THE HIBBERT FAMILY FOUNDATION Scottish Charit Number SC038736 REPORT AND FINANCIAL STATEMENTS FROM: 1 ST OCTOBER 2023 TO.. 30TH SEPTEMBER 2024 Book3 H02896mX.JXG Pa8E 2 GENERAL INFORMATION AND REPORT OF THE TRUSTEES RTHEY R ENDED 30TH SEPTEMBER 2024 The Trustees present their annual report and financial slalemenls for the charity for the year ended 30th September 2024. The financial slalemenls have been prepared in accordan￿ with the accounting policies sel out in Note 110 the financia5 stalemenls and comply with the Charills Trust Deed. the Charitie5 and Trustee Investment {Scolland) Act 2005, the Charities Accounts {S¢ollandl Regulations 2006 las amended) and the Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their financial slalemenls in accordan￿ w¢lh the Financial Reporting Standard 102 applicable in the UK and Republic of Ireland IFRSI 102 (second edition - October 20191 Ob ectives and Activities Ob'eclives of Trust To assist in furthering and promoting 8 range ol charitable causes. That furtherance and promotion will largely be on a financial basis through the giving of grants and there may in the future be particular charitable projects which. over lime, the Trustees will wish specifically lo promote in partnership with operational charilies in a spifil of engaged philanthropy. To identify charrtabk causes and projects which the TTUStees consider deserving ol the Foundation'5 SUPPOrt. The Trustees have power lo accumuLgle income for a period of twenly-one years from the dale of the Trust Deed. Grant Makin Polic Sgleclion criteria for grants frc(n tho Foundation will be drawn up by the Trustees following a period of establishment. The Trustees do not presently impose reslriclions on eligibility for grants. ort he ivrties During the year the Trust paKI grants amounting lo £88,730.0012023 £19.866.00) none of which were previous year commitmenls12023 None). In addition to the above grants the Truslees made new future ¢ommrtmenls lolalling £120,000.00. The Trustee,￿ •1 •, made donations of investments lo the Trust to the value of £171,271.5512023 None). Achievements and Performan¢e Investment Polic and Performance In accordan￿ with the Tnjsl Deed, the Trustees have power lo invesl in such stocks. shares, investments and property in the United Kinudom or abroad as Ihey in their sole discretion think fit. No investments are currently hekl by the Trustees due lo a prudent view on the present volalilily of equity markets. The Foundation currently holds all ils reserves on cash deposit. Financial Review Financial Re The Foundation assets are comprised wholty of cash deposits. Al the close of the account the net assets before long lerrn Ilabililies amounted lo £144,409.62 12023 £121.691.1918nd there wère longer term liabilities 01 £60.000.00 {2023 Nonel. During the period, the Trust recewed donations of investments lo the value of £171,271.55. These investments were sold in order lo add further funds lo the Foundation. Pale 3 GENERAL INFORMATION AND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH SEPTEMBER 2024 Financjal Re ort conl £208,730.0012023 £19,866.00) was applied in making don81ions. of which £120,000.00 was awarded as future donation commilmenls. Reserves Polic It is the policy of the Tru51ees lo distribute the income of the Trust in the form of grants or donations. It is anticipated that any surplus income at the close of the account would be so distributed in the followng year dependent upon suitable organisalions within the objectives of the Trust being identified lo the Trustees. Total funds of £84.409.6212023 £121,691.19) are unfeslricled. Risk Mana emenl The Trustees have assessed the major Tisks lo which the charfty is exposed, in partlcular those related to the operations and finances of the Trust and are satisfied that systems are in Pla￿ lo mtivJale our exposure to the major risks. As the Trust relies on voluntary donations lo make meaningful donations from the Trust Funds, the principal iisk faced by the Trust lies in the receipt of donations. Goin Concern The Trustees have no material uncertainties as lo the Trust's ability to continue as a going concern. Structure Govgrnanco & Mana emgnt Foundin Document Deed ol Trust