REGISTERED CHARITY NUMBER: 900250
HILDA FLORENCE HOLMES TRUST
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
HILDA FLORENCE HOLMES TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 8 |
HILDA FLORENCE HOLMES TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2022
The trustees present their report with the financial statements of the charity for the year ended 5 April 2022. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
The trust is established for the purpose of relieving the suffering of ponies and horses that are in need of care and protection by the provision of financial or other support to charitable organisations devoted to the care and protection of ponies or horses.
The Trustees confirm that they have complied with the duty in section 17(5) of the 2011 Charities Act to have due regard to guidance published by the Charity Commission in relation to public benefit. The charity provides a public benefit through its donations to the charities listed below to continue to meet its objectives as listed above.
ACHIEVEMENT AND PERFORMANCE
During the year the charity made the following donations to horse and pony welfare charities:
Bodmin Moorland Pony Rehabilitation - £15,000 (2021: £17,000) Hampshire Spirit Horse Rescue - £3,000 (2021: £nil) Lluest Horse and Pony Trust - £15,000 (2021: £17,500) Mane Chance Sanctuary - £15,000 (2021: £17,500) Munchkins Miniature Shetland Rescue - £16,250 (2021: £nil) Saving Abandoned Fly-Grazing Equines - £15,000 (2021: £14,500) Second Chance Animal Rescue - £7,000 (2021: £nil) Shy Lowen Horse and Pony Sanctuary - £16,250 (2021: £nil)
In addition, the charity continued to pay for the upkeep of horses that it was unable to home upon leaving Oaklands, owing to their age and infirmity. The cost of providing livery and veterinary fees for these horses amounted to £10,435 (2021: £9,337).
FINANCIAL REVIEW
The investments have continued to be managed by Brewin Dolphin Limited under their Discretionary Management Service.
The increase in value, excluding additions and disposals, represented 8.6% of the value held at 5 April 2021. This compares with an increase of 8.7% in the FTSE All-Share Index during the year to 5 April 2022. The increase is in line with the continued recovery in global markets following the Covid-19 pandemic.
RESERVES POLICY
The trustees aim to make annual donations of approximately £100,000 with the aim of reducing the charity's reserves over a period of time in furtherance of its objectives. The trustees are seeking additional charities to support which have similar objectives. In addition, the trustees have agreed to make a further £40,000 in donations for the year ending 5 April 2023 to eight charities to support projects put forward by those charities.
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HILDA FLORENCE HOLMES TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The Charity was formed by the Trustees as directed by the will of Mrs Hilda Florence Holmes who died on the 17th November 1985.
Appointment of trustees is governed by the Trust Deed dated 21 November 1989, as amended by a deed of amendment dated 27 October 2017. The Board of Trustees is authorised to appoint new trustees.
The Trust Deed authorises the trustees to make and hold investments using the general funds of the charity. There are no limitations to the Trustees' powers of investment.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number 900250
Principal address
Highland House Mayflower Close Chandler's Ford Eastleigh Hampshire SO53 4AR
Trustees
A R Bell A D Briscoe Mrs M Coombes Mrs K Reid (passed away 11 August 2022)
Solicitors
Larcomes, 168 London Road, North End, Portsmouth, Hampshire, PO2 9DN
Investment advisers
Brewin Dolphin Limited, 12 Smithfield Street, London, EC1A 9BD
Approved by order of the board of trustees on 13 December 2022 and signed on its behalf by:
A R Bell - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF HILDA FLORENCE HOLMES TRUST
Independent examiner's report to the trustees of Hilda Florence Holmes Trust
I report to the charity trustees on my examination of the accounts of Hilda Florence Holmes Trust (the Trust) for the year ended 5 April 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or
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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.
