## Approved and awaiting signature
## Reports & Financial Statements
For the year ended 30 June 2022
## **The HCD Memorial Fund**
Registered Charity No. 1044956
|**Contents**|**Pages**|
|---|---|
|**Trustees’ report**|**1 – 4**|
|**Independent Examiner’s report**|**5**|
|**Statement of financial activities**|**6**|
|**Balance sheet**|**7**|
|**Notes to the accounts**|**8 – 12**|
## **The HCD Memorial Fund**
## **Trustees’ report For the year ended 30 June 2022**
The trustees present their annual report and financial statements of The HCD Memorial Fund (‘the Charity’) for the year ended 30 June 2022.
## **REFERENCE AND ADMINISTRATION INFORMATION**
**Charity name** The HCD Memorial Fund **Charity registration Number** 1044956 **Trustees** Bill Flinn B.Arch, Dip.Arch. (Chairman) Nicholas Debenham MA Joanna Lear Susannah Drummond Millie Sherman **Secretary** Susannah Drummond **Registered Office** 24 Fern Avenue Jesmond Newcastle-upon-Tyne NE2 2QT **Bankers** CAF Bank Limited 25 Kings Hill Avenue West Malling Kent ME19 4JQ **Solicitors** Orrick, Herrington & Sutcliffe LLP 107 Cheapside London EC2V 6DN **Independent Examiner** John Airey FCA
1
## **The HCD Memorial Fund**
## **Trustees’ report (continued) For the year ended 30 June 2022**
The trustees present their Trustees’ Report and financial statements in accordance with the Charities Act 2011 (the 2011 Act) and Charity SORP 2015.
## **1. Governing Document**
The governing instrument of the Charity is a trust deed dated 7 March 1995. The Charity is constituted as an unincorporated association.
## **2. Objects and activities**
The governing instrument states that the objects of the Charity are the furtherance of any purposes which are charitable according to English law. The Charity principally makes grants to organisations in the UK and abroad engaged in the fields of development, health, education, environment, and community action.
## **3. Organisational structure**
The trustees meet twice a year to review income and proposals for grants. There are no employees. The Secretary deals with day-to-day administration, and correspondence with applicants and grantees, with occasional assistance from co-trustees in their area of expertise.
## **4. Trustees**
The trustees holding office during the year and up to the date of this report are:
Bill Flinn B.Arch,Dip.Arch. (Chairman) Harriet Lear (resigned 19 November 2022) Jeremy Debenham (resigned 19 November 2022) Nicholas Debenham M.A. Joanna Lear (Treasurer) Susannah Drummond (Secretary) Millie Sherman (appointed 19 November 2022)
## **- Recruitment and appointment of trustees**
The trustees are appointed by the governing instrument. Future trustees may be appointed by a resolution of the trustees passed at a meeting of the trustees.
## **- Trustee Induction and Training**
Each year the trustees are kept informed of developments in the charity sector. The collective expertise of the trustees in the fields of health, development, trust administration, education and law will be supplemented when it becomes necessary.
2
## **The HCD Memorial Fund**
## **Trustees’ report (continued) For the year ended 30 June 2022**
## **4. Trustees (continued)**
## **- Statement of trustees’ responsibilities**
Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the Charity’s financial activities during the year and of its financial position at the end of the year. In preparing the financial statements giving a true and fair view, the trustees should follow best practice and:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the Charity and which enable them to ensure that the financial statements comply with the Charities Act. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. They are required to apply the funds of the Charity with complete fairness to meet the objects of the Charity.
## **5. Public benefit**
The trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have regard to the Charity Commission's general guidance on public benefit. The Charity makes grants for the benefit of those eligible under the criteria set out in its governing document. A list of the recipients and the grants made to them by the Charity can be found on pages 9 and 10.
## **6. Financial Review**
During the year the Charity made grants to a variety of charitable organisations. The organisations concerned are involved with:
- Work in the fields of Development, Health, Education, Peace-keeping and Prison welfare in Afghanistan, Africa, Bangladesh, the Middle East, Central America, Palestine, Pakistan and Nepal.
- Work in the Environmental field, particularly in relation to Climate Change;
- Other work in the UK and Ireland for Environmental and Community projects, including refugees, prisoners and the unemployed.
The Charity also owns a freehold woodland property in the Republic of Ireland which is held for charitable purposes, including amenity value and recreational access for the community.
The Charity’s total incoming resources exceeded expended resources by £65,611 (2021: (£340,192) resulting in an unrestricted fund balance of £600,779 (2021: £535,168) being carried forward at the year end.
3
**Trustees’ report (continued) For the year ended 30 June 2022**
## **The HCD Memorial Fund**
## **7. Investment powers and policy**
The governing instrument grants unrestricted powers of investment to the trustees. The policy is to give away income as soon as practicable after it accrues, keeping any unused income on temporary deposits. Thus no permanent investments are made.
## **8. Plans for future periods and reserves policy**
The trustees’ policy is to make grants each year up to an amount similar to the income receivable whilst maintaining reserves at a level sufficient to cover all commitments likely to be met within 12 months. Under normal circumstances the level of such reserves would not be expected to exceed £400,000 in aggregate. This policy is reviewed annually in the light of actual or expected change in the pattern of contributions to the Trust.
