Chariry RegisirarioN No: 212336 South Hackney Parochial Charity Report and Financial Statements Year ending JI March 2024
SOUTH HACKNEY PAROCHIAL CHARITY INDEX TO THE FINANCIAL STATEMENTS Page Reference & Adtninistrative InfortThation Tn]stee5' Annual Report Independent Examiner's Report Ststemeni of FinancÈal Activities BaJanG¢ Sheet Notes to the Financial Statetnents
SOUTH HACKNEY PAROCHIAL CHARITY REFERENCE AND ADMINISTRATIVE INFORMATION Trnstees: Ch41r: Joannie Andrews {r¢tired from Chair 06 February 2024) Beverley Piper-Harris Chair {appoini¢d 06 February 20241 Datoru Ben Paul-worika The R¢v¢rond ADdr¢w wilon John De La Cruz Dr Roger Makanjuola Valerie Harding Katte Hanson Lisa-Raine Hunt Councillor Joseph Ogundemuren Admini$trgtors'. The Trust Partnership 6 Trull FaTm BuildLng5 Teibury Gloucestershir¢ GL8 8SQ IDdeptndent Ex#rnsner. Dunkley'5, Chartered Accountants & Sithtory Auditors W(K)dlxnd% eirange. Wnndland.4 l.ane Bradley Stoke Brisiol, B32 4JY Bankers: HSBC 91 High Streei Brentwood. Essex. SM144RU Investment Advisors: Sarasin and Partner5 LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU
SOUTH HACKNEY PAROCHIAL CHARrrY TRUSTEES, ANNUAL REPORT FOR THE YKAR ENDING 31 MARCH 2024 P¥ge 2 The finan¢ial statements have been prePad in ordance with the accounting policies set out on pages I I to 18 of the attached a¢¢tsuLlts and comply with ihe chariry's trust deed, the Chariti¢s Act 2011, regulation5 applieabl¢ to that Act, and Accounting and Reporting by Charitie5' Stxrpmpnl nf Re.t.nmm?.nA?.rt Prxr.Iif.p ApplIee In t.hxriii?.< prp.pArinu thpir xtr.rniihi< in ivith Financial Reporting Standard applicabl¢ in the UK ond Republic of Ireland IFRS102}, ¢ffective from ac¢ovnting periods commencing I. January 2019 or later. STRUCTURE, GOVERNANCE AND MANAGEMENT Constitution The charity i5 regulated by a Scheme dated 2 August 2010 as amended by the Scheme dated 28 luly 2016. Trustees The charity Currently ha5 ten trusltts. The Scheme provides for up to len trustees. The Board of trusiees is made up of two ex- officio trustees, the Rector and Chur¢h Warden of th¢ Ecclesiastital Parish of South Hackn¢y' two nominaied trusiees. appointed by the Lonth)n Borough of Hackney and up to flve co-opted trustees. On agrteing io become a trustee of the charity, new trustees are thoroughly briefed by their co-tnjstees on the history of the Trust, the day-to-day management, the responsibilities of the tilJStees, the current objectives and future plans. The trustees are also encouraged to attend any courses which they feel are relevant to ihe development of their role, and to keep up-to-date on any chan8es in legislation. Strll¢tsre and Magement reporting The trustees are UltimalY responsible for the policies. activities and assets of the charity. They meet four times a y¢ar io Carry out ¢haritable a¢tivities and to make governance and operational decisions. They review the inYe$tment criteria and the assrf allatIon annually. When necessary, Ihe trusiees seek advic¢ and sllpport from tlie cliaTity'S professional advisers including invesitnent mana8er5. solicitors and accountants. The Trust Parthership is responsible for the day-to day management of the charity's aGliYitie5 and the implementation of poli¢ies with [pOnsIbl11tY for mai¢Jtatning a¢¢ounting re¢otds. Sarasin and Partners LLP are the ¢harity's investment advisers. Their brief is to advise, build and manage an investment portfolio on a discreiionary basis. At their meetings, the trustees review the performance of investments. th¢ investment managers update the ttustees itt detail on the portfolio #t regular intervals and up)n request. An investment review Tneeting was held in September 2023. Key management personnel The trustees consider that they comprise the key management of the charity in charge of dire¢ting and ¢orttrolling. runnin8 and op¢ra¢ing the charity on a day-to-day basis. The trustee5 receive no retnuneration.
