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2022-04-05-accounts

Charity Number: 527204

George Hudson’s Charity

Unaudited Financial Statements For the year ended 5 April 2022

George Hudson’s Charity

Index
For the year ended 5 April 2022
Charity Number: 527204
Contents Pages
Legal and Administration Details 2
Trustees’ Report 3 - 5
Report of the Independent Examiner 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9 - 15

Page 1

George Hudson’s Charity

Legal and Administration Details

For the year ended 5 April 2022 Charity Number: 527204

Trustees Mr. P. W. Taylor (Chairman) Mr. G. L. Spencer Mrs. D. McKenzie Mr. G. E. Brown Mr. P. R. Wood Mrs. G. Walker Mr. M. Dixon

Secretary Mr. G. Johnston

Address 47 John Street Sunderland SR1 1QU

Bankers Barclays Bank plc 53 Fawcett Street Sunderland SR1 1RS

Independent Examiners Torgersens Somerford Buildings Norfolk Street Sunderland SR1 1EE Solicitors McKenzie Bell Limited 47 John Street Sunderland SR1 1QU

Investment Advisers Brewin Dolphin Time Central Gallowgate Newcastle Upon Tyne NE1 4SR

Page 2

George Hudson’s Charity

Trustees’ Report

For the year ended 5 April 2022

Charity Number: 527204

The trustees present this report together with the financial statements of the Charity for the year ended 5 April 2022. The financial statements have been prepared in accordance with the accounting policies set out on pages 9 to 10 and comply with the current statutory requirements, the requirements of the charity’s governing document and the current Statement of Recommended Practice.

  1. Structure, Governance and Management

  2. 1.1 The Charity known as George Hudson’s Charity was founded by a Scheme made by the Charity Commissioners under the Charitable Trusts Acts 1853 to 1887 on 5 August 1890 – registered charity number 527204 as varied by Schemes made by the Minister of Education on 20 November 1947 and 12 October 1960 and amended by a Scheme dated 24 January 1991.

  3. 1.2 The Charity is an endowed charity, and all administrative charges are discharged out of income; subject thereto all the income is applied to the objects of the Charity.

  4. 1.3 The trustees are appointed by resolution of the existing trustees and are at present 7 in number. The maximum number is eight.

  5. 1.4 Meetings of the Trustees are held six times a year at which all decisions regarding investments and payments of benefits are made.

  6. 1.5 The Charity employs a part-time administrator who deals with the payments to beneficiaries. All other administrative matters are dealt with by the Secretary, Mr G. Johnston who is a solicitor at McKenzie Bell Limited, Solicitors, Sunderland.

  7. 1.6 The Charity owns the freehold premises 54 John Street, Sunderland.

  8. 1.7 The administrator is also employed part time by The Sunderland Orphanage and Educational Foundation (the Foundation) and the Secretary is also Secretary of the Foundation. The objects of the Foundation are to benefit persons of either sex under the age of 25 years who are resident in the former County Borough of Sunderland and the neighbourhood whose parents or one of whose parents are dead, disabled, separated or divorced and who are in need of financial assistance.

  9. Objectives and Activities

  10. 2.1 The objects of the Charity are the education, maintenance, support and clothing of boys and girls whose father is dead or incapacitated first preference, other things being equal, for such of them as are children of sailors or pilots belonging to the Port of Sunderland and a second preference, other things being equal, for such of them as were born and are resident in the Ancient Township of Monkwearmouth.

  11. 2.2 The charity aims to meet its objects through the payment of monthly allowances and provision of clothing vouchers to those children and young people who qualify as beneficiaries under the terms defined in the said objects.

  12. 2.3 The charity seeks to raise the necessary funds to meet its objects through investments in listed company shares and UK gilts.

  13. Public Benefit Statement

  14. 3.1 The trustees have had regard to the Charity’s Commission guidance on their legal duty on public benefit, and are satisfied that the Charity delivers public benefit, and due regard is paid to the guidance on public benefit when deciding on what new projects the charity should undertake.

Page 3

George Hudson’s Charity

Trustees’ Report

For the year ended 5 April 2022 Charity Number: 527204

  1. Achievements and Performance

  2. 4.1 As at 5 April 2022 there were 38 children receiving allowances and all children eligible to receive allowances during the year received their allowances.

  3. Financial Review

  4. 5.1 The trustees’ policy in relation to reserves is to ensure that in the event of a significant reduction in income the trustees could at least maintain the regular payments to those beneficiaries who have come to rely on them.

