ELEANOR HAMILTON EDUCATIONAL TRUST REPORT AND FINANCIAL STATEMENTS For the year to 30th June 2024 HUNTERS LAW LLP 9 New Squar8 Lincoln's Inn London WC2A 3QN SEC.WVM.35732-1
ELEANOR HAMILTON EDUCATIONAL TRUST REPORT AND FINANCIAL STATEMENTS For the year to 30th June 2024 Contsnts Page Auditorfs report Reference and administrative details Trustees, Report 5-7 Balance sheet statement of Financlal Activlties Investments 10-11 Investment Changes 12 Notes to the Accounts 13-14
Indapendènt Examiners Report to thè Trustees of Eleanor Hamilton Educational Trust I report on the accounts of the Trust for the year ended 30 June 2024 Respective r8sponsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider thatan audit is not required for this year undersection 144(2) ofthe Charities Act 2011 (the 2011 Act) and that an independent examination is needed. It is my responsibility to: examine the accounts under section 145 of the 2011 Act; to follow the procedures laid down in the General Directlons given by the Charity Commissioner under section 145(5)(b) of the 2011 Act", and to state whether particular matters have come to my attention. Basis of independent examiner's report My examination was carrled out in accordance with the General Directions glven by the Charity Commissloner. An examination includes a review of tha accounting records kept by the charlty and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be requlred in an audit and. consequentty no opinion is given as to whether the accounts present a 'true and fair view, and the report is limited to those matters set out in the statement below. Independent examiner's statement In connection wlth my examination, no matter has come to my attention: which glves me reasonable cause to believe that, in any material respect, the requlrements: (a) (b) to keep accountiftg records in accordance with section 130 of the 2011 Act; and to prepare accounts which accord with the accounting records and to comply with the accounting requiremenls of the 2011 Act have not been met; or to which. in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Colin Reid FCA Burgess Hodgson LLP Chartered Accountants 27 New Dover Road Canterbury Kent CT13DN i6¢Ectober 2024
ELEANOR HAMILTON EDUCATIONAL TRUST Reference and admlnistratlve details Charity Number: 309997 Principal Offlce clo Hunters Law LLP 9 New Square Lincoln's Inn London WC2A 3QN Trustees Mrs J Nyifi, CQSW (Chair) Mr W Brandon, MA Dr P Brandon, MRCGP Mr J C Vemor-miles Mr l Hippisley MrDPOrr Mr W E Vemor-miles Miss E J Brandon Bankers CAF Bank Ltd 25 Kings Hill Avenue, Kings Hill West Malling Kent ME19 4JQ Sollcltors Hunters Law LLP 9 New Square Lincoln's Inn London WC2A 3QN Investment Managars Raymond James Investment Services Limited 1 King William Street London EC4N 7AF Audltors Burgess Hodgson LLP 27 New Dover Road Canterbury Kent CT13DN
ELEANOR HAMILTON EDUCATIONAL TRUST Trustees Annual Report for the year to 30th June 2024 Structure overnance and mana ement The financial statements are prepared in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011. The Trust was established by a Deed dated 25th February 1957 creat8d by Eleanor Christodora Lady Hamilton. Appolntmont of new trusteos The power of appointing new Trustees is vested in the Trustees. The Trust Deed states that there shall always be at least three Trustees, and that if and so long as there shall be issue of the Founder living then at least one of the Trustees shall be appointed from such issue. The Trustees aim to Include among their number a legal adviser and a financial adviser. Any new trustee appointed is informed as to the charity's activities and airns and provided wlth copies of the goveming document, Minutes of recent meetings and the latest financlal Accounts. Organlsatlonal structure of the charity The Trustees manage the Trust usually meet at least On a year, but since the Covid pandemic the Trustees have been in contact remotely to take all decisions necessary jointly with regard to the review of the Trusvs activities and achievement of objectives. Certain day to day administrative tssks are delegated to the charity's legal and investment advisers. Investment decisions are made jointly by Mrs Nyiri, Mr J C Vernor-miles and Mr W E Vernor-miles. Objectives and Actlvities The governing document provides that the Trustees shall apply income and may apply capitsl to provide for the education of persons under the age of thirty whose parents or guardians are unable to pay for such education. The Trustees aim to help pupils complete their education giving priority to those children who ar8 either in the second year of GCSE or A Level de endin on social health and financial need. The Trustees also have power to make donations to charitable institutions whether educational or not. Grant4naklng pollcles The Trustees are not in a position to cary out the extensive investigations needed to establish suitable educational beneficiaries and therefore make donations to other charities which are able to carry out such investigations. The charity has in the past received funds from other trusts which have been wound up and the Trustees try to continue to support the charitable interests of those donors. The Trustees support a number of charities on a regular basis. The Trustees do not Gonsider unsolicited appeals and prefer to support charits'es introduced by the Trustees. Achievements and performance In the year to 30th June 2024 the Trustees donated £230,000 towards educational grants. Emmott Foundation received £55,000 to support students studying for their "A" levels. Thomton-smith & Plevins Trust reiVed £55,000 to support students studying for their 'A" levels. £45,000 was given to Newnham College to provide bursaries for students experiencing financial hardship and £45,000 was given to University of the Arts London to enable students to complete a Foundation Course before embarking on further studies. and Buttle UK received £30,000. Other general char5tsble donations totalled £145,000.
