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2021-03-31-accounts

Charity Registration No. 326839 Company Registration No. 01890971 (England and Wales)

THE HOBSON CHARITY LIMITED

DIRECTORS’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

THE HOBSON CHARITY LIMITED

CONTENTS

Page
Legal and Administrative Information 1
Directors’ Report 2 – 6
Independent Auditor’s Report 7 – 10
Statement of Financial Activities 11
(including an income and expenditure account)
Balance Sheet 12
Statement of Changes in Equity 13
Statement of Cash Flows 14
Notes to the Financial Statements 15 – 42

THE HOBSON CHARITY LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Charity Status Registered in England and Wales
Charity Registration Number 326839
Registered Office Suite 104
6 The Broadway
Mill Hill
London NW7 3LL
Correspondence Address PO Box 57691
London
NW7 0GR
Company Registration Number
01890971
Trustees and Directors Lady Patricia Hobson OBE (Chair)
Deborah Hobson
Jennifer Richardson
Elizabeth Kelsall
Emma Richardson
Administrator / main contact Mark Turner
Website www.hobsoncharity.org.uk
Bankers Lloyds Bank Plc
39 Threadneedle Street
London EC2R 8AU
Auditors Lewis Golden LLP
Chartered Accountants and Statutory Auditors
40 Queen Anne Street
London W1G 9EL
Solicitors Edwin Coe LLP
2 Stone Buildings
Lincoln’s Inn
London WC2A 3TH
Investment Advisors Sarasin & Partners LLP
Juxon House
100 St Paul’s Churchyard
London EC4M 8BU

-1-

THE HOBSON CHARITY LIMITED

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

The directors are pleased to present their report together with the audited financial statements of the charitable company (“the charity”) for the year ended 31 March 2021, which also represents the trustees’ report which is required to be prepared by Part 8 of the Charities Act 2011.

The directors of the charity are its trustees for the purpose of charity law, as set out on page 1, and throughout the financial statements are collectively referred to as the trustees.

The financial statements have been prepared in accordance with accounting policies set out on pages 15 to 17 and with applicable United Kingdom accounting standards, current statutory requirements, the Charities Act 2011, the Companies Act 2006 (Charitable Companies), 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 (FRS 102) (2nd Edition, effective January 2019), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (‘FRS 102’) and the charity’s governing document. Legal and administrative information set out on page 1 forms part of this report.

Objectives and activities for the public benefit

The Hobson Charity was founded in 1985 and was established to achieve the following objectives:

The trustees will consider applications for grants which are in accordance with the stated objectives of the charity and:

Exceptions to these principles are only considered in (very) exceptional circumstances.

In the short-term, the charity carries out its objectives by making grants to a wide range of charitable causes as quantified in note 5 to the financial statements. The charity aims to distribute grants to those charitable organisations that the board of trustees decide are in line with the objectives of the charity. By providing such financial support the charity seeks to enable other charitable organisations to achieve their objectives.

The trustees’ long-term aim is to maintain total funds at a level which will generate investment income to fund future grant making at a level of approximately £1.2m per annum in perpetuity. In the current year, the charity achieved total investment income of £1,430,103 (2020: £955,366). The Charity is staggering its reinvestment plans to spread its risk exposure and thus a lower level of investment income is expected for the coming years. Under the Memorandum and Articles of Association, the charity has the power to invest without any restrictions any monies of the charity upon such investments and in such manner as may from time to time be expedient.

THE HOBSON CHARITY LIMITED

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

Objectives and activities for the public benefit (continued)

The trustees confirm that in accordance with section 17 of the Charities Act 2011, they have referred to the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning their future grant making activities.

During the year ended 31 March 2021, the trustees aimed to distribute a minimum of £1,200,000 (2020: £1,200,000) in grants. In March 2020, due to Covid-19, the trustees decided to consider and prioritise urgent applications from ‘frontline service’ charitable organisations. The section ‘Achievements and performance’ below contains further details of grants made during the year.

Achievements and performance

During the year the trustees approved 219 grants totalling £1,590,702 (2020: £845,716). Of this total, £563,385 (2020: £401,617) falls due for payment in future years. This was more than the charities’ objective for the year due to the large number of applications held back from the prior year. The following table puts the charity’s grants for the year into broad categories and shows the prior year for comparison. Full details of the grant recipients are set out in note 5 to the financial statements.

ut in note 5 to the financial statements.
Category 2021
Amount
£		 2021
Number
of grants		 2020
Amount
£		 2020
Number
of grants
Animals 610,444 39 20,449 9
Bereavement 1,200 1 5,037 2
Cathedral 3,500 1 10,000 1
Community 172,609 32 115,181 28
Disability 149,862 35 56,935 19
Domestic Abuse 6,584 2 1,750 2
Education 24,200 7 80,209 16
Elderly 32,340 11 8,235 6
Environmental 3,000 1 11,900 2
Family 13,808 3 5,507 1
Health & Wellbeing 14,222 5 11,320 2
Heritage - - 43,285 4
Homeless 35,281 9 1,775 1
Hospice 98,631 18 41,135 7
Life-Limiting 8,765 3 7,000 3
Medical 99,125 15 305,637 20
Mental Health 57,500 5 6,300 3
Museum - - 4,200 2
Music 30,000 1 1,000 1
Poverty 27,255 8 10,000 2
Rehabilitation 5,600 1 17,717 6
Rescue 5,950 1 15,002 2
Research - - 10,000 1
Theatre 11,500 2 9,859 3
Veterans 82,600 7 15,000 2
Youth 96,726 12 31,105 15
Total of grants approved in year 1,590,702 219 845,538 160
Less: grants cancelled from previous
years		 (45,944) (130,907)
Total 1,544,758 714,631

THE HOBSON CHARITY LIMITED

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

Achievements and performance (continued)

During the year 219 grants (2020: 160) were awarded to 217 different beneficiaries (2020: 160) in furtherance of the charity’s objectives.

The charity received investment income (net of the managers charges) of £1,274,002 from Sarasin & Partners LLP Investment Fund (2020: £704,480) the increase is as expected.

The charity received interest of £5,174 (2020: £151,892), incurred governance costs of £93,347 (2020: £98,340) and investment management fees of £150,927 (2020: £98,994).

The trustees invested a further £133,220 (2020: £24,251,989) in the current year into the portfolio held with Sarasin & Partners LLP. The fair value of the investment portfolio at the balance sheet date was £38,677,440 (2020: £31,822,784). The trustees believe this portfolio is adequately diversified and will provide beneficial investment returns in the future.

Financial review

The charity’s activities resulted in net incoming resources on the Unrestricted Income Fund for the year of £891,072 (2020: £43,401).

The total amount received during the year into the Unrestricted Income Fund was £1,279,176 net of the investment managers charges (2020: £856,372). The usual principal funding sources of the charity are the income from the investments and bank interest. Donations received amounted to £1,250,000 (2020: £nil). These sources generate enough income to enable the charity to meet its objectives. No transfers were made from the Expendable Endowment Fund to the Unrestricted Income Fund. The Expendable Endowment Fund increased by a net amount of £6,740,801. This was made up of an increase of the unrealised gain of £6,740,801 (2020: loss of £2,459,304) on the Sarasin & Partners LLP Investment Fund. The charity holds an expendable endowment fund to ensure the aims of the charity can be met in perpetuity.

