2023-08-31-accounts - Hmc Projects In Central And Eastern Europe

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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 2023`

`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 2023`

	`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 2023`

`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 (resigned 11.11.22)`
`COMPANY SECRETARY AND ADMINISTRATOR`	`Dr E J Wolstenholme`
`EXECUTIVE`	`Dr E J Wolstenholme (operational director)`
	`Miss J Hodgetts (deputy director) (appointed 1.9.22)`
	`(resigned 10.11.22)`
	`Rev S Leyshon (deputy director and student`
	`co-ordinator) (appointed 19.5.23)`
	`C Burrows (administrator) (appointed 1.9.22)`
	`Mrs J Grigg (student coordinator) (retired 30.9.23)`
`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 2023

The trustees who are also directorsof the charityfor the purposes of the CompaniesAct 2006, present their report with
the financialstatementsof the charityfor the yearended31 August2023.The trusteeshaveadoptedthe provisions of
AccountingandReportingbyCharities:StatementofRecommendedPracticeapplicabletocharitiespreparing their
accountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS 102)
(effective 1 January 2019).

`OBJECTIVES AND ACTIVITIES`

`Objectives and aims`

TheobjectiveistoadvancetheeducationofforeignstudentsintheUnitedKingdom,especiallybutnot necessarily
exclusively,studentsfrom EasternEurope attendingmember schools of the Heads' Conference(HMC), the Girls' Schools
Association (GSA) and the Boarding Schools' Association (BSA).

`Public benefit`

ThetrusteeshavecompliedwiththeirdutytohavedueregardtotheCharityCommission'spublicbenefit guidance
when exercising any powers or duties to which the guidance is relevant.

`ACHIEVEMENT AND PERFORMANCE`

`Charitable activities`

Interestinthescholarshipprogrammeremainspopularbothonthepartoftheschoolsgenerouslyofferingplaces and
alsothe applicantscompetingfor them.For the scholarshipyear2022to 2023a totalof 41 schoolsoffered scholarship
places through our main programme.

InterviewinginJanuaryandFebruaryof2022wasconductedremotely,aswasthecasein2021,asaresultof the
impactofthepandemicandtravelrestrictionsinplace.Atotalof90scholarshipswereawardedofwhich53were full
scholarshipsand37werereducedfee(partial)scholarships.Thetablebelowgivesthecomparativenumber of
scholarships awarded in 2021, 2022 by country and also includes those for 2023.

	`2021-22`	`2021-22`	`2022-23`	`2022-23`	`2023-24`	`2023-24`
	`FS`	`RF`	`FS`	`RF`	`FS`	`RF`
`Armenia`	`3`	`2`	`2`	`5`	`3`	`4`
`Bosnia Herzegovina`	`3`	`-`	`5`	`1`	`3`	`2`
`Bulgaria`	`1`	`-`	`3`	`3`	`2`	`4`
`Czech Republic`	`3`	`1`	`3`	`4`	`2`	`2`
`Estonia`	`1`	`-`	`-`	`-`	`-`	`-`
`Georgia`	`6`	`4`	`5`	`6`	`5`	`6`
`Croatia`	`6`	`-`	`1`	`-`	`1`	`-`
`Latvia`	`-`	`-`	`1`	`-`	`-`	`-`
`Moldova`	`5`	`4`	`4`	`5`	`4`	`1`
`Montenegro`	`4`	`4`	`4`	`1`	`5`	`1`
`North Macedonia`	`3`	`1`	`6`	`2`	`2`	`1`
`Romania`	`6`	`2`	`4`	`2`	`3`	`1`
`Serbia`	`4`	`2`	`5`	`2`	`5`	`1`
`Slovakia`	`5`	`4`	`5`	`3`	`4`	`3`
`Ukraine`	`3`	`4`	`5`	`3`	`7`	`2`
`Total`	`53`	`28`	`53`	`37`	`46`	`28`

The number of applicantsin almost all the countries shows that interest in the scholarshipprogramme remains high  with
the exceptionof the Balticcountrieswhere numbersare low continuinga trendthere in recentyears.In such cases the
trustees are considering whether it is still worthwhile including these countries in the scholarship programme.

