REGISTERED CHARITY NUMBER: 302918
TRUSTEES' REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
FOR
THE HYDE FOUNDATION
THE HYDE FOUNDATION
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
| Page | |||
|---|---|---|---|
| Trustees' Report | 1 | to | 5 |
| Independent Examiner's Report | 6 | ||
| Statement of Financial Activities | 7 | ||
| Balance Sheet | 8 | ||
| Notes to the Financial Statements | 9 | to | 16 |
| Detailed Statement of Financial Activities | 17 |
THE HYDE FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees present their report with the financial statements of the charity for the year ended 31st December 2022. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019), the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008.
OBJECTIVES AND ACTIVITIES
Objectives and aims
After the payment of certain specific expenses the net yearly income of the Foundation shall be applied in one or more of the following ways:
a) The provision for persons resident in the beneficial area of library facilities additional to those normally provided by the Council of the London Borough of Barnet under Public Libraries and Museums Act 1964.
b) The promotion in the beneficial area of education in, and appreciation of, art (including music).
c) The provision, or assistance towards the provision, for the purpose of improving the conditions of life for persons resident in the beneficial area of facilities for recreation or other leisure-time occupation.
d) The award to beneficiaries of scholarships, bursaries or maintenance allowances tenable either:
i) At any school, college, university or other educational establishment approved for the purpose by the Trustees, or
ii) For the purpose of enabling the holders to undertake travel in furtherance of their education or to study music or arts.
e) The granting of financial assistance for outfits, clothing, tools, instruments or books to beneficiaries to help them on leaving school, university or other educational establishment to prepare for, or to enter a profession, trade or calling.
f) The advancement of education of beneficiaries in such ways as the Trustees may from time to time determine.
In the application of the income of the Foundation, the Trustees shall have regard to the desirability of not applying that income for purposes for which money is available from public funds. All decisions are made by the Trustees and voting is by a simple majority.
'Beneficial Area' means the Ecclesiastical Parishes of Monken Hadley and Chipping Barnet, together with Arkley and any future changes to the said Ecclesiastical Parish of Chipping Barnet with Arkley as defined in 1984. This will include the Team Parishes of St Peter's, Arkley, St Stephen's, Bells Hill and St Mark's, Barnet Vale. 'Beneficiaries' means persons ordinarily resident in the beneficial area who, in the opinion of the Trustees, are in need of financial assistance.
Public benefit
The Trustees have given due consideration to the Charity Commission's published guidance on the operation of the public benefit requirement. The Trustees consider the public benefit provided to be the promotion of education in or appreciation of art, music and scientific studies, and the provision or assistance towards the provision of facilities for recreation and other leisure time occupations, providing support to the community within the beneficial area.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The Trustees have sought, with the assistance of Maunder Taylor, a new tenant of the Hyde Institute following the departure of Barnet and Southgate College (the previous tenant) in late 2019. The Trustees are pleased to report that rents were received during the year.
The Trustees agreed that from 17 December 2018, no further grants would be awarded until the building is tenanted. Fortunately, grant making will resume in 2023 as unrestricted funds are built up again, following the new tenant signing the lease of the Hyde Institute.
Dr R Burstow continued to advise the Trustees in relation to the requirements of GDPR.
During the course of the year, the Trustees acted in accordance with the objectives of the charity and they will continue to do so.
Page 1
THE HYDE FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
FINANCIAL REVIEW
Financial position
The trustees are pleased that the property was rented for part of the year and this will help improve the charity's reserves next year. Rental income and service charges amounted to £41,933, together with service charges and recharges amounting to £12,419 and £550 (2021: £14) of investment income. Expenditure totalled £44,004 (2021: £55,819). Also there were net losses on investments of £13,126 (2021:net gains of £8,849).
In 2006, the trustees designated some of the unrestricted funds as a property sinking fund to be used in covering costs when the lease on the property terminated. During the year, the trustees agreed to transfer a regular amount each year to this designated fund and this year £10,000 (2021: £Nil) was transferred.
