Charity No: 1116081 Company Registration No: 05804261 (England and Wales)
HFC Help for Children UK Ltd
Annual report and financial statements For the year ended 31 December 2022
HFC Help for Children UK Ltd
Contents
| Page | |
|---|---|
| Legal and administrative information | 3 |
| Directors’ report | 4 |
| Independent examiner’s report | 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Cash flow statement | 10 |
| Notes to the financial statements | 11 |
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HFC Help for Children UK Ltd
Legal and administrative information
Directors Damon Ambrosini Phil Bland (Resigned 10 May 2022) Matthew Bloomfield Elizabeth Buss (Resigned 11 January 2023) Scott Coey (Resigned 9 February 2023) Louise Denning (Resigned 19 July 2022) Neill Ebers (Resigned 3 April 2023) Ashley Fuller Christopher Gardner Greg Gliner Malcolm Goddard (Appointed 9 March 2023) Sara Hall Robert Hughes Jack Inglis Jonathan May Michael Meritt-Homes (Appointed 13 July 2022) Robert Mirsky (Resigned 6 February 2023) Louise Mourgues (Appointed 9 March 2023) Jonathan Napora Dan Petrovic Melanie Pittas Robert Schultz Catherine Streeter (Appointed 12 January 2022) James Wellwood (Resigned 6 February 2023) Independent Examiner Claire Wills FCA DChA Saffery LLP 71 Queen Victoria Street London EC4V 4BE Registered Office AIMA 167 Fleet Street London EC4A 2EA Company Registration Number 05804261 Charity Number 1116081 Bankers Santander UK Plc Bridle Road Bootle Merseyside L30 4GB
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HFC Help for Children UK Ltd
Directors’ report For the year ended 31 December 2022
The Directors present their annual report and the financial statements of HFC Help for Children UK Ltd (“the Charitable Company”) for the year ended 31 December 2022.
Structure, governance and management
Constitution
The Charitable Company was incorporated on 3 May 2007 and began activities on the same date. The Charitable Company is governed by its Memorandum and Articles of Association and the Companies Act 2006. The Charitable Company is a company limited by guarantee.
Directors
The Directors, who are also the Trustees of the Charitable Company for the purposes of charity law, met six times during the period to discuss matters of a strategic and administrative nature.
The power to appoint new Directors is vested in the existing Directors of the Charitable Company. There is an informal interview and induction process for any new Director. The Board is organised into a number of sub-committees to increase governance of the Charitable Company. The sub-committees comprise of Finance, Event Planning, Grant Making and Profile.
The Directors who served during the year and up to the date of this report are shown on page 3.
Risk review
The major strategic, business and operational risks which the Charitable Company faces are under review by the Directors who are taking steps to ensure that they are managed appropriately. As discussed above, it was desired by the Board to increase the governance of various functions of the Charitable Company such as Finance, Event Planning, Grant Making and Profile, and a number of sub-committees were created in 2021 to assist in this objective. The leadership of the various sub-committees provide reports to the Directors at Board meetings for awareness and debate.
Objectives and activities
Objects
The object of the Charitable Company is to support efforts to prevent and treat child abuse in the United Kingdom. The Charitable Company raises awareness and funds for deployment within the alternative investment fund management industry. Through its fundraising events, the Charitable Company grants the funds raised at each event within the local region to organisations selected and evaluated on the basis of their ability to address child abuse.
Review of activities
The Charitable Company’s principal objectives are:
• the provision of grants to organisations that support efforts to prevent and treat child abuse in the UK.
- the promotion of awareness of child abuse through fundraising events held in the UK.
Achievements
Grants totalling £217,033 (2021: £102,500) have been made in the year.
The Charitable Company is affiliated with the global organization Hedge Funds Care Inc.
