Chartty IU7969 TNstees' Report and Indepebxlenty Examined kcounts 31 Marth 2021
The Trustees present their report with the unaudited financial siatements of the tharlty for the perfod ended 31 March 2021. REFERENCE AND ADMINISTRATIVE OEfAILS Charlty No. 1187969 Prfncwl Offke Hlll Farm House Sproatiey Road Flinton East Ridlng of Yorkshlre HU114NE Trustees The folloni Trustees served durln8 the year. C. 8razler CBE F.A Calev F.P.A. Dudley M. Havler D. Merrin8ton Hosklns M. Rlley Chairperson M Havler Vlce ChJlr D Hosklns Secretary F Dudlev Treasurer C Brazier CBE MPH At¢ountsney Rear of 9a Westgate Patrlngton East Yorkshlre HU12 ONA Bankers Natlonal Westmlnster Bank plc Willerby and rk Ella The Square Willerbv Hull HUIO 7UA
The Objects of the CIO are: for the public benefft to provide assistan fthe higher edutation by means of exhibitk)ns. or financlal assistsnce to enable beneficiaries to prepare for or enter a profession. trade or callln& otherwlse promotlng the educatlon 11ndL[n8 sodal and physkal tralnin8) of boys and glrls resident in the Parish of Humbleton. The principal way In which these are athieved 15 through the prtylbltyi ofgrants to chlldren dthe rfsh as they reach key stsges of educatlon lenterfng Prlmary Sthool. Secondary Sthool and University). In addltlon. Trustees wlll consId appllcatlons from knl h0O15 equlpnert or fadlltles that will benefft thlldren from the parlsh. We ralse money to contlnue Ourwx)rkthr rentsl Incon from our pmperty In Humbleton as well as Interest on our bank account& Over the past year, we have tyen Indmdual grants of £275 to four youn8 people to support thelr unlverstty studles. Much of our work th15 year has been fo on our construction project vthith will convert the Okl School Into three 2-bed dwelllngs. bulld two >Ed dwellings and refurblsh the Old School House. Once complete (estlmated Aprlmay 20221 thls wlll Blve us slx propertles vthlch wlll be let at afftirdable rates In accordance wlth our Allocatlons Pollq- whEch prlorltises Ial people and those who are occupyln8 properues for the first dme. We have made tonslderable wo8ress wlth the Constr projectthls year wlth two key athlevements beln8 the Issue of Plannln8 Apprvfil In February and the award of £yKx) from the East Rlding of Yorkshlre Councll's Communlty Houslng Fund {ERYC CHFI to asslst wlth wfrccnon costs. As a resulL we expect work to commence on stte in August 2021. FINANCIAL REVIEW The Trust sold Heron's Farni. Fllnton In 2019 for £550.tMJ. In accordance vAth tharlty Commlsslon dlrectlon, thls sum can onty be used to purthase caiytal assets (suth as tr4Jlldln8s and landl or for Investments- It Cannot be spent on grants ¢x malntenance/admlnlstratkn. To thèt end, we have allocated £425,0 to the dwellln8s element of the con5tnth proJeLt aThl the remainln8 £125,lJX• to the Comrnunlty Centrelpavillon. At the end ofthe year, we had £570,CX)) In our accounts {Net Worth mlnu5 Flxed A55etsl and had already spent £26,(th on the Communty Centre. We have already c£¥nmltted to spend £99,(XK) on the pre-con5trurtion element of the dwellires •nd rrentlY forecast Ibased on our Quanttty Surveyorfs flgures) that the constructlon c¢>sts wlll be approxlrnètely £835.•. We plan to achlevethls amount wtth our orl8lnal £425,( plus £3(10,O(M) from another ERYC CHF 8rant and then use some of our remaining funds tomblned wlth a loan to reach the eventual totsl. Uearly we cannrt know wh the exact figure wlll be untll the constnjctlon tender process is tomplete Uvly 2021). Once the dwellings a complete. we wtll have them valwl to update ¢wr Assets fWre. The market value will be reduced by 20% because the ERYC CHF grart requires thatthey can onlv be nted or sold at 'affordable' ratss Ile 80% of market lue). current plans we expect ththe slx dwelllngs wlll w(th approximately £8tXI.I)J)- althou8h we ha no plans to sell any of them. Once the dwellings are occupied. we anticipate our net rentsl income {'afford¥ble' rates minus mana8ernent thar8osI from all six properties being £26.5fXI pa. This will enable us to repay any loans that we have required artd to increase our8rant-1n8 in accordance with our plans aly)ve. We have no formal Reserve5 Policy. We always intend to habE no less than £25,0 in our atcounts with a minimum of £51XXI available Immedlatdy in case of urgent requirements leg repalr51. Should we need to reduce ejther ofthÈsè figurs the TntsteÈs will bÈ asked to approve the reductron.
