The Hadrian Trust Trustees, Annual Report and Financial Statements for the year ended 30 September 2024 Charity Number: 272161
THE HADRIAN TRUST TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 30 5EPTEM8ER 2024 The trustees are pleased to present their repvrt together wlth the financlal statements of the charlty for the year ended 30 September 2024 which are also prepared to rDeet the requirements for the Charities Att 2011. The flnancial staternents comply with the Charities Act 2011, the Trust Deed and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts In accordance with the Flnancial Reporting Stsndard applicable in the UK and Republlc of Ireland IFRS 1021. The organisation is a Public Benefit Entity within the definltlons of s34 FRS 102. REFERENCE AND ADMIN15TRAnvE DETAILS CONSTITUTION The Hadrian Trust Is a charitable trust governed by its trust deed dated 23 September 1976. It is a registered charlty,. charity number 272161. TRUSTEES The trustees who served durlng the year and up to the date of approval cf the flnancial statements We.. C.M. Wood P. A. Dodgson l. Brown J. C. FitzpatrKk D.C. Parker Chalr (Resigned 23rd OCtor 20231 IRestgned 12th February 20241 G. Rolt A. Maskery KEY MANAGEMENT PERSONNEL The key management personnel of The Hadrian Trust is deerned to bÈ the trustees as Identlfied above. PRINCIPAL OFFICE ANO CORRESPONDENT 19 Wlndmlll Wav Morpeth Northumberland NE61 IXQ TElephone.- 07531 145 789 Email.. enqUirS@hadr1ntrUSt.CO.uk Webslte.. www.hadrlantrust.co.uk BANKERS Uoyds Bank plc 102 Grey Street Newcastle upon Tyne NE99 ISL AUDITOR Stephenson Coates Audit Llrnlted West 2 Asama Court Newcastle 8usiness Park Newcastle upon Tyne NE4 7YO SOUCITORS Sinrons LLP The Cube INVESTMENT MANAGERS CCLA Investment Managers Senator House Barrack Road Newc8$tle upon Tyne NE4 6DB 85 Queen Victoria Street London EC4V 4Er
THE HADRIAN TRusr TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 305EPTEMBER 2024 Icontinuedl HISTORY OF THE TRUST The Hadrian Trust was e5tsblished by a trust deed dated 23 Septernber 1976, followin8 an inltlal glft by Mrs nda Kèthleen Arrn5trong. The initial capital was supplemented by subsequent gifts made by Mrs Armstrong during her Illetime and ultimately by a substsntial legacy following her death in 1988. OBJECTIVES AND ACTIVITIES OF THE TRUST The trustees are directed by the trust deed to apply the capita1 and Income of the trust for such charitable oblect or objects or for such charitable purpD5e or purposes as they might in their absolute discietion select. The Trust's main attivities are to safeguard thÈ Investment portfolio, and generate income to allowforgr8nt making. The trustees confirm that they have referred to the Charity Commission's guidan on public benefit when reviewing the Trusvs aims and objectives, in planning future attivities, and Setting the grant making policyforthe year. STRUCTURE GOVERNANCE ANO MANAGEMENT TheTrust Is adMinstered by the board of trustees, The trust deed provides that the survNin8 or contlnulng trustees should have the power to appoint new trustees and that the number of trustee$ should be three at least. New trustees are apwinted on Invitation and by confirmation by ordin3ry resolutlon at a quarterly meeting. The Chair-person is apwinted by the trustee5. Newtru5tees are brlefed on the powers and responsibilities of the trustees, the 8rant sub-committee, the grant maklng process. Inve5trnents and the recent firiancial performance of the trust. Where appropriate the trust supports the training of trustees includin& for exarnple. the attendance at serninars organlsed by the Associ&tlon of Charitable Foundatlons. The trust does not employ any stsff and Is entirely managed by the trustees. The trustees make all decisions concerning the trust. One of the trustees acts a5 correspondent to deal with grant administration and routine correspondence. All eliÉible applications are acknowledged, Ilsted. summarised and considered by a grants sub-comrnittee before recommendations are 5ubrnitted to the next rneeting of the full board of trustee5. The trustees meet quèrterlyto consider these recomrnendations and then make linal decislons on the awarding of grants. Ernergency applicatiOll5 can be dealt with between meetlngs. The trustees reCee a detailed reportfrom its Investment Managers once a quarter and also meet representatives from the Investtnent Managers at least every six months who present their report and valuation of the trust's Investment portfolio. This is then disCU55ed and any necessary chan8es to the Investment str4tegy declded upon. RISK MANAGEMENT The trustees have considered the Major risks to which the charity is exposed, both as