Page 2

HMC PROJECTS IN CENTRAL AND EASTERN
EUROPE

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023`

Inadditiontothescholarshipsawardedabove,asaresultoftheinvasionofUkrainebytheRussianarmy,an appeal
went out to all HMC schoolsfor offers of places for all our Ukrainianintervieweeswho had performedsatisfactorily and
also some additionalscholars through the scholarshiporganisationUkraine Global Scholars (UGS) which places  Ukrainian
scholarsprimarilyinschoolsintheUS.Intotal,35additionalstudentswere placedina totalof 33schoolsof which 10
were alreadyparticipantsin our scholarshipprogrammefor 2022-23.The appealwas sucha successthatHMC Projects
hadinsufficientUkrainianstudentstoplaceinalltheplacesofferedthroughthisappeal.Thisinitiativewascarried out
entirely pro bono and there was no financial benefit to HMC Projects.

Thetotalnumberof schoolsofferingscholarshipsthroughourmainprogramme,eitherfullor reducedfee or both, for
theacademicyear2022-23stoodat41andthatforentryin2023standsat47.Thisincreaseinthenumber of
participatingschools is encouraging.However, the trend is for fewer schools to offer multipleplaces with the result that
therearefewerplacesonofferin2023comparedtothosein2022.However,asstatedabove,afurther33 schools
offered places through our Ukraine appeal, 10 of which took scholars through our main programme as well.

	`FS`	`RF`
`2021-22`	`38`	`15`
			`Main`
`2022-23`	`38`	`18`	`programme`
			`Ukrainian`
`2022-23`	`33`	`n/a`	`appeal`
`2023-24`	`40`	`16`

where FS and RF stand for full and reduced fee scholarships respectively.

Reduced fee scholarshipsare awarded to those very able applicants,who could not be awarded a full scholarship simply
duetolackofavailabilityofplacesandalsothoseforwhomannualparentalnetincomeexceedsourthreshold of
£30,000.Reducedfeescholarstypicallypaybetween20%and25%offullfees.Theplacementfee,paidbyschools in
respect of each reduced fee scholar,has remained the same as last year at £1,250and this is an essentialcomponent of
theincomeofthecharity.Therewereslightlymorereducedfeeplacesofferedthantherewerescholarstotake them
up. For many, the financial burden of even these generously reduced fees is too great.

The3reducedfeescholarsfromUkraineplacedthroughourmainprogrammehadtheirscholarships effectively
convertedtofullscholarshipsinthatthereducedfeesweregenerouslywaivedbytheirUKschoolsasaresultof their
families'changedfinancialcircumstancesfollowingtheoutbreakofthewar.Thishadfinancialimplicationsfor HMC
Projectsas the placementfee chargedto schoolswas waivedin the case of these three Ukrainianreducedfee  scholars.
In addition,no administrativefee was levied in the case of the 5 Ukrainianfull scholarsand,clearly,no fee was payable
from any of the additional 35 Ukrainian students placed.

Despiteapreviouslystatedintentiontoreinstatethesupervisedhalf-termbreaks,thetrusteesreconsideredthe risks,
notleastintermsofsafeguardingandthedetailedrequirementsofourinsurerstoprovideanycover,andmade the
decision not to revive these.

`Financial developments`

TheadministrationfeechargedtoscholarswhotookuptheirscholarshipattheirUKschoolinSeptember2022 was
publishedat £1,250for all fullscholars.However,thisfee was reducedto £1,000andwaivedentirelyfor scholars from
Ukraine. As stated above, no fee was levied for the Ukrainianswho were placed throughour special appeal.For  scholars
placedin 2024the fee will remainat £1,000andwill be publishedas suchin our publicityandinformation documents.
ThiswillcauseHMCProjectstorunataslightlosswhichwillbeabsorbedbydrawingdownonoursurplus.Such a
drawdownispossibleforanumberofyearsbutthetrusteesareawarethatitisimportanttoestablishalonger term,
sustainable level of fees to enable the organisation to break even in the future.