SOUTH HACKNEY PAROCHIAL CHARITY TRUSTEES, ANNVAL REPORT FOR THE YEAR ENDING 31 MARCH 2024 Pge 3 STRUCTURE. COVERNANCE AND MANAGEMENT IcolltlDued) Risk management In line with the requiTeme]]t for trustees to undertake a risk &ssessmeni exercise and report on the same in iheir annual repon. the trustees have identifled five rn&in area5 where risks may occur and considEred how ihey might mitigaie against them.. Gov¢rnance gnd mgnagement risks. The tnjstees undertake strateg5c reviews to ensure the charitable obje¢iives ar¢ met. Trustees are off¢r¢d and tske up training. The Trust PartD¢rship provides administrative and management support. OperatioThal rlsk$ centre upon the risk inherent in the charity's grAnt-making a¢tiYiti¢s includin8 unsuitable applications from charities. The charity's Adtninistrators (The Trust Partnership) screen applicanis making sure the awards are in accordattce with the charity objective5 and best practice prior to tnjstee screening and consideratiort. The Trusi Partnership operaies with Sufficient stsff to support the charity should the primary adtninistrator be unavailable. Financial risks include those ari5iTrg as a result of TK)or budgetary control. inappnpriate spetjding, px)or a¢¢ounting, inappropriate investment policies. decrease in income from Hackney Joint Estates Charity and potsr itlvestmeni perfoman¢e. The ¢harity's finances are reviewed by trustees at each tnLStee meeting and a separate trustce group undertakes a separate fLnan¢ial review annually io consider the charity's iDvestments. Ongoing grants are reviewed by the admiiiistrator atld, in some instances. payments are made dire¢l to service providers to ensure the intended ben¢fit is received. The annual accounts are independently reviewed. Reputational ri5k5, in particular. p05s&ble damage to the charity'5 Pu18t10n, through association wtth iinsuitable charities, or with inappropriate activity. There are policies regaFdittg Data Protection and Confli¢t of Inter¢si as well as appropriate consideration of the charity's activities and associations. Externl and environment%tl ri$k prtmarily &s a result of the effects of governmental policies, the con5equence5 of n-cOMPli8ncc with laws and r¢gulations and ihe ¢ffect of external matters on the ¢hariry's principle asset. its inveslment portfolio. The charity maintains effective liaison with professiot)al advisors in¢luding Th¢ Trust PartTrership and Illvestment Fund Manager. Having assessed the major risks to which the thaTity is exposed. in particular ihose relating io its investments and its fin8n¢es. the trustees believe that by monitoring re5¢rve leve15. by ensuring that controls exist over key fjnaneial systems, and by monitoring the operational and bu5ln¢5s ri5k5 faced by the charity. they have established effe¢iiv¢ SySM$ to mirigate ihos¢ risks. OBJECTIVES. ACTIVITIES AND RELEVANT POLICIES Charitgble objeetives To pronjoie the education of persons under the age of 25 who ar¢ in need of financial assistance and are resident Lri the arta of benefit and the relief of persons in need. hardship or di51ress within the area of b¢n¢fii which is the ¢le$lasticaI parish of South Hackney as constituted in 1825. The provision of almshouse accomrnod*ion no longer applies. having been removed by the Scheme dated 28 July 2016. Public benefit The charity serves the public benefii by providing grants to promote the education of young people and to relieve haShIP in the area of th¢ ben¢fit defined as the ¢c¢l¢siastical parish of South Hackney. Grants are made to both individuals ond projects, with decisions being made on the basis of greatest n¢ed. Exclusions to eligibility are limited to anything covered by regular stale support or higher education grants. OrganisatiotLS and Charities making Èpplicalions must deliver the benefit Wlthin the area of the benefit. In th¢ year ending 31 March 2024 £161,79312023.. £192 J43} of granis were distributed. Th¢ tsust¢es have had regard to the Charity Commission's guidance on public benefit.
