Charity number: 243806
THE HUGH NEILL CHARITY
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
THE HUGH NEILL CHARITY
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 15 |
THE HUGH NEILL CHARITY
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2023
| Trustees | LadyNeill,DL |
|---|---|
| Mrs J P Holah | |
| Mrs S E Browne | |
| Mrs A J Lee | |
| Charity registered number 243806 Principal office The Hugh Neill Charity Barn Cottage Lindrick Common Worksop S81 8BA Contact Email: hnc@neillcharities.com Website: www.neillcharities.com/hnc Accountants BHP LLP 2 Rutland Park Sheffield S10 2PD Bankers National Westminster Bank plc 42 High Street Sheffield S1 2GE Virgin Money plc Jubilee House Gosforth Newcastle-upon-Tyne NE3 4PL Solicitors Wrigleys Solicitors Derwent House 150 Arundel Gate Sheffield S1 2FN Investment advisors Investec Wealth & Investment Limited 61 Napier Street Sheffield S11 8HA Independent examiner Rachel Heath FCCA DChA 2 Rutland Park Sheffield S10 2PD |
Page 1
THE HUGH NEILL CHARITY
TRUSTEES' REPORT
FOR THE YEAR ENDED 5 APRIL 2023
The Trustees present their annual report together with the financial statements of the charity for the year ended 5 April 2023.
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
a. Constitution
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
b. Methods of appointment or election of Trustees
Trustees are appointed by existing Trustees with the appointment being confirmed in writing.
All Trustees give of their time freely and no Trustee was remunerated in the year.
c. Financial risk management
The principal risks to which the charity is exposed are the security and performance of the investments and cash. The Trustees are satisfied that they have arrangements in place to mitigate those risks.
Objectives and activities
a. Policies and objectives
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.
The Trustees usually meet in the autumn each year to consider appeals, which should be submitted during the month of September. Appeals received at other times of the year are deferred until the following Autumn unless they require consideration for an urgent "one-off" grant for a specific project.
Page 2
THE HUGH NEILL CHARITY
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
Objectives and activities (continued)
b. 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
a. Main achievements of the charity
During the year, the Trustees provided ongoing financial support totalling £9,500 to 9 organisations (2022: £8,500 to 9 organisations) and made 14 "one-off" grants totalling £11,050 (2022: 17 "one off" grants totalling £10,500). Details of the ongoing support provided and the grants made are set out in the notes to the accounts.
Financial review
a. Review of the year
The attached accounts show the current state of the charity's finances.
Total income for the year was £27,383 (2022: £25,587).
Total expenditure for the year was £27,568 (2022: £24,019). Investment management costs were £3,220 (2022: £3,331). Expenditure on charitable activities was £20,550 (2022: £19,000). Support costs were £3,798 (2022: £1,688).
Net expenditure for the year was £54,810 (2022: net income of £35,443) after taking into account the loss on investment assets of £54,625 (2022: gain of £33,875). There was a surplus on the unrestricted fund of £1,303 (2022: £4,263) and a deficit on the endowment fund of £56,113 (2022: surplus of £31,180).
Total funds carried forward at 5 April 2023 are £590,143 (2022: £644,953) of which endowment funds are £563,260 (2022: £619,373) and unrestricted funds are £26,883 (2022: £25,580).
The Trustees consider the overall finances of the charity to be sound.
b. Reserves policy
At 5 April 2023 the charity had unrestricted reserves amounting to £26,883 (2022: £25,580). 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.
c. 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 1.2 to the accounts.
Page 3
THE HUGH NEILL CHARITY
TRUSTEES' REPORT (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2023
d. 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.
e. Asset cover for funds
Note 11 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.
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 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.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Lady Neill DL
Date:
Page 4
THE HUGH NEILL CHARITY
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 5 APRIL 2023
Independent Examiner's Report to the Trustees of The Hugh Neill Charity ('the charity')
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 5 April 2023.
Responsibilities and Basis of Report
As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Your attention is drawn to the fact that the charity has prepared the accounts 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) 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 been withdrawn.
I 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 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 2011 Act; or
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the accounts do not accord with those records; or
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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.