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Directors’ report For the year ended 31 December 2022
HFC Help for Children UK Ltd
Grant making policy
The Directors consider and solicit grant applications in furtherance of the Charitable Company’s objects. Grant applications for funds are considered with the assistance of a consultant. Applicants are identified by either previously being known to the Charitable Company or applying through the Charitable Company’s website. If applying through the website, a screening process occurs to ensure the applicant meets the Charitable Company’s objectives in order to be considered further. Applicants are then invited to present to the Grant Making sub-committee with successful applicants being reviewed further by the subcommittee and external consultant before being approved by the Board.
The Directors confirm that they have had regard to the Charity Commission’s guidance on public benefit in setting and monitoring the objectives of the Charity and conform with the Charities Act’s definition of a Charity meeting all elements of the two key principles (being the benefit aspect and the public aspect).
Financial review
The net expenditure in the year was £106,881 (2021: net income £109,527) as shown in the statement of financial activities on page 8. It is the intention of the Directors to maintain cash resources at a level which allows fundraising events to be held and to use the interest received, together with the fundraising income, to make grants to projects related to the objects of the Charitable Company as outlined above.
Reserves policy
The level of general unrestricted funds at 31 December 2022 of £156,989 (2021: £263,870) was considered adequate to cover general expenditure. The Directors have reviewed the Charitable Company’s areas of activity and in the circumstances have retained sufficient funds to cover anticipated costs.
During March 2022 the Directors evaluated the general Reserves policy. It was agreed amongst the Directors that a flexible policy of 10% of Revenues should be retained in order to continue operations and normalize grant making when funding is disrupted.
Having reviewed the Charitable Company’s cash flow forecasts and financial position, and considered the impact on going concern, the Directors have concluded that the going concern basis remains appropriate in the preparation of these financial statements.
Investment policy
Cash continues to be required to fund grants and future events. As such any surplus resources are held as cash.
Future plans
The Charitable Company will continue to run fundraising events in 2023 and 2024, including the annual gala. The Directors will use the funds raised to continue grant making.
Statement of Directors’ Responsibilities
The Directors (who are also Trustees of HFC Help for Children UK Ltd for the purposes of charity law) are responsible for preparing the Directors’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
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HFC Help for Children UK Ltd
Directors’ report For the year ended 31 December 2022
Company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charitable Company and of the incoming resources and application of resources, including the income and expenditure, of the Charitable Company for that period.
In preparing these financial statements, the Directors are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP (FRS 102);
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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;
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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 business.
The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
By order of the Board on 20 September 2023.
Damon A. Ambrosini
Jackinglis
Damon A. Ambrosini Melanie Pittas Jack Inglis Director Director Director
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HFC Help for Children UK Ltd
Statement of financial activities (incorporating the income and expenditure account) For the year ended 31 December 2022
I report to the charity trustees on my examination of the accounts of the Charitable Company for the year ended 31 December 2022.
Respective responsibilities of trustees and examiner
As the charity’s trustees of the Charitable 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’).
Having satisfied myself that the accounts of the Charitable Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
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 charity 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
Since the Charitable Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Charitable Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Claire Wills FCA DChA 20 September 2023 Saffery LLP 71 Queen Victoria Street, London, EC4V 4BE
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HFC Help for Children UK Ltd
Statement of financial activities (incorporating the income and expenditure account) For the year ended 31 December 2022
| Notes Income Donations Fundraising events 2 Investment income 3 Total income Expenditure Raising Funds 6 Charitable activities: Grant making 5 Total expenditure Net (expenditure)/income for the year and net movement in funds 9 Total funds brought forward Total funds carried forward 9 |
2022 £ 71,309 277,072 5 348,386 209,638 245,629 455,267 (106,881) 263,870 156,989 |
2021 £ 83,300 305,718 - |
|---|---|---|
| 389,018 | ||
| 171,591 107,900 |
||
| 279,491 | ||
| 109,527 154,343 |
||
| 263,870 |
All recognised gains and losses are included in the statement of financial activities.
The results for the year all relate to continuing activities.
The notes on pages 11 to 15 form part of these financial statements.
All the above income is unrestricted.
