Ileron Edu¢atlonal Foundatlon char P40. I7969 Trust, R•part4nd Umudlted Actnts 31 Mah 2024
Heron Edu¢atl¢)nal Foundatlon Pages Trustee5' Annual Report Independent Examiner's Report ststement of Financial Actrdrties Balance Sheet Statement of Cash flows 16 Notes to the Accounts 9t015 Detailed Statement ol Financlal P&ttvltles 17to18
Heron Educatlonal Foundatlon Trustee5 Annual Report The trtjstees psent their port with the unaudited financial statements of the charity for the year ended 31 Marth 2024. REFERENCE AND ADMINisfRATIVE DEfAIiS Charlty No. 1187969 Prfndpal Office Hill Farm House Sproatley Road Flinton East Rldln8 of Yorkshire HU114NE The following trustees served durSn8 the year. C. Brazler F.A. Caley M. Havler D. Merrlngton Hosklns M. Rlley P Farrar Key Man•8emetrt Personnel Chair Vlce Chair Treasurer M HavSer D Hoskins C Brazier CBE Accountsnts MPH Accountan 1st Floor Manor House Maln Road Ryehill Eastyorkshire HU12 9NH Bankers National WestminsterBank plc Wlllerby and Klrk Ella The Square Willerby Hull HUIO 7UA
Heron Educatlonal Foundatlon Trustees Annual Report OBJEcllvES AND ACllVtnES The Objects of the CIO are: for the public benefit to provide 055iStancefor the higher eductition by means of exhibitions. orfinonciol ossistonce to enoble beneficiories to preporefororenter o profession. trode orcallinq, otherwise pmmoting the education (including social anphCOl tminingj of boys and girls re51dentln the Pan5h of Humbleton. The principal way in which these are achieved is throu8h the provision of grants to children of the parish as they reach key stages of education {enterin8 Primary School. Secondary School and Universityl. In addltlon, Trustees will consider applications from local schools for equiwnent or facilities that will benefit children from the parish. We raise money to continue our work through rental income from our property In Humbleton as well as Interest on our bank accounts. ACHIEVEMENTS AND PERFORMANCE Over the past year. we have given seventeen individual grants to young people totallin8 £4250 to support their studies as well a5 don•tlons of £515 to Sproatley sc1Kl. Thls tt>tsl Is far In excess of any other year In recent time5 and refiects better publiclty about the Trusf s existence as well as the Trusteeg greater flnanclal confldence glven our eStaIShed Incorne from our rental propertles. In temis of our propertles. we have SIX (three 2-beds. two 3-beds & one 4-bedl whlch a let at affordable rates In accordance wlth our AllocatSons Pollcy-whlch priorftises local people and those who are occupylng properties for the first time. All six have been occupied for the whole of this period. We are very muth into the post•construction phase with these buildings although there are still a few mlnor constructlon-related defects to be put right. and the octasional routine maintenance artion has been requlred. We have. however, translttoned all the malntenance management to our letting agents Iultralets of Beverley) and are no longer rellant on the builders Istructeco of Leeds) for anythlng. We ¢ontlnue to be Ènomlously proud of what we have athieved and the drfference that thls is making to the charity, our tenant5 and the vlllage. We remaln very grateful for the help that was provlded by East Rldlng Councll who have provided advlce. support and grant finances throughout the constructSon phase- Includin8 a final 8rant payment of approximately £46.fMXI in this perio(l. FINANCIAL REVIEW The Trust sold Heron's Fam, Flinton in 2019 for £550.(KKJ. In accordance with Charity Commission direction, this surn can only be used to purchase capital assets (such as buildings and landl or for investments- it cannot be spent on grants or maintenanceladministration. To that end. we had oriwnally allocated £425.m) from this sale to the dwellings element of the construction project and the remaining £125.1NJ) to the Communty Cent1PaVil10n. As described last year however. the rising cost of construction meant that we used all of the £550,(M) plus another £3).c of our own money {including a £200,IXMJ bank loan repayable over 15 years) on the 6 dwellings. The Charities Commission direction has therefore been satisfied, but we have considerably less capttal available than we had intended when we started construttion. That Said. now that the dwellings element 15 complete, the Centre is the priority for us and we are artIVe looking for ways of making it a realty- perhaps in the next year or. more likely. in FY 202516.