The overall net movement in for the year was a deficit to £2,228 (2021: £46,956). Of this amount £1,525 was added to (2021: £7,118 was deducted from) the general unrestricted fund; £903 was deducted from (2021: £1,647 was added to) the restricted extra-ordinary repairs fund; and £13,168 was deducted from (2021: £6,269 was added to) the endowment fund. In addition, £10,318 was added to (2021: £47,754 was deducted from) the unrestricted property sinking fund, £10,000 of which was added by way of a transfer from the general unrestricted fund.
The Trustees continue with a reserve policy of transferring £100 per annum to the extra-ordinary repairs restricted fund from the general fund.
At the year end, the general unrestricted fund balance was £73,660 (2021: £72,135), the unrestricted property sinking fund was £13,857 (2021: £3,539), the restricted investment property fund - revaluation reserve was £2,450,000 (2021: £2,450,000); the restricted extra-ordinary repairs fund was £9,594 (2021: £10,497); and the endowment fund was £98,390 (2021: £111,558), with overall funds totalling £2,645,501 (2021: £2,647,729).
The full financial position is set out in greater detail on the attached pages 7 to 16.
Investment policy and objectives
From the £75,000 recouped as a permanent endowment and with the subsequent income received, the endowment fund stood at £98,390 (2021: £111,558) at the year end. Of this £94,778 (2021: £107,946) was invested in a cautious fund held by the Stockbroker and the balance in a COIF deposit account.
Lonsdale Services Limited act as stockbroker and financial adviser to the Trustees and act in a discretionary capacity. The focus on the fund investments is expected to give the best performance in terms of overall return rather than attempting to strike the right balance between capital growth and income. The Trustees allocated the broker's annual management charges to the market value change on the endowment fund investments in the Statement of Financial Statements.
The Trustees will continue to recommend a cautious view on investments.
Page 2
THE HYDE FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
FINANCIAL REVIEW
Reserves policy
After the payment of certain specific expenses the Trustees are required to apply the income of the Charity as set out on page 1 of these accounts. The Trustees continue to promote awareness of the available funds so that in future unrestricted general funds will be kept to a minimum.
Unrestricted property sinking fund
In June 2006, the Trustees designated funds to meet expenses anticipated at the termination of the lease. Monies were placed in a COIF deposit fund and interest is accumulated. Interest received during the year amounted to £318 (2021: £10) and was credited to this fund. During the year, a transfer of £10,000 from the general fund was made in order to build up this fund for future expenditure on the building. At 31st December 2022 such accumulations amounted to £13,857 (2021: £3,539).
Restricted extra-ordinary repairs fund
The accumulated balance on the fund at the end of 1993 was applied towards the building and refurbishment costs incurred during 1994. In accordance with the Trust Deed contributions continue to be provided out of income at the rate of £100 per annum. At 31st December 2022 such accumulations amounted to £9,594 (2021: £10,497).
Restricted investment property fund - revaluation reserve
The Charity own as an investment, The Hyde Institute, Church Passage, Barnet. The freehold was revalued at an Assessment Building Reinstatement Cost for insurance purposes of £1,769,000 on 28th July 2022 by Messrs Maunder Taylor, Chartered Surveyors. This assessment has been prepared with regards to the advice given by the Royal Institution of Chartered Surveyors and Insurance Companies for building insurance purposes and is not appropriate for any other purpose than insurance. At 31st December 2022 the fair value of the freehold investment property remained unchanged and was valued at £2,450,000 and hence equates to the value of this revaluation reserve fund.
Endowment fund
The Charity Commission agreed to the recoupment of £75,000 to endowment over fifteen years ending in 2011. The £75,000 set aside from income during 1996-2010 was held with the Stockbrokers and COIF deposit account at the year end. The value of the investment decreased and at 31st December 2022 such accumulations amounted to £98,390 (2020: £111,558), comprising £94,778 (2021: £107,946) held with the Stockbrokers and £3,612 (2021: £3,612) included in the COIF deposit account.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Founded by the will of Julia Hyde proved on 23rd December 1888 and now regulated by the said will and by schemes of the Charity Commissioners dated 29th May 1930 and 19th February 1946, a scheme made by the Secretary of State for Education and Science on 3rd September 1970 and further schemes of the Commissioners on 8th October 1982, 4th June 1985, 14th February 1996, 14th July 2010 and as amended on 30th June 2016 and 8th September 2017.