  5. 5.2 The free reserves of the charity excluding investments held in the general fund amount to £16,218.

  6. 5.3 The cash funds of the charity at 5 April 2022 have increased by £378.

  7. 5.4 Total payments to beneficiaries have increased by £755 over the previous year.

  8. 5.5 The income of the charity has increased during the year by £5,203.

  9. 5.6 During the year £9,833 was spent on remediation works due to dry rot in 54 John Street.

  10. Statement of Trustees’ Responsibilities

6.1 The Trustees are required to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Charity and of the Statement of Financial Activities of the Charity for that period. In preparing those accounts the Trustees are required to:

The Trustees are responsible for keeping proper records which disclose with reasonable accuracy at any time the financial position of the Charity. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and the detection of fraud and other irregularities.

6.2 Insofar as the trustees are aware:

7. Investment Policy and Performances

7.2 To achieve this objective the policy of the Trustees is to invest in a broad range of equities and fixed interest investments. The investments are reviewed, with professional advice, at least six times a year and their performance compared with the appropriate indices. Taking into account market factors being adversely impacted by COVID-19, investment performance has been satisfactory.

Page 4

George Hudson’s Charity

Trustees’ Report

For the year ended 5 April 2022 Charity Number: 527204

  1. Risk Assessment

8.1 The Trustees have considered any risks to which the Charity might be exposed and are satisfied that the administrative, investment and financial procedures which are in place minimise the risk of any loss to the Charity.

Approved by the Trustees on and signed on their behalf by:

Chairman

Trustee

Page 5

Report of the Independent Examiner’s to the Trustees of

George Hudson’s Charity Year Ended 5 April 2022

I report on the financial statements of the Charity for the year ended 5 April 2022 which are set out on pages 7 to 15.

Respective responsibility of trustees and examiner

The Charity’s Trustees are responsible for the preparation of the financial statements. The Charity’s Trustees consider that an audit is not required for the year under Section 144(2) of the Charities Act 2011 (“the 2011 Act”) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination it is my responsibility to:

Basis of independent examiner’s report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the unaudited financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the unaudited financial statements and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the unaudited financial statements present a “true and fair view”, and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention:

  1. which gives me reasonable cause to believe that in any material respect the requirements;

  2. to keep accounting records in accordance with section 130 of the 2011 Act; and

  3. to prepare financial statements which accord with the accounting records, comply with the accounting requirements of the Charities Act

have not been met; or

  1. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

Mrs Alison Henshaw FCCA Torgersens Chartered Accountants Somerford Buildings Norfolk Street Sunderland SR1 1EE

Date:

Page 6

George Hudson’s Charity

Statement of Financial Activities

For the year ended 5 April 2022

Unrestricted Restricted Endowment
Income Income Capital Total Funds Total Funds
Notes
Fund		 Fund Fund 2022 2021
£ £ £ £ £
Income
Donations and Legacies 2
10,491		 9,120 - 19,611 9,113
Other income 3
4,564		 - - 4,564 10,453
Investment Income 4
15,252		 - - 15,252 14,658
______ ______ _____ ______ ______
Total Income and endowments 30,307 9,120 - 39,427 34,224
Expenditure
On Charitable Activities 5
34,103		 6,678 5,085 45,866 90,260
Net Losses/(Gains) on
investments - - (28,607) (28,607) (101,187)
Gains on revaluation of freehold 9
-		 - - - -
property
_ ___ __ _ _ ______
Net Income/Expenditure (3,796) 2,442 23,522 22,168 45,151
Transfers between funds - - - - -
______ ______ _ _ ______
Net movements in funds (3,796) 2,442 23,522 22,168 45,151
Total funds at 6 April 2021 20,014 3,697 644,348 668,059 622,908
______ ____ _ _ _
Total funds at 5 April 2022 16,218 6,139 667,870 690,227 668,059

All operations are classed as continuing.