Heron Educatlonal Foundatlon Trustees Annual ftept With all 6 of the homes occupied. as forecast in our finarKial plan forthe construction project. our net rental income {'affordable' rates minu5 management charges) from all six properties is £30.5 pa. This is enabling U5 to repay our loan and to increase our grant-8ivin8 in accordance wrth the paragraphs above and our objects. We have no formal Reserve5 Policy. We alway5 intend to have no less than £25.CQO In our accounts wlth a minimum of £5CrfXI available immediately in case of urgent requirements leg repalrsl. Should we need to reduce elther of these figures. the Trustees wlll be asked tt> approve the redurtion. PLANS FOR FUTURE PERIODS As forecast last year. we have begun to rebuild ourfinancial reserves, repay the bank loan and are switching our focus to Phase 2 of the project which will In¥ofve the bulldlng of a new Community Centre/Pavlllon for the villa8e close to the Trusys six dwelling5. We tontlnue to look for ways of financlng this important community asset and have made several. unfortunately unsuccessful, grant applications dijring this perlod. As noted in our Achievements paragraphs. the profit that we generated from our new properties comblned with more effectlve publicity has enabled us to Increase the amount that we provlde to local thlldrenlyoung people to enable them to reach thelrfull potentlal. We aim to contlnue at last yearfs levels for the comlng year but are still able to provide more targeted land potentialty life<hangingl amounts to support the transition from educatlon and Into employment should the right opportunity and appllcant arise. STRucfuRE, GOVERNANCE AND MANAGEMENr Heron Educational Foundation 15 a re8iStered charitsble irthrporated organlsatlon (CIO- 11879691 and Is constltuted under a Foundation model constttution dated 14 Febwary 2020. The Trust was originally established in 1718 by the wlll of Francis Heron to provide assistance for the hi8her educatlon of children livin8 in the parish of Humbleton. The ¢onstltutlon allows for a minlmum of 3 and a maxlmum of 9 Trustees. Aquorum Is achleved when 50% (rounded upl are In attendance. There Is no restriction on residency or profession of Trustees although It Is normal for all Trustees to have some connertion {through residency or famityl to Humbleton or the surroundin8 parishes. We hold Trust meetin8$ every month and have added a Construction Projert meeting 2 weeks after the Trust meetin8 to deal with the many issues that arise as we work through the various process to finance. specify and oversee the project. We have appointed a Project Sub-committee (consisting of the Chair, Secretsry and Treasurer) to deal with day-to-day matters. The SucoMmittee is authori5ed to spend up to £IO,lXj without reverting to the full Trust meeting for approval. ststement of truste, respoTrslblWtles In rel•thJn tothE firwbcial statements The charity trustees are responsible for preparin8 a tru5tees' annual report and finantial statements in accordan with applicable law and United Kingdom Accounting Standards (United fin8dom Generally Accepted Acwunting Practice). The trustees are responsible for keeping proper accountin8 recordsthat disckn5e wtth reasonable accuracy at any time the financial position of the charty and to enable them to ensure that the financial statements comply with the Charltles Act 2011. the appllcable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees ère also resp)nsible for safeguarding the assets of the charity and hence takin8 reasonable steps for the pVentIon and detertn of fraud and other irregularities.
