Charlty Rogistration No. 252371 HULME'S BOLTON LECTURESHIP CHARITY ESTATE TRUSTEES REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024
HULME'S BOLTON LECTURESHIP CHARITY ESTATE LEGAL AND ADMINISTRATIVE INFORMATION Trustegs K L Acton A Chapman ARCOX K L Hodgkiss C Maxwell-Hodkinson J S Topolinski S G Wilson Chairnian K L Hodgki$$ Dgputy Chalrman A Chapman Clgrk A C Fletcher Charlty numbgr 252371 Prln¢lpal office g Chodey New Road Botton BL1 4QR Indèp•ndant examlnèr Andrew Simm FCA Smith & Goulding Lirniled Hamill House 112-116 Chodey Naw R08d Bolton BL14DH Bankers The Royal Bank of Scofjand plc 4648 Deansgale 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 Indepondenl examinerfs report Statem6nt of financial a¢b"vib"6s 8alance sheet Notes lo the accounts 6-16
HULME'S BOLTON LECTURESHIP CHARITY ESTATE TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their rgport and accounts for the year erKled 31 Dècember 2024. The accounts have been prepared in accordance wth the accounb.ng poliae$ sel out in note 1 to the financial statements and comply wlh the Charitys Trust deed, the Charities Act 2011 and "Accounting and Reporting by Charities. Statement of Recommended Practice applicable lo charib.es preparing their accounts in accordan ¥Mth the Financial Reporting Slandafd applicable in tha UK and Republic of Ireland IFRS 1021 leffectNe 1 January 2019}" Structur&, gov8rnanc8 and management The Charty was established by a Deed of Trust In 1696 and is regulated by a Scheme of the Chartty Commissioners dated 16 December 1924 as varied by a Scheme of the Commissioners of 3 Septsmber 1965. and subject lo a Scheme of the Charity Commissioners dated 23 October 1973. The Trustees who served during the year were.. K L Acton A Chapman ARCOX K L Hodgkiss C Maxwell-Hodkinson J S Topolinski S G Wll8on The Trustees held three meetings in tho ryjurse of the year. New Tru8le8s are appointed following recommondats.ons to the exi81ing Trustees and must be in communion with the Church of England. Relatèd Partles The Hulme's Bolton LectUTe8hip Charity Estatè pay8 the $818ry of Lecluref Rev l Hepburn and the PCC ofTh6 Parish Church of the Ecclesiastical Parish of Sl Palerfs, Bolton.le-Moors pays his expenses and then the Charity reimburses the PCC. Rlsk Faclors The Trustees have assessed the major risk8 to which the Charity is oxposod and are satisfied that 8yslem8 are in place lo miii'gale exposure lo the major risks. ObJ8ctlves and actlvltles The primary object of the Charrty is lo provide a Lectttrrer in Ihe Parish Church ofthe EleslaS"Cal Parish of St Pglerfs. Bollon-le-moors who shall be a priest or deacon in holy ordets. The Trustees shall flrstly defray administration expenses of the Charity, and secondty pay a yearty stipend lo the Lecturer. Subject lo these payments, the TTuslee$ a directed to augmonl the stipends of the Ecclesia51ical P8nsh clergymen and also lo further the religious ar eharitable work of the Churth of England in the Ecclesiastical Parish. The Trustees have paid due regard lo guidance issued by the Charity CommiOn in relation lo activities for the public benefit in deciding what actwitses the Charity shcKJld undertake. Achievements and perfomian¢e During the year the Trustees continued the work of administering the Charity assisted by their derk, Ih8ir appoinlgd independent examlner and their investment advisors. Monltorlng achlgvoment The main object of the Charity is to provide a Lecturer to the Pansh Church ol the Ecclesiasts'cal Parish of Sl Peler's. Bolton-Se-Moors. The Trustees tske athce from their investment advisors who attend al least one meeb'ng per yèar and In total the value of the investments has In¢8$ed by £21.317 during the year. Financial review Investment income in the year was £79.525 which was an increase of £3.756 compared with 2023. Expenditure for the year was £74,661 which was an increase of £7.393 compared with 2023.
