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← The Hearn Foundation

2023-12-31-accounts

REGISTERED CHARITY NUMBER: 1118490

Report of the Trustees and

Audited Financial Statements for the Year Ended 31st December 2023 For THE HEARN FOUNDATION

Lincoln Brown & Co Limited Chartered Certified Accountants Statutory Auditors Grenville House

4 Grenville Avenue

Broxbourne Hertfordshire EN10 7DH

The Hearn Foundation

Contents of the Financial Statements for the Year Ended 31st December 2023

PAGE
Report of the Trustees 1 to 4
Report of the Independent Auditors 5 to 7
Statement of Financal Activities 8
Balance Sheet 9
Cash Flow Statement 10
Notes to the Financial Statements 11 to 15
Detailed Statement of Financial Activities 16

The Hearn Foundation

Report of the Trustees

for the Year Ended 31st December 2023

The trustees present their report with the financial statements of the charity for the year ended 31st December 2023. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's trust deeds, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019

The Trust is an unincorporated trust, constituted under the trust deeds dated 19th January 2007 and is a registered charity, number 1118490. The Trust was established by an initial gift from Mr P Hearn and continues to receive gifts from Mr Hearn. The Trust does not actively fundraise, but seeks to continue the philanthropic work desired by the donor through the careful stewardship of its existing resources and additional donations from Mr P J Hearn

The Trustees are appointed by the settlor during his life and thereafter by Mr M Hearn. The Trust Deed provides for a minimum of 3 trustees, to a maximum of 5 trustees.

The Trustees keep the experience and skill requirements of trustees under review and in the event that any trustee resigns or it is deemed new trustees are required, the Board will seek independent advice on any appointments.

The Trustees meet formally on a regular basis to agree all areas of activity for the Trust including grant making, investments, reserves and risk management policies and performance.

Risk Management

The Trustees have considered the risks to which the Trust is exposed regarding assets and have reviewed those risks and ensure by continual monitoring that these risks are properly managed. The Trustees consider the viability of investment returns as the Trust's risk and keep these investments under constant review.

The Trustees have agreed the major risk to which the Charity is exposed and are satisfied that systems are in place to mitigate those risks.

OBJECTIVES AND ACIVITES

Objectives and aims

The Trust is a charitable trust and the Trustees are authorised to apply the annual income and the capital of the Trust to such charity and charities or for such charitable purpose or purposes as the trustees shall determine.

The Trustees have decided that, for the time being, the Trust will focus on providing grants to Institutions working with underprivileged young people and to contributing to the support of the Arts. Geographic location not to be determining factor in such grants.

Page 1

The Hearn Foundation

Report of the Trustees

for the Year Ended 31st December 2023

ACHIEVEMENT AND PERFORMANCE

Charitable activities

During 2023 the following grants have been agreed:

TOTAL
Blackheath Halls
Trinity Laban
EBP South
The Old Vic
National Theatre
St Peters
AWT Foundation		 Total
£
507,563
423,500
131,833
112,000
86,128
12,750
8,000
1,281,774
£

Public Benefit

The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on the public benefit when reviewing the Trust aims & objectives, planning for future activities, and settling grants for the year.

The main activities that the charity has undertaken to further the public benefit are by funding institutions whose main focus is towards underprivileged children and support of the Arts.

FINANCIAL REVIEW

Financial position

The trust's income from its investments and any further gifts it reveive from donors. During 2023, the Trust received donations of nil (2022 - Nil) from Mr P Hearn and OPD Group Limited £880,916 (2022 - Nil) a company controlled by Mr P Hearn.

The other income of the Trust from its investments and interest was £61,780 (2022 - £1,722).

During 2202 £1,281,774 (2022 - £272,627) was spent on charitable activity.

Expenditure for the year was £31,279 (2022 £22,500) on governance of the Trust and £18,661 (2022 £38,292) to maintenance property investment.

Investments are valued at market value at the balance sheet date and revaluations / (devaluations) are reflected in the statement of financial activities. At the yearend investments were revalued by £381,374 (2022 – £(1,254,654).

Investment policy and objectives

The trustees invest the Trust's excess funds in mainly the UK and European Equities and interest-bearing deposits with UK Banks. The trustees consider social, environmental and ethical concerns when making investments.

Reserves Policy

The current reserves policy of the Trustees is to maintain free reserves in the unrestricted funds level which equates to approximately two years of charitable expenditure taking account of average annual expenditure over the previous 3 years. The Trustees consider that this is the appropriate level to provide sufficient funds to respond to grant applications in an effective manner.

