**Charity Registration No. 1171098**
**HQR LONDON CHARITABLE FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023**
## **HQR LONDON CHARITABLE FOUNDATION**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** Mr D Size Mr A Crispin Mr C J C Butler **Charity number** 1171098 **Independent examiner** Simon Toghill 5 Beauchamp Court Victors Way London EN5 5TZ
## **HQR LONDON CHARITABLE FOUNDATION**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' Annual Report report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Statement of financial position|5|
|Statement of cash flows|6|
|Notes to the financial statements|7 - 11|
## **HQR LONDON CHARITABLE FOUNDATION**
## **TRUSTEES' ANNUAL REPORT REPORT** _**FOR THE YEAR ENDED 31 OCTOBER 2023**_
The Trustees present their report and financial statements for the year ended 31 October 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the HQR London's governing document, 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 (FRS 102) (effective 1 January 2019)".
## **Objectives and activities**
The charity was established to advance such charitable purposes, for the public benefit, as the trustees see fit, by making grants.
## **Summary of main activities**
In support of this objective, the charity held its annual summer ball at the Grosvenor House Hotel. The ball held this year continued the success of previous years, with 68 tables sold to leaders in the High Quality Residential market, with further funds raised through donations, an auction and raffle held on the night, enabling the charity to make significant grants to the chosen recipients.
## **Public benefit**
The trustees have been mindful of the Commission's guidance on public benefit, including the guidance "Public benefit: running a charity (PB2)".
## **Policy on grant making**
The trustees review the policy for grant making each year. The charity grants 50% of funds raised though ticket sales, the auction and raffle to the Lighthouse Construction Industry Charity (registered charity no. 1149488), who provide financial and emotional support to the construction community and their families. The remaining 50% is granted to a charity selected by the trustees.
## **Achievements and performance**
This year’s ball was highly successful, with 68 tables sold against an original budget of 50 tables. While the grants have not been paid out at the end of the financial period, the funds raised through ticket sales, a raffle and an auction as well as a small number of donations will enable the charity to make grants of £74,000 in total to 2 recipient charities.
The grants provided allowed the recipient charities to further their own missions and aims:
- To relieve hardship and stress amongst the construction community (Lighthouse Construction Industry Charity, registered charity no. 1149488)
- Providing information, advice and support for everyone affected by a parent’s drinking (NACOA, registered charity no. 1009143)
- 1 -
## **HQR LONDON CHARITABLE FOUNDATION**
## **TRUSTEES' ANNUAL REPORT REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2023**_
## **Financial review**
## **Financial position**
At 31st October 2023 the total funds of the charity were £150,539. These are 100% designated funds, being grants payable or early donations towards the 2024 summer ball.
## **Reserves policy**
It is the charity’s policy not to hold reserves. All funds raised are to be paid out as grants, as all overhead costs are met by the trustees’ firms and there are no paid staff.
## **Structure, governance and management**
## **Type of governing document and charity constitution**
The charity is a Foundation Charitable Incorporated Organisation (CIO) governed by a Constitution.
The Trustees who served during the year and up to the date of signature of the financial statements were: Mr D Size
Mr A Crispin Mr C J C Butler
## **Trustee selection**
The charity currently has three trustees. While there are no current plans to install further trustees, any decision to recruit trustees in the future will be by mutual agreement of the existing trustees, with selection being made with due regard to the skills, experience and contacts deemed necessary to further the objectives and aims of the charity.
The Trustees' Annual Report report was approved by the Board of Trustees.
## **Mr D Size**
Trustee Dated: 29 August 2024
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## **HQR LONDON CHARITABLE FOUNDATION**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF HQR LONDON CHARITABLE FOUNDATION**
I report to the Trustees on my examination of the financial statements of HQR London Charitable Foundation (the HQR London) for the year ended 31 October 2023.