HULME'S BOLTON LECTURESHIP CHARITY ESTATE TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Rèserves policy 11 is the policy of the Charity that unstricte<l funds 1¢h have not l)een designated for a specffie use should be maintained at a level equivalent to one yearfs unrestncted expenditure. The Trustees consider that reserves al this level wll ensure that, In the event of a significant drop in funding, they will be able lo continue the Charity's current activities while consideration is given lo ways in which addib.onal funds may be raised. This level of reserves has been maintsined throughout the year. The amount of free reservos for this year amounts lo £1,814,02312023." £1.798,1941. Investment poll¢y The Trustee Act 2000 removed the need to divide Charity assets between narrower and wider range aulhorised investments. The governing document does not contain any investment provisions setting out how the Trustees may invest the Charity's funds. The Tnjstees are therefore govemed by the Trustee Act 2000, which has enshrined in law a ststutory duty of care. Plans for the future The Trustees will ende8vour lo appoint a Lecturer on a timely basis In the event of a vacancy arislng. They will give consideration to any requests lo support the Lecturèr in his post. Statement of Trustees respon$lbllltles The Trus1&8s are responsible for preparing the TnJstees' Report and the finanaal stslements in ardance with applicable law and United Kingdorn Accounting Stsndafds induding Financial Reporting Standard 102.. The Financial Rgporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally A¢cepted Accounting Pr8cb'ce}. The Saw applicable to charities in England & Wales requires the Tw$lees lo prepare flnanclal statements for each financial yèar which give 8 true and fair view of the slate of affairs of the Charity and of the iorne and expenditure of th8 charity for that period. In preparing these financial slatements, the Iru$tees are required lo.. select 8uitsble accounting pollcies and then apply th8m wnsistenlly., observe the methods and prfnaple8 in the Charities SORP.. m8ke judgments and accounting estimates that are re88onable and pmdenl, slate whether applicable 0¢VntIng standards havè been followed. subject lo any material depariurg$ disclosed and explained in the financial slalgments. and prgpare the financial slalements on the going concem basis unless il is inappropriatg to presume that the Charity wll continue in buslne88. The Trustees are responsible for maintsining proper accounting record5 which disclose wlh reasonable accura¢y al any lime the financial position of the Charity and enable them lo ensure that the financial statements comply with the Charities Act 2011. the Chanly (Accounts and Reports) Regulab'ons 2008 and the provisions of the trust deedlconslilulion. They are also responsible for safeguarding the assets of the Charity and hence for laknng reasonable steps for the prevention and detecbon of fraud and other iffegulants'es On behalf of the board of Trustees Chaiman
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 Bdlon Lectureship Charrty Estate for the year ended 31 December 2024, which are sel out on pages 4 10 16. Responsibilities and basts of report As the Trustees of the ChaTrty you are responsible for the preparab'on of the accounts in accordance with the requirements of the Chanties Act 2011 Ilhe Act'l. I report in respect of my examinatson of the Trustee's accounts carried out under section 145 of the 2011 Act and In carrying out my examination I have followed all the applicable D1ctionS given by the Charity Commission under sedon 145{51{bl