Monitorlng achievement The Trustees receive anonymised reports from the educational charities on the results of the beneficiaries supported by their grant. These progress reports Influen whether or not further grants will be given to those charities. When considering general charitable appeals the Trustees consider how previous grants have been utilised. Flnanclal Review, Investment Pollcy and Reserves The charity maintains an investment porttolio and operates as a grant making charity. The charty does not undertake any fundraising. The Charity's governing document places no restrictions on the discretion of the trustees in investing the Charity's assets. It is the policy of the trustees to invest in financial instruments as follows. to maintain sufficient cash to meet the Charitls short and medium term requirements; and invest the remainder in a mixture of bonds (Government-issued or corporate) and worldwide equities (induding collective investments) to achieve a balanced return in the long te bebNeen accumulated income and capitsl appreciation. Aside from cash on deposit, the Charity's financial investments are held by the Charity's investment advisers. The trustees take advice from their investment advisers on their investment strategy and on all investment decisions. The trustees must exercise care and skill when making investrnent decisions and select investments that are right for the Charity, including the need to diversify the Charity's investments. The investments are reviewed by correspondence throughout the year and at each trustees, meeting. Each review of the Charity. investrnents includes a review of the investment advisorfs advice, how the Charity's investments are performing and of the service provided by the Charity's investment advisor. In March 2020 the trustees agreed to steadily reduce the Charity's exposure to the fossil fuel industry and, where possible, and subject to advice from time to time of the Charity's investment advisers, Increase investment in businesses or funds involved in renewable energy and "green. industries. With effect from May 2023 the Charity's trustees have developed that policy further and will no longer invest in the fossil fuel industry, tobacco andlor "vaping" and e-cigarettes, alcohol, defence and weapons manufacturing industries. Due to professional restrictions prohibiting involvement by some of the trustees in taking part In Investment decisions, the final say on all investment changes has been delegated to three of the trustees. The activities during the period resulted in an increase in value of £137,515 (2023 increase of £203,991). The reserves at the year end were £9.25m (2023 £9.11 m). The charity holds sufficient resenies to continue its objectives. Plans for future periods The charity intends to continue to support children in either GCSE or A Level years through grants to other charities and provide bursaries to University of Arts. London and Newnham College. Cambridge. It will also make some charitable grants. Public Benefit We have referred to the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities as required under Section 17(5) of the Charities Act 2011.