Heron Educational Foundation Trustees Annual Report Signed on behalf of the charlty's trustees C. Brazl Trustee 9 Ortober 2024
Heron Educailthwl Foundation Independent Examiners Rqyrt I report to the tnjstees on my examination of the financial statements of Heron Educational Foundatlon for the year ended 31 March 2024. Responslbilltles and basls of rep As the charty's trustees you are resp)nslble for the preparation of the financlal statements In accordance with the reqLEirements of the Charities Act 20111'the Act'l. I report In respect of my examinatk)n of the charity'5 financial statements carrled out under sectlon 145 of the 2011 Act and in carrying out my examination I have followed all the appllcable Direction5 given by the Charlty CommIssn undersettion 14515llbl of the Act. Independent examlnees statement I have completed my examlnation. I can confirni that no material matters have come to my attentlon In connectlon wh the examlnatlon giving me cause to beIve that in any material $pert.. . the accountlng records were not kèpt In résptt of the charlty a5 requlred by sectlon 130 of the Act: or • the financSal statements do not accord wlth those records.. or the financlal statements do not compty with the applbcable requlrements concemlng thè fomi and content of flnanclal staternents set out In the Charltie5 (Accounts and Reports) Regulatlons 2CQ8 other than any requlrement th* the financlal statement$ • Irue and falr, ¥kw whlch Is not a matter con5klered as of an Independent examlnatlon. I have no concern5 and have come across no other matters in connÈction wlth the examlnatlon lo whl¢h attention should be drdwn In thb report in order to enable a proper understandln8 of the flnanclal ststements to be reathed. Shannon Smlth MAAT ACCA MPH Accounta 1st Floor Manor House Maln Road Ryehill Eastyorkshire HU12 9NH 9 October 2024
Heron Educatlonal Foundallon Statement of Finanaal Activit$ for the year ended 31 March 2024 Unrestrlcted funds Totsl funds Totsl funds 2023 Charitable activlties Other trading artivitie5 Investments Other 2W 2rx) 20) 429 167.372 2.102 89,682 2.102 89.682 Total 91.986 91.986 168.003 Experlture M: Other 38.768 38,768 26,675 Totsl 38,768 38.768 26,675 Net losses on Investments 1102,6931 38,635 N•t Incom• 53.218 53.218 Transfers between fvn(ts Net Income before oth•r 53.218 53.218 38.635 Other ialThs and kbsses Net movement In fvnds 53.218 53,218 38,635 Reconclllath)n of funds: Total funds brought forward 980.7C 980,706 942,071 Totsl tunds carrled forwa 1,033.924 1,033,924 980,706
Heron Educatlonal FndatIon Balance Sheet at 31 Marth 2024 Charlty No. 1187969 Flxed assets Investments 1.152.216 1.152,216 1,102,473 1.102,473 Current assets Stocks Cash at bank and in harKI io 412 412 68,481 68,893 18.8621 60.031 74,667 75,079 110,1221 64,957 Credltors: Amount fallin8 due wlthln one Net current assets li Total •$sets le55 current Il•bllltles 1,212,247 1178,3231 1,033,924 1.167.430 1186,7241 980.706 Credltors: Amounts falling due after more than one Net assets excludlng penslon asset or Ilablllty Totsl net assets 1.033.924 980.706 The funds ofthe dHrfty RestFlcted fund5 Unrèstrlcted fvnds General funds 1.033.924 980,706 1.033,924 980,706 Reserves Total funds L033,924 980.706 Approved by the trustees on 31 March 2024 And slgned on their behalf ty.. M. Havler Trustee 9 October 2024
Heron Edu¢atlonal Foundatlon Notes to the Accounts for the year ended 31 March 2024 l Accountlng polkies 8asls (rfpreparatlon The financial statements have been ppared in accordance with Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their attounts in actordance with the Financlal Reporting Standard applicable in the UK and Republic rf Ireland IFRS 1021 Issued on 16 July 2014 and the Flnancial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Charlties Act 2011. Change Sn basss of account1 orto pre¥Sous The has been no change to the accountin8 policies Ivaluation rules and method of a¢¢ountin81 since last year and no changes have been made to accounts for prevlous years. Fund x¢ountl Unrestrlcted funds These a available for use at the discwion of the trustees in fvrtherance of the general objects of the charlty. These are unrestricted funds earmarked trustees