of the 2011 Act. Indopondont •xamlnePs $tatsm•nt I have completed my examinatson. I confim) that no material matters have come lo my attonlion in connection wrth the examination giving me cause lo believe th81 in any malertal respecL 111 accounting records were not kept in respect of the TNSI as required by section 130 of the Act". or {21 the accounts do not a¢cvrd with those records., or 131 the accounts do not comply wth the applicable iequirements conceming the fom) and conlenl of aount$ sel out In the Charities (Accounts and R8POrtsl Re9ulalion$ 2008 other than any requirement that the accounts givè a 'true and fair view, which is not a matter considered as part of an Independent ex8minalion. I have no concerns and have come across no other matters In conneth.on with the examination lo which attention Should be drawn In this report in order to enable a proper understanding of the accounts to be reached. Signed.. MIAndrew Slmm, F.C.A. Dalg......... .. bj5lknL................... Smith & Gouldirg Limrted. Chartered Accounlanls Hamill House, 112-118 Chorfèy Now Road, Bolton. BLI 4DH
HULME'S BOLTON LECTURESHIP CHARITY ESTATE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrlcted Funds Endowment Funds Total 2024 Totsl 2023 Notes Incom8 and 8ndowments from: Income from investments 79,525 79.525 75,769 Totsl Income 79,625 79.525 75,769 Expendlturg on: Inv881ment management ¢osts 14,566 14,666 7,613 Charilablg activities 60,095 60,095 59,455 Total gxpondlture 74.661 74,661 67,268 Nèt Incom• l exp•ndlturè 4,864 8,501 Galns ILossesl on inv8slment a$se15 On dispooal 16 166.971 186,971 244,897 On revaluation 15 1156.0061 1,180 {154,8261 1154.4211 Ngt mov8m•nt In funds 16,829 1,180 17,009 98,977 Fund balances at 1 January 2024 1,798.194 83,408 1.881,602 1,7e2,625 Fund balances at 31 December 2024 1,814,023 84.588 1,898,611 1,881,602 The breakdown of the 2023 figures betr•een the unrestricted and endowTnenl funds are in note 14 on page8 11 to 12.
HULME'S BOLTON LECTURESHIP CHARITY ESTATE BALANCE SHEET AS AT31 DECEMBER 2024 NOTES 2024 2023 Flxed Assets Investments 1,809.660 1,788,343 Total Fixgd Assets Current Assets Cash al Bank and in Hand 97,551 97.551 101,713 101,713 Current Llabllltlos Creditors 10 18,6001 18.4541 Not Current A•$ots 88.951 93,259 Total Not Assets 1,898.611 1,881,602 The Funds of the Charlty Endowment Funds 11 84,S88 1,814,023 1,898.611 83,408 1,798.194 1,881,602 Unrestricted Funds 11 Total Charlty Funds The accounts were approved by the Trustees on 2..[..1.oS Trustee
HULME'S BOLTON LECTURESHIP CHARITY ESTATE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 1 Accountlng policies 1.1 Ba$ls of preparatlon The accounts have been prepared in 8¢cordance with the Charity's TTUSt deed, the Charities Aet 2011 and "Accounting and Reporting by Charities." Statement ol Recommended Practice applicable lo charibes preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191" The Charity is a Public Benefit Entity as defined by FRS 102. The Charity has tsken advantsge of the provisi¢Jns in the SORP for chanb'es applying FRS 102 Update Bulletin 1 not to prepare a Slalement of Cash Flows. The accounts have departed trom the Chartbes <AUnts and Reports) Regulab'ons 2008 only to the extonl requlrèd to provide a true and fair view. This departure has involved following the Slalement of Recommended Practice for charities applying FRS 102 issued in Ociober 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practic8 8ffectiv8 Irom 1 April 2005 %knich has since been vAthdrawn The accounts are prepared in slerfing. which Is the fiJnction81 currency of the company. Monetary amounts in