to the Investment Portfolio and their Grant Maknngi and have establlshed procedures to manage them.. Investment Portfolio.. The investment managers. who have discretionary power5, are under a duty to report to each of the trustee5, all changes In the portfolio and to present a report and valuation. which is 5tvdied and dis¢us$ed in detail bythe trustee5 as Stated above. Grant Maklng.. Reciplents of grants are required to report howthe grant ha5 been Spent and how it has helped the project. AtrUStee attend5 the bi-monthly meetings of the North East Trust Secretsrles, Group and takes part in the'informatlon exchange, there. However, the trustees con5iderthat an element of risk 15 inherent in good grant-rnaking- pèrticularly as it is the policy of the trustees to try to help charitable projects which rnay have dlfficulty In securing fundlng elsewhere and also, where appropriate, to contribute to stsrt-up funding for Charitab projects which may not yet be registered
THE HADRIAN TRUST TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2024 lcontinuedl GRANT MAKING POLICY The trustees are aware of the public benefit requsrnent ol section 4 of the Charities Act 2011 and having reviewed the grants made during the year are sati5fRd that they have complied with the requlrements of the Act. The published policy of the trustees is to help social welfare and other charitable or8anisations and indwidua15 In need within the Beneficial Area. Although the founder, Kathleen Arm5tron8* would not gNe any instructions as to aims and objettives, the trustees have alway5 tried to follow her philanthropic example, her love of the countryside and music. The main headlngs under which Zpplicatlons a considered are.. Soclal Welfare. Youth. Women, the Disabled. the Elderty, BAME. Education, the Environment and the Arts. Application5 from Indlvlduals in need are referred to the GreggsTrust which administers a Jolnt Hardship Fund in conjunctlon with othertrusts and to which the trust makes a ttuarterly 8rant. The Beneficial Area is defined by the boundaries of the old countles of Northumberland and Durham. This includes Tyne and Wear and Cleveland INorth of the Tee51. GRANT APPLICATION PROCESS The trust is listed Sn all the main directorles and particularly In the local Grant Seekers, Guide. An Information Sheet Is available on request. Hlstoric311y appllcation ha5 been by letter wlth a copy of the annual report and account5 and list ol other applications belng made. Before submlttlng an applkation, applicants are recommended to consult the trust'5 websbte Iwww.hadriantrust.co.ukl where they wll find a list of Items that the letter of application should include. All ellglble applicatlons are acknowledged and the acknowledgement 8ives the date when the application wlll be considered and Jnay request further Information. Cheques are sent outto successful applKants within fourteen days of the meetlng but no further correspondence is sent to Unsuccessful applicants. TheTrust Introduced an on-line appllcatlon process fororganisatlons during the year to Septernber 2017. It is a sirnple form with the faclllty to attach reports and accounts. An automated reply 1$ sent to the applicant inforrnin8 them the form has been recelved and will be processed. Thi5 15 then followed up by the administrator who confirms the date of the rneetlng when the applicatlon will be considered. Currently iirca 90% ot applications are received onllne. ACHIEVEMENTS AND PERFORMANCE The Trust generated £261,91812023.. £259,731) duringthe fi'nancièl year. The trustees rnet quarterly and rnade 235 granrs totslllng £244,14012023.. £231.1001. Grant categories necessarily overlap, but the grant total was divlded as follow5.. Social Welfare £71,200129.2%1, Youth £43,2CK>117.7%1, Women £7,50013.1%l, Di5abledlElderly £66,240 127.1%), BAME £3.50011.4%1, Arts £19,5ry)18.0%l, Education £12,(o14.9%1, Envlrontnent £l.00010.4%1, Individuals Ithrough GreEES Foundatlonl £20,00018.2%1. PERFORMANCE MONITORING AND REVIEW All recipient5 of grant5 are asked ro report how the grant has been spent and how tt has helped the project. FINANCIAL REVIEW The Income of the trustconslsted of distributions from the COIF Imiestrnent Fund and Interest on deposits. Incorne for the year was slightly hi8her at £261,91812023-. £259,731). As èt 30 September 2024 the value ol the Investment Ptsrtfolio was £9.608,543, based on the mld-market Value of the Units at that date12023.. £8,772,478). Thi5 represents an Increase of 63.7% over cost12023-49.5%1 Ttstsi funds held by the Trust as at 30 September 2024was £9,677.15212023.. £8,847.8611. Total funds forthe Trust a unStrICted. No restrlcted or designated funds are held.