Organisational structure
The Trustees meet quarterly. All decisions are made by the Trustees and voting by a simple majority.
Induction and training of new trustees
The Chairman of the Trustees is responsible for the induction of any new Trustee. This involves awareness of a Trustees' Responsibilities, the governing document, administrative procedures, the history and philosophical approach to the Founder's ideas. A new Trustee would receive copies of the previous year's report and accounts and a copy of the Charity Commission leaflet 'The Essential Trustee: What you need to know, what you need to do'.
Risk Management
The Trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Having given consideration to any possible risks to the viability of the charity, the Trustees believe a cautious approach to investment is appropriate. The day to day management of the charity's affairs and of its financial procedures follows straightforward accepted procedures in such a way as to present no fundamental difficulty if the Clerk were incapacitated. The insurance on the Hyde Institute is met by the lessees, if there is one, otherwise it is borne by the charity. The Trustees have in place public liability cover. In these circumstances the Trustees see no need to make any special provision either in finance or in management.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
302918
Page 3
THE HYDE FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
Principal address
PO Box 1297 St Albans Hertfordshire AL1 9BU
Trustees
Mrs B Taylor (Chair) Dr R Burstow (Vice Chair) Mrs J Burstow Mrs A S Lovatt The Revd. Dr T Renz (resigned 18.3.2023) Mr J Gillman Dr J Kurien (resigned 29.3.2022) Mrs S Yates (resigned 29.3.2022) Ms S Direk The Revd. T Chapman Q Carruthers (appointed 26.7.2022) S Cracknell (appointed 26.7.2022)
The body of the Trustees of the Foundation shall consist of twelve persons.
Six ex-officio Trustees being the Rector and the Churchwardens of the Ecclesiastical Parish of St. Mary the Virgin, Monken Hadley and the Rector of Chipping Barnet and the Churchwardens of the Church of St. John the Baptist, Chipping Barnet.
Six co-optative Trustees, being three persons at the time of appointment on the electoral roll of the said Ecclesiastical Parish of St. Mary the Virgin, Monken Hadley and three persons at the time of appointment on the electoral roll of the said Ecclesiastical Parish of St. John the Baptist, Chipping Barnet, to be appointed by resolution of the trustees.
Clerk to the Trustee
Ms H A Rook
Independent Examiner
Alfonso Del Basso Keelings Limited Chartered Tax Advisers and Chartered Certified Accountants Broad House 1 The Broadway Old Hatfield Hertfordshire AL9 5BG
Solicitors
Boyes Sutton & Perry 20 Wood Street Barnet Herts EN5 4DJ
Property advisers
Maunder Taylor 1320 High Road London N20 9HP
Bankers
National Westminster Bank plc Barnet Branch P O Box 199 120 High Street Barnet Herts EN5 5FF
Page 4
THE HYDE FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
................................................................................ Mrs B Taylor - Trustee
Page 5
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE HYDE FOUNDATION
Independent examiner's report to the trustees of The Hyde Foundation
I report to the charity trustees on my examination of the accounts of The Hyde Foundation (the Trust) for the year ended 31 December 2022.
Responsibilities and basis of report
As the charity trustees of the Trust 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 Act and in carrying out my examination I have followed all 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 giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do 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.
Alfonso Del Basso
Keelings Limited Chartered Tax Advisers and Chartered Certified Accountants Broad House 1 The Broadway Old Hatfield Hertfordshire AL9 5BG
Date: .............................................