these financial slalemenls are rounded lo the nearest £. The financial ststements have been prepared urKler the hi81orical cost convenb'on except for the valuation of investment assets. which are sh¢)wn al market value. The accounts include all tran8acfjon$, assets and li8billtle8 for which the Charity is responsible in law. 1.2 Golng concern Al the time of approving the accounts, the Trustees have a reasonable expectatyon that the Charity has adequate reurCeS to continue in operational existence for the foreseeable future. Thus the Trusleos continuè lo adopt the going concern basis of accounting in preparing the accounts. There are no material uncertainties about the Charity's ablllly to continue. 1.3 Fund8 Endowment funds are funds, the capllal of whlch must be maintained,. only income arising from investment of the endgwmgnl may be used either 8s restncled or unrestricted lund$ depending Ltpon the purpose for which the endowment was established. Unrestncted funds are general funds ¥thich can be used for the Charity's ordinary purposes. 1.4 Incomlng rosources These are included in the Slalemenl of Financial Activitses ISOFAI when.. 1. the Charity beGome6 lègally entitled to the bgngfi1 of u09 of Ihe r080ur¢•#.' 2. an inflow of economic benefrt is probable., and 3. the monetary value can be measured with sufficient reliability. 1.5 Resources oxpgnded Liabilities are recognised as soon as an outhow of ee4)nomlc knefil is Probable. Governance costs Indude costs of the preparation arKI examination of statutory accounts. the costs of Trustees meetings and cost of any legal advice lo trvstees on govemance or constilutlonal matters. These are included in expenditure on charitable activities. Grants are charged in the year in which rt is probable they wll become payable_ 1.6 Cash and ¢a$h equlvalents Cash and cash equivalents include ea5h in hand, deposits held al call with banks. other short-lemi liquid investments wth original malurilies of three months or less, 8nd bank overdrafts. 1.7 Flxed asset Investments Fixed asset investments are initially measured al transaction price excl(Kling transa¢tion Costs, and are subsequently measured al fair value at each reporb'ng date. Changes In fair value are recogniz in nel incomellexpendilurel for the year. Trans8¢tion costs are recognized as expendriure vthen incurred.
HULME'S BOLTON LECTURESHIP CHARITY ESTATE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 2 Investment 5ncom 2024 2023 Income from listed investrnenls 70.545 74.329 Intergsl receivable 8.980 1,440 79.525 75,769 3 Employees l Key Personnel The average monthly number of employees during the y&ar was.. 2024 Numbgr 2023 Number Lecturer Employment costs 2024 2023 Wages gnd salaries Pension costs 30,064 28,004 7.051 6,731 36.796 35,055 There were no employees whosg annual remuneration was £60,000 or more. 4 Expondlture on charltable actlvltlgs 2024 2023 Costs relating to charitsble activities ctynpri88= Investment mana9ement costs 14,566 7,813 Leclurerf5 Stipend Inrt)te 41 36,795 35,055 Grant towards liwng gxpense8 of Lecturer (nole 61 1 6,040 16,261 Clerk's fee 7.000 7,000 Independent Examiner's fee 1,260 1,139 74,661 67,268 S Grants payable 2024 2023 Grants lo institutions relating lo Lecturerfs expenses compnse." The Parish Churth of the Ecclegiastical Parish of St Peterfs. Bolton-le-moors 15,040 16,261 6 Related part]es The Hulme's Bolton LeCtUShIP Chanty Estate pay5 the sa18ry of Lecturer Rev l Hepbum and the PCC of The Parish Church oflhe Ecdesiaslical Parish of Sl Petefs. Boon-1e-m(>rS pays his expenses which are reimbursed by Hulme's Bolton LeCtUShiP Charity Estsle.