for partlcular purposes. These are unrestrictèd funds which include a revaluation reserve representing the restatement of investment assets at their market values. These are avallable for use subject to restrlctlons Imposed by the donor or through terms of an appeal. Oeslgnated funds Revaluation funds Restricted fvnds In¢om• Recognition of Income Income is included in the Statement of Financial Activtties ISOFAI when the charity becomes entitled to. and wrtually rtain to receNe, the income and the amount of the income can be rneasured with sufficient reliability. Income with relatèd Where Income ha5 related expendlture the income and related expendlture is expenditure reported gross in the SOF Donations and legacies Voluntary income recelved by way of grants. donations and glfts is Included in the the SOFA when receNable and onlyvthen the Charlty has uncondltlonal entltlement to the income. Tax reclaims on Intome from tsx reclaims is included in the SOFA at the same time as the donatlons and gffts glft/donation to which it relate5. Donated 5eTvice5 These are On included in income Iwlth an eqUrlent amount in expenditure) and facilities where the benefft to the Charrty is 3nablY quantifiable, measurable and material. Volunteer help The value of any volunteer help reoNed Is not Included In the accounts. Investment income This is included in the accounts when receivable. Gainslllo$5esl on This indudes any gain or knss resultin8 from revaluing investments to marketvalue revaluation of fthed at the end of the year. assets Gains111055esl on investment assets Thi5 include5 any gain or loss on the sale of inerrtS.
Heron Educational Foundation Notes to the A¢¢ounts Expenditu Reco8nition of expenditure Expendtture is recognised on an accrnals basis. Expenditure includes anyVATwhich cannot be fvlty w0Ved. and is ported 35 Part ofthe expenditure to which it relate5. Expenditure on These comprSse the costs a550ciated with attractlngvoluntsry Income, fundraising raising funds tradin8 costs and investment management costs. Expenditure on These comprise the costs inCUrd by the Charity In the delivery of rt5 activrtie5 and charitable artivities services in the furtherance of its objects. includin8 the makin8 of grants and governance costs. All grant expenditure is accounted for on an actual pald basi5 plus an accrual for 8rants that have been approved bythe trustees at the end of the year but not yet paid. These include those costs associated with meetin8 the constltutlonal and statutory requirements of the CharSty. including any auditlindependent examination fees. costs linked to the strate8lc mana8ement of the Charlty, together wlth a share of other admlnistratlon costs. Other expenditure These are sUPPOrt costs not allocated to a particular actlvlty. Grants payable Govemance costs Taxatlon The charlty Is exempt from tax on its tharitable attThrytI. Freehold Investment pvo Investment propertles are measured Inltlally at cost and subsequently at falr value at each balance sheet date and are not depreciated. All gains or losse5 are taken to the Statement of Financial ArtivSties as they arlse. Stocks Stock is Included at the lower of cost Of net all$able vèlue. Donated items of stock are recognlsed at falr value whlch is the amount the charlty would have been wllling to pay for the ttems on the open market. Trade and other detrtovs Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade dsscounts due. tsh and cash equlvaberts Cash and cash equlvalents comprlse cash at bank and on hand. demand dewslts wlth banks and other 5hort-term highly liquid investments wtth 0ri8inal maturities of three months or le55 and bank overdrafts. In the statement of flnanclal positlon, bank overdrafts are Shown within borrowings or current Ilabllitles. In the Statement of Cash Flows. cash and cash equlvants are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. Trade and other (rerfrtors Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charrty has a present obligatn resulting from a past event that wlll probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated liably. Creditors and provisions a nornially reco8nised at their settlement amount after allowing for ony trade discounts due.
