Charity Registration No: 212336 South HackDey Prnchil Charlty Report and Fin8nci&I Stgtements Yegr ending 31 MHrth 2025
SOUTH HACKNEY PAROCHIAL CHARITY INDEX TO THE FINANCIAL STATEMENTS Page Reference & Admi1$tJtl¥e Information Trustees, Annual Report Independent Examiner's Report Statetnert¢ of Financial Activities Balance Sheet Notes to the Financial Statements
SOUTH HACKNEY PAROCHIAL CHARITY REFERENCE AND ADMINisfRATIVE INFORMATION Trustees: Chair: Beverley Piper-Harris Chr Joannie Andrews relld 4th February 2025 Datoru Ben Paul-worika The Reverend Andi¢w Wilson John De La Cruz Dr Rtsger Makanjuola Valeri¢ Harding Katie Hanson Lisa-Raine Hunt Councillor Joseph Ogundemuren retired 5th March 2025 Councillor Gilbert Sfflyth appointed 141h May 2025 Councillor Jasmine Martins appx)inted 14 May 2025 Administrators: The Twst Partnership 6 Trull Fam Buildtngs Tetbury Glouceslerthire GL8 8SQ Independent Examlntr.. Dunkley's. Chanered Accountants & Statutt>ry Auditors Woodlands Grange. Woodlands Lane Bradley Stoke Bristol. B32 4JY Bankers: HSBC 91 High Street Brentwood. Ess¢x, SM144RU Investment Advisors: Sarasin and Partners LLP Juxon House 100 St Paul's Churchyard London EC4M 8BU
SOUTH HACKNEY PAROCHIAL CHARJTY TRusfEES' ANNUAL REPORT FOR THE YEAR EYDING 31 MARCH 2025 Page 2 The financial statements have been prepared in accordance with the xcounting policies set out on page5 1 I to 18 of the attached accounts and comply with the charity's trust deed, the Charities Act 2011, regulatioiis appli¢able to that Act, and Accounting and Reporting by Charities.. Statement of Recommetjded Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Iieland IFRS1021. eff¢ctive from accounting periods mmencing l January 2019 or later. STRUCTURE. GOVERNANCE AND MANAGEMENT CoD$titMtion The charity is regulaied by a Scheme dated 2 August 2010 as amended by the Scheme dated 28 July 2016. Trustees The charity curr¢ntly ha5 tight trustees_ The Scheme provides for up to ien trustees. The Board of ITUStees is fflade up of two ex- offi¢io Iiusleeg, the Rector and Church Wal'den of the Ecclesiastital Parish of South Hacknty. two notninaied trustees, appointed by the London Bowugh of Hackney and up to five co-opted trustees. On agreetng lo becoffte a trustee of the rharity. new trustees are thoroughly briefed by their co-trustee5 on the history of the Trust, the day-to-day Inanagement, the responsibilities of the trustees. the current objectives aTrd future plans. The trustees are aLso encouraged to aitend arÉy courses which they f¢el are relevant to the develop]nent of their role, and to keep up-to-date on any Changes in legislation. Structure management reportiThg The tn25tees are ultimately responsible for the policies, activities and assets of the ¢harity. They Jneet four times a year to carry out charitable aeiivities and 10 make governan¢e and operational d¢cisions. They review the investment criteria and ihe asset alloGalion annually. When necessary. Ihe truste¢s seek advice and support from The charity's professional adviseTS includir)g invesm]eni manageT5. 501tcitors and accountants. The Ttust Partnership is responsible for the day-to day management of th¢ charity's aetLVlties and the implementation of policies with responsibility for maintaining aeeouniing words. Sara5in and Partners LLP are the charEty'5 investment advisers. Their brief is to advts¢. build and manage an investment w)rtfolio on a discr¢ttonary basi5. At their meeting5. the trustees review the performance of iRvestment5', the investment manag¢rs update the tTUStees in d¢iail on the portfolio at regular intervals and uwn request. An investmeni Teview meering was held in September 2023. Key minagement personnel The Irustees consider that they comprise the key management of ihe charity in char8e of directing and controlling, runnin8 and gperating the ¢harÈty on & day-to-day ba5j5. The irustees receive no remufteratioR.
