REGISTERED COMPANY NUMBER: 03636789 (England and Wales)
REGISTERED CHARITY NUMBER: 1074491
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
FOR
HMC PROJECTS IN CENTRAL AND EASTERN EUROPE
Bright Brown Limited
Chartered Accountants
Exchange House
St. Cross Lane
Newport
Isle of Wight
PO30 5BZ
HMC PROJECTS IN CENTRAL AND EASTERN
EUROPE
CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
|
Page |
Reference and Administrative Details |
1 |
Report of the Trustees |
2 to 5 |
Independent Examiner's Report |
6 |
Statement of Financial Activities |
7 |
Balance Sheet |
8 to 9 |
Notes to the Financial Statements |
10 to 14 |
Detailed Statement of Financial Activities |
15 to 16 |
HMC PROJECTS IN CENTRAL AND EASTERN
EUROPE
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 AUGUST 2022
TRUSTEES |
Mrs R C F Owens (chairperson) |
|
D J Knapman |
|
D N Morrison |
|
P M de Voil |
|
A W McPhail |
|
Mrs J Hopkinson |
|
W M Phelan |
|
Ms J S Gandee |
|
J F Vick |
|
A C Jackson |
|
C J Townsend |
COMPANY SECRETARY AND ADMINISTRATOR |
Dr E J Wolstenholme |
EXECUTIVE |
Dr E J Wolstenholme (operational director) |
|
Miss J Hodgetts (deputy director) (appointed 1.10.22) |
|
C Burrows (administrator) (appointed 1.10.22) |
|
Mrs W McLachlan (student coordinator) (resigned |
|
30.9.21) |
|
Mrs J Grigg (student coordinator) (appointed 1.10.21) |
REGISTERED OFFICE |
12 The Point |
|
Rockingham Road |
|
Market Harborough |
|
Leicestershire |
|
LE16 7QU |
REGISTERED COMPANY NUMBER |
03636789 (England and Wales) |
REGISTERED CHARITY NUMBER |
1074491 |
INDEPENDENT EXAMINER |
Bright Brown Limited |
|
Chartered Accountants |
|
Exchange House |
|
St Cross Lane |
|
Newport |
|
Isle of Wight |
|
PO30 5BZ |
BANKERS |
National Westminster Bank plc, Cambridge |
|
Santander plc |
|
Nationwide plc |
|
Cambridge & Counties Bank |
|
PayPal |
Page 1
HMC PROJECTS IN CENTRAL AND EASTERN
EUROPE
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2022
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheir report
withthefinancialstatementsofthecharityfortheyearended31August2022.Thetrusteeshaveadopted the
provisionsofAccountingandReportingbyCharities:StatementofRecommendedPracticeapplicableto charities
preparingtheiraccountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublic of
Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
TheobjectiveistoadvancetheeducationofforeignstudentsintheUnitedKingdom,especiallybutnot necessarily
exclusively,studentsfromCentralandEasternEuropeattendingmemberschoolsoftheHeadmasters' and
Headmistresses' Conference, the Girls' Schools Association and the Boarding Schools' Association.
Public benefit
ThetrusteeshavecompliedwiththeirdutytohavedueregardtotheCharityCommission'spublicbenefit guidance
when exercising any powers or duties to which the guidance is relevant.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Interestin the scholarshipprogrammeremainspopularboth on the part of the schoolsgenerouslyofferingplaces and
also the applicantscompetingfor them. For the scholarshipyear 2021 to 2022 a total of 46 schools offered scholarship
places.
Due to the pandemic,the interviewstook place remotelyfrom the UK in 15 countriesin Januaryand early February of
2021, and a total of 81 scholarshipswere awarded of which 53 were full scholarshipsand 28 were reduced fee (partial)
scholarships.Thetablebelowgivesthecomparativenumberofscholarshipsawardedin2020,2021bycountry and
also includes those for 2022.
