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2023-03-31-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 2023

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 – 34

THE HOBSON CHARITY LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Charity Status
Charity Registration Number
Registered Office
Correspondence Address
Company Registration Number
Trustees and Directors
Administrator / main contact
Website
Bankers
Auditors
Solicitors
Investment Advisors		 Registered in England and Wales
326839
Suite 104
6 The Broadway
Mill Hill
London NW7 3LL
PO Box 57691
London
NW7 0GR
01890971
Lady Patricia Hobson OBE (Chair)
Deborah Hobson
Jennifer Richardson
Elizabeth Kelsall
Emma Cook
Mark Turner
www.hobsoncharity.org.uk
Lloyds Bank Plc
39 Threadneedle Street
London EC2R 8AU
RSM UK Audit LLP
St Olaf’s Hall
Church Road
Lerwick
Shetland Isles, ZE1 0FD
Edwin Coe LLP
2 Stone Buildings
Lincoln’s Inn
London WC2A 3TH
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 2023

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 2023, 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) effective 1 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 £1,449,087 (2022: £1,383,608). The Charity had been staggering its reinvestment plans to spread its risk exposure, becoming fully invested in the final quarter of the year ended 31 March 2022. 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 2023 (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 2023, the trustees aimed to distribute a minimum of £1,200,000 (2022: £1,200,000) in grants. In October 2022, changed the focus from Covid-19 to the Cost of Living, the trustees are now focusing their attention to urgent Cost of Living related 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 201 grants totalling £1,702,782 (2022: £1,457,701). Of this total, £1,135,288 (2022: £818,055) 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 years. 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 2023
Amount
£		 2023
Number
of grants		 2022
Amount
£		 2022
Number
of grants
Animals 108,540 10 28,870 5
Arts 5,000 1 - -
Bereavement 17,000 2 16,000 2
Cathedral 20,000 1 3,000 1
Community 111,322 24 205,222 30
Disability 233,824 37 254,748 42
Domestic Abuse 22,000 3 17,000 3
Education 5,000 1 2,800 1
Elderly 36,060 4 18,870 4
Environmental 1,000 1 22,006 5
Family 19,366 5 7,998 2
Health & Wellbeing 24,551 3 25,683 6
Homeless 90,266 11 59,672 9
Hospice 99,652 13 179,451 20
Life-Limiting 19,513 4 13,000 2
Medical 513,767 18 186,321 21
Mental Health 47,146 9 64,337 8
Museum 61,500 4 67,710 7
Music 16,730 2 62,300 7
Poverty 94,665 19 70,417 17
Rehabilitation 12,400 2 2,000 1
Rescue 29,698 1 34,727 6
Social Care - - 4,000 1
Theatre - - 25,000 1
Veterans 34,700 5 10,000 2
Youth 79,082 21 76,569 14
Total of grants approved in year 1,702,782 201 1,457,701 217
Less: grants cancelled from previous
years		 (88,180) (69,408)
Total 1,614,602 1,388,293

THE HOBSON CHARITY LIMITED

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

Achievements and performance (continued)

During the year 201 grants (2022: 217) were awarded to 200 different beneficiaries (2022: 216) in furtherance of the charity’s objectives.

The charity received investment income (net of the managers charges) of £1,240,306 from Sarasin & Partners LLP Investment Fund (2022: £1,214,519) the increase is as expected.

The charity received interest of £50,357 (2022: £6,157), incurred governance costs of £87,900 (2022: £87,589) and investment management fees of £158,424 (2022: £162,932).

The trustees invested a further £nil (2022: £1,566,606) 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 £39,060,817 (2022: £41,522,136). 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 outgoing (2022: outgoing) resources on the Unrestricted Income Fund for the year of £411,839 (2022: £255,206).

The total amount received during the year into the Unrestricted Income Fund was £1,290,663 net of the investment managers charges (2022: £1,220,676). The usual principal funding sources of the charity are the income from the investments and bank interest. Donations received amounted to £nil (2022: £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 decreased by a net amount of £2,464,941. This was made up of a decrease of the unrealised gain of £2,464,941 (2022: £812,449 increased unrealised gain) 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 2023 the charity had total funds carried forward of £44,796,545 (2022: £47,673,325).

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.

Reserves policy

The trustees have been holding previous years underspent income during the transition from property to equities as a buffer to ensure that there are sufficient funds to donate. The trustees consider that this level will provide sufficient funds to respond to applications for grants and ensure that support and governance costs are covered. Part of the accumulated unrestricted fund has been used to fund the £36m of long term investment portfolio to ensure ongoing operations in perpetuity.

The balance held as unrestricted funds at 31 March 2023 was £18,675,369 (2022: £19,087,208), of which £3,510,828 (2022: £3,922,667) are regarded as available reserves.

Plans for future periods

At the time of writing, the trustees are continuing to actively prioritise urgent cost of living applications from ‘frontline’ service charitable organisations as well as prioritising applications for urgently needed equipment or other specific items.

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 HOBSON CHARITY LIMITED

DIRECTORS’ REPORT FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

Plans for future periods (continued)

The trustees intend to distribute a total of approximately £1.2m from the unrestricted funds during the year ending 31 March 2024 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 trustees continue to work with their investment advisors Sarasin & Partners LLP in seeking alternative appropriate investment opportunities. During the prior year, the charity reached their target investment holding with Sarasin & Partners 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.

Structure, governance and management.

The Hobson Charity Limited is a private 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 2023 (CONTINUED)

Statement of trustees' responsibilities

The trustees (who are also directors of The Hobson Charity Limited for the purposes of company law) are responsible for preparing the Trustees' Report (incorporating the directors' report) and the financial statements in accordance with 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).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for maintaining proper accounting records which 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

In preparing this report. The Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006'.