Tee$ Annual Rep¢Kt We expert the next 12 month5 to be tsken up wlth overseeingthe con5tructron project whlch should be almost ready for occupation by the end of the Hnanaal Year. Once occupied. we Vbllll begln to rebulld our ftnandal reserves. repay any loans that will have been required and start to focus on Phase 2 of the project whkh will involve the bulldlng of a nvaT Commwilty CentTe/Pa¥lllon for the village dose to the Trusys slx dwellln8S. The profit that we expect to generate from our new properties will also enable u5 to increase the amount that vle provide to local childrenlyoun8 people to enable them to reath theirfull potentia1. As well as our current grants. we antkipate being ableto provkle more targeted land potentially1Sfe-chan8ingl amounts to support the transltion from educatlon aNI Into employmenL We expect that these ml8ht Include unlverslty fees, apprentl¢eshlps, professlonal qualifutth leg HGV. AAT), tool purchases and bu51ness start-up& Heron Educ&tlon•l Foundatk)n b a re8iStered charftable 1rKorpO or8anlsatlon (CIO- 11879691 and15 constituted under a Foundation model constltukn dated 14 Febnwry 2020. The Trust was orl8lnaSly establlshed In 1718 by the wlll of Francls Heron to prIde ssFsr¥nce forthe hl8her educatk•n of ehlldren Ilvlng In the parfsh of Humbleton. The constltutlon allows for a minlmum of 3 and a maxlfflum of 9 Tntee A quorum b athlwrnl when 50% Irounded upl are in attendance. There is no restriction on resldency or professlon of Trustees although It Is nomal for all Trustees to have wme connec1k {thrtyJth resldency orfamlly) to Humbleton or the surroundlng parlshes. We hold Tnjst rneetln85 every rrAth and have added a Construckn Project meetin8 2 weeks after the Trust meetln8 to deal wlth the many 5ssues that arlse as we work throu8h the varFous prO5S to f]nance. spec and oversee the project. We have appolnted a Project Su&Commlttee (conslstln8 of the Chalr, Secretary and Treasurer) to deal ¥%lth day-trday Matte The SulTrCommlttee is authorised to spend up to £IO,OCIJ without revertln8 to the fvll Trt rneetlng for apprrylal. The charlty trustees are responslble for preparfng a tnee5, annual report and flnandal statemerrts In accordance wlth appll¢able law and Unlted Klngdom Accountlng Standards Iunlted Klngdom Generally Accepted Accountlng Practlce}. The Trustees are reSsIble for keeps rwer accountlrq records that dlsch)se wlth rea)nable accurary at any tlme the financial position of the drIty 4nd to enable them to ensure that the financial statements comply wtth the CharTtles Act 2011, the appli¢able Charrties (Accounts and Reports) Regulatlons, and the provlslons of the Trust deed. The Trustees are aly> resp)nsible for safeguardln8 the assets of the charlty and hence tsklng reasonable steps forthe preventim and detettion of fraud and other Irregularltles. Slgned on behalf of the charws trustees F Dudley. Secretsry 18th August 2021
Independent Examlners Report I report to the trustees on my examination ofthe accounts of Heron Educational Foundation for the period ended 31 March 2021 whtch comprise the Stztement of Finandal Athiues, the Balance Sheet and the related note5. As the charity's trustees you are re5ponslbleforthe preparation of the accounts in accordan wlth the requirements of the Charities Act 2011{Ihe ACV). The trustees Coder that an audit is not required forthis year under the tharitle5 Act 2011. s.144(21 lthe 2011 £tl and th an Independent examlnatlon Is needed. I report in respect of my examlnation of the tharitvs accounts carried out under sectlon 145 of the 2011 Act and In orrylng out my examlnation I have followed all the applicable Dlrections glven by the Charlty Commlsslon under sectlon 14515llbl of the Act. Independent examlnerfs statem I have completed my examlnatlon. I can eonflrm that no materlal matters hab* come to my attentlt)n In connectlon wlth the Èxamlnatlon 8Mn8 me cause to