|
2020-21 |
2020-21 |
2021-22 |
2021-22 |
2022-23 |
2022-23 |
|
FS |
RF |
FS |
RF |
FS |
RF |
Armenia |
4 |
4 |
3 |
2 |
2 |
5 |
Bosnia Herzegovina |
4 |
- |
3 |
- |
5 |
1 |
Bulgaria |
4 |
1 |
1 |
- |
3 |
3 |
Czech Republic |
1 |
4 |
3 |
1 |
3 |
4 |
Estonia |
1 |
- |
1 |
- |
- |
- |
Georgia |
4 |
6 |
6 |
4 |
5 |
6 |
Croatia |
2 |
- |
6 |
- |
1 |
- |
Latvia |
- |
1 |
- |
- |
1 |
- |
Moldova |
5 |
1 |
5 |
4 |
4 |
5 |
Montenegro |
5 |
2 |
4 |
4 |
4 |
1 |
North Macedonia |
4 |
1 |
3 |
1 |
6 |
2 |
Romania |
4 |
1 |
6 |
2 |
4 |
2 |
Serbia |
3 |
3 |
4 |
2 |
5 |
2 |
Slovakia |
2 |
3 |
5 |
4 |
5 |
3 |
Ukraine |
6 |
2 |
3 |
4 |
5 |
3 |
Total |
49 |
29 |
53 |
28 |
53 |
37 |
Page 2
HMC PROJECTS IN CENTRAL AND EASTERN
EUROPE
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2022
Publicityinitiativesinthe15countrieshavebeenachallengewiththeimpactofthepandemicandour coordinators
havebeenheavilyreliantononlineinitiativestodelivertheserelyingincreasinglyonsocialmediatoinform potential
applicantsof the scholarshipopportunitiesthroughHMC Projects.The number of applicantsin almost all the countries
showsthatinterestinthescholarshipprogrammeremainshighwiththeexceptionoftheBalticcountries where
numbers are low confirming a trend there in recent years.
Thetotalnumberofschoolsofferingscholarships,eitherfullorreducedfeeorboth,fortheacademicyear 2021-22
stood at 43 and that for entry in 2022 stands at 41, the latter being quite remarkable given the continuedimpact of the
pandemic and the effect that this and other financial pressures will have had on schools.
|
FS |
RF |
2020-21 |
36 |
18 |
2021-22 |
38 |
15 |
2022-23 |
38 |
18 |
where FS and RF stand for full and reduced fee scholarships respectively.
Reduced fee scholarshipsare awarded to those very able applicants,both who could not be awarded a full scholarship
simplyduetolackofavailabilityofplacesandthoseforwhomannualparentalnetincomeexceedsourthreshold of
£30,000.Reducedfee scholarstypicallypaybetween20%and25%of fullfees.Theplacementfee,paidbyschools in
respectof eachreducedfee scholar,has remainedthe same as lastyearat £1,250andthisis an essential component
oftheincomeofthecharity.Therewereslightlymorereducedfeeplacesofferedthantherewerescholarsto take
them up. For many, the financial burden of even these generously reduced fees is too great.
Financial developments
The administrationfee charged to scholars who took up their scholarshipat their UK school in September 2021 was set
at£1,250toallfullscholarssincethebenefitsofbeinganEUpassportholdernolongerappliedfollowingthe UK's
withdrawalfromtheEU.Infact,asaresultofsavingsmadebyinterviewingremotelyratherthantravellingout to
countriesto interview,the administrationfee was reducedto £1,000for all fullscholars.Furthermore,the practice of
awardingabursaryof£300toallfullscholarswasdiscontinuedtoenableHMCProjectstotargetthosefull scholars
facing particular financial hardship.
In additionto reducingthe administrationfee to £1000for full scholars,the fee was waivedentirelyfor the Ukrainian
scholarsinresponsetothedramaticallychangedcircumstancesthefamiliesexperiencedduetothewarinflicted on
their countryby Russia; many families have had to relocate as a result for their own safety. Indeed, HMC Projects ran a
separate national appeal through HMC to find member schools willing to take a Ukrainianstudent sourced from our list
of strong but unsuccessfulinterviewees and also through UkrainianGlobal Scholars (UGS), an organisationbased in the
US whichplacesexceptionalUkrainianstudentsin Americanschools.The appealwas verysuccessfulanda further 33
Ukrainianswere placed in UK schools as a result. This initiativewas carried out entirely pro bono and there has been no
financial benefit to HMC Projects.
Thecontinuedgenerosityofasmallnumberofalumnihasresultedinthereceiptoffurtherdonations,usuallyon a
monthlybasisthroughourPayPalaccount,andHMCProjectsisverygratefulforthese.Thetotalreceivedinto the
PayPalaccountfromalumniduring2021-22was£1,365fromwhich£40wasdeductedinPayPalfees.Veryfew of
these donationsattractGift Aid as the donors work outside the UK and are not UK taxpayers.All donationsare used to
provide additionalsupport for our scholars on a discretionarybasis to allow them to benefit from opportunitiesat their
schools where family financialconstraintsmay not allow this. In this way donated funds will ensure that all our scholars
canmaximisetheiropportunities.Some schoolsgenerouslyabsorbadditionalcostsincurredby scholars,not explicitly
includedinthescholarshiparrangement,butothersarenotabletodosoandthereforethisadditional financial
support through the alumni fund can help to level up.
