THE HAMAMELIS TRUST (CHARITY NUMBER 280938) Financial Statements
for the year ended 5 April 2024
31 Chertsey Street Guildford Surrey GU1 4HD Tel: 01483 791800 Fax: 01483 411400
Ref: 8666423/APM/LZD
The Hamamelis Trust (Charity Number 280938)
Contents to the Financial Statements for the year ended 5 April 2024
| Page | |
|---|---|
| Charity Information | 3 |
| Trustees' Report | 4 |
| Receipts and Payments Account | 6 |
| Statement of Assets and Liabilities | 7 |
| Notes | 8 |
2
The Hamamelis Trust (Charity Number 280938)
Legal and Administrative Information at 5 April 2024
| Charity Registration Number | 280938 |
|---|---|
| Settlor | Mr John Ashley Slocock |
| Governing Instrument | The Trust was set up in 1980 by John Ashley Slocock and enhanced on |
| his death in 1986 | |
| Trustees | Mrs Laura Dadswell |
| Dr Adam Stone | |
| Ms Lucy Jane Mirouze (who retired on 2 August 2023) | |
| Philip Horton (appointed on 2 August 2023) | |
| Law of trust | England and Wales |
| Principal Address for | Penningtons Manches Cooper LLP |
| Correspondence | 31 Chertsey Street |
| Guildford | |
| Surrey GU1 4HD | |
| Solicitors | Penningtons Manches Cooper LLP |
| 31 Chertsey Street | |
| Guildford | |
| Surrey GU1 4HD | |
| Investment Managers | Close Brothers Asset Management |
| 10 Crown Place | |
| London | |
| EC2A 4FT | |
| Rathbones Investment Management | |
| 8 Finsbury Circus | |
| London | |
| EC2M 7AZ | |
| Accountants & Examiners | Azets Audit Services Limited |
| Ashcombe Court | |
| Woolsack Way | |
| Godalming | |
| Surrey GU7 1LQ |
3
The Hamamelis Trust (Charity Number 280938)
Trustees' Annual Report for the year ended 5 April 2024
Specific Investment Powers
The Trustees' powers include full discretionary powers to make grants. They also have full discretionary power to make investments.
Appointment of New Trustees
The current Trustees have the power to appoint new Trustees by Deed.
Objects of the Charity
The objects of the charity are for any purposes recognisable as charitable. Currently the main areas of work are for medical research and ecological conservation. Grants made in each year are split into approximately equal proportions between each area. Grants are occasionally made to other projects. Generally, the trust makes grants to institutions and not to individuals. Projects outside the UK are not considered. Projects in the Godalming and Surrey areas are given special interest.
Future plans of the Charity
The future plans of the Charity are to continue its grant making activities.
Organisational and decision making process of the Charity
The Trustees make grants normally after discussion at periodic meetings.
Investment policy and the performance achieved against the policy.
The trustees intend that the real value of their assets be maintained and enhanced over the long term by investment in a portfolio comprised of equities, fixed income stocks, other structured products and cash. This portfolio is intended also to reflect the need to achieve diversification of investments.
It is hoped that the portfolio overall will perform in line or above the ARC Charity Steady Growth Index. In the year to 5 April 2024, the value of the portfolio decreased from £4,064,541.13 to £3,762,804.09. This represents a decrease of 7.42%. When portfolio cash is considered, the value of the portfolio increased from £4,253,046.40 to £4,397,488.61. This represents an increase of 3.40% (2023: decrease of 9.2%). During the same period, the ARC Charity Steady Growth Index rose by 9.38% (2023: fall of 4.25%).
Applications
All applications are asked to include a short synopsis of the application with estimated costings of the project for which the grant is requested. The Trustees will not acknowledge unsuccessful applications. Medical applications are assessed by Dr Adam Stone, a medically qualified trustee.
Review of the development, activities and achievements of the Charity during the year
At 5 April 2024 the Trust held cash totalling £634,684.52 (£188,505.27 in 2023). The investment portfolio was valued at £3,762,804.09 (£4,064,541.13 in 2023). Net income from investments and cash deposits totalled £116,144.14 (£104,591.50 in 2023). During the year, the net surplus was £446,179.25 (2023: £73,539.85 deficit). In the year, grants totalling £58,500.00 have been paid in furtherance of the charity's objectives (£85,500.00 in 2023).
