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2023-04-05-accounts

Charity Number: 527204

George Hudson’s Charity

Unaudited Financial Statements For the year ended 5 April 2023

George Hudson’s Charity

Index
For the year ended 5 April 2023
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 2023 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 East Suite, Ground Floor Avalon House St Catherine’s Court Sunderland SR5 3XJ 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 2023

Charity Number: 527204

The trustees present this report together with the financial statements of the Charity for the year ended 5 April 2023. 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 2023

Charity Number: 527204

4. Achievements and Performance

Financial Review

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.

7. Investment Policy and Performances

7.1 The Trustees’ investment objective is to maintain and enhance the value of the fixed assets over the long term in order to maintain and if possible, increase the income available for the purposes of the Charity.

Page 4

George Hudson’s Charity

Trustees’ Report

For the year ended 5 April 2023

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 2023

I report on the financial statements of the Charity for the year ended 5 April 2023 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 East Suite, Ground Floor Avalon House St Catherine’s Court Sunderland SR5 3XJ

Date:

Page 6

George Hudson’s Charity

Statement of Financial Activities

For the year ended 5 April 2023

Unrestricted Restricted Endowment
Income Income Capital Total Funds Total Funds
Notes
Fund		 Fund Fund 2023 2022
£ £ £ £ £
Income
Donations and Legacies 2
100		 8,816 - 8,916 19,611
Other income 3
3,000		 - - 3,000 4,564
Investment Income 4
15,826		 - - 15,826 15,252
______ ______ _____ ______ ______
Total Income and endowments 18,926 8,816 - 27,742 39,427
Expenditure
On Charitable Activities 5
44,143		 8,791 6,001 58,935 45,866
Net Losses/(Gains) on
investments 33,714 33,714 (28,607)
Gains on revaluation of freehold 9
-		 - - - -
property
_ ___ __ _ _ ______
Net Income/Expenditure (25,217) 25 (39,715) (64,907) 22,168
Transfers between funds - - - - -
______ ______ _ _ ______
Net movements in funds (25,217) 25 (39,715) (64,907) 22,168
Total funds at 6 April 2022 16,218 6,139 667,870 690,227 668,059
______ ____ _ _ _
Total funds at 5 April 2023 (8,999) 6,164 628,155 625,320 690,227

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 2023

Unrestricted
Restricted
Endowment
Income Fund Income Fund Capital Fund
Notes
2023
2023
2023
£
£
£
Fixed Assets
Property
9
-
-
40,717
Investment Property
10
-
-
112,500
Investments
11
-
-
455,018
-
-
608,235
Current Assets
Debtors
12
-
-
20,154
Balances at Bank
2,202
6,164
(234)
_
_
_

2,202
6,164
19,920
Creditors: Amounts falling
due within one year
13
(11,201)
-
-
_
_
_

Net Current Assets
(8,999)
6,164
19,920

Net Assets
(8,999)
6,164
628,155
Represented by:
Funds
14
(8,999)
6,164
628,155		 2023
£
40,717
112,500
455,018
608,235
20,154
8,132
_
28,286
(11,201)
_
17,085
625,320
625,320
 2022
£
40,897
112,500
503,472
656,869
11,256
25,657
_
36,913
(3,555)
_
33,358
690,227
690,227

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 2023

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:

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 £. b 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 2023

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 2023

2
Donations and Legacies
2023
£
Donations
8,916
Donations comprised of £100 unrestricted (2022: £10,491) and £8,816 restricted (2022: £9,120).
3
Other Income
2023
£
Rents receivable
3,000
Rents receivable comprised of £3,000 unrestricted (2022: £4,564)
4
Income from investments
2023
£
Dividends – Equities
15,777
Interest on cash deposits
49
UK fixed interest
-
_
15,826
Income from investments comprised of £15,826 unrestricted (2022: £15,252).
5
Expenditure on Charitable Activities
2023
£
_Education, Maintenance & Support of Beneficiaries
Monthly cash payments
7,968
Clothing & footwear
8,791
Christmas bonus
700
_
17,459
_Management & Administration of the Charity
Cleaner
311
Rates
256
Heat, light & water
374
Insurance
1,705
Repairs & maintenance
23,540
Depreciation (Endowment Fund)
180
Telephone
-
Postage
-
Administrator
2,350
Audit and accountancy
2,766
Management Fees (£4,905 Endowment Fund)
9,641
Mr Clarke
353
Legal & professional fees
-
Marketing
-
____
41,476
58,935
 2022
£
19,611
2022
£
4,564
2022
£
15,250
2
-
_
15,252
2022
£
9,735
6,678
880
__
17,293
307
256
-
995
11,739
180
-
54
2,200
2,514
8,645
340
1,013
330
____
28,573
45,866

Expenditure on charitable activities comprised of £44,143 unrestricted (2022: £34,103), £8,791 restricted (2022: £6,678) and £6,001 relating to the Endowment Capital Fund (2022 : £5,085)

