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2023-03-31-accounts

Charity Number: 230147

HEDGCOCK BEQUEST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2023

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HEDGCOCK BEQUEST FINANCIAL STATEMENTS – 31 MARCH 2023

CONTENTS PAGE
TRUSTEE’S REPORT 2 – 4
INDEPENDENT EXAMINER’S REPORT 5
FINANCIAL STATEMENTS 6 – 7
NOTES TO THE FINANCIAL STATEMENTS 8 –10

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HEDGCOCK BEQUEST (REGISTERED CHARITY NO: 230147)

Report for Financial Year ending 31 March 2023

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:

Carol Rigby Galloways Accounting (Hove) Limited The Old Casino 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 £1,205,316 (2022: £1,250,791). The trustees consider there are no evident risks to the continued operations of the charity at the current time.

Financial Review and Achievements

The Hedgcock Bequest received income of £51,652 in 2022/23 and awarded £54,000 in grants.

These grants supported an increasingly wide range of voluntary endeavour in the Brighton & Hove area including support for families with autistic children and young people, 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.

Future plans

For the future, the Trustees’ key objective is to continue providing grants to the local community groups to assist them in meeting their objectives.

Statement of Trustees' Responsibilities

The Trustees are responsible for preparing the Trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company and charity law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and parent charity and of the incoming resources and application of resources, including its income

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and expenditure, of the group for the year. In preparing those financial statements the Trustees are required

to:

The trustees are responsible for keeping adequate and proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and regulations made thereafter and with the requirements of the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website.

In so far as the trustees are aware:

information and to establish that the auditors are aware of that information.

The Trustees report has been signed on behalf of Brighton & Hove City Council by:

Mary Grealish Accountant 02/10/23

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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 2023.

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.

Carol Rigby FCCA Galloways Accounting (Hove) Limited The Old Casino 28 The Fourth Avenue Hove East Sussex BN3 2PJ Date: 6[th] December 2023

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Statement of Financial Activities For the year ended 31 March 2023

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
2023
£
17,734
33,428
51,162
54,900
54,900
(3,738)
(41,737)
(45,475)
1,250,791
1,205,316		 Restricted
Total
Funds
Funds
2023
2023
£
£
0
17,734
0
33,428
0
51,162
0
54,900
0
54,900
0
(3,738)
0
(41,737)
0
(45,475)
0
1,250,791
0
1,205,316		 Total
Funds
2022
£
7,770
30,730
38,500
43,046
43,046
(4,546)
87,626
83,080
1,167,711
1,250,791

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Balance sheet at 31 March 2023

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		 £
144,094
0		 2023
£
1,061,222
144,094		 £
147,832
0		 2022
£
1,102,959
147,832
1,205,316 1,250,791
1,205,316 1,250,791

The financial statements have been signed on behalf of Brighton & Hove City council by:

Mary Grealish Accountant 02/10/23

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Notes to the Financial Statements For the Year Ended 31 March 2023

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.

The accounts are prepared on a going concern basis after consideration by the trustees that there are no material uncertainties about the Charity's ability to continue as a going concern. Such consideration includes a review of committed income and expenditures, cash flows and reserves. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next reporting period.

The accounts are prepared in sterling, which is the functional currency of Hedgcock Bequest. Monetary amounts in these financial statements are rounded to the nearest £1.

(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.

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  1. DONATIONS

Communities & Textiles Recycling Fund

Total		 2023
£
17,734
17,734		 2022
£
7,770
7,770

3. INVESTMENT INCOME


COIF share dividends
Other interest receivable

Total		 2023
£
30,857

2,571
33,428
 2022
£
30,251
479
30,730

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		 2023
£
54,000
900
54,900		 2022
£
42,126
900
43,026

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.

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5. INVESTMENTS

£

COIF shares
Market Value at 1 April
1,102,959
Additions
0
Deletions
0
Net Unrealised Gains
Net Unrealised Loss
(41,737)
Market Value at 31 March

Total Investments		 2023
£
£
1,015,333
0
0
87,626
0
1,061,222

1,061,222
 2022
£
1,102,959
1,102,959

COIF shares are funds invested in the Charities Official Investment Fund. These are written into the accounts at market value on 31[st] March 2023.

6. MOVEMENT IN FUNDS

Unrestricted funds
Total Funds		 Brought
forward
Incoming
Resources
Resources
Expended
Gain/Loss
on
investments
Carried
forward
£
£
£
£
£
1,250,791
51,162
(54,900)
(41,737)
1,205,316
1,250,791
51,162
(54,900)
(41,737)
1,205,316

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