SUE HAMMERSON TRUST "G" (THE SUE HAMMERSON CHARITA8LE TRUSTI ACCOUNTS FOR THE YEAR ENDED 5th APRIL 2024 Charfty Rog18trallon Numb•r.' 235196
SUE HAMMERSON TRUST "G" {THE SUE HAMMERSON CHARITABLE TRUST) CONTENTS Page TRUSTEES. ANNUAL REPORT INDEPENDENT EXAMINER'S REPORT ACCOUNTS.. STATEMENT OF FINANCIAL ACTIVITIES BALANCE SHEET NOTES TO THE ACCOUNTS 8-12
SUE HAMMERSON TRUST "G" (THE SUE HAMMERSON CHARITABLE TRUSTI TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 5th APRIL 2024 The Trustees present their Annual Report as under, together with the Annual Accounts as attathed, for the year ended 5th April 2024. These have been prepared in accordance with the accounring policies set out in note I to the accounts and omply with theTrust'S 8overnin8 docurnent, applicable law and requirements of Accounting and Reporting by Charitie5.' Statement of Recommended Practice applicable to charities preparing their accounts in accordante with the Financial Reportin8 Standard in the UK and Republic of Ireland IFR5102lleffethve January 20191. STRucfuRE. GOVERNANCE AND MANAGEMENT Sue Hammerson Trust G is registered with the Charity Commi55ioners (No. 2351961 and Ss constltuted by a Deed of Trust dated 18th February 1957 and a Deed of Release dated iyh February 1957. The settlor of the charity was the late Mrs Sue Hammerson CBE. On 18th February 2057 lor possibly earlier by reference to dates of death of the Royal Family). the c8Pltal 15 divisible equally between the settlorfs survivin8 grzndchildren,. issue of grandChildn who have died take their parent's share. The trustees who served during the year were= Mrs Patricia A. Beecham Anthonyj. Bernstein Iretired 14 October 20241 D. Rory Hammer50n Aratsella Zoe Parr Jame5 A Trafford lappointed 14 Ottober 20241 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 progres5. Day to day operation of the charity is delegated to the Accountants and Secretaries underthe supervision of the two prolessional Trustees. The trustees have examined the major risks whlch the charity face5 and confirm that systems have been established to enable regular reports to be produced to them to le55en such risks. CONNECtED CHARITIES The trust shares Some common trustees with the Sue Hamrnerson Foundation and the Sue and Lew Hamrnerson Charitable Trust. The Principal address forthese charitie5 15 at the offices of the secretaries as stated below. OBJEcf5, OBJEcfivES ANO AcrivmES 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 Kive particularconsider*ion to the advancement ol rnedic31 learnin8 and research and to the relief of sickness and poverty, with first consideration being grven to the needs of the Lewis W. Hammerson Memorial Home.
SUE HAMMERSON TRUST -G" {THE SUE HAMMERSON CHARITABLE TRUST} TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 5th APRIL 2024 PUBLIC BENEFIT The Trustees confirm that they have complied with thelr duty under section 17 of the Charities Act 2011 to have re8ard to the Charfty Commlssion's general guidance on public benefit. The Sections of this report relating to the Trust's Brant making and related activitie5 sel out how we further our charitable purposes for the public benefit. Third sector organi5ations and their services for the public are strengthened by the Trust's fundin8. All re8lStered charities which meet the Trusys objectlves are eligible to apply. The public benefit is delivered by the charities whlch receive grants from the Trust. ACHIEVEMENTS AND PERFORMANCE The Trusi made 7 institutional grants totalling £80.90012023.. 8 totallin8 £106,575], of which the Lewi5 W. Hammerson Memorial Horne leived £60.00012023.. £70,0001. FINANCIAL REVIEW The level of Income and expendllure and year end financial posltion were a5 expected by the Trustees. The net 355et5 of the charity as at 5 April 2024 amounted to £9,466,917. RESERVE POUCY It 15 the policy of the charity to mainiain its income reserves at a level equivalent to one year'5 charitable expenditure. Currently, this is approximate £87.713. In addition, the reserve5 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 £190,686 which 15 slightly above the desired level. GRANT MAKING POLICY The Charitable Trust continues to support the Lewi5 W. Hammerson Memorial Home but also makes grants to a wide range of health care. edurational and religious causes. INVESTMENT POWERS AND POLICY The Trustees have unrestricted powers of investment. The investment strategy Set by the tru5tee5 ha5 been to diversify where appropriate from Hammerson PIC shares and provide discretion to the investment managers to pursue a balanced incomelgrowth strategy with low-mediurn risk. This 15 achieved by investlng over a ranEe of asset classes. The trustees are reported to on a re8ular basis by the investment managers. PLANS FOR THE FUTURE It is the trustee intention to continue to make donations where they see fit, with continued emphasis on providing funds to The Lewis W.Hammerson Memorial Home.