At 30 June 2022 total free reserves funds amounted to £447,404 (2021: £381,707). Unrestricted funds which will be considered for distribution during the forthcoming year amount to £500,000 (2021: £500,000).
## **9. Grant making policy**
The policy is to make grants as determined by the trustees at twice-yearly meetings, for all or any purposes which are charitable according to English law.
The policy is flexible as regards donees, but currently:
- maintains a balance between home and overseas grants
- directs grants mainly towards (1) the relief of human need, whether due to poverty, ill-health, disability, want of education, or other causes, and (2) projects which aim to mitigate the effects of Climate Change
- prefers projects which are small or medium-sized
- permits the taking of risks in an appropriate case.
Current practice is rarely to respond to unsolicited applications.
## **10. Risk Management**
The trustees are not aware of any major risks. They are insured against public liability in respect of their freehold property. Once a year they review their assessment of risk (major or otherwise).
## **11. Independent examination**
The Trustees have complied with their obligation under the 2011 Act to have the annual accounts examined by an independent examiner.
Approved by the Trustees on 19 November 2022 and signed on their behalf by:
……………………………..
Trustee
4
## **Independent examiner’s report to the Trustees of The HCD Memorial Fund**
I report on the accounts of the Fund for the year ended 30 June 2022 which are set out on pages 6 to 12.
## **Respective responsibilities of trustees and examiner**
The Trustees are responsible for the preparation of the accounts. They consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the 2011 Act), and that an independent examination is needed.
It is my responsibility to:
- examine the accounts under Section 145 of the 2011 Act;
- to follow the procedures laid down in the General Directions given by the Charity Commissioners under Section 145(5)(b) of the 2011 Act; and
- to state whether particular matters have come to my attention.
## **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 Fund 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 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 accounts 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
- to keep accounting records in accordance with section 130 of the 2011 Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
- have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the Accounts to be reached.
…………………………………. Date: ……………………… J C Airey FCA
Holywell Cottage Hodsoll Street Sevenoaks Kent TN15 7LE
5
## **The HCD Memorial Fund**
## **Statement of financial activities For the year ended 30 June 2022**
|**Notes**
**£**
**Incoming resources**
Incoming resources from generated funds:
Voluntary income:
- Donations
**1.2**
- Share of Trust income
**1.3**
Investment income:
- Bank interest
**Total incoming resources**
**Resources expended**
Costs of generating funds
Other costs
- Management of woodland property
Charitable activities
Grantmaking activity
**2**
Governance costs
**3**
**Total resources expended**
**Net movement in funds**
**Reconciliation of Funds**
Funds brought forward at 1 July 2021
Funds carried forward at 30 June 2022|**2022**
**2021**
**£**
**£**
**£**
613,250
622,500
217,180
121,008
304
25
830,734
743,533
3,160
4,256
758,216
1,074,533
3,747
4,936
765,123
1,083,725
65,611
(340,192)
535,168
875,360
600,779
535,168|
|---|---|
All of the above results are derived from continuing activities.
There are no recognised gains or losses other than those stated above.
6
## **The HCD Memorial Fund**
## **Balance sheet as at 30 June 2022**
|**Notes**
**Fixed assets**
Tangible assets
**4**
Unlisted investment at cost
and market value
**Current assets**
Debtors
**5**
Cash at bank and in hand
**Total current assets**
**Liabilities – Amounts falling due**
**within one year**
Creditors
**6**
**Net current assets**
**Liabilities – Amounts falling due**
**in more than one year**
**7**
**Net assets**
**The Funds of the Charity:**
**Unrestricted income funds**
**Total Charity funds**|**2022**
**£**
**£**
153,372
3
219,416
333,335
552,752
(72,348)
480,404
(33,000)
600,779
600,779
600,779|**2021**
**£**
**£**
153,458
3
239,031
312,089
551,120
(70,413)
480,707
(99,000)
535,168
535,168
535,168|
|---|---|---|
Approved by the board of Trustees on 19 November 2022 and signed on its behalf by:
………………………………………..
Trustee
7
## **The HCD Memorial Fund**
## **Notes to the accounts For the year ended 30 June 2022**
## **1 Accounting policies**
The accounts have been prepared in accordance with applicable accounting standards and the charity Statement of Recommended Practice (SORP 2015).
## **1.1 Accounting convention**
The accounts are prepared under the historical cost convention.
## **1.2 Donations receivable**
Donations are credited to income when received. Recoverable income tax is included with the donation to which it relates. Any income tax which has still to be recovered at the period end is recognised as a debtor.
## **1.3 Trust income**
The Charity was entitled to a percentage of the income from the Debenham Property Trust, which is recognised as it accrues.
## **1.4 Resources expended**
Expenditure is classified by category of expenditure rather than by type of expense. Allocation is on an actual basis. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
## **1.5. Grants payable**
Grants are charged against income when they are unconditionally committed to be paid.
