E B HUTCHINSON CHARITABLE TRUST
REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 5 APRIL 2025
CHARITY NUMBER 255644
E B HUTCHINSON CHARITABLE TRUST
CONTENTS
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Contents Page No.
Charity Information 1
Report of the Trustees 2 - 4
Report of the Independent Examiner 5
Statement of Financial Activities 6 - 7
Balance Sheet 8
Notes to the Financial Statements 9 - 13
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E B HUTCHINSON CHARITABLE TRUST
CHARITY INFORMATION
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Trustees Mr T Bates FRCS
Rev. R C Siebert
Dr N S Corfield
Dr C A Siebert
Mrs N L Brightling
Charity number 255644
Independent examiner M Wilkes FCA
Azets Audit Services
5th Floor
Ashford Commercial Quarter
1 Dover Place
Ashford
Kent TN23 1FB
Principal bankers National Westminster Bank plc
Europa House
49 Sandgate Road
Folkestone, Kent
Stockbrokers Charles Stanley & Co. Limited
25 Luke Street
London
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E B HUTCHINSON CHARITABLE TRUST
REPORT OF THE TRUSTEES YEAR ENDED 5 APRIL 2025
The Trustees present their report and examined financial statements of the charity for the year ended 5 April 2025. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, 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 published in October 2019.
Public benefit statement
The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities.
Objects
The Trust was formed to support research into diseases of mankind, primarily cancer research by applying its income for that purpose.
Review of the year
The charity derives the majority of its income from its investments. During the year, investment income amounted to £36,454 (2024: £35,179).
Direct charitable expenditure decreased during the year and amounted to £1,000 (2024: £29,121).
Administration fees represented 7% (2024: 7%) of total income and amounted to £2,610 (2024: £2,460).
Portfolio management fees represented 16.6% (2024: 17.1%) of total income and amounted to £6,038 (2024: £6,015)
This has resulted in an increase of unrestricted funds for the year of £32,711 (2024: increase £3,469) resulting in carry forward funds of £47,264 (2024: £14,553). Investment losses for the year amounted to £31,841 (2024: gains £14,207). Total funds at 5 April 2025 amounted to £802,203 (2024: £807,371) of which £754,939 (2024: £792,818) related to endowment funds. Further details of these funds can be found in note 9.
Investments
The Trustees’ policy of investing in a mix of equities and fixed interest continued. The value of the portfolio decreased by 5.75% in the year (2024: increased by 2.10 %), compared with an increase in the FTSE 100 index of 1.82% (2024: increased by 3.24%) and a decrease in the Government Securities index of 1.43% (2024: decrease 4.62%). Brokers advise the Trustees on investment decisions.
Reserves
Funds are maintained at a level that the Trustees deem sufficient to source future grant making. At 5 April 2025 the unrestricted reserves amounted to £47,264 (2024: £14,553) and endowment funds amounted to £754,939 (2024: £792,818).
Pay policy for key management personnel
The Trustees comprise the key management personnel of the charity and are in charge of directing and controlling, running and operating the charity on a day to day basis. All trustees give their time freely and no trustee received remuneration in the year.
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E B HUTCHINSON CHARITABLE TRUST
REPORT OF THE TRUSTEES (CONTINUED) YEAR ENDED 5 APRIL 2025
Risk policy
The Trustees have assessed the major risks to which the charity is exposed, in particular those relating to the specific operational areas of the charity, its investments and its finances. The Trustees believe that effective systems and controls are in place to mitigate these risks by ensuring that effective controls exist over key financial systems and by examining the operational and business risks faced by the charity.
The amount allocated for grants each year is limited to the predicted annual income less the predicted annual charity running costs. Accordingly the major risk is with regards to the investment portfolio and the ability to ensure income levels are maximised given any potential volatility in the financial market.
Plans for the future
In future periods the Trustees intend to continue making charitable donations within the income arising. The Trustees have a designated selection of recipients of their funds and intend to continue with this policy for the foreseeable future.
