Charity number: 1181246 THE HARDY FOUNDATION UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 THE HARDY FOUNDATION CONTENTS Page Reference and administrative detsils of the Charity. its Trustees and advisers Trustees. report statement of financial activities Balance sheet Notes to the financial statements 7-13 THE HARDY FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees Edward John Hardy Edward Thomas Hardy, Chair R￿hard Jeremy Paul Charity registered number 1181246 Principal office 124 FinGhley ftoad London NW3 5JS Accountants Nyman Libson Paul LLP Chartered Accountants 124 Finchley Road London NW3 5JS Page 1 THE HARDY FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their 8Mual report together with the financial statemènts of the Charity for the 1 January 2023 10 31 December 2023. Objectlves and aetlvitles a. Pollcles and objectlves The charliy alms io further chariiable purposes ihrough provlslon of grants wllhlls alms Ilsted ￿elOw. Reducing poverty. Provide relief to those in need, by reason of youth, age, ill-heallh, disability, financial hardship or other disadvantage. - Advancement of education. Provide relief of suffering of animals which are in need of care and attention by reason of sickness, mallrealment, poor circuMstan￿S or ill use. In setting objectives and planning for activities, the Trustees have given due consideration lo general guidance published by the Charity Commission relating lo public benefit, induding the guidance 'Public benefit.. running a charity {PB21'. b. Activities undertaken to achieve objectives The main activities undertaken relate to the provision of grants lo organisatK)ns which are listed below. Achieving for Children REORG Charity Merky Foundation Limited Achievements and perform8nce a. Main achievements of the Charlty The charity has provided grants lo organisalions offering charitable services in aid of mental health, addiction. child weKare, educalionllraining, racial equality and social indusion in the United Kingdom. Flnanclal revlew a. Golng concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adeguale resources lo continue in operational existence for the foreseeable future. For this reason, they continue to adopt Ihc going wnccrn basis in pr¢paring Ihc financial slatcmcnts. Furthcr dctails rcgarding th¢ adoption of thc going con￿rn basis can be fwnd in the accounting policies. b. Rgsgrvgs policy The charity is still in the process of accumulating reserves. The trustees consider the cu￿ent levels of reserves lo be adequate al this time. The charills operational expenditure is relatively low so reserves could sustain it for many years. Page 2 THE HARDY FOUNDATION TRUSTEES. REPORT ICONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 c. Financial review During the year the charity had income of £2,723 12022.. £94,411). This was due to there being no donations ceived in the year, as the charity had sufficient funds. The income received was interest on cash held al bank. The charity spent £35,000 {2022.. £73,322) on grants during the year, as well as £7,48112022.. £5,886) on other operational costs. This resulted in nel expenditure recorded for the year of £39,75812022.. £15,203 net income). At reporting dale, reserves lofwhich all are unreslrictedl, were £220,12812D22.' £259,886). Structure. governance and management Constitution The Hardy Foundation is a registered Gharitable inGorporaled organisation, number 1181246, and is Gonstituted under a Trust deed registered 18 December 2018. b. Methods of appointment or election of Trustees The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. . Policies adopted for the induction and training of Trustees The founding trustees are the only trustees of the charity. There are no plans lo induct new trustees. d. Financial risk management The Trustees have assessed the major risks to which the Charity is exposed, in particular those ￿lated to the operations and finances of thè Charity, and are satisfied that systems and prO￿dureS are in place to mitigate exposure lo the major risks. Plans for future periods The trustees plan for the future of the charity is lo continue funding the it through donations and pawng grants lo recipients that they identify as worthy causes meeting the Charit￿$ criteria. Page 3 THE HARDY FOUNDATION TRUSTEES. REPORT ICONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Statement of Trustees. responsibilities The Trustees are responsible for preparing the Trustees, report and the financial statements in accordan￿ with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). The law applicable lo charities in England & Wales requires the Trustees lo prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including ils income and expenditure, for th8t period. In preparing these financial stalemenls, the Trustees are required lo.. select suitable accounting policies and then apply them consistently- observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting eslimales that are reasonable and prudent., stale whether applicable UK Accounting Standards IFRS 1021 have been followed. subject to any material departLJres disclosed and explained in the financial statements.. prepare the financial statements on the 90ing concern basis unless il is inappropriate lo presume that the Charity will continue in business. The Trustees a￿ responsible for keeping adequate accounting records that are sufficient lo show and explain the Charills transactions and disclose with reasonable accuracy al any lirne the financial position of the Charity and enable them lo ensu￿ 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 a￿ also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud 8nd other irregularities. Approved by order of the members of the board of Trustees on 29 October 2024 and siqned on their behalf by.. Edward Thomas Hardy Chair Page 4 THE HARDY FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted funds 2023 Total