Page 3
HMC PROJECTS IN CENTRAL AND EASTERN
EUROPE
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2022
ACHIEVEMENT AND PERFORMANCE
Inadditiontothegiftsfromalumni,averygenerousdonationof£4,000wasreceivedfromMClarksonWebb to
support the Ukrainianscholars and to help offset the shortfallin income as a result of waiving the administrationfee in
their case. This sum also qualified for tax relief through Gift Aid.
The totalcost of insurancefor publicand professionalliabilityrose by around10% from the previousyear and the fee
paidin2021-22was£1,280:anincreaseof £110overthatpaidin2019-20.Thecoverhasremainedthesameand so
have the declared risks.
FINANCIAL REVIEW
Financial position
ThereservesoftheTrusthaveincreasedandatthecloseofthisfinancialyear(2021-22)thereservesamounted to
£247,139 compared to £197,734 at the end of the previous financial year.
Incomingresourceswere£95,548(2021-£90,599).Prepaidfeesandotherprepaidincomeamountedto £58,262
(2021-£70,284).Resourcesexpendedwere£46,143(2021-£61,2183)ofwhichbursariesandgrantsto students
amountedto£nil(2021- £14,700).Prepaidexpenditureonstudenthalftermsamountedto£nil(2021- £1,579). Net
surplus for the year was £49,405 (2021 - £29,381).
Reserves policy
At the yearend the charityholds£247,139(2021- £197,734)in reservesas unrestricted,andof thisfree reserves not
invested in fixed assets amount to £246,340 (2021 - £197,201).
The policyof holdinga sum of atleast50% of theannualturnoverin reservehasbeenmaintained,indeed exceeded.
Thiscontingencysumdoesnotincludethefundsreceivedasdonations.Thedistributionofthesereserves across
accountswithfourdifferentbankshasgenerallyensuredthatreservesshouldnotexceedthesumguaranteed under
thetermsof theFSA to whichallthesebanksarebound.Thisdistributionof reservesin varioussavingsaccounts and
bondshasprovideda verymodestreturnin bankinterest:interestrateshavingbeenat a recordlow for a number of
years.With the currentincreasein the rate of inflationand the likelyresponsefrom the Bankof Englandin increasing
the base rate,the returnon assetsheld in interestyieldingaccountsis expectedto increasesignificantlyin the course
of2022-23.Theexcessinthereservesreflectstheneedforconsiderablecautionovertheimpactofthe current
economic turbulenceon inflationarycosts with the resumptionof interviewingand the subsidisedhalf-term supervised
break in February.
FUTURE PLANS
The HMC Projects administration fee for all new full scholars will remain at £1,250 for 2022-23.
The Ukraineinitiativehas had the benefitof raisingthe profileof HMC Projectswith HMC schoolsand it is hoped that
somemaybewillingtobecomemoreinvolvedinthescholarshipprogrammeandtoconsiderofferingplaces for
September2023.WithhostilitiesinUkrainepersistingitmaybepossibletomakeanapproachtoallschools who
expressedaninterestinprovidingoneormoreplacesforUkrainianstudentswithaviewtothemconsidering taking
one or more new Ukrainian scholars for September 2023.
Based on the number of applicantsfrom each of the 15 countriesin 2021/22,criticalconsiderationis being given as to
whetherouroperationisviableinallofthecountrieswhereHMCProjectsoperates.Itisfeltthattheimpactof the
pandemicmay have skewed numbers and no conclusionshould be drawn until after the interviewsheld at the start of
2023.
Page 4
HMC PROJECTS IN CENTRAL AND EASTERN
EUROPE
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2022
The costof highereducationcontinuesto presenta challengefor schoolleaversandthosewho leftin 2022were the
lastcohortwhowillhavebenefitedfrompre-settledstatusiftheyholdanEUpassport.Thisstatusentitlesthem, in
mostcases,tohomefeesandaccesstostudentfinance.Allourscholarswillnowhavetopayinternational student
feesifstudyingataUKuniversity.Schoolsvaryontheeffectiveadvicetheycanprovideonhigher education
opportunitiesoutsidetheUKandHMCProjectsincollaborationwithhighereducationconsultantDavid Hawkins,
continuestorunawebinarforallscholarsinYear12inMarchtoraiseawarenessofopportunitiesoutsidethe UK.