The notes on pages 9 to 15 form part of these financial statements

Page 7

George Hudson’s Charity

Balance Sheet

as at 5 April 2022

Unrestricted
Restricted
Endowment
Income Fund Income Fund Capital Fund
Notes
2022
2022
2022
£
£
£
Fixed Assets
Property
9
-
-
40,897
Investment Property
10
-
-
112,500
Investments
11
-
-
503,472
-
-
656,869
Current Assets
Debtors
12
255
-
11,001
Balances at Bank
19,518
6,139
-
_
_
_

19,773
6,139
11,001
Creditors: Amounts falling
due within one year
13
(3,555)
-
-
_
_
_

Net Current Assets
16,218
6,139
11,001
Net Assets
16,218
6,139
667,870
Represented by:
Funds
14
16,218
6,139
667,870		 2022
£
40,897
112,500
503,472
656,869
11,256
25,657
_
36,913
(3,555)
_
33,358
690,227
690,227
 2021
£
41,077
112,500
474,849
628,426
19,760
25,279
_
45,039
(5,408)
_
39,631
668,057
668,057

Authorised & Approved by the Trustees on_____

…………………………………………………….Trustee

…………………………………………………….Trustee

The notes on pages 9 to 15 form part of these financial statements

Page 8

George Hudson’s Charity

Notes to the Financial Statements

for the year ended 5 April 2022

1 Accounting Policies

a Basis of Preparation

These unaudited financial statements have been prepared under the historical cost convention as modified by the inclusion of investments at market value, and in accordance with:

b

The unaudited financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these unaudited financial statements are rounded to the nearest £. Incoming resources

Dividends are included in the Statement of Financial Activities when the right to receive payment is established.

Bank interest is included in the Statement of Financial Activities on receipt.

Cash donations are included in full in the Statement of Financial Activities as soon as they are received.

Rental income is included in the Statement of Financial Activities when receivable.

Investment gains and losses includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.

c Expenditure and liabilities

All expenditure, other than that which has been capitalised is included in the Statement of Financial Activities. The value of purchase invoices received before the year end but not paid until after the year end has also been included in the Statement of Financial Activities.

Grants payable to beneficiaries are included in the Statement of Financial Activities when the charity’s obligation has been established. The value of such grants that are unpaid at the year end is accrued.

Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.

d Fixed asset investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

The charity does not acquire put options, derivatives or other complex financial instruments.

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

e Tangible fixed assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Page 9

George Hudson’s Charity

Notes to the Financial Statements

for the year ended 5 April 2022

1 Accounting Policies (continued)

f Depreciation

Depreciation is calculated to write off the cost or valuation, less estimated residual value, of tangible fixed assets (excluding freehold land) over their estimated useful lives to the business. The annual depreciation rates and methods are as follows:

Improvements to property – 5% straight line

g Impairment

At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in profit and loss.

h Funds

Endowment funds are funds, the capital of which must be maintained; only income arising from investment of the endowment may be used either as restricted or unrestricted funds depending upon the purpose for which the endowment was established. Transfers to and from funds are made as designated by the trustees.

Restricted funds represent (a) income from trusts or endowments which may be expended only on those restricted objects provided in the terms of the trust or bequest, and (b) donations or grants received for a specific object. The funds may only be expended on the specific object for which they were given. Any balance remaining unspent at the year end must be carried forward as a balance on that fund. Transfers to and from funds are made as designated by the trustees.

Unrestricted (General) funds represent the funds of the charity that are not subject to any restrictions regarding their use and are available for application on the general purposes of the charity. Transfers to and from funds are made as designated by the trustees.

i Operating leases

Lease income is recognised in profit and loss on a straight-line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

j Investment Property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure.

k Going Concern

There are no material uncertainties about the charity’s ability to continue.

Page 10

George Hudson’s Charity

Notes to the Financial Statements

for the year ended 5 April 2022

2
Donations and Legacies
2022
£
Donations
19,611
Donations comprised of £10,491 unrestricted (2021: £388) and £9,120 restricted (2021: £8,725)
3
Other Income
2022
£
Rents receivable
4,564
Rents receivable comprised of £4,564 unrestricted (2021: £10,453)
4
Income from investments
2022
£
Dividends – Equities
15,250
Interest on cash deposits
2
UK fixed interest
-
_
15,252
Income from investments comprised of £15,252 unrestricted (2021: £14,658).
5
Expenditure on Charitable Activities
2022
£
_Education, Maintenance & Support of Beneficiaries
Monthly cash payments
9,735
Clothing & footwear
6,678
Christmas bonus
880
_
17,293
_Management & Administration of the Charity
Cleaner
307
Rates
256
Heat, light & water
-
Insurance
995
Repairs & maintenance
11,739
Depreciation (Endowment Fund)
180
Telephone
-
Postage
54
Administrator
2,200
Audit and accountancy
2,514
Management Fees (£4,905 Endowment Fund)
8,645
Mr Clarke
340
Legal & professional fees
1,013
Marketing
330
____
28,573
45,866		 _

