Charlty Registration No. 252371 HULME'S BOLTON LECTURESHIP CHARITY ESTATE TRUSTEES REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
HULME'S BOLTON LECTURESHIP CHARITY ESTATE LEGAL AND ADMINISTRATIVE INFORMATION Trustsgs K L Acton A Chapman ARCOX K L H(gkiss C Maxwell-Hodkinson J S Topolinski S G Wilstrn Chairman K L HcJgkis5 Deputy Chairman A Chapman Clerk A C Fletcher Charlty number 252371 Principal offic 9 Chortey New Road Bdlon BL14QR Independent examinor Andrew Simm FCA Smith & Goulding Lirniled Hamill House 112-116 Chorley New Road Bolton BL14DH Bankers The Royal Bank of Scouand plc 46-48 Deansgate Bolton BL1 18H Investment advlsors James Sharp & Co The Exchange 5 Bank Street Bury BL9 ODN
HULME'S BOLTON LECTURESHIP CHARITY ESTATE CONTENTS Page Trustees report Independent examineT'S report Slalemenl of financial activitie5 Balance sheèt Notes to the accounts 6-17
HULME'S BOLTON LECTURESHIP CHARITY ESTATE TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their report and accounts for the year ended 31 08¢8mbèr 2023. The accounts have been prepared in accordance wth the accounting policies set out in note 1 to the finanual statements and comply with the Charity's Trust deed, the Charities Act 2011 and"Accounting and Reporting by Charities.. Ststemenl of Recommended Practice applicable lo charities preparing their accounts in accord?nce with the Financial Reportsng Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 2019}'. Structur8* governance and management The Charity was established by a Deed of frust in 1696 and is regulated by a Scheme of the Charity Commissioners dated 16 December 1924 as varied by a Scheme of the Commissioners of 3 September 1965, and subject lo a Scheme of the Charity Commissioners dated 23 October 1973. The Trustees who served during the year were.. K L Aclon A Chapman ARCOX K L Hodgkiss C Maxwell-Hodkinson J S Topolinski S G Wilson The Trustees held two meetings in the course of the year. New Trustees are appointed following recommendations to the existing Trustees and must be in mmuni0n with the Church of England. Related Partles The Hulme's Bolton Lectureship Charity Estate pays the salary of Lectur8r Rev l Hepbum and the PCC ofThe Parish Church of the Ecclesiastical Parish of St Pelerfs, Bollon-le-moors pays his expenses and then the Charity reimburses the PCC. Risk Factors The Trustees have assessed the rnajor risks lo which the Charity is exposed and are saUsfied that systems are in pla lo mrtigale exposure lo the major risks. Objectives and activltles The primary object ofthe Charity is ID provide a Lecturer in the Psrish Church of the Ecclesiastical Parish of St Peler's, Bollon-18-Moors who shall be a priest or deacon in holy orders. The Trustees shall firsfy defray administration expenses of the Charity, and secondly pay a yearly stipend to the Lecturer. Subject lo these payments, the Trustees are directed lo augment the stipends of the Ecclesiastical Parish clergymen and also to further the religious and charitable work of the Church of England in the Ecclesiastical Parish. The Trustees have paid due regard lo guidance issued by the Charity Commission in relation to activitie3 for the public benefit in deciding what activities the Charity should undertake. Achlevements and perfomlance During the year the Trustees continued the work of administering the Charity assisted by their clerk. their appointed independent examiner and their investment edwsors. P41onitoring achlevement The main object of the Charity is to provide a Lecturer to the Parish Church Df the Ecdesiastical Parish of St Peterts. Bolton-le-moors. The Trustees take aLlvi¢e from their investment advisors who attend al least one meeting per year and in total the value of the investments has in¢8$ed by £103,749 during the year. Financial rèview Investment income in the year was £75,769 which was an increase of £4,340 compared with 2022. Expendfcure for the year was £67,268 which was an increase of £8,061 cOMpad with 2022.