THE HADRIAN TRUST YRUSTEES. ANNUAL REPORT FOR THE YEAR ENDED 30 SEPTEMBÉR 2024 Icontinuedl PAY POLICY FOR KEY MANAGEMENT PERSONNEL The Hadrian Trust has Identled the Key Management Personnel withln the Le8al and Administrative Informatlon section and is deemed to consist of the trustees. One of the trustees, G. Rolt, W35 remunerated in reco8nitlon of her work a5 correspondent to the trust. Mrs Rolt w35 appolnted to this role on 23rd Ottober 2023.taking over from Mrs P.Dodg50n who was remunerated during the period of handover.Full details are contained in Note 7t0 the Financlal Statements. None of the other trustees are remunerated in their tapacity as trustee. The remunerated trustees are not involved In the decision making arrangements for setting the rernuneration. INVESYMENT OBJECTIVES The tru5tee5' investment objectives are as fo15ows'. To maintain, and overthe longer terrn to increase, the purchaslng power of the trust capital and the al value of the income derived frorn it. To lirnit the risk of the trust capital dirnlnlshln8 In value over the longer term. To ensurÈ that the trust's Investment managers 3Ct In accordance with the prlnciple5 of good Prarti. INVESTMENT POLICY AND PERFORMANCE The trust deed 8ives the trustees an absolute discretion 85 to the investrnent of trust monies. The investment strategv. including asset mix, the target Income level and the acceptèble level of risk Is agreed with the investmenr manager5. From January 2006 the portfolio has been rnanaBed on a dlscretionary basi5 and as the trust deed glves the trustees power to dlstribute capital as well as incorne, investmert performance is to be measured by total return on a rolling three-year ba515. RESERVES POLICY The trustees do not consider it neces53ryto maintain reserves as they have the powerto resort to capltal and the trust has no ongoing commttments. REVIEWS The trustees carry out perlodical review5 of their investment management arrangements and as reported In previous vears, Financial Ststements, appointed CCLA Investment Management Limited to manage the Trust Investments wlth effectlrorn l October 2015. FUTURE PLANS The trustees Intend to continue with thelr present5yStem for asse55in8 grant applications and awarding grants within the Beneficial Area. Mrs Dorothy Parker reslgned from the Trust durlng the year.The Trustees gulaV review the make up of the Board of Trustees. GOING CONCERN The trustees have reviewed aCtltIeS and prepared an assessrnentto enable them to consider the financial position. On concluslon of this work the trustees, havln8 considered both the significant level of cash antl investments held by the charfty, con5iderthat there a no rriaterial uncertainties regarding the charlty's ability to contlnue as a going concern for the next 12 months. PUBLIC BENEFIT The trustees have referred to the guidance In Charity Cornmlsslon's general 8uidance on publlc benefit when reviewTr¥ the aims and objectives and in pl3nnin8 future actlvlties. The charitsble oblectlves are set in order to provlde a clear and demonstrable public benefit.