Signed:
Dated:
Rachel Heath FCCA DChA
BHP LLP 2 Rutland Park Sheffield S10 2PD
Page 5
THE HUGH NEILL CHARITY
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2023
| Note Income and endowments from: Investments 2 Total income and endowments Expenditure on: Raising funds 3 Charitable activities: 4,5 Regular grants One-off grants Support costs Total expenditure Net income/(expenditure) before net (losses)/gains on investments Net (losses)/gains on investments 8 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2023 £ 27,383 27,383 - 9,500 11,050 3,798 24,348 3,035 (1,732) 1,303 25,580 1,303 26,883 |
Endowment funds 2023 £ - - 3,220 - - - 3,220 (3,220) (52,893) (56,113) 619,373 (56,113) 563,260 |
Total funds 2023 £ 27,383 27,383 3,220 9,500 11,050 3,798 27,568 (185) (54,625) (54,810) 644,953 (54,810) 590,143 |
Total funds 2022 £ 25,587 |
|---|---|---|---|---|
| 25,587 | ||||
| 3,331 8,500 10,500 1,688 |
||||
| 24,019 | ||||
| 1,568 33,875 |
||||
| 35,443 | ||||
| 609,510 35,443 |
||||
| 644,953 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
All income and expenditure amounts relate to continuing activities.
Page 6
THE HUGH NEILL CHARITY
BALANCE SHEET
AS AT 5 APRIL 2023
| Note Fixed assets Investments 8 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current assets Total assets less current liabilities Total net assets Charity funds Endowment funds 10 Unrestricted funds 10 Total funds |
18,465 18,465 (1,122) |
2023 £ 572,800 572,800 17,343 590,143 590,143 563,260 26,883 590,143 |
15,430 15,430 (1,122) |
2022 £ 630,645 |
|---|---|---|---|---|
| 630,645 14,308 |
||||
| 644,953 | ||||
| 644,953 | ||||
| 619,373 25,580 |
||||
| 644,953 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Lady Neill DL
Date:
The notes on pages 8 to 15 form part of these financial statements.
Page 7
THE HUGH NEILL CHARITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
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 Charities SORP (FRS 102) published 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 Charity meets the definition of a public benefit entity under FRS 102. 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 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.
1.3 Income
Income is taken into account in the year for which it is expected to be received.
1.4 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.
Page 8
THE HUGH NEILL CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
1. Accounting policies (continued)
1.5 Taxation
The charity is considered to pass the tests set out in Sch. 6, para. 1 of the Finance Act 2010 and therefore it 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 within categories covered by Income Tax Act 2007, Part 10 s521 – s537 or s. 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
1.6 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.
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 acquisition or opening of the deposit or similar account.
1.8 Liabilities 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 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.
Page 9
THE HUGH NEILL CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
2. Investment income
| Income from listed investments Interest receivable Total 2022 |
Unrestricted funds 2023 £ 27,306 77 27,383 25,587 |
Total funds 2023 £ 27,306 77 27,383 25,587 |
Total funds 2022 £ 25,585 2 |
|---|---|---|---|
| 25,587 | |||
3. Raising funds
| Investment management costs Total 2022 |
Endowment funds 2023 £ 3,220 3,331 |
Total funds 2023 £ 3,220 3,331 |
Total funds 2022 £ 3,331 |
|---|---|---|---|
4. Grants payable
| Regular grants One-off grants Total 2022 |
Unrestricted funds 2023 £ 9,500 11,050 20,550 19,000 |
Total funds 2023 £ 9,500 11,050 20,550 19,000 |
Total funds 2022 £ 8,500 10,500 |
|---|---|---|---|
| 19,000 | |||
Page 10
THE HUGH NEILL CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
| 4. Grants payable - continued Regular grants comprise: All Saints Terrington PCC Boys & Girls Club South Yorkshire Cavendish Cancer Care Sheffield Cathedral South Yorkshire Community Foundation St Joseph's Action Fund St Joseph's Church Wetherby St Luke's Hospice The Rivers Retford PCC for St Peters' Church Headon Woodsetts PCC |
2023 £ 250 1,500 500 1,500 1,000 1,250 - 2,000 500 1,000 9,500 |
2022 £ 500 - 500 1,500 1,000 1,000 500 2,000 500 1,000 |
|---|---|---|
| 8,500 |
Page 11
THE HUGH NEILL CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
4. Grants payable - continued
| One-off grants comprise: Big Issue North Bassetlaw Hospice British Disabled Angling Association Caudwell Children Crimestoppers Trust (for South Yorkshire) Crisis UK (for South Yorkshire) DEC Afghanistan Crisis Appeal DEC Pakistan Floods Appeal DEC Turkey/Syria Earthquake Appeal DEC Ukraine Humanitarian Appeal Emmaus Sheffield Handicapped Children's 'Action' Group Irise International Listening Books Newlife On Course Foundation Panathlon Foundation Limited Rethink Mental Illness Ruskin Mill Trust Ltd (for Freeman College) Salvation Army Dinnington Save the Children Fund (Yemen appeal) Shelter The Alcohol & Drug Service The Cutlers' Hall Preservation Trust Ltd The Duke of Edinburgh's Award Think Children Woodsetts Primary School |
2023 £ - - 250 500 - - - 1,000 1,000 1,000 1,000 - 1,000 300 500 - - - - 1,000 - 1,000 500 1,000 - - 1,000 11,050 |
2022 £ 500 500 - - 500 500 500 - - 1,000 - 500 - - - 500 500 500 500 1,000 1,000 - 500 1,000 500 500 - |
|---|---|---|
| 10,500 |
Page 12
THE HUGH NEILL CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
5. Support costs
| Accountancy charges Legal fees Bank charges Administration costs |
2023 £ 1,122 - 80 2,596 3,798 |
2022 £ 1,122 277 79 210 |
|---|---|---|
| 1,688 |
Included within the accountancy charges is the independent examination.
6. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
During the year ended 5 April 2023, expenses totalling £147 were reimbursed or paid directly to 1 Trustee (2022 - £210 to 1 Trustee) in respect of postage, stationery and other office costs during the year.
7. Employees
There were no employees during either year.
8. Fixed asset investments
| Unrestricted funds |
Endowment funds |
Total 2023 |
Total 2022 |
|
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Listed investments | ||||
| At 6 April 2022 | 12,332 | 615,493 | 627,825 | 594,824 |
| Additions | - | 55,745 | 55,745 | 48,685 |
| Disposals | - | (61,547) | (61,547) | (49,559) |
| Revaluations | (1,732) | (52,893) | (54,625) | 33,875 |
| At 5 April 2023 | 10,600 | 556,798 | 567,398 | 627,825 |
| Investment cash | - | 5,402 | 5,402 | 2,820 |
| At 5 April 2023 | 10,600 | 562,200 | 572,800 | 630,645 |
| Historical cost | 13,077 | 493,985 | 507,062 | 490,730 |
Page 13
THE HUGH NEILL CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
9. Creditors: Amounts falling due within one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Accruals | 1,122 | 1,122 |
10. Statement of funds
Statement of funds - current year
| Unrestricted funds General funds Endowment funds Expendable endowment fund Total of funds Statement of funds - prior year Unrestricted funds General funds Endowment funds Expendable endowment fund Total of funds |
Balance at 6 April 2022 £ 25,580 619,373 644,953 Balance at 1 April 2021 £ 21,317 588,193 609,510 |
Income £ 27,383 - 27,383 Income £ 25,587 - 25,587 |
Expenditure £ (24,348) (3,220) (27,568) Expenditure £ (20,688) (3,331) (24,019) |
Gains/ (Losses) £ (1,732) (52,893) (54,625) Gains/ (Losses) £ (636) 34,511 33,875 |
Balance at 5 April 2023 £ 26,883 |
|---|---|---|---|---|---|
| 563,260 | |||||
| 590,143 | |||||
| Balance at 5 April 2022 £ 25,580 |
|||||
| 619,373 | |||||
| 644,953 |
Descriptions for the above funds can be found in the accounting policy in note 1.10.
Page 14
THE HUGH NEILL CHARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023
11. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2023 £ 10,600 17,405 (1,122) 26,883 |
Endowment funds 2023 £ 562,200 1,060 - 563,260 |
Total funds 2023 £ 572,800 18,465 (1,122) 590,143 |
|---|---|---|---|
Analysis of net assets between funds - prior year
| Fixed asset investments Current assets Creditors due within one year Total |
Unrestricted funds 2022 £ 12,332 14,370 (1,122) 25,580 |
Endowment funds 2022 £ 618,313 1,060 - 619,373 |
Total funds 2022 £ 630,645 15,430 (1,122) 644,953 |
|---|---|---|---|
12. Related party transactions
The charity paid £2,000 (2022: £2,000) to St Luke's Hospice of which Lady Neill, DL is President.
The charity paid £1,000 (2022: £1,000) to South Yorkshire Community Foundation of which Lady Neill, DL is Vice President.
The charity paid £1,500 (2022: £1,500) to Sheffield Cathedral of which Lady Neill, DL is a Patron.
Page 15