ScholarsareactivelydiscouragedfromrelyingentirelyontheirUCASapplication.Inrecentyearstherehas been
greaterinterestinapplicationstouniversitiesintheUSA.DavidHawkinsandhisteamofmentorscontinueto give
advice and guidance to many of our scholars at no charge.
WiththeeffectivevaccinationprogrammeintheUK,COVIDnolongerposesamajorthreattohealthanditis hoped
that lockdown and quarantinemeasures will now be a thing of the past. As a result, HMC Projects intends to resume its
provisionofsupervisedhalf-termbreaksintheLentterm.Inaddition,HMCProjectsintendstorunapilot regional
meeting of scholars so that they have an opportunityto meet and to discuss their experiencesas scholars and consider
their options for higher education.
From September 2022, two new members of the executive will take up their role as deputy director and administrator.
The consequentadditionalremunerationwill raise the financialoverhead for the charity but this increase in manpower
isessentialinordertospreadtheadministrativeworkloadcurrentlyborneentirelybythedirector.Inarecent risk
analysis,conductedbythetrustees,thehighestriskwasthatcausedbyanydegreeofincapacityofthedirector and
subsequent inability to carry out his duties.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charityis controlledby its memorandumandarticlesof associationandconstitutesa limitedcompany,limited by
guarantee, as defined by the Companies Act 2006.
ThecharitywasestablishedtotakeovertheactivitiesoftheHMCForeignStudentsFund,acharitabletrust,and the
assets and liabilities of that trust were transferred to the charity on 30 April 1999 by way of a donation.
Key management remuneration
Thecharityreimbursedexpensestotalling£2,557(2021-£1,458)inrespectofstudentawards,Working Group
expenses, admin expenses and asset purchases to 3 (2021 - 2) key management personnel.
In addition, consultancy fees were paid to key management personnel during the year, as follows:
Dr E J Wolstenholme £15,000 (2021 - £15,000)
Mrs W F McLachlan £nil (2021 - £4,000)
J Grigg £4,000 (2021 - £nil)
Approved by order of the board of trustees on 11 November 2022 and signed on its behalf by:
Mrs R C F Owens - Trustee
Page 5
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
HMC PROJECTS IN CENTRAL AND EASTERN
EUROPE
Independent examiner's report to the trustees of HMC Projects in Central and Eastern Europe ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2022.
Responsibilities and basis of report
As the charity'strusteesof the Company(andalsoits directorsfor the purposesof companylaw)youare responsible
for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accountsof the Company are not required to be audited under Part 16 of the 2006 Act
andareeligibleforindependentexamination,Ireportinrespectofmyexaminationofyourcharity'saccounts as
carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carryingout my examinationI have followed
the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Ihavecompletedmyexamination.Iconfirmthatnomattershavecometomyattentioninconnectionwith the
examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationtowhich attention
should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
G Kelly
ACA, FCCA
Bright Brown Limited
Chartered Accountants
Isle of Wight
Date: .............................................
Page 6
HMC PROJECTS IN CENTRAL AND EASTERN
EUROPE
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2022
2022
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
6,615
Charitable activities
Scholar selection and placement
88,629
Investment income
2
304
Total
95,548
EXPENDITURE ON
Charitable activities
Scholar selection and placement
46,143
NET INCOME
49,405
RECONCILIATION OF FUNDS
Total funds brought forward
197,734
TOTAL FUNDS CARRIED FORWARD
247,139 |
2021
Total
funds
£
5,387
84,950
262 |
|
90,599 |
|
61,218
29,381
168,353 |
|
197,734 |
The notes form part of these financial statements
Page 7
HMC PROJECTS IN CENTRAL AND EASTERN
EUROPE (REGISTERED NUMBER: 03636789)
BALANCE SHEET 31 AUGUST 2022
2022
Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
7
799
CURRENT ASSETS
Debtors
8
259
Cash at bank
307,494
307,753
CREDITORS
Amounts falling due within one year
9
(61,413)
NET CURRENT ASSETS
246,340
TOTAL ASSETS LESS CURRENT LIABILITIES
247,139
NET ASSETS
247,139
FUNDS
10
Unrestricted funds
247,139
TOTAL FUNDS
247,139 |
2021
Total
funds
£
533
3,590
276,464
280,054
(82,853)
197,201
197,734
197,734
197,734
197,734 |
|
|
The charitablecompanyis entitledto exemptionfrom audit under Section 477 of the CompaniesAct 2006 for the year
ended 31 August 2022.
Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsfortheyear ended
31 August 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 8
HMC PROJECTS IN CENTRAL AND EASTERN
EUROPE (REGISTERED NUMBER: 03636789)
BALANCE SHEET - continued
31 AUGUST 2022
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicabletocharitable companies
subject to the small companies regime.
The financialstatementswere approvedby the Boardof Trusteesandauthorisedfor issue on 11 November2022 and
were signed on its behalf by:
R C F Owens - Trustee
The notes form part of these financial statements
Page 9
HMC PROJECTS IN CENTRAL AND EASTERN
EUROPE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financialstatementsof the charitablecompany,whichis a publicbenefitentityunderFRS 102,have been
prepared in accordancewith the Charities SORP (FRS 102) 'Accountingand Reportingby Charities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
ReportingStandardapplicablein the UK and Republicof Ireland(FRS 102) (effective1 January2019)', Financial
ReportingStandard102 'The FinancialReportingStandardapplicablein the UK and Republicof Ireland'and the
Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income
All income is recognised in the Statementof FinancialActivitiesonce the charityhas entitlementto the funds, it
is probable that the income will be received and the amount can be measured reliably.
Incomerecievedin relationto studentplacementsis deferredwhere it relatesto a term or periodtaking place
after the year end.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredin settlement
andtheamountoftheobligationcanbemeasuredreliably.Expenditureisaccountedforonanaccruals basis
and has been classifiedunder headingsthat aggregateall costs relatedto the category.Where costs cannot be
directlyattributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwith the
use of resources.
Tangible fixed assets
Depreciationis providedat the followingannualratesin order to write off each assetover its estimated useful
life.
Fixtures and fittings- Straight line over 5 years
Computer equipment- Straight line over 3 years
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity.
Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
Page 10
HMC PROJECTS IN CENTRAL AND EASTERN
EUROPE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022
2. INVESTMENT INCOME
INVESTMENT INCOME |
|
|
|
2022 |
2021 |
|
£ |
£ |
Deposit account interest |
304 |
262 |
NET INCOME/(EXPENDITURE) |
|
|
Net income/(expenditure) is stated after charging/(crediting): |
|
|
|
2022 |
2021 |
|
£ |
£ |
Independent examiners' fee |
1,650 |
1,620 |
Depreciation - owned assets |
532 |
353 |
3. NET INCOME/(EXPENDITURE)
4. TRUSTEES' REMUNERATION AND BENEFITS
Therewerenotrustees'remunerationorotherbenefitsfortheyearended31August2022norforthe year
ended 31 August 2021.
Trustees' expenses
The charity incurred expenses of £341 (2021 - £319) in respect of trustees' liability insurance.
In addition,the charityreimbursedexpensestotalling£290(2021- £29) in respectof WorkingGroup expenses
to 3 (2021 - 1) trustees.
5. STAFF COSTS
The average monthly number of employees during the year was as follows:
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
|
|
Unrestricted |
|
fund |
|
£ |
INCOME AND ENDOWMENTS FROM |
|
Donations and legacies |
5,387 |
Charitable activities |
|
Scholar selection and placement |
84,950 |
Investment income |
262 |
Total |
90,599 |
EXPENDITURE ON
continued...
Page 11
HMC PROJECTS IN CENTRAL AND EASTERN
EUROPE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
|
|
|
|
|
Unrestricted |
|
|
|
|
|
fund |
|
|
|
|
|
£ |
|
Charitable activities |
|
|
|
|
|
Scholar selection and placement |
|
|
|
61,218 |
|
NET INCOME |
|
|
|
29,381 |
|
RECONCILIATION OF FUNDS |
|
|
|
|
|
Total funds brought forward |
|
|
|
168,353 |
|
TOTAL FUNDS CARRIED FORWARD |
|
|
|
197,734 |
7. |
TANGIBLE FIXED ASSETS |
|
|
|
|
|
|
Fixtures |
|
|
|
|
|
and |
Computer |
|
|
|
|
fittings |
equipment |
|
Totals |
|
|
£ |
£ |
|
£ |
|
COST |
|
|
|
|
|
At 1 September 2021 |
1,728 |
1,058 |
|
2,786 |
|
Additions |
- |
|
798 |
798 |
|
At 31 August 2022 |
1,728 |
1,856 |
|
3,584 |
|
DEPRECIATION |
|
|
|
|
|
At 1 September 2021 |
1,728 |
|
525 |
2,253 |
|
Charge for year |
- |
|
532 |
532 |
|
At 31 August 2022 |
1,728 |
1,057 |
|
2,785 |
|
NET BOOK VALUE |
|
|
|
|
|
At 31 August 2022 |
- |
|
799 |
799 |
|
At 31 August 2021 |
- |
|
533 |
533 |
continued...