THE HADRIAN TRU5r TRUSTEES, ANNUAL REPORT FOR TWE YEAR ENDED 30 sepTEMBER 2024 IcontiTruedl STATEMENTOFTRUSTEES, RESPONSIBILITIES The charlty's trustees are responslble for preparing the Trustees, Annual Report and the finarKial staternents in accordsnce with applicable law and United Kingdorn Accounting Standèrds (United Kingdom fjenerallyAccepred Accounting Practice). The law applicable to charities in England and Wales requlres the trustees to prepa flnancial Statements for each financial year which glve a true and falr vlewof the state of affalrs of the charity and of the incorning resources and applicatlon of resources of the charityforthat period. In preparlngthese financial statements. the trustee5 are required to.. select suitsble accounting policles and then apply tF*m con515tently- observe the methods and principles In the Charities Statement of Recommended Practice,. make judgements and estimates that are )$Oale and prudent,. state whether applicable accounting standards have been followed, subject to any material departures dI5¢1osed and explained in the financlal statements., prepare the financial Statements on the going concern basts unless it is inappropriate to presume that the charity wlll continue in operatlon. The trustees are responsible for keeplng proper attounting records that dlsclose with reasonable accuracy at any time the financial p051tion of the charlty and enable them to ensure thatthe financial statement5 comply with the Charities Act 2011, the Charity IAccounts and Report51 Regulations 2008 and the provision5 of the trust deed They are also reswnsible for safeguarding the a55ets of the charty and hence fortaking reasonable steps for the preventDn and detection of fraud and other iTregularitles. In sc far as the Board of Trustees is awa.. There is no relevant audit information of which the charity's auditors are unaware,. and The Board of Trustees has taken all the stÈP5 that it ought to have taken to make itself aware of any relevant audit information and to establish that the auditors are aware of that infomiatlon. Signed on behalf of the trustees C.M. Wood Trustee 10 Aprll 2025
THE HADRIAN TRUST Independert auditorfs report to the Trustees. of The Hadrlan Tru51 YEAR ENDED 30 SEPTEMBER 2024 Oplnlon We have audited the financial statements of The Hadrian Trust I'the charity'l. forthe yearended 30 September 2024 whlch cornprises the statement of financial activltles, the balance sheet, and the related notes, including a 5urnrnaryof significant 3ccounting policies. The financ31 reportlng framework that ha5 been applied in their preparation Is appllcable law and Unted Kingdom Accountine Standards, including FRS 102, The Financial Reporting Standard appllcable in the UK and Republic of Ireland (United Kingdom Generally Accepted AccountirK¥ Practice). In ouropinion. the financial statements.. give 8 true and farr wew of the state of the ¢haritls affair5 as at 30 SepternbeT 2024 and of Its incorning resources and application of resources forthe yearthen ended,. have been properly prepared in accordance wlth United Kingdom Generally Accepted Accountlng Practice,. and have prepared in accordance with the requirements of The Charities Act 2011. Basis foroplnlon We conducted our audit in accordance wath International Standards on Auditing IUKI IISAs IUKII and appllcable law. Our skK)nsibilities under those Standards are further described in the Auditorfs respon5ibllities for the audit of the financial statements sertion of our report. We are independent of the charlty in accordance with the ethical requirements that are revantt0 our audit of the financial statements in the UK. Including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wlth these requirernent5. We believe thatthe audit evidence we h3ve obtained is sufflcient and appropriate to provlde a basis forour oplnlon. Conclusions relating to Golng Concern In auditing the financial statements, we have concluded that the trustees use of the goin8 concern basls of aCcntIng In the preparatlon of the financial Statements is appropriate. Based on the work we have perfomied. we have not identifd any material uncertainties relatlngto events or conditlon5 th3L indiv1dua1 or CO1CtIve1v. may cast significant doubt on the charity'5 ability to contlnue a5 a going concern for period of at least 12 months froffl %then the finanoal statements are authorised for Issue. Our responsibilities and the responsibilities ol the trustees wlth respect to going concern a described in the relevant sectn5 ol this report. Other Information The other informatlon compri5e5 the inform8tlon included in the annu31 report, including the trustees, retK)rt, other than the financlal statelnents and our auditorfs retK)rtthereon. The trustees are responsible forthe other information contained within the annual report. Our opinion on the flnan¢ial statements does not ctsverthe other Information and. except to the extent otherwise explicltly stated in our report, we do not express any forrn of assurance conclusion thereon. thjr responsibility is to read the other Information and, In dolng so, consider whether the other information Is materially Incon51Stent with the flnancial 5tatement5 or our knowledge obtained in the course ol the audit, or otherwise appears to be rnaterlally mi5Stated. If we identify such material inconsistencies or apparent material misstat2rnents, we are required to determine whetherthls gNes rlse to a materkAI mi55tatement in the financi81 statements themselves. If, based on the work we have performed, we conclude that there is a material misstatemÈnt of thi5 Other Informatlon, we are required to rerK)rtthat fact. We have nothing to report in this regard.