SOUTH HACKNEY PAROCHIAL CHARrry TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDING 31 hlARCH 2025 Pllge 3 STRUCTURE, GOVERNANCE AND MANAGEMENT {¢outinu¢d) Rlsk managem¢Dt In lin¢ with the r¢quirement for trustees to undertake a risk a5se5StrJ¢nt exer¢ise ond r¢port on the same in their annual rcport, the trustees have identified fiv¢ main ar¢as where risk5 may occur athd Considered how they might mitigate against them.. Governance and management risks. The tTust¢es undertake 5trdte8ic reviews to ensure ibe charitable objectives are met. Trnstees are offered and rake up training. The Trnst Partnership provides adminiStr1Ve and management support. Operadonal risks centr¢ upon Éh¢ risk ittherent in the ch*rity'S grant-making a¢tiviiies in¢ludin8 unsuitable applrcations from chaTjties. The ¢hariry'S admirtistrators (The Trust Partnership) screen appli¢artts making sutt th¢ awards are in accordance with the chaTity objectives and best pra¢(i¢¢ prior to trustee screenin8 and consideration. The Ttusi Partnership operates with sufficient Staff to 5UPPOrt the Chariry should ihe primary administrator be unavailable. Financl#l risks include those arisiDg as a result of poor budgetary control. inappropriate spending, poor accounting, inappropriate investtnent policies. dttiease in income from Haekney Joint Estates Charity and potsr inves¢ment p¢rfonnance. The charity's finances are reviewed by irust¢es at each twstee meeting and a separate trustee group undertakes a separate financial review anniially to consider the Charity's investments. Ongoing grants arc reviewed by the administrator and, in some instances, paymenis are made direct to service providers to ensure the intended benefit is received. Th¢ annual a¢¢ouDt$ are independently reviewed. Reputational risks, in particular, possible damage to the charity's reputation, through association with unsuitable Charities. or with inappropriate a¢tivity. There are policies r¢gardin8 Data Protection and Conflict Of Ltlteresi as well as appropriate consideration of the charity'5 activities and associations. External and envlronmental rlsk primarily as a r¢sult of the effects of goveinmental wli¢ies, the consequences of non-complianee with law5 and r¢gulalioDs and the ¢ff¢¢t of external matter5 on th¢ charity's prin¢ipl¢ asset. tis investment portfolio. The charity maintains effective liai50ti with professional advisors in¢luding The Trust Partnership and Investment Fund Manager. Having assessed the major risks to which the chariry is exw)s¢d, in particular those relating to its investments and it5 finances, the Irustees believe that by monitoring re5¢rve levels. by ensuring that controls exist over key financial sysiems, and by monitoring the operational and business risks faced by the Charity, they have established effective systems to tnitigate those risks. OWECTIVES, ACTIVITIES AND RELEVANT POLICIES Charitable obj¢ctive$ To promote the education of persons under the age of 25 who are in need of financial assistance and are re5idertt in the area of benefit and the relief of persons in need, hardship or di5tres5 Wlthirt the area of b¢n¢fit which is the ecclesiastical parish of South Hackney as constituted in 1825. The provision of almshouse accommodation no lot)ger applies, havin8 been retnoved by the Scheme dated 28 July 2016. Publie b¢n¢fit The Charity selves the public benefit by providing grant$ io promote the education of young people and to relt¢v¢ hardship in the area of the benefit defined as the ecclesiastical parish of South Hackney. Grants are made to both individuals and projects. with decisions being made on the b&sis of greatest need. Exclu510n5 to eligibility are limited to anything covered by regular State 5UPPQrt or high¢r ¢ducation grants. OrgAnisaiions and ¢hariti¢s makin8 applications must deliver lh¢ b¢n¢fit within the areaof the benefit. In
th¢ year ending 31 March 2025 £136.119 {2024.. £161,793) of grants were distributd. The trustees have had regard to the Charity Comtnissioll's 8uidanc¢ on public benefit. SOUTH HACKNEY VAROCHIAL CHARITY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDING JI MARCH 2025 Page4 Aehievemenis *nd performan¢¢ The charity continued to fulfjl its fun¢iion in accordan¢¢ with the objective set out above. Due diligence is perfomied by The Trust Partnership and tiustee$ on each applicatiot). All individual applications are supported by a third party professional or supporting organisation. The charity's objects are wofold.. lo promote the education of young people in need and a150 to provide financial assistance to those in nttd regardless of age. Fourteen grants were awarded to those in financial nced and ninc grants weTe awarded