belleve that In. any matertal respÈct: • the accountlng records were not kept In respect of the eharlty as requlred by sertk)n 130 of the Act: or • the accounts do not accord wSth those rec(xds,' or • the accounts dld not comply wfth the appltcablè requlrements ¢oncemln8 the fom and content of accounts Set out In the Charttles IA¢cwnts and Reports) Re8ulatlons 2008 other than any requlrement that the accounts glve a Irue and falrf vlew whkh Is not a matter consklered as part of an independent examlnatton. I have no concerns and have come across no other matters In conYOn wlth the examlnatlon to whlch attentlon should be drdwn In thls report In onler to enable a propw urKlerstandlna of the accounts to bè reached. Shannon Smbth MATh ACCA MPH Accountancy Rear of 94 We5tgate Patrln8ton East Yorkshire HU12 ONA 18th August 2021
Heron Educailona Foundaikn fun& Totsl funds zozi from: Char5tsble activltles Other tradlng actlvltles Investments Other 200 4.452 45.& 20) 4.452 45,6 Totsl 50.254 Other 43.811 43,811 Total 43,811 43.811 Net galns on Investments Net lfi¢om• 7,126 7.126 Transfefs between funds 802,959 802.959 N•t Incom• b•kn othw plnslllosws) 810,085 810.085 Otherplns and los 810,085 810.085 Reconclllatlon (rffvn Totsl funds rrf•d lorw•rd 810.085 810.085
Balance Sheet at 31 Marth 2021 Charlty No. 118PJ69 Flx•d ass•ts Tanglble assets Investments 244.678 4.026 248,704 Stixks Cash at bank and In hand 100 567.281 $67,381 16.(W) Credltors: Amount falllng due wtthSn year Net ¢urr•nt •%ts li 561.381 Total assets less curvent Il•bllltl•s 810.085 810.085 T¢)tal net amets 810,085 The tunds of the dbBrlty Restrkt•d funds VnveJtrkt•d funds General funds 809,4102 ReseT¥•s Revaluatlon rese T¢)tsl fun& 810,085 Approved by the trustees 1)n L8th AuBwt 2021 And sl8ned on thelr behalf by. M Havler- Chairman C Brazler
for the perlod ended 31 Mavth 2021 The financial staternents have been prepared in acc<xdance with Ststement of Recommended Practlce: Accountln8 and Reportlng by Charftles preparfng thelr accounts In accordance wfth the Finandal Reporting Stsndard applicable in the UK and Republlc If Iland IFRS 102) issued on 16July 2014 and the Financial Reporting Stsndard appllcakAe in the United ngdoM and Republk of Ireland IFRS 1021 and the Charitles Act 2011. There has been no ¢han8e to the accountin8 pollcies (waluatlon rules and method of accountin81 slnce last year and no changes have l)een made to ¥¢eounts for previthts years. Fund accountl Unrestrfrted fund5 These are avallable for use atthe dlscrekn of thetn In fvrtherance of the 8eneral objects of the charlty. Desl8nated fvnds These are unreStrIrt funds eannarked tythe trustees for partIlaT purpo$es. RÈvaluatlon funds These are unrestricted funds which include a revaluation reserve repre5entin8 the reststement of Invertment assets *thelr market values. These are avallable for use subAe¢t to rethctlons Imp05ed bythe donor or through terms of an appeal. Restrktsd fvnds Incom• Recognitlon of Income Income Is included In Ststernent of Financial ktivities (SOFA) when the charity becomÈs entldÈd to, and vlrtually certaln to e1ve. the Income and the amount of the Incorne can be measured wlth suffid•nt rellablltty. Incorne wtth related Where Income has related expendlture the Income and related eMpendlture15 expendlture reported irnss In the SOF Oonatlons and le8acles Voluntsry Income recefved by way of grant4 dorths and glfts Is Included In the the SOFA vthen recelydble and onty when tr Charlty has urKondltlonal entltlemeftt to the Incorne. Tax reclalms on Income from tsx redaims Is Sncluded in the SOFA at the same time a5 the donailons and glfts gffVdonatk)n to whlch It relates. Donated seNlces These are onty Induded in income (wlth an equlvalent 4mount In expendlturel and facllltles where the benefft to the Charity Is reasonably quantrhble. mèasurable and materlal. Volunteer help Yalue of any volunteer help recelved Is rmx Inclth in the accounts. Investment IncOff Thls Is Induded In the a(Ufits when reCe&ble. Gains1{lossesl c This includes any gain or10ss resultin8 from revaluin8 investments to market value revaluation of fixed at the end of the year. Gainslllossesl on This indudes any8aln or1055 on the le of investments. Investment assets
