**COMPANY REGISTRATION NUMBER: 07661424 CHARITY REGISTRATION NUMBER: 1148306** 

**HC Foundation Company Limited by Guarantee Unaudited Financial Statements 31 March 2021** 

## **A J BRACEINER FCA** 

Chartered Accountant Park House Russell Gardens London NW11 9NJ 



## **HC Foundation** 

## **Company Limited by Guarantee** 

## **Financial Statements** 

## **Year ended 31 March 2021** 

||**Page**|
|---|---|
|Trustees' annual report (incorporating the director's report)|**1**|
|Independent examiner's report to the trustees|**3**|
|Statement of financial activities (including income and||
|expenditure account)|**4**|
|Statement of financial position|**5**|
|Notes to the financial statements|**7**|





## **HC Foundation** 

## **Company Limited by Guarantee** 

## **Trustees' Annual Report (Incorporating the Director's Report)** 

## **Year ended 31 March 2021** 

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2021. 

## **Reference and administrative details** 

**Registered charity name** HC Foundation **Charity registration number** 1148306 **Company registration number** 07661424 **Principal office and registered** 1 Bridge Lane **office** Suite 1a London NW11 0EA 

## **The trustees** 

Mr B Groszman Mrs S Groszman Mrs S H March **Independent examiner** Abraham J Braceiner FCA Park House Russell Gardens London NW11 9NJ 

## **Structure, governance and management** 

## Structure 

The charity is an incorporated entity limited by guarantee and established on 7th June 2011. 

Governance and management 

The Articles of Association provide for a minimum of two trustees. 

## **Objectives and activities** 

## Objectives 

1. The advancement of education by providing and assisting in the provision of appropriate facilities required for such purposes. 

2. The relief of financial hardship, poverty and sickness by making grants of money for providing or paying for items, services or facilities, or providing such persons with goods or services which they could not otherwise afford through lack of means. 

3. Such other charitable purpose as the trustees may from time to time authorise. 

## activities 

The charity has made grants to institutions which have been identified as advancing the objectives of the charity. 

**1** 



## **HC Foundation** 

## **Company Limited by Guarantee** 

## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_ 

## **Year ended 31 March 2021** 

## **Objectives and activities** _**(continued)**_ 

## Public benefit 

The trustees have considered the Charity Commission's guidance on public benefit and consider that the charity conforms with them. 

## **Achievements and performance** 

Achievements and performance 

The charity made grants to eight charitable institutions during the year. 

## **Financial review** 

The investment and reserve policies of the charity have remained unchanged during the year. 

## **Small company provisions** 

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. 

The trustees' annual report was approved on 17 November 2021 and signed on behalf of the board of trustees by: 

Mr B Groszman Trustee 

**2** 



**HC Foundation** 

## **Company Limited by Guarantee** 

## **Independent Examiner's Report to the Trustees of HC Foundation** 

## **Year ended 31 March 2021** 

I report to the trustees on my examination of the financial statements of HC Foundation ('the charity') for the year ended 31 March 2021. 

## **Responsibilities and basis of report** 

As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’). 

Having satisfied myself that the accounts of the 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 the 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. 

## **Independent examiner's statement** 

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: 

1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or 

2. the financial statements do not accord with those records; or 

3. the financial statements 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 financial statements 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. 

Abraham J Braceiner FCA Independent Examiner 

Park House Russell Gardens London NW11 9NJ 

17 November 2021 

**3** 



## **HC Foundation** 

## **Company Limited by Guarantee** 

## **Statement of Financial Activities (including income and expenditure account)** 

## **Year ended 31 March 2021** 

|||**2021**|**2021**|2020|
|---|---|---|---|---|
|||Unrestricted|||
|||funds|**Total funds**|Total funds|
||**Note**|**£**|**£**|£|
|**Income and endowments**|||||
|Investment income|**5**|54,937|54,937|51,388|
|||ৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄ|
|**Total income**||54,937|54,937|51,388|
|||৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶|
|**Expenditure**|||||
|Expenditure on charitable activities||82,480|82,480|110,991|
|||ৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄৄ|
|**Total expenditure**||82,480|82,480|110,991|
|||৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶৶|
|||ৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄৄ|
|**Net expenditure and net movement in funds**||27,543|27,543|59,603|
|||৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶৶|
|**Reconciliation of funds**|||||
|Total funds brought forward||593,125|593,125|652,728|
|||ৄৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄৄ|
|**Total funds carried forward**||565,582|565,582|593,125|
|||৶৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶৶|



The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 

**The notes on pages 7 to 10 form part of these financial statements.** 

**4** 



## **HC Foundation** 

## **Company Limited by Guarantee** 

## **Statement of Financial Position** 

## **31 March 2021** 

|||**2021**|2020|
|---|---|---|---|
||**Note**|**£**|£|
|**Fixed assets**||||
|Investments|**9**|1,096,316|1,096,316|
|**Current assets**||||
|Debtors|**10**|11,000|17,027|
|Cash at bank and in hand||21,523|43,039|
|||ৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄ|
|||32,523|60,066|
|**Creditors: amounts falling due within one year**|**11**|1,135|1,135|
|||ৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄ|
|**Net current assets**||31,388|58,931|
|||ৄৄৄৄৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄৄৄৄৄ|
|**Total assets less current liabilities**||1,127,704|1,155,247|
|**Creditors: amounts falling due after more than one year**|**12**|562,122|562,122|
|||ৄৄৄৄৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄৄৄৄৄ|
|**Net assets**||565,582|593,125|
|||৶৶৶৶৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶৶৶৶৶|
|**Funds of the charity**||||
|Unrestricted funds||565,582|593,125|
|||ৄৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄৄ|
|**Total charity funds**|**13**|565,582<br>৶৶৶৶৶৶৶৶৶|593,125<br>৶৶৶৶৶৶৶৶৶|



For the year ending 31 March 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. 