to young people for ¢du¢ational benefit. The ¢harity's financial objectives have been met during the year. However, the ttustees are awzre that therc are external factor5 whiGh could atfe¢r the achievemenis of the objectives as a signiflcant pai1 of th¢ ¢hariry's assets are made up of Invesiments and Cash, the results of which arc dependent on the general p¢rformance of the UK and overseas stock m8rkets. In order to minimise this, the trustees have set prudent investment policies and place reliance on the investment managers lo moniior and advise on the necessary chanue5 3nd suiiable asset allo¢aiion. The trustees arc satisfied with the perfotmance of the investments and remain satisfied that th¢ir investrnent objectives are bein¥ met. Plans for future ptriods The trusree5 have and will continu¢ to review the activities ODd strllcture of thc charity to cn5ure that it operates as effjcienily and effectively 85 possable. The demand for gratlts provides an indication of the nttd within the area of benefit and Trustees will contknue io liaise with rteighknuring Parochial charities with a view io delivering maximum impact for the beneficiary group. FINANCIAL REVIEW Investment power$ and results In a¢¢ordan¢¢ with the 8ov¢rning document, the charity h&s the power to make any tÈ)vesiment which the twstees deem appropriate. Investtnents aTe held in the Sardsin & Partners Endowmcnt Fund in lille with the oiher Ha¢kney Parochial Charities. For the period 1st April 2024 to 3 1st March 2025 the yield was 3.5°h (2024 11.20/0}, {benchrnark 4.9/.1. The ¢haTity does not have a spe¢ifi¢ benchmark but aitn5 to mailltn the real value of the inv¢stment portfolio in the long term. Currently the fvnds with Sarasin and Partners LLP are invested 7.8Vo cash, 9.7Wo flxed income, 69.2Yo equities. 3.6Vo in property and 9.7% altematives. Flnanclal summary Tothl income for ihe year was £151.10312024.. £147,53 1}. Expenditure on rak5ing fuDds for th¢ year lo 31" MaT¢h 2025 was £22,3601314 March 2024 £20.686). The cosi of Charitable activities was £170.858 (2024". £194,706). Reserve poltcy The tTusiees will maintain adequaie free reserves to meet regular ongoing grants for five years and will expect to meet these grants from income generated within the year they are made. The trustees Consider ihai the pr¢s¢nt l¢vels of fr¢e resetves of £332.100 {2024..£351,758). at 31 March 2025, are saiisfactory.
Th¢ commitments and liabilities within one year were £26.649 (2024..£32,8101 as at 31 Nlarch 2025. The Trustees considered that the anticipated income for the year ended 31 March 2025 iogether with th¢ balance of £51.631 (2024..£113267) at 31 March 2025 were more than sufficient to cover th¢s¢ commitments. SOUTH HACKT4EY PAROCHIAL CHARrrY TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDING 31 MARCH 2025 Page 5 St#ternent ofttees. responsibilities The trustees are responsible for preparing the trustees, report and accounts in a¢¢oidan¢e wilh appli¢able law and United Kingdom Accounting Standards IUnit¢d Kingdom Generally Accepted Accounting Practi¢el. Thc law applicabl¢ to charities in England and Wales requires the trustee5 to prepare accounts for e8¢h finan¢ial year which giv¢ a true and fair vi¢w of the state of affairs of the ¢harily and of the income atld cxpenditure of the ¢harity for that pertod. In preparing these accounts, the trustees or¢ required to.. Select suitable accounting policies and ihen apply ih¢m ¢onsist¢ntly- Observe the ethodS and principles in Accounting and Rew)rting by Charities.. Statement of Recommended Practice applicable to charities preparing their account5 in a¢¢ordan¢¢ with th¢ Financid Reporting Standard applicable in the UK and Republic of Ireland IFRS102)' Makejudgements and estimates that are reasonable and prudeni. Slate wh¢ther applicable Unit¢d Kingdom Accoting Statldards have be¢n followed, subject to any material departure5 dis¢lo$ed and explained iTh the account5. and Prepare th¢ accounts on the going ¢onc¢rn basis unless it j5 inappropriate to presume that the charity will continue in operation. The trustees are resp)nsible for keeping proper ac¢ounting reeords ihat di5c105e with reasonable avY at any time th¢ fiDan¢ial position of the charity 2tLd enable them to ensure that ¢he a¢counrs ¢omply with the Charitie5 Act 2011, appli¢able Charity IA¢counts and Reports) Regulations and the provisions of the charity's trn5t deed. They are also responsible for safeguarding ihe asseis of the charity and hence for taking reasonable sieps Eor the prevention and detection of fraud and oth¢r irT¢gulatitie5. Approved by the irusie¢s and sign¢d on their behalf by.. Beyerley Piper-Harris- Chair Approved by the trusie¢s on..
