Charity Registration No. 243806
THE HUGH NEILL CHARITY
TRUSTEES' REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2022
THE HUGH NEILL CHARITY
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees Lady Neill, DL Mrs J P Holah Mrs S E Browne Mrs A J Lee Charity number 243806 Contact Lady Neill, DL Email: hnc@neillcharities.com Website: www.neillcharities.com/hnc Principal address The Hugh Neill Charity Barn Cottage Lindrick Common Worksop S81 8BA Accountants BHP LLP 2 Rutland Park Sheffield S10 2PD Investment advisors Investec Wealth & Investment Limited 61 Napier Street Sheffield S11 8HA Independent Examiner Rachel Heath FCCA DChA BHP LLP 2 Rutland Park Sheffield S10 2PD
THE HUGH NEILL CHARITY
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the accounts | 7 - 14 |
THE HUGH NEILL CHARITY
TRUSTEES' REPORT
The Trustees present their report and accounts for the year ended 5 April 2022.
The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Trust's Deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (second edition - October 2019).
Structure, governance and management
The Charitable Trust arises from gifts made by the late Sir Hugh Neill by a Deed of Settlement dated 21 September 1964 and is to be applied for such charitable purposes as the Trustees in their absolute discretion shall think fit, by means of grants to charitable organisations or funds.
The Trustees who served during the year were: Lady Neill, DL Mrs J P Holah Mrs S E Browne Mrs A J Lee
Trustees are appointed in writing by the existing Trustees.
All Trustees give of their time freely and no Trustee was remunerated in the year.
The principal risks to which the charity is exposed are the security and the performance of the investments and cash and the Trustees are satisfied that they have arrangements in place to mitigate those risks.
Objectives and activities
It is the policy of the Trustees to give preferential consideration to charitable bodies operating in South Yorkshire.
The Trustees provide benefit in two ways. Firstly, by providing ongoing support, subject to annual review, to a variety of established voluntary organisations. Secondly, the Trustees give sympathetic consideration to requests from organisations for one-off grants to meet start up costs, capital costs offering long term benefits, or costs arising from unforeseen circumstances.
Public benefit
The Trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission. Details of the activities carried out to deliver a public benefit are set out in the Achievements and performance section below.
Achievements and performance
During the year, the Trustees provided ongoing financial support totalling £8,500 to 9 organisations (2021: £10,500 to 11 organisations) and made 17 "one-off" grants totalling £10,500 (2021: 13 "one off" grants totalling £4,900). Details of the ongoing support provided and the grants made are set out in the notes to the accounts.
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THE HUGH NEILL CHARITY
TRUSTEES' REPORT (CONTINUED)
Financial review
The attached accounts show the current state of the charity's finances.
Total income for the year was £25,587 (2021: £20,161).
Total expenditure for the year was £24,019 (2021: £21,207). Investment management costs were £3,331 (2021: £3,042). Expenditure on charitable activities was £19,000 (2021: £15,400). Support costs were £1,688 (2021: £2,765).
Net income for the year was £35,443 (2021: £108,999) after taking into account the gain on investment assets of £33,875 (2021: £110,045). There was a surplus on the unrestricted fund of £4,263 (2021: £2,158) and a surplus on the endowment fund of £31,180 (2021: £106,841).
Total funds carried forward at 5 April 2022 are £644,953 (2021: £609,510) of which endowment funds are £619,373 (2021: £588,193) and unrestricted funds are £25,580 (2021: £21,317).
The Trustees consider the overall finances of the charity to be sound.
Reserves policy
At 5 April 2022 the charity had unrestricted reserves amounting to £25,580 (2021: £21,317). The Trustees consider it to be prudent to hold income reserves of this order partly so that the level of grants in the immediate future can be sustained in the event of any unforeseen fall in income and partly to enable the Trustees to make one or more particularly substantial grants without prejudicing the normal pattern of grant making.
Going Concern
There are no material uncertainties in relation to going concern. Further details about the adoption of the going concern basis are given in note 1.10 to the accounts.
