RED HILL CHARITABLE TRUST REPORTS AND ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 Registered charity number: 307891
RED HILL CHARITABLE TRUST Address: 3 Thurnham Oast, Aldington Lane Maidstone Kent ME14 3LL Trustees: R Law (Chairman) A Bunting R Barton M Startup K Moule A Adams P Jones OBE N Clark R Piggott S Prendergast (appointed 18 October 2023) Associate trustees.. N St. John Paul E Leitch Prof. C Parsons (appointed 18 October 2023, resigned 20 March 20241 Treasurer: M Startup Independent examlner: B Cuddington FCA Pennine Bower 16 Lancet Lane Maidstone Kent ME15 9RX Bankers Barclays 8ank PIC Maidstone - North Kent Group Leicester LE87 28B Discretionary Fund Manager Rathbone Investment Management Limited 8 Finsbury Circus London EC2M 7AZ Registered Charity No. 307891
RED HILL CHARITABLE TRUST REPORT OF THE TRUSTEES For the ear ended 31 Au ust 2024 The trustees present their annual report and financial statements of the charity for the year ended 31 August 2024. The financial statements have been prepared in accordance with the accounting policies set out in Note I to the accounts and comply with the charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities. Structure, governance and management Red Hill Charitable Trust is governed by the trust deed dated 9 September 1997 and is registered charity (number 3078911. The Trustees govern the charlty. Objectlves and actlvlties and publlc beneflt The objective of the Trust is the promotion of education including social and physical training of persons under the age of 25 who are resident In the area of benefit and who have emotional or behavioural difficulties and disorders. The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guldance on public benefit when reviewing the Foundation's aim5 and objectives and in plannin8 f uture actlvities and setting the grant making policy. Recrultment and appolntment of trustees The trustees who have served through the period are set out on page l. Trustees are chosen for their knowledge in education or for other speclalist knowledge requlred to operate a successful charity. Actlvltles, performance and flnanclal revlew During the period under review 24 grants payments were made to the organisations set out on page 8 of the accounts. The grants were made in accordance wlth the charitable objectives and amounted to £79,983 for the year12023 - £83,536). The results for the year are set out in statement of financial activities on page 4, Unrestricted income when including total income applied to unrestricted funds was £67,000. Unrestricted expenditure was £84,160 and there was a deficit for the year of £17,160, which was taken out of resen4es brought forward of £17,054. Unrestricted deficit of funds carried forward amounted to £106. The permanent endowment at 31 August 2024 is £2,955,000. Investment pollcy The permanent endowment is invested to produce the best return with an acceptable level of risk, The capital generates income which can be used in accordance with the charity's objectives. The investment policy is set by the trustees who consider the income requirement, the risk profile and the investment managers view of the market prospects in the longer term. The trustees meet the investment manager annually to review performance and to discuss investment policy.
RED HILL CHARITABLE TRUST REPORT OF THE TRUSTEES For the ear ended 31 Au continued ust 2024 Total return The trustees have taken the decision to continue with making grants in excess of income as there is 3 large current need to support our beneficiaries. The markets improved during the year and there is an unapplied total return at 31 August 2024 of £224,290. It was agreed by the trustees in consultation with the investment advisors that for the year ended 31 August 2024 £67,000 be applied to income from the total return. The charlty received advice from Rathbones on investment policy and total return investing. Rlsk management The trustees have examined the major risks to which the charity is exposed and systems have been established to mitigate these risks. Approved by the trustees on I fl312 - RLAW CHAIR OF TRUSTEES