C J Goodhead FCA Knight Goodhead Limited Chartered Accountants
7 Bournemouth Road Chandlers Ford Eastleigh Hampshire SO53 3DA
13 December 2022
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HILDA FLORENCE HOLMES TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Investment income 2 Total EXPENDITURE ON Raising funds Investment management costs 3 Charitable activities Grantmaking Other resources expended Total Net expenditure before gains and losses Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2022 Total funds £ 180 30,928 31,108 9,237 9,237 102,500 13,903 125,640 (94,532) 110,690 16,158 1,319,942 1,336,100 |
2021 Total funds £ 180 32,044 32,224 8,333 8,333 66,500 12,835 87,668 (55,444) 275,853 220,409 1,099,533 1,319,942 |
|---|---|---|
All income and expenditure for the current and prior year is unrestricted.
The notes form part of these financial statements
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HILDA FLORENCE HOLMES TRUST
BALANCE SHEET 5 APRIL 2022
| Notes FIXED ASSETS Investments 7 CURRENT ASSETS Investments 8 Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS Unrestricted funds TOTAL FUNDS |
2022 Total funds £ 1,297,144 30,771 11,995 42,766 (3,810) 38,956 1,336,100 1,336,100 1,336,100 1,336,100 |
2021 Total funds £ 1,290,776 29,760 3,816 33,576 (4,410) 29,166 1,319,942 1,319,942 1,319,942 1,319,942 |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 13 December 2022 and were signed on its behalf by:
A R Bell - Trustee
A D Briscoe - Trustee
The notes form part of these financial statements
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HILDA FLORENCE HOLMES TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Income is recognised as follows:
i) Dividends are included in the Statement of Financial Activities when they are declared. ii) Interest received has been included gross in the Statement of Financial Activities.
iii) Other income includes foreign dividends and fixed interest stocks and is included gross in the Statement of Financial Activities.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Costs of raising funds consists of investment management fees.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
No restricted funds are held. Consequently, all income and expenditure has been presented as unrestricted. There is only one fund held, being an unrestricted general fund, representing the free funds of the charity which are not designated for particular purposes.
Investments
Investments are stated at market value. Realised and unrealised gains and losses on investments are included in the Statement of Financial Activities.
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continued...
HILDA FLORENCE HOLMES TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2022
2. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| Dividends received Deposit account interest INVESTMENT MANAGEMENT COSTS Portfolio management |
2022 £ 30,927 1 30,928 2022 £ 9,237 |
2021 £ 32,038 6 |
| 32,044 | ||
| 2021 £ 8,333 |
3. INVESTMENT MANAGEMENT COSTS
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 5 April 2022 nor for the year ended 5 April 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 5 April 2022 nor for the year ended 5 April 2021.
5. STAFF COSTS
The trust has no employees.
6. INDEPENDENT EXAMINATION FEES
Remuneration of £600 (2021: £630), inclusive of VAT, was paid to the independent examiner in respect of examining the accounts of the charity.
7. FIXED ASSET INVESTMENTS
| MARKET VALUE At 6 April 2021 Additions Disposals Revaluations At 5 April 2022 NET BOOK VALUE At 5 April 2022 At 5 April 2021 |
Listed investments £ 1,290,776 90,581 (194,903) 110,690 1,297,144 1,297,144 1,290,776 |
|---|---|
UK investment assets amounted to 43.5% (2021: 45.0%) of the total investment assets held at the year-end.
continued...
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HILDA FLORENCE HOLMES TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2022
8. CURRENT ASSET INVESTMENTS
| 8. CURRENT ASSET INVESTMENTS |
||||
|---|---|---|---|---|
| Deposit account with investment manager 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors |
2022 £ 30,771 2022 £ 3,810 |
2021 £ 29,760 |
||
| 2021 £ 4,410 |
10. RELATED PARTY DISCLOSURES
Included in expenditure is an amount of £2,868 (2021: £3,180), inclusive of VAT, in respect of a charge by the accountants, Hopper Williams & Bell Limited, a firm in which A R Bell is a director, in respect of accountancy services.
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