As at 31 March 2021 the charity had total funds carried forward of £47,116,082 (2020: £39,484,209).

The trustees consider the risks associated with the assets in which funds are held and aim to maintain an appropriate mix of assets in order to realise the long-term aim.

Plans for future periods

At the time of writing, the trustees are continuing focusing their attention to urgent Covid-19 related applications from ‘frontline’ service charitable organisations.

The charity is a paperless organisation, the trustees have developed an online application portal, any potential applicants are advised to visit the portal found at www.hobsoncharity.org.uk for up-to-date availability of funds and advice on how to apply. The portal is managed by the administrator, Mark Turner who can be contacted by email at post@hobsoncharity.org.uk or if email is not possible then to the correspondence address PO Box 57691, London, NW7 0GR.

Grant applications must: be consistent with the charity’s objectives; exclude core costs, people or salary costs; and include the project details, a detailed budget and the most recent year end financial statements.

The trustees intend to distribute a total of approximately £1.2m from the unrestricted funds during the year ending 31 March 2022 and to review how the charity’s grants have been applied by the recipients of previous donations and grants and progress made by projects that the charity’s funding has made possible.

THE HOBSON CHARITY LIMITED

DIRECTORS’ REPORT

FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

Plans for future periods (continued)

The trustees continue to work with their investment advisors Sarasin & Partners LLP in seeking alternative appropriate investment opportunities. The trustees intend to increase their investment holding with Sarasin & Partners LLP in the future up to a total investment of £36m.

The trustees are confident that through a combination of different income streams, they will receive sufficient income to enable the charity to meet its objectives.

Covid-19 has not had a significant impact on the Charity. The trustees have determined that there is no material uncertainty that casts doubt on its ability to continue as a going concern. The trustees expect that Covid-19 might have some impact, though not significant, for example, in relation to expected future performance, or the effects on some future asset valuations.

Structure, governance and management.

The Hobson Charity Limited is a company limited by shares and a registered charity governed by its Memorandum and Articles of Association.

The charity may by ordinary resolution appoint a person who is willing to act to be a trustee either to fill a vacancy or as an additional trustee. Subject to Article 31, a trustee may be appointed under the Memorandum and Articles of Association to hold office for life or any other period or upon such terms in respect of their retirement as the trustees shall at the time of their appointment determine. Any person may be appointed or elected as a trustee, whatever may be their age, and no trustee shall be required to vacate their office by reason of their attaining or having attained the age of seventy years or any other age.

The trustees have considered the recruitment, appointment and training of new trustees. They agreed that any new trustee would have to be reputable, professional and be selected based on their suitability for the role. Training in financial accounting should be a requirement, although this would be dependent on the experience and knowledge of the trustee. Training in the role and responsibilities of a charity trustee would be mainly in the form of publications available from the Charity Commission. Any queries would be addressed to relevant professional advisors as required. As part of the induction process, new trustees are familiarised with the charity’s governing document.

All trustees give their time freely and no trustee remuneration was paid in the current and prior year.

Decisions are made by the trustees with regards to grant making and other areas, with the consent of all trustees at board meetings.

Principal risks and uncertainties

During the year the trustees have undertaken a risk assessment. The assessment helped to identify the major risks to which the charity is exposed.

The principal risk and uncertainty for the charity is that not enough income is generated in order to award grants and cover any governance costs. The charity holds a mixed portfolio of investments and the trustees have established a system to review major risks and to mitigate those risks by regularly reviewing the portfolio. The exposure of the charity to price risk, credit risk, liquidity risk and cash flow risk from holding its investments is therefore limited.

Reference and administrative information

The reference and administrative information set out on page 1 of forms part of this report.

The trustees who served during the year are shown on page 1 of this report.

THE HOBSON CHARITY LIMITED DIRECTORS, REPORT FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED) Statement of trustees, responsibilities The trustees {who are also the directors for the purpose of company lawl are responsible for preparing the Annual Report and the financial statements in accordan￿ with applicable law and regulations. Company law requires the trustees lo prepare financial statements for each financial y8ar. Under thal law the trustees must prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. 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 charitable company and of the incoming reSoUr￿S and application ol resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required lo: select sullable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP., make judgments and accounting estimates that are reasonable and prudent,. state whether applicable UK Accounting Standards have been followed, subject lo any material departures disclosed and explained in the financial slatemenls", and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable company will continue to operate. The trustees are responsible for keeplng 2dequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for takin9 reasonable steps for the prevention and detection of fraud and other irregularities. The twstees confim that so far as they are aware, there is no relevant audit information las defined by section 418 of the Companies Act 20061 of which the charitable wmpany's auditors are unaware. They have taken all the steps that they ought lo have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the charitable companrfs auditors are aware of that inform81ion. In preparing this report. The Trustees have taken advantage of the small companies exemptions provided by section 415A ofthe Companies Act 2006,. The trustees authorise the Directors, Report. By order of the trustees Lady Patricia Hobson OBE Trustga Deborah Hobson Trustee Jennifer Rl¢hardson Trustee Date.. | 8[ts,

THE HOBSON CHARITY LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE HOBSON CHARITY LIMITED

Opinion

We have audited the financial statements of The Hobson Charity Limited (the ‘charitable company’) for the year ended 31 March 2021 which comprise the Statement of Financial Activities (including an income and expenditure account), the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows and related 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:

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 charitable company 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 entity'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 Directors’ 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.

THE HOBSON CHARITY LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE HOBSON CHARITY LIMITED (CONTINUED)

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 6 the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they 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 charitable company’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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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:

We tailored the scope of our audit to ensure that we performed sufficient work to be able to give an opinion on the financial statements as a whole. We used the outputs of a risk assessment, our understanding of the company, its environment, its controls and critical business processes, to consider qualitative factors in order to ensure that we obtained sufficient coverage across all financial statement line items.

THE HOBSON CHARITY LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE HOBSON CHARITY LIMITED (CONTINUED)

Auditor’s responsibilities for the audit of the financial statements (continued)

Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. In identifying and assessing risks of material misstatement in respect of irregularities including non-compliance with laws and regulations, our procedures included but were not limited to:

We also considered those other laws and regulations that have a direct impact on the preparation of financial statements, such as the Companies Act 2006 and the Charities Act 2011 .

Our procedures in relation to fraud included but were not limited to:

The primary responsibility for the prevention and detection of irregularities including fraud rests with both those charged with governance and management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor’s Report.