The trustees authorise the Directors' Report.

By order of the trustees

Lady Patricia Hobson QBE Emma Cook Trustee Trustee

Jennifer Richardson Trustee

Date: 24/10/2023

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 2023 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 FRS 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 charitable company’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 other information comprises the information included in the Directors’ (as Trustees) Report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Directors’ report. 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.

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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 the 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 Statement of Trustees’ responsibilities 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.

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of

THE HOBSON CHARITY LIMITED

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

The extent to which the audit was considered capable of detecting irregularities, including fraud (cont.)

material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

As a result of these procedures, we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011, the charitable company’s governing document, and Charities (Protection and Social Investment) Act 2016. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Directors’ Report, remaining alert to new or unusual transactions which may not be in accordance with charity law, inspecting board minutes and confirming that there has been no correspondence with the Charity Commission or external legal advisers in the period.

The audit engagement team identified the risk of management override of controls and income recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, challenging judgments and estimates. We have also carried out substantive testing over financial income.

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.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 .

IRENE HAMBLETON (Senior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants RSM UK Audit LLP St Olaf’s Hall Church Road Lerwick Shetland Isles, ZE1 0FD Date

RSM UK Audit LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

THE HOBSON CHARITY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

Notes
Unrestricted
Income
Fund
2023
£
Income from:
Voluntary income - donations
2
-
Investment income
3
1,449,087
Total
1,449,087
Expenditure on:
Raising funds:
Investment
management fees
4
(158,424)
Charitable activities:
Grant making
5
(1,614,602)
Governance costs
7
(87,900)
Total
(1,860,926)
Net income and net
movement in funds before
gains and losses on
investments
(411,839)
Gains / (Losses) on
investments
10
-
Net movement in funds
(411,839)
Reconciliation of funds:
Totals funds brought
forward
15, 16
19,087,208
Total funds carried forward
15, 16
18,675,369		 Expendable
Endowment
Fund
2023
£
-
-
-
-
-
-
-
-
(2,464,941)
(2,464,941)
28,586,117
26,121,176		 Total
Funds
2023
£
-
1,449,087
1,449,087
(158,424)
(1,614,602)
(87,900)
(1,860,926)
(411,839)
(2,464,941)
(2,876,780)
47,673,325
44,796,545		 Total
Funds
2022
£
-
1,383,608
1,383,608
(162,932)
(1,388,293)
(87,589)
(1,638,814)
(255,206)
812,449
557,243
47,116,082
47,673,325

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 2023 2023 2022 Notes Fix•d a$s&ts Investments 10 39,060.817 41.522,136 Current assets Debtor5 Cash al bank and In hand 11 32,482 7,100.938 34,522 7.244.426 7,133,420 7,278,948 Creditors.. amount$ falling du• within ong year 12 11,102,687) 11.018,9341 Net currerrt assets 6.030,733 6,260.014 Total a$s*ts1o$$ ¢urront Ilabllltl¢$ 45,091,550 47,782,150 Creditors: amounts falling due after m¢xe than one year 13 1295.0001 1108,8201 Net assgts 44,796,550 47.673,330 Represented by:" Called up share capital Unrestricted Income Fund Expendable Endowment Fund 14 16 16 18,675,369 26,121,176 19,087,208 28,586,117 Total Funds 44,796,545 47.673.325 Net assets 16 44,796,550 47,673,330 These financial statements have been prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relatin9 to small companies. The financial statements were approved and aulhori8ed for issue by the tM)ard of trustees on 24 October 2023. Lady Patricia Hobson OBE Trustee Emma Cook Trustee Jenniler R￿hardSOn Trustee (Company Registered No. 01890971 (England & Wales)) Icharfty Reglstered No. 3268391

THE HOBSON CHARITY LIMITED

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2023

Balance as at 1 April 2021
Net income for the year
Net gains on investments
Balance as at 31 March 2022
Balance as at 1 April 2022
Net income for the year
Net gains (losses) on investments
Balance as at 31 March 2023		 Called
up
share
capital
£
5
-
-
5
5
-
-
5		 Designated Income
Fund forming part
of the Unrestricted
Income Fund
£
3,167,083
(464,337)
-
2,702,746
2,702,746
(727,260)
-
1,975,486		 ‘Other’
Unrestricted
Income Fund
£
16,175,331
209,131
-
16,384,462
16,384,462
315,421
-
16,699,883		 Expendable
Endowment Fund
£
27,773,668
-
812,449
28,586,117
28,586,117
-
(2,464,941)
26,121,176		 Total Equity
£
47,116,082
(255,206)
812,449
47,673,325
47,673,325
(411,839)
(2,464,941)
44,796,545

-12-

THE HOBSON CHARITY LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

Cash flows from operating activities
Net movement in funds
Adjustments for:
Unrealised loss / (gain) on investments
Deduct interest income shown in investing activities
Deduct other investment income shown in investing activities
Movement in liquid assets
Decrease in debtors
Increase 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
(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		 2023
£
(2,876,780)
2,464,941
(50,357)
(1,398,730)
(3,622)
2,040
269,933
(1,592,575)
50,357
1,398,730
-
1,449,087
(143,488)
7,244,426
7,100,938		 2022
£
557,243
(812,449)
(6,157)
(1,377,451)
(465,641)
498,084
351,546
(1,254,825)
6,157
1,377,451
(1,566,606)
(182,998)
(1,437,823)
8,682,249
7,244,426

-13-

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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) (effective 1 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

(i) Raising funds

This comprises investment management fees 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.

-14-

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (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 prior 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:

-15-

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (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 2023 Income Fund 2022
£ £ £ £
Donations - - - -

There were no donations received in the current or prior year.

