Charity Number: 230147
## **HEDGCOCK BEQUEST**
**TRUSTEE’S ANNUAL REPORT AND FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021**
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## **HEDGCOCK BEQUEST FINANCIAL STATEMENTS – 31 MARCH 2021**
|CONTENTS|PAGE|
|---|---|
|TRUSTEE’S REPORT|2 – 3|
|INDEPENDENT EXAMINER’S REPORT|4|
|FINANCIAL STATEMENTS|5 – 6|
|NOTES TO THE FINANCIAL STATEMENTS|7 – 9|
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## **HEDGCOCK BEQUEST (REGISTERED CHARITY NO: 230147)**
## **Report for Financial Year ending 31 March 2021**
This report has been drawn up in accordance with the requirements of the Charities Act 2011 and the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015).
## **Governing Document:**
The trust was established by a charitable trust deed on 25 April 1900.
Brighton & Hove City Council is the trustee and appoints individual officers to support the trust.
## **Registered Office:**
Communities, Equality & Third Sector team Brighton & Hove City Council 2[nd] Floor, Bartholomew House Bartholomew Square Brighton East Sussex BN1 1JS
## **Trustee:**
Brighton & Hove City Council
## **Officers:**
Donna Edmead – Communities Fund Manager Mary Grealish – Accountant
## **Independent Examiner:**
Hannah Doherty, Cardens Accountants LLP, 28 Fourth Avenue Hove BN3 2PJ
## **Objectives and Activities**
The charity supports wider benefit of Brighton and Hove residents by awarding grants to formally constituted not-for-profit organisations - the majority of which are small community groups.
In 2017-18 Brighton & Hove City Council (BHCC) moved to a new Third Sector Investment Programme. As part of this modernisation programme advice was sought from independent auditor & the Charity Commission. Subsequent to this charity trustees (i.e. elected Members of BHCC) agreed to apply charitable income as part of the new BHCC Communities Fund. This ensures robust and accountable administration, management &
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reporting - with grants awarded following appraisal of formal on-line applications supported by associated governing documents and accounts.
That move has helped lever additional income streams, as donation generated from BHCC Textile Recycling Fund, into the charity. These monies have also been applied as outlined above.
## **Public Benefit Guidance**
The trustees have complied with their duty under section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission and confirm that all the grants made within the period of these accounts support the aims and objectives of the charity as set out above.
## **Reserves policy and risk management**
It is the trustees’ policy to maintain sufficient reserves to ensure current levels of grant aid can be maintained for the foreseeable future regardless of donation or other income. At the year end the total unrestricted reserves amounted to £1,167,711 (2020: £1,001,758). The trustees consider there are no evident risks to the continued operations of the charity at the current time.
## **COVID-19**
Due to the outbreak of the COVID-19 virus the UK government put in measures to limit the spread of the virus which included urging people to remain at home wherever possible and to undertake social distancing measures. These measures meant that the income received from the BHCC Textile Recycling Fund was less than received in previous years and will impact on the amount of grants awarded in 2021/22.
## **Financial Review and Achievements**
The Hedgcock Bequest received income of £43,769 in 2020/21 and awarded £51,397 in grants.
These grants supported an increasingly wide range of voluntary endeavour including community green space & arts programmes, sports & recreation, outings for children & young people as well as educational / cultural activities for BME / LGBT residents and older people.
Investments held by the trust have been acquired in accordance with the powers contained in the governing instrument of the trust. Most of these investments are in Charities Official Investment Fund (COIF) shares, there is also an investment in Brighton & Hove City Council.
There has been no change in accounting policies in the year.
The Trustees report has been signed on behalf of Brighton & Hove City Council by:
Mary Grealish Accountant 28/01/22
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## **Independent Examiner’s Report to the trustees of Hedgcock Bequest**
I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31 March 2021.