Recognltlon of expendlture Expendfture 15 rec<J8nised on an acuuals basls. Expendlture includes any VAT which cannot be fvlly rectr4ered, and ts reported as part of the expenditure to whlch It relate Expendlture on These comprlse the costs assouated wlth attractlng voluntsry Income. fitndrdlslng rnisln8 funds tradln8 costs and Investment mana8ement C05t& Expendlture on These comprise the costs Incurred by the Charity in the delrvery of its activltles and charitable activltles services in the furtrance of its objects. ir)duding the makin8 of grants and Grants payable All @rnnt experrfllture Is accounted ftyon ¥n aLtsJl pald basis pius an a¢¢rual for 8rJnts that h•ve been approved bythe trustees atthe end of the year but not yet paid. Govemance c¢ts These Include those costs asA)dated wlth meeting the constitutional and statutory requirements of the Charity. indudln8 any audltllndependent examlnatlon fees, costs Ilnked to the stTrte8lc nwna8ernert of the Charlty, together wlth a share of other admlnlstratlon ¢05ts. Other expendlture These are support costs not allocatsd to a partkular a¢dvlty. T•x•tlon The ¢harSty Is exempt from tsx on Its charttable actl¥l Investment propertles are measured Inltv4lly at cost and subsequentfy at frdlr vèlue at each balance sheet date and are not depreclated. All 8aln5 or l(55es are taken to the Statement of Flnandal Actlvltles a5 they arlse. Sto¢k% Stock Is Induded at the lowerof cost or net reallsable value. Oonknd items of stock are recognlsed at falf value whlch Is the amount the charlty would have been wlllln8 to pay for the Items on the open markeL Tr4d• and oth•r d•btors Trade and other debtors are rec(8nlsed at the settlement amount due after anytrdde dlscount offered. Prepayments are valld atthe anwnt prepakl net of anytrade dbcoufts due. Cash and cash equivalents comwlse cash at bank and on hand, demand dep051ts with bank5 and other short-term highly liquid investments with original maturities of three month5 or less and bank overdrafts. the statement of financial positson, bank overdrafts are Shown withln l)orrowln85 or current liabilfties. In the Statement of Cash Flow5. cash and cash equivalents are net of bank overdraftsthat are repayable on demand and forni an Inte8fal part of the company's cash managemenL Short tern credrtors are measured at the transactk*n Pre. Other treditors and provlslons are re¢ogniséd where the charlty has a wesent obl1kn rewltin8 from a past eventthat wlll pn)bably resu In the transfer of fundsto a third party and the amount due to settle the obligation can be measured or estimated lIably. Creditors and provisio are nomialfy recosni5ed at thelr settlement amount after allowin8 for any trade discounts due.
Expenditure on research and development is vKitteTh off In the year in whith it is incurred. Forel8n currendes Monetary assets and Ilabilitie5 denominated in currencies other than the furthnal currency of the chadty a trdnslated at the rates of exchange pre¥ailing at the end ofthe reporting perityj. Transactlon5 In currenues other than the functional currency of the tharlty are recorded at the rate of exchange on the date that the tran5actlon occurred. All exthan8e dlfferences are are tsken Into account In arrMn8 at net Incomelexpendlture. Where the charlty enters Into a ase vthlch entslls tskln8 substsntlalty all the rlsks and rewards of owner5hlp of an asse¢ the lease Is treated a flnance lease. Leases whlch do not transfer substantlalty all the rlsks and rewards of ownershlp to charlty are dasslfied as operatlng leases. Assets held under finan