soirrH HACKNEY PAROCHIAL CHARITY TRUSTEES. ANNUAL REPORT FOR THE YEAR ENDING 31 MARCH 21124 Pg¢ 4 Athitvements and performknce The charity ntInUed io fulfil its functton in a¢wrdan¢e with th¢ ObltiVe set out abov¢. Due dili£ence is yerforn)ed by The Trust Partnership and trustees oft ea¢h application. All individual applications are supported by a third party professional or s11prting gr8anisaiion. The ¢h¥ity's objects are twofold.. to promote the ucatIon of young people itl need and also tr> provide financial assistance to those in need regardless of a8e. Twenty-three grants were awarded to those in financial need and twelve 8rant5 were awarded to young people for educational benefit. The charity's financial objectives have been met during the year. However. th¢ trustees are aware that there are external factor5 which could aff¢¢i the achievements of the objectives 2s a 3ignifJcanL part of the charity's assets are made up of investments and ¢ash. the results of which are dependent on the general perfomian¢e of the UK and overseas stock markets. In order io minimise this, the truste¢5 have set prudent investment policies and place reliance on the investment managers to monitor and advise on the necessary changes and suitable asset allocation. The trustees are satisfled with the perforniance of the investments and remain satisfied that their investtneni objectives are being met. PIAns for future periods The trustees have and will continue lo r¢vi¢w the acrivities and strncture of the charity to ensure that it operates &s effjciently and effectively as possible. The demand for grants provides an indication of the need within the area of benefit and Trustees will continue to liolse Wlth neighbouring Paro¢hial charities with a view to delivering maximum impact for the beneficiary group. FINANCIAL REVIEW Investment powers and results In accordance with the goveming do¢umenL the charity has the power to make any investment which the tn]stees deem appropriate. Investments are htld in ihe Sara5in & Partners Endowment Fund irt line with ille other Hackney Poro¢hial Charities. For th¢ period 1st April 2023 to 31st March 2024 the yield was 11.20/0 {2023 .3.75 /0}. (benchmark 15.5¥o)- The charity does not have a specific benchmark but aims to maintain the real value of the invtsttnent rtfoliO irl the long term. Currently the fi]nds with Sarasin and Partners LLP are invested 3.50h eash. 12.6Yo fjxed income. 74Q/o equities, 3.6/0 in property and 6.4Yo alt¢matives. FinantiAI summary Totsl income for the year was £14753112023.. £221,683). Expenditure on raising funds for the year to 31" March 2024 was £20,686131" March 2023 £20.598}. The $1 of charitable aciivities was £194,706 {2023.' £223.5591. Reserve policy ThG tTUStccS Will maintain adeguale free tt#ewie to meet resular ongoing grants for fiv¢ years and will exp¢ct to mè*t thes¢ grats from income generai¢d within th¢ year they are made. The tNst¢es consider that the present levcls of free resetv¢s of £351,758 {2023..£398.861). at 31 March 2024. ate satisfactory. The commitments and liabilities within one year were £32,810 {2023..£45,5301 &5 at 31 March 2024. The Tnjstees considered ihai th¢ 8nticipaied income for the year ended 31 March 2024 together with the cash balance of £113,267 12023".£205.692) at 31 March 2024 were more thart sufficient to cover these commitments.
SOUTH HACKNEY PAROCHIAL CHARITY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDING 31 MARCH 2024 P4g¢ S StAternent of tru5tees' responsibilities The trystees are responsible for preparing the trusiees. report and account5 in accordance with applicable law atld United Kingdom Ac¢ouniing StsDdards IUnit¢d Kingdom Generally A¢¢¢pted Aounting Prd¢ti¢e). The law applicable to charittes in England and weS requires the trustees to prepare accourhts for each financial yearwhich give a true and fair view of the state of affairs of ihe charity and of the InMe and ¢xpenditure of the charity for that period. 151 preporing these accounts. the trustees are required to.. Select suitable accounting w)li¢ies and then apply them consistentty. Observe the methods and principles in Accouniing and Reporting by Charities.. Statement olRecommended Practice appli¢abl¢ tt> ¢harifi¢S pparIng iheir a¢¢ounts accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS1021.' Make judgements and t]Mat¢S that are rta50Thable and prudertt. State whether appli¢abl¢ United Kingdom Accounting Standards have been followed, subject to any material departur¢s disclosed and explained in the xcounis: and Prepare the accounts on the goitkg concern ba515 unless it is inappropriate to presume that the ¢harity will continue in op¢ration. The twstees are responsible for keeping pn)p¢r accounting records that disclose with reOnable accuracy at any time the financial position of the charity and enable them to ensure that the accounts comply with the Charities Act 2011, applicable Charity (Account5 and Reports) Regulatiofts and the provisions of the charity's trust deed. They are also responsible for safeguarding the assets of the chartty and henc¢ for taking reasonable step5 for the prevention and detection of fraud and other irregularities. Approved by the trustees and signed on their behalf by.. Beverley Piper-Harris- Chair Approved by the trust¢¢s on.. 05.11.2024
