charity Commissioners (No. 235196) and is constituted by a Deed of Trust dated 18[th] February 1957 and a Deed of Release dated 19[th] February 1957.

The settlor of the charity was the late Mrs Sue Hammerson CBE.

On 18[th] February 2057 (or possibly earlier by reference to dates of death of the Royal Family), the capital is divisible equally between the settlor’s surviving grandchildren; issue of grandchildren who have died take their parent’s share.

The trustees who served during the year were: Mrs Patricia A. Beecham Anthony J. Bernstein David B. Hammerson D. Rory Hammerson

Trustees are appointed from members of the Hammerson family and their professional advisers.

The Trustees are responsible for deciding the overall strategy of the Trust and monitoring progress. Day to day operation of the charity is delegated to the Accountants and Secretaries under the supervision of the two professional Trustees.

The trustees have examined the major risks which the charity faces and confirm that systems have been established to enable regular reports to be produced to them to lessen such risks.

CONNECTED CHARITIES

The trust shares some common trustees with the Sue Hammerson Foundation and the Sue and Lew Hammerson Charitable Trust. The Principal address for these charities is at the offices of the secretaries as stated below.

OBJECTS, OBJECTIVES AND ACTIVITIES

The object of the charity continues to be to apply income to such charitable purposes as the Trustees think fit.

They have been requested by the settlor to give particular consideration to the advancement of medical learning and research and to the relief of sickness and poverty, with first consideration being given to the needs of the Lewis W. Hammerson Memorial Home.

1

SUE HAMMERSON TRUST "G"

(THE SUE HAMMERSON CHARITABLE TRUST)

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 5th APRIL 2022

PUBLIC BENEFIT

The Trustees confirm that they have complied with their duty under section 17 of the Charities Act 2011 to have regard to the Charity Commission’s general guidance on public benefit. The sections of this report relating to the Trust's grant making and related activities set out how we further our charitable purposes for the public benefit. Third sector organisations and their services for the public are strengthened by the Trust's funding. All registered charities which meet the Trust’s objectives are eligible to apply. The public benefit is delivered by the charities which receive grants from the Trust.

ACHIEVEMENTS AND PERFORMANCE

The Trust made 7 institutional grants totalling £146,125 (2021: 8 totalling £141,800), of which the Lewis W. Hammerson Memorial Home received £120,000 (2021: £100,000).

FINANCIAL REVIEW

The level of income and expenditure and year end financial position were as expected by the Trustees.

The net assets of the charity as at 5[th] April 2022 amounted to £9,026,972.

RESERVE POLICY

It is the policy of the charity to maintain its income reserves at a level equivalent to one year’s charitable expenditure. Currently, this is approximately £152,000. In addition, the reserves are held in order to provide for any unexpected request for income from the Lewis W Hammerson Memorial Home. At the year end free reserves stood at £99,720 which is less than the desired level, and the trustees are seeking to increase this to the target figure.

GRANT MAKING POLICY

The Charitable Trust continues to support the Lewis W. Hammerson Memorial Home but also makes grants to a wide range of health care, educational and religious causes.

INVESTMENT POWERS AND POLICY

The Trustees have unrestricted powers of investment.

The investment strategy set by the trustees has been to diversify where appropriate from Hammerson Plc shares and provide discretion to the investment managers to pursue a balanced income/growth strategy with lowmedium risk. This is achieved by investing over a range of asset classes.

The trustees are reported to on a regular basis by the investment managers.

PLANS FOR THE FUTURE

It is the trustees’ intention to continue to make donations where they see fit, with continued emphasis on providing funds to The Lewis W.Hammerson Memorial Home.

2

SUE HAMMERSON TRUST "G"

(THE SUE HAMMERSON CHARITABLE TRUST)

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 5th APRIL 2022

REGISTERED ADDRESS

Registered Office: Acre House, 11-15 William Road, London NW1 3ER

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

Law applicable to charities in England & Wales requires trustees to prepare accounts for each financial year that give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year (unless the charity is entitled to prepare accounts on the alternative receipts and payments basis). In preparing accounts giving a true and fair view, the trustees should follow best practice and:

select suitable accounting policies and apply them consistently ; make judgements and estimates that are reasonable and prudent;

state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the accounts;

prepare the accounts 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 which disclose with reasonable accuracy the financial position of the charity and which enable them to ensure that the accounts comply with the applicable law. 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.