by•• W￿dated 30th August 2007 and regisleied in the Books of Council and Session on 9th January 2008. inlm&nl of New Trustees Reserved to￿ • • during his lifetime whom failing Mr5 during her lifetime so long as he or she retain sufficient capacity to exe￿iSe such power. Trainin Turcan Connell. as legal advisers to the Foundation, keep the TTuslees appraised of the legal and iegulalory requirements and have informed them of their duties as Trustees. Decision makin All Trusteès a￿ actively invohjed in the decision making process. The Trustees, Ihemselves, will identify suitable Charitable causes. No direct requests for funding are therefore encouraged. Related Parties The Trustee,￿￿• ￿rt. made donations of investments to the Trust to the value of £171,271.55. Em lo The Trust has no employees12023 None). The Trustees have engaged Turcan Connell lo undertake the adminislralion of the Trust remuneration for which is recorded in the financial slalemenls. Mana emenl All Trustees are acllve in the management of the Trust. Aims The Foundation is intended lo be 8 general granl-making Trust, sel up wlh broad harilable purposes and, al ￿a$1 initially. the causes which the Trustees will choose lo support wll not focus on any one specrfic area or group. PagE4 feren andA rninistrl iv Det•lls Scottigh Cha Number SC038736 Turcan ConMII Princes Excharvje 1 Ead Grey Sirnet Edinburgh, EH3 9EE ruslees DeedlAssum oinled b lion Turcan Connell. Stslicilor5 Princes Exch8roe 1 Ead Grey Street EdinbJT9h. EH3 9EE Chiene + Tail LLP (Trading a5 CT) 61 Dublin Street Edlnburgh, EH3 6NL p￿e5 ENERAL INFORMATION AND REPORT OF THE TRU THE YEAR ENDED 30TH SEPTEMBER 2024 TE Statement of Trustees, Res onsibllities in Res ect of the Accounts- The Trustees are responsible for pieparing the Trustees, Annual Report and the financial slalemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted A¢wunting Practice). The law applicable lo Charities In Scotland requires the Trustees lo prepare financial slalemenls lor each ftnan¢ial year which give a true and fair view of the state of affairs of the trust and of the incoming ￿SoUrceS and application of resources of the trust for that period. In preparing these f1nancial slalemenls, the Trustees are reqUI￿d lo.. select suitable accounting policies and then apply them consislenlly., obs8ry8 the methods and principles in the Charities SORP., make judgements and eslimales that are reasonable and prudent., slate whether applicable accounting Standards and slalemenls of recommended pracllce have been followed, subject lo any departures di￿10$ed end explained in the financ+al slalemenls and prepare the financial statements on the going concem basis, unless il is inappropriate lo assume that the trust will continue on that basis. The Trustees are responsib￿ for keeping proper accounting Te¢ords that disG105e with reasonable accuracy al any lime the financial position of the trust and enablo them lo ensure that the financial statement5 compty with the Charities and Trustee Investment IScolland} Act 2005. the Charities Accounts Iscotiandl Regulations 2006 las amended) and the provisions of the Irusl's conslilulion, Thfyy are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Financial statements aralvjn The Trustees Confirm that the linsncial slalemenls for the year ended 30th September 2024 have been prepared so as lo comply with Currenl stalulory requirements, the Charity SORP and the trust's conslitulion. Approved on behalf of the Iruslees 7 ZOIS Dale Pège 6 THE HIBBERT FAMILY FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES I report on the linanck21 sL*emenls of the trust for the year ended 30th SeplembeT 2024, which are set out on pages 71011. This report is made to the Truslees, as a body, in accordance with the terms of my engagement. My work has been undertaken to enable me lo report my opinion as set out below and for no other purpose. To the lullesl exlenl permitted by law, I do not ac¢epl or assume responsibility lo anyone other than the Charity and the Iruslees, as a body, for my work or for this report. Ros ective res onsibilities of trust&es and oxaminer The charills Trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities & Trustee Investment (Scotlandl Act 20051"Ihe Acfl and the Charities Accounts {Scolland) Regulalions 2006 (as amended} I'the Regulaltons'l. The charills Trusl99s consider that the audit feguiremenl of Regulation 10111 la} lo {¢) of the Regulations does not apply. 