Heron Educational Foundatlon Notes to the Accounts Research and development Expenditure on research and development is vnitten off in the year in which it is incurred. Forel8n ¢urren¢les Monetary assets and liabilities denominated in currenaes other than the functional currency of the charity a translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currenLy of the charity are recorded at the rate of exchange on the date that the transartion occurred. All exchan8e differences are tsken into account in arrivins at net IoMe/eXPenditU. leased assets Where the charity enter5 into a lease which entails taking substantially all the risks and rewards of ownership of an a55e¢ the lease is treated as a finance lease. Leases which do not transfer substantlalty all the rlsks and rewards of ownership to charity are classifd as operatlng leases. Assets held under flnance leases a initialty recognised as assets of the charity at thelr faSr value at the Inceptlon of the lease or. If lower. at the present value of the m5nlmum lease payments. The correspondln8 Ilabllty to the lessor Is Iluded In the balance sheet date as a finance lease obllgatlon. Lease payments are apportioned between finance expenses and reduction of the lease obli8ation so as to achleve a constant ratè of Interest on the remalnlng balance of the Ilablllty. Flnance expenses are reco8nlsed Immedlately. unless they arè dlrectly attrlbutable to qualifying assets. In which case they are capltallsed In accordance with the charty's policy on borrowin8 costs. Asset5 held under flnance leases are depreclated In the same way as owned asse Operatlng lease payments are reco8Trised as an expense on a 5trai8ht-line basls over the lease tem. In the event that lease Incentfves are recelved to enter Into operatlng leases. such incentlves are recognised as a liability. The aggregate benefft of incentives is recognlsed as a redurtion of rental expense on a stral8ht-Ilne basls. Recelpt of donatsd 8ood5. fadlhles and ser All donated goods. tscilities ond servi5 received are reco8ntsed wlthln Incomlng resources and expendlture at an estimats of the value to the charity.
Heron Educatlonal Foundatlon Notes to the Accounts 2 statement of Anandal Acllvltles. prfor y funds Totsl funds Income and endowments from: Charitable actiwtses Other trading attivities Investments Other 2Crt) 429 167,372 429 167,372 Ti>tal 168,(K13 168,CQ3 Expendlture 0. Other 26,675 26,675 Totsl 26.675 26,675 Net gains on investments 1102,6931 1102,6931 Net Income 38.635 38,635 Net Income before other Inslllo55es) Other galns and losse5: Net mt)vement In lunds 38,635 38.635 38,635 38,635 Reton¢lll•tlon of funds: Total funds brought foTh¥ard Totsl funds ¢affled foTh¥ard 942,071 942,071 980,706 980,706 3 Income from tharlt*ble acth Total Tot•1 2023 YEDL Waytea¥e 4 Income frorn other iradlns actl¥lths Totsl 2024 Total Humbleton Recreation aub 20) 2C(I
Heron Educational Foundatlon Notes to the Accounts 5 Income from irwesiments Total Z024 COIF Dividend 61 Bank Interest Received 2,102 2,102 2,102 2.102 429 6 Other Income Totsl Investment Property Rent Grarrts 43,509 46,173 89.682 43.509 46,173 89,682 17,424 149,948 167,372 7 Other expendlture Total Totsl Awards and Grants 8ank loan and overdraft Interest payable Premlses costs 4.765 4.765 850 8,732 8.732 2,495 14.250 272 14.250 272 470 General admlnlstratlve costs 59 Legal and professional c05ts 10.749 38,768 10,749 38,768 22,801 26,675 8 Staff costs No employee received emoluments in excess of £60,(MXI. Totsl Cost or revaluatlon At l April 2023 Addltlons At 31 March 2024 Net book values At 31 March 2024 At 31 March 2023 1,102,473 49.743 1.152,216 1,102,473 49.743 1,152,216 1,152,216 1,102.473 1.152.216 1.102,473
