## The St Hilda’s Trust 

Trustees’ Report & Financial Statements Year ended 31 December 2022 Charity number - 500962 

A large print version is available on request from 

Church House St John’s Terrace North Shields NE29 6HS 

E-mail: info@newcastle.anglican.org Telephone: 0191 270 4100 



**THE ST HILDA’S TRUST** 

## **CONTENTS** 

|Trustees’ Annual Report|1|
|---|---|
|Members of the Board and Professional Advisers|4|
|Independent Examiner’s Report|5|
|Statement of Financial Activities|6|
|Balance Sheet|7|
|Notes to the Financial Statements<br>|8-11|





**THE ST HILDA’S TRUST** 

**TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022** 

The trustees present their annual report, together with the financial statements, for the year ended 31 December 2022. 

## **Legal Objects** 

The St Hilda’s Trust is a registered charity (Charity number 500962). 

The board meets four times year to consider and agree grant applications and allocation of funds. This is carried out in the spirit of being ‘Generous, Engaged and Open – sustaining a local Christian presence’, which is the core of Diocesan strategy. 

Newcastle Diocesan Society, a separately registered charity acts as custodian trustee in relation to The St Hilda’s Trust. 

The trustees believe that, by promoting the work of the Church of England in the Diocese of Newcastle, St Hilda’s helps to promote the whole mission of the Church more effectively, both in the Diocese as a whole and in its individual parishes, and that in doing so it provides a benefit to the public. 

## **Aims and objectives** 

The objectives of the charity are to further such charitable purposes in connection with the Church of England in the Diocese of Newcastle as the managing trustees of the trust may think proper. In particular, relief is provided either generally or individually for persons who are in conditions of need, hardship or distress. 

The main areas of concern are as follows: 

- Children and young people who are disadvantaged in some way. 

- Particular consideration is given to projects for which there is a degree of church involvement or interest. 

- Grants are made to organisations for charitable purposes, although these organisations need not necessarily be registered charities. 

The trustees are aware of the Charity Commission’s guidance on public benefit and have regard to it when selecting those projects which receive grant funding. 

## **Achievements in the year** 

## **Review of 2022** 

- Investment income of £84,638 (2021: £81,619), an increase of 3.7% on the previous year. 

- £113,010 (2021: £85,950) expenditure on charitable activities during the year. 

- 45 grants (2021: 26) were made to projects benefitting the lives of children and young people in deprived communities. 

The trustees are pleased to visit, when possible, projects which have special interest or benefit to the churches or communities concerned. Projects included youth groups, children’s resources, bereavement and family support units. 

-1- 



**THE ST HILDA’S TRUST** 

**TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **Future Plans** 

The trustees intend to continue to administer the funds held in trust as in previous years and to continue to maximise the benefits of the charity as far as the funds allow, seeking opportunities to advertise the work of the charity in local and church publications. 

## **Financial review** 

## **Overall financial position** 

Income before revaluation adjustments totalled £84,638 (2021: £81,619) and expenditure amounted to £113,010 (2021: £85,950). 

The Statement of Financial Activities (SOFA) for the year shows net expenditure of £28,372 (2021: net expenditure £4,331) before movements on the investment assets. 

The total value of investments (excluding short-term cash deposits) as at 31 December 2022 was £2,728,862 (2021: £3,086,376). The unrealised loss in the value of investments during the year amounted to £357,514 (2021: £380,421). 

After all gains and losses for the year, the net movement in funds amounted to a deficit of £385,886 (2021: surplus of £376,090). During the year, the total fund balance dropped from £3,118,872 to £2,732,986. 

## **Principal funding sources** 

All the income generated by St Hilda’s Trust is derived from investments or funds used to acquire investments. 

## **Going concern** 

The trustees are satisfied that St Hilda’s has adequate resources to continue to operate as a going concern for the foreseeable future and have prepared the financial statements on that basis. 

## **Investment policies** 

The St Hilda’s Trust investment strategy is based on two key policies: 

_Ethical investment_ – this includes ensuring that investments are held in companies which have high standards of corporate governance and act in a responsible way towards stakeholders. 

_Long_ - _term responsibilities_ – the trustees’ are aware of their long-term responsibilities in respect of the funds and as a result follow a correspondingly prudent approach to investment decisions. 

Investment policy for long-term funds is aimed primarily at generating a sustainable income with due regard to the need for the preservation of capital value and the possible need to realise investments to meet the operational needs. 

The trustees continue to seek advice and guidance from their professional advisers in relation to the investments. The trustees invest the capital in the Central Board of Finance Investment Fund, Property Fund or the Deposit Fund. These funds conform to the guidance given by the Church’s Ethical Investment Advisory Group. 

The trustees are keen to maximise income from their investments and receive regular reports from their investment advisors in the management of the portfolio. 

-2- 



**THE ST HILDA’S TRUST** 

**TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **Reserves policy** 

The charity holds reserves at a level to generate income year on year to allow it to meet the needs that arise, whilst seeking to maintain the underlying asset base. 