3 Investment income

nvestment income
Income from UK listed investments
Bank interest receivable		 Unrestricted
Income Fund
£
1,398,730
50,357
1,449,087		 Total Funds
2023
£
1,398,730
50,357
1,449,087		 Unrestricted
Income Fund
£
1,377,451
6,157
1,383,608		 Total Funds
2022
£
1,377,451
6,157
1,383,608
4 Raising funds
Unrestricted Total Funds Unrestricted Total Funds
Income Fund 2023 Income Fund 2022
£ £ £ £
Investment management fees 158,424 158,424 162,932 162,932

-16-

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

5 Grant making
Animals
Cats Protection
Cuan Wildlife Rescue
Falconry Centre, Hagley Ltd
Freshfields Animal Rescue
Horse Sense Wirral
Mayhew Animal Home
National Animal Welfare Trust
Pet Food Bank Service
Team Poundie
Zoological Society of London (ZSL)
Arts
Rambert School of Ballet & Contemporary Dance
Bereavement
Cruse Bereavement Care
Lullaby Trust
Cathedral
Corporation of Liverpool Cathedral
Community
Bath, Weston, All Saints
Brighton Fringe Ltd
Castle Point Social Car Scheme Limited
Church of St John the Evangelist, Kingston Park
Community Heart Productions
Explore York Libraries and Archives Mutual Ltd
GodFirst Christchurch
His Place
Jewish Training Academy for Girls (JTAG) Ltd
KEYS Project
Loughborough Junction Action Group
Medbourne Village Hall
Poplar HARCA
Sailors' Society
St Barnabas Church, Peasemore
St Edward's Church, Eggbuckland (Church Hall)
St James Church, Staunton
St Mary Magdalene, Shabbington, Buckinghamshire
St. James The Great, Audlem
St. Margaret's Church , Stoodleigh		 Paid
2023
£

15,000
-
-
3,000
5,000
4,340
10,000
-
2,000
-
39,340

5,000

-
-
-

-

-
300
-
240
-
3,000
5,000
-
-
450
2,592
-
-
3,000
-
3,240
-
-
-
-
Payable
2024-25

£

-
10,000
4,200
-
-
-
-
5,000
-
50,000
69,200

-

10,000
7,000
17,000

20,000

10,000
-
5,000
-
4,000
-
-
15,000
4,440
-
-
10,000
2,820
-
9,163
-
5,000
5,000
5,000
1,000
Total

£
15,000
10,000
4,200
3,000
5,000
4,340
10,000
5,000
2,000
50,000
108,540
5,000
10,000
7,000
17,000
20,000
10,000
300
5,000
240
4,000
3,000
5,000
15,000
4,440
450
2,592
10,000
2,820
3,000
9,163
3,240
5,000
5,000
5,000
1,000

Continued on next page

-17-

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

5 Grant making (continued)
Community (continued)
St. Mary's Church, Hartpury
Tenbury Community Pool Ltd
West Somerset Railway Association
Winchester Pavilion Project
Disability
Action For Kids Charitable Trust
Aim Up
Alkaptonuria Society Ltd
Allsorts Gloucestershire
ASPIRE (Association for Spinal Injury Research,
Rehabilitation, and Reintegration)
Bexley Beavers
Blind Veterans UK
BucksVision
C F Dream Holidays
Camphill Rudolf Steiner School Ltd (Camphill School
Aberdeen)
Carers First
Cerebra - For Brain Injured Children and Young
Compass Disability Services
Croydon Voluntary Association for the Blind
Ethel Trust
FitzRoy Support
Foundation For Conductive Education
Garwood Foundation
Helping Disabilities Trust
Jigsaw Trust
Kisharon
Lake District Calvert Trust
Liquid Listening
Motor Neurone Disease Association - MNDA
NMC Midlands Ltd
Open Country
Options for Supported Living
Peter Pan Centre Ltd
Roald Dahl's Marvellous Children's Charity
Sandcastle Trust
Saracens Sport Foundation
Seashell Trust		 Paid
2023
£
-
5,927
-
-
23,749

2,000
-
-
-
2,300
700
-
900
4,395
-
10,800
2,000
3,893
8,407
2,500
-
-
-
2,609
4,692
-
2,640
-
5,000
-
5,000
1,125
1,860
1,790
-
-
-
Payable
2024-25

£
3,000
-
3,150
5,000
87,573

-
10,000
5,000
1,897
-
-
10,000
-
-
20,000
-
-
-
-
-
4,400
7,460
50,000
-
-
9,986
-
2,415
-
3,535
-
-
-
-
5,000
18,742
2,867
Total

£
3,000
5,927
3,150
5,000
111,322
2,000
10,000
5,000
1,897
2,300
700
10,000
900
4,395
20,000
10,800
2,000
3,893
8,407
2,500
4,400
7,460
50,000
2,609
4,692
9,986
2,640
2,415
5,000
3,535
5,000
1,125
1,860
1,790
5,000
18,742
2,867

Continued on next page

-18-

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

5 Grant making (continued)
Disability (continued)
Snow Buddies UK
Society for Mucopolysaccharide Diseases - MPS
Springboard Opportunity Group
VICTA Children Ltd
York Blind & Partially Sighted Society (MySight York)
Domestic Abuse
First Light South West Ltd
Jericho Foundation
Oxfordshire Sexual Abuse and Rape Crisis Centre
Education
Access Project
Elderly
Birmingham Jewish Community Care
Bridge Care Limited
Dementia Support - Hampshire & IOW
Jewish Care
Environmental
Caring For Life
Family
Bonny Downs Community Association (BDCA)
Children's Adventure Farm Trust
Hessle Road Network
Home-Start West Berkshire
Why me? UK
Health & Wellbeing
Progressive Farming Trust Limited
Stroke Association
Homelessness
1625 Independent People
Amber Foundation
Connection Support
Emmaus Sheffield
Emmaus South Lambeth Community
HandsOn London
Renova Trust		 Paid
2023
£
-
10,000
2,005
2,550
2,283
79,449