## **Responsibilities and basis of report**
As the Trustees of the HQR London you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
I report in respect of my examination of the HQR London’s financial statements carried out under section 145 of 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**
Since the HQR London’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 Association of Chartered Certified Accountants, 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 that in any material respect:
- 1 accounting records were not kept in respect of the HQR London as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Simon Toghill
Independent Examiner
5 Beauchamp Court Victors Way London EN5 5TZ
Dated: 29 August 2024
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## **HQR LONDON CHARITABLE FOUNDATION**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 OCTOBER 2023**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2023**
**Notes**
**£**
**£**
**Income from:**
Donations and legacies
**2**
-
37,099
Charitable activities
**3**
-
-
Other trading activities
**4**
-
291,430
**Total income**
-
328,529
**Expenditure on:**
Raising funds
**5**
-
178,555
Charitable activities
-
12,294
**Total resources**
**expended**
-
190,849
**Net income for the year/**
**Net movement in funds**
-
137,680
Fund balances at 1
November 2022
1,000
11,859
**Fund balances at 31**
**October 2023**
1,000
149,539|**Total**
Unrestricted
Restricted
funds
funds
**2023**
2022
2022
**£**
**£**
**£**
37,099
-
13,722
-
-
2,250
291,430
-
269,018
328,529
-
284,990
178,555
-
190,539
12,294
-
85,114
190,849
-
275,653
137,680
-
9,337
12,859
1,000
2,522
150,539
1,000
11,859|Total
2022
**£**
13,722
2,250
269,018|
|---|---|---|
|||284,990|
|||190,539|
|||85,114|
|||275,653|
|||9,337
3,522|
|||12,859|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
- 4 -
## **HQR LONDON CHARITABLE FOUNDATION**
## **BALANCE SHEET**
## _**AS AT 31 OCTOBER 2023**_
|**Notes**
**Current assets**
Debtors
**8**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
Other creditors
**9**
Net current assets
**Income funds**
Restricted funds
**10**
Unrestricted funds|**2023**
**£**
-
151,093
151,093
554|**£**
150,539
149,539
1,000
150,539|**2022**
**£**
9,799
6,434
16,233
3,374|**£**
12,859|
|---|---|---|---|---|
|||||11,859
1,000|
|||||12,859|
The financial statements were approved by the Trustees on 29 August 2024
Mr D Size **Trustee**
- 5 -
## **HQR LONDON CHARITABLE FOUNDATION**
## **STATEMENT OF CASH FLOWS**
## _**FOR THE YEAR ENDED 31 OCTOBER 2023**_
|**2023**
**Notes**
**£**
**Cash flows from operating activities**
Cash generated from/(absorbed by)
operations
**13**
**Net cash used in investing activities**
**Net cash used in financing activities**
**Net increase/(decrease) in cash and cash**
**equivalents**
Cash and cash equivalents at beginning of year
**Cash and cash equivalents at end of year**|**2022**
**£**
**£**
144,659
-
-
144,659
6,434
151,093|**£**
(2,953)
-
-
(2,953)
9,387
6,434|
|---|---|---|
- 6 -
## **HQR LONDON CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 OCTOBER 2023**_
## **1 Accounting policies**
## **Charity information**
The charity is a public benefit entity and a registered charity in Englance and wales and is unincorporated. The address of the principal office is Unit G29 The Light Box, 111 Power Road, London, W4 5PY.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the HQR London's governing document, 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 (FRS 102) (effective 1 January 2019)". The HQR London is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the HQR London. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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 HQR London 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.
Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.
Restricted funds are subject to specific conditions by donors 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.
## **1.4 Income**
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.
- 7 -
## **HQR LONDON CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2023**_
## **1 Accounting policies**
## **(Continued)**
## **1.5 Expenditure**
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
- expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
- other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
## **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.
## **1.7 Financial instruments**
The HQR London 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 HQR London's balance sheet when the HQR London 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.
- 8 -
## **HQR LONDON CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2023**_
## **1 Accounting policies**
**(Continued)**
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the HQR London’s contractual obligations expire or are discharged or cancelled.
