**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.
- 1 -
## **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
- 2 -
## **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:
- 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 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
- 3 -
## **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.
- 4 -
## **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)
- 5 -
**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.
- 6 -
**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.
- 7 -
## **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|
- 8 -
## **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.
- 9 -
## **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|
- 10 -
## **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**
- 11 -
## **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).
- 12 -