SOUTH HACKNI EY PAROCHIAL CHARITY INDEPENDENT EK4MINER'S REPORT TO THE TRUSTEES OF SOUTH HACKNEY PAROCHIAL CHARITY Page 6 Inde endent Exgmin¢r's Re rt to the Trustee5 or South Haekne Parochial Charit Independent examiner's report to the tru$tees (pf South Hitkney Panxhial Charity I r¢porl to the charity tiustees on my examination of the accounts of South Hackney ParoGhial Charity for the year ended 31 March 2025. Responstbilities #tsd b#sis of report As the chariry trustee5 of the Trust you are responsible for the preparation of the accounis in a¢¢ordan¢e with the requir¢ments of the Charities A¢1 2011 {'Ihe Act'l. I report Iti re5peci of my examination of the Trust's accounts ¢arriEd out under section 145 of the A¢1 and In canying out my examination I have followed all applicable Direction5 given by the Charity Comtnission under section 14515llb} of th¢ A¢1. Independent ty&miner's statement I have completed my examination. I confirm that no rnaierial ma¢iers hav¢ ¢ome to my attention in conne¢rion with the examination giving me cause to belicve thai in any material respect.. accounting records were not kep¢ in respect of the Trusi as required by section 130 of the Act., or the aceounts do not aecord with those records: or the accounts do rtot comply with the applicable requirements conceming the fonn and content of account5 Set out in the Charities IA¢counts and Reports} Regulation5 2008 other than any Tequirem¢nt thai ihe accounts give a true and fair view whi¢h is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in conneciion wilh ihe examinaiion to which attention should be drawn in this report in orderto enable a properundersianding of the ac¢ovnrs io be reached. Matthew Dobbins FCA Dunkley's Woodlands Grange Woodlands Laii¢ Bradley Stoke BTlStol BS32 4JY
SOUTH HACKI4EY PAROCHIAL CHARITV STATEMENT OF FXNAIYCIAL ACTIVITIES FOR THE YEAR ENDING 31 MARCH 2025 Pagt 7 31.3.25 Total fund5 31.3.24 Total Funds Unrestricted Endowment funds funds Notes IIYCOME Income from Investments 151,103 151.103 147.531 Total income 151.103 151,103 147.531 EXPENDITURE Co$ts of raising funds, Investm¢nt Dlgnager fees 22,360 22,360 20,686 Charit#ble aetlvities Chariiable Activities 415 170,858 170,858 194,706 Realised and Unreali5ed (Gains) on investment assets (97) {32,584) (32,681) 1334.2291 Tot#1 expenditure 170.761 (10.224) 160,537 (118,837) N¢t (loss) l income (19,658) 10.224 19.434) 266.368 RECONCILJATION OF FUNDS Tot•1 funds brought forward 351,758 4,309,823 4,661,581 4,395,213 TOTAL FUNDS CARRIED FORWARD 332,100 4.320,047 4,652,147 4,661,581 The rtores on pages 1110 19 (ornj part of these financial stai¢menls
SOUTH HACKNEY PAROCHIAL CHARITY COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDING 31 MARCH 2024 Pigt 8 31.3.24 Total funds Urestricted Endowment funds funds Notes INCOME Incojne from Investments 147,53 1 147,531 Donations Total income 147,531 147,531 EXPENDITURE Costs of raising funds, Investment m#n#ger fees 20,686 20,686 Charitible Activitie5 Charitable ActivitL¢S 516 194.706 194,706 Realised and Unrealised {Gains} on invesrment assets 1721 1334,1571 (334,229) Total expenditure 194,634 1313,4711 (118,837) Net Ilossl l income 147.103) 313.471 266.368 RECONCILIATIOP4 OF FUNDS Total funds brollght forward 398.861 3,996,352 4.395,213 TOTAL FUNDS CARRIED FORWARD 351,758 4,3Q9.823 4.661581
SOUTH HACKNEY PAROCHIAL CHARTTY BALANCE SHEET AS AT 31 MARCH 2025 P4ge 9 31.03.25 Total funds 31.03.24 Total Funds Unrestricted Endowment fund5 fund5 Notes FIXED ASSETS Inv¢stments 286.170 4.325.694 4,611,864 4.572,716 CURRENT ASSETS Cash ai bank 51.631 51.631 113.267 Debiors 15,301 15,301 8,408 66,932 66,932 121,675 CREDITORS Amounts falling due within one year io (21,002) (5.647) 126,649) {32,8101 NET CURRENT ASSETSILIABILITIES 45,930 {5.6471 40.283 88,865 NET ASSETS 332,100 4 320 047 4 652,147 4 661581 FUNDS Unrestricted funds 332.100 332,100 351,758 Endowment funds 4 320 047 4 320.047 4.309 823 TOTAL FUNDS 332.100 4.320,047 4,652,147 4661 $81 The financial 5tatement5 were approved by ihe Boardof Trustees on were signed on its behalf by.. Beverley Piper-Harris- Chair Th¢ Reverend Andrew Wilson-Tru5tee The tte5 on P¢$ 1110 19 form pan of these financial 5taiements.
