THE J G HOGG CHARITABLE TRUST
Trustees’ Report
and Financial Statements
for the year ended 5 April 2025
Registered Charity Number 299042
THE J G HOGG CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
CONTENTS
| Page | |
|---|---|
| Charity information | 1 |
| Trustees’ report | 2 |
| Auditor’s report | 5 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Statement of cash flows | 10 |
| Accounting policies | 11 |
| Notes to the financial statements | 13 |
THE J G HOGG CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
CHARITY INFORMATION
Settlor
John Goldsborough Hogg (died 1st August 2003)
Constitution
Trust Deed – 8 December 1987
Trustees
Sarah Jane Houldsworth Joanna Wynfreda Turvey
Registered charity number
299042
Principal office
Ludlow Trust Co Ltd Tower Wharf Cheese Lane Bristol BS2 0JJ
Auditor
Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY
Bankers and investment managers
C. Hoare & Co 37 Fleet Street London EC4P 4DQ Cazenove Capital Management 1 London Wall Place London EC2Y 5AU
Administrator
Ludlow Trust Company (London) Limited 8[th] Floor 1 Southampton Street WC2R 0LR
Page 1
THE J G HOGG CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
TRUSTEES’ REPORT
The trustees have pleasure in presenting their annual report for the purposes of the Charities Act 2011, together with the accounts 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.
STRUCTURE GOVERNANCE AND MANAGEMENT
The Charity was created by a Deed of Trust dated 8 December 1987 by the Settlor, John Goldsborough Hogg. The Settlor died on 1 August 2003.
The Will of the Settlor provided for the residuary estate to be held upon trust, with the income to be paid to his wife Mrs Sarah Edith Hogg for Life. Mrs Hogg died on 27th March 2021 and her Will was proved on 8th December 2021. On her death, her interest in the trust, which was 37.212% remainder share of the Will Trust, passed to the Charity. Furthermore, the late Mrs Hogg’s property, Old Broad Oak, passed to the Charitable Trust by virtue of her Will dated 24th February 2017 and as per the Deed of Appointment dated 24th September 2021.
The Trust is registered with the Charity Commission under number 299042.
The power of appointing new or additional Trustees rested with the Settlor during his lifetime. On his death the power of appointment passed to the current Trustees.
The Charity is managed by the Trustees, with daily administration being dealt with by the Agents, Messrs. Hoare Trustees. No fundraising activities are undertaken to support the work of the Charity.
The Trustees have very wide powers of investment.
OBJECTIVES AND ACTIVITIES
The Trustees are obliged to hold the capital and income of the Charity to apply all or part to or for the benefit of such charitable institutions, organisations or purposes as they shall think fit.
GRANT MAKING POLICY
Donations are decided periodically and paid at the Trustees' discretion. Unsolicited appeals are considered as well as causes which have been supported in the past. Only successful applicants are notified of the Trustees' decision. The Trust has a policy of not making donations to individuals and the Trustees regret that, in order to keep administrative costs to a minimum, they are unable to reply to all unsuccessful applicants. Full details of grants made during the year are given in Note 8 in the financial statements. As required by Charities Act 2011 the Trustees have referred to the Charity Commission's general guidance on public benefit when formulating the grant making policy.
ACHIEVEMENTS AND PERFORMANCE
The activities of the Trust remain satisfactory, and the objects of the Trust were achieved during the year. All the funds of the Trust are considered to form part of one Unrestricted Fund, which may be used in general furtherance of the Trust's objects. During the year, the Trustees awarded grants totalling £602,000 (2024: £11,000) to registered charities.
FINANCIAL REVIEW
Total income during the year included income from investments and bank interest totalling £71,905 (2024: £59,914) and rental income of £11,500 (2024: £11,374). Total expenditure, including grants, amounted to £696,599 (2024: £100,013). The net loss after investment losses amounted to £316,919 (2024: net gain of £424,496).
The Trustees are satisfied with the financial position of the Charity and that they have sufficient assets available to fulfil their obligations.