## **Structure and Governance** 

The charity is an unincorporated trust created by a trust deed dated 5 October 1904 and statutes of 6 May 1941 as amended on 4 February 1988. The trustees meet four times a year to allocate grants in accordance with the terms and conditions of the trust. 

## **Appointment of trustees** 

The trustees who served the charity during the year are listed on page 4. 

The trustees are appointed by a resolution of the managing trustees passed at a duly convened meeting as required by the charities statutes. Trustees are given induction training when first appointed and receive ongoing training, as appropriate. Where there is an identified need this is provided in house, or if necessary external training will be arranged. 

## **Trustees’ responsibilities** 

The charity’s trustees are responsible for preparing the Trustees’ Annual Report and Financial Statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the net incoming or outgoing resources of the charity for that year. 

In preparing those financial statements the trustees are required to: 

- Select the most suitable accounting policies and apply them consistently; 

- Observe the methods and principles in the Charities SORP; 

- Make judgements and estimates that are reasonable and prudent; 

- Follow applicable accounting standards and the SORP, subject to any material departures disclosed and explained in the financial statements; 

- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008.  The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

## **Re-appointment of examiner** 

UNW LLP has been re-appointed as independent examiner for the ensuing year. 

-3- 



**THE ST HILDA’S TRUST** 

**TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **Administrative Details** 

## **Trustees:** 

Bishop of Newcastle – The Right Reverend H-A Hartley (from 03/02/2023) Acting Bishop of Newcastle – The Right Reverend M Wroe (until 02/02/2023) Dr M Wilkinson Revd C Brown Canon R Styring Mr J Brown Mr D Littlefield H Cooper 

## **Secretary** 

Miss R O’Hagan – Ended 05/09/2022 Miss K Whittaker – Started 06/09/2022 

## **Independent examiner** 

Anne Hallowell FCA, DChA UNW LLP Chartered Accountants Citygate St. James' Boulevard Newcastle upon Tyne NE1 4JE 

## **Custodian Trustee** 

Newcastle Diocesan Society Church House St John’s Terrace North Shields NE29 6HS 

## **Principal address** 

Church House St John’s Terrace North Shields NE29 6HS (Telephone: 01912 704100) (Fax: 01912 704101) 

## **Registered charity number** 

500962 


Signed on behalf of the trustees 


**Rt Revd H A Hartley Trustee** 

-4- 



**THE ST HILDA’S TRUST** 

**INDEPENDENT EXAMINERS REPORT FOR THE YEAR ENDED 31 DECEMBER 2022** 

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2022. 

## **Responsibilities and Basis of Report** 

As the trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act'). 

I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. 

## **Independent Examiner's Statement** 

Your attention is drawn to the fact that the charity has prepared the accounts 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. 

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. 

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or 

2. the accounts do not accord with those records; or 

3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination. 

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. 


## **Anne Hallowell FCA DChA** 

**Chartered Accountant UNW LLP Newcastle upon Tyne NE1 4JE** 


-5- 



**THE ST HILDA’S TRUST** 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022** 

|||**Unrestricted**|**Total Funds**|Total Funds|
|---|---|---|---|---|
|||**Funds**|**2022**|2021|
||**Note**|**£**|**£**|£|
|**Income and endowments from**|||||
|Investments|**2**|**84,638**|**84,638**|81,619|
|||────────|────────|────────|
|||**84,638**|**84,638**|81,619|
|||────────|────────|────────|
|**Expenditure on**|||||
|Charitable activities|**3**|**(113,010) **|**(113,010)**|(85,950)|
|||────────|────────|────────|
|||**(113,010) **|**(113,010)**|(85,950)|
|||────────|────────|────────|
|**Net expenditure before investment**|||||
|**gains/(losses)**||**(28,372) **|**(28,372)**|(4,331)|
|Net gains/(losses) on investments|**6**|**(357,514) **|**(357,514)**|380,421|
|||────────|────────|────────|
|**Net income**||**(385,886) **|**(385,886)**|376,090|
|**Total funds brought forward**||**3,118,872**|**3,118,872**|2,742,782|
|||────────|────────|────────|
|**Total funds carried forward**|**8**|**2,732,986**<br>────────|**2,732,986** <br>────────|3,118,872<br>────────|



All of the above amounts relate to continuing activities. 

-6- 



**THE ST HILDA’S TRUST** 

## **BALANCE SHEET AS AT 31 DECEMBER 2022** 

|||**2022**|2021|
|---|---|---|---|
||**Note**|**£**|£|
|**Fixed assets**||||
|Investments|**6**|**2,728,862**|3,086,376|
|||─────────|─────────|
|||**2,728,862**|3,086,376|
|**Current assets**||||
|Cash at bank and in hand||**5,414**|35,076|
|**Creditors: amounts falling due within one year**|**7**|**(1,290)**|(2,580)|
|||─────────|─────────|
|**Net current assets**||**4,124**|32,496|
|||─────────|─────────|
|**Net assets**||**2,732,986**|**3,118,872**|
|||─────────|─────────|
|**Funds**||||
|**Unrestricted income funds**|**8**|**2,732,986**|3,118,872|
|||─────────|─────────|
|**Total funds**||**2,732,986**|3,118,872|
|||─────────|─────────|



These financial statements were approved by the members of the Board on …………………. and  signed on their behalf by: 


## **The Rt Revd H A Hartley Trustee** 

**Charity number 500962** 

-7- 



**THE ST HILDA’S TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **Principal accounting policies** 

## **Basis of preparation** 

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. 