RED HILL CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES For the ear ended 31 Au ust 2024 Unrestricted funds Permanent endowment Total funds Total funds 31.08.2023 Notes INCOME Investment income Total income applied to unrestricted f unds 73,455 73,455 58,590 67,000 167,000) Total income resources 67,000 6,455 73,455 58,590 EXPENDITURE Charitable activities Grants for charitable purposes Investment management fees Other charitable expendlture Trustee expenses 79,983 79,983 21,667 4,099 78 83,536 20,497 3,548 21,667 4,099 78 Total resources expended 84,160 21,667 105,827 107,581 NET EXPENDITURE BEFORE INVESTMENT GAINS AND LOSSES {17,1601 115,2121 132,372} 148,991) GAINS ON INVESTMENTS 291,227 291,227 7,851 NET MOVEMENT IN FUNDS (17,1601 276,015 258,855 141,1401 TOTAL FUNDS BROUGHT FORWARD 17,054 2,903,275 2,920,329 2,961,469 TOTAL FUNDS CARRIED FORWARD £11061 £3,179,290 £3,179,184 £2,920,329
RED HILL CHARITABLE TRUST BALANCE SHEET For the ear ended 31 Au ust 2024 Notes 31.08.2023 FIXED ASSET INVESTMENTS 3,152,290 2,893,275 CURRENT ASSETS Debtors and prepayments Bank and cash balances 407 26.487 390 26,664 26,894 27,054 CREOITORS: Amounts falling due within one year NET CURRENT ASSETS 26,894 27,054 NET ASSETS £3,179,184 £2,920,329 TRUST FUNDS Permanent endowment Unrestricted funds 3,179,290 11061 £3,179,184 2,903,275 17,054 £2,920,329 The accounts set out on pages 6 to 11 were approved by the trustees on .J.9.1..I.I..kn)... and signed on their behalf by: M STARTUP TREASURER
RED HILL CHARITABLE TRUST NOTES TO THE ACCOUNTS 31 AUGUST 2024 I. ACCOUNTING POLICIES General informatlon and basls of preparatlon The Red Hill Charitable Trust is a charity registered with the Charity Commission In the United Kingdom. The address of the registered off ice is given in the charity information on page l of these financial statements. The nature of the charity's operations and principal activities are set out in the Report of the Trustees on page 2. 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 Charitie5: 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 IFRS102} issued on 16 July 2014, Charities SORP 2019 IFRS 102}, FRS 102 section IA and the Flnanclal Reporting Standard applicable in the Unlted Kingdom and the Charities Act 2011. The charity has taken advantage of the exemptlon not to produce a cash flow statement under FRS 102 Section IA and SORP 2019. The financial statements are prepared on a 8olng concern basis under the hlstorlcal cost convention, modified to include certain items at fair value. The financial statements are presented in sterllng which is the functional currency of the charlty 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 otherwlse stated. Fund a¢countlng and structure The funds held by the charity are divided between the permanent endowment (held in investments) and unrestricted funds which can be used in accordance with the charitable objectives at the discretion of the trustees. Income recognltlon Donations, legacies and other forms of voluntary income are recognised as income when receivable, except insofar as they are incapable of financial measurement. Income from investments is recognlsed when receivable.
RED HILL CHARITABLE TRUST NOTES TO THE ACCOUNTS 31 AUGUST 2024 continued I. ACCOUNTING POLICIES Icontinuedl Expendlture recognltlon All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Grant expenditure is recognised when awarded to the recipient. (The expense 15 included on an accruals basis in the year in which a legal or constructive obligation to pay the grant arlses). Costs of raising funds are investment management fees which are char8ed against the permanent endowment as the cost of capital maintenance. Charitable activities include expenditure a5SOClated with the making of grants and donations and include both the direct Costs and indirect costs relatin8 to these activities, on an accruals basis. Irrecoverable VAT is charged against the category of resource expended for which it was incurred. Investments Investments are recognised at fair value which is normally the transaction price excluding transaction costs, Subsequently they are measured at fair value with changes recognised in 'net gains/losses on investments, in the Statement of Financial Activities if shares are publically traded or their fair value can otherwise be measured reliably. Fair value for the purpose of the account5 is based on a portfolio valuation dated 31 August 2024 prepared by the stockbrokers, Rathbones. Debtors and credltors recelvable I payable wlthln one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are reco8nised in expenditure. Tax The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph I Schedule 6 Finance Act 2010 and therefore meets the definition of a charitable company for UK corporation tax purposes.