Reserves policy
The Trust has no ongoing financial commitments that require it to maintain reserves. However, investments are maintained to ensure that the level of income is sufficient to cover any grants paid in the year.
4
The Hamamelis Trust (Charity Number 280938)
Trustees' Annual Report for the year ended 5 April 2024 - continued
Risk management
The Trust has no operational risks. Its risks are related to investment strategy and it guards against those risks by ensuring, with advice from investment professionals, a reasonable diversification on investments.
Relationship with other charities
There is no relationship with any other general grant making charitable trust.
Grant making policy
The charity aims to expend an amount on grants that is in line with the long term average of the total return generated by the portfolio.
Grants paid
| Charitable Organisation Charity No. Jigsaw (South East) 1147696 Cystic Fibrosis Trust 1079049 The Wildlife Trust for Bedfordshire, Cambridgeshire & Northamptonshire 1000412 Surrey Wildlife Trust 208123 Tuppenny Barn Education 1172846 Action Medical Research 208701 Rainbow Trust Children's Charity 1070532 Make Them Smile 1150013 Suffolk Wildlife Trust 262777 Tommy's 1060508 The Surrey Care Trust 285543 Disability Challengers 1095134 The Fountain Centre 1089086 Project Wingman Foundation Ltd 1183781 Friends Of Minstead Study Centre 1151909 Ezra Umarpeh Ltd 1081176 Epilepsy Research UK 1100394 |
Amount (£) £2,500.00 £2,500.00 £5,000.00 £5,000.00 £2,500.00 £2,500.00 £10,680.00 £2,500.00 £5,500.00 £2,500.00 £2,440.00 £2,440.00 £2,440.00 £2,500.00 £2,500.00 £2,500.00 £2,500.00 £58,500.00 |
|---|---|
Public benefit
The Trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit.
The beneficiaries of the Charity are those organisations which are associated with Medical Research or Conservation Projects. The Charity benefits the public by providing financial assistance to the aforementioned beneficiaries.
10/01/25
Mrs Laura Dadswell, Trustee
On behalf of the trustees
5
The Hamamelis Trust (Charity Number 280938)
Accounts for the year to 5 April 2024
1. Receipts and Payments Account (General Purposes Fund)
| Unrestricted funds | Unrestricted funds | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Income | |||
| Gross income from investments | note 2 | 79,250.43 | 79,673.25 |
| Foreign income | note 2 | 27,863.63 | 26,570.42 |
| UK tax credits or deducted at source | note 2 | - | (503.24) |
| Foreign withholding tax | (2,521.36) | (3,492.58) | |
| ____ | ____ | ||
| 104,592.70 | 102,247.85 | ||
| Deposit Account interest | note 2 | 11,551.44 | 2,343.65 |
| ____ | ____ | ||
| 116,144.14 | 104,591.50 | ||
| Other Receipts | |||
| Proceeds from sales of investments | 1,559,076.12 | 1,359,079.96 | |
| ____ | ____ | ||
| Total Receipts | 1,675,220.26 | 1,463,671.46 | |
| ============ | ============ | ||
| Direct Charitable Expenditure | |||
| Grants payable | 58,500.00 | 85,500.00 | |
| Other Expenditure | |||
| Purchase of investments | 1,115,145.81 | 1,398,198.87 | |
| Legal & Professional fees | 26,177.40 | 21,336.00 | |
| Accountancy fees | 1,320.00 | 1,500.00 | |
| Investment Manager fees | 26,715.81 | 28,257.27 | |
| Trustee expenses | 4.00 | 39.29 | |
| Accrued Interest Relief | 524.51 | 2,282.35 | |
| Loss on currency exchange | 653.48 | 97.53 | |
| ____ | ____ | ||
| Total Payments | 1,229,041.01 | 1,537,211.31 | |
| ============ | ============ | ||
| Net receipts / (payments) for the year | 446,179.25 | (73,539.85) | |
| Cash and bank balances at 5 April 2023 | 188,505.27 | 262,045.12 | |