Page 6
THE HYDE FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| Notes INCOME AND ENDOWMENTS FROM Investment income 2 EXPENDITURE ON Raising funds 3 Charitable activities Support costs Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) Transfers between funds 13 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
2022 Unrestricted Restricted Endowment Total funds funds fund funds £ £ £ £ 54,902 - - 54,902 34,572 - 1,045 35,617 8,387 - - 8,387 42,959 - 1,045 44,004 - (1,003) (12,123) (13,126) 11,943 (1,003) (13,168) (2,228) (100) 100 - - 11,843 (903) (13,168) (2,228) 75,674 2,460,497 111,558 2,647,729 87,517 2,459,594 98,390 2,645,501 |
2021 Total funds £ 14 50,232 5,587 55,819 8,849 (46,956) - (46,956) 2,694,685 2,647,729 |
|---|---|---|
The notes form part of these financial statements
Page 7
THE HYDE FOUNDATION
BALANCE SHEET 31 DECEMBER 2022
| Notes FIXED ASSETS Investments Investments 9 Investment property 10 CURRENT ASSETS Debtors 11 Cash at bank CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 13 Unrestricted funds Restricted funds Endowment funds TOTAL FUNDS |
Unrestricted funds £ - - - 6,000 121,663 127,663 (40,146) 87,517 87,517 87,517 |
Restricted funds £ 9,594 2,450,000 2,459,594 - - - - - 2,459,594 2,459,594 |
Endowment fund £ 94,778 - 94,778 - 3,612 3,612 - 3,612 98,390 98,390 |
2022 Total funds £ 104,372 2,450,000 2,554,372 6,000 125,275 131,275 (40,146) 91,129 2,645,501 2,645,501 87,517 2,459,594 98,390 2,645,501 |
2021 Total funds £ 118,443 2,450,000 2,568,443 - 91,699 91,699 (12,413) 79,286 2,647,729 2,647,729 75,674 2,460,497 111,558 2,647,729 |
|---|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. B Taylor - Trustee
The notes form part of these financial statements
Page 8
THE HYDE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at fair value, as modified by the revaluation of certain assets.
The charity is not part of any group and therefore these financial statements cover the reporting entity only.
The presentation currency of the financial statements is the Pound Sterling (£).
Going concern
The trustees have a reasonable expectation that the charity will continue to operate for the foreseeable future so these financial statements are prepared on the going concern basis.
Legal status of the charity
The charity is unincorporated and is formed by an indenture dated 23rd December 1888. Further details are noted within the report of trustees on page 3 of these accounts.
The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
-
the requirements of Section 7 Statement of Cash Flows;
-
the requirement of paragraph 3.17(d);
-
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c).
Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the trustees' opinion, there are no significant judgements or key sources of estimation uncertainty.
Income
All income is recognised in the statement of financial activities once the charity is entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Governance costs
Include costs of the preparation and examination of statutory accounts, the costs of Trustees' meetings and costs of any legal or professional advice to Trustees on governance or constitutional matters. Expenditure is recognised when incurred and includes VAT which cannot be recovered.
Investment property
Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in market value is transferred into restricted funds.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Endowment funds are funds, the capital of which must be maintained; only income arising from investment of the endowment may be used either as restricted or unrestricted funds depending upon the purpose for which the endowment was established.
Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.
continued...
Page 9
THE HYDE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
1. ACCOUNTING POLICIES - continued
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the Trustees' Report.
Grants payable
Grants payable are made by the charity to provide funds for individuals and organisation based within the beneficial area on the submission and approval of their application.
Fixed asset investments
Investments are shown in the balance sheet at quoted market value at the year end.
Basic financial instruments
The charity accounts for basic financial instruments on initial recognition as per paragraph 10.7 FRS 102 SORP. Subsequent measurement is as per paragraphs 11.17 to 11.19, FRS 102 SORP.
2. INVESTMENT INCOME
| Rents and service charges Income from investment fund |
2022 £ 54,352 550 54,902 |
2021 £ - 14 |
|---|---|---|
| 14 |
3. RAISING FUNDS
Investment management costs
| Portfolio management Administrative expenses Professional fees Rates and water Property repairs Insurance Light and heat |
2022 £ 1,045 798 840 - 31,764 537 633 35,617 |
2021 £ 1,034 1,444 12,920 17,108 774 9,855 7,097 |
|---|---|---|
| 50,232 |
This year costs were incurred in updating the Hyde Institute in readiness for the new tenant. In the previous year, the charity incurred costs of running and maintaining the property that usually would have been borne by the tenant.
continued...