RED HILL CHARITABLE TRUST NOTES TO THE ACCOUNTS 31 AUGUST 2024 continued 31.08.2024 2. GRANTS FOR CHARITABLE PURPOSES Trall Blazers The Arts Depot Tall Ships Youth and Family Matter Churchlll COE School The Countryside Alliance Elsley Prlmary School The Root of It Free to be Cycle Community The Chicken Shed Theatre Portal House School Hunton COE School Blue Smile Project Bower Grove School GASP Motor Project Ryarsh School Flourish Mentors Roots 4 Learning De La Warr Pavilion EKS Schools Trust Kite College Wouldham All Saints School Mersham Primary School 1,800 5,349 2,500 3,600 4,000 4,500 1,500 3,300 2,500 3,600 2,000 2,000 2,295 4,000 4,800 5,269 6,320 2,500 3,550 2,400 3,600 3,600 £79,983
RED HILL CHARITABLE TRUST NOTES TO THE ACCOUNTS 31 AUGUST 2024 continued 3. OTHER CHARITABLE EXPENDITURE Unrestricted Fund5 Permanent endowment 31.08.2024 31.08.2023 Independent examination fee Insurance Administration costs 360 448 3,291 360 448 3,291 360 399 2,789 £4,099 £4,099 £3,548 No remuneration was paid to any Trustee, althou8h travelling expenses of £78 were paid. 4. FIXED ASSETS INVESTMENTS 31.08.2024 31.08.2023 Market value at I September 2023 Investments Acquisitions Disposals Revaluation to market value 2,827,217 1,684,504 11,699,998) 291,227 2,718,621 1,050,667 (949,9221 7,851 Market value at 31 August 2024 Cash 3,102,950 49,340 2,827,217 66,058 £3,152,290 £2,893,275 Investments at market value comprised: 31.08.2024 2.166,087 789,558 147,305 49,340 31.08.2023 2,269,892 449,592 107,733 66,058 Equities Fixed interest securitles Alternatives Cash £3.152.290 £2,893,275
RED HILL CHARITABLE TRUST NOTES TO THE ACCOUNTS 31 AUGUST 2024 continued 4. FIXED ASSETS INVESTMENTS (CONTINUED) Investments that accounted for more than 5% of the total were as follows: 31.08.2024 31.08.2023 J P Morgan Asset Managers UK Equity Care E Net income Lazard Fund Managers UK Ome8a EA Inc Invest Fund Servlces Evenlode Income C Inc Ishares PIC Core FTSE 100 Shares Income SPDR Series Trust S&PSOOETF S & P US Dlv Arlstocrats T Balley Fund Managers Evenlode Income C Income Treasury 3 %% Bond 31/01/2033 196,225 175,336 182,359 236,502 157,097 169,819 166,690 209,070 181,978 219,796 5. MOVEMENT IN FUNDS 8alance 01.09.2023 Gains on investments Balance 31.08.2024 Income Ex enses Unrestricted fund 17,054 67,000 184,1601 (106) Permanent Endowment fund Applied to income 2,903,275 73,455 {67,0001 £73.455 £{105,8271 121,6671 291,227 3,179,290 £2,960,329 £291,227 £3,179,184 Movement in funds for the year ended 31 August 2023 Balance Galns on investments Balance Unrestricted fund 20,138 84,000 187,0841 17,054 Permanent Endowment fund Applied to income 2,941,331 58,590 184,0001 £58,590 £1107,581) 120,4971 7,851 2,903,275 £2,961,469 £7,851 £2,920,329 10
RED HILL CHARITABLE TRUST NOTES TO THE ACCOUNTS 31 AUGUST 2024 continued 6. TOTAL RETURN Permanent endowment Unapplied total return Total endowment At I September 2023 Trust for investment Unapplied total return Total 2,955,000 2,955,000 151,7251 {51,7251 {51,7251 2,955,000 2,903,275 Movements In reportlng perlod Investment return: dividends and interest Investment return: realised and unrealised galns and Ilossesl Less: Investment management costs 73,455 73,455 291,227 {21,6671 291,227 121,6671 Total Unapplled total return allocated to permanent Endowment in the reporting period Unapplied total return allocated to income in the reportin8 period Net movement In the reportlng perlod At end of the reportlng perlod Trust for investment Unapplied total return At 31 August 2024 343,015 343,015 {67,0001 167,000) 276.015 276,015 2,955,000 2,955,000 224,290 224.290 £2,955,000 £224,290 £3,179,290
RED HILL CHARITABLE TRUST REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES OF RED HILL CHARITABLE TRUST FOR THE YEAR ENDED 31 AUGUST 2024 I report to the trustees on my examination of the financial statements of Red Hill Charitable Trust (the charity) for the year ended 31 August 2024, Responsiblllties and basls of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirernents of the Charities Act 2011 (the 2011 Act}. I report In respect of my examination of the charity's financlal statements carrled out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Direttions given by the Charity Commlsslon under section 145{5)(b) of the 2011 Act. Independent examlnerfs statement Your attention is drawn to the fact that the charity has prepared financial statements In accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities.. Statements of Recomrnended Practice Issued on l Aprll 2005 which Ss referred to In the extant regulations but has now been withdrawn. l understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting perlods beginnlng on or after l January 2015. I have completed rny examination; I confirm that no matters have come to my attention Sn connection wlth the examination giving me cause to believe that in any materlal 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 flnancial statements do not comply with the appliable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2CK18 other than any requlrement that the accounts 8ive a true and falr vlew which Ss not matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection wlth the examlnatlon to which attention should be drawn in this report in order to enable a proper understandin8 of the financial statements to be reached. Pennine Bower 16 Lancet Lane Maidstone Kent MEIS 9RX CUDDINGTON FCA Chartered Accountant Date: l9.1.3.) 12