Feas are Inltlally reco8n15ed as a55ets of the tharfy at thelr falr Wdlue at the Inceptlon of the lease or. If lower. at the present value of the mlnlmum lease payments. The correspondin81laIty to the lesw Is Induded In th• bOnC• 5he•t dats a5 a finance l•as• obllgatlon. Lease payments are apportEoned between flnance and redurtl(¥n of the lease obllgatlon so as to achleve a constsnt ratr of interest on the remainln8 balance of the Ilabillty. Flnance expense5 are reco8nlsed Immedlately. unless thvi are dlrectly attr5butsb to quallfylng assets, In whkh case they are capitalised In accordance wlth the charws pollcy on borrowln8 Costs. Assets held underfftn8n leases are depreclated In the same way as owned asse Operatlng lease payments are reco8nlsed as an expense on a stral8ht-Ilne basls over the lease tem. In the everrt that lease Incentlves are recdved to enter into ¢)peTrtin8 leases, wch incentives are recognlsed as a Ilablllty. The 388re8ate benefft of Incentlves Is recognlsed as a reductlon of rentsl expense on a straight-line bas15. All donated goods. fadlltles and servlces re11 are recogntsed wlthln Incornlng resources and expertdrtu at an estimate ofthe value to the charity. Totsl 2021 YEOL Wayleave
HemD EdutIonal Flxmdatlon Total 2021 Humbleton Recreatlon aub 2(NJ 200 Total 2021 COIF Diwdend 89 4.363 4,452 Bank Interest Recelved 4.452 5 Other Income Total Sthool House Rent 5.668 100 Sundry Income Grarrts 39,832 45.6(Kl 39.832 45.6 6 Othqr •xwndltur• Totsl 2021 Awards and Grnnts Ll(X) 1.039 i.ICKJ 1.039 306 Premlses costs General admlnlstrdtlve costs Le8al and profe551onal costs 41.366 43.811 4L366 43,811 7 stsff tosts No employee receiThl emolurnents in ¢y£ess of £60,CIXI. 8 Tan8lbl• fflx•d assats Addition5 At 31 March 2021 Net book vahRs 244.678 244.678 244.678 244,678 At 31 Marth 2021 244,678 244,678
- Unllsted Tot41 Addltlons Revaluatlon At 31 Marth 2021 3,343 3,343 683 4,026 4.026 At 31 Marth 2021 4.026 4.026 io Stocks 20U Stock Ic 11 Crndltors: amourrts fallln8 due wlthln one year Accruals and deferred in¢off 12 Mov•m•nt In fvb Incomh At31 Marth 2021 Ilndudl Unre51Tlcted fvnd&' Gemral fvnds 143.8111 801959 809.402 Revaluation fund TotalrelUation resen 683 Ti)tsl fun 50.937 I4311) 802.959 810,085 Purposes and restrictions In relation to the funds- Revaluation reserves Rewesent the arrM)unt by whkth In¥estments exceed thelr hlstt>rlcal cost
Heron Educatlonal FndatI 13 Analy* of not 45sets between fund5 fund5 T¢>tal Fixed assets 244.678 4,026 561.381 810.085 244,678 4,026 561.381 810,085 Investments Net currerrt a55ets At31 Marth 2021 Cash ffl Cash and ¢ash equiwolents 567.281 567.281 567,281 567.281 Net Idebt)lasset 567.281 567,281
Her¢Jn Edutiorkil Foundation for the perlod •thd 31 M•r¢h 2021 fund5 Totsl fvnds 2021 In¢ome •nd endowmwtsfrnm: Charitable actlvltles YEDL Wayleave Other trndSn8 Xtlvities Humbleton Recreatkn aub 200 Investments COIF Dividend Bank Interest Recelved 4,363 4,452 4,363 4.452 Other School House Rent Sundry Income Grants loo 39,832 45.600 39,832 45.60D 50,254 50,254 Expendlture on: Other expendlture Awar(ls and Grnnts I,i(NJ 1.1 1,1 i.IrA) Premises costs Rates Premises repalrs and maintenance Other premlses costs 1475) 14751 L091 1,091 423 1,039 423 1,039 General admlnlstratlve costy includlng depreclatlon and amortlsation ststionery prlnttn8 and general adrnlnistratlon Legal and professional costs Auditllndepeftdent examlnatl(¥n fee5 Managemerrt tharges Professlonal fees- con5tructlon project Other legal and protsgonal costs 2(Ki 729 38.031 38.031 41.366 41,366
Heron Educ*tonal Foundallon Total of expendlture af other costs Totsl expendlture Net gains on Investments 43.811 43.811 43.811 43,811 Net Income 7,126 7,126 Transfers betweèn funds 802.959 802,959 galnsl(losses) Other Galns 810,(ffj5 810.085 Net In lun 810,085 810.085 Recondllailtsn ¢Afundk' Totsl funds Ixou8ht forward Totsl fvnds rrIed fomrd 810,085 810.tA5