THE HADRIAN TRUST Independent auditorf5 report to the Tru5tees' of The Hadrlan Tru YEAR ENDED 30 SEPTEMBER 2024 fcontlnuedj Matters on which we are requlred to report byexceptksn In the light of thÈ knowledge 4n(t understandlng of the charity and it5 envlronment obtained in the course of the audit. we have noi identifRd material rnlssratements in the trustees. report. We have nothingto report in respect of the following matters in latIon to which the Charities (Accounts and Repoflsl Regulètions 2008 require us to reportto you if. In our opinitsn.. • the information gNen in the trustees, report 15 inconsistÈnt in any material respect wlth the financial ststements,. or sufficient 8cmuntinK records have not been kept,. or the flnancial Statements are not in agrÈeFnent with the accountlng record5- or we have not recelved all the inforrnation ind explanations we require for ouraudit. Re5ponsibllltles of irusteès As explained more fully In the trustees. SpOnsIbIlItIeS statement set out on page 5. the trustee5 are responsible forthe preparation of the flnanclal statement5 and for belng satlsfled that they give 3 twe and fair view. and for 5u¢h internal control as the trustees deterrnine is necessary to enable the preparatlon of financial Statements that are free from material misststement, whether due to fraud or error. In preparlng the flnancial statements. the tnJstee5 are responslble for 655e55ingthe charftys 8billty ti) continue as a golng concern, disclosing, as 8pplicable, rnatter5 related to golng concem and using the going ¢on¢ern basis of accountlllg unle55 the trustees elther Intend to liquidate the charity orto cease operatlons, or have no realistic alternaifve but to do so. Auditor's responsibblities for the audit ol thefinancial Statements We have been appointed as auditor under Section 144 of the Charities Act 2011 and report in accordance wlth the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable a55urance about whetherthe fi'nancial ststements as 8 whole are free from rnaterial misstatement, whether due to fraud orerror, and to issue an auditor's port that includes our opinion. Reasonable a55urance a high level of a55urance, but Is nor a guarantee that an auditconducted in accordance with ISA5 IUKI will always detect a materi41 rnisstatement when it exists. Misstatements c4n arise from fraud or error 3nd are considered material if, individually or in the aggregate, they could reasonably be expetted to influence the economic deci5ion5 of users taken on the b&si5 of these financial statements. Irregularities, includlng fraud. are instances of non-compliance with laws and regulations. We design procedures in line wlth our responsibilities, outlined above. to detect rnaterial misstatemÈnts in respect of Irregularltles, includlng fraud. The exrent to which our procedures are capable of detectlng irregularkties, including fraud is detailed below..
THE HADRIAN TRusr Independent auditot'5 report to the Trustees. of The Hadrlan Trust YEAR ENDED 30 SEPTEMBER 2014 {¢ontinuedJ As part of an audlt In accordance with ISAS IUKI, we e¥ercise professional judgement and maintain profe55ional scepticism throughout the audit. We obtained an understanding of the leeal and regu18tory fr8fflework applicable to both the charity itself and the sector In whlch it operates. We dentIfied areas of laws and regulations that could reèson4bly be expected to have a material effect on the financial statements from our sector eKperience and through di5CU55ion with the Trustees. The most significant Identlfied that directly affect the financial 5tztement5 inrlude the FRS 102, the Charitie5 SORP IFRS 1021, the Charlties Act 2011 and UK taxation legislation. The charity 15 subject to other lav4s and regulations where the consequences of non-compliance could have a material effect on amounts or dls¢losure5 the financial statements. for instance through the imposition of fines or litigation. We identlfied the followi areas as those m05t likely to h8ve such an effett.. Oat4 Protection regu13tions, reco8ni5ing the natijre of the charity's 3Ctlvit*s. We considered the extent of compliance wirh those laws and reguktions as part of our procedure5 on the related financial statetnents. Our audSt procedures included.. making enquir$ of Trustees as to Whe they consider there to be susceptibility to fraud and whether they have any knowledge or suspicion of fraud,. • obtaining an understanding of the internal controls established to rn18ate risks related to fraud or non<omplian with laws and regulations.. a55esslng the design effettiveness of the controls In place to prevent and detert fraud.. 4ssesslng the risk of management override, including identifying ènd testing journal entr&,. • challenging the assurnptions and judgements made by mana8ernent in its 5igniflcant accountlng estlmates. Our audit did not identify any key audiÉ matters relating to the detectlon of irregularities includin8 fraud. However, despite the audit being planned and conducted in accordance with ISAS IUKI there remains an unavoldable rlsk that materrél rn155tatements in the financial statements may not be detected owfng to Inherent lifflitations of the audit and that by their very nature. any Such instances of fraud or irre8ul4rity likely Involve ¢ollu5ion, forgery, Intentlonal misrepresentatiOn5, or the override ol internal controls. A further descriptlon of our re5tN)nsibilities for the audrt of the financlèl statements is located on the Financial Reporting Councll's webslte at.. www.frc.org.uk/auditorsresponsibilitles. This description forms part of ouraudttorfs rep)rt. Use of our report This report 15 made solely to the charlty's trustee5, a5 a body. In accordance with The Charitleg Act 2011. Our audft work has been undertaken so that we might stste to the trustees those rn4tters we a required to state to them in an auditorfs report and for no Other purpose. To the fullest elent permitted by law. we do not accept or assume responsibility to anyone other than the charltys twstees a$ a body, for our audlt worl forthis reporL orforthe opinions we have formed. Stephenson Coates Audlt Llmlted West 2. Asama Court Nev4¢astle Busine55 Park Newc3Stle upon Tyne NE4 7YD IOApril 2025 stephenson CoatesAudlt Umired is ell8iblÈ for appointment asauditor Df the Chority by virtue of it5 eliwbilityfor appointmentas auditor under Sèction 1212 of the Companies Att 2006.