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and Charities Act 2011. 

The St Hilda’s Trust constitutes a public benefit entity as defined by FRS 102. 

## **Going concern** 

The Trustees have considered the current Covid 19 situation and have concluded this does not impact on their assessment of going concern for the Trust.  The Trust holds sufficient cash reserves to allow it to be able to meet its obligations as they fall due for the foreseeable future. 

## **Grants** 

Grants are paid out of the trust as normal expenditure in accordance with the trust deed. 

## **Investments** 

Investments held as fixed assets are stated at market value. 

## **Income and expenditure** 

All income is credited in the year when it is receivable. 

Expenditure is accounted for on the accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. 

Support costs are those costs incurred directly in support of expenditure on the objects of the charity, including those incurred in connection with the administration of the charity and compliance with constitutional and statutory requirements. 

All resources expended are inclusive of irrecoverable VAT (where applicable). 

## **Cash flow statement** 

The trustees have taken advantage of the exemption in Financial Reporting Standard No 102 from including a cash flow statement in the financial statements on the grounds that St Hilda’s Trust is a small entity. 

-8- 



**THE ST HILDA’S TRUST** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022** 

|**2**|**Investment income**<br>**Unrestricted**<br>**Funds**<br>**Total Funds**<br>**2022**<br>Total Funds<br>2021<br>**£**<br>**£**<br>£<br>Dividends receivable<br>**84,266              84,266**81,594<br>Interest receivable<br>**372                    372**25<br>──────<br>──────<br>──────<br>**84,638              84,638**81,619<br>──────<br>──────<br>──────|
|---|---|



## **3. Costs of charitable activities by activity type** 

||**Activities**||||
|---|---|---|---|---|
||**undertaken**|**Support**|**Total Funds**|Total Funds|
||**directly**|**costs**|**2022**|2021|
||**£**|**£**|**£**|£|
|Grants paid-projects benefitting the lives of|||||
|young people|||||
||112,050|-|**112,050**|84,600|
|Independent examiner's fee||960|**960**|1,350|
||──────|──────|──────|──────|
||**112,050**|**960**|**113,010**|85,950|
||──────|──────|──────|──────|



## **4. Staff costs and emoluments** 

No salaries have been paid either to employees or to trustees, during the year. (2021: £NIL) 

## **5. Trustees’ remuneration and expenses** 

No remuneration has been paid to any trustee in their capacity as a trustee (2021: £NIL). 

## **6. Investments** 

||**Listed**|
|---|---|
||**investments**|
||**£**|
|**Within the United Kingdom**||
|At 1 January 2022|**3,086,376**|
|Additions|**-**|
|Disposals|**-**|
|Revaluation|**(357,514)**|
||─────────|
|**At 31 December 2022**|**2,728,862**|
||─────────|
|Cost at 31 December 2022|1,792,340<br>─────────|



-9- 



**THE ST HILDA’S TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **7. Creditors: amounts falling due within one year** 

|**Creditors: amounts falling due within one year**|||
|---|---|---|
||**2022**|2021|
||**£**|£|
|**Amounts falling due within one year**|||
|Accruals|(1,290)<br>**──────**|(2,580)<br>──────|



## **8. Summary of fund movements** 

||**Balance at 1**|**Incoming**|**Outgoing**|**Gains and**|**Balance at**|
|---|---|---|---|---|---|
||**Jan 2022**|**resources**|**resources**|**losses**|**31 Dec 2022**|
||**£**|**£**|**£**|**£**|**£**|
|**Unrestricted Income Funds:**||||||
|General Funds|**3,118,872**<br>─────────|**84,638**<br>─────────|**(113,010) **<br>─────────|**(357,514) **<br>─────────|**2,732,986**<br>─────────|



## **9. Analysis of net assets between funds** 

## **2022** 

|||**Net current**||
|---|---|---|---|
||**Investments**|**assets**|**Total**|
||**£**|**£**|**£**|
|**Unrestricted Income Funds:**||||
|General Funds|**2,728,862**|**4,124**|**2,732,986**|
||─────────|─────────|─────────|
|**2021**||||
|||**Net current**||
||**Investments**|**assets**|**Total**|
||**£**|**£**|**£**|
|**Unrestricted Income Funds:**||||
|General Funds|**3,086,376**|**32,496**|**3,118,872**|
||**─────────**|**─────────**|**─────────**|



## **2021** 

-10- 



**THE ST HILDA’S TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022** 

## **10. Related party transactions** 

Newcastle Diocesan Society acts as custodian trustee over the assets of the charity. The Bishop of Newcastle has acted as a trustee for both charities in the year. There have been no related party transactions in the current and prior year. 

-11-