soirrH HACKNEY PAROCHIAL CHARfFY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SOUTH HACKNEY PAROCHJAL CHARITY Page 6 Inde endent xsminer 5 Re ort to the Tru5tee5 of South Hackne Parochial Charit Ind¢pendet XAmin•Y's report to th• tru8t•¢8 of Soutk HgelKn&y PArtsthil Charity I report to the chariry trustees on my examination of the accounts of South Hacknry Parochial Charity for the year ended 31 March 2024. Responsibilities and b1& of report As the charity trnstees of the Trust you are responsible for the preparation of the accounts in accordamce with the requiretnents of the Charities Act 2011 Cthe Act'l. I report in respect of my examination of the Trust's 8ccounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Dircctions given by the Charity Co]nmission under section 145(5Xbl of the Act. Independent eiarniner's ststemeTht I have cotnplded my examination. I confjrni that no material matters have come to my attention in connection with the examiD8tion giving me cause to believe thai in any material respect.. o¢counting records were not kepi in respect of The Trust as required by section 130 of the Act. or the accounts do noi a¢cord with those re¢ords' or the accounts do not comply with the applicable requirements concerning the forni and content of a¢¢ounts set out in the Charities (Account5 and Reports) R¢gulatitsns 2008 othei than any requiremcnt that the accounts give a true and fair view which is not a Matter consider¢d as part of an independent examination. I have no concerns atld have Come a¢n)ss no o¢her matt¢rs in wnnection with the examination to whi¢h attention should be drawn in this report in oyder to enable a proper understanding of the accounts to be reached. Matthew D)bbins FCA Dunkley's WoodlaDd5 Grange Woodlands LaDe Bradley Stoke Bristol BS32 4JY Date.. 1511112024
SOUTH HACKNEY PAROCHIAL CHARITY srATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDING 31 MARCH 2024 Pig¢ 7 31.3.24 Total fund5 31.3.23 Toial Futlds Unrestricted Endowment funds fund5 Noies INCOME Income from Investments 147.531 147,531 146,683 Donations Total inwme 147.531 147.531 221,683 EXPENDITURE Costs of r*lsiThg funds, Investment mAn9ger fees 20,686 20,686 20,598 Charitable activities Charitable Activiii¢s 516 194.706 194,706 223.559 Rtalised and Unrealised {GainsllLosses on investment a5set5 172) (334,157) {334,229} 292,109 Totil expenditsrt 194,634 1313,471) (118.837) Net {losy) l intornt (47.103) 313,471 266,368 (314,583) RECONCILIATION OF FUNDS Total fun(ts brought forward 398.861 3,996,352 4,395,213 4.709,796 TOTAL FUNDS CARRIED FORWARD 351758 4 309.823 4,661,581 4,395,213 The nol¢s on pages I 110 18 form part of these fin3nciai siaiemen15
SOUTH HACKNEY PAROCHIAL CHARITY COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDING 31 MARCH 2023 Page 8 31.3.23 Total funds Unrestricted Endowment funds fund5 Notes INCOME Income frnm Investments 146.683 146,683 Donations 75,000 75.000 Total income 221,683 221,683 EXPENDITURE Costs of rlising funds. Investment mgnxger fees 20.598 20.598 ChAritAble activities Charitable Activities 516 223,559 223,559 Realised aThd Unrealised (Gains) on investn)ent assets 291,9)4 292,109 Tot&1 expenditure 223,674 312,592 536,266 Net (loss) / income 11,9911 (3l2.592) (314.5831 RECONCILJATION OF FUNDS Tot#1 fllnd5 brought forwlrd 400,852 4.308,944 4,709,796 TOTAL FUNDS CARRIED FORWARD 398,861 3,996,352 4,395,213
SOUTH HACKNEY PAROCHIAL CHARITY BALANCE SHEET AS AT 31 MARCH 2024 Pttge 9 31.03.24 31.03.23 Total Funds UJiir)tsi¥lrJ EiJdvwJJieilt furtds funds funds Notes FIXED ASSETS Inv¢stsn¢nts 257.587 4,315,129 4,571716 4,221,717 CURREIYT ASSETS Cash at bank 113,267 113.267 205.692 Debtots 10 8.408 8,408 13,334 121,675 121.675 219,026 CPF.DITnllS Amounts falling due withitl one year {27.504) {5,3061 (32,810) (45.5301 NET CURREf4T ASSETSILIABILITIES 94,171 {5,3061 88,865 173,496 NET ASSETS 351758 4.309.823 4661,581 4 395 213 FUNDS 12 Unrestricted futlds 351,758 351,758 398.861 Endowm¢nt fut)ds 4.309.823 4.309.823 3 996 352 TOTAL FUNDS 351,758 4 309.823 4.661.581 4,395,213 The financial statements were apptoved by the Board of Th15tees on were signed ort its behalf by.. 05.11.2024 and B¢verl¢y Piper-Harris- Chatr The Reverend Andrew Wilstsn-Trustee The note5 on pa8Bs I I to 18 fottn part of these financial stat¢m¢nts.