funds 2023 Total funds 2022 Note Income from: Danxtion% And leggjcies Investments 2,723 2,723 661 Total income 2,723 2,723 94.411 Expenditurg on.. Charitable activities 42,481 42,481 79,208 Total expenditure 42,481 42,481 79,208 Ngt movement in funds 139,7581 139,7581 15,203 Reconciliation of funds: Total funds brought forward Nel movement in funds 259,886 139,7581 259,886 139,7581 244,683 15,203 Total funds carried forward 220,128 220,128 259,886 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on p8ges 7 to 13 flic of Ireland IFRS 102} (second edition effective 1 January 2019}, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102} and the Charities Act 2011. The financial statements have been prepared lo give a 'true and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the extent required lo provide a 'lrue and fair, view. This departure has involved following the Charities SORP IFRS 1021 published on 16 July 2014 rather than the Accounting and Reporting by Charities.. Stslemenl of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The Hardy Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise slated in the relevant accounting policy. 2.2 Golng concern The Trustees have reviewed the circumstances of the charity and consider that resources continue to be available to fund ils activities for the foreseeable future. Accordingly, the trustees consider it appropriate lo continue lo adopt the going concern basis in preparing its financial statements. 2.3 Income All income is recognised once the Charity has entillemenl lo the income, it is probable that the income will be received and the amount of income receivable c8n be measured reliably. Income lax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised al the b'me of the donation. Page 7 THE HARDY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies {¢ontinuedl 2.4 Expenditure Expenditure is rewgnised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of ecDnomic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure on charitable activities is incuffed on diredy undertaking the activities which further the Charitys objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the ffpr 1% rnndititsnAI. %iJrh grAnt.% tjp.ing rpengni%&d As g.xpènditiJrg whèn thg. rnnditiun% xttAr.hing Arè fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as 8 comrnilment, bul rK)l accrued 8s expenditure. All expenditure is inclusive of irrecoverable VAT. 2.5 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. 2.6 Llab115tles and provlglons Liabilities are recognised when there is an oblig8tion al the reporting date as a result of a past event. il is probable that a transfer of economic benefit will be required in settlement. and the amount of the settlement can be estimated reliably. Liabilities are recognised al the amount that the Charity anticipates il will pay to settle the debt or th8 amount it has received as adVan￿d payments for the goods or services it musl provide. 2.7 Fund accounting General funds are unreslricled funds which are available for use al the discretion of the Trustees in ftjrtherance of the general objectives of the Charity and which have not been designated for other purposes. The charity does not have any funds which are not unrestricted. Page 8 THE HARDY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from donations and legacies Unreslricled funds 2023 Total funds 2023 Totsl funds 2022 Donations Gift Aid 75,000 18,750 93,750 Investment ineome Unreslricled funds 2023 Total funds 2023 Total funds 2022 Interest 2.723 2.723 661 Analysis of grants Grants to Institutions 2023 Total funds 2023 Grants to institutions 35.000 35.000 Grants to Institutions 2022 Total funds 2022 Grants to institutions 73,322 73,322 The Charity has made the following material grants to institutions during the year.. Page 9 THE HARDY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of grants (continued) 2023 2022 Name of institution REORG 10,000 50.000 18.322 5,000 The Nasz Slask foundation Achieving for Children Merky Foundation 5,000 20,000 35,000 73,322 Analysis of expenditu￿ by activities Grant funding of activities 2023 Support costs 2023 Total funds 2023 Grants to institutions Other costs 35.000 35,000 7,481 7,481 35,000 7,481 42.481 Page 10 THE HARDY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expenditure by activities {continuedl Grant funding of activities 2022 Support costs 2022 Total funds 2022 Grants to institutions Other costs T3,322 73,322 5.886 5,886 73,322 5,886 79,208 Analysis of direct costs Analysis of support costs Support Total fiJnd8 Total fiJnd.% 2023 2023 2022 Bank charges Accountancy 481 481 326 7,000 7,000 5,560 7,481 7,481 5,886 Trustees. remuneratlon and expenses During the year, no Trustees received any remuneration or other benefils12022 - £NILI. During the year ended 31 December 2023, no Trustee expenses have been incurred12022- £NILI. Donations from trustees during the year, with no conditions attached, lolalled £NIL {2022 - £75,000). Debtors 2023 2022 Due within one year PrepayTnents and accrued income 18,750 18.750 18,750 18.750 Page 11 THE HARDY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Creditors.. Amounts falling due within ono year 2023 2022 Trade creditors 8,940 8.920 Accruals and deferred income 14,000 14,000 17,860 Page 12 THE HARDY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. Statement of funds statgment of funds - current year Balance at 31 December 2023 Balan￿ al 1 January 2023 Income Expenditure Unrestricted funds General Funds 259,886 2,723 142,4811 220,128 Statement of funds - prior year Balance at 31 December 2022 Balance at 1 January 2022 Income Expenditure Unrestricted funds General Pun(Js 244,bilJ Y4,411 179,2UiSI 259,bUb 11. Related party transactions During the year the charity paid a grant of £10,000 12022 - £50,000) lo REORG (charity number- 11922231, a charity in which Edward Thomas Hardy is also a trustee. Page 13