3

SUE HAMMERSON TRUST "G"

(THE SUE HAMMERSON CHARITABLE TRUST)

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 5th APRIL 2022

ACCOUNTANTS AND SECRETARIES

H.W. Fisher: Acre House, 11-15, William Road, London, NW1 3ER. AUDITORS Fletcher & Partners: Crown Chambers, Bridge Street, Salisbury, Wiltshire, SP1 2LZ. SOLICITORS Withers LLP: 16 Old Bailey, London, EC4M 7EG. Michelmores Woodwater House Pynes Hill Exeter EX2 5WR BANKERS Kleinwort Hambros Norfolk House 31 St James's Square London SW1Y 4JR Charities Aid Foundation: 25 Kings Hill Avenue Kings Hill, West Malling Kent, ME19 4TA INVESTMENT ADVISORS Kleinwort Hambros Norfolk House 31 St James's Square London SW1Y 4JR Signed: Mrs Patricia A. Beecham Trustee Anthony J. Bernstein Trustee David B. Hammerson Trustee D. Rory Hammerson Trustee

Dated:

4

INDEPENDENT AUDITOR'S REPORT

THE TRUSTEES OF

SUE HAMMERSON TRUST "G"

(THE SUE HAMMERSON CHARITABLE TRUST)

Opinion on financial statements

We have audited the financial statements of The Sue Hammerson Charitable Trust (the Charity) for the year ended 5 April 2022 which comprise the Statement of Financial Activities, Balance Sheet, and the notes to the financial statements, including a summary of the significant accounting policies, set out on pages 8 to 14. 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:

Basis for opinion

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 Auditorʼs 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

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report

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.

5

INDEPENDENT AUDITOR'S REPORT

THE TRUSTEES OF

SUE HAMMERSON TRUST "G"

(THE SUE HAMMERSON CHARITABLE TRUST)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Annual Report.

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of the Trustees

As explained more fully in the Trustees' Responsibilities Statement, set out on page 3, 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We ensured the engagement team collectively had appropriate competence and capabilities to recognise noncompliance with applicable laws and regulations. we identified the key laws applicable to the charity as those established in the Charity's constitution and wider Charity law. We assessed the susceptibility of the charity's accounts to material mis-statement by making enquiries of management and reviewing internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

6

INDEPENDENT AUDITOR'S REPORT

THE TRUSTEES OF

SUE HAMMERSON TRUST "G"

(THE SUE HAMMERSON CHARITABLE TRUST)

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's 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 Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

FLETCHER & PARTNERS Chartered Accountants and Statutory Auditor Crown Chambers Bridge Street Salisbury Wiltshire SP1 2LZ

Dated:

Fletcher & Partners is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

7

THE SUE HAMMERSON TRUST G

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 5th APRIL 2022

Notes
INCOME AND ENDOWNMENTS
Investment Income:
Dividends/Interest Received (Gross)
2
Bank Interest Received (Net)
Income Tax Recoverable
Tax Repayment Supplement
TOTAL INCOME
EXPENDITURE
Costs of generating funds
Investment management costs
4
Charitable activities
3
TOTAL EXPENDITURE
NET INCOME / (EXPENDITURE) BEFORE
GAINS / (LOSSES) ON INVESTMENTS
OTHER RECOGNISED GAINS AND LOSSES
Gains/(losses) on Investments
Realised
9
Unrealised
10
Gains/(losses) on Foreign Exchange
Unrealised
10
NET INCOME / (EXPENDITURE)
NET MOVEMENT IN FUNDS
BALANCE BROUGHT FORWARD AT 6th APRIL 2021
BALANCE CARRIED FORWARD AT 5th APRIL 2022
2022 Total
£
114,751
-
1,079
-
115,830
85,832
152,073
(237,905)
(122,075)
122,784
159,845
3,390
286,019
163,944
8,863,028
9,026,972
2021
Capital
£
-
-
-
-
-
85,832
-
(85,832)
(85,832)
122,784
159,845
3,390
286,019
200,187
8,727,065
8,927,252
Income
£
114,751
-
1,079
-
115,830
-
152,073
(152,073)
(36,243)
-
-
-
-
(36,243)
135,963
99,720
Capital
£
-
-
-
-
-
76,756
-
(76,756)
(76,756)
219,919
1,482,707
(8,153)
1,694,473
1,617,717
7,109,348
8,727,065
Income
£
137,278
-
628
65
137,971
-
148,213
(148,213)
(10,242)
-
-
-
-
(10,242)
146,205
135,963
Total
£
137,278
-
628
65
137,971
76,756
148,213
(224,969)
(86,998)
219,919
1,482,707
(8,153)
1,694,473
1,607,475
7,255,553
8,863,028

