Reports & Financial Statements
For the year ended 30 June 2024
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 2024
The trustees present their annual report and financial statements of The HCD Memorial Fund (‘the Charity’) for the year ended 30 June 2024.
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 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
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The HCD Memorial Fund
Trustees’ report (continued) For the year ended 30 June 2024
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) Joanna Lear (Treasurer) Susannah Drummond (Secretary) Millie Sherman (appointed 16th November 2024)
- 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.
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The HCD Memorial Fund
Trustees’ report (continued) For the year ended 30 June 2024
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:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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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:
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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.
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Work in the Environmental field, particularly in relation to Climate Change;
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Other work in the UK for Environmental and Community projects, including refugees, prisoners and the unemployed.
The Charity’s total expended resources exceeded incoming resources by £132,118 (2023: £7,816) resulting in an unrestricted fund balance of £460,845 (2023: £592,963) being carried forward at the year end.
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The HCD Memorial Fund
Trustees’ report (continued) For the year ended 30 June 2024
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 2024 total free reserves funds amounted to £460,842 (2023: £592,960). Unrestricted funds which will be considered for distribution during the forthcoming year amount to £400,000 (2023: £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:
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maintains a balance between home and overseas grants
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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
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prefers projects which are small or medium-sized
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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 November 2024 and signed on their behalf by:
Joanna Lear
Trustee
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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 2024 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:
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examine the accounts under Section 145 of the 2011 Act;
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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
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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:
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(1) which gives me reasonable cause to believe that in any material respect the requirements
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to keep accounting records in accordance with section 130 of the 2011 Act; and
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to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act
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have not been met; or
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(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the Accounts to be reached.
John Airey FCA 21 November 2024
Holywell Cottage Hodsoll Street Sevenoaks Kent TN15 7LE
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The HCD Memorial Fund
Statement of financial activities For the year ended 30 June 2024
| 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 2023 Funds carried forward at 30 June 2024 |
2024 £ 462,500 230,202 8,093 700,795 - 829,250 3,663 832,913 (132,118) 592,963 460,845 |
2023 £ 686,250 249,331 3,050 938,631 4,420 938,138 3,889 946,447 (7,816) 600,779 592,963 |
|---|---|---|
All of the above results are derived from continuing activities.
There are no recognised gains or losses other than those stated above.
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The HCD Memorial Fund
Balance sheet as at 30 June 2024
| Notes Fixed assets Unlisted investment at cost and market value Current assets Debtors 4 Cash at bank and in hand Total current assets Liabilities – Amounts falling due within one year Creditors 5 Net current assets Net assets The Funds of the Charity: Unrestricted income funds Total Charity funds |
2024 £ £ 3 223,138 240,954 464,092 (3,250) 460,842 460,845 460,845 460,845 |
2024 £ £ 3 223,138 240,954 464,092 (3,250) 460,842 460,845 460,845 460,845 |
2023 £ £ 3 259,434 373,630 633,064 (40,104) 592,960 592,963 592,963 592,963 |
|---|---|---|---|
| 460,845 460,845 |
Approved by the board of Trustees on 16 November 2024 and signed on its behalf by:
Joanna Lear
Trustee
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The HCD Memorial Fund
Notes to the accounts For the year ended 30 June 2024
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.
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The HCD Memorial Fund
Notes to the accounts (continued) For the year ended 30 June 2024
1 Accounting policies (continued)
1.7 Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided to write off each asset over its estimated useful life.
Unlisted investments
Unlisted investments are shown at cost and market value.
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 Overseas: San Carlos Hospital - Mexico Health VITA (RTI) Ltd - Ireland Community/Climate change Concern America - USA Health UK based: Medical Aid Palestinians Health MAD – Aid Community Citizens Foundation UK Education Tempus Novo Prisons/Community CAT Climate Change Ace Africa (UK) Health Feedback Global Health Standing Voice Community Vision Action Health British Shalom Salaam Trust Community/Peacebuilding Just Wheels Community/Health Village Water Health Tools for Self-reliance Community Hospiscare Health carried forward |
Amount £ 35,000 29,000 15,000 50,000 30,000 30,000 28,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 22,000 20,250 459,250 |
|---|---|
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Notes to the accounts (continued) For the year ended 30 June 2024
The HCD Memorial Fund
2 (cont). Grantmaking activity (continued)
Recipient
| Recipient | Amount | |
| £ | ||
| brought forward | 459,250 | |
| UK based (continued): | ||
| Northumbria Calvert Trust | Community | 20,000 |
| Prison Radio Association | Community | 20,000 |
| The Pelham | Community | 20,000 |
| The Orchard Project | Community | 20,000 |
| Bees Abroad | Community | 20,000 |
| Shared Interest | Community | 20,000 |
| ID Prisons Ministry | Prisons/community | 20,000 |
| Sand Dams Worldwide | Community | 20,000 |
| Rhiza Babuyile | Health | 20,000 |
| Solar Aid | Community | 20,000 |
| Rwanda Action | Community | 20,000 |
| Peace Direct | Peacebuilding | 20,000 |
| Ripple Effect | Health | 20,000 |
| Health Poverty Action | Health | 20,000 |
| WasteAid | Community | 20,000 |
| Breaking Barriers | Refugee | 20,000 |
| Fareshare | Community | 15,000 |
| Peertalk Charitable Foundation | Health | 15,000 |
| Transform Traid | Community/enterprise | 10,000 |
| Chailey Heritage | Community | 10,000 |
| Total of grants made in the year | 829,250 |
Total of grants made in the year
3 Governance costs
| Administration expenses reimbursed to trustees Taxation fees Accountancy charges Charge for Independent Examination Bank charges |
2024 £ 206 1,224 1,700 300 233 3,663 |
2023 £ 226 1,414 1,700 300 249 3,889 |
|---|---|---|
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The HCD Memorial Fund
Notes to the accounts (continued) For the year ended 30 June 2024
| 4 Debtors Accrued income Tax recoverable 5 Creditors – Amounts falling due within one year Other creditors 6 Trustees’ transactions |
2024 £ 130,638 92,500 -- 223,138 £ 3,250 |
2023 £ 122,184 137,250 --- 259,434 £ 40,104 |
|---|---|---|
No trustees received remuneration or expenses in either year.
7 Commitments
As at 30 June 2024 the Charity has indicated future support to various organisations but made no binding commitment to them.
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