4,000
-
-
4,000

5,000

4,560
-
322
-
4,882

1,000

4,184
8,240
2,978
1,000
-
16,402

4,551
-
4,551

5,000
-
5,000
-
-
1,800
-
Payable
2024-25

£
3,073
-
-
-
-
154,375

-
15,000
3,000
18,000

-

-
20,000
1,178
10,000
31,178

-

-
-
-
-
2,964
2,964

-
20,000
20,000

-
5,266
-
5,000
300
-
7,500
Total

£
3,073
10,000
2,005
2,550
2,283
233,824
4,000
15,000
3,000
22,000
5,000
4,560
20,000
1,500
10,000
36,060
1,000
4,184
8,240
2,978
1,000
2,964
19,366
4,551
20,000
24,551
5,000
5,266
5,000
5,000
300
1,800
7,500

Continued on next page

-19-

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

5 Grant making (continued)
Homelessness (continued)
Response Organisation
Routes to Roots (Poole) CIO
Waltham Forest Churches Night Shelter-WFCNS
Limited
Your Place (London) Limited (Previously, Caritas
Anchor House)
Hospice
Ashgate Hospicecare
Harlington Hospice Association Limited
Havens Hospices
Hospice Charity Partnership (known as Birmingham
Hospice)
Lifelites
North London Hospice
North Yorkshire Hospice Care
Overgate Hospice
Pilgrims Hospices in East Kent
South Bucks Hospice
St Clare West Essex Hospice Care Trust
St John & St Elizabeth Charity
Willen Hospice
Life-Limiting
Chance to Shine Foundation Limited
Hope For Tomorrow
Joss Searchlight
Odyssey Project Limited
Medical
Action Medical Research
Brainstrust
Childhood Eye Cancer Trust (CHECT)
Children's Cancer and Leukaemia Group
Cobalt Health
Dudley Group NHS Foundation Charity
Institute of Cancer Research
Murray Parish Trust
Prostate Cancer UK
Royal Free Charity
Royal Marsden Cancer Charity
St Bartholomew's Heritage		 Paid
2023
£
10,000
-
-
-
21,800

7,164
-
-
-
5,000
-
-
5,014
-
3,000
-
2,000
10,000
32,178

-
-
1,500
-
1,500

10,900
-
5,000
7,800
10,000
3,420
16,678
-
-
-
62,774
-
Payable
2024-25

£
-
25,000
15,400
10,000
68,466

-
2,000
10,000
10,400
-
25,000
5,760
-
4,314
-
10,000
-
-
67,474

4,975
8,083
-
4,955
18,013

-
4,000
-
-
-
-
-
10,000
10,000
31,438
-
50,000
Total

£
10,000
25,000
15,400
10,000
90,266
7,164
2,000
10,000
10,400
5,000
25,000
5,760
5,014
4,314
3,000
10,000
2,000
10,000
99,652
4,975
8,083
1,500
4,955
19,513
10,900
4,000
5,000
7,800
10,000
3,420
16,678
10,000
10,000
31,438
62,774
50,000

Continued on next page

-20-

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

5 Grant making (continued)
Medical (continued)
Strongbones Children's Charitable Trust
Target Ovarian Cancer
University Hospitals Birmingham Charity
University of Manchester
Wellbeing of Women (WOW)
West Hertfordshire Teaching Hospitals NHS Trust
Charity
Mental Health
Acacia Family Support
Arts and Minds (Cambridgeshire and Peterborough
Foundation for the Arts and Mental Health)
Birmingham Women’s and Children’s Hospital
Brent Adolescent Centre For Young People (BCYP)
British Horse Society
Growing Well Limited
HUMEN
Normandy Community Therapy Garden
Oakleaf Enterprise
Museum
Brunel Museum
Coldharbour Mill Trust Limited
Milton Keynes Museum Trust Limited
Wallace Collection
Music
National Youth Brass Band of Great Britain
Royal School of Church Music
Poverty
Achieved Dreams
Aspirations Program CIO
Blooming Blossoms Trust
Christians Together Calderdale
City Harvest
Cystic Fibrosis Trust
Faithworks Wessex
Friends For Families (Sevenoaks)
Lincoln St Swithin
Off The Fence Trust Limited
Orchards		 Paid
2023
£
6,757
-
-
-
10,000
-
133,329

2,000
-
-
3,328
5,000
3,000
10,000
11,748
-
35,076

-
-
-
-
-

1,500
15,230
16,730

-
12,000
-
-
5,000
5,000
-
10,000
4,547
-
546
Payable
2024-25

£
-
10,000
5,000
250,000
-
10,000
380,438

-
5,000
5,520
-
-
-
-
-
1,550
12,070

11,500
10,000
20,000
20,000
61,500

-
-
-

500
-
4,500
5,000
-
-
5,000
-
-
3,000
-
Total

£
6,757
10,000
5,000
250,000
10,000
10,000
513,767
2,000
5,000
5,520
3,328
5,000
3,000
10,000
11,748
1,550
47,146
11,500
10,000
20,000
20,000
61,500
1,500
15,230
16,730
500
12,000
4,500
5,000
5,000
5,000
5,000
10,000
4,547
3,000
546