Going concern
The Trustees make decisions on the level of donations to make based on income received at the October Trustees meeting. The cash available is generated from the investment portfolio via dividends & interest net of management fees.
Trustees
The Trustees who have served during the year were as follows: Mr T Bates FRCS Rev. R C Siebert Dr N S Corfield Dr. C A Siebert Mrs N L Brightling
The Trust Deed permits the payment of remuneration of £300 for each Trustee. All trustees waived their entitlement for the year ended 5 April 2025.
New Trustees are appointed after they have been invited to become a Trustee, then this is voted on at the next Trustees' Meeting. A deed of appointment is then signed by existing and new Trustees.
Charitable Status
The Trust is constituted by deed of settlement dated 14 September 1956 by the late Mr E B Hutchinson and is registered with the Charity Commission, No 255644.
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E B HUTCHINSON CHARITABLE TRUST
REPORT OF THE TRUSTEES (CONTINUED) YEAR ENDED 5 APRIL 2025
Trustees' responsibilities
The Trustees are responsible for preparing the Trustees’ Annual 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 the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP 2015 (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume the charity will continue.
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.
By order of the Board of Trustees
Dr N S Corfield Chairman Date: 27 June 2025
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF
E B HUTCHINSON CHARITABLE TRUST
I report to the trustees on my examination of the accounts for the year ended 5 April 2025 which are set out on pages 6 to 13.
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
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1) accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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2) the accounts do not accord with those records; or
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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.
……………………………….
M Wilkes FCA For and on behalf of Azets Audit Services 5th Floor Ashford Commercial Quarter 1 Dover Place Ashford Kent TN23 1FB
Date: ….......................
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E B HUTCHINSON CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025
| Notes Income from: Investment income receivable Bank interest receivable Other income Total income Expenditure on: Charitable activities 2 Investment management costs Mileage expenses Accountancy and administration 4 Total expenditure Net investment (losses)/gains 6 Net movement in funds Reconciliation of funds: Funds at 6 April 2024 Funds at 5 April 2025 Net movement in funds before gains/(losses) on investments |
2025 Unrestricted Fund Endowment Fund Total £ £ £ 35,809 - 35,809 240 - 240 405 - 405 36,454 - 36,454 1,000 - 1,000 - 6,038 6,038 133 - 133 2,610 - 2,610 3,743 6,038 9,781 32,711 (6,038) 26,673 - (31,841) (31,841) 32,711 (37,879) (5,168) 14,553 792,818 807,371 47,264 754,939 802,203 |
2024 Total £ 35,001 178 - 35,179 29,121 6,015 129 2,460 37,725 (2,546) 14,207 11,661 795,710 807,371 |
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All income and expenditure derive from continuing activities.
The Statement of Financial Activities includes all gains and losses recognised during the year.
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E B HUTCHINSON CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025
| Notes Income from: Investment income receivable Bank interest receivable Other income Total income Expenditure on: Charitable activities 2 Investment management costs Mileage expenses Accountancy and administration costs 4 Total expenditure Net investment (losses)/gains 6 Net movement in funds Reconciliation of funds: Funds at 6 April 2023 Funds at 5 April 2024 COMPARATIVE INFORMATION Net movement in funds before gains/(losses) on investments |
2024 Unrestricted Fund Endowment Fund Total £ £ £ 35,001 - 35,001 178 - 178 - - - 35,179 - 35,179 29,121 - 29,121 - 6,015 6,015 129 - 129 2,460 - 2,460 31,710 6,015 37,725 3,469 (6,015) (2,546) - 14,207 14,207 3,469 8,192 11,661 11,084 784,626 795,710 14,553 792,818 807,371 |
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All income and expenditure derive from continuing activities.
The Statement of Financial Activities includes all gains and losses recognised during the year.