Investment policy
The expendable endowment fund assets are substantially held in quoted securities covering a diversified range of assets including Fixed Interest, UK and Overseas Equities, Commercial Property and Alternative Investments.
The investment objective is to maximise the funds of the charity through a mixture of the above assets, achieving a level of income commensurate to the asset mix and capital growth ahead of inflation over time. This objective should be achieved undertaking only a moderate level of risk.
The unrestricted income fund is held partly in quoted securities and partly in cash on deposit.
The Trustees' investments are managed by the investment advisors on a discretionary basis.
Asset cover for funds
Note 12 sets out an analysis of the assets attributable to the various funds. These assets are sufficient to meet the charity's obligations on a fund by fund basis.
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THE HUGH NEILL CHARITY
TRUSTEES' REPORT (CONTINUED)
Approved by the Trustees and signed on their behalf by:
Lady Neill, DL Trustee Dated: 7 October 2022
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THE HUGH NEILL CHARITY
INDEPENDENT EXAMINER'S REPORT
I report to the charity trustees on my examination of the accounts of the charity for the year ended 5 April 2022, which are set out on pages 5 to 14.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
Your attention is drawn to the fact that the charity has prepared the accounts (financial statements) in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Rebublic of Ireland (FRS102) in preference to the Accounting and Reporting by Charities Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn.
We understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records.
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination.
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 accounts to be reached.
Rachel Heath FCCA DChA BHP LLP 2 Rutland Park Sheffield S10 2PD
Dated: .........................3 February 2023
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THE HUGH NEILL CHARITY
STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted Endowment funds funds Notes £ £ Income and endowments from: Investments and deposit interest 3 25,587 - Expenditure on: 4 Raising funds Investment management costs - 3,331 Charitable activities Regular grants 5 8,500 - One-off grants 5 10,500 - Support costs 6 1,688 - Total expenditure 20,688 3,331 Net (losses)/gains on investments (636) 34,511 Net income - movement in funds 4,263 31,180 Reconciliation of Funds Total funds brought forward at 6 April 2021 21,317 588,193 Total funds carried forward at 5 April 2022 25,580 619,373 |
Total 2022 £ 25,587 3,331 8,500 10,500 1,688 24,019 33,875 35,443 609,510 644,953 |
Total 2021 £ 20,161 |
|---|---|---|
| 3,042 10,500 4,900 2,765 |
||
| 21,207 | ||
| 110,045 | ||
| 108,999 500,511 |
||
| 609,510 |
All income and expenditure amounts relate to continuing activities.
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THE HUGH NEILL CHARITY
BALANCE SHEET
| Notes ixed assets nvestments 10 urrent assets ash at bank and in hand reditors: amounts falling due ithin one year 11 et current assets et assets 12 harity funds apital funds ndowment funds ncome funds nrestricted income funds |
£ 15,430 15,430 (1,122) |
2022 £ 630,645 14,308 644,953 619,373 25,580 644,953 |
£ 10,744 10,744 (1,122) |
2021 £ 599,888 9,622 |
|---|---|---|---|---|
| 609,510 | ||||
| 588,193 21,317 |
||||
| 609,510 |
The accounts were approved by the Trustees on 7 October 2022
Lady Neill, DL Trustee
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THE HUGH NEILL CHARITY
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5 APRIL 2022
1 Accounting policies
1.1 Accounting convention
The financial statements 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 applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.
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 the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts with the Financial Reporting Standard applicaple in the UK and Republic of Ireland (FRS102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Hugh Neill Trust Fund meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The financial statements are prepared in sterling, which is the functional currency of the charity and rounded to the nearest £.
1.2 Income
Income is taken into account in the year for which it is expected to be received.
1.3 Expenditure
Expenditure is included on an accruals basis inclusive of any irrecoverable VAT.
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.
All governance and secretarial costs are akin to support costs under SORP FRS102. All costs other than investment fees are therefore shown as support costs under charitable expenditure.