Continued on next page

-21-

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

5 Grant making (continued)
Poverty (continued)
Parish Trust
Parochial Charities
Racing Welfare
Richmond Furniture Project
Sandwell African Women Association
School-Home Support Service (UK)
Watford & Three Rivers Refugee Partnership
YMCA East Surrey
Rehabilitation
Headway Cambridgeshire
Nelson Trust
Rescue
Bravo Medics
Veterans
ABF The Soldiers' Charity (2 grants)
Open University
Royal Air Force Benevolent Fund
Walking With the Wounded
Youth
Active Hope Ltd
Andrew Simpson Foundation
Church Pastoral Aid Society (CPAS)
Create (Arts) Limited
Discovery Sailing Project
Drama Expressions for Children
Kenelm Youth Trust Limited
Leeds Children's Charity at Lineham Farm
Mayor's Fund for London
National Youth Jazz Orchestra
Northdale Horticulture
Portsmouth Sail Training Trust (PSTT)
Quest for Learning
ReachOut Youth
St Andrew's Club
Starlight Children's Foundation
StreetGames UK
Talent-Ed Education
Villiers Park Educational Trust		 Paid
2023
£
6,000
6,572
5,000
-
-
5,000
5,000
5,000
69,665

-
-
-

-

2,000
7,000
10,000
5,000
24,000

-
4,635
5,000
-
1,600
4,200
-
4,500
6,265
-
-
-
2,250
5,770
1,500
4,728
4,000
4,025
-
Payable
2024-25

£
-
-
-
5,000
2,000
-
-
-
25,000

2,400
10,000
12,400

29,698

10,700
-
-
-
10,700

4,100
-
-
3,414
-
-
8,400
-
-
4,000
4,400
1,125
-
-
-
-
-
-
2,000
Total

£
6,000
6,572
5,000
5,000
2,000
5,000
5,000
5,000
94,665
2,400
10,000
12,400
29,698
12,700
7,000
10,000
5,000
34,700
4,100
4,635
5,000
3,414
1,600
4,200
8,400
4,500
6,265
4,000
4,400
1,125
2,250
5,770
1,500
4,728
4,000
4,025
2,000

Continued on next page

-22-

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

5 Grant making (continued)
Youth (continued)
Youth & Community Connexions
Youth Adventure Trust
Subtotal before reductions
Prior year grant commitments cancelled
Total
Grants made by Fund
Income
Education
Research and Heritage
Wildlife
Total
Please see note 19 for 2022 comparatives
6 Analysis of accruals for grants payable
Notes
Grants commited during the year5
Grants commited in prior periods
12, 13
Analysis of accruals for grants payable - prior year
Notes
Grants commited during the year19
Grants commited in prior periods
12, 13		 Paid
2023
£
-
1,370
49,843
567,494
(88,180)
479,314
331,429
71,739
36,875
39,271
479,314
2023
£
840,288
238,569
1,078,857
2022
£
709,235
286,349
995,584
Payable
2024-25

£
1,800
-
29,239
1,135,288
-
1,135,288
555,913
109,275
400,900
69,200
1,135,288
2024-25
£
295,000
-
295,000
2023-24
£
108,820
-
108,820
Total

£
1,800
1,370
79,082
1,702,782
(88,180)
1,614,602
887,342
181,014
437,775
108,471
1,614,602
Total at
31.03.23
£
1,135,288
238,569
1,373,857
Total at
31.03.22
£
818,055
286,349
1,104,404

-23-

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

7 Governance costs

Governance costs
Notes
Professional fees
Audit fees
Other accountancy services
Staff costs
Bank charges
Other		 Unrestricted
Income Fund
£
18,600
10,785
29,385
50,000
205
8,310
87,900		 Total Funds
2023
£
18,600
10,785
29,385
50,000
205
8,310
87,900
Unrestricted
Income Fund

£
12,900
18,525
31,425
50,459
240
5,465
87,589
Total Funds
2022

£
12,900
18,525
31,425
50,459
240
5,465
87,589

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		 2023
£
50,000
-
50,000
2023
7
2022

£
50,000
459
50,459

2022
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.

10 Listed investments
At 1 April
Historical cost
Unrealised gains on revaluation
Liquid assets
Fair value
Add acquisitions at cost
Unrealised (loss) / gain on revaluation
Movement in liquid assets
Fair value at 31 March		 2023
£
35,534,771
5,521,718
465,647
41,522,136
-
(2,464,941)
3,622
39,060,817
2022

£
33,968,165
4,709,269
6
38,677,440
1,566,606
812,449
465,641
41,522,136

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

-24-

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

11 Debtors

Accrued income
Other debtors
12 Creditors: amounts falling due within one year
Note
Other accruals
Accruals for grants payable
6
13 Creditors: amounts falling after more than one year
Note
Accruals for grants payable
6		 2023
£
-
32,482
32,482
2023
£
23,830
1,078,857
1,102,687
2023
£
295,000
2022

£

-
34,522
34,522

2022

£
23,350
995,584
1,018,934

2022

£
108,820

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 £1,379,087 (2022: £1,114,854).

14 Share capital

Allotted, called up and fully paid

At 31 March 2023 5 (2022: 5) Ordinary Shares of £1 each 5 5

15 Trust funds

Unrestricted Income Fund:

Unrestricted Income Fund:
Unrestricted Fund
Designated
Educational Fund
Research and Heritage Fund
Wildlife Fund
Total net assets		 As at
1.04.22
£
16,384,462
1,557,997
533,863
610,886
19,087,208		 Income
£
1,449,087
1,449,087		 Expenditure

£
(1,133,666)
(181,014)
(437,775)
(108,471)
(1,860,926)
As at
31.03.23

£
16,699,883
1,376,983
96,088
502,415
18,675,369

Continued on next page

-25-

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

15 Trust funds (continued)

Expendable Endowment Fund – current year
(including Unrealised Investment Gains):
Balance as at 1 April 2022
Net outgoing resources
Balance as at 31 March 2023		 £
28,586,117
(2,464,941)
26,121,176

Unrestricted Income Fund:

Unrestricted Income Fund:
Unrestricted Fund
Designated
Educational Fund
Research and Heritage Fund
Wildlife Fund
Total net assets		 As at
1.04.21
£
16,175,331
1,755,732
763,795
647,556
19,342,414		 Income
£
1,383,608
1,383,608		 Expenditure

£
(1,174,477)
(197,735)
(229,932)
(36,670)
(1,638,814)
As at
31.03.22

£
16,384,462
1,557,997
533,863
610,886
19,087,208

The designated funds reflect our commitment to specific areas of importance, allowing us to make a meaningful impact in the realms of education, research, heritage, and wildlife conservation.