HULME'S BOLTON LECTURESHIP CHARITY ESTATE TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Reserves pollcy 11 is the policy ol th& Charity that unrestricted funds which have not been designated ftrr a specific use should be maintained at a level equivalent to one years unrestricted expenditure. The Trustees Gonslder that serveS at this level will ensu that, in the event of a significant drop in funding, they will be able to continue the Charity's current aetivllies whlle consideration is given lo ways in which additional funds may be raised. This level of reserves has been maintsined throughout the year. The amount of free reserves for this year amounts 10 £1,798,194 (2022.. £1,697,250}. Investment policy The Ttuslee Act 2000 removed the need to divide Charity assets btheen narrower and wider range authorised investments. The governing document does not contain any investment provisions setting out how the Trustees may invest the Charity's funds. The Trustees are therefore governed by the Trustee Act 2000, which has enshrined in law a slatulory duty of care. Plans for the future The Trustees will endeavour lo appoint a Lecturer on a timely basis in the event ol a vacancy arising. They will give consideration to any reque51s lo support the Lecturer in his post. Statement of Trustees responslbllltles The Trustees are responsible for preparlng the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Slandaids including Financial Reporting Standard 102.. The Financial Repo.ng Standard applicable in the UK and Republic of Ireland Iuniled Kingdom Generally Accepted Accounting Praclicel. The law applicable lo charities in England & Wale8 requires the Trustees to ppare financial statements for each financial year which give a true and fair VI of the slatè of affairs of the Charity and of the income and expenditure of the chaiity for thal period. In preparing these financial slalemenls, the trusteas are required lo.. select suitable accounting policies and then apply them GonsistenUy', observe the methods and principles in the Charities SORP., make judgments and accounting estimates that are reasonable and prudent,. state whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial 51alements, and prepare the financial statements on the going concern ba&s unless 11 is inappropriate to presume that the Charity wll Continue in business. The Trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy al any lirne the financial pos11ion of the Charity and enable them to ensure that the financial statements comply with Ihe Charities Act 2011, the Charity (Accounts and Repottsl Regulations 2008 and the wovisions of the trust deedlconstilLtlion. They are also responsible for safeguarding the assets of the Charity and hence for taking Teasonable steps for the prevention and detelon of fraud and other irregularib'es. On behalf of the board of Trustees Chaimian
HULME'S BOLTON LECTURESHIP CHARITY ESTATE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HULME'S BOLTON LECTURESHIP CHARITY ESTATE I report lo the Trustees on my examination of the accounts of Hulme's Bolton Lectureship Charity Estate for the year ended 31 December 2023, which are set out on pages 4 to 17. Re$ponslblllties and basis of report As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance th the requirements of the Charilles Act 20111'the Act'l. I report in respect of my ex3minats.on of the Trustee's accounts carried out under section 145 of the 2011 Act and in arrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{51{bl of the 2011 Act. Independent examiner's statement I have comtAeled my examination. I confirm that no fflaterial matters have come lo my attention in connection with the examination giving me cause lo believe that in any material respect.. {1} accounting records were not kept in respect of the Trust as required by section 130 of the Act; or {2} the accounts do not accord wV(h those records.. or {3} thè accounts do not comply with the applicable requirements ConrNing the fomi 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 a5 part of an independent examination. I have no con¢erns and have come across no other matters in eonneclbon wblh the examinatbon to which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be re8ch8d. Signed........ MT Andrew Sirnm, F.C.A. Date.......... I s |.2&).19.. Smith & Goulding Limited, Chartered Accounlanls Hamill House, 112-116 Chorley New Road, 8olton. BL14DH
HULME'S BOLTON LECTURESHIP CHARITY ESTATE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unr•strlcted Fund5 Endowment Funds Total 2023 Total 2022 Notes Income and endowments from: Income from investments 75,769 75,769 71,429 Other income 242 Total Income 75.769 75.769 71,671 Expenditure on: Investment management costs 7,813 7,813 1,200 Charitable activities 59,455 59.455 58,007 Total expenditure 67,268 67.268 59,207 Net income l expendlture 8,501 8.601 12.464 Galns (Losses) on investment assets On disposal 16 249,793 14,8961 244.897 16011 On revaluation 16 11S7.3501 2.929 1154,421) (155,6491 Net movement in funds 100.944 11,9671 98.977 (143.7881 Fund balances al 1 January 2023 1,697.250 85.375 1,782,625 1,926,411 Fund balances at 31 December 2023 1,798.194 83.408 1.881,602 1,782,625 The breakdown of the 2022 figures between the unreslrict8d and endowment funds are in note 15 on PeS 11 to 12.