Page 2
THE J G HOGG CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
TRUSTEES’ REPORT
RISK MANAGEMENT
The Trustees have considered what risks the charity faces and believe these to be fraud or poor investment performance. Adequate systems are in place to mitigate fraud and investment performance is regularly monitored.
INVESTMENT POLICY AND PERFORMANCE
The Trustees may use their absolute discretion to invest the funds of the Charity as they think fit. The investment strategy is overseen by the trustees and investment managers, whose performance is benchmarked against the targets as per the Trust's Investment Policy Statement. The overall investment strategy is to achieve long term capital growth in real terms.
Reserves Policy
According to the Charity Commission's guidance update in their Statement of Recommended Practice: Accounting and Reporting by Charities, the Charity's expendable endowment is not considered part of the Charity's free reserves. However, this endowment is a considerable sum and the capital can be used at the discretion of the Trustees to fund any deficit on expenditure. It is therefore the view of the Trustees that the Charity does not need to hold any additional money in reserve.
At balance sheet date, the charity’s total funds amounted to £6,396,882 (2024: £6,713,801) with free reserves a surplus of £98,254 (2024: £54,446).
PLANS FOR FUTURE PERIODS
The intention of the Trustees is to continue with the present policy with regard to investments and donations.
STATEMENT OF TRUSTEES’ RESPONSIBILITIES
The trustees are responsible for preparing the Trustees’ 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:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation
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.
Page 3
THE J G HOGG CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
TRUSTEES’ REPORT
APPOINTMENT OF INDEPENDENT AUDITOR
For the year under review the charity exceeded the audit threshold and appointed Blue Spire Limited as auditor. Blue Spire Limited have expressed their willingness to remain as auditors of the charity.
Approved by the trustees and signed on their behalf.
Trustee Trustee Date Date 04 February 2026
Page 4
THE J G HOGG CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
INDEPENDENT AUDITOR’S REPORT
Independent Auditor’s Report to the Trustees of The J G Hogg Charitable Trust
Opinion
We have audited the financial statements of The J G Hogg Charitable Trust (the ‘charity’) for the year ended 5 April 2025 which comprise the Statement of Financial Activities, the Balance Sheet, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the charity’s affairs as at 5 April 2025, and of its incoming resources and application of resources, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to 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 with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the trustees’ report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 5
THE J G HOGG CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
INDEPENDENT AUDITOR’S REPORT
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Based on our understanding of the Charity and the sector, we identified the principal laws and regulations that directly affect the financial statements to be the Charities Act and Trustee Act. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
In addition, the Charity is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. As an investment and settlor funded grantmaker there is a limitation to areas most likely to have such an effect. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence if any.
The procedures to detect irregularities are set out below:
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
Page 6
THE J G HOGG CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
INDEPENDENT AUDITOR’S REPORT
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Blue Spire Limited, Statutory Auditor Date 05 February 2026
Cawley Priory South Pallant Chichester West Sussex PO19 1SY
Blue Spire Limited is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
Page 7
THE J G HOGG CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
STATEMENT OF FINANCIAL ACTIVITIES
| Note INCOME AND ENDOWMENTS FROM: Investment income 1 Other income 2 Total EXPENDITURE ON: Cost of generating funds 3 Charitable activities 4 Total Net gains/(losses) on investments 8 Net income/(expenditure) Transfers between funds 14 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward 14 Total funds carried forward 14 |
Unrestricted Funds £ 83,405 - 83,405 - 636,832 636,832 - (553,427) 597,235 43,808 54,446 98,254 |
Endowment Funds £ - 541,714 541,714 39,401 20,366 59,767 (245,439) 236,508 (597,235) (360,727) 6,659,355 6,298,628 |
2025 Total Funds £ 83,405 541,714 625,119 39,401 657,198 696,599 (245,439) (316,919) - (316,919) 6,713,801 6,396,882 |
2024 Total Funds £ 71,288 - |
|---|---|---|---|---|
| 71,288 | ||||
| 36,930 63,083 |
||||
| 100,013 | ||||
| 453,221 | ||||
| 424,496 - |
||||
| 424,496 6,289,305 |
||||
| 6,713,801 |
None of the charity’s other activities were acquired or discontinued during the above financial year.