Page 3

HMC PROJECTS IN CENTRAL AND EASTERN
EUROPE

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 AUGUST 2023

`ACHIEVEMENT AND PERFORMANCE`

Thecontinuedgenerosityofasmallnumberofalumnihasresultedinthereceiptoffurtherdonations,usuallyon a
monthlybasisthroughourPayPalaccount,andHMCProjectsisverygratefulforthese.Thetotalreceivedinto the
PayPalaccountfrom alumni during 2022-23was £1,525from which £47 was deductedin PayPalfees. Very few of these
donationsattract Gift Aid as the donors work outside the UK and are not UK taxpayers.All donationsare used to  provide
additionalsupportfor our scholarson a discretionarybasisto allow them to benefitfrom opportunitiesat their schools
wherefamilyfinancialconstraintsmaynotallowthis.Inthiswaydonatedfundswillensurethatallourscholars can
maximisetheiropportunities.Someschoolsgenerouslyabsorbadditionalcostsincurredbyscholars,not explicitly
includedin the scholarshiparrangement,but others are not able to do so and therefore this additionalfinancial support
through the alumni fund can help to level up.

Inadditiontothegiftsfromalumni,agenerousdonationof£2,500wasreceivedfromMClarksonWebbin October
2023tosupporttheUkrainianscholarsandtohelpoffsettheshortfallinincomeasaresultofwaiving the
administration fee in their case. This sum also qualifies for tax relief through Gift Aid.

Thetotalcostofinsuranceforpublicandprofessionalliabilityrosebyaround11%fromthepreviousyearandthe fee
paidin2022-23was£1,420:anincreaseof£140overthatpaidin2021-22.Thecoverhasremainedthesameas have
the declared risks.

`FINANCIAL REVIEW`

`Financial position`

ThereservesoftheTrusthaveincreasedandatthecloseofthisfinancialyear(2022-23)thereservesamounted to
£271,340 compared to £247,139 at the end of the previous financial year.

Incomingresourceswere £94,821(2022 - £95,548).Prepaidfees and other prepaidincome amountedto £46,505 (2022
- £58,263). Resources expended were £70,620 (2022 - £46,143). Net surplus for the year was £24,201 (2022 - £49,405).

`Reserves policy`

Attheyearendthecharityholds£271,340(2022- £247,139)inreservesasunrestricted,andofthisfreereserves not
invested in fixed assets amount to £271,074 (2022 - £246,340).

Thepolicyofholdingasumofatleast50%oftheannualturnoverinreservehasbeenmaintained,indeed exceeded.
This contingencysum does not includethe fundsreceivedas donations.The distributionof all reservesacross accounts
with four differentbanks has generallyensured that deposits should not exceed the sum guaranteedunder the terms  of
theFSAtowhichallthesebanksarebound.Thisdistributionofreservesinvarioussavingsaccountsandbonds has
provideda betterreturnin bankinterestthanin recentyearswith the recentrises in interestratespost-pandemic. The
currentsurplusenablesHMCProjectstoabsorbanyrelativelyminoroperationaldeficitarisingfromtheeffects of
inflationcurrentlyrunningataround6.5%butwhichhadpreviouslypeakedataround11%.Withsuch economic
uncertainty it is only prudent to maintain an adequate surplus. The reserves policy is currently under review.

`FUTURE PLANS`

TheHMCProjectsadministrationfeeforallnewfullscholarswillsetat£1,000for2023-24andwillbepublishedat as
such in our promotional and guidance documents.

Basedon thenumberof applicantsfromeachof the15 countriesin 2022/23,criticalconsiderationis beinggivenas to
whether our operationis viable in all of the countrieswhere HMC Projectsoperates.It is clear now that numbersin the
twoBalticcountrieswhereHMCProjectsoperatesaretoolowforouroperationtocontinuethere.Thetrustees have
agreedthatouroperationshouldceaseinthesetwocountries.TheDirectoriscurrentlyinvestigatingtopossibility of
including Albania as a new country in which we might operate.