Expendable Endowment Fund – prior year (including Unrealised Investment Gains):

Balance as at 1 April 2021
Net incoming resources
Balance as at 31 March 2022		 £
27,773,668
812,449
28,586,117

16 Analysis of net assets – current year

Fund balances at 31 March 2023
are represented by:-
Investments
Current assets
Liabilities
Total net assets		 Share
Capital 2023
£
-
5
-
5		 Unrestricted
Income
Funds 2023
£
12,939,641
7,133,415
(1,397,687)
18,675,369		 Expendable
Endowment
Fund 2023
£
26,121,176
-
-
26,121,176		 Total Funds
2023
£
39,060,817
7,133,420
(1,397,687)
44,796,550

The Designated Unrestricted Income Fund has current assets of £2,631,157 (2022: £3,085,860) and liabilities of £655,671 (2022: £383,114).

Continued on next page

-26-

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

16 Analysis of net assets – prior year

Fund balances at 31 March 2022
are represented by:-
Investments
Current assets
Liabilities
Total net assets		 Share Capital
2022
£
-
5
-
5		 Unrestricted
Income
Funds 2022
£
12,936,019
7,278,943
(1,127,754)
19,087,208		 Expendable
Endowment
Fund 2022
£
28,586,117
-
-
28,586,117		 Total Funds
2022
£
41,522,136
7,278,948
(1,127,754)
47,673,330

17 Control

The trustees consider there to be no overall controlling party.

18 Related party transactions

There were no related party transactions during the year.

19 Comparatives for Grant making year ended 31 March 2022

Animals
Hearing Dogs for Deaf People
Hope Rescue
Oak Tree Animals' Charity
Scottish SPCA
Woodlands Wildlife Sanctuary
Bereavement
Compassionate Friends
Scotty's Little Soldiers
Cathedral
Bradford Cathedral
Community
Ainon Baptist Church
Breaking Barriers
Bridge Church, Bolton
Bridgerule Village Hall Limited
Brightwalton and Catmore
Continued on next page		 Paid
2022
£

-
-
470
-
10,000
10,470
4,000
12,000
16,000
-
-
-
20,000
-
-
Payable
2023-24

£

5,000
8,400
-
5,000
-
18,400
-
-
-
3,000
2,500
2,762
-
6,000
7,225
Total

£
5,000
8,400
470
5,000
10,000
28,870
4,000
12,000
16,000
3,000
2,500
2,762
20,000
6,000
7,225

-27-

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

19 Comparatives for Grant making year ended 31 March 2022 (continued)

Community (continued)
Christ Church, Harwood
Emmanuel Group of Churches
English Province of the Order of Preachers
Holy Trinity Headington Quarry, Oxford
Hope Community Church Pontypridd
Lavant Churches
Milton Abbot with Dunterton PCC
Newport Pagnell United Reformed Church Charity
Octavia Foundation
Ridgeway Methodist Church
St Andrew's Church, Alfiston with Lullington
St Augustine's Church, Ipswich
St Boniface Church Whipton
St Botolph's, Longthorpe
St James in the City
St James, Sutton, in the Diocese of Chester
St Martin with St Peter, Worcester
St Mary the Virgin Church, Hanbury
St Michael and All Angels Church, Middleton Tyas
St Peter's Church, Rhoose
St Philip and St James, Ilfracombe
St. Mary The Virgin, Monken Hadley
Westcliff St Peter
Worth, Pound Hill & Maidenbower
Disability
Autism Bedfordshire
B.A.S.I.C Brain and Spinal Injury Centre Limited
Castel Froma Neuro Care Ltd
Centre 404
Cherry Trees
Coventry Rugby Community Foundation
Cpotential Trust
Devon Link Up
Diverse Abilities Plus Ltd.
Dogs for Autism
East Sussex Hearing
English Heritage Trust
Federation of London Youth Clubs
Flyde Rugby Community Foundation
Ecumenical Partnership Initiatives, known as
Workplace Matters		 Paid
2022
£
-
-
-
5,000
-
-
-
-
3,163
-
3,575
-
5,000
-
8,500
2,730
-
3,267
-
-
5,534
-
30,000
-
4,100
90,869
-
5,000
-
5,000
-
-
-
-
5,000
5,000
-
-
5,000
-
Payable
2023-24

£
2,000
10,000
5,000
-
6,000
10,000
5,287
7,200
-
1,000
-
5,000
-
10,000
-
-
3,379
-
8,000
10,000
-
8,000
-
5,000
-
114,353
7,000
-
3,864
-
4,800
4,440
20,000
5,000
-
-
1,000
10,000
-
3,000
Total

£
2,000
10,000
5,000
5,000
6,000
10,000
5,287
7,200
3,163
1,000
3,575
5,000
5,000
10,000
8,500
2,730
3,379
3,267
8,000
10,000
5,534
8,000
30,000
5,000
4,100
205,222
7,000
5,000
3,864
5,000
4,800
4,440
20,000
5,000
5,000
5,000
1,000
10,000
5,000
3,000