SOUTH HACKNEY PAROCHIAL CHARITY COMPARATIVE BALANCE SHEET AS AT 31 MARCH 2023 P*ge 10 31.03.23 iotal fund5 Unrestricted Endowmeni funds funds Not¢s FIXED ASSETS Investments 220,289 4,001,428 4,221,717 CURRENT ASSETS C&5h * bank 205.692 205,692 Debtors 10 13,334 13,334 219.026 219,026 CRCDITORS Amounts falling due within one year 140,454) 15.0761 {45.530) ETCURRENT ASSETSILIABILITIES 178.572 (5.0761 173,496 iYKT A&SETS 398,861 3,996,352 4.395 213 FUNDS 12 Unrestricted funds 398.861 398,861 Etldowment funds 3,996,352 3.996.352 TOTAL Fuf4DS 398.861 3.996,352 4.395.213
SOUTH HACKNEY PAROCHIAL CHARITY NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDING 31 MARCH 1024 P•g¢ll i) Poli The principal accounting p)li¢ie5 adopted. judgements and key sources of estimation un¢ertainty tn the preparation of th¢ &¢counts are laid out below. Basis of prep#ration These fjnancial statetnents have been prepared for the year ending 31 March 2024. The finan¢ial ststements have been prepared under the hisiori¢al cost Convention with items recognised at cost or transaction value unless oih¢rwise stat¢d in the relevani accounting policies below or th¢ notes to these financial statements. Th¢ arcounl$ hav¢ b¢vn PTepar¥d in a¢wrdanG¢ wrth A¢GourJliDg ond R¢porting by Chariti¢s.' Siatejnent of R¢comJnended Pra¢Li¢¢ applicable to ¢harities preparing their accounis in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102) {Charities SORP FRS 102} issued on 16 July 2014, Upde Bull¢tin l issued on 2 FebNary 2016 and Bullethn 2 issued October 2019. the Financial Reporting Standard applicable in the UK and Repub5i¢ of Ireland (FRS5021 and the Charitie5 Act 2011. The date of transition to the Charities SORP 102 was l January 2019. Th¢ charity constitutes a public benefit entity a5 defined by FRS 102. The tinancla15TaitmeTEt5 are ptrscn(¢d In 5t¢rllng and are round¢d to rh¢ U¢OTrs1 puund. Critical accounting estimates artd rea$ of judgement Preparation of the fJThancaal statement5 requires the trustees to make significant judgements and estimates. The trustees do not consÉder that there are any sources of estimation unccrtainty or any key judgements made in the preparation of the financial statemeftts, Assessment of golng toneern The trustees have a5s¢ssed whether the use of the going ¢on¢¢m assumption 1$ appropriate in preparing these financial statem¢nts. The trustees have mAde this assessmeni in respe¢t to a period of on¢ year from the date of approval of these financial statements. The trustees of the charity have concluded that there att material un¢¢rtaiories r¢lated to events or conditions that may cast signifJ¢ant doubt on the ability of the charity to continue a5 2 going concern. Given ihe additional challenges of Covid-19 and the Cost of Living crisis in 2023, the trustees are of (he opitjion that the charity will have sufficient resource5 to meet its liabilities as they fall due. Tht most sigt]ificant areas of judgemen¢ that affe¢1 items in the accounts are detailed above. With regards lo the n¢xt counting period, the year ending 31 March 2024. Ihe most significant Areas that affect the Carrying vu¢ of the assets held by the charity are the lev¢1 of investment return and the performance of the investment ]narkets (see the investment policy and risk tnana8etnent sections of the trusiees. report tor more infomiationl. iv) Income recognition Income is rec(Tr8nised in Ihe period in whith the charity has eniiiiement io tb¢ Income, the amount of income can be tneasured reliably and li is probable that the income will be received. Income is deferred only when the 8roup or ¢harity has to fulfjl conditions before becoming entitled to it or wher¢ the (k>nor h&5 5peeifi¢d that the income is to be expended in a future accounting peri¢)d. Income comprises donatjODS, investment tncome and interest receivable.