THE HOBSON CHARITY LIMITED

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE HOBSON CHARITY LIMITED (CONTINUED)

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members 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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Moss (Senior Statutory Auditor)

For and on behalf of Lewis Golden LLP, Statutory Auditor

40 Queen Anne Street London W1G 9EL

Date:

THE HOBSON CHARITY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2021

Notes
Income from:
Voluntary income - donations
2
Investment income
3
Total
Expenditure on:
Raising funds:
Investment
management fees
4
Charitable activities:
Grant making
5
Governance costs
7
Total
Net income and net
movement in funds before
gains and losses on
investments
Gains/(losses) on investments
10
Net movement in funds
Reconciliation of funds:
Totals funds brought
forward
15
Total funds carried forward
15, 16		 Unrestricted
Income
Fund
2021
£
1,250,000
1,430,103
2,680,103
(150,927)
(1,544,757)
(93,347)
(1,789,031)
891,072
-
891,072
18,451,342
19,342,414		 Expendable
Endowment
Fund
2021
£
-
-
-
-
-
-
-
-
6,740,801
6,740,801
21,032,867
27,773,668		 Total
Funds
2021
£
1,250,000
1,430,103
2,680,103
(150,927)
(1,544,757)
(93,347)
(1,789,031)
891,072
6,740,801
7,631,873
39,484,209
47,116,082		 Total
Funds
2020
£
-
955,366
955,366
(98,994)
(714,631)
(98,340)
(911,965)
43,401
(2,459,304)
(2,415,903)
39,484,209
39,484,209

The Statement of Financial Activities includes all gains and losses recognised in the year. All incoming resources and resources expended are derived from continuing activities.

THE HOBSON CHARITY LIMITED BALANCE SHEET AS AT 31 MARCH 2021 2021 2020 Note5 FSxed assets Investments 10 38.677,440 31.822.784 Currant assets Debtors Cash at bank and in hand 11 532,606 8.682,249 282,007 8,054,479 9,214,855 8.336,486 Credltors: amounts falllng due wlthln one year 12 {665,8631 1561,4461 Net current assets 8,548,992 7,775,040 Total assets less current liabilities 47.226.432 39,597,824 Credltors= amounts falllng due after more than one year 13 1110.3451 1113,610) Net assets 47,116,087 39.484,214 Represented by-. Called up share capital Unrestricted Income Fund Expendable Endowment Fund 14 16 16 19.342,414 27,773,668 18.451.342 21,032.867 Total Funds 47,116,082 39.484.209 Net assels 16 47,116,087 39,484.214 These financial statements have been prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies. The financial statements were approved and authorised for issue by the board of trustees on 4k(LfirL_ Lady Patricia Hobson OBE Trustee Oeborah Hobson Trustee Jennifer Richardson Trusteo (Company Registored No. 01890971 {England & Wales)) (Charity Registergd No. 3268391 12-

THE HOBSON CHARITY LIMITED

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2021

Balance as at 1 April
2019
Net income for the year
Net losses on investments
Transfer between funds
Balance as at 31 March
2020
Balance as at 1 April
2020
Net income for the year
Net gains on investments
Balance as at 31 March
2021		 Called
up
share
capital
£
5
-
-
-
5
£
5
-
-
5		 Designated Income
Fund forming part
of the Unrestricted
Income Fund
£
3,243,400
(523,939)
-
-
2,719,461
£
2,719,461
447,622
-
3,167,083		 Unrestricted
Income Fund
£
15,164,541
567,340
-
-
15,731,881
£
15,731,881
443,450
-
16,175,331		 Unrealised
Investment
Property Gains
forming part of
the Expendable
Endowment Fund
£
-
-
-
-
-
£
-
-
-
-		 Expendable
Endowment Fund
£
23,492,171
-
(2,459,304)
-
21,032,867
£
21,032,867
-
6,740,801
27,773,668		 Total Equity
£
41,900,117
43,401
(2,459,304)
-
39,484,214
£
39,484,214
891,072
6,740,801
47,116,087

-13-

THE HOBSON CHARITY LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021

Cash flows from operating activities
Net movement in funds
Adjustments for:
Unrealised (gains) / losses on investments
Deduct interest income shown in investing activities
Deduct other investment income shown in investing activities
Movement in liquid assets
Increase in debtors
Increase / (decrease) in creditors
Net cash used in operating activities
Net cash flows from investing activities
Interest income
Other investment income
Purchase of investments
Net cash provided by / (used in) investing activities
Increase / (decrease) in cash and cash equivalents in the
year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2021
£
7,631,873
(6,740,801)
(5,174)
(1,424,929)
19,365
(250,599)
101,152
(669,113)
5,174
1,424,929
(133,220)
1,296,883
627,770
8,054,479
8,682,249		 2020
£
(2,415,903)
2,459,304
(151,892)
(679,679)
-
(21,690)
(407,524)
(1,217,384)
151,892
679,679
(24,251,989)
(23,420,418)
(24,637,802)
32,692,281
8,054,479

-14-

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

1.1 Basis of preparation

The charity is a public benefit entity.

The financial statements are prepared under the historical cost convention and 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 (FRS 102) (2nd Edition, effective January 2019) – (Charities SORP (FRS 102)), the Companies Act 2006, the Charities Act 2011 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

1.2 Income

Income is recognised when the charity has entitlement to the funds, on the following basis:

(i) Donations and legacies

Donations, legacies and grants are recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

(ii) Listed investments

Dividends and commission are recognised when receivable and represent income received from listed securities.

(iv) Bank interest receivable

Interest is recognised when receivable by the charity and represents treasury and bank interest.

1.3 Expenditure

This comprises investment manager costs which are recognised on an accruals basis. Any irrecoverable VAT is added to the related expense.

(ii) Grant making

Grants are accounted for in full in the period the grants are approved and the decision is notified to the recipient irrespective of the period covered by the grant. Grants awarded but not yet paid are recorded as grant commitments in the Balance Sheet. Grant commitment creditors are split between creditors amounts falling due within one year and creditors amounts falling due after one year according to when the grants will be paid (see note 6).

(iii) Governance costs

Governance costs include external audit and accountancy fees, staff costs and legal and professional fees. Governance costs are recognised on an accruals basis. Irrecoverable VAT is included in the cost of those items to which it relates.

1.4 Listed investments

Listed investments are stated in the financial statements at fair value. Realised gains and losses on the sale of investments are calculated as the difference between the sale proceeds and the original cost. Unrealised gains and losses represent the movement between fair values. Realised and unrealised gains and losses are included on the face of the Statement of Financial Activities (including an income and expenditure account). Listed investments are held primarily to provide an investment return for the charity.

-15-

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

1 Accounting policies (continued)

1.5 Funds

The charity maintains an Unrestricted Income Fund, which includes a Designated Unrestricted Income Fund and an Expendable Endowment Fund.

Income generated by the Expendable Endowment Fund is recognised as part of the Unrestricted Income Fund. Unrealised valuation gains or losses on listed investments are recognised in the Expendable Endowment Fund.

The Expendable Endowment Fund was established from donations received for that purpose. The primary intention in establishing an Expendable Endowment Fund is for funds to be invested so as to generate future income for the purpose of the charity. The trustees shall also be permitted to convert any or the entire Expendable Endowment Fund to the Unrestricted Income Fund, however in any decision whether or not to convert endowment monies into expendable income the trustees should have regard for the primary intention of this endowment.

The charity established a Designated Unrestricted Income Fund in the year ended 2019 from the donation received. The intention in establishing a Designated Fund is for funds to be granted for the advancement of research and heritage. Another one was created in the current year for wildlife. These Designated Unrestricted Income Funds are in addition to the Designated Unrestricted Income Fund for the advancement of education which was created in the year ended 2018.

Any funds receivable during the relevant accounting year but not utilised are carried forward as part of the Unrestricted Income Fund.

1.6 Cash at bank and in hand

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

1.7 Financial instruments

(i) Financial assets

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at present value of future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the Statement of Financial Activities (including an income and expenditure account). If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Statement of Financial Activities (including an income and expenditure account).