Continued on next page

-28-

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

19 Comparatives for Grant making year ended 31 March 2022 (continued)

Disability (continued)
Guild Care Limited
Independent Provider of Special Education Advice
INSPIRE Foundation
Iris Theatre
KEEN London
KIDS
Lambeth Elfrida Rathbone Society
Martha Trust
Mid Devon Mobility
Multiple Sclerosis Therapy Centre Norfolk
National Rheumatoid Arthritis Society (NRAS)
National Star Foundation
Newlife the Charity for Disabled Children
Orchard Hill College
Outward Housing
Royal National College for the Blind
Royal Society for Blind Children
Schoolreaders
Side by Side (Children) Limited
St Elizabeth's Centre
Torch Trust for the Blind
TRACKS (Autism)
Treloar Trust
Tuberous Sclerosis Association
Umbrella Derby and Derbyshire
Yad Voezer Day Centre Limited
Domestic Abuse
East Surrey Domestic Abuse Services
Haven, Wolverhampton
Hestia Housing and Support
Education
Malorees Parent Staff and Friends Association
Elderly
Age Concern East Sussex
Methodist Homes (MHA)
Horsley, Bookham & Leatherhead Riding for the
Disabled
Southbourne with West Thorney, St John's
Southbourne		 Paid
2022
£
1,392
3,000
-
8,400
2,000
2,100
3,914
-
9,460
5,000
-
2,500
-
4,955
-
-
-
7,619
-
-
-
5,000
-
-
-
-
3,000
5,000
88,340
7,000
-
8,000
15,000
-
3,237
-
Payable
2023-24

£
-
-
10,000
-
-
-
-
3,699
-
-
4,000
-
10,000
-
4,142
5,000
5,000
-
6,500
4,963
5,000
-
5,000
20,000
20,000
4,000
-
-
166,408
-
2,000
-
2,000
2,800
-
5,958
Total

£
1,392
3,000
10,000
8,400
2,000
2,100
3,914
3,699
9,460
5,000
4,000
2,500
10,000
4,955
4,142
5,000
5,000
7,619
6,500
4,963
5,000
5,000
5,000
20,000
20,000
4,000
3,000
5,000
254,748
7,000
2,000
8,000
17,000
2,800
3,237
5,958

Continued on next page

-29-

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

19 Comparatives for Grant making year ended 31 March 2022 (continued)

Elderly (continued)
Sudbury Neighbourhood Centre (Middlesex) Ltd
Wainman Trust
Environmental
Bioregional Development Group
Heart of England Forest
Surfers Against Sewage
Sylva Foundation
Family
Norwood Ravenswood
Oakley Preschool Playgroup
Health & Wellbeing
Biddulph Youth and Community Zone Limited
Bunbury ESCA Festival
East and North Hertfordshire NHS Charitable Fund
Horticultural Therapy Trust
Jonas Charitable Trust
Life Education Wessex and Thames Valley
Homeless
Cambridge Cyrenians Limited
Centrepoint Soho
Depaul UK
Emmaus Dover
John Trotter Trust
Mags Day Centre
Nomad Opening Doors
Rowan Alba
Warming Up The Homeless
Hospice
Cornwall Hospice Care
East Anglia's Children's Hospices (EACH)
Ellenor
Farleigh Hospice
Conservation Education and Research Trust
(Earthwatch Europe)		 Paid
2022
£
-
-
3,237
-
-
-
5,000
-
5,000
1,578
-
1,578
1,200
5,000
-
-
4,000
-
10,200
5,000
-
-
-
-
-
3,000
872
-
8,872
-
3,500
8,104
-
Payable
2023-24

£
4,675
5,000
15,633
5,000
5,000
1,000
-
6,006
17,006
-
6,420
6,420
-
-
10,000
3,355
-
2,128
15,483
-
28,500
4,500
3,000
10,000
2,300
-
-
2,500
50,800
2,700
-
-
15,430
Total

£
4,675
5,000
18,870
5,000
5,000
1,000
5,000
6,006
22,006
1,578
6,420
7,998
1,200
5,000
10,000
3,355
4,000
2,128
25,683
5,000
28,500
4,500
3,000
10,000
2,300
3,000
872
2,500
59,672
2,700
3,500
8,104
15,430

Continued on next page

-30-

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

19 Comparatives for Grant making year ended 31 March 2022 (continued)

Hospice (continued)
Five Towns Plus Hospice Fund Limited
Garden House Hospice Care
Hospice of St Francis (Berkhamsted) Ltd
Kirkwood Hospice
Mary Stevens Hospice
North London Hospice
Rowans Hospice
Rowcroft House Foundation Limited
St Barnabas Hospice Trust (Lincolnshire)
St David's Foundation Hospice Care
St John & St Elizabeth Charity
St Joseph's Hospice Hackney
St Raphael's Hospice
St Richard's Hospice Foundation
Tameside and Glossop Hospice Ltd
Wessex Children's Hospice Trust
Life-Limiting
Grampian Children's Respite Care (Charlie House)
Willow Foundation
Medical
Addenbrooke's Charitable Trust
Barking, Havering & Redbridge Hospitals NHS Trust
Big C Appeal Limited
Cardiac Risk in the Young
Chronicle Sunshine Fund
Colchester and Ipswich Hospitals Charity
DKMS
Ezra Umparpeh Limited
Leeds Cares (Leeds Hospitals Charity)
Leukaemia and Myeloma Research UK
Lily Foundation
Lucy Air Ambulance for Children
Luton And Dunstable Hospital Charitable Fund
Moorfields Eye Charity
Oxford Hospitals Charity
Royal Hospital for Neuro-disability
Scar Free Foundation
Southampton Children's Hospital Charity
St Luke's Hospice - Sheffield
University College London
University of Liverpool		 Paid
2022
£
-
929
-
3,000
6,695
50,000
6,500
8,023
8,000
1,984
-
5,800
4,490
-
-
-
107,025
-
5,000
5,000
-
-
-
-
1,629
-
-
-
8,000
-
10,000
9,500
-
15,000
-
12,030
-
-
-
50,000
-
106,159
Payable
2023-24