## **1.6 Funds**
Following the requirements of the Statement of Recommended Practice the funds of the Charity are analysed over the different types of funds, which are:-
## **a) Unrestricted funds**
These are funds which are not subject to any restrictions regarding their use. Designated funds (if any) are set aside by the trustees for a particular purpose, but are inclusive within unrestricted funds.
## **b) Restricted funds**
Restricted funds are those where the donor has imposed restrictions on how the fund may be used.
8
## **The HCD Memorial Fund**
## **Notes to the accounts (continued) For the year ended 30 June 2022**
## **1 Accounting policies (continued)**
## **1.7 Tangible fixed assets and depreciation**
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: Forestry equipment - 25% on net book value
No depreciation is provided on the cost of freehold land.
## **1.8 Foreign currency translation**
Monetary assets and liabilities and transactions during the year denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Any exchange gain or loss is accounted for in the Statement of Financial Activities.
## **2 Grantmaking activity**
Grantmaking activity comprises grants to the following charitable organisations:
|**Recipient**
**Country**
Health Poverty Action
Guatemala
Health
Virtual Doctors
Zambia/Malawi
Health
Citizens Foundation
Pakistan
Education
Medical aid for Palestine
Gaza
Health
British Shalom/Salaam
Israel/Palestine
Community
Standing Voice
Tanzania/Malawi
Community
Village Water
Zambia
Development
Vision Aid Overseas
Ghana
Health
Rwanda Action
Rwanda
Community
St Joseph’s African Aid
Cameroon
Education
United World Schools
Nepal
Education
Concern America
Central America
Health
Five Talents
Kenya
Community
HealthProm
Afghanistan
Health
Send a Cow
Kenya
Community
Peace Direct
The DR Congo
Peacebuilding
ID Prison Ministries
Uganda/Kennya
Prisons/Community
Traidcraft Exchange
Bangladesh
Community
Tools for self-help
UK & (Africa)
Community
Recycle
Africa
Community
Haller Foundation
Kenya
Community
VITA (RTI)
Ethiopia
Community/Climate change
Immigrant Council Of Ireland Ireland
Refugees
Justice Defenders
Uganda/Kenya
Prisons/Community
carried forward|**Amount**
**£**
30,000
30,000
30,000
25,000
25,000
25,000
25,000
25,000
25,000
23,700
20,500
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
16,000
15,516
15,000
15,000
525,716|
|---|---|
9
**Notes to the accounts (continued) For the year ended 30 June 2022**
## **The HCD Memorial Fund**
## **2 (cont). Grantmaking activity (continued)**
|**Recipient**
**Country**
brought forward
Tempus Novo
UK
Community/Prisons
XLP
UK
Community
Just Wheels
UK
Community/Health
Centre for Alternative Technology
UK
Climate change
Children Seen and Heard
UK
Prisons/Community
County Trust
UK
Community/Environment
NCAC
UK
Community
Orchard Project
UK
Community
Sussex Community Development
UK
Community
Baltic Centre of Art
UK
Community/Refugees
Fareshare
UK
Community
**Total of grants made in the year**
Future commitments to San Carlos Hospital in Mexico made in 2021|**Amount**
**£**
525,716
28,000
25,000
25,000
24,500
20,000
20,000
20,000
20,000
20,000
15,000
15,000|
|---|---|
||
758,216|
||99,000|
Future commitments to San Carlos Hospital in Mexico made in 2021
10
**The HCD Memorial Fund**
## **Notes to the accounts (continued) For the year ended 30 June 2022**
|**3**
**Governance costs**
Administration expenses reimbursed to trustees
Taxation fees
Accountancy charges
Charge for Independent Examination
Bank charges for foreign transfers
(Gain) Loss on currency translation|**2022**
**£**
225
1,210
1,700
300
313
(1)
3,747|**2021**
**£**
250
1,130
1,700
300
1,449
107
4,936|
|---|---|---|
## **4. Tangible assets**
|**Woodlands, held for**
**charitable purposes**
**Forestry**
**equipment**
**At cost**
**£**
**£**
On 1 July 2021 and 30 June
2022
153,113
19,375
**Accumulated Depreciation**
On 1 July 2021
-
19,030
Charge for the year
-
86
At 30 June 2022
-
19,116
**Net book value**
At 30 June 2022
153,113
259
At 30 June 2021
153,113
345
**5**
**Debtors**
**2022**
**£**
Accrued income
96,266
Tax recoverable
123,150
219,416
**6**
**Creditors – Amounts falling due within one year**
**£**
Other creditors
72,348|**Total**
**£**
172,488
19,030
86
19,116
153,372
153,458
**2021**
**£**
115,031
124,000
239,031
**£**
70,413|
|---|---|
11
## **The HCD Memorial Fund**
## **Notes to the accounts (continued) For the year ended 30 June 2022**
## **7 Creditors – Amounts falling due after one year**
**2022 2021 £** San Carlos grant 33,000 99,000
## **8 Trustees’ transactions**
No trustees received remuneration or expenses in either year.
## **9 Commitments**
As at 30 June 2022 the Charity has indicated future support to various organisations but made no binding commitment to them.
The Charity is committed to paying an annual management fee for Ballinakelly Wood of £2,200 (2021: £2,200).
12