Financial assets are derecognised when:

-16-

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

1 Accounting policies (continued)

1.7 Financial instruments (continued)

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors that are classified as debt are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, this is when the contractual obligation is discharged, cancelled or expires.

1.8 Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the charity’s financial statements require trustees to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, at the reporting date. However uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods.

2 Donations and legacies

onations and legacies
Unrestricted Total Funds Unrestricted Total Funds
Income Fund 2021 Income Fund 2020
£ £ £ £
Donations 1,250,000 1,250,000 - -

During the current year, the charity received an unrestricted donation of £1,250,000. The charity designated these funds for the purposes of grant giving for wildlife.

3 Investment income

vestment income
Income from UK listed investments
Bank interest receivable		 Unrestricted
Income Fund
£
1,424,929
5,174
1,430,103		 Total Funds
2021
£
1,424,929
5,174
1,430,103		 Unrestricted
Income Fund
£
803,474
151,892
955,366		 Total Funds
2020
£
803,474
151,892
955,366

4 Raising funds

aising funds
Unrestricted Total Funds Unrestricted Total Funds
Income Fund 2021 Income Fund 2020
£ £ £ £
Investment management fees 150,927 150,927 98,994 98,994

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

5 Grant making

The following table analyses the grants into broad categories, by the period in which they fall due for payment.

Animals
All Creatures Great and Small
Animals In Need Northamptonshire
Battersea Dogs & Cats Home
Canine Partners
Cats Protection
Colchester Zoo Action for the Wild
Cotswold Dogs & Cats Home (RSPCA)
Cuan Wildlife Rescue
Dogs' Friends
Farplace Animal Rescue
Ferne Animal Sanctuary
Freedom of Spirit Trust for Border Collies
Friends of Animal League
Greyhound Gap
Harper Asprey Wildlife Rescue
Hearing Dogs for Deaf People
Hope Rescue
Horse Sense Wirral
Makants Greyhound Rescue NW
Mare and Foal Sanctuary
Mayhew Home
National Animal Welfare Trust
National Animal Welfare Trust
National Zoological Society of Wales (Welsh Mountain
Zoo)
Oak Tree Animals' Charity
Our Special Friends
Parkgate Pony Sanctuary
Prickles Hedgehog Rescue
Remus Memorial Horse Sanctuary
RSPCA Bath And District Branch
Scottish SPCA
Sea Life Trust Limited (Cornish Seal Sanctuary)
Secret World Wildlife Rescue
Support Dogs
Team Poundie
Weald and Downland Living Museum
Wildlife Hospital Trust (Tiggywinkles)
WWT
Zoological Society of London (ZSL)		 Paid
2021
£
9,000
10,000
10,000
14,000
10,000
25,000
1,000
4,000
9,000
10,000
20,000
10,000
-
10,000
-
12,915
18,000
8,000
20,000
20,000
8,529
10,000
3,000
25,000
1,000
5,000
6,000
3,000
10,000
15,000
10,000
15,000
25,000
10,000
6,000
3,000
50,000
50,000
100,000
576,444		 Payable
2022-24
£
-
-
-
-
-
-
-
-
-
-
-
-
10,000
-
24,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
34,000		 Total
£
9,000
10,000
10,000
14,000
10,000
25,000
1,000
4,000
9,000
10,000
20,000
10,000
10,000
10,000
24,000
12,915
18,000
8,000
20,000
20,000
8,529
10,000
3,000
25,000
1,000
5,000
6,000
3,000
10,000
15,000
10,000
15,000
25,000
10,000
6,000
3,000
50,000
50,000
100,000
610,444

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

5
Grant making (continued)
Bereavement
Guy’s Gift
Cathedral
Roman Catholic Diocese of Northampton		 Paid
2021
£
1,200
1,200
Paid
2021
£
-
-		 Payable
2022-24
£
-
-
Payable
2022-24
£
3,500
3,500		 Total
£
1,200
1,200
Total
£
3,500
3,500

-19-

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

5
Grant making (continued)
Community
Agape Community Church, Ty sign
Aylsham & District Care Trust
Brinsley with Underwood (Church of St Michael and All
Angels, Underwood)
Christ Church Creekmoor
City Gate Community Projects
Ecclesiastical Parish of Edgeley and Cheadle Heath,
Stockport
Ecumenical Partnership Initiatives, known as
Workplace Matters
Emmanuel Church New Life Church
Friends of Lanteglos Church
Friends of St Andrews, Carlton
Gamblesby Methodist Church
Guernsey Botanical Trust LBG
Licoricia of Winchester Statue Appeal
Mill End Baptist Church
Northwich Parochial Church Council St Helen, Witton
Park 4All @ Lyme Green Cio
Prince's Countryside Fund
Saint Michael's Church, East Anstey (The Exeter
Diocesan Board of Finance)
St Clements PCC Cambridge
St Mary of Charity Parish Church
St Mary The Virgin Puddletown
St Michael and All Angels with St Mark, Preston
St Pauls Church - Chichester
St Peter & St Paul Ermington
St Peter's Arkley Church
St Peter's Church, Rhoose
St Peters Halliwell Bolton
Support Through Court
The Church of the Holy and Undivided Trinity, Edale,
Derbyshire
United Parish of East Harptree and Hinton Blewitt
Wallheath Evangelical Free Church		 Paid
2021
£
-
3,783
-
-
-
-
20,000
-
-
-
1,296
8,000
-
-
-
-
-
-
-
-
-
-
7,500
-
10,000
-
-
-
-
-
-
50,579		 Payable
2022-24
£
5,000
-
3,000
857
5,000
7,800
-
5,000
12,000
2,000
-
-
1,000
1,000
5,000
6,958
5,000
1,170
10,000
6,000
1,000
2,000
-
2,000
-
5,000
5,245
10,000
4,000
10,000
6,000
122,030		 Total
£
5,000
3,783
3,000
857
5,000
7,800
20,000
5,000
12,000
2,000
1,296
8,000
1,000
1,000
5,000
6,958
5,000
1,170
10,000
6,000
1,000
2,000
7,500
2,000
10,000
5,000
5,245
10,000
4,000
10,000
6,000
172,609