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HFC Help for Children UK Ltd
Balance sheet As at 31 December 2022
| Notes Current assets Debtors 7 Cash at bank Current liabilities Creditors 8 Net current assets Net assets Reserves Unrestricted general fund 9 Net funds |
2022 £ 144,300 134,895 279,195 (122,206) 156,989 156,989 156,989 156,989 |
2021 £ 114,312 233,123 |
|---|---|---|
| 347,435 (83,565) |
||
| 263,870 | ||
| 263,870 | ||
| 263,870 | ||
| 263,870 |
For the year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts
These financial statements have been prepared in accordance with the special provisions relating to small companies within part 15 of the Companies Act 2006.
The notes on pages 11 to 15 form part of these financial statements.
Signed on behalf of the Directors on 20 September 2023.
Damon A. Ambrosini
Jackinglis
| Damon A. Ambrosini | Jackinglis | |
|---|---|---|
| …………………………………. | …………………………………. | …………………………………. |
| Damon A. Ambrosini | Melanie Pittas | Jack Inglis |
| Director | Director | Director |
Company Registration No: 05804261 (England and Wales)
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HFC Help for Children UK Ltd
Cash flow statement For the year ended 31 December 2022
| 2022 Notes £ Net cash flow from operating activities 1 (98,233) Cash flows from investing activities Investment income 5 Movement in cash (98,228) Cash brought forward 233,123 Cash carried forward 134,895 Notes to the cash flow statement 1. Reconciliation of net expenditure to net cash flow from operating activities 2022 £ Net (expenditure)/income (106,881) Less investment income (5) (Increase) in debtors (29,988) Increase/(decrease) in creditors 38,641 Net cash from operations (98,233) 2. Analysis of changes in net debt At 1 January 2022 £ Cash flows Cash 233,123 (98,228) Total 233,123 (98,228) |
2021 £ (48,363) - |
|
|---|---|---|
| (48,363) 281,486 |
||
| 233,123 | ||
| 2021 £ 109,527 - (110,530) (47,360) |
||
| (48,363) | ||
| At 31 December 2022 £ 134,895 |
||
| 134,895 |
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HFC Help for Children UK Ltd
Notes to the financial statements For the year ended 31 December 2022
1. Accounting policies
HFC Help for Children UK Ltd is a company limited by guarantee, incorporated in England and Wales. The registered office is AIMA, 167 Fleet Street, London, EC4A 2EA.
The principal accounting policies, all of which have been applied consistently throughout the period are set out below.
- 1.1. Basis of accounting
The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice (UK GAAP).
The Charitable Company constitutes a public benefit entity as defined by FRS102.
The financial statements are prepared in sterling, which is the functional currency of the Charitable Company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
- 1.2. Going concern
At the time of approving the financial statements, the Directors have a reasonable expectation that the Charitable Company has adequate resources to continue in operational existence for the foreseeable future. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.
- 1.3. Fund accounting
The unrestricted fund is available for use at the discretion of the Directors in furtherance of the general objectives of the Charitable Company.
1.4. Income
All income is accounted for on a receivable basis, other than donations which are recognised when received.
1.5. Expenditure
Costs of generating funds comprise the costs incurred by the Charitable Company in generating fundraising income. Costs of charitable activities comprise grants related to the furtherance of the Charitable Company’s charitable objectives. These are recorded by the Charitable Company upon notification to the grant recipient following approval by the Directors. This includes costs that can be allocated directly to such activities and those of an indirect nature necessary to support them. Fees to a specialist consultant to assist with event organisation and development activities are included in cost of generating funds.
Governance costs include costs associated with meeting the constitutional and statutory requirements of the Charitable Company and include fees for the independent examination or audit.
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HFC Help for Children UK Ltd
Notes to the financial statements For the year ended 31 December 2022
Irrecoverable VAT is expensed as incurred.
1.6. Taxation
HFC Help for Children UK Ltd is registered as a charity with the Charity Commission. On the basis that income is from wholly charitable activities and is applied for charitable purposes, no provision has been made for corporation tax.