SUE HAMMERSON TRUST "G" {THE SUE HAMMERSON CHARITABLE TRusn TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 5th APRIL 2024 REGISTERED ADDRESS Registered Office.. Acre House. 11-15 Wllllam Road, London NWI 3ER STATEMENT OF TRUEE5. RESPONSIBiufiES Law applicable to charities in England & Wale5 rEquire5 trustee5 to prepare accounts for each financial year that give a true and fair view of the charity'5 financial activities during the year and of its financial position at the end of the year (unless the eharity is eniitled to prepare accounts on the alternative receipts and payments basis). In preparSn8 accounts giwng a true and fairview. the tru5tee5 should follow best practice and.. select suitable accounting policies and apply ihem consistentlv: make jud8ernent5 and e5timate5 that are reasonable and prudent; stale whether applicable accounting standards and statements of recommended practlce have beèn followed. subject to any departure5 disclosed and explained in the accounts- prepare the accounts on the going concern basis unless it is inappropriate to presume that ihe charity will contlnue in operation. The tru5tee5 are responsible for keeping accounting records which disclose with reasonable atturaty the rinancial 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 step5 for the prevention and detertion of fraud and other irre8ularlties.
SUE HAhlMERSON TRUST "G" (THE SUE HAMMERSON CHARITABLE TRUSTI TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 5th APRIL 2024 ACCOUNTANT8 AND SECRETARIES H.W. Fisher". Acre House, 11-15. William Road. London, NW1 3ER. INDEPENDENT EXAh11NER James Fletcher Fletcher & Partners.. Crown Chambers. Bridge Streal. Salisbury. Wiltshire, SP1 2LZ. SOLICITORS Forsters LLP 22 Baker Street London W1U3BW BANKERS Kleinwort Hambr08 Norfolk House 31 Sl James's Square London SW1 Y 4JR Charities F(yJndation'. 25 Kings Hill Avenue King8 Hill. Wgsl Malling Kent. ME19 4TA INVESTMENT ADVISORS Kleinwort Hambros Norfolk Hoijse 31 St James's Square London SW1Y 4JR Signed.. Mrs Patricia A. Beecham Trustee James A Trafford TTUStoB D. Rory Hammerson Trustee Arabella Z Parr Tnjstee Dated..