| ____ | ____ | ||
| Cash and bank balances at 5 April 2024 | 634,684.52 | 188,505.27 | |
| ============ | ============ |
The notes on page 8 form part of these financial statements
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The Hamamelis Trust (Charity Number 280938)
Accounts for the year to 5 April 2024
2. Statements of Assets and Liabilities at 5 April 2024
| Unrestricted funds | Unrestricted funds | |
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Cash Funds | ||
| Penningtons Manches Client A/C | 41,880.06 | 24,574.95 |
| Close Brothers Bank A/C | 43,587.30 | 129,294.50 |
| Rathbones IM Bank A/C | 549,217.16 | 34,635.82 |
| ____ | ____ | |
| 634,684.52 | 188,505.27 | |
| ============ | ============ | |
| Investment Assets (at cost) | ||
| Quoted UK and overseas equity investments | 1,883,054.71 | 2,209,045.52 |
| Government and corporate loan stocks | 616,792.14 | 525,987.73 |
| Quoted unit trust and OEICs | 965,899.91 | 1,204,284.92 |
| ____ | ____ | |
| 3,465,746.76 | 3,939,318.17 | |
| ============ | ============ | |
| Market value of investments excluding realty | 3,762,804.09 | 4,064,541.13 |
| ============ | ============ |
The notes on page 8 form part of these financial statements
7
The Hamamelis Trust (Charity Number 280938) Notes to the Accounts
- 1 Quoted and unquoted investments
The investments are included in the statement of assets and liabilities at cost or market value when received in trust.
| 2 | Trust Income | 2024 | |||
|---|---|---|---|---|---|
| Gross income from investments | Gross | Tax | Net | ||
| paid | |||||
| £ | £ | £ | |||
| Dividends UK Company |
41,062.87 | 0.00 | 41,062.87 | ||
| Unit Trust/OEIC Interest Distribution | Net | 24,233.94 | 0.00 | 24,233.94 | |
| Unit Trust/OEIC Dividend Distribution | UK | 5,337.45 | 0.00 | 5,337.45 | |
| Gilt Interest Received Gross | 3,912.42 | 0.00 | 3,912.42 | ||
| Loan Stock Interest Received Gross | 4,703.75 | 0.00 | 4,703.75 | ||
| ________ | |||||
| 79,250.43 | 0.00 | 79,250.43 | |||
| ________ | |||||
| Deposit account interest | |||||
| Close Bros. Gross Int | 685.41 | 0.00 | 685.41 | ||
| Penningtons Manches Gross Int. | 948.97 | 0.00 | 948.97 | ||
| Rathbones IM Gross Interest | 9,917.06 | 0.00 | 9,917.06 | ||
| ________ | |||||
| 11,551.44 | 0.00 | 11,551.44 | |||
| ________ | |||||
| Foreign income | |||||
| Foreign interest | 9,364.43 | 0.00 | 9,364.43 | ||
| Foreign dividends | 18,499.20 | 2,521.36 | 15,977.84 | ||
| ________ | |||||
| 27,863.63 | 2,521.36 | 25,342.27 | |||
| ________ | |||||
| ________ | |||||
| TOTAL Trust Income | 118,665.50 | 2,521.36 | 116,144.14 | ||
| ====================================== |
8
The Hamamelis Trust Independent Examiner's Report For the Year Ended 5 April 2024 Independent Examiner's Report to the Trustees of The Hamamelis Trust I report to the charity trustees on my examination of the financial statement of The Hamamelis Trust Ithe charity) for the year ended 5 April 2024. Responsibilities and basis of report As the trustees of the charity you are responsible ft)r the preparation of the financial statements in accordance with the requirements of the Charities Act 20111'the Act'l. I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examiner's ststement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act,. or the financial statements do not accord with those records,. or the tinancial statements 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. Debra Saunders FCA, Bsc (Honsl Azets Audit Services Limited Ashcombe Court Woolsack Way Godalming Surrey GU7 ILQ Dated.. 24 January 2025