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2023-06-30-accounts

Charity registration number 1168314

Company registration number 10213270 (England and Wales)

ROTARY CLUB OF HODDESDON BENEVOLENT FUND LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

ROTARY CLUB OF HODDESDON BENEVOLENT FUND LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees H.A. Connor
J. Hiscock
J. Glover
Charity number 1168314
Company number 10213270
Registered office 37A High Street
Hoddesdon
Hertfordshire
EN11 8TA
Independent examiner HB Accountants
28 Plumpton House
Plumpton Road
Hoddesdon
Hertfordshire
EN11 0LB
Bankers Barclays Bank plc
78 Turners Hill
Cheshunt
Herts
EN8 9BW

ROTARY CLUB OF HODDESDON BENEVOLENT FUND LIMITED

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Notes to the financial statements 6 - 12

ROTARY CLUB OF HODDESDON BENEVOLENT FUND LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 JUNE 2023

The trustees present their annual report and financial statements for the year ended 30 June 2023.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity's trust deed, the Companies Act 2006 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 (FRS 102)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

The Charity's object is to or for the relief of the poor and needy or for the benefit of such other charitable institutions societies and objects as the Club shall in duly constituted meeting from time to time direct.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake.

The Charity has no premises or employees and all of its activities are carried out on a voluntary basis by members of the Rotary Club of Hoddesdon.

Achievements and performance

The Charity basically functions through three service committees, being: Community Service - Providing assistance and, where appropriate, financial support to the local community; International Service - Providing activities and, where appropriate, financial support on an international scale, particularly in disaster areas;

Vocational Service - Working with local schools, businesses and others on vocationally linked projects. All of the three committees set out above carried through relevant projects in the year.

The year has seen three main fundraising events, being The Celebrity Evening, Christmas Street Collection and 200 Club. Gift Aid produced an additional £1,175. The largest donation was to Rotary Foundation of £2,916 with no other amounts in excess of £1,000.

Financial review

It has been the policy of the Charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to four month's expenditure. The trustees consider that reserves at this level would ensure that, in the event of a significant drop in funding, they would be able to continue the Charity's activities whilst consideration is given to ways in which additional funds may be raised. Additionally, the level of funds has been considered at a meeting of Committee Chairman and Council Members.

Unrestricted funds stood at £11,850 at 30 June 2023 with spending commitments for 2023/24 of £11,016. This was considered to be reasonable in view of the unpredictable results of fundraising, additional payments to meet ‘emergency’ needs such as Ukraine and Pakistan. It was below the upper limit for grant applications applied to by Borough of Broxbourne. It was unanimously agreed to retain the present level of funds.

The trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The Charity is a company limited by guarantee.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

H.A. Connor J. Hiscock J. Glover

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

ROTARY CLUB OF HODDESDON BENEVOLENT FUND LIMITED

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 JUNE 2023

The trustees' report was approved by the Board of Trustees.

H.A. Connor

Trustee Dated: 12 January 2024

ROTARY CLUB OF HODDESDON BENEVOLENT FUND LIMITED

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF ROTARY CLUB OF HODDESDON BENEVOLENT FUND LIMITED

I report to the trustees on my examination of the financial statements of Rotary Club of Hoddesdon Benevolent Fund Limited (the Charity) for the year ended 30 June 2023.

Responsibilities and basis of report

As the trustees of the Charity (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 financial statements of the Charity 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 financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable 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 that in any material respect:

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 financial statements to be reached.

Keith Grover

for and on behalf of HB Accountants

28 Plumpton House Plumpton Road Hoddesdon Hertfordshire EN11 0LB

Dated: 12 January 2024

ROTARY CLUB OF HODDESDON BENEVOLENT FUND LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 JUNE 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income from:
Donations and legacies
3
6,660
4,478
Charitable activities
4
320
-
Fundraising
5
16,647
-
Total income
23,627
4,478
Expenditure on:
Raising funds
6
13,127
-
Charitable activities
7
13,214
4,841
Total expenditure
26,341
4,841
Net income/(expenditure) and
movement in funds
(2,714)
(363)
Reconciliation of funds:
Fund balances at 1 July 2022
14,564
6,176
Fund balances at 30 June 2023
11,850
5,813		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
11,138
11,632
3,939
320
716
-
16,647
10,490
-
28,105
22,838
3,939
13,127
9,377
-
18,055
8,594
2,848
31,182
17,971
2,848
(3,077)
4,867
1,091
20,740
9,697
5,085
17,663
14,564
6,176		 Total
2022
£
15,571
716
10,490
26,777
9,377
11,442
20,819
5,958
14,782
20,740

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

ROTARY CLUB OF HODDESDON BENEVOLENT FUND LIMITED

BALANCE SHEET

AS AT 30 JUNE 2023

Notes
Current assets
Debtors
12
Cash at bank and in hand
Net current assets
The funds of the Charity
Restricted income funds
13
Unrestricted funds		 2023
£
150
17,513
17,663		 £
17,663
5,813
11,850
17,663		 2022
£
730
20,010
20,740		 £
20,740
6,176
14,564
20,740

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 June 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the trustees on 12 January 2024

H.A. Connor Trustee

Company registration number 10213270 (England and Wales)

ROTARY CLUB OF HODDESDON BENEVOLENT FUND LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

1 Accounting policies

Charity information

Rotary Club of Hoddesdon Benevolent Fund Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 37A High Street, Hoddesdon, Hertfordshire, EN11 8TA.