HULME'S BOLTON LECTURESHIP CHARITY ESTATE BALANCE SHEET AS A T 31 DECEMBER 2023 NOTES 2023 2022 Fixed As$¢ts Investments 1,788,343 1,684,594 Total Fixed Assèts Current Assets C8sh al Bank and in Hand 10 101.713 99,051 99,051 101,713 Current Liabllltles Creditors 11 18.4541 (1,0201 Net Current Assets 93.259 98,031 Total Net Assets 1,881.602 1,782,625 Thg Funds ofthe Charity Endowment Funds 12 83.408 85,375 Unreslricled Funds 12 1,798.194 1,697,250 Total Charity Funds 1,881,602 1.782,625 The accounts were approved by the Trustees on ..J...QY¢X..jo3 L Trustee
HULME'S BOLTON LECTURESHIP CHARITY ESTATE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 1 Accounting policies 1.1 Basls of preparatlon The accounts have been prepared in accordance with the Charity's Trust deed, the Charities Act 2011 and Accounting anLI Repoth"ng by Charities.. Statement ol Recommended Practice applicable to Charities preparing their accounts in accordance wlh the Fin&ncial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191 The Charty is a Public Benefit Enlily as defined by FRS 102. The Charity has taken advantage of the provisions in the SORP lor charities applying FRS 102 Updat& Bulletin 1 not to prepare a Statement of Cash Flows. The accounts have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the exlenl required to wovide a true and fair view. This departure has involved following the Statement of Recommended Practice for Charities applyirhg FRS 102 issued in October 2019 ralherthan the A¢¢ounting and Reporting by Charities.. Slalemenl of Recommended Prath'ce effeetSve from 1 Apdl 2005 which has since been withdrawn. The accounts are prepared in sterling, which is the functional currency of the ¢ompany. Monetary amounts in these financial statements ar8 rounded lo the nearèst £. The financial statements have bèen prepared under the historical cost convention except IOT the valuatitsn of investment assets, which are shown at market value. The accounts include all transactions. assets and liabilities for which the Charity is responsible in law. 1.2 Going concem At the time of appToving the accounts. the Tmslees have a reasonable expectation that the Charlty has adequate resources to continue in opèrational existence for the foSeeable future. Thu$ the Trustees continue to adopt the going concern basis of accounting in preparing the accounts. Th8re are no material uncertaintie5 about the Charity's ability to continue. 1.3 Funds Endowment fund5 are funds. the capital of which musl be maintained,. only income arising from investment of the endowment may be used either as restricted or unrestricted funds depending upon the purpose for which the endowment was estsblished. Unrestricted funds are general funds which can be used for the Charitys ordinary purposes. 1.4 Incomlng resources These are included in the Slalement of Financial Activities ISOFAI when.. 1. Ihe Charity becomes legally entitled to the benefit of use of the re50urces- 2. an inflow of economic benefit is probable.. and 3. the monetary value can be measured with sufficient liabIlItY. 1.5 Resources expended Liabilities are recognised as soon as an oufflow of economic benefit is probable. Governance costs include costs of the prepaialion and examination of slalutory accounts. the cost5 of Trustees meetings and cost of any 5egal advice lo Iruslèes on govemance or constitutional mattets. These are included in expenditure Dn charitable activities. Grants are charged in the year in which il is probable they will become payable. 1.6 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held al call with banks. other short-lerm liquid investments with original maturities of three months or less, and bank overdrafts. 1.7 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value al each reporting dale. Changes in fair value are recognized in nel incomellexpendilurel for the year. Transaction costs are recognized as expenditure when incurred.
HULME'S BOLTON LECTURESHIP CHARITY ESTATE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 2 Investment Income 2023 2022 Income from lisled Investments 74,329 71,419 Intèrest réceivable 10 75,769 71,429 3 Other income 2023 2022 Compensation frorn Royal bank of Scotland shares 242 242 4 Employees l Key Personnel The average monthly number of employees during the year was.. 2023 Number 2022 Number Lecturer Employment costs 2023 2022 Wages and salaries Pension costs 28,004 7,051 26,860 9,266 35.005 36,126 There were no employees whose anriual remuneration was £60.000 or more. S Expenditure on charitable activities 2023 2022 Costs relating to charitable activiteS comprise.. Investment management costs 7.813 1,200 Lecturer's Stipend InDle 41 36,005 36,126 Grant towards living expenses of Lecturer Inole 61 16,261 14,335 Clerk's fee 7,000 6,500 Independent Examinerfs fee 1,139 1,020 Bank charges 20 Sundry expenses 67,268 59,207