Page 10
THE HYDE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
4. SUPPORT COSTS
Support costs
Governance costs £ 8,387
The independent examiner's fees of £2,100 (2021: £1,800) includes a fee of £1,014 (2021: £894) relating to accountancy services.
Support costs, included in the above, are as follows:
| Support costs, included in the above, are as follows: | ||
|---|---|---|
| 2022 | 2021 | |
| Support | Total | |
| costs | activities | |
| £ | £ | |
| Clerk's fees | 6,287 | 3,787 |
| Accountancy and legal fees | 2,100 | 1,800 |
| 8,387 | 5,587 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
6. STAFF COSTS
There were no employees during the year ended 31st December 2022 or for the year ended 31st December 2021.
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Investment income EXPENDITURE ON Raising funds Charitable activities Support costs Total Net gains on investments NET INCOME/(EXPENDITURE) Transfers between funds Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward |
Unrestricted funds £ 14 49,199 5,587 54,786 - (54,772) (100) (54,872) 130,546 |
Restricted funds £ - - - - 1,547 1,547 100 1,647 2,458,850 |
Endowment fund £ - 1,033 - 1,033 7,302 6,269 - 6,269 105,289 |
Total funds £ 14 50,232 5,587 55,819 8,849 (46,956) - (46,956) 2,694,685 |
|---|---|---|---|---|
continued...
Page 11
THE HYDE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
| 7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted funds funds £ £ TOTAL FUNDS CARRIED FORWARD 75,674 2,460,497 8. NET GAINS/(LOSSES) ON INVESTMENTS The net gains/(losses) on investments are noted as below: Unrealised gains/(losses) on fair value changes Realised gains on disposals of investments Net gains/(losses) on investments 9. FIXED ASSET INVESTMENTS Listed investments £ MARKET VALUE At 1 January 2022 107,946 Additions - Revaluations (13,168) At 31 December 2022 94,778 NET BOOK VALUE At 31 December 2022 94,778 At 31 December 2021 107,946 There were no investment assets outside the UK. Cost or valuation at 31 December 2022 is represented by: Listed investments £ Valuation in 2022 (13,168) Valuation in 2021 6,269 Valuation in 2020 3,623 Valuation in 2019 8,382 Valuation in 2018 (3,454) Valuation in 2017 5,267 Valuation in 2016 9,002 Valuation in 2015 3,857 Cost 75,000 94,778 |
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted funds funds £ £ TOTAL FUNDS CARRIED FORWARD 75,674 2,460,497 8. NET GAINS/(LOSSES) ON INVESTMENTS The net gains/(losses) on investments are noted as below: Unrealised gains/(losses) on fair value changes Realised gains on disposals of investments Net gains/(losses) on investments 9. FIXED ASSET INVESTMENTS Listed investments £ MARKET VALUE At 1 January 2022 107,946 Additions - Revaluations (13,168) At 31 December 2022 94,778 NET BOOK VALUE At 31 December 2022 94,778 At 31 December 2021 107,946 There were no investment assets outside the UK. Cost or valuation at 31 December 2022 is represented by: Listed investments £ Valuation in 2022 (13,168) Valuation in 2021 6,269 Valuation in 2020 3,623 Valuation in 2019 8,382 Valuation in 2018 (3,454) Valuation in 2017 5,267 Valuation in 2016 9,002 Valuation in 2015 3,857 Cost 75,000 94,778 |