HULME'S BOLTON LECTURESHIP CHARITY ESTATE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 7 Trustees None of the Trustees lor any persons wnnected wrth them) received any remunerat¢on or benefits from the Charity Lluring the year. 8 Flxed ass&t Investmonts Unrestrtcted Fund Endowment Fund Total UK Ilsted Invostmants Market value al 1 January 2024 1,707,364 80.979 1,788,343 Acquisillons at cost 468,720 468,720 Disposals at opening book value {444.243) 1444,2431 Change Sn value in the year 14.340) 1,180 {3,1601 Mark•t value at 31 Dècember 2024 1.727,501 82.169 1.809,660 Hlslorical cost". At 31 December 2024 1,497.789 73.513 1,S71,302 Al 31 December 2023 1,321.646 73.513 1,395,159 9 Cash at bank Unrestrlcted Funds Endowment funds Total 2024 Total 2023 Royal Bank of Scolland 6.563 8,S63 937 J8me5 Sharp & Co 88,559 2.429 90,988 100,778 95.122 2,429 97.661 101,713 10 Cr9dltor8 2024 2023 Accruals 8.600 8,454 11 Movomant In funds 8alan¢e at 1 January 2024 Movement In funds Balance at 31 De¢emb&r 2024 Income Expendilure Gain$ I (Losses) EndowTnent Fund Unrestricted Fund Total Funds 83,408 1.798.194 1.881.602 1.180 10,965 12,145 84,588 1,814,023 1,898,611 79,525 79.525 (14,6611 174,6611
HULME'S BOLTON LECTURESHIP CHARITY ESTATE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 12 Analysis of net assets between funds Unrestricted Funds Endowment funds Totsl Fund balances at 31 December 2024 are represented by. Investments 1.727.501 82.159 1,809,660 Current assets 95.122 2.429 97,551 Creditors". 8mounts f811ing due thin one year (8.6001 18.6001 1,814,023 84.588 1,898,611 unalIsed gains included atx)ve'. On investment5 229.713 8.64S 238,358 Reeonciliatson of movements in unrealised gains Unreallsed gains al 1 January 2024 385,719 7,465 393,184 Nel galnsll108s8sI on revaluations in year 1156.0081 1.180 1154,8281 Unrealised gains al 31 Dernber 2024 229.713 8,64S 238,358 13 Ptnslon Hulmè's Bolton Lacturéship Chanty Eslalè parts"eipates in the Church of England Funded Penslon8 Scheme for sts'pendiary clergy. a defined benefit pension scheme. This Scheme is administered by the Church of En9land Pensions 8oard, which holds the assets of the Scheme sepafalely from those ol the Responsible Bodies Each participabng Re8ponsible Body In the Scheme pays contribulions at a common contribution ralo appli&d lo pèn81onable 81ipends. The Scheme is considered lo be a rnulli•employer scheme as described In Section 28 of FRS102. It Is not possible 10 attribute the Scheme'$ ossels and liabilities lo each specific Responsible Body, and thi5 means contributions 8re accounted for as if the Scheme were a defined conlributs'on scheme. The pension costs charged lo the SOFA in the year arg Contributions payabla towards benofits and exp8nGes accrued in that year, plus the fi9ures highli9hted in th8 table below as being recognised in the SOFA. giving a total charge of È6.731 for 2024 12023.. £7,051). The 2021 valuation showed the Scheme lo be fully funded and as sueh in 2024, fdlowing the valu8tlon results belng agreed, the deficit contributions paid were £O12023.'£01. A valuation of the Scheme is carrie(l out once every the years. The most recent Scheme valuation completed was carried out a131 December 2021. The 2021 valuation revealed a surplus of £560m. based on assets 01 £2,720m and a funding target of £2,160m, assessed using the following assumptions.. An average discount late of 2.7%p. RPI inflation of 3.6°A p.a. land pension increase5 consistent with this)- CPIH infl8b.on in line with RPI less 0.8% pre 2030 mowng lo RPI wth no adiustsnenl from 2030 onwards,. Increase in pensionable stipends in line wlh CPIH", Mortality in accordance wlh 90% of the S3NA tables, wth allowance for improvements in mortallty rates from 2013 in line with the CMI 2020 extended model with a long-term annual rate of improvement of 1.5°/u, a smoothing parameter of 7, an inibal addition lo mortalrty improvements of 0.5% p.a and an allowance for 2020 dats of OOA {i.e. 2020= 0%}. Following finalisabon of the 2021 valuation. defiut contributions Sed wth effect from 1 January 2023. since the Scheme was fully funded. The deficrt recovery contributions under the reu)very plan in force at each 31 December were as follows..