HULME'S BOLTON LECTURESHIP CHARITY ESTATE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 6 Grants payable 2023 2022 Grants to institutions relating to Lecturer's expenses compri5e'. The Parish Church of the Ecclesigslical Parish of Sl Peter's, Bolton-l&Moors 16.261 14,335 7 Related partles The Hulme's Bolton Lectureship Charity Eslale pays the salary of Lecturer Rev l Hepburn the PCC of The Parish Church ofthe Ecclesiaskn'cal Parish of Sl Peterfs, Bollon-l&Moors pays his expenses which arè reimbursed by Hulme's Bo]ton Lectureship Charity Estsle. 8 Trusteès None of the Trustees lor any persons connected with them} received any remuneration or benefits from the Charity during the year. 9 Flxed asset Investments Unrestricted Fund Endowment Fun(1 Total UK Il$ted Investments Market value at 1 January 2023 1,599,220 85,374 1,684,594 Acquisitions al cpst 722,419 25,207 747,628 Disposals at opening book value 1702.6541 129,3711 1732,0251 Change in value in the year 88,379 12311 88,148 Market value at 31 Dg¢gmbgr 2023 1,707.364 80,979 1,788,343 Historical eosl.. Al 31 December 2023 1,321.646 73.513 1,395,159 At 31 December 2022 1,056.152 80.838 1,136,990 10 Cash at bank Unre$tri¢ted Funds Endowmgnt funds Total 2023 Total 2022 Royal Bank of Scouand 937 937 2,217 James Sha¥p & Co 98,347 2,429 100,776 96,834 101,713 2.429 101,713 99,051 11 Credltors 2023 2022 Accruals 8,454 1,020
HULME'S BOLTON LECTURESHIP CHARITY ESTATE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 12 Movement In funds Balance at 1 January 2023 Movement In funds Balance at 31 December 2023 Inme Expenditure Galns I (Losses) Endowment Fund Unrestricted Fund Total Funds 85,375 1,897,250 1.782,625 11,9671 92,443 90,476 83,408 1,798.194 1,881.602 75,769 75.769 187,2881 (67,2e81 13 Analy$i$ of net assets belween funds Unrestricted Funds Endowment funds Total Fund balances at 31 Dec8mber 2023 are represented by.. Investments 1,707,364 80,979 1,788,343 Current assets 99.284 2,429 101,713 Creditors.. amounts falling due within one year {8,4541 18,4541 1,798,194 83,408 1.881,602 Unrealised gains included above.. On investments 385,719 7,466 393,185 Reconciliation of movements in unrealised gains Unrealised gains at 1 January 2023 543,068 4,537 547,605 Net gainsl(losses) on revaluations in year {157,3501 2,929 {154,4211 Unrealised gains al 31 December 2023 385,719 7,466 393,185 14 Pen51on Hulme's Bolton Lectureship Charity Estate partIpateS in the Church of Erigland Funded Pensions S¢h¢me for slipendiary clergy, a dofined benefit pension scheme. This Scheme is administered by the Church of England Pensions Board, which holds the assets of the Scheme separately from those of the Responsible Bodies. Each participating Responsible Body in the Scheme pays ¢onlributions al a common contribution rate applied to pensionable stipends. The Scheme is considered to be a multi-employer scheme as described in Section 28 of FRS102. 11 is not posslble lo attribute the Scheme's assets and Iiabililies to each specific Responsible Body, and this means contributions are accounted for a5 if the Scheme were a defined contribution scheme. The pension costs charged lo the SOFA in the year are contributions payable towards benefits and expenses accrued in that year, plus the figures highlighted in the table below 85 being recognised in the SOFA, giving a total charge of £7.501 for 202312022.. £9,266). A valuation of the Schem8 is carried out once every three year5. The most recent Scheme valLJatlDn completed was carried out at 31 December 2021. The 2021 valuation revealed a surplus of £560m, based on assets of £2,720m and a funding tsrget of £2,160m. assessed using the following assumptions: An average discount rate of 2.7%p. RPI inflation of 3.6¥0 p.a. land pension in¢re8ses consistent with this),. CPIH inflation in line with RPI less 0.8% pre 2030 moving lo RPI with no adjustment trom 2030 onwards", Increase in pensionable stipends in line with CPIH., Mortality In accordance with 90% ofthe S3NA tables, with allowance for improvements in mortality rates from 2013 in line with the CMI 2C>20 extende¢J model wllh a long-term annual rale of improvement of 1.5%, a