-20-

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

5
Grant making (continued)
Disability
Bevern Trust
Blind Veterans UK
Brainwave
British Disabled Angling Association
Caring & Sharing Trust - Cotton's Farmhouse
Different Strokes (Trustees) Limited
Dingley Family And Specialist Early Years Centres
Douglas Bader Foundation
Embrace (East Sussex)
Fifth Trust
Friends of St Luke's, Redbourn
Headway Norfolk & Waveney Limited
Hf Trust Limited
Horatio's Garden
Krazy Kat Theatre Company
Livability
Mary Hare Foundation
MSail
Nuneaton & North Warwickshire Equestrian Centre
Riding for The Disabled Association
Paul Popham Fund, Renal Support Wales
PLUS (Forth Valley) Ltd
Rainbow Hub NW Ltd
RNIB (The Royal National Institute Of Blind People)
Seashell Trust
South London Special League
Space4Autism
St Joseph's Specialist Trust
Stanley Grange Community Association
Step by Step London
Step by Step School Limited
Stick 'N' Step
Sue Ryder
Walsall Society for the Blind
Walton Leigh School Parent Staff Association
Warwickshire Wheelchair Basketball Academy
Domestic Abuse
Haven, Wolverhampton
Rising Sun and Domestic Violence and Abuse Service		 Paid
2021
£
1,092
7,960
2,924
-
1,900
216
2,000
-
-
4,521
15,000
-
1,000
-
-
2,000
-
-
1,000
500
193
995
10,000
3,077
8,000
-
-
5,000
1,000
17,300
1,388
7,105
-
2,989
-
97,160
Paid
2021
£
-
-
-		 Payable
2022-24
£
-
-
-
2,350
-
-
-
5,000
6,995
-
-
3,240
-
6,685
1,150
-
10,000
2,000
-
-
-
-
-
-
-
1,800
5,382
-
-
-
-
-
2,000
-
6,100
52,702
Payable
2022-24
£
2,000
4,584
6,584		 Total
£
1,092
7,960
2,924
2,350
1,900
216
2,000
5,000
6,995
4,521
15,000
3,240
1,000
6,685
1,150
2,000
10,000
2,000
1,000
500
193
995
10,000
3,077
8,000
1,800
5,382
5,000
1,000
17,300
1,388
7,105
2,000
2,989
6,100
149,862
Total
£
2,000
4,584
6,584

-21-

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

5 Grant making (continued)

Education
Country Trust
Friends Of Wootton School
London Reading Centre
Ruskin Mill Trust
St Mary and St Margaret Church of England School
Parent Teacher Association
Wycombe Royal Grammar School Foundation
York Archaeological Trust for Excavation and Research
Limited re The Jorvik Centre
Elderly
Abbeyfield (Reading) Society Limited
Age UK Leicester Shire and Rutland
Charity of Elizabeth Jane Jones
Dementia Concern
Dementia Matters
Dementia UK
Jewish Care
Musical Connections
Toynbee Hall
Walsall Rehabilitation and Healthy Living Trust (Heart
Care Walsall)
Wessex Heritage Trust
Environmental
Stonebridge City Farm		 Paid
2021
£
-
-
-
1,000
-
-
-
1,000
Paid
2021
£
2,000
2,040
-
-
1,000
2,000
2,500
-
-
5,000
1,000
15,540
Paid
2021
£
3,000
3,000		 Payable
2022-24
£
2,000
1,000
2,000
-
5,200
8,000
5,000
23,200
Payable
2022-24
£
-
-
4,000
6,000
-
-
-
5,000
1,800
-
-
16,800
Payable
2022-24
£
-
-		 Total
£
2,000
1,000
2,000
-
5,200
8,000
5,000
24,200
Total
£
2,000
2,040
4,000
6,000
1,000
2,000
2,500
5,000
1,800
5,000
1,000
32,340
Total
£
3,000
3,000

-22-

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

5 Grant making (continued)

Family
Bristol Association for Neighbourhood Daycare
Dandelion Time
Flourishing Families Leeds
Health & Wellbeing
Airedale Voluntary Drug and Alcohol Agency Limited
operating as Project 6
Basingstoke and Alton Cardiac Rehabilitation Charity
Limited
Bunbury ESCA Festival
Made in Hackney
Stroke Association
Homeless
Amber Foundation
Big Issue North Trust Ltd
East Northants Community Services
Manna Society
Off The Fence
Passage (Passage 2000)
Response Organisation
SPEAR Housing Association Limited
St John Ambulance		 Paid
2021
£
328
12,000
-
12,328
Paid
2021
£
-
-
5,000
-
2,000
7,000
Paid
2021
£
6,900
-
-
196
6,000
1,907
2,000
-
-
17,003		 Payable
2022-24
£
-
-
1,480
1,480
Payable
2022-24
£
1,000
2,000
-
4,222
-
7,222
Payable
2022-24
£
-
5,000
2,000
-
-
-
-
5,000
6,278
18,278		 Total
£
328
12,000
1,480
13,808
Total
£
1,000
2,000
5,000
4,222
2,000
14,222
Total
£
6,900
5,000
2,000
196
6,000
1,907
2,000
5,000
6,278
35,281

-23-

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

5 Grant making (continued)

Life-Limiting
Hope For Tomorrow
Omega, the National Association for End of Life Care
Wessex Cancer Trust
Hospice
Bury Hospice Ltd
Demelza House Children's Hospice
Dorothy House Hospice Care
Douglas Macmillan Hospice
John Taylor Hospice Charity
LOROS Hospice
Marie Curie
Norfolk Hospice
North London Hospice
Peace Hospice Care
Priscilla Bacon Norfolk Hospice Care Ltd
Rennie Grove Hospice Care
Saint Catherine's Hospice
St Clare West Essex Hospice Care Trust
St Columba's Hospice
St Luke's Hospice Plymouth
St Wilfrid's Hospice		 Paid
2021
£
4,875
1,500
2,390
8,765
Paid
2021
£
3,625
7,595
9,703
-
2,500
-
16,048
810
4,820
2,967
-
3,629
1,200
10,000
1,583
4,416
-
68,896		 Payable
2022-24
£
-
-
-
-
Payable
2022-24
£
-
-
-
1,050
-
3,185
-
-
-
-
20,000
-
-
-
-
-
5,500
29,735		 Total
£
3,625
7,595
9,703
1,050
2,500
3,185
16,048
810
4,820
2,967
20,000
3,629
1,200
10,000
1,583
4,416
5,500
98,631
Total
£
4,875
1,500
2,390
8,765

-24-

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

5 Grant making (continued)

Medical
Action Medical Research
Alex TLC
Children's Heart Surgery Fund
Glasgow Children's Hospital Charity
Great Ormond Street Hospital Children's Charity
Imperial Health Charity
Leonard Cheshire Disability
Luton And Dunstable Hospital Charitable Fund
Meningitis Research Foundation
MS Society
Myaware
Northwick Park Institute For Medical Research
Richard Dimbleby Cancer Fund
Royal National Orthopaedic Hospital (RNOH) Charity
Terrence Higgins Trust
Mental Health
Blyth Star Enterprises
HOUR Community
Mates in Mind
St Marylebone Parish Church with Holy Trinity St
Marylebone
Young Minds Trust
Music
The Corporation of the Hall of Arts and Sciences (Royal
Albert Hall)		 Paid
2021
£
-
1,398
5,000
-
-
10,000
10,000
-
-
3,950
-
4,950
-
20,000
-
55,298
Paid
2021
£
1,000
-
-
-
2,000
3,000
Paid
2021
£
30,000		 Payable
2022-24
£
8,000
-
-
4,500
12,000
-
-
5,000
1,000
-
6,000
-
6,000
-
1,327
43,827
Payable
2022-24
£
-
2,000
2,500
50,000
-
54,500
Payable
2022-24
£
-		 Total
£
8,000
1,398
5,000
4,500
12,000
10,000
10,000
5,000
1,000
3,950
6,000
4,950
6,000
20,000
1,327
99,125
Total
£
1,000
2,000
2,500
50,000
2,000
57,500
Total
£
30,000