HULME'S BOLTON LECTURESHIP CHARITY ESTATE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 As at 31 December 2020 and 31 December 2021 Ihe defiryt recovery tL)nlnbub"ons under the recovery plan In force wore as sel out in the table below % of pensionable stipends 31 December 2021 7.1 % payable from January 21 to December 2022 31 De¢gmbor 2022 31 Dec8mbgr 2023 31 December 2024 An interim reduction to deficit contn'bulions lo 3.2% of p6nsionabie stiFends was m8de with effect from Apnl 2022. and remained in place until December 2022. For senior office holders, penslonable skn"pends are adjusted in the calculations by a multiple, as sel out in the Scheme's rules Section 28.11A of FRS102 requires agreed deflcrt recovery payments lo be recogni58d as a liability. However, as there are no deficit recovery payments Irom 1 January 2023 onwards, the balae sheet liability as al 31 December 2023 and 31 December 2024 is nil. The movement in the balanee sheet liability over 2023 and over 2024 is set out n the table below. 2024 2023 Balance sheet Ilablllly al 1 January Delicil contribution pwd Interest cost (rQgnIsed in SOFA) Remaining change lo the balance sheet liabil Irecognisgd in SOFA) 88lance sheet liabilty 8131 December Comprises change in agree deficit recovery ptan. and change in discount rele and infialion 8S8umptson8 beeen year-gnds. The legal structure of the Scheme 18 such that tf another Responsible Body fails, Hulme's Bolton Lectureship Charity E5ts1¢ Could become responsible for pawng 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 2024 14 Comparatives for 2023 statement of Financlal Actlvltles Unrestricted Endowment Funds Funds Totsl 2023 Income and gndowmonts Irom: Income from investments 75,769 75,769 Other incomo Total income 75.769 75,769 Expondlturo on: Investment management costs 7.813 7.813 Charitabl8 activities 59,455 59.455 Total oxp#ndlturo 87.268 67,268 Net Income l expendlturè 8.501 8,501 Gains (Losses) on Investment assets On dispos81 249.793 14,8961 244,897 On r8v8luation 1157,3501 2,929 1154,4211 Net movement In funds 100.944 11,9871 98,977 Fund balances al 1 January 2023 1.697.250 85,375 1,782,825 Fund balances at 31 December 2023 1.798.194 83,408 1,881,602 Flxed asset investments Vnrestrlcted Fund Endowment Fund Total UK Ilsted Investments Market value at 1 January 2023 1,599,220 85.374 1,684,594 A¢quisilions at cost 722,419 26.207 747,626 Disposals al opening book value 1702,654} 129,371) 1732,0251 Change in value in the year 88,379 {231} 88,148 Market value at 31 December 2023 1.707,364 80,979 1.788,343 Historical cost.. At 31 December 2023 1.321,646 73,513 1,395,159 At 31 December 2022 1.056.152 80,838 1,136,990
HULME'S BOLTON LECTURESHIP CHARITY ESTATE NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 14 Comparatlves for 2023 continued Cash at bank Unrestrlcted Funds Endowment funds Total Royal Bank of Scotland 937 937 James Sharp & Co 98,347 2,429 100,776 99,284 2,429 101,713 Analysls of net assgts bgtwgèn funds UnrestrScted Funds Endowment funds Total Fund balences al 31 December 2023 are repffjsented by.. Investments 1.707,364 80,979 1,788,343 Current assets 99,284 2,429 101,713 Credilor8'. amounts falling due wthin on6 year 18,4541 18,4541 1,798.194 83.408 1,881,602 Unrealised galns Include(181x)v0'. On inve¥tmenls 385,719 7,46S 393,184 Reconciliation of movements In unrealised galn8 Unreali58d gains at 1 January 2023 543.069 4,537 547,806 Nel gains on revaluations in year {157.350} 2,928 1154,4221 Unrealised gains al 31 December 2023 385,719 7.465 393,184 Movèmènt In fund8 Balance al 1 January 2023 Movement In fund8 Balance at 31 December 2023 Income Expenditure Gains I Losses Endowment Fund Unrestricted Fund Totsl Funds 85,375 1.697.250 1,782.625 11.967} 92.443 90,476 83,408 1,798,194 1,881.602 75,769 167,268) (67,2681 12