Page 11

George Hudson’s Charity

Notes to the Financial Statements

for the year ended 5 April 2023

6
Staff Costs and Numbers
Gross wages
 2023
£
2,350
_____
2,350		 2022
£
2,200
_____
2,200

No employee had employees benefits in excess of £60,000. The average number of employees during the period was 1 (2022: 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 (2022: £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 (2022: £nil)

8
Realised Gains & Losses on Investment Assets
(Endowment Fund unless otherwise stated)
Gains on Sale/Reorganisation of Investments
Compass Group
IMI
PIMCO Global
Reckitt Benckiser
Losses on Sale/Reorganisation of Investments
Aviva
BHP Billiton Plc
Blackrock
MSIM Fund Mgmt Asia
Pimco
Smith + Nephew

 2023
£
-
4,058
-
815
__
4,873
(916)
-
(1,810)
(2,135)
(305)
(1,401)
_____
(6,567)
(1,694)

2022
£
3,694
-
213
-
_
3,907
-
(303)
-
-
-
-
___
(303)


3,604

Page 12

George Hudson’s Charity

Notes to the Financial Statements

for the year ended 5 April 2023

9 Fixed Assets 2023 2022
Property £ £
Cost
At 6 April 2022 41,100 41,100
Additions - -
Fair Value at 5 April 2023 41,100 41,100
Depreciation
At 6 April 2022 203 23
Charge for the year 180 180
At 5 April 2023 383 203
Fair Value
At 5 April 2023
Net Book Value		 40,717 40,897
At 5 April 2022 40,897 41,077
10 Investment Property Property
£
Fair Value
At 5 April 2023 112,500
At 5 April 2022 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:
2023 2022
£ £
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 2023 2022
£ £
Quoted U.K. Investments
Market Value at 6 April 2022 503,472 474,849
LessDisposals at market value (Proceeds £14,164) (34,820) (14,164)
AddAcquisitions at Cost 18,386 17,785
Net Loss on Revaluation at 5 April 2022 (32,020) 25,002
Market Value at 5 April 2023 455,018 503,472
Investments at market value comprised:
UK Equities 131,341 156,902
UK Fixed Interest Securities - -
Unit Trusts and Investment Trusts 323,677 346,570
455,018 503,472
Historical Cost at 5 April 2023 392,135 408,600
There were individual investments held at 5 April 2023 which are over 5% of the portfolio by value.
Market Value %
Blackrock FM
Holding of 15,750 28,707 6.31
JP Morgan US Equity
Holding of 23,000 34,063 7.49
Ishares
Holding of 1,200 39,131 8.60
SSGA
Holding of 660 35,914 7.89
12 Debtors 2023 2022
£ £
Prepayments - 256
Other debtors 20,154 11,000
20,154 11,256

Page 13

George Hudson’s Charity

Notes to the Financial Statements

for the year ended 5 April 2023

13
Creditors: amounts falling due within one year
2023
£
Accruals
11,201
_
11,201
14
Funds
B/fwd
Incoming
Outgoing
Gains
@ 06.04.22
Resources
Resources
Transfers
& (Losses)
@
£
£
£
£
£
Endowment Fund
564,468
- (6,001)
- (777)
Other Reserves
103,402
-
-
- (32,937)
Total
__
_
_

_
Endowment Funds 667,870
- (6,001) - (33,714)
Restricted Funds:
Clothing Fund 5,939 8,816 (8,791) - -
Confectionery Fund
200
-
- - -
Total
_
_
_
_
_
Restricted Funds:6,139 8,816 (8,791) -
-
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)
-
-
 2022
£
3,555
_
3,555
Balance
05.04.23
£
557,690
70,465
_
628,155
5,964
200
_
6,164
Balance
05.04.22
£
564,468
103,402
_
667,870
5,939
200
_____
6,139

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
06.04.22
Resources
Resources
Transfers
& (Losses)
@ 05.04.23
£
£
£
£
£
£
15,995
18,926
(44,143)
-
-
(9,222)
223
-
-
-
-
223
_
_
_
_
_
_
16,218
18,926
(44,143)
-
-
(8,999)
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

Page 14

George Hudson’s Charity

Notes to the Financial Statements

for the year ended 5 April 2023

15 Related Party Transactions

There were no related party transactions incurred during the year (2022: £nil) and £nil were outstanding to related parties at the balance sheet date (2022: £nil).

16 Analysis of Net Assets Between Funds

Unrestricted Restricted Endowment Total Funds
Income Fund Income Fund Capital Fund 2023
£ £ £ £
Tangible Fixed Assets - - 40,717 40,717
Investment property - - 112,500 112,500
Investment - - 455,018 455,018
Other debtors 20,154 20,154
Cash at bank 2,202 6,164 (234) 8,132
Creditors (11,201)
-		 - (11,201)
_ ______ _ _
(8,999) 6,164 628,155 625,320
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

Page 15

INSERT 2022 INTrISTMENTS EXCEL SCHEDULE