-25-

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

5 Grant making (continued)

Poverty
EMERGE 3Rs
Giving World
Glossopdale Furniture Project
Kings Church Bolton
Navigate
One Stone Grove (Stonegrove Community Trust)
Prism Gift Fund (Compassion London)
Suit Works
Rehabilitation
Criminon UK
Rescue
Essex & Herts Air Ambulance Trust
Theatre
Cherwell Theatre
Roundhouse Trust		 Paid
2021
£
-
2,882
2,000
-
1,000
1,000
1,000
2,000
9,882
Paid
2021
£
5,600
Paid
2021
£
-
Paid
2021
£
-
-
-		 Payable
2022-24
£
15,000
-
-
2,373
-
-
-
-
17,373
Payable
2022-24
£
-
Payable
2022-24
£
5,950
Payable
2022-24
£
1,500
10,000
11,500		 Total
£
15,000
2,882
2,000
2,373
1,000
1,000
1,000
2,000
27,255
Total
£
5,600
Total
£
5,950
Total
£
1,500
10,000
11,500

-26-

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

5 Grant making (continued)
Veterans
Felix Fund
Improving Lives Plymouth
On Course Foundation
Royal Air Force Benevolent Fund
Royal Air Forces Association
Royal Hospital Chelsea Appeal Limited
Taxi Charity for Military Veterans
Youth
2nd Brewood Scout Group
British Exploring Society
Chellington Centre
Disability Challengers
Drama Express
Happy Days
NSPCC
Ocean Youth Trust North
Prince's Trust
Prince's Trust
St Andrew's Club
YMCA Norfolk
Subtotal before reductions
Prior year grant commitments cancelled
Total		 Paid
2021
£
-
-
-
10,000
-
-
-
10,000
Paid
2021
£
-
-
-
1,343
-
-
-
-
50,000
2,000
1,279
-
54,622
1,027,317
(45,944)
981,373		 Payable
2022-24
£
5,000
5,000
5,800
-
5,000
50,000
1,800
72,600
Payable
2022-24
£
2,500
1,080
10,000
-
500
4,794
13,818
3,412
-
-
-
6,000
42,104
563,385
-
563,385		 Total
£
5,000
5,000
5,800
10,000
5,000
50,000
1,800
82,600
Total
£
2,500
1,080
10,000
1,343
500
4,794
13,818
3,412
50,000
2,000
1,279
6,000
96,726
1,590,702
(45,944)
1,544,758

-27-

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

5 Grant making (continued)
Grants made by Fund
Income
Education
Research and Heritage
Wildlife
Total
Please see note 19 for 2020 comparatives.
6
Analysis of accruals for grants payable
Notes
Grants committed during the year
5
Grants committed in prior periods
13, 14
Analysis of accruals for grants payable – prior year
Notes
Grants committed during the year
5
Grants committed in prior periods
13, 14		 Paid
2021
£
339,504
35,975
37,450
568,444
981,373
2021
£
453,040
189,223
642,263
2020
£
293,962
240,688
534,650		 Payable
2022-24
£
402,876
47,594
78,915
34,000
563,385
2022-23
£
110,345
-
110,345
2021-22
£
107,655
5,955
113,610		 Total
£
742,380
83,569
116,365
602,444
1,544,758
Total at
31.03.21
£
563,385
189,223
752,608
Total at
31.03.20
£
401,617
246,643
648,260

-28-

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

7 Governance costs

Auditor’s remuneration
Audit fees
Other services
Staff costs8
Bank charges
Other		 Unrestricted
Income Fund
£
12,000
20,623
32,623
50,476
203
10,045
93,347		 Total Funds
2021
£
12,000
20,623
32,623
50,476
203
10,045
93,347		 Unrestricted
Income Fund
£
10,800
22,138
32,928
51,519
495
13,388
98,340		 Total Funds
2020
£
10,800
22,138
32,928
51,519
495
13,388
98,340

All governance costs are in relation to grant-making activities.

8 Staff costs

Staff costs were as follows:
Wages and salaries
Social security costs
The average monthly number of employees, including the trustees,
during the year was as follows:
Administration and support		 2021
£
50,000
476
50,476
2021
£
7		 2020
£
50,000
1,519
51,519
2020
£
7

No employees in the current and prior year received employment benefits of greater than £60k.

9 Trustees remuneration

No remuneration or expenses were paid to trustees in respect of the current and prior year.

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THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

10 Listed investments

At April 2020
Historical cost
Unrealised gains on revaluation
Fair value
Add acquisitions at cost
Unrealised gains / (losses) on revaluation
Fair value at 31 March 2021		 2021
£
33,834,951
(2,031,532)
31,803,419
133,220
6,740,801
38,677,440		 2020
£
9,602,327
427,772
10,030,099
24,251,989
(2,459,304)
31,822,784

Realised and unrealised gains and losses on listed investments are allocated to the Expendable Endowment Fund.

11 Debtors

ebtors
Accrued income
Other debtors
Prepayments		 2021
£
500,000
32,606
-
532,606		 2020
£
250,000
30,801
1,206
282,007

Financial assets that are debt instruments measured at amortised cost relevant accrued income and other debtors and amounted to £32,606 (2020: £30,801).

12 Creditors: amounts falling due within one year

reditors: amounts falling due within one year
Note
Trade creditors
Other taxation and social security
Other accruals
Accruals for grants payable
6		 2021
£
-
-
23,600
642,263
665,863		 2020
£
1,331
2,475
22,990
534,650
561,446

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THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

13 Creditors: amounts falling after more than one year

Note 2021 2020
£ £
Accruals for grants payable 6 110,345 113,610

Financial liabilities measured at amortised cost comprise trade creditors, other creditors, general accruals (excluding the audit fee accrual) and accruals for grants payable and amounted to £764,208 (2020: £669,056).

14 Share capital

hare capital
2021 2020
£ £
Allotted, called up and fully paid
At 31 March 2021 5 (2020: 5) Ordinary Shares of £1 each 5 5

As at 31 March 2021 there were 5 Ordinary Shares of £1 each allotted, called up and fully paid. All shares are of the same class.

15 Trust funds

Expendable Endowment Fund – current year
(including Unrealised Investment Property Gains):
Balance as at 1 April 2020
Net incoming resources
Balance as at 31 March 2021		 £
21,032,867
6,740,801
27,773,668

Unrestricted Income Fund:

Unrestricted Fund
Designated
Educational Fund
Research and Heritage
Fund
Wildlife Fund
Total net assets		 As at
1.04.20
£
15,731,881
1,839,301
880,160
-
18,451,342		 Income
£
1,430,103
-
-
1,250,000
2,680,103		 Expenditure
£
(986,653)
(83,569)
(116,365)
(602,444)
(1,789,031)		 Transfers
£
-
-
-
-
-		 As at
31.03.21
£
16,175,331
1,755,732
763,795
647,556
19,342,414

The charity invested the donation received in the current year of £1,250,000 into a Designated Fund. This fund was established to provide grants for wildlife.

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THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

15 Trust funds (continued)

Expendable Endowment Fund – prior year
(including Unrealised Investment Property Gains):
Balance as at 1 April 2019
Net outgoing resources
Balance as at 31 March 2020
Unrestricted Income Fund:
As at
1.04.19
Income
£
£
Unrestricted Fund
15,164,541
955,366
Designated
Educational Fund
2,022,050
-
Research and
Heritage Fund
1,221,350
-
Total net assets
18,407,941
955,366		 Expenditure
£
(388,026)
(182,749)
(341,190)
(911,965)		 Transfers
£
-
-
-		 £
23,492,171
2,459,304
21,032,867
As at
31.03.20
£
15,731,881
1,839,301
880,160
- 18,451,342

The charity invested the donation received in the prior year of £1,250,000 into a Designated Fund. This fund was established to provide grants for the advancement of research and heritage.