The Trustees review the funds available and grant applications on a continuous basis. The Trust deed gives the power to accumulate funds for future periods.

Page 2

The Hearn Foundation

Report of the Trustees

for the Year Ended 31st December 2023

FUTURE PLANS

For the foreseeable future the Trustees intend to primarily target the work of the Trust towards underprivileged children & support of the Arts.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity Number

1118490

Principal Address

Grenville House 4 Grenvlle Avenue Broxbourne Herts EN10 7DH

Trustees

Mr P J Hearn Mr M Hearn Mr J Pike

Auditors

Lincoln Brown & Co Limited Chartered Certifird Accountants Statutory Auditors Grenville House 4 Grenville Avenue Broxbourne Herts EN10 7DH

Page 3

The Hearn Foundation

Report of the Trustees

for the Year Ended 31st December 2023

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed require the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.

Approved by order of the board of trustees on 9th September 2024 and signed on its behalf by:

==> picture [141 x 43] intentionally omitted <==

Mr P J Hearn - Trustee

Page 4

Report of the Independent Auditors to the Trustees of

The Hearn Foundation

Opinion

We have audited the financial statements of The Hearn Foundation (the 'charity') for the year ended 31st December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusion relation to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Page 5

Report of the Independent Auditors to the Trustees of The Hearn Foundation

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the Audit of the Financial Statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we: - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

Page 6

Report of the Independent Auditors to the Trustees of

The Hearn Foundation

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Lincoln Brown & Co Limited Chartered Certified Accountants Statutory Auditors Grenville House 4 Grenville Avenue Broxbourne Herts EN10 7DH

9th September 2024

Page 7

The Hearn Foundation

Statement of Financial Activities

for the Year Ended 31st December 2023

NOTES
2
3
4
13
Grants Payable
Charitable Activities
EXPENDITURE ON
Total
Investment income
Donations and legacies
INCOME AND ENDOWMENTS FROM
Transfer between funds
NET INCOME/(EXPENDITURE)
Gains/(Losses) on revaluation of fixed assets
Other Recognised Gains/(Losses)
Total
Other
New movement in funds
RECONCILITION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
Funds
£
880,916
61,780
942,696
1,281,774
135,403
1,417,177
(474,481)
381,374
-
(93,107)
8,654,478
8,561,371		 31.12.23
Total Funds
£
880,916
61,780
942,696
1,281,774
135,403
1,417,177
(474,481)
381,374
-
(93,107)
8,654,478
8,561,371		 31.12.22
Total Funds
£
-
1,722
1,722
272,627
60,792
333,419
(331,697)
(1,254,654)
-
-
(1,586,351)
10,240,829
8,654,478

Notes:-

See Page 18 note. Should donation be under unrestricted funds.

Page 8

The Hearn Foundation

Statement of Financial Activities for the Year Ended 31st December 2023

Statement of Financial Activities
for the Year Ended 31st December 2023
Notes
9
10
11
12
14
TOTAL ASSETS LESS CURRENT LIABILITIES
Unrestricted funds
Debtors
CURENT ASSETS
Investements
Tangible Assets
FIXED ASSETS
Cash at bank
CREDITORS
Amounts falling due within one year
NET CURRENT ASSETS
NET ASSETS
FUNDS
TOTAL FUNDS		 31.12.23
£
-
8,569,361
8,569,361
-
89,996
(97,986)
(7,990)
8,561,371
8,561,371
8,561,371
8,561,371		 31.12.22
£
4,120,000
2,376,133
6,496,133
2,050,000
325,998
(217,653)
2,158,345
8,654,478
8,654,478
8,654,478
8,654,478

The financial statements were approved an autorised for issue by the Board of Trustees on 9th September 2024 and were signed on its behalf by:-

==> picture [141 x 43] intentionally omitted <==

Mr P J Hearn - Trustee

Page 9

The Hearn Foundation

Statement of Financial Activities for the Year Ended 31st December 2023

Statement of Financial Activities
for the Year Ended 31st December 2023
Notes
Change in Cash equivalent in reporting period
Income/Expenditure for Reporting Person
Movement of Asset
Unrestricted Fund
Expenditure
Grants
Invesment Income
Donation
Impairment of Assets
Decrease/Increase in Debtors
Decrease/Increase in Creditors
Net Cash Flow from Activities
Investment Purchase
Change In Cash Reporting
Cash equivalent at the beginning of period
Cash equivalent at the end of period		 31.12.23
£
880,916
61,780
(1,281,774)
(135,403)
(474,481)
4,120,000
381,374
(6,193,228)
2,050,000
(119,667)
(236,002)
325,998
89,996
236,002		 31.12.22
£
-
1,722
(272,627)
(60,792)
(331,697)
1,254,654
(1,254,654)
-
(2,050,000)
203,988
(2,177,709)
2,503,707
325,998
2,177,709