Page 12
HMC PROJECTS IN CENTRAL AND EASTERN
EUROPE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022
8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Prepayments
9.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accrued income
Accrued expenses
10.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS
Comparatives for movement in funds
Unrestricted funds
General fund
TOTAL FUNDS |
At 1.9.21
£
197,734
197,734
Incoming
resources
£
95,548
95,548
At 1.9.20
£
168,353
168,353 |
2022
2021
£
£
259
3,590
2022
2021
£
£
58,263
70,283
3,150
12,570
61,413
82,853
Net
movement
At
in funds
31.8.22
£
£
49,405
247,139
49,405
247,139
Resources
Movement
expended
in funds
£
£
(46,143)
49,405
(46,143)
49,405
Net
movement
At
in funds
31.8.21
£
£
29,381
197,734
29,381
197,734 |
|
|
|
continued...
Page 13
HMC PROJECTS IN CENTRAL AND EASTERN
EUROPE
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2022
10. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
|
Incoming |
Resources |
Movement |
|
resources |
expended |
in funds |
|
£ |
£ |
£ |
Unrestricted funds |
|
|
|
General fund |
90,599 |
(61,218) |
29,381 |
TOTAL FUNDS |
90,599 |
(61,218) |
29,381 |
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 August 2022.
Page 14
HMC PROJECTS IN CENTRAL AND EASTERN
EUROPE
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022
|
2022 |
2021 |
|
£ |
£ |
INCOME AND ENDOWMENTS |
|
|
Donations and legacies |
|
|
Donations |
5,490 |
4,511 |
Gift aid tax |
1,125 |
876 |
|
6,615 |
5,387 |
Investment income |
|
|
Deposit account interest |
304 |
262 |
Charitable activities |
|
|
Students (Bosnia) |
3,000 |
2,800 |
Students (Bulgaria) |
1,000 |
6,000 |
Students (Croatia) |
6,000 |
3,000 |
Students (Czech Republic) |
3,000 |
1,500 |
Students (Estonia) |
1,000 |
1,500 |
Students (Georgia) |
6,000 |
2,800 |
Students (Moldova) |
5,000 |
5,900 |
Students (Montenegro) |
4,000 |
3,500 |
Students (Romania) |
7,000 |
6,000 |
Students (Serbia) |
3,000 |
2,100 |
Students (Slovakia) |
5,000 |
3,000 |
Students (Ukraine) |
3,000 |
4,200 |
Students (Armenia) |
3,000 |
2,800 |
Students (North Macedonia) |
3,000 |
3,600 |
Schools (students) |
35,000 |
36,250 |
Working Group expenses reimbursed |
629 |
- |
|
88,629 |
84,950 |
Total incoming resources |
95,548 |
90,599 |
EXPENDITURE |
|
|
Charitable activities |
|
|
Insurance |
1,264 |
1,200 |
Executive expenses |
1,232 |
902 |
Bursaries |
- |
14,700 |
Grants and awards |
1,782 |
4,661 |
Interviewing expenses |
390 |
29 |
Working Group expenses |
629 |
- |
Carried forward |
5,297 |
21,492 |
This page does not form part of the statutory financial statements
Page 15
HMC PROJECTS IN CENTRAL AND EASTERN
EUROPE
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2022
|
2022 |
2021 |
|
£ |
£ |
Charitable activities |
|
|
Brought forward |
5,297 |
21,492 |
Agents fees |
17,750 |
18,500 |
Mid-term holiday costs |
1,579 |
- |
Administration fees |
19,000 |
19,000 |
Bank charges |
335 |
253 |
Computer equipment |
532 |
353 |
|
44,493 |
59,598 |
Support costs |
|
|
Governance costs |
|
|
Independent examiners' remuneration |
1,650 |
1,620 |
Total resources expended |
46,143 |
61,218 |
Net income |
49,405 |
29,381 |
This page does not form part of the statutory financial statements
Page 16