2024-12-31-accounts

THE MICHAEL HARDINGE FOUNDATION RECEIPTS AND PAYMENTS ACCOUNT YEAR ENDED 31[ST] DECEMBER 2024

THE MICHAEL HARDINGE FOUNDATION YEAR ENDED 31[ST] DECEMBER 2024

INDEX

Folio 1 Receipts & Payments for the Cottage and Hall for the Year Folio 2 Receipts & Payments for the Trust General for the Year Folio 3 Statement of Assets and Liabilities Folio 4 Trustee’s Annual Report Folio 5 Independent Examiner’s Report Folio 6 Trustee’s Approval

THE MICHAEL HARDINGE FOUNDATION Folio 1

RECEIPTS AND PAYMENTS ACCOUNT

FOR THE YEAR ENDED 31[ST] DECEMBER 2024

Balances Brought Forward: Bank current account Charities Deposit Fund Lottery Cash Balance Stock Cash Receipts Cottage: Building Heating Oil 385 Insurance 50% Maintenance Rental 7,570 Rental Fee 7,955 Hall: Caretaker Electricity Hall Hire 2,597 Heating Oil Insurance 50% Licensing Maintenance Water 2,597	2024 8,057 8 70 65 530 8,730 Payments 17,597 3,596 292 174 21,659 (13,704) 1,200 676 482 3,596 70 3,869 236 10,129 (7,532)	Receipts 14 9,360 9,374 2,813 2,813	2023 7,059 8 479 65 ______ 7,611 Payments 1.095 3,216 490 4,801 4,573 1,200 817 1,359 3,215 70 2,617 197 9,475 (6,662)

THE MICHAEL HARDINGE FOUNDATION Folio 2

FOR THE YEAR ENDED 31[ST] DECEMBER 2024

				2024		2023
	Receipts		Payments	Receipts	Payments
Trust General:
Cash Transfer		400	400
Cinema Club		424	210	1,066	556
COIF Drawdown		17,000
COIF Income		1,838		2,042
Donations		4,113		3,688
Grants			2,900		4,440
Insurance			536
Lottery		2,838	1,430	2,548	1,140
		26,613	5,476	21,137 9,344	6,136	3,208
Total		37,165	37,264	(99) 21,531	20,412	1,119
Balances Carried		Forward:
Bank current account			7,815			8,057
Charities Deposit		Fund		8		8
Lottery cash balance			484			70
Stock of refreshments						65
Cash			324			530
				8,631		8,730

THE MICHAEL HARDINGE FOUNDATION Folio 3

STATEMENT OF ASSETS AND LIABILITIES

AS AT 31[ST] DECEMBER 2024

Assets: Property The Old School and Cottage, Horley As valued by Ankers on 29thJanuary 2008 Investments 2,910.1013 Income shares in the Charities Official Investment Fund Bank Current Account Charities Deposit Fund Lottery cash balance Stock of refreshments Cash ₤ Liabilities: Creditors & Accruals	2024 500,000 59,056 7,815 8 484 324 567,687 ₤ 0	2023 500,000 74,387 8,057 8 70 65 530 583,117 £755

THE MICHAEL HARDINGE FOUNDATION Folio 4a Charity number 309585

ANNUAL REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31[ST] DECEMBER 2024

Brief Summary of Principal Objects & Responsibilities

1. To apply the yearly income of the trust in promoting the education (including social and physical training) of the young persons who have not attained the age of 25, who reside in Horley,

2. To manage and maintain the endowed property.

3. To let all property not required or occupied for Trust purposes.

4. To maintain endowed funds.

5. All in accordance with the requirements and accountabilities prescribed by the Trust Scheme of 7 September 1896, as amended by the DES Scheme of 21 June 1971, and current legislation.

Organisation & Policies

1. Trustees are appointed in accordance with the above Scheme, to manage the activities of the Charity, implement its principal objectives, and maintain continuation of its income and assets on a prudent basis, in compliance with their responsibilities.

2. Trustees’ meeting are held on a regular basis, usually 4 times per year.

3. The Annual Accounts are drawn up shortly after each year end, and are reviewed and completed by a Charted Accountant engaged by the Trustees.

4. The trustees submit an Annual Report to the Annual open meeting of the Horley Parish Council,

5. All activities are carried out by the Trustees supported by unpaid local volunteers. The Trustees do not receive remuneration.

6. There were no material changes in the organisation or policies of the Charity during the year.

ANNUAL REPORT

achievements in a number of areas. As reported last year we had to adjust to rising costs across the board, particularly in the operation of the Old School Hall. It became clear that our main source of income, the rental from the School Cottage, was far below the market rate, and the decision was made to raise the rent from the property. Sadly, this meant that the existing tenant moved on. We were then faced with a major programme of work to refurbish the property to be able to rent at market rates. Thanks to significant e�orts and time from the Trustees, together with a large input of cash from the reserves, the Cottage was transformed in quick time and new tenants were found to move in from September. We hope to see the benefits from this move on our finances over the coming months and years.

Prior to this at the start of the year we also had to invest in essential repairs and maintenance to the Old School. This included some redecoration and particularly the replacement of part of the old drains system which was causing regular and very inconvenient blockages. The end result of all this work has been a much more resilient and sustainable situation which we can now hopefully build on for the future.

