## Reports & Financial Statements
For the year ended 30 June 2023
## **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 – 11**|
## **The HCD Memorial Fund**
## **Trustees’ report For the year ended 30 June 2023**
The trustees present their annual report and financial statements of The HCD Memorial Fund (‘the Charity’) for the year ended 30 June 2023.
## **REFERENCE AND ADMINISTRATION INFORMATION**
**Charity name** The HCD Memorial Fund **Charity registration Number** 1044956 **Trustees** Bill Flinn B.Arch, Dip.Arch. (Chairman) Joanna Lear Susannah Drummond **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 2023**
The trustees present their Trustees’ Report and financial statements in accordance with the Charities Act 2011 (the 2011 Act) and Charity SORP (FRS 102).
## **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. (resigned 19 November 2022) Joanna Lear (Treasurer) Susannah Drummond (Secretary)
## **- 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 2023**
## **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, Central America, Ethiopia, the Middle East, Palestine, Pakistan and SE Asia.
- 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 decided to gift its freehold woodland property in the Republic of Ireland which was held for charitable purposes, including amenity value and recreational access for the community, to the Irish Woodland Trust.
The Charity’s total expended resources exceeded incoming resources by £7,816 (2022: incoming resources exceeded expended resources £65,611) resulting in an unrestricted fund balance of £592,963 (2022: £600,779) being carried forward at the year end.
3
## **The HCD Memorial Fund**
## **Trustees’ report (continued) For the year ended 30 June 2023**
## **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 free 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 2023 total free reserves funds amounted to £592,960 (2022: £447,404). Unrestricted funds which will be considered for distribution during the forthcoming year amount to £500,000 (2022: £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.
While many of the projects we support are overseas, the grant is almost always paid in sterling to the UK office of the given charity. Exceptionally money is sent directly to the charity overseas.
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 16 January 2024 and signed on their behalf by:
Joanna Lear
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 2023 which are set out on pages 6 to 11.
## **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.
J C Airey FCA 17 January 2024
Holywell Cottage Hodsoll Street Sevenoaks Kent TN15 7LE
5
## **The HCD Memorial Fund**
## **Statement of financial activities For the year ended 30 June 2023**
|**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 2022
Funds carried forward at 30 June 2023|**2023**
**£**
686,250
249,331
3,050
938,631
4,420
938,138
3,889
946,447
(7,816)
600,779
592,963|**2022**
**£**
613,250
217,180
304
830,734
3,160
758,216
3,747
765,123
65,611
535,168
600,779|
|---|---|---|
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 2023**
|**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**|**2023**
**£**
**£**
-
3
259,434
373,630
633,064
(40,104)
592,960
-
592,963
592,963
592,963|**2022**
**£**
**£**
153,372
3
219,416
333,335
552,752
(72,348)
480,404
(33,000)
600,779
600,779
600,779|
|---|---|---|
Approved by the board of Trustees on 16 January 2024 and signed on its behalf by:
Joanna Lear
Trustee
7
## **The HCD Memorial Fund**
## **Notes to the accounts For the year ended 30 June 2023**
## **1 Accounting policies**
The accounts have been prepared in accordance with applicable accounting standards and the charity Statement of Recommended Practice (FRS 102).
## **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 2023**
## **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**
Hospices of Hope
Europe
Health
Citizens Foundation UK
Pakistan
Education
Medical Aid Palestinians
Gaza
Health
United World Schools
SE Asia
Community/Education
British Shalom Salaam Trust
Israel/Palestine
Community/Peacebuilding
Rhiza UK
South Africa
Health
Standing Voice
Tanzania/Malawi
Community
Village Water
Zambia
Health
Peace Direct
The DR Congo
Peacebuilding
VITA (RTI) Ltd
Ethiopia
Community/Climate
change
Ripple Effect
Africa
Health
Solar Aid
Africa
Community
WasteAid
Africa
Community
HealthProm
Afghanistan
Health
Concern America
Central America
Health
Five Talents UK
Kenya
Community
Sand Dams Worldwide
Kenya/Ethiopia
Community
Virtual Doctors
Zambia/Malawi
Health
Justice Defenders
Uganda/Kenya
Prisons/Community
Health Poverty Action
Guatemala
Health
carried forward|**Amount**
**£**
40,000
30,000
30,000
26,500
25,000
25,000
25,000
25,000
24,000
21,525
20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
15,000
5,000
452,025|
|---|---|
9
## **The HCD Memorial Fund**
## **Notes to the accounts (continued) For the year ended 30 June 2023**
## **2 (cont). Grantmaking activity (continued)**
|**Recipient**
**Country**
brought forward
Irish Woodland Trust
Ireland
Community
Tempus Novo
UK
Prisons/Community
Centre for alternative
technology
UK
Climate change
Global Feedback
UK
Health
KEY4LIFE CIO
UK
Prisons/Community
One Home
UK
Climate change
Sussex Community Devel Assoc
UK
Community
Tools for Self Reliance
UK & (Africa)
Community
Boarderlands
UK
Community/Refugees
A Rocha UK
UK
Community
NCAC
UK
Community
ID Prison Ministry
UK
Prisons/Community
Refugee Women Bristol
UK
Community/Refugees
The Orchard Project
UK
Community
The Pelham
UK
Community
Peertalk Charitable Foundation
UK
Health
Multiple System Atrophy Trust
UK/Ireland
Health
**Total of grants made in the year**
Future commitments to San Carlos Hospital in Mexico made in 2022|**Amount**
**£**
452,025
153,113
28,000
25,000
25,000
25,000
25,000
23,000
22,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
10,000
10,000|
|---|---|
||
938,138
33,000
|
## **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|**2023**
**£**
226
1,414
1,700
300
249
-
3,889|**2022**
**£**
225
1,210
1,700
300
313
(1)
3,747|
|---|---|---|
10
## **The HCD Memorial Fund**
## **Notes to the accounts (continued) For the year ended 30 June 2023**
|**4.**
**Tangible assets**
**Woodlands, held for**
**charitable purposes**
**Forestry**
**equipment**
**At cost**
**£**
**£**
On 1 July 2022
Disposal - gift to Irish
Woodland Trust
153,113
(153,113)
19,375
(19,375)
At 30 June 2023
~~-~~
~~-~~
~~-~~
**Accumulated Depreciation**
On 1 July 2022
Charge for the year
-
19,116
259
Eliminated on disposal
-
(19,375)
At 30 June 2023
-
-
**Net book value**
At 30 June 2023
-
-
At 30 June 2022
153,113
259
**5 Debtors**
**2023**
**£**
Accrued income
122,184
Tax recoverable
137,250
259,434
**6**
**Creditors – Amounts falling due within one year**
**£**
Other creditors
40,104
**7**
**Creditors – Amounts falling due after one year**
**£**
San Carlos grant -|**Total**
**£**
172,488
(172,488)
~~-~~
19,116
259
(19,375)
-
-
153,372
**2022**
**£**
96,266
123,150
219,416
**£**
72,348
**£**
33,000|
|---|---|
## **8 Trustees’ transactions**
No trustees received remuneration or expenses in either year.
## **9 Commitments**
As at 30 June 2023 the Charity has indicated future support to various organisations but made no binding commitment to them.
11