INDEPENDENT EXAMINER'S REPORT SUE HAMMERSON TRUST "G" ITHE SUE HAMMERSON CHARITABLE TRUST} I report on the accounts of the charity forthe year enéed 5th April 2024, whlch a set out on pages 5 to 12. Re5pectlve responslbllitle5 of trustees and emamlner The chafltws trustees are responble for the preparation ol the accounts. The charitrf5 trustees consider that an audit 15 not required lor this year under of section 144121 of the Charities Act 2011 Ithe 2011 Attl and that an independent examination is needed. It is my responsibility to: Examlne the a£counts under section 145 of the 2011 Act: To follow the procedures laid down the general Directions given by the Charity Cornmis5ion under Settion 145151 Ibl of the 2011 Act, and To state whether particular matters have come to rny attention. Basis of Independent examinerf5 report My examination was carried out in accordanc@ with the General Directions given by the Charlty Commissioners. An examination includes a review of the accountin8 records kept by the charlty and a comparison of the accounts presented with those cords. It a150 includes considefation of any unusual items or disclosures in the accounts. and seeking explanation5 from you a5 trustees concernin8 any such matter5. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequentW no opinion is given as to whether the accounts present a -true and fair view. and the port is limited to those matters set out in the statement below. Independent examiner'5 Statement In connection with my examination. no matter has come to rny attention.. lal which 8ives rne rEasonable cause to believe that in any material respect the requirernents.. lil to keep accounting records in accordance with settion 130 of the 20JI Act,. and lill to prepire accounts which accord with the accounting records and comply wilh thè atcounting requirements of the 2011 Act.. have not been met- or Ibl to which, in my opinion. attention should be drawn in order to enable a proper understanding ol the accounts tt> be reached. James Fletcher Fletrhers & Partners Crown Chambers 8rldge Street Salisbury Wllts SPI 2LZ Dated:
THE SUE HAMMERSON TRUST G (rHE SUE HAklMERSON CHARITABLE TRusn STATEMENT OF FIMAP4CIAL ACTMTIES FOR TrIE YEAR ENDEO 5th APRIL 2024 Nol88 2024 2023 Totsl CapKal Incom8 Total INCCWE AND ENDOWNMENT8 In¥•sknont IncomB.' DIVandS11nt8r8st R8C8ived Slockbrokar Interest Rec8fve¢J 146.629 14,e68 146.629 14,668 122.910 122,910 TOTAL INCOME 161,297 161,287 131,9 131.S ExpeNDITURE o¥ts ol gonornting fund¥ Inv681m8nt manag8m8nt o)stÈ 11Y,795 117.795 93.604 93.604 Ch•rllabl8 I¢VIo$ 87,713 87,713 114.524 114.524 TOTAL EXPENDITURE 1117,7951 167,7131 1205.5081 193,6041 1114.5241 1208,1281 NET INCOME I IEXPENDITUREI BEFORE GNs I IL05SESI ON INVESTAENTS 1117,7951 T3.584 144.2111 193.6041 17.3e2 176.2221 OThER RECOGNISED GAINS AND LOSSES Gaink888) on InveÈbn6nts ReaSe Unre8lised Ga511105&eS)0n Foreign Exthang Unreslixd 125,925 901,8fj9 125,925 901,e69 1151,5811 1317,4091 1151,5811 1317,4091 10 10 12.0911 12.0911 1,025,703 1,025,703 1465.3261 1465.3261 NET MOVEMENT IN FUNOS 907.W8 73.584 981.492 1558.9301 17,382 1541,5481 BALANCE BROUGHT FORWARD AT 61h APRIL 2023 8,368,323 117,102 8,485,425 8,927,252 99,720 9,028,972 BALANCE CARRIED FOR7NARD AT 5th APRIL 2024 9,276,231 190,686 9,466.917 8.368,323 117,11r2 8,485,425
SUE HAIIMERSON TRUST "G" (rHE SUE HPMMERSON CH*RITABLE TRUST) BALANCE SHEET AS AT 5th RIL 2024 Noles 2024 2023 FIXED ASSETS Investments 10.779,118 9,756.100 CURRENT ASSETS Debtors Ca3h al Bank 38,$86 143.083 36,543 131,371 12 179,869 167.914 CURRENT LIABILrriES Creditors 13 {19,1231 {8,7381 NET CURRENT ASSETS 160.546 161.176 TOTAL ASSETS LESS CURREKf LIABIUTIES 10,930,864 9.917,276 CREDITORS-Amounts falling due after mor• than on• y•ar Capital Gains Tax 14 11.472,747) 11.431.851) 9.466,917 8,485,425 Repentl by.. FUNDS CaPal Inojrne 16 17 9276.231 190,686 8,8,323 117,102 9.466.917 8,485,425 Signe(l.. PatrirAa k Beecham Tr(Lslee A Trafford Trustee D Rory H8mmerson Trustee ATabella Z Parr Trustee Dated..