SOUTH HACKNEY PAROCHIAL CHARJTY COMPARATIVE BALANCE SHEET AS AT 31 MARCH 2024 Page IO 31.03.24 Total funds UnresirJ¢ted Endowment funds funds Noies FIXED ASSETS Investments 257.587 4,315,129 4,572.716 CURRENT ASSETS Cash at bank 113.267 113,267 Debtor5 10 8,408 8,408 121.675 121,675 CREDITORS Amounts falling due within one year {27.5041 (5,3061 132,810} NET CURRENT ASSETSILIABILITIES 94,171 (5.3061 88,865 NET ASSETS 351,758 4.31>9.823 4 661,581 FUNDS 12 Unrestricted funds 351,758 J51.758 Endowment funds 4 309,823 4,309,823 TOTAL FUNDS 351.758 4,309.823 4.661.S81
SOUTH HACKNEY PAROCHIAL cHARy NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR Ef4DING 31 MARCH 2112S Pagell Accountin Policies The princtpal accoutltirtg policie5 adopted, judgements and key sources of estimion UD¢¢rtainty in the pr¢paration ofthe accounts are laid out below. Basis of prepArAtion These financial statements have been prepared for the year ending 31 March 2025. The financial siatements hav¢ b¢en prepared under the historical cost convention with 1m$ re¢ognised w cost or traosaction value unless oth¢rwis¢ stated in the relevant accountin8 policies below or the Thotes to these financial statemertts. The accounts have been prepared in acordance with Accounting and Reporting by Charities.. Statement of R¢¢ommended Practice appli¢able lo charities preparing their accounts in accordancc with the FinanGial Reporting Standard applicable in the UK and Rcpublic of Ireland IFRS1021 {Chariries SORP FRS 1021 issued on 16 July 2014, Update Bulletin l issued on 2 February 2016 and Bulletin 2 issued October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 and ihe Charities Aci 2011. The date of transition to the Charities SORP 102 wa5 1 January 2019. The charity constitutes a public benefit entity as defined by FRS 102. The fEnancial statements ar¢ pr¢s¢nt¢d in st¢rllDg and are rounded to the nearest pound. Critital •c¢ounting estim&te$ 8nd are8s of judgement Preparation of th¢ financial staiem¢nts requires th¢ twees to make signiflcatit judgements and ¢stimates. The trustees do not conssder that there are any sources of estsmation uncertwnty or any key judgements made in the preparation of the financial statements. A&se5sment of golng eoneern Th¢ trustees have assessed whether ihe use of the going ¢oThcern assumption is appropriate in preparing these financi statements. The tru5tee5 have made this assessment in respe¢t to a p¢riod of gn¢ year from the date of approval of these financial slat¢menis. Th¢ trustee5 of the charity have concluded that there are no mat¢rial uncertainties related to ¢vents Or conditions that may cast significant doubt on the ability of the charity to continue as a going ¢on¢ern. The trustees are of the opinion that th¢ charity will have suffi¢i¢ni r¢sources to meet its liabilities as they fall due. The most signifjcant are&s of judgement that affect items in the accounts are detailed above. With regards to the next ac¢ouniing period, th¢ y¢ar ending 31 March 2026. the most signifLcanÉ areas that affect th¢ ¢arrying value of the &ssets held by the charity ar¢ the level of investment rebjrn and the perforniance of the investment markets {see the investment policy and risk management seciions of th¢ crustees. report for more information). iv) Income reeognitlOD In¢ome is rec08[Lj5 in the period in which the ¢harity h&s entitlement to the incorne. the amount of in¢om¢ ¢an be measured reliably and it is probable that the Èncome will be received. Income is d¢ferr¢d only when the group or charity has to lfIl conditions before becoming entitled to it or wh¢r¢ the donor has Sp]rJ¢d that the iD¢ome is to b¢ expended in a future accounting period. Income compri5e5 donations. investsnent income and int¢r¢51 receiwdble.