THE HADRIAN TRUST 5TATEMENTOF FINANCIALAcrivmES FOR THEYENR ENDED 30SEPTEM8EA 2024 Total Funds Total Funds Notes 2024 2023 INCOME Incomlng $oUrCeS from Eenerating funds.. Investment Sncome 261,918 259,731 TOTAL INCOME 261,918 259,731 EXPENDinJRE Costs of charitable activf(ie5 1268.6921 1255,6581 TOTAL EXPENDITURE 1268,6921 1255,6581 NET IEXPENDITUREII INCOME AND NET MOVEMENT IN FUND5 before galns and losses on investrnents 16.7741 4,073 Net gains on investments 835,065 113.763 NET MOVEMENT IN FLINDS 829.291 117.836 RECONCILIAnoN OF FUNDS Total unrestrirted fund5 broughtforward 8,847,861 8,730,025 TOTAL UNRESTRicfEO FUNDS CARRIED FORWARD 9,10 9.677.152 8W7,861 The statement of financial activities includes all galns and losse5 recognised in the year. All Income and expendItU derive from continuing activities. All income and expenditure relate to unrestricted fund5. The notes on wges 11- 15 form part of the financKal ststements.
THE HADRIAN TRUST ALANCE SHE AT 30 SEPTEMBER 2024 2024 2023 Notes FIXED ASSETS INVESTMENT5 AT MARKETVALUE 9.608.543 8,772,478 CURRENT ASSETS Interest Receivable CASH CCLA Deposit Account Lloyds Bank Current Account 66.324 73,362 71,495 78.075 78,383 TOTALCURRENT ASSErs CURRENT LIABILITIES Othercredlttirs CURRENT ASSETS Nrf ASSET5 9.677,152 8,847,861 Representin8 ThE FUNDS OF THE CHARITABLE TRUST VNRESTRICTED GENERAL FUNDS 114CLUDING REVALUATION RESERVE 9.10 9,677.152 8,84761 The$e fiThanual statemerts were approved by the board of trustees and authorlsed for issuÈ on 10 Awil 2025 and are slgned on behalf of th¢ board by- G. Rolt QM. Wood Trustee Trustee The notes on wges 11- 15 form part ol the financial 5tatement5. io
THE HADRIAN TRUST NOTESTO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 GENERAL INFORMATION The charity is a re815tered charlty in England and Wales and is unincorporated. The addre55 of the principal office 15 The Hadrlan Trust, 19 Windmill Way, Morpeth, Northumberland, NE61 IXQ. I ACCOUNTINfj POLICIE5 Statement of Cornpliae The financial statement5 have been prepared in accordance with Accountlng and Reporting by Charlties.. Ststement of Recornmended Przctice appllcable to charities preparing thelr a¢wunts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 leffectTrve ljanuary 20191- (Charities SORP IFRS 10211, the Flnancial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 and Charities Act 2011. Basls of Preparation The financial statements have been prepared on the hlstorical cost basis the exception of fixed asset investments which are held at falrvalue. The financial 5taternents are prepared in sterling, which Is the fvnctDnal currency of the entity. The most slgniflont areas of adjustment and key assurnptions that affect item5 in the account5 are to do with the valuation of the investments. With respectto the next reporting period. the most Significant areas of uncÈrtaiDty that affect the carrylng value of a55et5 held by the Trust are the level of investment return and the perforrnance of Investment marketslsee the inve5tmerf policy and performance and risk management se¢tion5 of the trustees. annual report for more information). The trustees do not con5iderthere to be any other area5 of signiflcant judgement orestlrnatlon vncertalnty to the accounts. GoinKConcern The trustee5 have revlewed activities and prepared an assessment to enable them to COnser the flnancial position of the organisation. On conclusion of thls work the trustees, having considered both the significant level of cash and investrnents held by the chadty, consider that there a no material uncertaintie5 regarding the charity's ability to continue as a going concem forthe next 12 months. Dls¢lo$ure Exemption5 The entity tIsfie$ the criteria ol being a qualifying entity as defined In FR5102 In accordance with fRS102 Public Benefit Entity 3.3A the trustees confirm that this charlty Is a Pvbli¢ Benefit Entity IPBEI. The entlty has