SUE HAMMERSON TRUST "G" (THE SUE HAMMERSON CHARITABLE TRUST} NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5th APRIL 2024 I. ACCOUNTING POLICIES Accountlng Conventlon The accounts have been preparecs in accordance with A¢countin8 and Reporting bv Charitie5'. Statement of Recommended Prattice applicable to chaflties preparing their accounts in accordance with the Financial Reporting Standard In the UK and Republic of Ireland IFRS102lleffective January 20191 and the Charities Act 2011 and applicable regulations. The accounts have been prepare(J under the historical cost convention with items reco8ni5ed at cost or transaction value unless otherwise stated In the relevani nole5 10 these accounts. bl Investment Income Investment income is accounted for in the period in which the charity is entitled to receipt. Expendltur• Expenditure is inclLJded on an accruals basis. Grant5 payable from income funds arè recognlzed as expenditu in the period in which the donation is given. Support costs have been allocated to charitable activities in recognitlon of the administrative costs of awarding grants. Governance costs relating to the costs of public accountability of the charity have a150 been allocated to charrtable activitie5. The allocatlon of support and governance costs is analysed in note 3. dl Fixed asset In¥Èstmènts Investments are included at closing mid-rnarket value at the balance Sheet date. Any gain or loss on revaluation 15 taken to the Statement of Financial Activities. Fund Structure Funds held by the tharity are.. Capitsl funds- these are funds that cannot be distributed. Income funds these are funds that can be used in accordance with the Charitable oblert5 at the discretion of the trustees. Capltal Galns Tax The Trust 15 a time charity and a5 such will cease on 18th February 2057 lor possibly earlier by reference to the dates of death of the Royal Family). Provision is made for Capltal Gains Tax that would arise on realise<l gains if the trust fund ceased to be held for charitable Purposes at the rate prpvailin8 at the time of the 8ains. Pro¥i5ion is also now made for tsx on unrealised gains on the revaluation of the investments shown in the accounts.
SUE HAMMERSON TRUST . ITHE SUE HAMMERSON CHARITABLE TRUST) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5th APRIL 2024 SUMMARY OF INVESTMENTS HeLD ATTHE YEAR END M•rket Value at 6.4.23 Histvriul Cost Mark8t Value at 5.4.14 Holdlno Incorno Hammerson ple 25p Ordlnary Shares 29,639 38,564 7,546 8.097 171 SG Hambros Portfollo 9,770,401 9,748,554 10,771.021 14e,458 9,808,965 9,756,1(Y) 10.779,118 146,629 Market value at 6 April 2023 Disposals at openlng book value Acquisiknns at C051 Change Sn value duriw the year 9.758,100 13,130,389) 3,168.608 984,799 Market value ot S 2024 10,779.118 The investments are hdd income 8rlses from.. UK Quoted SefAJritie5 Non UK Quoted Securthe5 Cash hgLd by 8roker5 10,533,267 132,665 245.851 13.793 10,779,118 146,458 Hlstorfcal Cost.. At 5th April 2024 At Sth Awl 2023 9,808.965 9,853,239 TOTAL EXPENDITURE Oth•r ost$ Gront lundlng Total 2024 Totsl 2023 osts of generBting funds Inveslmont tn8nagernenl costs 117,795 117,795 93.604 charable activiti¥ H88lthGgf8 and Rellef of Poverty Other Cos15 80.900 80,900 6.813 106.575 7,949 6,813 Total 6,813 80,900 87,713 114.524 124,eo8 80.90 205,508 208,128 12