Page 4

HMC PROJECTS IN CENTRAL AND EASTERN
EUROPE

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023`

Anewsecureonlineapplicationsystemforscholarshipapplicationswillbeinplacefor2023/4torelieveour national
coordinatorsof someof theadministrativeworkinprocessingapplicationsandgatheringinassociateddocuments e.g.
recommendationsfromteachers,healthandfinancialinformation.Thiscommercialsoftwarepackagewillhave an
annually recurring cost but it is well supported and offers HMC Projects various advantages in streamlining its operation.

Allourscholarsnowhavetopayinternationalstudentfeesif studyingata UK university.Schoolsvaryonthe effective
advice they can provide on higher educationopportunitiesoutside the UK and HMC Projects in collaborationwith  higher
educationconsultantDavidHawkins,continuesto run a webinarfor all scholarsin Year 12 in Marchto raise awareness
ofopportunitiesoutsidetheUK.ScholarsareactivelydiscouragedfromrelyingentirelyontheirUCASapplication. In
recentyearstherehasbeengreaterinterestinapplicationstouniversitiesintheUSA.DavidHawkinsandhisteam of
mentors continue to give expert advice and guidance to many of our scholars pro bono.

The success and popularityof our one-dayregionalscholars'events,one in the Northand one in the South,means that
thiswillbecontinuedinto2023-24,generouslyhostedineachcasebyoneofourschoolstakingscholars.These are
relatively low-risk events.

`STRUCTURE, GOVERNANCE AND MANAGEMENT`

`Governing document`

Thecharityiscontrolledbyitsmemorandumandarticlesofassociationandconstitutesalimitedcompany,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£3,988(2022-£2,557)inrespectoforientationexpenses,admin expenses
and interview costs to 4 (2021 - 3) key management personnel.

In addition, consultancy fees were paid to key management personnel during the year, as follows:
Dr E J Wolstenholme £15,000 (2022 - £15,000)
J Grigg £4,000 (2022 - £4,000)
C Burrows £8,000 (2022 - £nil)
S Leyshon £3,000 (2022 - £nil)

Approved by order of the board of trustees on 9 November 2023 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 2023.

`Responsibilities and basis of report`

As the charity'strustees of the Company (and also its directors for the purposes of company law) you are responsible for
the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Havingsatisfiedmyselfthatthe accountsof the Companyare not requiredto be auditedunderPart16 of the 2006 Act
and are eligible for independentexamination,I report in respect of my examinationof your charity'saccountsas carried
outunderSection145oftheCharitiesAct2011('the2011Act').IncarryingoutmyexaminationIhavefollowed 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

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 2023`

`2023` `Unrestricted` `fund` `Notes` `£` `INCOME AND ENDOWMENTS FROM` `Donations and legacies` `1,524` `Charitable activities` `Scholar selection and placement` `91,756` `Investment income` `2` `1,541` `Total` `94,821` `EXPENDITURE ON` `Charitable activities` `Scholar selection and placement` `70,620` `NET INCOME` `24,201` `RECONCILIATION OF FUNDS` `Total funds brought forward` `247,139` `TOTAL FUNDS CARRIED FORWARD` `271,340`	`2022` `Total` `funds` `£` `6,615` `88,629` `304`
	`95,548`
	`46,143`
	`49,405` `197,734`
	`247,139`

The notes form part of these financial statements

Page 7

HMC PROJECTS IN CENTRAL AND EASTERN
EUROPE (REGISTERED NUMBER: 03636789)