taken advants8e of FRS102 Sectlon IA available to small entitie5 and therefore no c85h flow statement is required. Donatlons DonatlOll5 are of a gener31 nature ind a recognised Whe there is entitlement, certainty of receipt and the amount can be measured with sufficient reliablllty. In¥e5tment Income and Interest le1vable Inte$t 15 included when receivable bythe charity. Income from investrnents is included in incomlng resources when the charlty is entitled to recelpt. Fund aOunting All funds are classed as nstriCted funds, whlch the trustees are free to use for any wrpose in furtherance ot the charitable objÈct5. li
THE HADRIAN TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30SEPTEMBER 2024 frontinuedj Investment a$5ets Investments are a form of baslc flnancial Instrument and are initrally recognlsed at their cost and sub5equentlv measured at fairvalue as atthe balance sheet date using the mid Market value. The Staternent of Financial Activitie5 includes the unrealised gains and losses arising on revaluation of inve5trnents held at the year end. Ca$h sh at bank and cash in hand Include5 cash and shon term highly liquid investments with a short rnaturty of three months or less from the date of acquisition or opening of rhe deposit OT similar account. Expendlture Llabilities are recognlsed as expenditure as soon as there is a legal or constructive obllgatlon cornmitting the <harlty to that expenditLJre, it is probable that settlement will be required and the amount of the obligation can be measured rellably. All expenditure is accounted for on an accrua15 basis. All expenses, including support costs and governance costs. are allocated or apportioned to the applicable expendlture headings in the staternent of flnanclal activities. All expendlture 15 inclusive of VAT. Grants payable are payments made to third parties In the furtherance of the charitsble objetts. Grants wyable are.. a8reed grants pald durin8 the year," and agreed ÈTant5 which have not been paid but which are payable on the satisfattion of a condition on the partof the grantee whlch ha5 not yet been $3tislied. Support costs have teen differentiated between governance costs and other support costs. Governance costs comprise all cosrs invofving the public accountability of the charity and its compllance with regu13tlon and good practtce. These cost5 include cost5 related to the audlt of the financial statements and other costs with an apportionment of overhead and support costs. Creditors and provisions Creditor5 and provlslons are ¢0¥niSed where the charfty has a present obligation resulting from a past event thai will Probab result in the transferof funds to a third party and the amount due to settle the obligaiK)n can be measured or estimated rellably. Creditors and provlsi(w are normally recognised at their settlement amount after allowing for any trade discount5 due. Taxation The charity is exernpt frorn tax on income and gain5 falling vlithln settitsn 505 of the Ta¥e5 Act 1988 or settbn 252 of the T8Xation of Chargeable Gains Act 1992 to the extent that these are applled to it5 charltable objects. Financial Instruments A financial asset or a financial Ilability 15 recognised On when the entity becornes a party to the contractual prowsions of the instrument. Bask linancial instruments are initialw recognlsed at rhe amount recelvable or payable IlUdIng ary related transaction costs, unle55 the arrangement Constitutes a fSnanclng transaction, where it 15 recognised at the present value of the future payments dis¢ovnted at a market rate of interest for a slrnilar debt Instrument. 2 INVESTMENT5 Market Value 30.09.24 Market Value 30.09.23 Analysis of investments Units In COIF Charities Investment Fund loo 9,608,543 IOD 8.772.478 Market Value broughtforward Gain in year Market Value carred forward 8,772,478 836,065 9.608,543 ,658,715 113,763 8,772,478 12