Responslbilities of the Trustees The charity's Trustees are responsible for preparing the Trustees Annual Report and the Financial statements in accordan with applicable law and regulations. The law applicable to England and Wales requires the Trustees to prepare Financial Ststements for each financial year. Under that law the Trustees have elected to prepare the Financial Statements in accordance with the United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the Financial Statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and the income and expenditure 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 prlnciples in the Charlties SORP make judgments and estimates that are reasonable and prudent state whether applicable accounting standards have been followed subject to any 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 adequate accountlng records that are sufficient to show and explain the charity's transactions and 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 and Accounting and Reporting for Charities: SORP 2015. 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. Audltors Burgess Hodgson LLP have been appointed as auditors. Approved by the trustees and slgned on their behalf by: MrDPOrr Mr W E Vernor-miles 21 ..2024
ELEANOR HAMILTON EDUCATIONAL TRUST BALANCE SHEET as at 30th June 2024 2023124 2022123 UNRESTRICTED FUNDS 9.248,144.53 9.110,629.37 There are no restrlcted or endowment funds represented by:_ FIXED ASSETS INVESTMENTS at Market Value 8,674,205.26 8,728.389.88 CURRENT ASSETS CASH CAF Bank Raymond James account Hunters client account 24.420.90 546,047.09 13,490.08 83.636.52 307,528.57 0.00 CREDITORS - Amounts falllng dua wlthln one year Hunters Burgess Hodgson -8,368.80 -1,650.00 -5,925.60 -3,000.00 9,248,14 3 9,110,629.37 Approved by the Trustees on . and signed on their behalf by . MrDPOrr r W E Vernor-miles
ELEANOR HAMILTON EDUCATIONAL TRUST STATEMENT OF FINANCIAL ACTIVITIES for the year ended 30th June 2024 2023124 2022123 Unrestrlcted Unrèstrlcted Funds Funds INCOMING RESOURCES Investment Income Fixed Interest (gross) UK Dividends Overseas Dividends Bank deposit interest Raymond James Bank deposit interest CAF Bank 62,797.00 86,363.67 86,008.19 4,571.47 109.38 71,113.35 86,000.83 84,956.90 734.06 183.60 239,849.71 242,988.74 RESOURCES EXPENDED Charitable Ex enditure Educational Grants Other Charitable Grants 230,000.00 145,000.00 238.550.00 101,000.00 375,000.00 339,550.00 Mana ement and Administratlon Costs Hunters fees for the period to 30 June 24 Burgess Hodgson adjustment to 2022123 examination fee Burgess Hodgson provision for 2023124 examination fee Reimbursement of telephone charges - John Vernor-miles Secretarial service cost - Gloria Taviner Raymond James management fees Bank charges 17,733.00 -1,500.00 1,650.00 8.92 4,250.00 30,140.23 76.00 17,265.60 0.00 3,000.00 0.00 4,250.00 30.186.76 87.50 427,358.15 394,339.86 THERE ARE NO PUBLICITY OR FUND-RAISING EXPENSES Net Incomlngloutgolng resources In the year -187,508.44 -151,351.12 GAINSILOSSES ON INVESTMENTS Realised Unrealised 18,561.59 306,462.01 188,535.65 166,806.36 BALANCE BROUGHT FORWARD 9,110,629.37 8,906,638.48 BALANCE CARRIED FORWARD 9.248.144.53 9,110.629.37
ELEANOR HAMILTON EDUCATIONAL TRUST INVESTMENTS as at 30th June 2024 Market Value Market Value @ 3016124 @ 3016123 Income UK Flxed Interest $ 1,200,000 Tesco 6.150/. Sn Nts 15111137 US$ 120,000 UK (Govt of) 4.125 % Bonds 29101127 Pimco Global Re81 Return Fund 58,314.66 0.00 4,482.34 956,879.17 119,268.00 0.00 939,615.03 0.00 116,550.00 62,797.00 UK Companies 10,800 10,768 40,000 14.000 80,000 Experian Group US$ 0.10 GSK Ord 31.25p Haleon PIC Ord GBP 0.01 HSBC Holdings PIC Ord USDO.50 Impax Enviro Markets Ord GBP 0.10 Keystone Positive Ord GBP 0.10 Lloyds Banking Group Ord 0.1p London Stock Exchange Ord GBP 0.06918604 M&G PIC Ord National Grid Ord 0.12431289p Prudential Ord 5p Reckitt Benckiser Ord 10p Severn Trent Ord 0.9789 SSE Ord 50p Standard Chartered Ord US$O.50 Unilever Ord 0.031111 4,729.53 6,245.44 807.60 0.00 3,680,00 198.00 8,280.00 0.00 9,850.00 14,890.67 2,705.55 5.775.00 3,324.90 14,909.00 4,336.78 6,631.20 398.088.00 164.696.56 129,040.00 95.746.00 310,400.00 0.00 164,220.00 75.200.00 163,200.00 297,815.72 117,817.60 0.00 71,400.00 304,215.00 0.00 195,525.00 