Heron Educatlonal Foundatlon Note5 to the Actourtts 10 Stocks 2023 Raw materia15 and consum3Nes 412 412 412 412 li Credttors: amounts falling due within one year 2023 Bank loans and overdrafts Accrua15 8.365 497 9,922 2¢XI 10,122 12 Credltors: amounts falling due after more than one year Bank loans and overdrafts 178,323 178.323 186,724 186,724 13 Ma¥ement ln funds Incoml (Ind11 Res¢)urces expended At31 Mah At I Wl pl1105$8$ Rertrki•d fvnds: Unrestrlcted funds: General funds 980. 91.986 138.7681 1,033,924 Totsl fvnds 14 Analysls of fiet assets betweth fiThls 138,768 91.986 1.033.924 fund5 Totsl Investments Net ¢yrrent assets Creditors due in more thèn one year arnl provisions 1,152,216 1,152,216 60,031 60.031 1178.3231 1178.3231 {118.2921 1.152,216 1.033,924
Heron Educatlonal Foundatlon Notes to the Accounts 15 Recondllallon of net debt At31 March AtIAw Cash II¢Ms Cash and cash equivalents 74.667 74.667 16.186) 16.186) 68,481 68,481 Bank loans 1196.6461 1196.646) 9.958 9.958 1186,6881 {186,6881 Net debt
Heron Educatlonal Foundatlon Statement of Cash flows for the year ended 31 Math 2024 Cash flows from operatlng acdvltie5 Net incomè per Statement of Flnanclal Acthrfd 53.218 38,635 Adjustments for. Dividends. interest and rents from investments Increase in stocks Sncrease/lDecreasel in trade and other payable5 {91.784) 1167.8011 14121 14001 297 Net cash used In operndry xtl 138.269) 1129,9781 Payments for investments Dlvldends, Interest and rents from Investments 149.7431 91.784 167.801 Net cash from Investlng artlvl 42,041 172,141 Cash flows from finandng a¢il¥ldes Repayment of borrowin85 {9.9581 196.646 Net ¢ash Iu5•d Inlfftom flfi•ncln8 acth {9,958) 196.646 Net (decreaselllncrease In cash and cash equlvalerts 16.1861 238.809 Cash and Cash equlw4l•nts at th• beglnnlry of th• 74.667 422.751 Cash nd esh •qulv*l•nts at the end of the 68.481 661.560 Components of $h and ush equl¥alents Cash and bank balances 68,481 74.667 68,481 74.667
Heron Edu¢atlonal F(WfKlatlon l)etailed Statement of Financial P£tl¥ for the year ended 31 Mar¢h 2024 Total fund5 Total fvrbds 2023 2024 Income and endoTreNts fr(Th" Charitable artivities YEDL Wayleave Other tradln8 activtties Humbleton Recreatlon aub 2(M) 2CO 21x1 2Q) Investments COIF Dividend Bank Interest Rece 61 2,102 2.102 2.102 2.102 4Z9 Other Investment Property Rent Grants 43,509 46,173 89.682 43.509 46.173 89.682 17,424 149,948 167,372 Total Income •nd endowme 91.986 9L986 168,1))3 Expendlture on: Other expenditure Awards and Grants 8ank loan and overdraft interest payable 4,765 4,765 8.732 8,732 2,495 13,497 13.497 3,345 Premlses costs Rates Ll8hL heat and power Premises Insurances Premi5e5 repairs arKI maintenance 13871 1,181 1.181 857 12,175 12,175 14,250 14,250 470 General admin15trattve costs, including depreciation arKI amortisation Stationery and printing Sundry expenses 59 2r2 272 272 272 59 Legal and professional wsts Audit/lndependerFt exarnination fees Managemerrt charges 4.529 4.529 3,661
Heron Educatlonal F(MJndatlon Detailed Staternent of Financial Activl Other legal and professional costs 6,020 6.020 18,940 10.749 10.749 22,801 Total of expendlture of other costs Totsl expendltyre Net gains on investments 38.768 38,768 38,768 26.675 38,768 26,675 1102.6931 Net Income 53.218 53.218 38,635 Net Incom befor¢ other s•lnsl(losses) Other Galns 53.218 53,218 38.635 Net movement In fimds 53,218 53,218 38,635 Recondll•tlon of fund5: Total funds brought forward 980,706 980,706 942,071 Total fund$ ¢afrfed forward 1.033.924 1.033,924 980,706