£
8,686
-
10,000
-
-
-
-
-
-
-
10,000
-
-
7,140
10,000
8,470
72,426
8,000
-
8,000
10,000
5,000
3,300
5,000
-
10,000
2,614
1,500
-
1,296
-
-
5,000
-
7,000
-
10,000
5,035
8,000
-
6,417
80,162
Total

£
8,686
929
10,000
3,000
6,695
50,000
6,500
8,023
8,000
1,984
10,000
5,800
4,490
7,140
10,000
8,470
179,451
8,000
5,000
13,000
10,000
5,000
3,300
5,000
1,629
10,000
2,614
1,500
8,000
1,296
10,000
9,500
5,000
15,000
7,000
12,030
10,000
5,035
8,000
50,000
6,417
186,321

Continued on next page

-31-

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

19 Comparatives for Grant making year ended 31 March 2022 (continued)

Mental Health
Alder Hey Children's Charity
Mind Islington
NOPANIC
Rock2Recovery
Sussex Emmaus
Teens Unite Fighting Cancer
Turning Corners
Weybridge Men's Shed
Museum
Bristol Aero Collection Trust
British Glass Foundation
Dyson Perrins Museum Trust
Dyson Perrins Museum Trust
East Surrey Museum
Mary Rose Trust
Victoria and Albert Museum
Music
Darbar Arts, Culture Heritage Trust
Mayor's Music Fund for Young Londoners
Opera North Limited
People's Orchestra
Royal Philharmonic Orchestra
Wells Cathedral Chorister Trust
Westminster Abbey Trust
Poverty
Alderley Edge School for Girls
Alexandra Rose Charity
Basildon Community Resource Centre
Beyond Limits
Birmingham Hippodrome Theatre Trust
Brierley Hill Babybank
Carriers of Hope, Coventry
Community Council of Shropshire
Courtney Foundation
FareShare
Hope for Justice
Les Alden Foundation
London Early Years Foundation
Prison Advice and Care Trust (PACT)		 Paid
2022
£
-
3,000
-
30,000
-
-
-
9,620
42,620
19,990
-
-
-
-
-
-
19,990
-
-
-
-
-
10,000
-
10,000
5,000
-
1,632
-
5,250
4,000
2,000
-
-
-
1,500
5,000
5,000
5,000
Payable
2023-24

£
7,917
-
2,736
-
5,000
5,234
830
-
21,717
-
10,300
2,160
5,000
2,000
18,260
10,000
47,720
1,500
4,000
20,000
2,400
4,400
-
20,000
52,300
-
10,000
-
5,650
-
-
-
3,370
2,775
6,000
-
-
-
-
Total

£
7,917
3,000
2,736
30,000
5,000
5,234
830
9,620
64,337
19,990
10,300
2,160
5,000
2,000
18,260
10,000
67,710
1,500
4,000
20,000
2,400
4,400
10,000
20,000
62,300
5,000
10,000
1,632
5,650
5,250
4,000
2,000
3,370
2,775
6,000
1,500
5,000
5,000
5,000

Continued on next page

-32-

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

19 Comparatives for Grant making year ended 31 March 2022 (continued)

Poverty (continued)
Regal Respite Limited
Seafarers' Charity
The Zink Project CIO
Rehabilitation
Amazing Grace Spaces
Rescue
East Anglian Air Ambulance
Essex & Herts Air Ambulance Trust
Great Western Air Ambulance Charity
Hampshire and Isle of Wight Air Ambulance
Kent, Surrey and Sussex Air Ambulance Trust
Thames Valley Air Ambulance
Social Care
St Andrew's Children's Society
Theatre
Royal Academy of Dance
Veterans
AF&V Launchpad Limited
Care for Veterans
Youth
Bryntail Cottage Charity
China Plate Theatre Ltd.
Christian Youth Enterprises Sailing Centre
City Gateway Limited
Exodus Project
Highlights
Outreach and Community Action Project
Read for Good
Sport 4 Life UK
Springboard Charity
Starlight Children's Foundation
Sudden Productions
New Hackney Education Business Partnership
Limited		 Paid
2022
£
1,500
5,000
1,740
42,622
2,000
-
-
5,325
810
4,997
-
11,132
-
-
-
5,000
5,000
-
11,000
-
9,430
3,995
2,500
3,427
5,000
-
-
3,180
-
-
Payable
2023-24

£
-
-
-
27,795
-
10,000
7,995
-
-
-
5,600
23,595
4,000
25,000
5,000
-
5,000
3,500
4,000
10,000
-
-
-
-
-
1,637
3,500
-
4,400
1,000
Total

£
1,500
5,000
1,740
70,417
2,000
10,000
7,995
5,325
810
4,997
5,600
34,727
4,000
25,000
5,000
5,000
10,000
3,500
15,000
10,000
9,430
3,995
2,500
3,427
5,000
1,637
3,500
3,180
4,400
1,000

Continued on next page

-33-

THE HOBSON CHARITY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

19 Comparatives for Grant making year ended 31 March 2022 (continued)

Youth (continued)
Young Lewisham Project
Subtotal before reductions
Grants made by Fund
Income
Education
Research and Heritage
Wildlife
Total
Total
Prior year grant commitments cancelled		 Paid
2022
£
-
38,532
639,646
(69,408)
570,238
389,870
50,639
114,259
15,470
570,238
Payable
2023-24

£
10,000
38,037
818,055
-
818,055
534,086
147,096
115,673
21,200
818,055
Total

£
10,000
76,569
1,457,701
(69,408)
1,388,293
923,956
197,735
229,932
36,670
1,388,293

-34-