325,944.00 149,545.98 43,374.85 0.00 328,000.00 92,840.00 130,770.00 0.00 95,700.00 271,820.22 181,794.00 177,360.00 76,980.00 312,970.00 136,600.00 184,387.50 300.000 800 80.000 33,743 16,400 3,000 17,000 4,500 86,363.67 Overseas Companies 200 26,000 2,400 500 2,550 7,300 Adobe Inc AIA Group Limited NPV Alphabet Inc Cap Stock "C. Class Amazon Com Inc Com USD 0.01 Apple Inc Com NPV Australia & N8w Zealand Bank Group NPV Bayer AG NPV Becton Dickinson & Co Com US$1 Caterpillar Inc Com USD 1 CDN National Railways Com NPV Deere & Co Com USD 1 Emerson Electric Com US$O.50 EssilorLuxottica Estee Lauder Com US$O.01 J P Morgan Asian Investment Trust Jardine Matheson US$O.25 Johnson & Johnson Com US$1 Kering EUR 4 L'oreal Ord. é0.20 0.00 4,215.82 318.54 0,00 2,215.28 6,731,05 0.00 1,988.87 0.00 1,091.97 1,857.06 3,066.67 2,296.18 988.56 6.120.00 6,576.06 4,159.44 2,851.99 1,890.02 87,919.98 139,624.90 348,337.47 76,459.56 424,993.27 108.913.78 0.00 147,948.15 63,259.85 140,187.89 147,827.08 191,773.62 156,940.95 0.00 150,400.00 102,802.29 150,353.71 91,839.42 152,971.30 76,960.24 206,422.73 228,468.00 0.00 549,507.38 90.624.12 61,187.68 166,206.05 0.00 0.00 159.428.22 156,487.46 136,267.06 115,903.08 140,000.00 146,358.71 169,328.59 138,841.50 161,266.63 800 240 1,500 500 2,200 920 40.000 3.672 1,300 320 440 Carry forward 46,367.51 6,246,064.27 6,267,509.03 10
ELEANOR HAMILTON EDUCATIONAL TRUST INVESTMENTS as at 30th June 2024 Overseas Companies cont'd Carried forward 46.367.51 6,246,064.27 6.267,509.03 400 1,600 220 Mets Platforms Com 'A" Microsoft Corp Com US$O.00000625 Moodys Corp Com USD 0.01 Paypal Holdings Com Pepsico Inc Cap US£O.016666 Pinterest Inc Com USD 0.00001 CL Procter & Gamble Com NPV Roche Holdings AG CHF1 Royal Bank of Canada Com NPV Stryker Corp Com USD 0.10 Th8rrno Fisher Scientific Com USD1 Unlon Pacific Corp Com USD2.50 Verizon Communications Com US$O.10 Visa Inc Com Stk USD 0.0001 Walt Disney Com US$O.01 199.71 5,301.86 123.09 0.00 1,871.59 0.00 6,661.90 6,088.81 7,069.24 1,371.89 288.31 697.34 9,765.88 110.06 91.00 159,596.12 565,875.89 73,278.21 0.00 71,780.19 0.00 339,303.97 267,545.23 252,608.76 177,698.74 131,277.00 143,231.99 179,483.12 66,461.77 0.00 135,500.02 803,944.10 0.00 105,023.77 80,165.41 38,726.43 310,463.03 286,527.17 225,619.69 158,455.88 123,174.32 0.00 160,962.73 0.00 32,318.30 550 2.600 1,110 3.000 660 300 800 5,500 320 86,008.19 8,674,205.26 8,728,389.88 Market Value at 301612023 of investments sold Cost of investments purchased -1,457,122.83 1,096,476.20 Adjusted market value Market Value at 301612024 8,367.743.25 8,674,205.26 UNREALISED GAIN to 301612024 306,462.01 11
ELEANOR HAMILTON EDUCATIONAL TRUST INVESTMENT CHANGES in the year to 30th June 2024 AcouismoNS li Cost 2110212024 800.00 Union Pacific Corp Com USD 2.50 2110212024 1.500.00 CDN National Rallways Com NPV 1510512024 120,000.00 UK (Govt OQ 4.125% Bonds 29101127 GBP 1000 1510512024 30,000.00 M&G PIC Ord GBP 0.05 1510512024 14,000. HSBC Holdlngs PIC Ord USD 0.50 1510512024 26,540.00 Haleon PIC Ord GBP 0.01 1510512024 320.00 Visa Inc Com Stk USD 0.0001 1510512024 5W.00 Amazon Com Inc Com USD 0.01 1510512024 220.00 Moodys Corp Com USD 0.01 1510512024 240.00 Calerpillar Inc Com USD 1 1810512024 800.00 London Stcd Exchange Ord GBP 0.08918604 0610612024 7,619.00 Natlonal Grid Ord 0.12431289p (Rights18sue 7 for 241 159,071.17 154,130.95 121,601.70 62.676.53 99.584.27 88.273.23 72,012.67 74.402.97 72.527.01 69,184.10 73.869.05 49,142.S5 1,096.476.20 30th Sale Proceed8 June 2023 DISPOSALS Galnllos• 2110212024 44,000.00 Keystone P081tive Ord GBP 0.10 2110212024 1,400.00 Bayer AG NPV 2110212024 2,000.00 Paypal Holdings Com 2110212024 700.00 Appl8 Inc Com NPV 2110212024 1,100.00 Microsoft Corp Com US$O.00000625 2110212024 460.00 Wall Dlsney Com US$O.01 1510512024 20,OCH).00 Standard Chartered Ord USSO.50 1 $10512024 3,000.00 Reckltt Benckis¢r Ord 10p 1510512024 200.00 Mela Platfoms COM'A" 1610512024 300.00 Mlcro80ft Corp Com US$O.00000625 1510512024 350.00 Apple Inc Com NPV 1510512024 1,800.00 Pinlerast Inc Com USD 0.00001 CL 15m512024 750.th) Estee Lauder Com US$O.01 1510512024 15,000.00 Plmco Global Real Retum Fund 95,878.43 92,840.00 3,038.43 33,988.54 61,187.68 127,199.141 90,706.65 105.023.77 (14,317.12) 99,324.40 106,848.66 (7,524.261 345,864.09 294,779.50 51.084.59 38,877.87 32,318.30 6,559.57 154,927.70 136,600.00 18.327.70 136,313.79 177.360.00 141,046.21 } 74,057.67 45,186.67 28,891.00 97,853.23 80,394.41 17,458.82 51,404.97 53,424.33 (2,019.36) 59,255.39 38,726.43 20.528.96 78,981.07 115,903.08 {36.922.011 118,250.62 116,550.00 1 700.62 1475,684.42 1,457 122.83 18,561.59 12