1.1 Accounting convention

The accounts have been prepared in accordance with the Charity's articles of association, the Companies Act 2006 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 (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The Charity is a Public Benefit Entity as defined by FRS 102.

The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Charity.

1.4 Incoming resources

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

1.5 Resources expended

Expenses in the financial statements as they become payable. Expenses include VAT where applicable as the Charity cannot reclaim it.

1.6 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

ROTARY CLUB OF HODDESDON BENEVOLENT FUND LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

1 Accounting policies (continued)

1.7 Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the trustees 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 estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

ROTARY CLUB OF HODDESDON BENEVOLENT FUND LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2023

3 Donations

Unrestricted
Restricted
Total
funds
funds
2023
2023
2023
£
£
£
Donations and gifts
6,660
4,478
11,138
For the year ended 30 June 2022
11,632
3,939
4
Charitable activities
2023
£
Other income
320
5
Fundraising
Unrestricted
funds
2023
£
Fundraising events
16,647
6
Raising funds
2023
£
Fundraising costs
13,127		 Total
2022
£
15,571
15,571
2022
£
716
Total
2022
£
10,490
2022
£
9,377

ROTARY CLUB OF HODDESDON BENEVOLENT FUND LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2023

7 Charitable activities

Sundry expenses
Grant funding of activities (see note 8)
Analysis by fund
Unrestricted funds
Restricted funds
8
Grants payable
Grants to institutions:
Rotary Foundation U.K.
Rotary Foundation - Disaster appeals
Herts and Essex Air Ambulance
Hughes Syndrome
Macmillan Cancer
Teens Unite Fighting Cancer
Zoological Society
Hoddesdon Christmas Parcels Scheme
Rotary Clubs
Mercy Ships
Hearts Helping Hearts
East Herts Scouts
Dinant Flood Appeal
Broxbourne CAB
Shelterbox
Other
Grants to individuals		 2023
£
68
17,987
18,055
13,214
4,841
18,055
2023
£
2,916
1,700
1,000
-
120
-
-
375
500
-
-
800
-
200
2,360
1,950
11,921
6,066
17,987		 2022
£
194
11,248
11,442
8,594
2,848
11,442
2023
£
2,660
2,000
200
100
100
200
200
300
200
250
725
-
1,000
-
1,690
550
10,175
1,073
11,248

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.

ROTARY CLUB OF HODDESDON BENEVOLENT FUND LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2023

10 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
Total - -

There were no employees whose annual remuneration was more than £60,000.

11 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

12 Debtors

Debtors
2023 2022
Amounts falling due within one year: £ £
Other debtors 150 730

13 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 July 2022 Incoming Resources
At 30 June 2023		 Resources
At 30 June 2023
resources expended
£ £ £ £
Technology Tournament 500 924 (1,168) 256
Special Projects 3,624 679 (1,567) 2,736
Spring Event 1,000 2,500 (1,679) 1,821
Dinant Joint Project 1,000 - - 1,000
Funeral 52 375 (427) -
6,176 4,478 (4,841) 5,813

ROTARY CLUB OF HODDESDON BENEVOLENT FUND LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2023

13 Restricted funds (continued)

Previous year: At 1 July 2021 Incoming Resources
At 30 June 2022
At 30 June 2022
resources expended
£ £ £ £
Technology Tournament - 500 - 500
Special Projects 2,600 1,997 (973) 3,624
Spring Event 1,000 - - 1,000
Dinant Joint Project 1,000 - - 1,000
Foodbank 485 240 (725) -
Ukraine - 1,150 (1,150) -
Funeral - 52 - 52
5,085 3,939 (2,848) 6,176

14 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 July 2022 Incoming Resources
At 30 June 2023
At 30 June 2023
resources expended
£ £ £ £
General funds 14,564 23,627 (26,341) 11,850
Previous year: At 1 July 2021 Incoming Resources
At 30 June 2022
resources expended
£ £ £ £
General funds 9,697 22,838 (17,971) 14,564
Analysis of net assets between funds
Unrestricted Restricted Total
funds funds
2023 2023 2023
£ £ £
Fund balances at 30 June 2023 are represented by:
Current assets/(liabilities) 11,850 5,813 17,663
11,850 5,813 17,663

15 Analysis of net assets between funds

ROTARY CLUB OF HODDESDON BENEVOLENT FUND LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2023

15 Analysis of net assets between funds (continued)

Unrestricted
Restricted
funds
funds
2022
2022
£
£
Fund balances at 30 June 2022 are represented by:
Current assets/(liabilities)
14,564
6,176
14,564
6,176		 Total
2022
£
20,740
20,740

16 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).