11 is my responsibility to examine the financial slalemenls as re9uired under se¢lion 44{1) {cl of the Act and 10 state whether particular rnallers have come lo my attention. Basis of inde ondent examiner's re ort My examination was carried out in accordance with Regulalion 11 of the Regulations. An ex8minalK)n includes a review of the accounting records kept by the ¢harily and a Comparison of the financial slalemenls presented with those records. It also includes consideration of any unusual items or disclosures in the financial slalemenls, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit. and consequently I do not express an audit opinion on the view given by the financial stalemenls. Ind ondent examlner's statement In the course of my examination. m mallef ha8 come lo my allenlion.. 11 whTch gwes me reasonable cause to believe that in any material respect the requirements '. lo keep accounting records in accordance with Section 4411118) of the Act and Regulation 4 of the Regulations., and lo prepare financial slalemenls wh￿h accoril wrth the accounting records and comply wlth Regulation 8 of the Regulations have not been mel. or 2110 which, in my opin￿n, allenlion should be drawn in order to enable a proper understanding ol the financial slaleme Is lo be reached. Examiner Dale 23.April.2025 Name.. Address.. CT Chartered Accounlanls and Indopendenl Examiners 61 Dublin Street Edinburgh EH36NL P•8e 7 BERT FAMILY FOUNDATION TH SEPTEMB Notes 2024 2023 Curr• Cagh on depogil and in hend 206,173.62 12s.$68.39 Total Current Assfjts 206 173.62 125.$68.39 Llabllltles Cr8drtOTS'. amounts falling due within fv￿1ve months (61.764.00) {3,877.20} Totsl Current Llablllties 61.764.00 3,877.20 Net Current Assets 144,409.62 121,691.19 Total Assets less Net Current kn&il*ie$ 144.409.62 121.691.19 Creditor8.' amounts due after more than twelve months 160,1)X).LK)) Net A55els 84,409.62 121.691.19 The Funds of the Charlt Unrastrlcled Funds 84,409.82 121,691.19 Total Charity Funds 84 409.62 121691.19 Th6 notès on pag63 9 to 11 fomi part of th88e finsncial statemen18 Approved by the Trustee8 ￿ authorised to be swned on theif behalf on Trustee Full name 9•8È8 TH T FAMIL UN TATEMENT OF FINANCIAL A YE ATI TIVITIE 02 2024 Total 2023 Total Notes Income and endowments from: Don8lion$ Income 171,271.55 2,820.06 1.796.87 Total 174,091.61 1,796.87 ondl Charitable activi1185 Grants and donations Support and governanGè ¢x)sls 1208.730.CQ) 16,483.00) {19,886.00} 14,837.201 Total 215,213.C 24,703.20 Nel expenditure (41,121.39) {22.￿6.33} Nel gains on Inveslmetrts 3,839.82 Nel expenditure and movement in funds (37,281.5n 122.906.331 Reconclllatlon of funds Total funds brought forward 121,691.19 144,597.52 Total funds carrlod forward 84,409.62 121,691.19 The notes on pages 910 11 form part of these financial statements All income and expenditure is unrestricted and derives from conlinulng actlv+tles Page9 THE HIBBERT FAMILY FOUNDATION Notès o tha financial slatèmenls for the ear ended 30th Se ternber 2024 1 A¢¢ountlng Pollel•8 a) Financial statements re aration The financial slatemenls have been prepared under the hSslorl¢al wsl Convenilon with Items recognised al osl or ITan$aelion v81ue unle$s othèrwise slatèd In the rèlèvant nolèlsl to thesè a¢COLtnls. The financial statements have bèen preparèd in accordance with the Slalament ol Recommended Practice.. Accounting and Reporting by charities preparing their financial slalemenls in accordance wbth the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS1021 (second edition- O¢lobei 20191, the Ch8rili¢s and Twslee Invoslmenl (Scotlandl Act 200S. and the Charitles Accounts (Scollandl Regulations 2006 las amended}. The Twsl conslilules a publi¢ benefil enlily as defined by FRS102. The financial stslemenls arè prepared in sterling pounds, which is the functional currency of the entity. The financial slalernen15 have been piep8red on a 90in9 concein basis. The Ttuslees have asse55ed the Tiusl's ability