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted funds funds £ £ TOTAL FUNDS CARRIED FORWARD 75,674 2,460,497 8. NET GAINS/(LOSSES) ON INVESTMENTS The net gains/(losses) on investments are noted as below: Unrealised gains/(losses) on fair value changes Realised gains on disposals of investments Net gains/(losses) on investments 9. FIXED ASSET INVESTMENTS Listed investments £ MARKET VALUE At 1 January 2022 107,946 Additions - Revaluations (13,168) At 31 December 2022 94,778 NET BOOK VALUE At 31 December 2022 94,778 At 31 December 2021 107,946 There were no investment assets outside the UK. Cost or valuation at 31 December 2022 is represented by: Listed investments £ Valuation in 2022 (13,168) Valuation in 2021 6,269 Valuation in 2020 3,623 Valuation in 2019 8,382 Valuation in 2018 (3,454) Valuation in 2017 5,267 Valuation in 2016 9,002 Valuation in 2015 3,857 Cost 75,000 94,778 |
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted funds funds £ £ TOTAL FUNDS CARRIED FORWARD 75,674 2,460,497 8. NET GAINS/(LOSSES) ON INVESTMENTS The net gains/(losses) on investments are noted as below: Unrealised gains/(losses) on fair value changes Realised gains on disposals of investments Net gains/(losses) on investments 9. FIXED ASSET INVESTMENTS Listed investments £ MARKET VALUE At 1 January 2022 107,946 Additions - Revaluations (13,168) At 31 December 2022 94,778 NET BOOK VALUE At 31 December 2022 94,778 At 31 December 2021 107,946 There were no investment assets outside the UK. Cost or valuation at 31 December 2022 is represented by: Listed investments £ Valuation in 2022 (13,168) Valuation in 2021 6,269 Valuation in 2020 3,623 Valuation in 2019 8,382 Valuation in 2018 (3,454) Valuation in 2017 5,267 Valuation in 2016 9,002 Valuation in 2015 3,857 Cost 75,000 94,778 |
Endowment fund £ 111,558 |
Endowment fund £ 111,558 |
Total funds £ 2,647,729 |
|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||
| £ | £ | |||||
| (14,171) | 7,816 | |||||
| 1,045 | 1,033 | |||||
| (13,126) | 8,849 | |||||
| Listed investments £ 107,946 - (13,168) 94,778 94,778 107,946 Listed investments £ (13,168) 6,269 3,623 8,382 (3,454) 5,267 9,002 3,857 75,000 94,778 |
Unit Trusts £ 10,497 100 (1,003) 9,594 9,594 10,497 Unit Trusts £ (1,003) 1,547 792 1,406 36 710 - 3,106 3,000 9,594 |
Totals £ 118,443 100 (14,171) 104,372 104,372 118,443 Totals £ (14,171) 7,816 4,415 9,788 (3,418) 5,977 9,002 6,963 78,000 104,372 |
||||
continued...
Page 12
THE HYDE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
10. INVESTMENT PROPERTY
£
| INVESTMENT PROPERTY | £ |
|---|---|
| FAIR VALUE At 1 January 2022 and 31 December 2022 NET BOOK VALUE At 31 December 2022 At 31 December 2021 |
2,450,000 |
| 2,450,000 | |
| 2,450,000 |
On 28th July 2022, Messrs Maunder Taylor, Chartered Surveyors, assessed for insurance purposes the building reinstatement cost to be £1,769,000. The Trustees are satisfied that the value reflected in the accounts represents its fair value.
11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Prepayments and accrued income CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Other creditors |
2022 £ 6,000 2022 £ - 40,146 40,146 |
2021 £ - 2021 £ 1,633 10,780 |
2021 £ - |
|---|---|---|---|
| 12,413 |
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
13.
MOVEMENT IN FUNDS
| Unrestricted funds General fund Unrestricted property sinking fund Restricted funds Investment property fund - revaluation reserve Extra-ordinary repairs fund Endowment funds Endowment fund TOTAL FUNDS |
At 1.1.22 £ 72,135 3,539 75,674 2,450,000 10,497 2,460,497 111,558 2,647,729 |
Net movement in funds £ 11,625 318 11,943 - (1,003) (1,003) (13,168) (2,228) |
Transfers between funds £ (10,100) 10,000 (100) - 100 100 - - |
At 31.12.22 £ 73,660 13,857 |
|---|---|---|---|---|
| 87,517 2,450,000 9,594 |
||||
| 2,459,594 98,390 |
||||
| 2,645,501 |
continued...