THE HADRIAN TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Icontinuedj 2 INVESTMENTS (CONTI An analysis of the Investments held bythe COIF Investment Fund a5 at 30 September 2024 and 2023 as follows:. 2024 2023 Oversea5 Equities UK Equities Propertylother Assets Fixed Interest Cash 62.8 63.3 17.9 16.9 ioo.o ioo,o All Investments are held with CCLA. CCLA hold shares for a number of orEanisation5 in a pooled fund. The split of this tund is unable to be identifled dIrtIV for the trust. Mov¢ment of Invtstmonts Book Value Market Value Unrealistd Investments at 30 5epternber 2023 5,869,510 8.772,478 2,902.968 Investments at 30 September 2024 5,869,510 9,608,$43 3,739,033 3 INVESTMENT INCOME 2024 Z023 DiStrbUt1onS from COIF Investment Fund Deposit Interest and other Income 260.233 1,685 261,918 258.243 1,488 259,731 4 INVESTMENT MANAGEMENT FEÈS The Investments of the Hadrian Trust 15 held in the COIF Charities Investment Fund which 15 an entity in its own rlghi and therefore no charges are directly levied on the Hadrian Trust. The Management fees of CCLA Investtnent Managers Limited are charged to the COIF Charities Investment Fund. The Annual Managernent Charge of CCL4 Investment Man3gement 15 0.6% of the value of assets whlch Is charged to the Fund monthly. Thls flgure Is Sncluded in the ongoing charges flgure which Is 0.88%. 13
THE HADRIAN TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Icontlnued) 5 CHARITABLE ACTIVITIES 2024 2023 Grants made Governance costs.. Auditor's fee5 Correspondent's fees INote 71 Sundry expenses 244.140 231,100 3,150 21,342 60 268,692 21.258 300 255,658 l. The grants made durlnÉ the year èmounted to E244,14012023.. £231.1001. 2. Material grants made during the year-. Greggs Foundatlon E5,000 per quarter IE20,000 In totall Funding Inforrnation North East £4.0[4 Payments of £l,ODDI 3. Mrnary of grant5 made durirg the year.. No. Totsl value Social Weffare Youth charities D15abled/Elderlv EducationlArts Greggs Foundation 6AME Women'5 charities 71 71,200 43,200 6f.240 31,500 20,000 48 69 Envlronment 235 244.140 4. Value of Indivldual grants made duringthe year.. Total value E5.OW £2,000 150D-£1,999 £1,000 500-£999 20,000 38,(K>D 6.500 Iso,000 29,280 360 Z44,140 19 150 57 10&£499 235 14
THE HADRIAN TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Icontlnuedj 6 NET INCOMING RESOURCES FOR THE YEAR This is stèted after chargin8'. 2024 2023 Auditor'$ fee 3.150 3.0 7 KEV MANAGEMENf PERSONNEL AND TRUSTEE REMUNERATION AND EXPENSES The key m8nageTnent personnel of the charity comprises solely of the trustees. A fee of £1.584 per month was pald to Gillian Rolt, one of the trusrees. In recognitlon of her work as correspondent to the trust Ms Dodgson. Mrs Rolt's predecessor retlred from the trust on 23 October 2023 and Mrs Gllllan Rolttook overthe posf(lon. The was a short handover period whi15t a smooth transitlon took place. Payrnent ol such fees are allowed under the terms of the governing document of the Trust. Trustee remuneration In respect of these serylces ndered for the year end 30 September 2024 was £21.34212023.. £21.2581. At 30 September 2024, no arnounts were owing in respect of this work12023.. £Nill. No other trustees were rnUnerated duringthe year12023.. None). No expenses were paid to any of the trustees during the year12023.. £Nill. The charity did not have any employees durinB the year12023.. None). 8 CREDITORS: amounts falling due wlthln one year 2024 2023 Accruals and deferred income 9 ANALYSIS OF CHARITABLE FUNDS 2023 2022 General Funds As at l October 2023 Income Expenditure Recognlsed fjains As èt 30 September 2023 8,847,861 261.918 1268,6921 836,065 9,677.152 8,730.025 259,731 1255,6581 113,763 8.847,861 Nei current 45sets I 10 ANALY51S OF NET ASSETS BETWEEN FUNDS Investments Total Unrestricted general funds 11 RELATED PARTY TRANSACTIONS Other than as dlsclosed In Note 7, there were no related wrty transartlons duringthe year12023.' None). 15