The charity has no recognised gains or losses other than those dealt with in the statement of financial activities.
Page 8
THE J G HOGG CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
BALANCE SHEET AS AT 5 APRIL 2025
| Note FIXED ASSETS Investments 8 CURRENT ASSETS Investment property 9 Debtors 10 Cash at hand and in bank Total current assets CURRENT LIABILITIES Creditors: amounts falling due within one year 11 Net current assets/(liabilities) Total assets less current liabilities Creditors: amounts falling due after more than one year 12 Net assets/(liabilities) THE FUNDS OF THE CHARITY Capital (expendable endowment) 14 Income 14 Total charity funds |
£ £ 5,148,090 5,148,090 619,700 39,647 959,289 1,618,636 219,844 1,398,792 6,546,882 (150,000) 6,396,882 6,298,628 98,254 6,396,882 2025 |
£ £ 3,750,728 3,750,728 2,750,000 39,605 344,874 3,134,479 171,406 2,963,073 6,713,801 - 6,713,801 6,659,355 54,446 6,713,801 2024 |
£ £ 3,750,728 3,750,728 2,750,000 39,605 344,874 3,134,479 171,406 2,963,073 6,713,801 - 6,713,801 6,659,355 54,446 6,713,801 2024 |
|---|---|---|---|
| 3,750,728 2,963,073 |
|||
| 6,713,801 - |
|||
| 6,713,801 | |||
| 6,659,355 54,446 |
|||
| 6,713,801 |
The notes on pages 13 to 18 form part of these accounts.
These financial statements were approved by the board and signed on their behalf
Trustee Trustee Date Date 04 February 2026
Page 9
THE J G HOGG CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
STATEMENT OF CASH FLOWS
| £ £ Net cash flow from operating activities (see below) 43,511 Cash flow from investing activities Purchase of investments (4,922,430) Disposal of investment property 2,130,300 Proceeds from sales of investments 3,279,629 Investment income 83,405 Net cash flow from investing activities 570,904 Net increase/(decrease) in cash and cash equivalents 614,415 Cash and cash equivalents at 6 April 2024 344,874 Cash and cash equivalents at 5 April 2025 959,289 Cash and cash equivalents consist of: Cash at bank and in hand 959,289 Cash and cash equivalents at 5 April 2025 959,289 Reconciliation of net income to net cash flow from operating activities £ £ Net income for the period (316,919) Adjusted for: Investment income (83,405) (Gains)/losses on investments 245,439 (Increase)/decrease in debtors (42) Increase/(decrease) in creditors 198,438 360,430 43,511 2025 2025 |
£ £ (127,960) (4,136,098) - 4,436,130 71,288 371,320 243,360 101,514 344,874 344,874 344,874 £ £ 424,496 (71,288) (453,221) - (27,947) (552,456) (127,960) 2024 2024 |
£ £ (127,960) (4,136,098) - 4,436,130 71,288 371,320 243,360 101,514 344,874 344,874 344,874 £ £ 424,496 (71,288) (453,221) - (27,947) (552,456) (127,960) 2024 2024 |
|---|---|---|
| (127,960) |
Page 10
THE J G HOGG CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
ACCOUNTING POLICIES
General information, scope and basis of the financial statements
The J G Hogg Charitable Trust is a registered unincorporated charity, established under a trust deed, in England and Wales. The address of the principal office is given in the charity information of these financial statements and the nature of the charity’s operations and principal activities are detailed in the trustees' report.
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 presented 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.
Fund Structure
The Expendable Endowment Fund represents those assets which are held for the longer term of the Trust, in accordance with the terms of the Trust Deed. Income arising on the Expendable Endowment Fund can be used in the Unrestricted Funds. As an Expendable Endowment Fund can be used in accordance with the objects of the Trust, capital can also be spent in certain circumstances in fulfilment of the Trust's objects. Any capital gains or losses arising on the investments held in the Expendable Endowment Fund form part of that Fund.