`BALANCE SHEET 31 AUGUST 2023`

`2023` `Unrestricted` `fund` `Notes` `£` `FIXED ASSETS` `Tangible assets` `7` `266` `CURRENT ASSETS` `Debtors` `8` `5,452` `Cash at bank` `314,047` `319,499` `CREDITORS` `Amounts falling due within one year` `9` `(48,425)` `NET CURRENT ASSETS` `271,074` `TOTAL ASSETS LESS CURRENT LIABILITIES` `271,340` `NET ASSETS` `271,340` `FUNDS` `10` `Unrestricted funds` `271,340` `TOTAL FUNDS` `271,340`	`2022` `Total` `funds` `£` `799` `259` `307,494`
	`307,753` `(61,413)`
	`246,340`
	`247,139`
	`247,139`
	`247,139`
	`247,139`

The charitablecompanyis entitledto exemptionfrom auditunderSection477of the CompaniesAct2006for the year
ended 31 August 2023.

Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsfortheyear ended
31 August 2023 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 2023`

Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicabletocharitable companies
subject to the small companies regime.

ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon9November2023 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 2023

`1. ACCOUNTING POLICIES`

`Basis of preparing the financial statements`

Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS102,have been
preparedin accordancewith the CharitiesSORP(FRS 102)'AccountingandReportingby Charities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
ReportingStandardapplicableintheUKandRepublicofIreland(FRS102)(effective1 January2019)', Financial
ReportingStandard102'TheFinancialReportingStandardapplicablein theUK andRepublicof Ireland'and the
Companies Act 2006. The financial statements have been prepared under the historical cost convention.

`Income`

All incomeis recognisedin the Statementof FinancialActivitiesonce the charityhas entitlementto the funds, it
is probable that the income will be received and the amount can be measured reliably.

Incomerecievedinrelationtostudentplacementsisdeferredwhereitrelatestoatermorperiodtaking place
after the year end.

`Expenditure`

Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charityto that expenditure,it is probablethat a transferof economicbenefitswill be requiredin settlement and
the amount of the obligationcan be measured reliably. Expenditureis accountedfor on an accruals basis and  has
beenclassifiedunderheadingsthataggregateallcostsrelatedtothecategory.Wherecostscannotbe directly
attributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwiththeuse of
resources.

`Tangible fixed assets`

Depreciationisprovidedatthefollowingannualratesinordertowriteoffeachassetoveritsestimated 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.

Restricted funds can only be used for particularrestricted purposes within the objects of the 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 2023`

`2. INVESTMENT INCOME`

`INVESTMENT INCOME`
	`2023`	`2022`
	`£`	`£`
`Deposit account interest`	`1,541`	`304`

`3. NET INCOME/(EXPENDITURE)`

Net income/(expenditure) is stated after charging/(crediting):

	`2023`	`2022`
	`£`	`£`
`Independent examiners' fee`	`1,770`	`1,650`
`Depreciation - owned assets`	`533`	`532`

`4. TRUSTEES' REMUNERATION AND BENEFITS`

Therewerenotrustees'remunerationorotherbenefitsfortheyearended31August2023norforthe year
ended 31 August 2022.

`Trustees' expenses`

The charity incurred expenses of £387 (2022 - £341) in respect of trustees' liability insurance.

In addition,the charity reimbursed expenses totalling£6,861 in respect of interview costs (2022 - £290 in  respect
of Working Group expenses) to 5 (2022 - 3) trustees.

`5. STAFF COSTS`

The average monthly number of employees during the year was as follows:

	`2022`	`2021`
	`-`	`-`

`6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`

`COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`
	`Unrestricted`
	`fund`
	`£`
`INCOME AND ENDOWMENTS FROM`
`Donations and legacies`	`6,615`
`Charitable activities`
`Scholar selection and placement`	`88,629`
`Investment income`	`304`
`Total`	`95,548`

`EXPENDITURE ON`

continued...

Page 11

HMC PROJECTS IN CENTRAL AND EASTERN
EUROPE

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023`

`6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued`

	`Unrestricted`
	`fund`
	`£`
`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`

`7. TANGIBLE FIXED ASSETS`

`Fixtures` `and` `Computer` `fittings` `equipment` `£` `£` `COST` `At 1 September 2022 and 31 August 2023` `1,728` `1,856` `DEPRECIATION` `At 1 September 2022` `1,728` `1,057` `Charge for year` `-` `533` `At 31 August 2023` `1,728` `1,590` `NET BOOK VALUE` `At 31 August 2023` `-` `266` `At 31 August 2022` `-` `799`	`Totals` `£` `3,584`
	`2,785` `533`
	`3,318`
	`266`
	`799`

continued...