lo continue as a going concern and have reasonable expectation that the Trust has adequate resources to conlinue in operational existence for the foreseeable future, thus Ihey continue lo adopt the going concem basi8 of accounting In prepaiin9 the financial st81emenls. bl Income Invesltnenl Income is included in a¢¢ounls in the year in which il is receivable. DonalK)ns and legacies are induded in the financial statemenls together wlh associated gift aid, where applicable. when the Trustees have been advised ol the donation and are certain of 11$ receipt. nditure Expenditure Is included in the fin8nci81 slalemenl on a¢¢wals basis and r8cognlsed in full as soon as a ￿nstrUctive obllgation exists, the sums payabl8 can be relk8bly measured and Ihere is probability of payment. ort and ovèmanc6 ¢osls Support costs are the costs associated with Ihe direct management ol Ihe charity. Governance ¢osl$ aro the costs ol compli￿ t• • and règulatory r8quirèmonl$ of Ihg Charity. Fees charged by Turcan Connell lor legal and accounting services are in¢lu¢Jed in the financial slalemenls as follows.. Support (Legal and Admlnislrative Costsl- 700A Governance (Accountancy Costs) - 30° These afe recoided in support and governance ¢o$ls in the Slalen*ni of Financial Activities Independent examination lees are recorded in support and governance costs in the Statèment of Financsal ActiMIi&s. All olher support and govemance costs are rè¢(xded In the Slalgmènl ol Flnanc131 Aclivillès as appropiiale. As Ihe charily does not prowde 5ervice5 direclly bul by way of grants lo other organisalions, support and oveinan¢e costs are not allocated against individual gr8n15 01 donallons. el Grants Grants aulhorised lo be paid in respect of the accounting year OT fulvre years are provided lor in the linan¢ial slalements in the year in which they are auihorised. A provision for a mulli-year award is recognised al its present value where settlement is due over more than one year from the dale of Ihe award, Ihere are no unfulfilled conditions and the eflecl of Ihe discounling is material. In the current economic dim8le the Iruslees Consider a discount rale of 2Vts lo be appropriate. The Ch8rily 15 ntsl ￿gIStered lor VAT purposes and 811 VAT incurred is therefor? irieu)ver8ble. Where applied, VAT is included as part of the expense. P•ie 10 THE HIBBERT FA ILY FO NDAnO g) Funds s1wcture All funds are uniestri¢ted and fan be used in accordance with the charitable objBClive$ of the charity. 2 Credltorn CT, Independent Examina11on Fee Turcan Connèll, Legal and A¢¢ounlKY4 Fee Action Tutoring 1.164.00 Jo.00 60,￿1.00 2,867.20 61764.00 3,877.20 Arnounts du& after mora than twehts Action Tutoring hs 60.000.00 60,000.00 Total Croditorts 121,764.00 3.877.20 3 Don￿0￿5 and LfjgaGIos Voluntary Dgnalions {inv8Stm8nts gifted inlo trusll 171271.55 171,271.55 4 In¢om• Deposit account inltsresl 2,820.06 1,796.87 2,820.06 1.796.87 S Charitable Activities 2024 2023 Grants and Donations Slade Garden5 Community Play Association Marie Curie Cancer Caie Action Tutoring 18.730.00 10.WO.00 80.(KN).00 19.866,CQ 88.TJO.00 19,866.Crf) Action Tutoring- 2nd in8lalment du8 March 2025 A¢tion Tutoring - 3rd and linal instslrnent duo M8rch 2026 60.CKXI.00 60,C(O.00 208,730.00 19,866.00 en ed èm r2 S Char5tsbl• Actlvltles Icontl Fu re Com nts Adion Tutoring- 2nd instalmenl due Marth 2025 Aclion Tuloring- 3rd arKI finAI Instslmenl duè M4fch 2026 60,1XK).00 80,or￿.00 120.W).00 Held Th Actlon Tuloring- 2nd instalmenl due March 2025 Action Tuloring- 3rd aThJ final Instalment due March 2026 60.orJo.00 00,￿.00 120,000.00 6 Support and govgrnancg costs Su ort cos Adminlstrallon Olher 5UPPOrt costs 3,845.18 9.8D 2.693.04 3,654.78 ove¥nance Atxounling lTrJgpendenl axamlnallon 1,5e2.22 1,266.00 1.154.16 99).00 2.828.22 6.483.00 4,837.20 7 Imie•tments 2024 Add Gift6 into Trus1 171271.5S 171271.55 Less Sal8s {175.111.371 13,839.821 Nel reall$ed gains 3.839.82 8 Rolat•d Parll The Tnjsiee. ￿rt. rnadè donaiions of investments to th8 Trust to valug of £171,271.55. 9 Trust9•5' Expense8 No lees or expenses have been paid lo the TTUSte85 are the k8y rnanagem8nt P8Tsonnel of thè fouThlallon. All Trustees ad gratuitously. The Foundatlon has no @mployee$.