 2021
£
9,113
2021
£
10,453
2021
£
14,634
22
2
__
14,658
2021
£
9,960
5,228
1,350
_
16,538
303
256
33
568
57,293
23
-
101
2,200
2,394
8,459
322
1,770
-
___
73,722
90,260

Expenditure on charitable activities comprised of £34,103 unrestricted (2021: £80,763), £6,678 restricted (2021: £5,228) and £5,085 relating to the Endowment Capital Fund (2021 : £4,269)

Page 11

George Hudson’s Charity

Notes to the Financial Statements

for the year ended 5 April 2022

6
Staff Costs and Numbers
Gross wages
 2022
£
2,200
_____
2,200		 2021
£
2,200
_____
2,200

No employee had employees benefits in excess of £60,000. The average number of employees during the period was 1 (2021: 1)

7 Trustees Remuneration, Expenses and Key Management Personnel

During the current and preceding year, the trustees did not receive any remuneration.

During the year trustees were reimbursed for out of pocket expenses amounting to £NIL (2021: £nil).

The key management personnel of the charity comprise of the secretary only. The total employee benefits of the key management personnel of the charity were £nil (2021: £nil)

8
Realised Gains & Losses on Investment Assets
(Endowment Fund unless otherwise stated)
Gains on Sale/Reorganisation of Investments
Allianz
Aviva Investors UK
Brit Amer Tobacco
First State Inv Glb
Reckitt Benckiser
UK (GOVT OF) 0.75% BDS
Aberdeen Std European
Invesco Fund Managers
Compass Group
PIMCO Global
Losses on Sale/Reorganisation of Investments
BHP Billiton Plc
BP
HSBC
Imperial Tobacco
Lloyds Banking
Vodafone Group
UK (GOVT OF) 2% SNR
UK (GOVT OF) 1.5% SNR
UK (GOVT OF) 0.125% IDS
UK (GOVT OF) 0.625% SNR
UK (GOVT OF) 0.125% SNR
UK (GOVT OF) 0.5% SNR
_

2022
£
-
-
-
-
-
-
-
-
3,694
213
_
3,907
(303)
-
-
-
-
-
-
-
-
-
-
-
___
(303)
3,604		 2021
£
616
11,078
1,062
416
1,082
10
1,160
450
-
-
__
15,874
-
(4,267)
(4,336)
(1,015)
(3,671)
(2,720)
(316)
(283)
(99)
(83)
(72)
(60)
____
(16,922)
(1,048)

Page 12

George Hudson’s Charity

Notes to the Financial Statements

for the year ended 5 April 2022

9 Fixed Assets 2022 2021
Property £ £
Cost
At 6 April 2021 41,100 37,500
Additions - 3,600
Fair Value at 5 April 2022 41,100 41,100
Depreciation
At 6 April 2021 23 -
Charge for the year 180 23
At 5 April 2022 203 23
Fair Value
At 5 April 2022
Net Book Value		 40,897 41,077
At 5 April 2021 41,077 37,500
10 Investment Property Property
£
Fair Value
At 5 April 2022 112,500
At 5 April 2021 112.500
The property held within fixed assets and investment property is classified as a mixed-use property. The
property was revalued on 23rdJune 2020 by Lofthouse & Partners on the basis of open market value.
The historic cost of the building is as follows:
2022 2021
£ £
Freehold property 5,460 5,460
Property improvement 79,468 79,468
84,928 84,928
The historic cost is split on the same proportion as the fair value at 25% fixed assets and 75% investment
property.
11 Fixed Assets Investments 2022 2021
£ £
Quoted U.K. Investments
Market Value at 6 April 2021 474,849 425,523
LessDisposals at market value (Proceeds £14,164) (14,164) (158,968)
AddAcquisitions at Cost 17,785 106,061
Net Loss on Revaluation at 5 April 2021 25,002 102,233
Market Value at 5 April 2022 503,472 474,849
Investments at market value comprised:
UK Equities 156,902 151,456
UK Fixed Interest Securities - -
Unit Trusts and Investment Trusts 343,967 323,393
500,869 474,849
Historical Cost at 5 April 2022 408,600 404,981
There were individual investments held at 5 April 2022 which are over 5% of the portfolio by value.
Market Value %
Blackrock FM
Holding of 15,750 28,152 5.59
JP Morgan US Equity
Holding of 23,000 34,960 6.94
Ishares
Holding of 1,200 41,550 8.25
SSGA
Holding of 660 35,934 7.14
12 Debtors 2022 2021
£ £
Prepayments 256 -
Other debtors 11,000 19,760
11,256 19,760