ELEANOR HAMILTON EDUCATIONAL TRUST Notes to tho Flnancial Statements for the year ended 30th June 2024 ACCOUNTING POLICIES Basis of accountin In preparing the Accounts the charity follows best practi as laid down In Accounting and Reporting for Charities: SORP 2015. Historical cost accounting rules have been applied in all InStanS expt for the valuation of investments. Jud ements and Ke Sources of Estlmatlon Uncertalnt The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported. These estimates and judgments are continually reviewed and are based on experience and other factors, induding expectstions of future events that are believed to be reasonable under the circumstances. Flnancial assets held at fair value Investments are initially recognized at their transaction value and subsequently measured at their fair value as at the Balance Sheet date using the closing quoted market pri. Any corresponding gain or loss on this revaluation is shown in the Statement of Financial Activities for the year. The fair value of the Ilsted Investments at 30th June 2024 was £8,674,205 {2023: £8,728,390). Goln Concern Pollc There are no material uncertainties about the charity's ability to continue as a going concern. Fund Accountin Polic Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Investment rlsk dlsclosures: The main risk to the Charity from financial investments lies in the combination of uncertain investment markets and volatility in yield. The yield on bonds has in recent years been abnormally low, leading the trustees to seek higher Income yields from equities. The Charity is however reliant on capital appreciation to financ8 its work, the income generated being Insufficient to meet its commitments. This leads to a greater exposure to international companies the values of which, together with thelr yield, are exposed to exchange rate risk when converting the holdings into sterling. The Charity's investments are mainly traded in markets with good liquidity and high trading volumes. The Charity has no material investment holdings in rnarkets subject to exchange controls or trading restrictions. The Charity manages these investment risks by retaining expert advisors and operating an investment policy that provides for a high degree of diversification of holdings within investment asset classes that are quoted on recognized stock exchanges. The Charity does not make use of derivatives and similar complex financial investments as it takes the view that investments are held for their longer term. At the year end the investments were in the following sectors:_ 2024 £1,076.147 £2,487.364 £5,110.694 £8,674,205 2023 £1,056,165 £2,508.087 £5,164,138 £8,728,390 UK Fixed Interest UK listed equities Overseas listed equities TOTAL 13
Income The Trust income is derived from its investment portfolio. The Trust is not involved in fund-raising or publicity. Resources ex ended Expenditure is included on an accruals basis. Expenditure is recognized on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the ststement of financial activities to which it relates. Expenditure of charitable activities includes all costs incurred by the charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the govemance of the charity apportioned to charitable activities. Stsff costs The average head count of employees during the year was O (2023: Nil). No employee received employee benefits of more than £60,000 during the year (2023: Nil). This employee and key rnanagement personnel figure does not include the Trustees appointed and in position during the year. Related Pa Transactions No trustees received remuneration, expenses or benefits for the year. Mr W E Vernor-miles is a partner in the firm of Hunters Law LLP who received fees totaling £14,778 in the year exduding VAT (2023: £14,388). Mr D P Orr is a member of the fimi Raymond James who were the Trust's Investment Managers and received management fees of £25,117 in the year excluding VAT {2023: £25,156). 14