SOUTH HACKNEY PAROCHIAL CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 MARCH 2024 Page 12 Donaiions are recognised when the ¢haTity has confirmation of both the atnount and settletnent date. In the event of donations pledged bui not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subje¢( to conditions that require a level of p¢rformance before the charity is entitled to the funds, the income is d¢ferred and not recognised until either those conditions are fully mei, or the fulfilment of ihose conditions is wholly within the control of the chaxity a[ it 15 probable that rhoge conditinns will bp. fiilfillpd in thp TPPrtrtin8 PPTir Dividends are re¢ogni5ed once the dividerhd has been declared and notification has been re1Ved of the dividend due. Interest on funds held on deFQSit 15 included when the receivable and the amouTht can be m¢asur¢d reliably by the charity., this is nornially upon notification of the interest paid or payable by th¢ bank. Expenditure recognitio Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation comrnitting the group or charity to make a payment to a third party, it l5 probable that a transfer of economic benefits will be rquired in Settlement and the amount of the obligation Can be measured reliably. All ¢xp¢nditure is accounted for on an a¢cTuals basis and include5 attributable VAT which cannot be recovered. Expenditure comprises direct costs and support costs. All expenses, including support Costs. ale allocated to the applicable expenditure heading. Expenditure on GhthTitsbl• g¢tivitios Compri$ srgllts p&ythl• and pYop•rty m8int•n•n¢• ¢osts. Grants payable are included itt the statement of finwcial a¢tivities when approved and when the iniended recipient has either received the funds or been infortned of the decision to make the grant ha5 satisfied all related conditions. vi) Allocation of $upport and governance costs Supp)rt costs r¢present indirect charitable expendiiure. In order to carry out the primary purposes of the charity it is necessary to provide support it) the form of financia] and govemance procedure5. provision of offlce services and cquipment and a suitable working ¢nvironmenL Governanc¢ Costs ¢omprise all costs relating to the public accountability of the charity and it5 compliance with regulation and good practlce. These costs include costs relating to the independent examination of the financial statements and l¢gal fees. Support C05t5 and governance cost5 are allocated to thc charity's single charitable activity. Investrnents Listed investments are a fom) of basi¢ finan¢ial instTum¢n¢ and ar¢ initially Tecognised at iheir transaction valuation and subsequently mea5UTed at their foir valu¢ as the balan¢¢ sheet date usin8 the ¢losing quoted market price. The charity does not aequire put options, derivatives or other complex rJnanci instruments. As notcd above the main fom of financial risk faced by the Charity is that of volatility in equity markeis and investment market5 due io wider ¢conomic conditions. the attitude of investors top investment risk. and changes in sentiment concernin8 equities and within parti¥ulJT ¥¥LLvf¥ bub br¥lvi>. Realised gains (or1055e51 on inwestmettt assets are ¢alculat¢d as the diffrr¢n¢e betw¢¢n d2sposaJ proceeds and their opening canying value or iheir pur¢hase value is acquired subsequeni io the first day of the financial year. Unrealised gains atjd losses 74re calculated as the difference beNeen the faEr value at the year end and their carrying value at that date. Realised and unre&lised investmenr gain5 (or105sesl are combined in the statement of financial activittes and are credited lor debited) in the year in which ihey arise. Other investments are included ai COSL which is considered to be approximate to thetr tnaTkei value.