Income
All income is recognised in the Statement of Financial Activities (SOFA) when the conditions for receipt have been met and there is reasonable assurance of receipt. Where a claim for repayment of income tax has been or will be made, such income is grossed up for the tax recoverable. The following accounting policies are applied to different categories of income:
Donations receivable
Donations are recognised in the SOFA when conditions for receipt have been complied with.
Investment income
Interest receivable on deposit and securities is accounted for as it accrues. Dividend income receivable on securities is accounted for when received by the investment manager.
Expenditure
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. The following accounting policies are applied to the different categories of expenditure:
Cost of Generating Funds
The costs of generating funds consist of investment management and certain legal fees. Charitable Activities
Donations payable are recognised when they are approved by the trustees and the recipient of the grant has been informed of the amount to be paid.
Governance Costs
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory audit fees together with support costs.
Fixed Assets
Investments are stated at market value at the Balance Sheet date. The SOFA includes the net gains and losses on revaluation and disposals throughout the year.
Realised And Unrealised Gains And Losses
All gains and losses are taken to the SOFA as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later).
Page 11
THE J G HOGG CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
ACCOUNTING POLICIES
Going Concern
The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. After making enquiries the trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.
Financial Instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
With the exceptions of prepayments and deferred income all other debtor and creditor balances are considered to be basic financial instruments under FRS 102. See notes 10, 11 and 12 for the debtor and creditor notes.
Cash And Cash Equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
Key Estimates And Judgements
In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements.
In the view of the trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.
Page 12
FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
THE J G HOGG CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
1. Investment income
| 1. Investment income | ||||||
|---|---|---|---|---|---|---|
| Investment income Interest received Rents receivable 2. Other income Gains on disposal of investment property |
Unrestricted Funds £ 65,645 6,260 11,500 83,405 Unrestricted Funds £ - - |
Endowment Funds £ - - - - Endowment Funds £ 541,714 541,714 |
2025 Total Funds £ 65,645 6,260 11,500 83,405 2025 Total Funds £ 541,714 541,714 |
Unrestricted Funds £ 48,976 10,938 11,374 71,288 Unrestricted Funds £ - - |
Endowment Funds £ - - - - Endowment Funds £ - - |
2024 Total Funds £ 48,976 10,938 11,374 |
| 71,288 | ||||||
| 2024 Total Funds £ - |
||||||
| - |
3. Raising funds - Investment management fees
| Investment management fees | Unrestricted Funds £ - - |
Endowment Funds £ 39,401 39,401 |
2025 Total Funds £ 39,401 39,401 |
Unrestricted Funds £ - - |
Endowment Funds £ 36,930 36,930 |
2024 Total Funds £ 36,930 |
|---|---|---|---|---|---|---|
| 36,930 |
Page 13
THE J G HOGG CHARITABLE TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
NOTES TO THE FINANCIAL STATEMENTS
4. Charitable activities
| Grants (see note 5) Property expenditures Rental expenses Utilities Property upkeep Staff Grounds/Garden Costs relating to sale Property development Car House clearance Plaque/Church Insurance Governance costs: Auditor's remuneration (see note 6) Legal fees Administrative fees Charity Flow fees Bank charges |
Unrestricted Funds £ 602,000 - - - - - - - - - - - 5,400 7,750 13,760 7,500 422 636,832 |