Directors' responsibilities: 

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476; 

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. 

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime. 

## The statement of financial position continues on the following page. **The notes on pages 7 to 10 form part of these financial statements.** 

**5** 



## **HC Foundation** 

## **Company Limited by Guarantee** 

## **Statement of Financial Position** _**(continued)**_ 

## **31 March 2021** 

These financial statements were approved by the board of trustees and authorised for issue on 17 November 2021, and are signed on behalf of the board by: 

Mr B Groszman Trustee 

**The notes on pages 7 to 10 form part of these financial statements.** 

**6** 



## **HC Foundation** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** 

## **Year ended 31 March 2021** 

## **1. General information** 

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 1 Bridge Lane, Suite 1a, London, NW11 0EA. 

## **2. Statement of compliance** 

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006. 

## **3. Accounting policies** 

## **Basis of preparation** 

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. 

The financial statements are prepared in sterling, which is the functional currency of the entity. 

## **Going concern** 

There are no material uncertainties about the charity's ability to continue. 

## **Judgements and key sources of estimation uncertainty** 

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 

**7** 



**HC Foundation** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 March 2021** 

## **Incoming resources** 

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: 

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

- legacy income is recognised when receipt is probable and entitlement is established. 

- income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. 

- income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. 

## **Investment property** 

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. 

## **4. Limited by guarantee** 

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding-up is limited to £1. 

## **5. Investment income** 

||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|---|---|---|---|---|
||Funds|**2021**|Funds|2020|
||£|**£**|£|£|
|Income from investment properties|54,926|54,926|51,325|51,325|
|Bank interest receivable|11|11|63|63|
||ৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄ|
||54,937|54,937|51,388|51,388|
||৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶|



## **6. Analysis of grants** 

Grants paid (over £3,000) 

Achisomoch Aid Company 

2021 62,000 

All grants were made to charitable institutions in the fields of education, and the relief of poverty and sickness. 

**8** 



## **HC Foundation** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 March 2021** 

## **7. Independent examination fees** 

||**2021**|2020|
|---|---|---|
||**£**|£|
|Fees payable to the independent examiner for:|||
|Independent examination of the financial statements|720<br>৶৶৶৶|720<br>৶৶৶৶|



## **8. Trustee remuneration and expenses** 

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. 

## **9. Investments** 

||**Investment**|
|---|---|
||**properties**|
||**£**|
|**Cost or valuation**||
|**At 1 April 2020 and 31 March 2021**|1,096,316|
||৶৶৶৶৶৶৶৶৶৶৶৶|
|**Carrying amount**||
|**At 31 March 2021**|1,096,316|
||৶৶৶৶৶৶৶৶৶৶৶৶|
|At 31 March 2020|1,096,316|
||৶৶৶৶৶৶৶৶৶৶৶৶|



All investments shown above are held at valuation. 

## **Investment properties** 

(a) the effective date of the valuation was 31st March 2020 and was based on open market value. (b) the valuations were made by the trustees based on their knowledge of the property market.and 

## **10. Debtors** 

|||**2021**|2020|
|---|---|---|---|
|||**£**|£|
||Prepayments and accrued income|–|1,092|
||Other debtors|11,000|15,935|
|||ৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄ|
|||11,000|17,027|
|||৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶|
|**11.**|**Creditors:** **amounts falling due within one year**|||
|||**2021**|2020|
|||**£**|£|
||Accruals and deferred income|1,135|1,135|
|||৶৶৶৶৶৶৶|৶৶৶৶৶৶৶|



**9** 



## **HC Foundation** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 March 2021** 

## **12. Creditors: amounts falling due after more than one year** 

||**2021**|2020|
|---|---|---|
||**£**|£|
|Debenture loans|562,122|562,122|
||৶৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶৶|



## **13. Analysis of charitable funds** 

## **Unrestricted funds** 

|**Unrestricted funds**|||||
|---|---|---|---|---|
|||||**At**|
||At||**31**|**March 202**|
||1 April 2020|Income|Expenditure|**1**|
||£|£|£|£|
|General funds|453,108|54,937|(82,480)|425,565|
|Fair value reserve|140,017|–|–|140,017|
||ৄৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄৄ|
||593,125|54,937|(82,480)|565,582|
||৶৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶৶|
|||||At|
||At||31|March 202|
||1 April 2019|Income|Expenditure|0|
||£|£|£|£|
|General funds|512,711|51,388|(110,991)|453,108|
|Fair value reserve|140,017|–|–|140,017|
||ৄৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄৄ|ৄৄৄৄৄৄৄৄৄ|
||652,728|51,388|(110,991)|593,125|
||৶৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶৶|৶৶৶৶৶৶৶৶৶|



**10**