## **2 Donations and legacies**
||**Restricted**|Restricted|
|---|---|---|
||**funds**|funds|
||**2023**|2022|
||**£**|£|
|Donations and gifts|37,099|12,972|
|Other - Exceptional income from donations and legacies|-|750|
||37,099|13,722|
## **3 Charitable activities**
||**2023**|**2022**|
|---|---|---|
||**£**|**£**|
|Sales within charitable activities|-|2,250|
## **4 Other trading activities**
||**Restricted**|Restricted|
|---|---|---|
||**funds**|funds|
||**2023**|2022|
||**£**|£|
|Fundraising events|218,050|230,257|
|Auctions & raffles|73,380|38,761|
|Other trading activities|291,430|269,018|
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## **HQR LONDON CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2023**_
|**5**|**Costs of other trading activities**
**Restricted**
Restricted
**funds**
funds
**2023**
2022
**£**
£
Fundraising and publicity
Staging fundraising events
173,651
185,186
Advertising
1,998
3,902
Fundraising and publicity
175,649
189,088
Trading costs
Other trading activities
2,906
1,451
178,555
190,539|**Costs of other trading activities**
**Restricted**
Restricted
**funds**
funds
**2023**
2022
**£**
£
Fundraising and publicity
Staging fundraising events
173,651
185,186
Advertising
1,998
3,902
Fundraising and publicity
175,649
189,088
Trading costs
Other trading activities
2,906
1,451
178,555
190,539|
|---|---|---|
|||189,088|
|||1,451|
|||190,539|
## **6 Trustees**
None of the Trustees (or any persons connected with them) received any remuneration or benefits from the HQR London during the year.
## **7 Employees**
The total staff costs and employee benefits for the reporting period were £Nil.
The average head count of employees during the year was Nil.
## **8 Debtors**
|**Amounts falling due within one year:**
Trade debtors
**9**
**Other creditors falling due within one year**
Trade creditors|**2023**
**£**
-
**2023**
**£**
554|**2022**
**£**
9,799|
|---|---|---|
|||**2022**
**£**
3,374|
- 10 -
## **HQR LONDON CHARITABLE FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 OCTOBER 2023**_
## **10 Restricted funds**
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
|**Balance at**
**1 November**
**2021**
**£**
Restricted fund - HQR Summer Ball
2,522
2,522
**11**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**2023**
**2023**
**£**
**£**
Fund balances at 31
October 2023 are
represented by:
Current assets/(liabilities)
1,000
149,539
1,000
149,539
**12**
**Related party transactions**
There were no disclosable related party transactions during
**13**
**Cash generated from operations**
Surplus for the year
Movements in working capital:
Decrease in debtors
(Decrease) in creditors
**Cash generated from/(absorbed by) operations**
14
**Analysis of changes in net funds**
The HQR London had no debt during the year.|**Resources**
**expended**
**Balance at**
**1 November**
**2022**
**£**
**£**
9,337
11,859
9,337
11,859
**Total**
Unrestricted
funds
**2023**
2022
**£**
£
150,539
1,000
150,539
1,000|**Resources**
**expended**
**Balance at**
**31 October**
**2023**
**£**
**£**
137,680
149,539
137,680
149,539
Restricted
funds
Total
2022
2022
£
£
11,859
12,859
11,859
12,859
**2023**
**2022**
**£**
**£**
137,680
9,337
9,799
17,450
(2,820)
(29,740)
144,659
(2,953)|**Resources**
**expended**
**Balance at**
**31 October**
**2023**
**£**
**£**
137,680
149,539
137,680
149,539
Restricted
funds
Total
2022
2022
£
£
11,859
12,859
11,859
12,859
**2023**
**2022**
**£**
**£**
137,680
9,337
9,799
17,450
(2,820)
(29,740)
144,659
(2,953)|
|---|---|---|---|
||the year (2022 - none).|||
|||**2023**
**£**
137,680
9,799
(2,820)
144,659||
|||||
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