SOUTH HACKNEY PAROCHIAL CHARITY NOTES TO THE Fif+tANCIAL STATEMENTS FOR THE YEAR ENDING JI MARCH 2015 Page 12 Donations are recognised when the chatiry has Confirmation of both ihe amount and settlement date. ID the event of donations pled8d but not reteived, the amount is accTued for wherc the re¢eipt is considered probable. In the event that a dothation is subject to conditions that requir¢ a level of performance before the charity is entitled to the funds, the income is deferred and not re¢ognised until either those conditions are fully met. or the fi]IfJlment of those cortditions is wholly within the control of the Charity and it is probable that those conditions will be flllfjlled in the reporting period. Dividends are recognised oncE the dividertd has b¢en declared and notifjeation has been received of the dividcnd duc. Inter¢5t on ttd$ held on deposit is included when ihe receivable and the amount can be measured reliably by the charity. this is nomially upon notification of the Inte$t paid or payable by the bank. Kxpenditure recognition Liabilitl¢s are rccognised as expenditure &s soon as there 15 a legal or constructive obligation committing the gTOUP or Charity tti tnake a payment to a third party, it is probable that a transfer of econotnic b¢n¢fJts will be required in settletnent and ihe atnount of the obligation can be measured reliably. All expenditure is accounted for on an a¢¢nlS basis and includes attributsble VAT which cannot be recovered. Expenditure comprises direct C05t5 and 5uppori costs. All expenses, ineludin8 SUPPOrt costs, are allocated to the applicable expenditure heading. Expenditure on charitable activities comprises grants payable artd property maintenance costs. Grants payable are inclLtded in the siatemenl of financial activiiies when approved and when the intended recipient has either r¢cEiv¢d the funds or been inforrned of the decision to fflake the grani has saiisfied all related conditions. vi) Alloc#tion of sllpport and governance costs Support Costs represent indirect charitable expthditure. In order io carry out the primary purposes of the charity it is ne¢essAry to provide support in the fom of financial and governance procedures. provision of offjce services and equipment and a suitable working environmenL Governatlce cost5 Cotnprise 811 costs relatin8 to the public accountability of the charity and its compliance with regulation and good practice. These costs include costs relating io the independent examination of the financial statements and legal fees. Support Costs and governanre ¢051s are 211ocaled to the chariry's singlc charitable actlVLty. Investments Listed inyestments are a fomi of basic financial instnjment and are initially recognised at their transaction valuation and subscquenily measur¢d ai their fair value as the balance sheet date using the c105iDg quot¢d mark¢t price. The charity does not acquire put options, derivatives or other eomplex fjnanciai instrumtnts. As noted abovc the main fomi of financial risk faced by ihe charity is that of vosattlity in equity markets and investment markets due to wider economic conditions, the attilude of investors top investmeni risk, and changes in senliment concerning equities and within particular seciot5 or sub sectors. Realised gains lor losses) on investment assets ate ca]¢ulaied as the difference be¢we¢n dispos proceeds and iheir opening carrying value or their purchase value is acquiTed Subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the differen¢e betw¢en the fair value at the year end and their carrying value at ihat date. Realised and unrealised invesiment gains lor losses) are combined in the statement of financial aciivilies and are crediied lor debited) in ihe year in which they arise. Other investmenls are included at ¢os( whi¢h is considered to be approximate to their market va]ue.
