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 follo￿ni 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￿ f￿the 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 >E*d 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 I￿al 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 £y￿Kx) from the East Rlding of Yorkshlre Councll's Communlty Houslng Fund {ERYC CHFI to asslst wlth wfrccn￿on 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 th*the 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. T￿￿ee$ 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 pr￿Ide *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 Tn￿tee* 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 rrA￿th 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 prO￿5S 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 tn￿ee5, 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 reS￿sIble for keeps￿ rwer accountlrq records that dlsch)se wlth rea￿)nable accurary at any tlme the financial position of the d￿rIty 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 Co￿der 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 conY￿On 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 accrlcal cost Heron Educatlonal F￿ndatI 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 Edut*iorkil 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