INVESTMENT MANAGEMENT GOSIS 2024 2023 Oth8r 9[$ of Yenerati fu5 LX>mW5e'. Professional fees A¢cA)urrtay and tsxalion loes Investment management fees 40.242 7.778 69.777 8,755 11.305 73,544 117,795 93,604 S. OTHER COSTS OF CHARITABLE ACTMTIES 2024 2023 Other c051s D)mw&e'. Ac¢Duntsn¢y and taxatlon leos Trustee exp8n88S Bank ch8rges and Inttre5t Independent Ex8min8rf6 1 Auditors, RemLtnerallon 5,652 542 315 1,440 2,435 6,813 7,949 6. GRANTS PAYABLE 2024 2023 Grants nHde to the Institutions r8laUry ID heatthcsre arnl ligious cause8 L18 W Hammer3on Mernori81 Hom8 Davld Hammerson CAF Actt)unl Karen Sakkalli CAF Account Rory Hamrnerson CAF Account r8bdla Parr CAF Acwunt Louis8 W81dhoferCAF ACnt Chariti88 FoUndatn AJ & SD Bernstein CharltaNe Trust 60.000 70,000 15,0(NJ 2,500 2.500 2,5¢J) 2,5(X) 1,575 10.oc 2,500 2,500 2,500 1500 900 10.000 80.900 106,575 7. GOVERNANCE COSTS 2024 2023 Oth8r govemanL% costs MSe.. Independent examinarfs r8muneraUon12024- AuditorB' rernuneTulK)nl 2A35 1,440 TRUSTEES Nol8 8 lists amounts pa to CAF ac£ounts c<Jntroll•J by Indlvidual tru518es from Ythich Charitab (ksnalions are madt lo ¢harltle$ of the Tru8te8s Ch0e. Non& ol Ihe other INstees lor any Pern5 connected vAth thoml reeèiv8d any remuneraiion the year. 12
REALISED GAINS I {LC>S5ÉSI 2024 2023 G8ins I (Losses} on D55PDS81 of LislÈAY Inv8stm&nts Provi8R)n for Capital G81ns Tax 83,891 42.034 1151,5811 125.925 1151,5811 10. UNREALISED GANS I (LOSSES) 2024 2tr23 (Lossl I Profit on Revalu8tkJn of Inve8tmants Provi$K)n for Capital Gains Tax Galns l {Lossesl on Fore¥n Exchang8 984.79 182,9301 12.0911 1317.4091 3,664 899,77B 1313,7451 11. DEBTORS 2024 2023 Suo H8rnmerson Foundation Tax recfjverable 3Q191 395 36.191 352 36.588 36,543 12. CASH AT BANKI8TOCKBROKER 2024 2023 SG HaOS 139,123 3.960 126,511 4,860 143.083 131.371 13. CREOITORS 2024 2023 Accruals 19,123 6,738 19,123 6,738 14. CREDITORS. Amounts falling due after mor• than one ywar 2024 2023 Capital Gains Tax 1,472,747 1,431,851 12
- P*IALYSIS OF NET ASSET8 BEtWEEN FUNDS Caplt•l Incomo Total Fund 5 44prll 2024 are by.. Investments D&btor8 Cash at Bank 8dltors'. amuntB falllng due I1h1n one year Creditors.. Amwnts tslling du8 aftw more than on8 year 10.779.118 10.779,118 38,586 143,083 119.1231 11.472,7471 147.6031 119,1231 11,472.7471 190,086 9,278,231 1WJ,688 9,466,917
- CAPITAL ACCOUNT 2024 2023 Ba12nca bmught forwrd 1368.323 8.927,252 PTofiVILog51 on 88k8 of inve8tment8 Nel movement market valu88 Unrealised gains 4L0961 on foreign exchange Eynses (Note 41 Provbk)n fc¢ rApltal gains tax 125.925 984,799 12.0911 1117.7951 182,5130) 1151,5811 1317.4091 3.885 193.6041 9D7,9011 1558.9291 8.3e8.323 9,278,231
- INCOME ACCOUNT 2024 2023 Balance broughlfOrd 117.102 99.720 Nel income I1gyndMurel for Ihe year 88nCe carried 1[ 73.584 17,382 190.680 117.102 12