Page 13

George Hudson’s Charity

Notes to the Financial Statements

for the year ended 5 April 2022

13
Creditors: amounts falling due within one year
2022
£
Accruals
3,555
Other creditors
-
_
3,555
14
Funds
B/fwd
Incoming
Outgoing
Gains
@ 06.04.21
Resources
Resources
Transfers
& (Losses)
@
£
£
£
£
£
Endowment Fund
565,949
- (5,085)
- 3,604
Other Reserves
78,399
-
-
- 25,003
Total
__
_
_

_
Endowment Funds644,348
-
(5,085)
-
28,607
Restricted Funds:
Clothing Fund 3,497
9,120
(6,678)
-
-
Confectionery Fund
200
-
-
-
-
Total
_
_
_
_
_
Restricted Funds
3,697
9,120
(6,678)
-
-
B/fwd
Incoming
Outgoing
Gains
@ 06.04.20
Resources
Resources
Transfers
& (Losses)
@
£
£
£
£
£
Endowment Fund
566,763
-
(4,269)
3,600
(145)
Other Reserves
(23,597)
-
-
-
101,996
Total
__
_
_

_
Endowment Funds543,166
-
(4,269)
3,600
101,851
Restricted Funds:
Clothing Fund
-
8,725
(5,228)
-
-
Confectionery Fund
200
-
-
-
-
Total
_
_
_
_
_____
Restricted Funds
200
8,725
(5,228)
-
-		 2021
£
3,309
2,099
_
5,408
Balance
05.04.22
£
564,468
103,402
_
667,870
5,939
200
_
6,139
Balance
05.04.21
£
565,949
78,399
_
644,348
3,497
200
_____
543,366

The clothing fund represents a donation from the Sir John Priestman Charity to help towards the purchase of clothing vouchers to be distributed to the beneficiaries. There were some funds remaining at the year end.

The confectionery fund represents a donation received to purchase Easter eggs to distribute to the beneficiaries. At the balance sheet date £200 remained to be spent on Easter eggs.

@
Unrestricted Funds
General Reserves
Other Reserves
Total
Unrestricted Funds
@
Unrestricted Funds
General Reserves
Other Reserves
Total
Unrestricted Funds		 B/fwd
Incoming
Outgoing
Gains
Balance
06.04.21
Resources
Resources
Transfers
& (Losses)
@ 05.04.22
£
£
£
£
£
£
19,791
30,307
(34,103)
-
-
15,995
223
-
-
-
-
223
_
_
_
_
_
_
20,014
30,307
(34,103)
-
-
16,218
B/fwd
Incoming
Outgoing
Gains
Balance
06.04.20
Resources
Resources
Transfers
& (Losses)
@ 05.04.21
£
£
£
£
£
£
79,556
25,499
(80,763)
(3,600)
(901)
19,791
(14)
-
-
-
237
223
_
_
_
_
_
_
79,542
25,499
(80,763)
(3,600)
(664)
20,014

Page 14

George Hudson’s Charity

Notes to the Financial Statements

for the year ended 5 April 2022

15 Related Party Transactions

There were no related party transactions incurred during the year (2021: £nil) and £nil were outstanding to related parties at the balance sheet date (2021: £nil).

16 Analysis of Net Assets Between Funds

Unrestricted Restricted Endowment Total Funds
Income Fund Income Fund Capital Fund 2022
£ £ £ £
Tangible Fixed Assets - - 40,897 40,897
Investment property - - 112,500 112,500
Investment - - 503,472 503,472
Other debtors 255 - 11,001 11,256
Cash at bank 19,518 6,139 - 25,657
Creditors (3,555)
-		 - (3,555)
_ ______ _ _
16,218 6,139 667,870 690,227
Unrestricted Restricted Endowment Total Funds
Income Fund Income Fund Capital Fund 2021
£ £ £ £
Tangible Fixed Assets - - 41,077 41,077
Investment property - - 112,500 112,500
Investment - - 474,849 474,849
Other debtors 2,616 - 17,144 19,760
Cash at bank 22,806 3,697 (1,222) 25,281
Creditors (5,408)
-		 - (5,408)
_ ______ _ _
20,014 3,697 644,348 668,059

Page 15

INSERT 2022 INTrISTMENTS EXCEL SCHEDULE