Endowment Funds £ - - 2,430 2,280 - 5,802 - 9,644 210 - - - - - - - - 20,366 |
2025 Total Funds £ 602,000 - 2,430 2,280 - 5,802 - 9,644 210 - - - 5,400 7,750 13,760 7,500 422 657,198 |
Unrestricted Funds £ 11,000 - - - - - - - - - - - 5,400 19,371 3,506 6,000 452 45,729 |
Endowment Funds £ - - 3,275 1,649 - 4,718 - 5,436 - - - 2,276 - - - - - 17,354 |
2024 Total Funds £ 11,000 - 3,275 1,649 - 4,718 - 5,436 - - - 2,276 5,400 19,371 3,506 6,000 452 |
|---|---|---|---|---|---|---|
| 63,083 |
| 5. Grants to institutions(one grant and England and Wales unless | 5. Grants to institutions(one grant and England and Wales unless | 5. Grants to institutions(one grant and England and Wales unless | indicated) | |||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||||
| Country | No. | £ | Country | No. | £ | |||
| Advancement of citizen or community development: | ||||||||
| The Livingstone Initiative re Chama School (- Zambia) |
Scotland | - | 10,000 | |||||
| - | 10,000 | |||||||
| Advancement of health or the saving of lives: | ||||||||
| Mercy Corps Europe re Sustainable | ||||||||
| Enger in Jordan's Za'atari Refugee | Scotland | 450,000 | - | |||||
| Camp | ||||||||
| 450,000 | - | |||||||
| Advancement of the arts, culture, heritage or science: | ||||||||
| Goldsmith Choral Union Tenor Scholarship |
2,000 | 1,000 | ||||||
| The Soil Association Limited re New Organic Entrepreneurs |
150,000 | - | ||||||
| 152,000 | 1,000 | |||||||
| Total | 602,000 | 11,000 |
At the balance sheet date the charity had grant commitments of £300,000 to The Soil Association Limited for a priority project; payable in two equal yearly instalments. The future instalments is subject to receipt of ongoing reports and the trustees satisfaction of the use of the funds. As such no liability for this commitments is recognised in these accounts.
Page 14
THE J G HOGG CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
NOTES TO THE FINANCIAL STATEMENTS
6. Auditor's remuneration
| Auditor's remuneration - audit | Unrestricted Funds £ 5,400 5,400 |
Endowment Funds £ - - |
2025 Total Funds £ 5,400 5,400 |
Unrestricted Funds £ 5,400 5,400 |
Endowment Funds £ - - |
2024 Total Funds £ 5,400 |
|---|---|---|---|---|---|---|
| 5,400 |
7. Related party transactions and employment costs
The charity has no employees, all administration being carried out by the trustees.
Until the tenancy agreement commenced at Old Broad Oak, there were significant running costs relating to the marketing and ongoing upkeep of the property and grounds. The trustees maintained and account of these costs, met by the rental income and funds from the investment portfolio. The balance £39,605 (2024: £39,605) represents the net amount which is due from Sarah Jane Houldsworth as 5 April 2025.
Other than the fees noted above, the trustee, Sarah Jane Houldsworth, was reimbursed £210 (2024: £nil) for travel expenses.
8. Investments
| Market value brought forward Cost of investments purchased Disposals at proceeds Unrealised/realised gain/(loss) on investments Market value carried forward Historical cost: Historical cost as at 5 April Analysis of investment holdings: Equities Bonds Others Cash 9. Investment property Market value brought forward Disposal Market value carried forward |
2025 £ 3,750,728 4,922,430 (3,279,629) (245,439) 5,148,090 2025 £ 5,475,664 5,475,664 2025 £ 3,633,524 724,147 665,419 125,000 5,148,090 2025 £ 2,750,000 (2,130,300) 619,700 |
2024 £ 3,597,539 4,136,098 (4,436,130) 453,221 |
|---|---|---|
| 3,750,728 | ||
| 2024 £ 3,403,446 |
||
| 3,403,446 | ||
| 2024 £ 2,616,558 580,249 528,921 25,000 |
||
| 3,750,728 | ||
| 2024 £ 2,750,000 - |
||
| 2,750,000 |
Page 15
FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
THE J G HOGG CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS
10. Debtors
| Sarah Jane Houldsworth (see note 7) Warners Solicitors |
2025 £ 39,605 42 39,647 |
2024 £ 39,605 - |
|---|---|---|
| 39,605 |
11. Creditors: amounts due in less than one year