SOUTH HACKNEY PAROCHIAL CHARITY NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDING 31 MARCH 2025 Page 13 Debtors Debto are recognised at their settlement amount. less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash recetpt wh¢re sueh discountin8 15 Material. Cash gt bank *nd hand Cash at bank aDd in hand represents such accounts and instruments that are available on d¢mand or have a maturity of less than thrtt months fn)m th¢ dat¢ of acquisition. Creditors ind provtsions Creditors and provisions aTe re¢ogNised when there is an obli8atioTh at the balance sheet date as a resuli of & past event, it is probabl¢ that a transfer of ¢conomic benefit will b¢ r¢quired in settlement. and the amount of the settlement ¢an be estimated reliably. Creditors and provisions are re¢ognised at the amount the charity anticipate5 It will pay to settle the debt. They have be¢n dis¢ount¢d to the present value of the lUTe cash payment wh¢re such discounting is material. xi) Fund accounting Restricted funds are monies raised for. and iheir use restricted to, a speeific purpose. or dort10$ subje¢t to donor imposed nditions. Unrestricted fund5 represent those montes that are freely available for application towards a¢hievtng any charitable purpose that fall within the charity's ¢haritable obje¢is. xii) Ststement of cash floTrv$ The fjnancial statements do not inrlude a statement of cash flows because the charity 15 exempt from th¢ requirement to pr¢pare su¢h a statement under the Chariti¢s SORP FRS 102 Update Bulletin l and 2.
SOUTH HACKNEV PAROCHIAL CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 MARCH 2025 Page 14 InvtstmeDt Income 12 Months 3 1.03.25 12 Months 31.03.24 Dividends received Investment Interest 150.080 146.353 1.178 151103 147,531 Expenditur¢ raising funds 31.0325 31.03.24 Inv¢siment Manager Fees 20,686 Charitable ArtlVLtit5 31.0).25 31.03.24 Grants awarded in period, see pag¢ 15 136,119 161,793 136,119 161,793
SOUTH HACKNEY PAROCHIAL CHARrry NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 MARCH 2025 PaE¢ 15 4. Charitable Actlvities (¢OntIlled) 12 Monihs 31.03.2025 12Months 31.03.2024 Grants awarded during the period.. 15 Billion Inspire Anna Fiorentini Arts Sch¢y)I Apollo Music Projects Bags of Taste Frarnpton Park Baptist Chur¢h Hackney Doorways Hackney Migrant CeThtre Ha¢kney Playblls Hackney Quest Inspir¢ Legal Advice Centre. Special Support Project Odd Eyes Theatre Olu's Soup Kitchen Premises Music Education Rich lix Cultural Foundation St Andrews Youth Developments St Andrews Youth Developments- Camp5 St Mary of Eton Hackney Wick Si John of Jerusalem - Little Tots Stsy and Play St John of Jerusale St. Joseph'5 Hospice Th¢ pp]e'S Recovery Project The YaTd Theatre Toshiba TEC UK 2,61K> 5.000 5.000 3,000 5,000 12,000 20.000 4.000 6.386 20,000 2,534 13,000 2,099 12,000 25.000 15.000 6,928 15,000 13,000 5,000 1.000 1,678 10,460 15,260 5,000 9,840 3,315 2.000 2,000 8,000 5.000 6,000 1,026 5,000 5,000 Universal Board Games Wyatt Sinfonia XLP in Hackney Other {Individual Grants under £2,000) 10,000 7.000 4.350 161793 136.119
SOUTH HACKNEY PAROCHIAL CHARITY NOTESTOTHE FINANCIALSTATEMENTS FOR THE YEAR ENDING 31 MARCH 2025 Page 16 Support Costs 31.03.25 31.03.24 Profe55ional Fees and Adminisiration Account&ncy and book-keeping Indep¢nd¢nt examination Sundry Cosis 29,464 1,800 1,320 2.155 28.294 1.800 1,360 Staff costs ind key management personnel The charity employed no member5 of staff during the period. The administration and financial management of the of the charity is outsourced to The Trust Partnership. Trustee's rernuneration and benefits The tTU5tees constder that they comprise the key management of the charity in charge of directing and Controlling, running and operating the charity on a day io day bas15. The trnstees rcceived no remuneraiion 01 other benefits in connection with their duties for the year ended 3 1 March 2025 nor for the year ended 31 March 2024. TrSlee5. Expenses TherE were no trustees. expenses paid for the year ended 31 March 2025 nor for ihe year ended 31 March 2024. Fixed Asset Investments Lisi¢d investTnents M*rk¢t VAlue At l Apiil 2024 Di5P05als 4,572,716 Addition5 Revaluations 5.899 32,681 Nei RevaluatLOnS Interest 38,580 568 Ai 31 March 2025 4611 864 Net Book Vglue Ai 31 March 2025 4.611,864 Al 31 March 2024 4 572.716 Investments are held primarily for irkvestment return. Investments were transferred from the Endowmenis Fund to rhe Climaie A¢iive Fund from 2nd July 2021.
