**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.
- 1 -
## **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.
- 2 -
## **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:
1. 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.
3. 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**
- 6 -
## **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.
- 7 -
## **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.
- 8 -
## **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|
- 9 -
## **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.
- 11 -
## **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|
|---|---|---|
- 13 -
## **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.
- 14 -