16 Analysis of net assets – current year

Fund balances at
31 March 2021 are
represented by:-
Investments
Current assets
Liabilities
Total net assets		 Share
Capital
2021
£
-
5
-
5		 Unrestricted
Income
Funds
2021
£
10,903,772
9,214,850
(776,208)
19,342,414		 Expendable
Endowment
Fund
2021
£
27,773,668
-
-
27,773,668		 Total
Funds
2021
£
38,677,440
9,214,855
(776,208)
47,116,087

The Designated Unrestricted Income Fund has current assets of £878,369 (2020: £2,970,470 ) and liabilities of £102,112 (2020: £251,009 )

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THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

16 Analysis of net assets (continued) – prior year

Fund balances at
31 March 2020 are
represented by:-
Investments
Current assets
Liabilities
Total net assets		 Share
Capital
2020
£
-
5
-
5		 Unrestricted
Income
Funds
2020
£
10,789,917
8,336,481
(675,056)
18,451,342		 Expendable
Endowment
Fund
2020
£
21,032,867
-
-
21,032,867		 Total
Funds
2020
£
31,822,784
8,336,486
(675,056)
39,484,214

17 Control

The trustees consider there to be no overall controlling party.

18 Related party transactions

During the year, the charity received a donation of £1,250,000 (2020: £nil) from a trustee. No restrictions were attached to the income.

-33-

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

19 Comparatives for Grant making year ended 31 March 2020

The following table analyses the grants into broad categories, by the period in which they fall due for payment.

Animals
Cuan Wildlife Rescue
Freedom of Spirit Trust for Border Collies
Moorview Rescue Limited
Our Special Friends
Remus Memorial Horse Sanctuary
Scottish SPCA
Sea Life Trust Limited (Cornish Seal Sanctuary)
Suffolk Owl Sanctuary
Support Dogs
Bereavement
Lullaby Trust
Road Victims Trust
Cathedral
York Minster Fund		 Paid
2020
£
2,923
2,000
-
2,000
-
2,376
-
-
2,000
11,299
Paid
2020
£
-
-
-
Paid
2020
£
10,000		 Payable
2021-23
£
-
-
1,000
-
4,500
-
3,000
650
-
9,150
Payable
2021-23
£
4,037
1,000
5,037
Payable
2021-23
£
-		 Total
£
2,923
2,000
1,000
2,000
4,500
2,376
3,000
650
2,000
20,449
Total
£
4,037
1,000
5,037
Total
£
10,000

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THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

19 Grant making (continued)

Community
Adeyfield Free Church
All Saints Holbeton Church Trust
Barnet War Memorials Association
Bolsover And Staveley Methodist Circuit
Bradninch Town Trust
Brighton Early Music Festival
Childcare and Community Centres, Ashton And District
Cleobury Mortimer Men's Shed ("CMMS")
Cullingworth Village Hall Management Committee Ltd
Devon Rape Crisis and Sexual Abuse Services
Girlguiding - North Yorkshire
Hilltop Community Association
Leaside Church Community Centre
Leven Playing Field Association
Middleton-on-the-Wolds Parish Council
Ormiston Families
Parochial Church Council Of The Ecclesiastical Parish
Of St Matthew, Winchester St Paul's, Winchester
St Andrew's Church Totteridge
St Anne, Bagshot, Surrey
St John the Evangelist at Kensal Green
St Mary's Church - Lytchett Matravers
St Mary's Newmarket (Turner Hall)
St Michael and All Angels Church, Abbey Wood
The British Library
Victoria Park, Buckfastleigh
Welwyn Garden City Centenary Foundation Limited
Wesley Centre, Harrogate
Winchester Pavilion Project		 Paid
2020
£
-
-
-
-
-
-
500
2,000
-
4,424
-
-
-
555
750
-
-
20,000
1,280
2,500
-
-
5,000
-
-
10,000
-
-
47,009		 Payable
2021-23
£
5,000
5,000
822
5,000
2,000
1,624
-
-
1,000
-
8,000
1,000
9,000
-
-
1,948
12,418
-
-
-
1,000
2,160
-
4,200
2,000
-
1,000
5,000
68,172		 Total
£
5,000
5,000
822
5,000
2,000
1,624
500
2,000
1,000
4,424
8,000
1,000
9,000
555
750
1,948
12,418
20,000
1,280
2,500
1,000
2,160
5,000
4,200
2,000
10,000
1,000
5,000
115,181

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THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

19 Grant making (continued)

Disability
Action For Kids Charitable Trust - my AFK
Back Up Trust
Bag Books
Blooming Blossoms Trust
British Blind Sport
C F Dream Holidays
Camden Society
Caudwell Children
Cerebra
Derwen College
Foundation For Conductive Education
Heel and Toe Children's Charity
London Wheelchair Rugby Club
Motor Neurone Disease Association (“MNDA”)
Musical Keys
Reading Association for the Blind
Respond
Riding For The Disabled Association Incorporating
Carriage Driving (“RDA”)
Side By Side Theatre Company Stourbridge
Domestic Abuse
Blackburn and Darwen District Without Abuse Limited
Hurting to Healing		 Paid
2020
£
-
-
-
4,118
-
1,580
-
2,000
1,000
3,000
3,649
-
1,500
-
-
5,000
-
-
2,000
23,847
Paid
2020
£
-
750
750		 Payable
2021-23
£
2,000
2,000
1,910
-
1,000
-
5,000
-
-
-
-
3,937
-
5,000
3,741
-
7,500
1,000
-
33,088
Payable
2021-23
£
1,000
-
1,000		 Total
£
2,000
2,000
1,910
4,118
1,000
1,580
5,000
2,000
1,000
3,000
3,649
3,937
1,500
5,000
3,741
5,000
7,500
1,000
2,000
56,935
Total
£
1,000
750
1,750

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THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

19 Grant making (continued)

Education
Access Project
Atlas Foundation
Avenues Youth Project
Brent Knoll & Watergate Co-operative Trust
Celtic Harmony
Gloucestershire Wildlife Trust
Haileybury Turnford School
Helen Arkell Dyslexia Centre
Jamie's Farm, Lewes
Learning Partnerships
Montessori St Nicholas
North West Cancer Research
Seven Stories, The National Centre for Children's Books
Smallpeice Trust (incorporating Arkwright Engineering
Scholarships)
Solent University - Southampton
Vision Foundation (Formerly, Greater London Fund for
the Blind)
Elderly
Age UK Cheshire
Bishop Creighton House Settlement
Elim Life Church Kingstanding
Guild Care
Stoke-On-Trent And North Staffordshire Theatre Trust
Limited (New Vic Theatre)
Wainman Trust
Environmental
Cleanup UK
Nottinghamshire Wildlife Trust		 Paid
2020
£
5,000
500
-
2,000
-
10,000
10,000
6,500
-
-
-
1,600
-
6,600
2,000
-
44,200
Paid
2020
£
-
-
500
1,000
-
1,558
3,058
Paid
2020
£
10,000
1,900
11,900		 Payable
2021-23
£
-
-
3,840
-
10,000
-
-
-
3,000
2,069
5,100
-
2,000
-
-
10,000
36,009
Payable
2021-23
£
2,000
1,000
-
-
2,177
-
5,177
Payable
2021-23
£
-
-
-		 Total
£
5,000
500
3,840
2,000
10,000
10,000
10,000
6,500
3,000
2,069
5,100
1,600
2,000
6,600
2,000
10,000
80,209
Total
£
2,000
1,000
500
1,000
2,177
1,558
8,235
Total
£
10,000
1,900
11,900