HULME'S BOLTON LECTURESHIP CHARITY ESTATE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 smoothing parameter of 7, an initiaj addition to mortality improvements of 0.5% p.a and an allowance for 2020 data of 00/0 li.e. w2020 - 0%). Followng finalisation of the 2021 valuation, deficit contributions ceased with effect from 1 January 2023, since the S(*)eme was fully funded. The deficit recovery contributions under the recovery plan in force al each 31 D&c8mb8r were as follows. As at 31 Dember 2020 and 31 December 2021 the deficit recovery contributions under the recovery plan in force were as set out in the table below. °fi of pensionable stipends 31 December 2021 7.1 % payable from January 21 to December 2022 31 December 2022 31 Oetsmber 2023 An interim reduction to deficit ¢ontributions lo 3.2% of pensionable stipend5 was made wrth effect from April 2022, and remained in place until December 2022. For senior Offi holders, pensionable stipgnds are adjusted in the calculations by a multiple, as set out in the Scheme's rules. Section 28.11A of FRS102 requbres agreed deficit recovery payments to be recognised as a liability. However, as Ihere are no agreed deficit recovery payments from l January 2023 onwards, the balance sheet liability as al Decèmber 2022 is nil. The movement in the balance sheet liabilily over 2021 and over 2025 is set OLrt in thè table below. 2023 2022 Balan Sheet liability at 1 January 2,000 Deficit contribution paid -1,000 Interest cost Irecognlsed in SOFA) Remaining change to the balance sheet liability. Irecogni5ed in SOFA) -1,000 Balance sheet liabilily at 31 December Comprises change in agree deficit recovery plan, and ch8nge in discount rale and inflation assumptions between year-ends. This liability repiesenls the present value of tha defiat contributions agreed as at the cOUntIng dale and has been valued using the following assumptions. No assumptions are needed for December 2022 as there are no agreed deficit re¢overy payments going forward. No price inflation assumption was needed for December 2021 since pensionable stipends for the remainder of the recovery plan were already known. December 2023 December 2022 December 2021 Discount rate nla nla 0.0% pa Price inflation nla nla nla Increase to total pènsionable payroll nla nla -1.5Q/o pa The legal structure of the Scherne is such that if another Responsible Body fails, Hulme's Bolton Lectureship Charity Estate could become responsible for paying a share of that Responsible Body's pension liabilities. 10
HULME'S BOLTON LECTURESHIP CHARITY ESTATE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 15 Gomparatlves for 2022 statement of Flnancial Activitles Unrestricted Endowment Funds Funds Totsl 2022 Income and endowments from: Income from investments 71,429 71,429 other income 242 242 Total Income 71,671 71,671 Expèndlture on: Investment management costs 1.200 1,200 Ch8ritsble activities 58,007 58,007 Total expenditure 59,207 59,207 Net income l expenditure 12.464 12,464 Gains ILosse51 on investment assets On disposal {6011 16011 On revaluation 1143,2461 112,403) 1155,6491 Net movement In funds 1131,3831 112,4031 1143,7861 Fund balances al 1 January 2022 1.828,633 97,778 1.926.411 Fund balances at 31 December 2022 1.697,250 85,375 1.782,625 Flxed asset investments Unrestricted Fund Endowment Fund Total UK listed investments Market value at 1 January 2022 1,749,904 97,777 1,847,681 Acquisitions at cost 30,279 30,279 Disp05als at opening book value 143,3901 143,3901 Change in value in the year 1137,5731 {12.4031 1149,9761 Market value at 31 D8c8mbar 2022 1,599,220 85,374 1,684,594 Historical cost.. At 31 December 2022 1,056,152 80,838 1,136.990 At 31 December 2021 1,063,589 80,838 1,144,427
HULME'S BOLTON LECTURESHIP CHARITY ESTATE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 16 Comparatlves for 2022 contlnued Cash at bank Unrgstricted Fund5 Endowment funds Totsl Royal Bank of Scotland 2,217 2,217 James Sharp & Co 96,833 96,834 99,050 99.051 AnalysSs of net a$s•ts beeen funds Unr8Stricted Funds Endowment funds Tolal Fund balances at 31 D8cember 2022 are represented by.. Inveslmenls 1,599,220 85,374 1,684,594 Current assets 99.050 99,051 CT8dttors.' amounts falling due within one year 11,0201 11,020} 1,697,250 86.376 1,782,625 Unrealised gains included above.. On investments 543,068 4,537 547,605 Recon¢ilialion of movements in unrealised gains Unrealised gains at l January 2022 686.314 16,940 703,254 Net gains on revaluations in year 1143,2461 112,4031 1155,6491 Unrealisèd gains at 31 December 2022 543.068 4,537 547,605 Movement In funds Balance at 1 January 2022 Movement in fund5 Balan¢& at 31 December 2022 Income Expenditure Gains I Losses Endowment Fund Unrestricted Fund Total Funds 97,778 1,828,633 1.926,411 112,4031 1143,8471 1156,2501 85.37S 1.697.250 1.782,625 71,671 71,671 159,2071 159,2071 12
Q)0 ts#
D£
q)0 uo
o)c