The ever-increasing costs of maintaining and running the Old School has prompted us to consider additional funding. As the School Hall is an important village asset an approach has been made to the Parish Council for some limited financial support. This is currently under consideration by the Council and it is important to note that this would be solely for the support of the Old School and not the educational grant funding. In 2024 the costs of running the Old School amounted to £10,603, Hire charges contributed £2,597 to this figure. At present the balance of £8,006 is contributed by the MHT and the MHT are requesting £2,000 from the PC (to be reviewed annually).

Of course, the other principal objective of the MHT is to provide funding and support to the children and young people of the village, and it is the intention of the Trust to continue this to the best of our ability. The amount distributed by the Trust in response to requests for grants varies hugely as the number of children at various stages of their education varies. The amount paid in grants for 2024 was £2,900, which is lower than average, however we are aware that there are now more children in the village and we expect that figure to rise again. In addition, the Trustees are always keen to support projects in the village for the benefit of local children. The MHT provided support to enable the children’s concert as part of the Ironstone Festival to go ahead and this was very well supported. A new ‘Play and Stay’ group for toddlers has started. And please don’t forget to keep an eye out for new initiatives for this coming year.

Finally, we need to note that David Rowland retired as an ex-o�icio Trustee at the start of the year. His wide knowledge across the board on building maintenance, governance issues and wise counsel will be much missed. However, we are pleased to report that for 2025 we have a new ex-o�icio Trustee, Annaliese Hendry. Her background

knowledge in Education matters will hopefully help the Trust move forward and we welcome her on to the team.

Horley Views web site or talk to any of the Trustees. Thank you all for your continued support.

John Tite, Chairman Michael Hardinge Trust

Williams, Jenny Smith, David Shaw, Annaliese Hendry (ex O�icio)

Folio 4c

Accounts for the Year Ended 31 December 2024, and Future Commitments Gross income was ₤37,165, which was £18,366 higher than last year, mainly due to a £17,000 sale of investments this year. Cottage rent and letting income reduced by £1,635 due to the cottage refurbishment, other income increased by £73, a fall income from the cinema club £(642) offset by an increase in Lottery income and Donations, £715. Dividend income earned from shares in the Charities Official Investment Fund at £1,838 which was £204 less than last year.

Gross expenditure was £37,264, Cottage maintenance and repair costs were £17,889, compared to £1,585 last year, £16,304 higher due the refurbishment costs. Grants given £2,900 compared to £4,440 the previous year, £1,540 lower. Excluding the above costs, other expenditure was £16,475 compared to £14,387, £2,088 higher than last year.

The properties were valued in January 2008 at a figure of ₤500,000.

The Trustees anticipate that the financial position of the Charity will remain stable for the foreseeable future, and the Charity will continue to be able to meet its liabilities as they fall due. The principal objectives and policies of the Trust will continue.

Charity Trustees. Mr J P Tite, Mrs J Attfield, Mr G P Curd Mrs J Williams, Mrs J Smith, Mr D Shaw Ex Officio Trustees. Mrs A Hendry All resident in the Parish of Horley. Principal Contact Address registered with the Charity Commission Dairy Court, Holly Tree Farm, Horley, Nr Banbury, OX15 6BJ Bank: Lloyds TSB, 12 High Street, Banbury, Oxon. Accountant: D Raper ACA Orchard House, Horley, Banbury, OX15 6BH Solicitors: Aplins Solicitors, 36 West Bar, Banbury, Oxon

J P Tite

Chairman of the Trustees of the Michael Hardinge Charity for a school (Also known locally as the Michael Hardinge Trust)

Folio 5 INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE MICHAEL HARDINGE FOUNDATION.

I report on the accounts of the Foundation for the year ended 31[st] December 2024 which are set out on folios 1 to 3.

Respective Responsibilities of the Trustees and Examiner.

The charity’s trustees consider that an audit is not required for this year under section 43(2) of the Charities Act 1993 (the Act), as amended by section 28 of the Charities Act 2006, and that an independent examination is needed.

It is my responsibility to:

1. examine the accounts (under section 43 of the Act, as amended);

2. follow the procedures laid down in the General Directions given by the Charity Commission (under section 43(7)(b) of the Act, as amended): and

3. state whether particular matters have come to my attention.

Basis of Independent Examiner’s Report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the accounts.

Independent Examiner’s Statement.

In connection with my review, no matter has come to my attention:

1. which gives me reasonable cause to believe that in any material respect, the trustees have not met the requirements to ensure that

2. a) proper accounting records are kept in accordance with section 41of the Act; and

3. b) accounts are prepared which agree with the accounting records and to comply with the accounting requirements of the Act

have not been met; or

1. to which , in my opinion should be drawn in order to enable a proper

understanding of the accounts to be reached.

D Raper ACA Orchard House Horley

Banbury OX15 6B Date

Folio 6

TRUSTEES’ APPROVAL

I approve this Account, on behalf of the Trustees, and confirm that I have made available all relevant records and information for its preparation and agree to its submission to the Charity Commissioners.

Signed

Dated