2023-12-31-accounts - Hackblock Educational Charity

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

HACKBLOCK EDUCATIONAL CHARITY

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

HACKBLOCK EDUCATIONAL CHARITY

INDEX

Trustees’ annual report Independent Examiners’ report Balance sheet Statement of financial activities Notes to the accounts	Page
	1 2 3 4 5 – 6

HACKBLOCK EDUCATIONAL CHARITY

TRUSTEES’ ANNUAL REPORT

REFERENCE AND ADMINISTRATION DETAILS

The Trustees present their annual report and financial statements for the year ended 31 December 2023.

The Charity was established on 3 June 1991 under the Charity Commissioners’ scheme No.1003410.

The Charity’s principal address is The Vicarage, Burnham Road, Southminster, Essex CM0 7ES.

The Trustees during the year were as follows:-

Chairman Trustees

Mr G Graham Mr P Adams Mr P Lucas Canon A Smith

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Charity is governed by the Scheme of the Commissioners sealed 3 June 1991.

The body of Managing Trustees consist of three Ex-officio Managing Trustees, one Nominated Managing Trustee and one Co-opted Managing Trustee. The Ex-officio Managing Trustees shall be the incumbent for the time being of the present benefice of St. Leonard, Southminster, and the Churchwardens of the present Ecclesiastical Parish of St. Leonard, Southminster.

OBJECTIVES AND ACTIVITIES

The main objective of the Charity is to provide funds to support children and educational needs of young people under the age of 25 living in the parish of St. Leonard’s, Southminster and neighbouring parishes. This can include financial support for the governors of Southminster Primary (C of E) School. Grants may also be allocated to individuals or other bodies, after an application to the Trustees, in accordance with the scheme laid down by the Charity Commissioners. To increase awareness of the Charity, the Governors advertise to young people in the Southminster area to request applications for funding. Funds are obtained by way of investment income.

ACHIEVEMENTS AND PERFORMANCE

During the year, income of £35,926 was received and £48,738 was expended. The value of the investments held with the Church of England Investment Fund and cash was £1,331,577.

The trustees have maintained the annual adjustment for inflation.

By order of the board of trustees – 14 August 2024

P Lucas Treasurer

INDEPENDENT EXAMINERS’ REPORT TO THE TRUSTEES OF

HACKBLOCK EDUCATIONAL CHARITY (Scheme No.1003410)

We report on the Accounts of the Charity for the year ended 31 December 2023 set out on pages 3 to 6.

Respective responsibilities of Trustees and Examiners.

The Charity’s Trustees consider that an audit is not required for this year (under section 144(2) of the Charities Act 2011 (the Act)) and that an independent examination is needed.

It is our responsibility to:

Examine the accounts (under section 145 of the Act);
To follow the procedures laid down in the General Directions given by the Charity Commissioners (under section 145(5)(b) of the Act); and
To state whether particular matters have come to our attention.

Basis of Independent Examiners’ report

Our examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking 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 we do not express an audit opinion on the view given by the accounts.

Independent Examiners’ statement

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

1 which gives us reasonable cause to believe that in any material respect the Trustees have not met the requirements to ensure that:
Proper accounting records are kept (in accordance with section 130 of the Act); and
Accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act; or
2 to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Maynard Heady LLP Chartered Accountants Reporting Accountants

14 August 2024

Arlington House West Station Business Park Spital Road Maldon Essex CM9 6FF

HACKBLOCK EDUCATIONAL CHARITY

BALANCE SHEET AS AT 31 DECEMBER 2023

FIXED ASSETS Investments CURRENT ASSETS Cash at bank LIABILITIES: Amounts falling due within one year NET CURRENT ASSETS FUNDS Unrestricted:- Capital Distributable	Notes 2023 2022 3 1,194,935 1,092,179 136,642 149,454 __ _ 4 1,140 1,140 135,502 148,314 _ __ £1,330,437 £1,240,493 ======== ======== 5 902,142 864,354 5 428,295 376,139 __ ______ £1,330,437 £1,240,493 ======== ========

Approved by the Board of Trustees on 14 August 2024 and signed on its behalf by

P Lucas ____

The notes on Pages 5 to 6 form part of these Accounts.

HACKBLOCK EDUCATIONAL CHARITY

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

		2023		2022
INCOME AND EXPENDITURE		General Fund	General Fund
INCOMING RESOURCES
Interest received		3,263		1,591
Dividends received		32,663		32,483
		_		_
		35,926		34,074
RESOURCES EXPENDED
Direct charitable expenditure:-
Grants	46,850		29,749
Other charitable expenditure:-
Accountancy fee	1,104		1,140
Computer expenses	784		628
	_		_
TOTAL RESOURCES EXPENDED		48,738		31,517
		_		_
NET INCOMING RESOURCES FOR THE YEAR		(12,812)		2,557
OTHER RECOGNISED GAINS AND LOSSES
Unrealised gain/(loss) on investment assets		102,756		(145,721)
		_		_
NET MOVEMENT IN FUNDS		89,944		(143,164)
BALANCE BROUGHT FORWARD		1,240,493		1,383,657
		___		___
BALANCE CARRIED FORWARD		£1,330,437		£1,240,493
		=========		=========
(See Note 5)

HACKBLOCK EDUCATIONAL CHARITY

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES

1.1 The financial statements are prepared under the basis of historical cost, with the exception of fixed asset investments, in accordance with Accounting and Reporting by Charities – Statement of Recommended Practice, Accounting Standards and with the Charities Act 2011.
1.2 Fixed asset investments are stated at a current market value.

2. INVESTMENT STRATEGY

The Trustees retained the investment policy of investing in share and interest-earning accounts.

3. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
	2023	2022
Quoted investments
Balance at 1 January 2023	1,092,179	1,237,901
Investment additions	-	-
Net unrealised investment gain/(loss)	102,756	(145,720)
	___	_
Market value at 31 December 2023	£1,194,935	£1,092,179
	=========	=========
Historical cost as at 31 December 2023	£463,648	£463,648
	=======	=======

The above investment represents 52,860.85 (2022 – 52,860.85) shares in the Central Board of Finance of the Church of England Investment Fund.

4.

LIABILITES	Falling	due within one year:	2023	2022
Accruals			£1,140	£1,140
			======	======

5. UNRESTRICTED FUNDS

Capital Balance b/fwd 864,354 Net flow for the year (page 4) - Inflation protection 37,788 ____ Balance c/fwd £902,142 ==========	Distributable Total 376,139 1,240,493 89,944 89,944 (37,788) - _______ £428,295 £1,330,437 ========================

HACKBLOCK EDUCATIONAL CHARITY

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

6. UNRESTRICTED FUNDS (Continued)

Whilst not a stipulation of the original Trust Deed, the Trustees have maintained a policy of protecting the original capital fund by way of an allocation out of the income and capital growth. The transfer of £37,788 this year has been based on an inflationary increase of 3%.

OUTSTANDING GRANTS

OUTSTANDING GRANTS
	2023	2022
At the year end, expenditure had been
authorised but not yet paid of	£5,950	£3,000
	======	======