1.4 Investments
Investments are included at their market value on 5 April and the unrealised net gains or losses arising from the revaluation are recognised in the Statement of Financial Activities.
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THE HUGH NEILL CHARITY
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
1.5 Fund accounting
Expendable Endowment Fund
This fund represents the value of the original gift to the charity in 1964 and a subsequent gift in 2001, together with the net investment gains, realised and unrealised, since that time.
This comprises funds that may be held in perpetuity which the Trustees are able to use in accordance with the charitable objects detailed in the Deed. Therefore the Trustees consider that the capital should be regarded as expendable endowment.
Unrestricted Income Fund
These are the reserves which the Trustees are free to use in accordance with the charity's objectives.
1.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.7 Cash at Bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of the acquisition or opening of the deposit or similar account.
1.8 Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
1.9 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.10 Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for the 12 months from authorising these financial statements.
The charity has sufficient reserves to enable it to continue for the forseeable future. Therefore, the trustees believe it is appropriate for the financial statements to be prepared on the going concern basis.
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THE HUGH NEILL CHARITY
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
2 Prior year's statement of financial activities
| 2 | Prior year's statement of financial activities | |
|---|---|---|
| 3 | Unrestricted Endowment funds funds £ £ Income and endowments from: Investments and deposit interest 20,161 - Expenditure on: Raising funds Investment management costs - 3,042 Charitable activities Regular grants 10,500 - One-off grants 4,900 - Support costs 2,765 - Total expenditure 18,165 3,042 Net gains on investments 162 109,883 Net income - Net movement in funds 2,158 106,841 Reconciliation of Funds Total funds brought forward at 6 April 2020 19,159 481,352 Total funds carried forward at 5 April 2021 21,317 588,193 Income from investments 2022 £ Income from listed investments 25,585 Interest receivable 2 25,587 |
Total 2021 £ 20,161 |
| 3,042 10,500 4,900 2,765 |
||
| 21,207 | ||
| 110,045 | ||
| 108,999 500,511 |
||
| 609,510 | ||
| 2021 £ 20,151 10 |
||
| 20,161 |
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THE HUGH NEILL CHARITY
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
| 4 Total expenditure Raising funds Investment management costs Charitable activities Regular grants One-off grants Support costs |
Other costs £ 3,331 - - 1,688 5,019 |
Grant funding £ - 8,500 10,500 - 19,000 |
Total 2022 £ 3,331 8,500 10,500 1,688 24,019 |
Total 2021 £ 3,042 10,500 4,900 2,765 21,207 |
|---|---|---|---|---|
5 Grants payable
| Regular grants One-off grants Regular grants comprise: All Saints Terrington PCC Boys & Girls Clubs South Yorkshire CAFOD Cavendish Cancer Care Headon-cum-Upton PCC Sheffield Cathedral South Yorkshire Community Foundation St Joseph's Action Fund St Joseph's Church Wetherby St Luke's Hospice Voluntary Action Sheffield Woodsetts PCC |
2022 £ 8,500 10,500 19,000 2022 £ 500 - - 500 500 1,500 1,000 1,000 500 2,000 - 1,000 8,500 |
2021 £ 10,500 4,900 15,400 2021 £ - 1,000 500 500 500 1,500 1,000 1,000 500 2,000 1,000 1,000 10,500 |
|---|---|---|
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THE HUGH NEILL CHARITY
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
| One-off grants comprise Big Issue North Bassetlaw Hospice Crimestoppers Trust (for South Yorkshire) Criminon UK Crisis UK (for South Yorkshire) DEC Afghanistan Crisis Appeal DEC Ukraine Humanitarian Appeal Dementia UK Dinnington Salvation Army Endeavour Training Limited Handicapped Children's 'Action' Group Lucy Air Ambulance for Children Newlife On Course Foundation Panathlon Foundation Limited Rethink Mental Illness Ruskin Mill Trust Ltd (for Freeman College) Save the Children Fund (Yemen appeal) Shelter St Luke's Hospice SYCF - SY Covid-19 Response Fund The Alcohol & Drug Service The Cutlers' Hall Preservation Trust Ltd The Duke of Edinburgh's Award The Roman Association Trust Think Children Under the Stars |
2022 £ 500 500 500 - 500 500 1,000 - 1,000 - 500 - - 500 500 500 500 1,000 - - - 500 1,000 500 - 500 - 10,500 |
2021 £ - - - 300 - - - 200 500 500 - 200 300 - - 500 - - 500 200 500 500 - - 200 - 500 |
|---|---|---|
| 4,900 |
6 Support costs
| Accountancy charges Legal fees Bank charges Administration costs |
2022 £ 1,122 277 79 210 1,688 |
2021 £ 1,122 - 80 1,563 |
|---|---|---|
| 2,765 |
Included within the accountancy charges is the independent examination.