SOUTH HACKNEY PAROCHIAL CHARfTY IYOTES TO THE FINANCIAL STATEMEIYTS FOR THE YEAR ENDINC 31 MARCH 21b25 Pa¥e 17 Debtors: 31.03.25 31.03.24 Invesimeot In¢ome (Unrestricted) 8.408 15.301 8.408 Crediton: 31.03.25 31.03.24 Other creditor5 (Unrestricted) Accruals- expenses {Unrestrictedl A¢¢ruals- expenses (Endowmentl AGcrnals- grants IUntestri¢ted) 2,674 3.100 5.647 9.404 3,100 5.306 32,810 Movement in funds Net movement in fi]nds At 01.(H.24 At31.03.25 Unrestrieted funds General fund 351,758 {19,6581 332,11>0 Endowment funds Endowment fund 4.309,823 10,224 4.320.047 Totgl FlldS 466l.581 4652 147 Net movement in funds. included in the abov¢ are as follows.. Income Expenditure Gains and Movement 105ses funds Unrestricted funds Gen¢r&l fund 151,103 {170,858) 97 {19.658) Endowment funds Endowtnent lund {22,3601 32,584 10,224 Total Funds 151 103 193,218) 32.681
SOUTH HACKNEY PAROCHIAL CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR Ef4DXNG 31 MARCH 2025 P*%e 18 Movement in funds (continued) Anglysi5 of f+4et Assets b¢tween Fuods 2025 Fixed Asse15 Net Asset5 Total Vnrestritted fund$ General fund 286,170 45.930 332.100 Endowment funds Endowment fund 4.325,694 (5,6471 4,320,047 Total FuThd5 4611864 40,283 4.652.147 An91ysis of P4et A55ets between Funds 21J24 Fixed Assets Net Assets Tot&1 Unrestricted funds General fund 257,587 94.171 351.758 Endowment funds Endowment fund 4,315,129 15,3061 4.309,823 Totil Funds 4.572.716 88.865 4661.581 12. Relxted Party Diselosures Connetted Ch•ritie5 Hackney Joint Esiale Charity hold and manage the assets of ihe gifts of the Hackney people to their f¢llow parishioners. The income from these assets is distributed to the three parochial charttl¢5 in the Borough of Hackney; South Ha¢kney Parochial Charities. Hackney Parochial Charitle5. ithcllldin8 Ha¢kn¢y District Nursing Association and West Ha¢kn¢y Parochial Charity. The re8lStered address for Ha¢kney Joint Estate Charity is 6 Trull Fami Buildings, Tetbury. Glouctst¢rshire. GL8 8SQ. No donaiion was received thisyeai from Hackney Joint E5taie Charity12024.. Nil). The Hc constitution states that SHPC is to receive a quarter of funds available for distribution by the Chariry with the remaining funds distributed between Hackney Parochial Chariiies {halfj and West Hackney Parochial Charitie5 Iqllarter). There wa5 no distribution in 2025 due to a la¢k of surplus ftjnds within HJEC. Rtglster of Tru$tets Complementsry Interests During the IlTrtPC a¢¢ounting year from 1st April 2024 to 31st March 2025 there We Trustees of the SHPC who were also Trustees or committce members of other Charities or Funds but did not benefit from Grants made by the WHPC. The regis¢er reflects those compl¢rn¢ntary interests. Grant5 2024125 SHPC Trust¢e Other Funds Role Reverend Andrew Wilson St John of Jerusalem ChuT¢h Rector and Chair St John of Jerusalem Church Multjple other trustees are a]so members of Si John of Jerusa]¢m ChLsr¢h
SOUTH HACKNEY PAROCHIAL CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDING 31 MARCH 2025 P*ge 19 Control The chlty is controll¢d by its boaril of TNstees. 14. ComtNitments Pledge5 of slJPPOrt. Forward grant comrnitments are accrued in full and recognised as they are awarded.