8

SUE HAMMERSON TRUST "G"

(THE SUE HAMMERSON CHARITABLE TRUST)

BALANCE SHEET

AS AT 5th APRIL 2022

Notes
FIXED ASSETS
Investments
2
CURRENT ASSETS
Debtors
11
Cash at Bank
12
CURRENT LIABILITIES
Creditors
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS - Amounts falling due after more
than one year
Capital Gains Tax
14
Represented by:
FUNDS
Capital
16
Income
17
Signed:
Patricia A. Beecham
Anthony J. Bernstein
David B. Hammerson
D Rory Hammerson
£
£
10,274,672
45,468
240,725
286,193
(102,042)
184,151
10,458,823
(1,431,851)
9,026,972
8,927,252
99,720
9,026,972
2022
£
£
9,843,246
44,389
205,080
249,469
(8,272)
241,197
10,084,443
(1,221,415)
8,863,028
8,727,065
135,963
8,863,028
Trustee
Trustee
Trustee
Trustee
2021
£
£
9,843,246
44,389
205,080
249,469
(8,272)
241,197
10,084,443
(1,221,415)
8,863,028
8,727,065
135,963
8,863,028
Trustee
Trustee
Trustee
Trustee
2021
10,084,443
(1,221,415)
8,863,028
8,727,065
135,963
8,863,028
Trustee
Trustee
Trustee
Trustee

Dated:

9

SUE HAMMERSON TRUST "G"

(THE SUE HAMMERSON CHARITABLE TRUST)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 5th APRIL 2022

1. ACCOUNTING POLICIES a) Accounting Convention

The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard in the UK and Republic of Ireland (FRS102)(effective January 2019) and the Charities Act 2011 and applicable regulations.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts.

b) Investment Income

Investment income is accounted for in the period in which the charity is entitled to receipt.

c) Expenditure

Expenditure is included on an accruals basis. Grants payable from income funds are recognized as expenditure in the period in which the donation is given.

Support costs have been allocated to charitable activities in recognition of the administrative costs of awarding grants. Governance costs relating to the costs of public accountability of the charity have also been allocated to charitable activities. The allocation of support and governance costs is analysed in note 3.

d) Fixed asset investments

Investments are included at closing mid-market value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.

e) Fund Structure

Funds held by the charity are:

Capital funds - these are funds that cannot be distributed.

Income funds - these are funds that can be used in accordance with the charitable objects at the discretion of the trustees.

f)

Capital Gains Tax

The Trust is a time charity and as such will cease on 18[th] February 2057 (or possibly earlier by reference to the dates of death of the Royal Family). Provision is made for Capital Gains Tax that would arise on realised gains if the trust fund ceased to be held for charitable purposes at the rate prevailing at the time of the gains. Provision is also now made for tax on unrealised gains on the revaluation of the investments shown in the accounts.

10

SUE HAMMERSON TRUST "G"

(THE SUE HAMMERSON CHARITABLE TRUST)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 5th APRIL 2022

2. SUMMARY OF INVESTMENTS HELD AT THE YEAR END

Holding
Hammerson plc
25p Ordinary Shares
29,639
SG Hambros Portfolio
Market value at 6 April 2021
Disposals at opening book value
Acquisitions at cost
Increase in cash balance
Change in value during the year
Market value at 5 April 2022
The investments are held and income arises from:
UK Quoted Securities
Non UK Quoted Securities
Cash held by Brokers
Historical Cost:
At 5th April 2022
At 5th April 2021
3. TOTAL EXPENDITURE
Costs of generating funds
Investment management costs
Charitable activities
Healthcare and Relief of Poverty
Other Costs
Total
Historical
Cost
£

38,564
10,032,261
10,070,825
Other
costs
£
85,832
Market Value
at 6.4.21
£
10,024
9,833,222
9,843,246
Grant
funding
£
-
Market Value
at 5.4.22
£
9,787
10,264,885
10,274,672
£
9,843,246
(9,319,983)
9,114,794
574,702
61,913
10,274,672
£
9,590,666
684,006
10,274,672
£
10,070,825
8,584,622
Total
2022
£
85,832
Income
£
107
114,644
114,751
£
114,751
-
114,751
Total
2021
£
76,756
-
5,948
146,125
-
146,125
5,948
141,800
6,413
5,948
91,780
146,125
146,125
152,073
237,905
148,213
224,969