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THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

19 Grant making (continued)

Family
Home-start Leeds
Health & Wellbeing
Martineau Gardens
YMCA Reading
Heritage
Historic England
Normandy Memorial Trust Ltd
Warwickshire & Coventry Historic Churches Trust
West Somerset Railway Association
Homeless
Bradford Cathedral
Hospice
Ashgate Hospicecare
Florence Nightingale Hospice Charity
Havens Christian Hospice
Hope House
Thames Hospice
Wakefield Hospice
Zoe's Place		 Paid
2020
£
-
Paid
2020
£
520
-
520
Paid
2020
£
-
25,000
1,985
-
26,985
Paid
2020
£
-
Paid
2020
£
12,105
-
-
-
-
-
1,040
13,145		 Payable
2021-23
£
5,507
Payable
2021-23
£
-
10,800
10,800
Payable
2021-23
£
14,300
-
-
2,000
16,300
Payable
2021-23
£
1,775
Payable
2021-23
£
-
5,000
5,490
2,500
10,000
5,000
-
27,990		 Total
£
5,507
Total
£
520
10,800
11,320
Total
£
14,300
25,000
1,985
2,000
43,285
Total
£
1,775
Total
£
12,105
5,000
5,490
2,500
10,000
5,000
1,040
41,135

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THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

19 Grant making (continued)

Life-Limiting
Alex, The Leukodystrophy Charity
Odyssey Project Limited
Paul's Cancer Support Centre
Medical
Above & Beyond
Antibiotic Research UK
Asthma Relief
Basingstoke and North Hampshire Medical Trust Fund
Birmingham St Mary's Hospice
Birmingham Women’s and Children’s Hospital
Children Of St Mary's Intensive Care (“COSMIC”)
Eric (Education And Resources For Improving
Childhood Continence)
Foulkes Foundation
Foundation for Liver Research
Helen & Douglas House
Milton Keynes Hospital Charity
Pancreatic Cancer Action
Roy Castle Lung Cancer Foundation
Scar Free Foundation
Society for Mucopolysaccharide Diseases (“MPS”)
South Warwickshire NHS Foundation Trust (“SWFT”)
Strongbones Children's Charitable Trust
UCL Glioma Research Group
Wellbeing of Women (“WOW”)
Mental Health
Blue Smile
Headway Cambridgeshire
Listening Post Christian Counselling Service Limited		 Paid
2020
£
-
-
5,000
5,000
Paid
2020
£
-
-
3,990
-
-
-
-
-
12,600
-
-
-
-
-
8,000
5,000
2,018
4,212
150,000
20,000
205,820
Paid
2020
£
2,000
-
-
2,000		 Payable
2021-23
£
1,000
1,000
-
2,000
Payable
2021-23
£
2,500
5,000
-
3,837
2,500
10,000
3,000
1,000
-
50,000
1,700
13,780
1,500
5,000
-
-
-
-
-
-
99,817
Payable
2021-23
£
-
1,300
3,000
4,300		 Total
£
1,000
1,000
5,000
7,000
Total
£
2,500
5,000
3,990
3,837
2,500
10,000
3,000
1,000
12,600
50,000
1,700
13,780
1,500
5,000
8,000
5,000
2,018
4,212
150,000
20,000
305,637
Total
£
2,000
1,300
3,000
6,300

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THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

19 Grant making (continued)

Museum
National Museums and Galleries Merseryside
National Trust for Scotland - Robert Burns Birthplace
Museum
Music
Young Classical Artists Trust (“YCAT”)
Poverty
City Harvest
Mitchell's Miracles
Rehabilitation
Create (Arts) Limited
Prison Choir Project
Prisoners' Education Trust
Read - The Reading Agency
Switchback
Wandsworth Community Chaplaincy Trust		 Paid
2020
£
-
-
-
Paid
2020
£
-
Paid
2020
£
-
5,000
5,000
Paid
2020
£
1,369
3,000
-
-
1,008
-
5,377		 Payable
2021-23
£
3,000
1,200
4,200
Payable
2021-23
£
1,000
Payable
2021-23
£
5,000
-
5,000
Payable
2021-23
£
-
-
5,260
2,000
-
5,080
12,340		 Total
£
3,000
1,200
4,200
Total
£
1,000
Total
£
5,000
5,000
10,000
Total
£
1,369
3,000
5,261
2,000
1,008
5,080
17,717

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THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

19 Grant making (continued)

Rescue
Magpas Air Ambulance
Norfolk Accident Rescue Service (“NARS”)
Research
Cure EB
Theatre
Bristol Old Vic and Theatre Royal Trust Limited
Live Theatre Winchester Trust - Theatre Royal
Winchester
Octagon Theatre Trust Limited
Veterans
Not Forgotten Association (“NFA”)
Veterans Aid		 Paid
2020
£
-
6,747
6,747
Paid
2020
£
-
Paid
2020
£
-
3,859
-
3,859
Paid
2020
£
-
10,000
10,000		 Payable
2021-23
£
8,255
-
8,255
Payable
2021-23
£
10,000
Payable
2021-23
£
1,000
-
5,000
6,000
Payable
2021-23
£
5,000
-
5,000		 Total
£
8,255
6,747
15,002
Total
£
10,000
Total
£
1,000
3,859
5,000
9,859
Total
£
5,000
10,000
15,000

-41-

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 (CONTINUED)

19 Grant making (continued)
Youth
Asperger's Children and Carers Together (“ACCT”)
Caxton Youth Organisation
City Escape
Clapton Common Boys Club
Community Heart Productions
Eastbourne District Explorer Scouts
Farms For City Children
Lifecentre Hattersley
One-Eighty Limited
Parallel Youth Enterprise (Lambeth Boxing Awards)
St Christopher's Family Centre
Super Power Agency
Transitions UK
Ufton Court Educational Trust
Wiston Lodge
Subtotal before reductions
Prior year grant commitments cancelled
Total
Grants made by Fund
Income
Education
Research and Heritage
Total		 Paid
2020
£
-
-
1,400
600
448
2,000
-
1,000
-
1,957
-
-
-
-
-
7,405
443,921
(130,907)
313,014
Paid
2020
£
4,084
90,480
218,450
313,014		 Payable
2021-23
£
2,400
1,000
-
-
-
-
5,000
-
805
-
2,000
4,965
1,530
5,000
1,000
23,700
401,617
-
401,617
Payable
2021-23
£
186,608
92,269
122,740
401,617		 Total
£
2,400
1,000
1,400
600
448
2,000
5,000
1,000
805
1,957
2,000
4,965
1,530
5,000
1,000
31,105
845,538
(130,907)
714,631
Total
£
190,692
182,749
341,190
714,631

-42-