| Grants Investment management fees Administrative fees Auditor's remuneration Charity Flow fees Charge on Old Broad Oak due to the Hon Mrs S E N Hogg's estate The estate of the Hon Mrs S E N Hogg |
2025 £ 150,000 12,204 15,960 5,400 - - 36,280 219,844 |
2024 £ 40,000 8,221 2,200 9,300 1,500 100,000 10,185 |
|---|---|---|
| 171,406 |
12. Creditors: amounts due in more than one year
| Grants | 2025 £ 150,000 150,000 |
2024 £ - |
|---|---|---|
| - |
13. Analysis of net assets between funds
| Investments Current assets Current liabilities Non-current liabilities |
Unrestricted Funds £ - 419,615 (171,361) (150,000) 98,254 |
Endowment Funds £ 5,148,090 1,199,021 (48,483) - 6,298,628 |
2025 Total Funds £ 5,148,090 1,618,636 (219,844) (150,000) 6,396,882 |
2024 Total Funds £ 3,750,728 3,134,479 (171,406) - |
|---|---|---|---|---|
| 6,713,801 |
14. Net movement in funds
| 14. Net movement in funds | ||||||
|---|---|---|---|---|---|---|
| Endowment funds Unrestricted funds |
Year ended 5 April 2025 | |||||
| Total funds brought forward £ 6,659,355 54,446 6,713,801 |
Total incoming resources £ 541,714 83,405 625,119 |
Total resources expended £ (59,767) (636,832) (696,599) |
Gains/ (losses) on investments £ (245,439) - (245,439) |
Transfers between funds £ (597,235) 597,235 - |
Total funds carried forward £ 6,298,628 98,254 |
|
| 6,396,882 |
Page 16
THE J G HOGG CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
NOTES TO THE FINANCIAL STATEMENTS
14. Net movement in funds (continued)
| Endowment funds Unrestricted funds |
Year ended 5 April 2024 | Year ended 5 April 2024 | ||||
|---|---|---|---|---|---|---|
| Total funds brought forward £ 6,289,305 - 6,289,305 |
Total incoming resources £ - 71,288 71,288 |
Total resources expended £ (54,284) (45,729) (100,013) |
Gains/ (losses) on investments £ 453,221 - 453,221 |
Transfers between funds £ (28,887) 28,887 - |
Total funds carried forward £ 6,659,355 54,446 |
|
| 6,713,801 |
15. Financial instruments
The carrying amounts of the Charity's financial instruments are as follows:
| Financial assets Measured at fair value through net income/(expenditure): Fixed asset investments Investment property |
2025 Total Funds £ 5,148,090 619,700 5,767,790 |
2024 Total Funds £ 3,750,728 2,750,000 |
|---|---|---|
| 6,500,728 |
The income, expense, net gains and net losses attributable to the Charity's financial instruments are summarised as follows:
| Income and expense Financial assets measured at fair value through net income/(expenditure) Income from listed investments Income from investment property Investment and other management fees Net gains and losses (including changes In fair value) Financial assets measured at fair value through net income/(expenditure) Unrealised/realised gains/(losses) on investments |
2025 Total Funds £ 65,645 11,500 (39,401) 37,744 (245,439) (245,439) |
2024 Total Funds £ 48,976 11,374 (36,930) |
|---|---|---|
| 23,420 | ||
| 453,221 | ||
| 453,221 |
Fixed asset investments are held at fair value with valuations obtained by reference to market prices from the appropriate stock exchange, bid prices and last traded prices where applicable.
Page 17
THE J G HOGG CHARITABLE TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025
NOTES TO THE FINANCIAL STATEMENTS
16. Comparatives of statement of financial activities
| Note INCOME AND ENDOWMENTS FROM: Donations: Investment income 1 Total EXPENDITURE ON: Cost of generating funds 3 Charitable activities 4 Total Net gains/(losses) on investments 8 Net income/(expenditure) Transfers between funds 14 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward 14 Total funds carried forward 14 |
Unrestricted Funds £ 71,288 71,288 - 45,729 45,729 - 25,559 28,887 54,446 - 54,446 |
Endowment Funds £ - - 36,930 17,354 54,284 453,221 398,937 (28,887) 370,050 6,289,305 6,659,355 |
2024 Total Funds £ 71,288 |
|---|---|---|---|
| 71,288 | |||
| 36,930 63,083 |
|||
| 100,013 | |||
| 453,221 | |||
| 424,496 - |
|||
| 424,496 6,289,305 |
|||
| 6,713,801 |
Page 18