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HMC PROJECTS IN CENTRAL AND EASTERN
EUROPE

`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023`

`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 1.9.22` `£` `247,139` `247,139` `Incoming` `resources` `£` `94,821` `94,821` `At 1.9.21` `£` `197,734` `197,734`	`2023` `2022` `£` `£` `5,452` `259` `2023` `2022` `£` `£` `46,505` `58,263` `1,920` `3,150` `48,425` `61,413` `Net` `movement` `At` `in funds` `31.8.23` `£` `£` `24,201` `271,340` `24,201` `271,340` `Resources` `Movement` `expended` `in funds` `£` `£` `(70,620)` `24,201` `(70,620)` `24,201` `Net` `movement` `At` `in funds` `31.8.22` `£` `£` `49,405` `247,139` `49,405` `247,139`

continued...

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`NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 AUGUST 2023`

`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`	`95,548`	`(46,143)`	`49,405`
`TOTAL FUNDS`	`95,548`	`(46,143)`	`49,405`

`11. RELATED PARTY DISCLOSURES`

There were no related party transactions for the year ended 31 August 2023.

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`DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023`

	`2023`	`2022`
	`£`	`£`
`INCOME AND ENDOWMENTS`
`Donations and legacies`
`Donations`	`1,524`	`5,490`
`Gift aid tax`	`-`	`1,125`
	`1,524`	`6,615`
`Investment income`
`Deposit account interest`	`1,541`	`304`
`Charitable activities`
`Students (Bosnia)`	`5,000`	`3,000`
`Students (Bulgaria)`	`3,000`	`1,000`
`Students (Croatia)`	`1,000`	`6,000`
`Students (Czech Republic)`	`3,000`	`3,000`
`Students (Estonia)`	`-`	`1,000`
`Students (Georgia)`	`5,006`	`6,000`
`Students (Moldova)`	`4,000`	`5,000`
`Students (Montenegro)`	`4,000`	`4,000`
`Students (Romania)`	`4,000`	`7,000`
`Students (Serbia)`	`5,000`	`3,000`
`Students (Slovakia)`	`5,000`	`5,000`
`Students (Ukraine)`	`-`	`3,000`
`Students (Armenia)`	`2,000`	`3,000`
`Students (North Macedonia)`	`6,000`	`3,000`
`Students (Latvia)`	`1,000`	`-`
`Schools (students)`	`43,750`	`35,000`
`Working Group expenses reimbursed`	`-`	`629`
	`91,756`	`88,629`
`Total incoming resources`	`94,821`	`95,548`
`EXPENDITURE`
`Charitable activities`
`Insurance`	`1,400`	`1,264`
`Executive expenses`	`1,533`	`1,232`
`Grants and awards`	`1,075`	`1,782`
`Orientation expenses`	`1,502`	`-`
`Interviewing expenses`	`10,030`	`390`
`Carried forward`	`15,540`	`4,668`

This page does not form part of the statutory financial statements

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`DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023`

	`2023`	`2022`
	`£`	`£`
`Charitable activities`
`Brought forward`	`15,540`	`4,668`
`Working Group expenses`	`10`	`629`
`Agents fees`	`18,750`	`17,750`
`Mid-term holiday costs`	`-`	`1,579`
`Administration fees`	`30,000`	`19,000`
`Bank charges`	`337`	`335`
`Software`	`3,681`	`-`
`Computer equipment`	`532`	`532`
	`68,850`	`44,493`
`Support costs`
`Governance costs`
`Independent examiners' remuneration`	`1,770`	`1,650`
`Total resources expended`	`70,620`	`46,143`
`Net income`	`24,201`	`49,405`

This page does not form part of the statutory financial statements

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