11

SUE HAMMERSON TRUST "G"

(THE SUE HAMMERSON CHARITABLE TRUST)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 5th APRIL 2022

4. INVESTMENT MANAGEMENT COSTS

4. INVESTMENT MANAGEMENT COSTS
Other costs of generating funds comprise:
Professional fees
Accountancy and taxation fees
Investment management fees
5. OTHER COSTS OF CHARITABLE ACTIVITIES
Other costs comprise:
Accountancy and taxation fees
Trustee expenses
Bank charges and interest
Auditors' Remuneration
6. GRANTS PAYABLE
7. GOVERNANCE COSTS
Other governance costs comprise:
Auditors' remuneration
Arabella Parr CAF Account
Charities Aid Foundation
Louise Waidhofer CAF Account
Grants were made to the following institutions relating to healthcare and
religious causes
Lewis W Hammerson Memorial Home
David Hammerson CAF Account
Peter Hammerson CAF Account
Karen Sakkalli CAF Account
Rory Hammerson CAF Account
2022
£
1,680
10,856
73,296
85,832
2022
£
3,619
346
3
1,980
5,948
2022
£
120,000
15,000
-
2,500
2,500
2,500
2,500
1,125
146,125
2022
£
1,980
2021
£
960
12,751
63,045
76,756
2021
£
4,250
336
27
1,800
6,413
2021
£
100,000
15,000
15,000
2,500
2,500
2,500
2,500
1,800
141,800
2021
£
1,800

8. TRUSTEES

Note 6 lists amounts paid to CAF accounts controlled by individual trustees from which charitable donations are made to charities of the Trustees choice.

None of the other trustees (or any persons connected with them) received any remuneration during the year.

12

SUE HAMMERSON TRUST "G"

(THE SUE HAMMERSON CHARITABLE TRUST)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 5th APRIL 2022

9. REALISED GAINS / (LOSSES)

9. REALISED GAINS / (LOSSES)
Gains / (Losses) on Disposal of Listed Investments
Provision for Capital Gains Tax
10. UNREALISED GAINS / (LOSSES)
(Loss) / Profit on Revaluation of Investments
Provision for Capital Gains Tax
Gains / (Losses) on Foreign Exchange
11. DEBTORS
Sue Hammerson Foundation
Tax recoverable
12. CASH AT BANK
SG Hambros
Charities Aid Foundation
13. CREDITORS
Accruals
14. CREDITORS - Amounts falling due after more
than one year
Capital Gains Tax
2022
£
431,152
(308,368)
122,784
2022
£
61,913
97,932
3,390
163,235
2022
£
36,191
9,277
45,468
2022
£
209,290
31,435
240,725
2022
£
102,042
102,042
2022
£
1,431,851
2021
£
282,562
(62,643)
219,919
2021
£
(232,263)
(97,932)
(8,153)
(338,348)
2021
£
36,191
8,198
44,389
2021
£
197,520
7,560
205,080
2021
£
8,272
8,272
2021
£
1,221,415

13

SUE HAMMERSON TRUST "G"

(THE SUE HAMMERSON CHARITABLE TRUST)

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 5th APRIL 2022

15. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fund balances at 5 April 2022 are represented by:
Investments
Debtors
Cash at Bank
Creditors: amounts falling due within one year
Creditors: Amounts falling due after more than one year
16. CAPITAL ACCOUNT
Balance brought forward
Less:
Profit/(Loss) on sale of investments
Net movement in market values
Unrealised gains /(Loss) on foreign exchange
Expenses (Note 4)
Provision for capital gains tax
17. INCOME ACCOUNT
Balance brought forward
Net income / (expenditure) for the year
Balance carried forward
Capital
£
10,274,672
45,468
141,005
(102,042)
(1,431,851)
8,927,252
£
£
8,727,065
431,152
61,913
3,390
(85,832)
(210,436)
200,187
8,927,252
2022
£
135,963
(36,243)
99,720
2022
Income
Total
£
£
-
10,274,672
-
45,468
99,720
240,725
-
(102,042)
-
(1,431,851)
99,720
9,026,972
£
£
7,109,348
282,562
1,580,639
(8,153)
(76,756)
(160,575)
1,617,717
8,727,065
2021
£
146,205
(10,242)
135,963
2021
Total
£
10,274,672
45,468
240,725
(102,042)
(1,431,851)
9,026,972
8,727,065
2021
£
146,205
(10,242)
135,963

14