1.7. Foreign exchange
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date or, if appropriate, at the forward contract rate. Any exchange differences are included in the statement of financial activities.
1.8. Financial instruments
The Charitable Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Creditors and provisions are recognised where the Charitable Company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
- 1.9. Critical accounting judgements and estimates
In the application of the Charitable Company’s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The Directors are of the opinion that the trade debtors are fully recoverable, therefore no bad debt provisions have been made.
In the opinion of the Directors, the financial statements contain no estimates with a significant risk of causing a material adjustment to the carrying values of assets and liabilities within the next financial year.
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HFC Help for Children UK Ltd
Notes to the financial statements (continued) For the year ended 31 December 2022
| 2. Fundraising events Ticket sales Auctions and raffles 3. Investment income Interest and other income 4. Net expenditure for the year is stated after charging Independent examiner’s remuneration Current year (Over)/under provision relating to the prior year |
2022 £ 220,730 56,342 277,072 2022 £ 5 5 2022 £ 5,040 (240) |
2021 £ 234,519 71,199 |
|---|---|---|
| 305,718 | ||
| 2021 £ - |
||
| - | ||
| 2021 £ 4,800 600 |
The Directors of the Charitable Company received no remuneration or reimbursed expenses from the Charitable Company during the year (2021: £nil).
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HFC Help for Children UK Ltd
Notes to the financial statements (continued) For the year ended 31 December 2022
| 5. | Charitable activities - Grants paid | ||
|---|---|---|---|
| The amounts payable and paid in the year comprise: | 2022 | 2021 | |
| £ | £ | ||
| Abianda | 24,963 | 17,000 | |
| Dandelion Time | 44,418 | 18,000 | |
| The Children’s Society | 25,000 | - | |
| Kids Inspire | 39,990 | 13,500 | |
| The Mulberry Bush School | 20,000 | 18,000 | |
| Redthread Youth Limited | 30,000 | 18,000 | |
| Safer London | 32,662 | 18,000 | |
| Support Costs | |||
| Reallocated overheads | 21,324 | - | |
| Governance costs | |||
| Independent examination/audit fees and accountancy fees | 7,272 | 5,400 | |
| 245,629 | 107,900 | ||
| During the year the Charitable Company employed no members of staff (2021: none). | |||
| 6. | Expenditure – Raising funds | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Event expenditure | 198,699 | 171,341 | |
| Bad debts | 10,939 | 250 | |
| 209,638 | 171,591 | ||
| 7. | Debtors | 2022 | 2021 |
| £ | £ | ||
| Trade debtors | 144,300 | 114,312 | |
| Prepayments | - | - | |
| 144,300 | 114,312 |
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HFC Help for Children UK Ltd
Notes to the financial statements (continued) For the year ended 31 December 2022
| 8. Creditors Grants payable Accruals and other creditors Hedge Funds Care US 9. Movement in funds Current year Balance at 1 January 2022 Movement during the year Balance at 31 December 2022 Comparative year Balance at 1 January 2021 Movement during the year Balance at 31 December 2021 |
2022 £ 108,517 12,393 1,296 122,206 |
2021 £ 51,250 13,442 18,873 83,565 Unrestricted General Fund £ 263,870 (106,881) |
2021 £ 51,250 13,442 18,873 |
|---|---|---|---|
| 83,565 | |||
| 156,989 | |||
| Unrestricted General Fund £ 154,343 109,527 |
|||
| 263,870 |
10. Related Party Transactions
During the year the Charitable Company was recharged overheads and expenses from Hedge Funds Care US of £21,070 (2021: £nil). At the year end, a balance was payable to Hedge Funds Care US of £1,296 (2021: £18,873). Three of the Directors of Hedge Funds Care US are also Directors of HFC Help for Children UK Ltd.
A number of the Directors are employed by or owners of firms that are Global Sponsors of HFC Help for Children UK Ltd. During the year Directors both individually and collaboratively with their respective firms gave £101,636 (2021: £83,568).
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