## **Responsibilities and basis of report**
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
· the accounting records were not kept in accordance with section 130 of the Charities Act; or
· the accounts did not accord with the accounting records; or
· the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Hannah Doherty FCCA Cardens Accountants LLP The Old Casino 28 The Fourth Avenue Hove East Sussex BN3 2PJ Date: 31 January 2022
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## **Statement of Financial Activities**
## **For the year ended 31 March 2021**
|**Note**
**Income and endowments from:**
Donations
2
Investments
3
**Total**
**Expenditure on:**
Charitable activities
4
**Total**
**Net income/(expenditure)**
**Other Recognised gains/losses**
Gains/(losses) on investment assets
5
**Net Movement in funds**
**Reconciliation of funds:**
Funds balance brought forward
**Funds balance carried forward**|**Unrestricted**
**Funds**
**2021**
**£**
13,146
30,623
43,769
51,697
51,697
(7,928)
173,881
165,953
1,001,758
1,167,711|**Restricted**
**Total**
**Funds**
**Funds**
**2021**
**2021**
**£**
**£**
0
13,146
0
30,623
0
43,769
0
51,697
0
51,697
0
(7,928)
0
173,881
0
165,953
0
1,001,758
0
1,167,711|**Total**
**Funds**
**2020**
**£**
22,397
30,597|
|---|---|---|---|
||||52,994|
||||54,866|
||||54,866|
||||(1,872)
(27,515)|
||||(29,387)
1,031,145|
||||1,001,758|
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**Balance sheet at 31 March 2021**
|**Note**
**Fixed Assets:**
Investments
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**Current Assets:**
Cash at Bank and in hand
**Liabilities:**
Creditors: Amounts falling due
within one year
**NET CURRENT ASSETS**
**NET ASSETS**
**FUNDS**
Unrestricted Funds|**£**
152,378
0|**2021**
**£**
1,015,333
152,378|**£**
160,306
0|**2020**
**£**
841,452
160,306|
|---|---|---|---|---|
||||||
|||1,167,711||1,001,758|
||||||
|||1,167,711||1,001,758|
The financial statements have been signed on behalf of Brighton & Hove City council by:
Mary Grealish Accountant 28/01/22
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**Notes to the Financial Statements For the Year Ended 31 March 2021**
## 1. **ACCOUNTING POLICIES**
The financial statements have been prepared in accordance with the Charities SORP ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland for (FRS102) (effective 1 January 2015)’ and applicable accounting standards.
## (a) **Accounting convention**
The financial statements are prepared under the historical cost convention.
## (b) **Investments**
Investments are stated at market value at the balance sheet date. The Statement of Financial Activities includes the net realised and unrealised gains and losses arising on revaluations and disposals throughout the year.
## (c) **Incoming Resources**
Income received is accounted for on a receivable basis.
## (d) **Resources Expended**
All expenditure is accounted for on a payments only basis.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and includes governance costs. Governance costs are those costs associated with meeting the constitutional and statutory requirements of the charity.
## (e) **Fund Accounting**
Unrestricted general funds comprise those amounts received for use at the discretion of the trustees in the furtherance of the general objectives of the charity.
Restricted funds are subject to specific restricted conditions imposed by donors and include monies raised for specific projects.
## 2. **DONATIONS**
|Communities & Textiles Recycling Fund
Total|**2021**
**£**
13,146
13,146|**2020**
**£**
22,397|
|---|---|---|
|||22,397|
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## 3. **INVESTMENT INCOME**
|COIF share dividends
Other interest receivable
Total|**2021**
**£**
29,656
967
30,623|**2020**
**£**
29,073
1,524
30,597|
|---|---|---|
Other interest receivable is monies invested in Brighton & Hove City Council. The amount is calculated by a set formula but is readily available if the Trust require their funds.
## 4. **CHARITABLE ACTIVITIES**
|Grants to voluntary organisations
Governance cost (Independent Examiner’s Fee)
Total|**2021**
**£**
51,397
300
51,697|**2020**
**£**
54,566
300|
|---|---|---|
|||54,866|
The Hedgcock Bequest has no employees.
None of the trustees or any person connected with them has received or is due to receive any remuneration or expenses for the year.
There were no related party transactions during the year.
## 5. **INVESTMENTS**
|**£**
**COIF shares**
Market Value at 1 April
841,452
Additions
0
Deletions
0
Net Unrealised Gains
173,881
Net Unrealised Loss
0
Market Value at 31 March
**Total Investments**|**2021**
**£**
**£**
868,967
0
0
0
27,515
1,015,333
1,015,333|**2020**
**£**
|
|---|---|---|
|||841,452|
|||841,452|
COIF shares are funds invested in the Charities Official Investment Fund. These are written into the accounts at market value on 31[st] March 2021.
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## 6. **MOVEMENT IN FUNDS**
|Unrestricted funds
**Total Funds**|Brought
forward
Incoming
Resources
Resources
Expended
Gain/Loss
on
investments
Carried
forward
£
£
£
£
£
1,001,758
43,769
(51,697)
173,881
1,167,711|
|---|---|
||1,001,758
43,769
(51,697)
173,881
1,167,711|
## 7. **POST BALANCE SHEET EVENT**
In respect of the current COVID 19 situation the Trust has reviewed its activities and has been relatively unaffected by this and therefore have made no adjustments to the accounts.
We expect the situation not to have an impact on the Trust's ability to continue as a going concern. The Trustees continue to monitor the situation as it rapidly changes and will react to further developments.
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