Page 13
THE HYDE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
13. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 54,584 Unrestricted property sinking fund 318 54,902 Restricted funds Extra-ordinary repairs fund - Endowment funds Endowment fund - TOTAL FUNDS 54,902 Comparatives for movement in funds At 1.1.21 £ Unrestricted funds General fund 79,264 Unrestricted property sinking fund 51,282 130,546 Restricted funds Investment property fund - revaluation reserve 2,450,000 Extra-ordinary repairs fund 8,850 2,458,850 Endowment funds Endowment fund 105,289 TOTAL FUNDS 2,694,685 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 4 Unrestricted property sinking fund 10 14 Restricted funds Extra-ordinary repairs fund - Endowment funds Endowment fund - TOTAL FUNDS 14 |
Resources expended £ (42,959) - (42,959) - (1,045) (44,004) Net movement in funds £ (54,782) 10 (54,772) - 1,547 1,547 6,269 (46,956) Resources expended £ (54,786) - (54,786) - (1,033) (55,819) |
Gains and losses £ - - - (1,003) (12,123) (13,126) Transfers between funds £ 47,654 (47,754) (100) - 100 100 - - Gains and losses £ - - - 1,547 7,302 8,849 |
Movement in funds £ 11,625 318 11,943 (1,003) (13,168) (2,228) At 31.12.21 £ 72,136 3,538 75,674 2,450,000 10,497 2,460,497 111,558 2,647,729 Movement in funds £ (54,782) 10 (54,772) 1,547 6,269 (46,956) |
|---|---|---|---|
continued...
Page 14
THE HYDE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
13. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Net Transfers movement between At 1.1.21 in funds funds £ £ £ Unrestricted funds General fund 79,264 (43,157) 37,554 Unrestricted property sinking fund 51,282 328 (37,754) 130,546 (42,829) (200) Restricted funds Investment property fund - revaluation reserve 2,450,000 - - Extra-ordinary repairs fund 8,850 544 200 2,458,850 544 200 Endowment funds Endowment fund 105,289 (6,899) - TOTAL FUNDS 2,694,685 (49,184) - A current year 12 months and prior year 12 months combined net movement in funds, included in the above are a Incoming Resources Gains and resources expended losses £ £ £ Unrestricted funds General fund 54,588 (97,745) - Unrestricted property sinking fund 328 - - 54,916 (97,745) - Restricted funds Extra-ordinary repairs fund - - 544 Endowment funds Endowment fund - (2,078) (4,821) TOTAL FUNDS 54,916 (99,823) (4,277) 14. CAPITAL COMMITMENTS 2022 £ Contracted but not provided for in the financial statements - |
At 31.12.22 £ 73,661 13,856 87,517 2,450,000 9,594 2,459,594 98,390 2,645,501 s follows: Movement in funds £ (43,157) 328 (42,829) 544 (6,899) (49,184) 2021 £ 14,382 |
|---|---|
Contracted but not provided for in the financial statements
continued...
Page 15
THE HYDE FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
15. RELATED PARTY DISCLOSURES
Ms H Rook was paid £6,287 (2021: £3,787) fees and £69 (2021: £429) for the reimbursement of expenses during the year.
There were no other related party transactions.
Page 16
THE HYDE FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022 |
||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Investment income | ||
| Rents and service charges | 54,352 | - |
| Income from investment fund | 550 | 14 |
| 54,902 | 14 | |
| Total incoming resources | 54,902 | 14 |
| EXPENDITURE | ||
| Investment management costs | ||
| Portfolio management | 1,045 | 1,034 |
| Administrative expenses | 798 | 1,444 |
| Professional fees | 840 | 12,920 |
| Rates and water | - | 17,108 |
| Property repairs | 31,764 | 774 |
| Insurance | 537 | 9,855 |
| Light and heat | 633 | 7,097 |
| 35,617 | 50,232 | |
| Support costs | ||
| Governance costs | ||
| Clerk's fees | 6,287 | 3,787 |
| Accountancy and legal fees | 2,100 | 1,800 |
| 8,387 | 5,587 | |
| Total resources expended | 44,004 | 55,819 |
| Net income/(expenditure) before gains and losses | 10,898 | (55,805) |
| Realised recognised gains and losses | ||
| Realised gains/(losses) on fixed asset investments | 1,045 | 1,034 |
| Net income/(expenditure) | 11,943 | (54,771) |
This page does not form part of the statutory financial statements
Page 17