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E B HUTCHINSON CHARITABLE TRUST
BALANCE SHEET AS AT 5 APRIL 2025
| Notes 6 Creditors: Amounts falling due within one year 7 Creditors: Amounts falling due after one year 8 9 10 Unrestricted fund Total Net Assets Endowment fund Net current liabilities Represented by: - current account - broker accounts Cash at bank - short-term deposits Investment Assets Current Assets Shares and securities |
£ £ 769,668 10 5,277 31,717 37,004 (4,469) 32,535 - 802,203 754,939 47,264 802,203 - 2025 |
£ £ 816,814 10 1,641 22,989 24,640 (33,583) (8,943) (500) 807,371 792,818 14,553 807,371 2024 |
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Approved by the Trustees and authorised for issue on 27 June 2025
…………………………………………… Dr N S Corfield
…………………………………………… Rev. R Siebert
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E B HUTCHINSON CHARITABLE TRUST
NOTES TO THE ACCOUNTS YEAR ENDED 5 APRIL 2025
1.[Accounting Policies]
- 1.1 E B Hutchinson Charitable Trust is a registered charity with the Charity Commission in the United Kingdom. The nature of the charity’s operations and principal activities is to support research into diseases of mankind, primarily cancer research by applying its income for that purpose.
The charity constitutes a public benefit entity as defined by FRS 102. 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 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 Accounting Practice.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2 Fund accounting
The Trust Deed permits distribution from income only, the original Capital of the Trust, together with realised capital gains since inception, are regarded as a permanent endowment and consequently are classified as a permanent endowment fund in the Balance Sheet. On 30 September 2016, the Trustees decided to adopt a Total Returns Policy. This power permits the trustees to invest permanently endowed funds to maximise total return and therefore to apply an appropriate portion of the unapplied total return to income.
Endowment funds represent those assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund.
1.3 Income recognition
Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objectives. Unrestricted funds include designated funds where the trustees, at their discretion, have created a fund for a specific purpose.
Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the charity’s right to receive payment is established.
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E B HUTCHINSON CHARITABLE TRUST
NOTES TO THE ACCOUNTS YEAR ENDED 5 APRIL 2025
1.[Accounting Policies]
1.4 Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
Expenditure on charitable activities includes those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs allocated directly to such activities and those costs of an indirect nature necessary to support them
Grants made by the Trustees are charged against income in the year in which the grant is awarded, subject to all conditions imposed by the Trustees being met. Where such conditions are not met, the grant is not recognised in the accounts until all of the conditions have been met by the recipient. Unrestricted general funds are funds which can be used in accordance with the charitable objects at the discretion of the Trustees.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
1.5 Investments and gains and losses
Investments are recognised initially at their transaction value and subsequently measured at fair value as at the balance sheet date using the quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
1.6 Tax
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011.
1.7 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 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
The Trustees make decisions on the level of donations to make based on income received at the October Trustees meeting. The cash available is generated from the investment portfolio via dividends & interest net of management fees.
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E B HUTCHINSON CHARITABLE TRUST
NOTES TO THE ACCOUNTS YEAR ENDED 5 APRIL 2025
1.[Accounting Policies]
1.8 Judgements and key sources of estimation uncertainty
Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
No judgements or key assumptions were made in the preparation of the accounts.
2 Grants
| Grants Grants made to institutions: University of Kent at Canterbury for research into human cancer Reconciliation of grants payable Commitments at 6 April 2024 Commitments made in the year Grants paid during the year Commitments at 5 April 2025 Commitments at 5 April 2025 are payable as follows Within one year Due after one year |
2025 2024 £ £ 1,000 29,121 1,000 29,121 29,121 33,425 1,000 29,121 (30,121) (33,425) - 29,121 500 29,121 - 500 500 29,621 |
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3 Permanent endowment invested on a total return basis
The charity has exercised its rights by the Trustees under section 104(A) of the Charities Act 2011 on 30 September 2016. This power permits the trustees to invest permanently endowed funds to maximise total return and therefore to apply an appropriate portion of the unapplied total return to income. The unapplied total return remains invested as part of the permanent endowment until that power is exercised. When exercised it allows the trustees to apply an appropriate portion of the unapplied total return to income each year.