Page 10

The Hearn Foundation

Notes to the Statement of Financial Activities for the Year Ended 31st December 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective October 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value and the functional currency is pounds sterling.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

General Information

The charity is constituted by Trust Deed and is registered in England, the registered address can be found in the Trustees report along with the charity's principal activities.

Tangible Fixed Assets

The Tangible Fixed Assets of the Trust are recognised at a valuation at the year-end and any valuation increase or impairment on them are accounted for.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received, and the amount can be measured reliably.

Income from donations is recognised when there is evidence of entitlement to the gift, receipt is probable, and its amount can be measured reliably.

Income from interest is recognised when receivable.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of

Grants payable are payments made to third parties in the furtherance of the charitable activities of the trust. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and that the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside the control of the trust.

Costs consist of the annual audit, professional fees and property running costs

Continued

The notes form part of these financial statements Page 11

The Hearn Foundation

Notes to the Statement of Financial Activities for the Year Ended 31st December 2023

1. ACCOUNTING POLICIES - continued

Taxation

The charity is exempt from tax on its charitable activities.

Fund Accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Financial Instruments

Financial assets and financial liabilities are recognised on the Charities Balance Sheet when the Charity becomes a party to the contractual provisions of the instrument.

Investments

Investments in shares which can be publicly traded are measured at fair value (market value)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand that is readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.

2. DONATIONS OF LEGACIES
Donation by P Hearn
3. INVESTMENT INCOME
Deposit Account Interest
Investments		 31.12.23
£
880,916

31.12.23
£
22,154
39,626
61,780		 31.12.22
£
NIL
31.12.22
£
-
1,722
1,722

4. CHARITABLE ACTIVITIES COSTS

Grants Payable
5. GRANTS PAYABLE
Trinity Laban
EBP South
The Old Vic
St Peters Lond Dock School
National Theatre
Blakheath Halls
Institutions
AWT Foundation
Friends of Ashton School
Other Grants		 £
1,281,774
Total funds
Total funds
2023
2022
£
£
507,567
15,000
423,500
60,600
131,833
-
112,000
99,500
86,128
67,527
12,750
10,000
8,000
17,000
-
3,000
-
-
1,281,778
272,627
Grant funding of activities
(see note 5)		 £
1,281,774
Total funds
Total funds
2023
2022
£
£
507,567
15,000
423,500
60,600
131,833
-
112,000
99,500
86,128
67,527
12,750
10,000
8,000
17,000
-
3,000
-
-
1,281,778
272,627
Grant funding of activities
(see note 5)
Total funds
2022
£
15,000
60,600
-
99,500
67,527
10,000
17,000
3,000
-
272,627

Continued

The notes form part of these financial statements Page 12

The Hearn Foundation

Statement of Financial Activities

for the Year Ended 31st December 2023

Other resources expended
Support costs, included in the above, are as follows:-
Loss on Sale of Tangible F.A
Professional Fees
Property Costs
Auditors remuneration for non-audit work
Auditors' remuneration
6. SUPPORT COSTS		 31.12.23
31.12.22
£
£
135,403
60,792
31.12.23
31.12.22
Other
resources
Total
Expenses
activities
£
£
9,750
9,750
2,250
3,000
18,661
38,292
19,279
9,750
85,463
-
135,403
60,792
Governance Costs		 31.12.23
31.12.22
£
£
135,403
60,792
31.12.23
31.12.22
Other
resources
Total
Expenses
activities
£
£
9,750
9,750
2,250
3,000
18,661
38,292
19,279
9,750
85,463
-
135,403
60,792
Governance Costs
31.12.22
Total
activities
£
9,750
3,000
38,292
9,750
-
60,792

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st December 2023 and none for the year ended 31st December 2022

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st December 2023 and none for the year ended 31st December 2022

8. TANGIBLE FIXED ASSETS

As at the 1st January 2023
DEPRECIATION
Disposal
At 1st January 2023
DEEMED COSTS
As at the Disposal
Impairments
NET BOOK VALUE
At 31st December 2023
At 31st December 2022		 Long Leasehold
£
6,500,000
(6,500,000)
-
2,380,000
(2,380,000)
-
-
4,120,000