soirrH HACKNEY PAROCHIAL CHARrrY NOTES TO THE Fif4ANCIAL STATEMENTS FOR THE YEAR ENDING 31 MARCH 2024 P9gt 13 D¢btors D¢btOT5 at¢ re¢ognised at their settletnent amount,1¢s5 any provision for non-re¢ov¢r3bility, Pr¢payments are valued ai the amount pr¢paid. They have been discounted to the present value of the future cash receipt where such discounting is materia]. Cash at bank *Dd hand Cash at bank and in hand represent5 such accounts and instruments that are available on demand or have & maturity of less than thr¢¢ months from the date of acquisition. Credltors Ind provlslons Creditors and provisions are recognised when there is an obligation at the balance Sheet date 35 a result of a past event. it IS Probable that & Iransfer of economi¢ benefit will be required in settlement, and the amount of the settlement cati be estimated reliably. Creditors and provisiofts are re¢ognised at the amount the charity anti¢ipat¢s it will pay to s¢ttl¢ the debt. They have been discounted to the present value of the future ch payment where such discountin8 is rnat¢rial. Fund &ceounting Restricted funds are moni¢s raised for, and th¢ir us¢ r¢strieted to, a specific purpose, or donations subject to donor imposed coThditjtsll5. Unrestricted fut5ds represent those monies that are freely available for application towards achi¢ving any ¢haritsbl¢ purpose thai fall within the charity's charitable object5. ststem¢Dt of ¢osh flo The financial siatements do noi in¢lude a 5tat¢men¢ of cash flows because the chority is excmpt from the requirement lo prepar¢ sueh a statement under the Chariiies SORP FRS 102 Updat¢ Bulletiti l and 2.
SOUTH HACKNEY PAROCHIAL CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE VEAR ENDING 31 MARCH 2024 Pige 14 IDvesthient Ineome 12 Months 31.03.24 12 Months 31.Oi.23 Dividends received Itlvestment Interest 146.353 146.221 462 147 531 146 683 Donations 3 1.03.24 31.03.23 tk)nation from Hackney Joint Estate Charity 75.000 Expenditur¢ on rgising funds 31.03.24 31.03.23 Investment Manager Fee5 20,686 CharfitAble Activities 31.03.24 31.03.23 Grants awarded in period, see page 15 161,793 192,543 192.543
SOUTH HACKNEV PAROCHIAL CHARITY NOTES TO THE FINANCIAL STATEMENfs FOR THE YEAR ENDING 31 MARCH 2024 P4g¢ IS 5. CharitaNe Aetivltles (¢ontinupd) 12 MonTh% 31.03.2024 12 MOJ 31.03.2023 Grants awarded during the period.. At)na Fiorentini Arts S¢ib)ol Apollo Musi¢ Projects African comtsllty S¢lk)ol Ba85 of T&ste Ckni¢c In Ha¢kney Connecting COMMltieS East End Citizens Advice Bureau East EtKi CAB Welfare & Debt Caseworker Frampton Park Baptist ChLrch Gas¢oyne & Morningsid¢ Youth Club L Harkney City Farm Hackney Doorways Hackney miaryt Cetkn Ha¢kn¢y Playbus Ha¢kney Quest 5,000 3,000 5,000 10,000 5.000 9.113 7,136 5,000 45.000 22.000 12,(rf)O 5.000 12.000 20.000 4,000 6,386 20,(K)O 6.000 12.000 L)Vii L£8al Advice Centre- Special Support Project Odd Eyes Theatre Pretnises Music Education Rich Mix Cultural Foundation 13.000 2,099 12,00 1,250 1.678 10,460 15,260 5,000 2.000 8.000 St Andrews Yoth Developments St Andrews Youth DevelOpnts- Camps St Mary of Eton Hackney Wick St John of Jerusalcm St. Joseph's Hospice Shepherdfold Ministry The P¢opl¢'s R¢¢overy Project The Yard Theatre Toshiba TEC UK 9.640 2,000 8.000 5.000 6,000 1,026 5.000 .017 Urriversal Board GanK5 Woman's Trust 10,873 Wyatt Sinfonia XLP in Ha¢kn*y Other {tndividual GraT wjder £2.0001 5,000 8.000 1,514 192,543 4,350 161.793
SOUTH HACKNEY PAROCHIAL CHARITY NOTES TO TIIE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 MARCH 2024 Page 16 Support eosts 31.03.24 31.03.23 Professional Fees and AdministratioTh Accountancy and book-keeping Independent examination Sundry Costs 2g.2Q4 1,800 1.360 1.459 26.660 1,800 1,140 416 Stsff costs and key man¥gernent personnel The ¢harity employed no members of staff during the period. The adtninistration atld fjnancial management of thc of the charity is outsourced to The Tn]5t Partnership. Tru$tet'5 remuneration and benefits The trustees consider that they tomprise the key management of the charity in charge of directing and tontrolling. Tl?nning AnA npprAting thp rhArity nn A dAy fn Y hAqi% Thp tniq*E rpppiv•A nn rpmiingrAtinn or other b¢nefJts In ¢onD¢¢tion with their duties for lh¢ year ended 31 Mar¢h 2024 nor for the year ¢tJded 31 March 2023. Trustees, Expen5e5 There wete no tyuste¢s' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. Fixed A58et Investments Listed investmenis Market Value At l April 2023 Disposals 4,221,717 Additions lievaluations 16,380 334,229 Net R¢valuaiions Interest 350.609 390 At 31 March 2024 4572 716 Net Book Value At 31 March 2024 4.572.716 Al 31 March 2023 4,221.717 Inveshnents are held primarily for investment return. Itlvestments were transferred from the Endowments Fund to the Climate Active Fund fTom 2. July 2021.