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THE HUGH NEILL CHARITY
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
7 Trustees
The Trustees (or any persons connected with them) neither received or waived any remuneration during the year (2021: £nil).
One of the Trustees was reimbursed an amount of £210 in respect of postage, stationery and other office costs during the year (2021: One Trustee, £213).
8 Employees
There were no employees during either year.
9 Taxation
The charity is considered to pass the tests set out in Schedule 6, paragraph 1 of the Finance Act 2010 and therefore meets the definition of a charity for UK income tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received with in categories covered by the Income Tax Act 2007, Part 10 S521 - S537 or S256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
10 Fixed asset investments
| Unrestricted Endowment Funds Funds Listed investments £ £ Market value at 6 April 2021 12,958 581,866 Disposals proceeds (173) (49,386) Acquisitions at cost 183 48,502 Change in value in the year (636) 34,511 Market value at 5 April 2022 12,332 615,493 Investment cash - 2,820 At 5 April 2022 12,332 618,313 Historical cost: At 5 April 2022 13,062 477,668 At 5 April 2021 13,052 464,417 |
Total 2022 £ 594,824 (49,559) 48,685 33,875 627,825 2,820 630,645 490,730 477,469 |
Total 2021 £ 460,520 (123,035) 147,294 110,045 |
|---|---|---|
| 594,824 5,064 |
||
| 599,888 | ||
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THE HUGH NEILL CHARITY
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
| 11 Creditors: amounts falling due within one year 2022 £ Accountancy charges 1,122 12 Analysis of net assets between funds Unrestricted funds Endowment funds £ £ Fund balances at 5 April 2022 are represented by: Investments 12,332 618,313 Current assets 14,370 1,060 Creditors: amounts falling due within one year (1,122) - 25,580 619,373 Fund balances at 5 April 2021 are represented by: Investments 12,958 586,930 Current assets 9,481 1,263 Creditors: amounts falling due within one year (1,122) - 21,317 588,193 Unrealised gains included above in the 2022 balances: On investments (730) 137,825 (730) 137,825 Reconciliation of movements in unrealised gains Unrealised gains at 6 April 2021 (94) 117,449 In respect of disposals in year (11) (11,492) (105) 105,957 Net losses/gains on revaluations in year (625) 31,868 Unrealised losses/gains at 5 April 2022 (730) 137,825 |
2021 £ 1,122 Total £ 630,645 15,430 (1,122) 644,953 599,888 10,744 (1,122) 609,510 137,095 137,095 117,355 (11,503) 105,852 31,243 137,095 |
2021 £ 1,122 |
|---|---|---|
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THE HUGH NEILL CHARITY
NOTES TO THE ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2022
13 Related parties
The charity paid £2,000 (2021: £2,200) to St Luke's Hospice of which Lady Neill, DL is President.
The charity paid £1,000 (2021: £1,500) to South Yorkshire Community Foundation of which Lady Neill, DL is Vice President.
The charity paid £1,500 (2021: £1,500) to Sheffield Cathedral of which Lady Neill, DL is a Patron.
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