Continued

The notes form part of these financial statements Page 13

The Hearn Foundation

Notes to the Statement of Financial Activities for the Year Ended 31st December 2023

9. FIXED ASSET INVESTMENTS

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
12. ANALYSIS OF NET ASSETS BETWEEN FUNDS
MARKET VALUE
At 1st January 2023
Revaluations
At 31st December 2023
NET BOOK VALUE
At 31st December 2023
Addition
At 31st December 2022
Analysis of the investment held by class:
Total
Cash
UK Fixed Interest
European
Global
UK Investments
Valuation at 31st December 2023 is represented by:
Blackrock ICS
Valuation in 2023
10. DEBTORS; AMOUNTS FALLING DUE WITHIN ONE YEAR
Other Debtors
Accruals
Other creditors
Current Liabilities
Current Assets
Investments
Fixed Assets		 Unrestricted
Funds
£
-
8,569,361
89,996
(97,986)
8,561,371		 2023
£
5,904,092
2,052,654
558,418
-
54,076
121
8,569,361
31.12.23
£
NIL
31.12.23
£
85,986
12,000
97,986
31.12.23
Total
Funds
£
-
8,569,361
89,996
(97,986)
8,561,371		 Unlisted
Investments
£
2,376,133
5,800,000
393,228
8,569,361
8,569,361
2,376,133
2022
£
-
575,031
508,951
797,070
50,106
444,975
2,376,133
Unlisted
Investments
£
8,569,361
31.12.22
£
2,050,000
31.12.22
£
204,903
12,750
217,653
31.12.22
Total
Funds
£
4,120,000
2,376,133
2,376,998
(217,653)
8,655,478

Continued

The notes form part of these financial statements Page 14

The Hearn Foundation

Notes to the Statement of Financial Activities for the Year Ended 31st December 2023

13. MOVEMENT IN FUNDS

13. MOVEMENT IN FUNDS
Net movement Transfers
At 01.01.23 in funds between funds At 31.12.23
£ £ £ £
Unrestricted Funds
Unrestricted 8,654,478 (93,107) - 8,561,371
TOTAL FUNDS 8,654,478 (93,107) - 8,561,371
Net movement in funds, included in the above are as follows:
Incoming Recourses Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted Funds
Unrestricted 942,696 (1,417,177) 381,374 (93,107)
TOTAL FUNDS 942,696 (1,417,177) 381,374 (93,107)
Comparative for movement in funds - 2022
Net movement Transfers
At 01.01.22 in funds Between funds At 31.12.22
£ £ £ £
Unrestricted Funds
Unrestricted 10,240,829 (1,586,351) - 8,654,478
TOTAL FUNDS 10,240,829 (1,586,351) - 8,654,478
Comparative new movement in funds, included in the above are as follows:
Incoming Recourses Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted Funds
Unrestricted 1,722 (333,419) (1,254,654) (1,586,351)
TOTAL FUNDS 1,722 (333,419) (1,254,654) (1,586,351)

The unrestricted funds represent the movement of the income, grants and expenditure.

14. RELATED PARTY DISCLOSURES

The Trust received donations of nil (2022 - Nil) from Mr P Hearn and OPD Group Limited £880,916 (2022 - Nil) a compnay controlled by Mr P Hearn

The realted party transactions for the year are:

The notes form part of these financial statements Page 15

The Hearn Foundation

Deatiled Statement of Financial Activities for the Year Ended 31st December 2023

Donations
Donations and legacies
INCOME AND ENDOWMENTS
Investment income
Investments
Desposit account interest
Total Incoming Resources
EXPENDITURE
Charitable activities
Grants to institutions
Support costs
Governance costs
Auditors' remuneration
Auditors' remuneration for non-audit work
Property costs
Professional fees
Loss on Sale of Tangible F.A
Total resources expended
Net Surplus/(Deficit)		 31.12.23
£
880,916
22,154
39,626
942,696
1,281,774
9,750
2,250
18,661
19,279
85,463
135,403
1,417,177
(474,481)		 31.12.22
£
-
-
1,722
1,722
272,627
9,750
3,000
38,292
9,750
-
60,792
333,419
(331,697)

Page 16

Signature Certificate

Reference number: OVKHS-MQHVV-ISSIK-ZG8R4

Signer

Timestamp

Signature

Peter Hearn

Email: peterhearn@hotmail.com

Sent: Viewed: Signed:

Recipient Verification:

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