SOUTH HACKNEY PAROCHIAL CHARITY r40TES TO THE FINANCIAL ATEmENTs FOR THE YEAR ENDING 31 MARCH 2024 Pigt 17 io. Debtors: 31.03.24 31.03.23 Investment Income Iunresiricted) 8,408 13.334 Ji. Credit•rs: 31.03.24 31.03.23 Other creditors (Unrestricted) Accruals- expens¢5 IUnTestrict¢d) Accruals- expenses (Restricted) Accruals- grants {Unrestri¢iedl 9,404 3,100 5,306 7,454 3,000 5.076 30.000 32,810 45,530 12. Movement in funds Net movemenr in fund5 At 01.04.23 At 31.03.24 Unres¢ricled funds G¢neral fund 398,861 (47,1031 351,758 Endowrnent fund5 Endowment fund 3,996,352 313,471 4,309,823 Total Funds 4 395 213 266.368 4 661581 Net movement in funds. included in ihe above are as follows". Inme Exp¢nditure G4Lill5 And Movement in losses fvnds Unrestricted funds General flmd 147.531 1194,7061 (47.103) EndowmeDt fuDds EndowmeTht fund 120.6861 334,157 313,471 TotAI Funds 147531 215 3921 266 368
SOUTH HACKNEY PAROCHIAL CHARrrY iYOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 MARCH 2024 PAge 18 12. Mowement in fund$ {¢ontinu¢d) Analysis of Net Assets between Funds 2024 Fixed Assets Net Assets Totsl Unre5tri¢ted fund5 Genera] fund 257,587 94.171 351,758 doivment funds Endowment fund 4,315,129 {5.3061 4.309,823 Total Funds 4,572,716 88.865 4.661,581 ARaly5is of Net Assets between Fund5 2023 Fixe Assets Net Assets Total Unrtstrirted funds General fund 220,289 178,572 398,861 Endowment funds Endowment fund 4.001,428 {5,076) 3,996.352 Tot81 Funds 4221717 4.395 213 13. Related PArty Disclosures Connected Charities Hackney Joint Estate Charity hold and manage ihe assets of the gifts of ihe Hackney people to their fellow P2ri8hioners. The income from these assets is distributed to the three parochial charities in ihe Borough of Ha¢kney', South Hackney Parochial CharitL¢5. HacktL¢y P¥m¢hial Charities, including Hackney District Nursing Association and Wcst Hackney Parochial Charity. The r¢gistered address for 148ckJJey Joint Estate Charity is 6 Trull Fami Buildings, Tetbury, Gloucesiershire, GL8 8SQ. No donatiOD received this year from Hackney Joint Estate Charity 12023.. £75,000). The HJEC constitutLOII sIAies that SHPC is to receive a quarter of funds available for distribuiion by the Charity Wlth Ihe remainsng funds distributed between Hackney P8foGhial Charities (half) and West Hackney Parochial Charities Iqllarterl. There was no distribution in 2024 due to a lack of surplus funds within HJEC, due to some building works commitments. Control The ¢hari¢y is controlled by its board of Tn15tees. Is. Commitmenti Pledges of sUPPOrt. Forward grant commitments aTe accrued in fijll and recognised as they are awarded.