| At 6 April 2024 Unapplied total return Movements Dividend return Investment management costs Profit/(loss) Unapplied total return allocated to income Net movement in the year Total |
Endowment for investment Unapplied Total Return Total endowment £ £ £ 388,733 - 388,733 - 404,085 404,085 388,733 404,085 792,818 - 35,809 35,809 - (6,038) (6,038) - (31,841) (31,841) - (2,070) (2,070) - (35,809) (35,809) - (37,879) (37,879) 388,733 366,206 754,939 |
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E B HUTCHINSON CHARITABLE TRUST
NOTES TO THE ACCOUNTS (CONTINUED) YEAR ENDED 5 APRIL 2025
| 4 Accountancy and Independent Examiner’s Fees Independent examiner's fees Charity secretarial duties |
2025 2024 £ £ 1,980 1,860 630 600 2,610 2,460 |
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5 Trustees' and key management personnel remuneration and reimbursed expenses The trustees have not received any remuneration in the year (2024: None). During the year 1 trustees (2024: 1) received mileage expenses amounting to £133 (2024: £129).
The trustees consider the board of trustees comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis. As detailed above, no trustees received remuneration during the period.
6 Investments
| Quoted investments Market value at 6 April 2024 Additions Disposals Gains and losses Market value at 5 April 2025 Historical cost at 5 April 2025 Quoted investments comprise: Equities Mutual funds |
2025 2024 £ £ 816,814 802,535 37,000 36,000 (52,305) (35,928) (31,841) 14,207 769,668 816,814 465,302 432,135 2025 2024 £ £ 555,368 599,716 214,300 217,098 769,668 816,814 |
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The fair value of listed investments is determined by reference to the mid-market value of shares at the Balance Sheet date.
| 7 Creditors: Amounts falling due within one year Grants Accruals |
2025 2024 £ £ 500 29,621 3,969 3,962 4,469 33,583 |
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E B HUTCHINSON CHARITABLE TRUST
NOTES TO THE ACCOUNTS (CONTINUED)
YEAR ENDED 5 APRIL 2025
| 8 Creditors: Amounts falling due after more one year Grants |
8 Creditors: Amounts falling due after more one year Grants |
2025 2024 £ £ - 500 |
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| - 500 | ||
| 9 Capital fund Endowment funds Expendable endowment fund |
As at 6 April 2024 Income Expenditure £ £ £ 388,733 - - 404,085 - (6,038) |
Net investment (losses) As at 5 April 2025 £ £ - 388,733 (31,841) 366,206 |
| 792,818 - (6,038) | (31,841) 754,939 |
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| Capital fund Expendable endowment fund |
As at 6 April 2023 Income Expenditure £ £ £ 388,733 - - 395,893 - (6,015) |
Net investment gains As at 5 April 2024 £ £ - 388,733 14,207 404,085 |
| 784,626 - (6,015) | 14,207 792,818 |
The Capital Fund relates to assets referred to in the The Trust Deed as The Trust Fund and is considered a permanent endowment.
The Expendable endowment fund represents the increase or decrease in value of the original Trust Fund. These funds were previously not available for distribution. However following the decision by the Trustees on 30 September 2016, these can now be distributed in accordance with note 3.
| 10 Investments Current assets Investments Current assets Creditors: amounts falling due after more than one year Analysis of Funds - 2024 Current liabilities Current liabilities Analysis of Funds - 2025 |
Unrestricted Endowment Total £ £ £ 13,370 756,298 769,668 37,004 - 37,004 (3,110) (1,359) (4,469) 47,264 754,939 802,203 Unrestricted Endowment Total £ £ £ 22,494 794,320 816,814 24,640 - 24,640 (32,081) (1,502) (33,583) (500) - (500) 14,553 792,818 807,371 |
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11 Related party transactions
There were no related party transactions during the year other than detailed in note 5 (2024: none).
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